<PAGE>
1995 ANNUAL REPORT
---------------------------------------------------
[LOGO]
COLUMBIA FUNDS
COLUMBIA COMMON STOCK FUND, INC.
----------------------------------------------------
COLUMBIA GROWTH FUND, INC.
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COLUMBIA INTERNATIONAL STOCK FUND, INC.
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COLUMBIA SPECIAL FUND, INC.
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COLUMBIA REAL ESTATE EQUITY FUND, INC.
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COLUMBIA BALANCED FUND, INC.
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COLUMBIA DAILY INCOME COMPANY
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COLUMBIA U.S. GOVERNMENT SECURITIES FUND, INC.
----------------------------------------------------
COLUMBIA FIXED INCOME SECURITIES FUND, INC.
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COLUMBIA MUNICIPAL BOND FUND, INC.
----------------------------------------------------
COLUMBIA HIGH YIELD FUND, INC.
COLUMBIA FINANCIAL CENTER INCORPORATED
1301 S.W. Fifth Avenue
P.O. Box 1350
Portland, Oregon 97207-1350
1-800-547-1707
<PAGE>
Letter to Shareholders
Dear Columbia Investor,
We are pleased to present the Columbia Funds 1995 Annual Report. Inside, you
will find a discussion of the economy and financial markets in addition to
performance and investment information for each Columbia Fund.
1995 proved to be an excellent year for investors. Both the stock and bond
markets enjoyed tremendous results during the year, as discussed in greater
detail in "An Overview of the Markets." We hope that you find this information
helpful in evaluating your investments.
As we look to the year ahead, we will continue seeking opportunities to
expand our investor services and systems areas, with an eye toward saving your
Funds money. If you have any questions or want to let us know how we are doing,
please do not hesitate to write or call us toll-free at 1-800-547-1707.
We appreciate your investment in Columbia Funds, and we look forward to
serving your investment needs in the months and years ahead.
Sincerely,
J. Jerry Inskeep
CHAIRMAN
John A. Kemp
PRESIDENT
<PAGE>
AN OVERVIEW OF THE MARKETS
-----------------------------------------------------------------
At this time last year, we said that the long-term outlook for stocks and
bonds seemed more promising and under appreciated than we had observed in a long
time. Even though rising interest rates caused us to question the strength of
the economy at the beginning of 1995, favorable productivity trends, a benign
inflationary environment, and a more fiscally responsible government created an
extremely hospitable environment for financial assets. Long-term interest rates
fell more than expected, and stock prices benefited from the fall in bond yields
as well as from earnings that were far better than expected. And while economic
activity was uneven throughout the year, growth generally met the Federal
Reserve Board's objectives of advancing slowly without inflationary pressures.
<TABLE>
<CAPTION>
Benchmark Performance Comparisons
Average Annual Total Returns
FOR THE PERIODS ENDED DECEMBER 31, 1995
1 year 3 year 5 year 10 year
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Standard & Poor's 500 37.58% 15.35% 16.59% 14.87%
Lehman Aggregate 18.47% 8.07% 9.48% 9.63%
Lehman Bros. Gov't./Corp. 19.24% 8.51% 9.81% 9.65%
Russell 2000 28.44% 14.46% 21.00% 11.32%
Financial Times/S&P
Actuaries
Euro-Pacific 10.62% 16.67% 9.30% N/A
</TABLE>
As we enter 1996, an uncertainty exists as to how aggressive the Fed will be
in lowering interest rates. One view is that the Fed needs to be aggressive in
continuing to lower rates to ensure that the economy recovers from the current
slowdown and avoids recession. Others believe that the underlying economy is
growing at a rate of 2% to 2 1/2% and that only modest easing is necessary. Even
after the rate cut in January, however, short-term rates at 5 1/4% seem high
compared to inflation at 2 1/2% to 3%. This suggests that the Fed has the
flexibility to be aggressive in lowering rates if necessary, particularly since
the dollar has stabilized and interest rates overseas are continuing to decline.
When short-term rates go down, they tend to influence long-term rates
downward as well. Lower long-term rates, in turn, argue for somewhat higher
price/earnings (P/E) ratios. Compared to inflation and bond yields, P/E ratios
seem fairly valued -- but not cheap. This is surprising given the exceptional
gain in stock prices during 1995.
Cautious Optimism
We do not expect earnings growth to match last year's spectacular showing.
In fact, we believe the rate of earnings gain could be flat to up 5% in 1996,
since much of the corporate restructuring that drove earnings growth last year
has been completed and nominal sales growth is so low. Finally, continued
declines in interest rates cannot begin to match the dramatic declines of last
year.
Nevertheless, we remain optimistic about the financial markets for 1996, and
we view the long-range outlook as favorable. The number of Americans reaching
their peak savings years is on the rise. The government drive to reduce budget
deficits seems more serious than at any other time in recent history; it's less
a question of whether to balance the budget, but how quickly to do it. Declining
interest rates and low inflation in the U.S. and throughout the industrial world
suggest the possibility of global pickup in economic activity in late 1996 or
early 1997.
Our main concern is that many of the investors lured into the stock market
over the last several years may have been spoiled by low volatility and constant
gains. With this in mind, a short-term sell-off might be healthy for the
long-term outlook. But as events stand today, the long-term bull market seems
intact, even if stock prices don't increase as much or as rapidly as last year.
1
<PAGE>
AN OVERVIEW OF THE MARKETS, continued
---------------------------------------------------------------------------
Current Strategy
With the economy growing slowly, inflation under control, low interest
rates, and good cash flow into mutual funds, we believe that this is a favorable
environment for financial assets. However, upside earnings surprises will be
more difficult to uncover. Companies that stand out will be those that continue
to innovate, cut costs, compete globally, react to technological changes, and
effectively manage their labor force.
Our research will focus on identifying companies that can meet these
challenges and enjoy above-average earnings growth. Other themes or sectors that
we find attractive at this time include overcapitalized industries with the
prospects of restructuring (such as insurance, business and consumer services
organizations), smaller capitalized companies, and more defensive, dividend-
paying industries such as real estate investment trusts (REITs). We also believe
energy companies, certain technology stocks with favorable product cycles, and
industries benefiting from the aging of America (e.g., health care) offer
attractive opportunities.
The following pages contain discussions of the investment activity occurring
in the Columbia Funds (except for the Money Market Fund) during 1995, along with
graphs illustrating the growth of $10,000 during various time periods. Each Fund
compares its performance to its relevant benchmark index. Unlike the Funds,
however, the indices are not actively managed and have no operating expenses,
portfolio transaction costs, or cash flows.
As always, we appreciate your continuing confidence in Columbia Funds.
The Investment Team
Columbia Funds Management Company
February 1996
2
<PAGE>
INVESTMENT REVIEW
-----------------------------------------------------------------
COLUMBIA COMMON STOCK FUND
Columbia Common Stock Fund had a total return of 30.84% for the twelve
months ended December 31, 1995. The Fund was underweighted in technology issues
early in the year, a period when these stocks were among the leaders of the
market's advance. In addition, the Fund did not benefit from its greater than
market weightings in REITs and energy stocks until the second half of the year.
Beginning in the third quarter, we became increasingly concerned about the
pace of economic activity and the implications of slower earnings growth for
economically sensitive companies. Accordingly, we reduced our portoflio exposure
to cyclical issues and increased our investments in more stable growth
industries such as health care and financial services. In addition, during price
weakness in the technology sector, we increased our weighting in selected issues
that we believed would benefit from very favorable product cycles. Combined with
our continued overweighting in energy, these strategic moves enabled the Fund to
outperform the S&P 500 during the fourth quarter.
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
CCSF S&P 500
<S> <C> <C>
10/1/91 10,000 10,000
31/91 11,025 10,838
31/92 12,126 11,664
31/93 14,120 12,840
31/94 14,411 13,009
12/31/95 18,855 17,898
CCSF S&P 500
Value on 18,855 17,898
12/31/1995
Average Annual Total Returns
CCSF S&P 500
1 Year 30.84% 37.58%
Since Inception 15.89% 14.50%
$10,000 Investment
made on 10/1/91
(Inception Date)
Past performance is not predictive of future
performance.
</TABLE>
COLUMBIA GROWTH FUND
Columbia Growth Fund posted a total return of 32.98% during the twelve
months ended December 31, 1995.
During the year, the Fund sought out opportunities in those industries
undergoing restructuring or consolidation, such as retail, gaming and health
care. During the second half, as earnings growth slowed, we emphasized companies
with steady and visible growth, as well as financial issues that we believed
would benefit from a declining interest rate environment. Investments in these
areas contributed positively to Fund performance.
The Fund seeks value by focusing on companies with superior earnings growth
and profitability characteristics at reasonable prices. Currently, we believe
sectors that meet this criteria are insurance, business and consumer services,
energy, health care, and certain technology stocks with favorable product
cycles.
We are positive about the outlook for inflation and interest rates in the
year ahead. Earnings growth is not expected to be nearly as strong as it was
throughout 1995. While we are optimistic about the prospects for equities in the
long run, we do not expect returns to be as exceptional as they were in 1995.
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
CGF 20 Years S&P 20 Years
<S> <C> <C>
12/31/75 10,000 10,000
31/76 13,082 12,393
31/77 13,068 11,488
31/78 14,118 12,227
31/79 19,846 14,471
31/80 27,761 19,152
31/81 26,820 18,204
31/82 39,307 22,118
31/83 47,742 27,077
31/84 45,078 28,744
31/85 59,534 37,816
31/86 63,654 44,865
31/87 73,037 47,230
31/88 80,932 55,046
31/89 104,475 72,446
31/90 101,017 70,236
31/91 135,626 91,638
31/92 151,657 98,620
31/93 171,387 108,561
31/94 170,307 109,994
12/31/95 226,475 151,330
Average Annual Total Returns
CGF S&P 500
1 Year 32.98% 37.58%
5 Years 17.52% 16.59%
10 Years 14.29% 14.87%
20 Years 16.88% 14.55%
Value on CGF S&P 500
12/31/95 $226,475 $151,330
$10,000 Investment
made on 12/31/75
Past performance is not predictive of future
performance.
</TABLE>
3
<PAGE>
INVESTMENT REVIEW, continued
---------------------------------------------------------------------------
COLUMBIA INTERNATIONAL STOCK FUND
Columbia International Stock Fund posted a total return of 5.15% for 1995.
Following a difficult first half, the Fund's performance improved significantly
in the final two quarters. While the declining stock market in Japan and a hedge
against the yen hurt performance during the first six months of the year, our
exposure in Japan helped returns during the second half.
The Japanese stock market struggled during the first quarter after the Kobe
earthquake, which upset economic forecasts. In addition, the yen experienced a
sharp increase against the dollar, contrary to nearly all expectations. These
factors affected investor confidence and Japanese companies found it difficult
to compete worldwide. In the second half, conditions in Japan began to show
signs of improvement. The Bank of Japan acted to reverse the strength of the yen
versus the dollar, and the Japanese banking crisis began moving toward
resolution. As a result, we increased emphasis on Japanese exporters such as
autos and electronics.
The Fund also gained ground in the U.K., Germany, and Switzerland. During
the fourth quarter, we focused on interest rate-sensitive issues, which
responded to the declining trend in interest rates. Also, during the fourth
quarter we increased somewhat our investments in emerging markets, many of which
had struggled for two years, focusing primarily on Brazil and Hong Kong.
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
CISF FTA Euro-Pac S&P 500
<S> <C> <C> <C>
10/1/92 10,000 10,000 10,000
31/92 10,060 9,628 10,503
31/93 10,747 10,861 10,962
30/93 10,848 11,931 11,016
30/93 11,808 12,738 11,300
31/93 13,415 12,664 11,562
31/94 13,363 13,282 11,124
30/94 13,653 13,991 11,171
30/94 13,623 13,965 11,717
31/94 13,084 13,819 11,714
31/95 12,327 14,020 12,855
30/95 12,401 14,074 14,083
30/95 13,317 14,661 15,203
12/31/95 13,759 15,287 16,118
Average Annual Total Returns
CISF FTA S&P 500
1 Year 5.15% 10.62% 37.58%
Since Inception 10.49% 14.18% 16.09%
Value on CISF FTA S&P 500
12/31/95 $13,759 $15,287 $16,118
$10,000 Investment
made on 10/1/92
(Inception Date)
Past performance is not predictive of future
performance.
</TABLE>
COLUMBIA SPECIAL FUND
For the year ended December 31, 1995, Columbia Special Fund was up 29.53%,
outperforming the Russell 2000 Stock Index at 28.44%. In the first half of the
year, the Fund benefited from holdings in technology, energy and machinery
companies, as well as from interest rate-sensitive financial services stocks. At
the same time, weak performance in consumer-related sectors, such as retailing,
detracted from performance early in the year.
During the second half, positions in natural gas, energy, health care and
business services helped performance, while our holdings in brokerage, consumer
credit, and retailing held back returns. A slowing economy and moderate
inflation level are expected to set a positive stage for interest rates. Until
the Federal Reserve responds more aggressively to slower growth, low inflation
and, perhaps a credible budget balancing act, we will continue to concentrate on
issues with earnings visibility. As further easing occurs, we will seek out
small growth companies in niche industries whose spending cycles are not
completely dependent on the pace of the economy. Our focus, therefore, remains
on the production side of the economy versus the consumer-oriented sectors.
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
CSF S&P 500 Russell 2000
<S> <C> <C> <C>
12/31/85 10,000 10,000 10,000
31/86 11,562 11,864 10,568
31/87 11,913 12,489 9,641
31/88 16,983 14,556 12,041
31/89 22,404 19,157 13,996
31/90 19,628 18,573 11,266
31/91 29,532 24,232 16,453
31/92 33,578 26,079 19,484
31/93 40,857 28,708 23,167
31/94 41,793 29,087 22,745
12/31/95 54,135 40,017 29,214
Value on
12/31/95
CSF $54,132
S&P 500 $40,014
Russel 2000 $29,214
Average Annual Total Returns
CSF S&P 500 Russell 2000
1 Year 29.53% 37.58% 28.44%
5 Year 22.50% 16.59% 21.00%
Since Inception 18.40% 14.87% 11.32%
$10,000 Investment
made on 12/31/85
Past performance is not predictive of future
performance.
</TABLE>
4
<PAGE>
INVESTMENT REVIEW, continued
---------------------------------------------------------------------------
COLUMBIA REAL ESTATE EQUITY FUND
Columbia Real Estate Equity Fund posted a total return of 16.86% for the
year ended December 31, 1995, which compares to 15.27% for the NAREIT Equity
Index for the same period.
During the first half of the year, the strong momentum and price gains of
the S&P 500 kept investors' attention away from the real estate market and real
estate equities, which limited the Fund's performance. In the second half, as
investors became increasingly aware of softness in the economy, and began to
focus more on defensive, dividend-generating securities, such as real estate
investment trusts (REITs), Fund returns improved. This is particularly true in
the fourth quarter, the strongest quarter of the year for the Fund.
Above-market weightings in the office, industrial and hotel sectors
contributed positively to Fund performance, as did our commitment to certain
residential issues that we indentified as being undervalued. We limited our
exposure to the depressed retail sector, reflecting our view that fundamentals
remain soft for these properties.
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
CREF NAREIT
<S> <C> <C>
4/1/94 10,000 10,000
30/94 10,134 10,184
30/94 9,907 9,976
31/94 10,175 9,978
31/95 9,967 9,961
30/95 10,560 10,547
30/95 11,063 11,044
12/31/95 11,891 11,501
Average Annual Total Returns
CREF NAREIT
1 Year 16.86% 15.27%
Since Inception 10.10% 8.08%
Value on 12/31/95
CREF NAREIT
$11,891 $11,501
$10,000 Investment
made on 4/1/94
(Inception Date)
Past performance is not predictive of future
performance.
</TABLE>
COLUMBIA BALANCED FUND
Columbia Balanced Fund posted a total return of 25.08% during 1995. On
December 31, 1995, the Fund had an asset allocation of 53% stocks, 42% bonds,
and 5% cash equivalents.
Because the Fund uses the same investment criteria as Columbia Common Stock
Fund and Columbia Fixed Income Securities Fund, please refer to pages 3 and 6
for additional information about how the Fund was managed during the year.
As 1995 progressed, we looked for gradual slowing of economic momentum. We
emphasized sectors likely to produce steady earnings gains such as health care,
and others poised to benefit from falling interest rates such as banking and
financial services. The Fund's holdings in cyclical areas, including technology,
were generally underweighted versus the market.
We look for further economic deceleration, and have maintained a significant
exposure in the financial services area, most recently adding to holdings in
insurance. Anticipating that steady earnings gains will command greater investor
attention, we have added to health care and consumer staples holdings. Finally,
we have gradually begun to increase our exposure in certain technology issues,
which enjoy favorable product cycle prospects that are not fully discounted and
offer good value.
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
CBF S&P Lehman Agg
<S> <C> <C> <C>
10/1/91 10,000 10,000 10,000
31/91 10,780 10,838 10,507
31/92 11,738 11,664 11,285
31/93 13,337 12,840 12,385
31/94 13,350 13,009 12,023
12/31/95 16,699 17,898 14,244
Average Annual Total Returns
Lehman
CBF S&P 500 Agg
1 Year 25.08% 37.58% 18.47%
Since
Inception 12.66% 14.50% 8.57%
Value on 12/31/95
CBF $16,696
S&P 500 $17,898
Lehman Agg $14,244
$10,000 Investment
made on 10/1/91
(Inception Date)
Past performance is not predictive of future
performance.
</TABLE>
5
<PAGE>
INVESTMENT REVIEW, continued
---------------------------------------------------------------------------
COLUMBIA U.S. GOVERNMENT
SECURITIES FUND
The U.S. Government Securities Fund posted a total return of 10.21% for the
twelve months ended December 31, 1995. Throughout the period, the bond market
enjoyed a strong rally driven by declining interest rates. During the year, for
example, yields dropped by roughly 2.50% for 3-year Treasuries, the maximum
maturity allowed for the Fund.
The Federal Reserve Board eased interest rates twice during the year. On
July 6, the Fed lowered the Federal Fund's rate from 6% to 5 3/4% and eased
another .25% on December 19. To capitalize on declining rates, the Fund
maintained a relatively long average maturity, closing the year with an average
maturity of 2.45 years.
Looking ahead, we believe the bond market should respond favorably to the
government's drive to reduce budget deficits. Due to weak economic growth and
inflationary pressure, we expect short-term rates to continue declining as the
Fed eases again in the coming months. Therefore, we plan to maintain an average
maturity in the Fund of approximately 2.5 years.
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
CUSG MLT 1-3 CPI
<S> <C> <C> <C>
11/6/86 10,000.0 10,000.0 10,000.0
31/86 10,070 10,088 10,018
31/87 10,487 10,658 10,510
31/88 11,047 11,322 10,938
31/89 12,111 12,553 11,479
31/90 13,236 13,774 12,223
31/91 14,919 15,383 12,570
31/92 15,786 16,352 12,952
31/93 16,719 17,237 13,293
31/94 16,714 17,335 13,642
12/31/95 18,421 19,242 14,003
Average Annual Total Returns
CUSG MLT 1-3 CPI
1 Year 10.21% 11.00% ?
5 Year 6.84% 6.92% ?
Since
Inception 6.87% 7.37% ?
Value on 12/31/95
CUSG $18, 420
MLT 1-3 $19, 242
CPI $14, 003
$10,000 Investment
made on 11/6/86
Past performance is not predictive of future
performance.
</TABLE>
COLUMBIA FIXED INCOME
SECURITIES FUND
Columbia Fixed Income Securities Fund returned 18.91% in 1995, versus 18.47%
by the Lehman Aggregate Bond Index for the same period.
Early in the year, a weakening economy and Federal Reserve stimulus pushed
interest rates lower, triggering a bond market rally that lasted well into the
second half. In this environment, the Fund benefited from a duration that was
slightly longer than the Lehman Aggregate Bond Index. The Fund also benefited
from an overweighting in corporate bonds and mortgage-backed securities.
Throughout the period, we maintained an average maturity of 6.5 years and a
duration of slightly over 5 years.
Over the next three to six months, we expect moderate economic growth, which
should cause interest rates to remain stable or modestly decline. Inflation
should remain subdued, enabling the Federal Reserve Board to lower short-term
interest rates as it deems necessary.
We continue to seek above-average returns while maintaining our conservative
investing strategy regarding credit quality, derivatives, diversification, and
intermediate average maturity. The Fund's average credit quality remains high,
with approximately 88% of the Fund's securities rated A or better at year-end.
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
CFIS Lehman Agg CPI
<S> <C> <C> <C>
12/31/85 10,000 10,000 10,000
31/86 11,231 11,526 10,113
31/87 11,383 11,844 10,610
31/88 12,261 12,779 11,041
31/89 14,021 14,635 11,588
31/90 15,185 15,947 12,339
31/91 17,742 18,498 12,689
31/92 19,159 19,867 13,075
31/93 21,165 21,804 13,419
31/94 20,454 21,167 13,772
12/31/95 24,322 25,077 14,135
Average Annual Total Returns
Lehman
CFIS Agg CPI
1 Year 18.91% 18.47% ?
5 Years 9.88% 9.48% ?
Since
Inception 9.29% 9.63% ?
Value on 12/31/95
Lehman
CFIS Agg CPI
$ 24,322 $ 25,077 $ 14,135
$10,000 Investment
made on 12/31/85
Past performance is not predictive of future
performance.
</TABLE>
6
<PAGE>
INVESTMENT REVIEW, continued
---------------------------------------------------------------------------
COLUMBIA MUNICIPAL BOND FUND
Columbia Municipal Bond Fund posted a total return of 14.15% for the year
ended December 31, 1995. While the Fund participated in the powerful bond market
rally of 1995, the municipal sector continued to experience somewhat dampened
performance due to the various tax reform proposals currently under discussion
by Congress. It is difficult to predict which plan, if any, will ultimately pass
or how such plans will affect the value of municipal securities, but the
resulting uncertainty continues to worry investors.
The overall strategy of the Fund remains conservative. Currently, 98% of the
portfolio is rated A or better. The Fund devotes more than half its portfolio to
general obligation bonds, based on our belief that their returns and credit
quality are more solid than other municipal issues. The average maturity remains
intermediate term; that is, approximately 10 years. Duration continues to hover
around 6.5 years. At year-end, the Fund held 246 different issues, and was
broadly diversified within the State of Oregon. We believe that Columbia
Municipal Bond Fund will provide a high after-tax return to investors over a
full interest rate cycle, and will do so with a low level of credit and
volatility risk.
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
CMBF Leh G.O. CPI
<S> <C> <C> <C>
12/31/85 10,000 10,000 10,000
31/86 11,677 11,798 10,113
31/87 11,821 11,980 10,610
31/88 13,025 12,899 11,041
31/89 14,191 14,203 11,588
31/90 15,169 15,164 12,339
31/91 16,948 16,893 12,689
31/92 18,043 18,374 13,075
31/93 19,979 20,530 13,419
31/94 19,044 19,569 13,772
12/31/95 21,738 22,731 14,135
Average Annual Total Returns
CMBF Lehman G.O. CPI
1 Year 14.15% 16.16% ?
5 Years 7.46% 8.43% ?
Since
Inception 8.07% 8.56% ?
$10,000 Investment
made on 12/31/85
Past performance is not predictive of future
performance.
</TABLE>
COLUMBIA HIGH YIELD FUND
Columbia High Yield Fund was up 19.12% for the 12 months ended December 31,
1995. The high yield bond market benefited from declining interest rates
throughout most of the year. Yields of 10-year Treasury notes, for example,
dropped .60% during the fourth quarter alone, with a total decline of 2.25% for
the year. (When interest rates fall, bond prices rise).
Slow economic growth, a weak retail sector, and a slight increase in overall
bankruptcy filings had a negative effect on the high yield market. However,
because of the high credit quality of the high yield bonds held in the
portfolio, the Fund continued to outperform many of its peers during the period.
In sector emphasis, the Fund focused on forest products, metals and mining, and
hotels and gaming during the first half and gradually rotated to health care and
media during the second half. At year-end, the Fund held 52 different issues.
Looking ahead, the Fund expects to continue emphasizing health care, energy
and manufacturing. With slow but steady economic growth, combined with low
absolute yields available from alternative investments, this Fund should remain
attractive to investors seeking high yield and diversification in their
portfolios.
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
CHYF Lipper HY Salomon BB
<S> <C> <C> <C>
10/1/93 10,000 10,000 10,000
31/93 10,112 10,498 10,185
31/94 9,909 10,387 9,937.50
30/94 9,845 10,249 9,840.12
30/94 10,018 10,246 10,007.40
31/94 10,019 10,113 10,047.43
31/95 10,521 10,603 10,693.48
30/95 11,106 11,151 11,453.78
30/95 11,462 11,520 11,798.54
12/31/95 11,935 11,824 12,321.22
Average Annual Total Returns
CHYF Lipper HY Salomon BB
1 Year 19.12% 16.92% 22.62%
Since Inception 8.37% 7.91% 9.95%
Value on 12/31/95
CHYF Lipper HY Salomon BB
$11,935 $11,824 $12,321
$10,000 Investment
made on 10/1/93
(Inception Date)
Past performance is not predictive of future
performance.
</TABLE>
7
<PAGE>
FINANCIAL HIGHLIGHTS
-----------------------------------------------------------------
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD
COLUMBIA COMMON STOCK FUND, INC.
<TABLE>
<CAPTION>
--------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
1995 1994 1993 1992 1991(1)
--------- --------- --------- --------- ---------
Net asset value, beginning of period.......... $ 15.16 $ 15.29 $ 14.04 $ 13.15 $ 12.00
--------- --------- --------- --------- ---------
Income from investment operations:
Net investment income....................... .26 .27 .22 .24 .09
Net realized and unrealized gains on
investments................................ 4.38 .04 2.08 1.06 1.17
--------- --------- --------- --------- ---------
Total from investment operations.......... 4.64 .31 2.30 1.30 1.26
--------- --------- --------- --------- ---------
Less distributions:
Dividends (from net investment income)...... (.26) (.25) (.21) (.24) (.10)
Distributions (from capital gains).......... (.95) (.19) (.84) (.17) (.01)
--------- --------- --------- --------- ---------
Total distributions....................... (1.21) (.44) (1.05) (.41) (.11)
--------- --------- --------- --------- ---------
Net asset value, end of period................ $ 18.59 $ 15.16 $ 15.29 $ 14.04 $ 13.15
--------- --------- --------- --------- ---------
--------- --------- --------- --------- ---------
Total return.................................. 30.84% 2.06% 16.44% 9.99% 10.25%(2)
Ratios/Supplemental data
Net assets, end of period (in thousands)...... $ 358,523 $ 124,263 $ 100,715 $ 51,049 $ 20,457
Ratio of expenses to average net assets....... .80% .84% .84% .86% .86%
Ratio of net investment income to average net
assets....................................... 1.68% 1.82% 1.48% 1.97% 2.48%
Portfolio turnover rate....................... 75.36% 64.21% 90.90% 67.83% 12.08%
</TABLE>
(1) From inception of operations on September 12, 1991. Ratios and portfolio
turnover rates are annualized.
(2) Not annualized.
COLUMBIA GROWTH FUND, INC.
<TABLE>
<CAPTION>
--------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
1995 1994 1993 1992 1991
--------- --------- --------- --------- ---------
Net asset value, beginning of period.......... $ 24.84 $ 26.38 $ 26.18 $ 26.26 $ 21.68
--------- --------- --------- --------- ---------
Income from investment operations:
Net investment income......................... .31 .29 .16 .17 .32
Net realized and unrealized gains (losses) on
investments.................................. 7.86 (.46) 3.24 2.93 7.09
--------- --------- --------- --------- ---------
Total from investment operations.......... 8.17 (.17) 3.40 3.10 7.41
--------- --------- --------- --------- ---------
Less distributions:
Dividends (from net investment income)...... (.29) (.26) (.18) (.20) (.39)
Distributions (from capital gains).......... (2.87) (1.11) (2.98) (2.98) (2.44)
Distributions (in excess of capital
gains)..................................... (.01) -- (.04) -- --
--------- --------- --------- --------- ---------
Total distributions....................... (3.17) (1.37) (3.20) (3.18) (2.83)
--------- --------- --------- --------- ---------
Net asset value, end of period................ $ 29.84 $ 24.84 $ 26.38 $ 26.18 $ 26.26
--------- --------- --------- --------- ---------
--------- --------- --------- --------- ---------
Total return.................................. 32.98% -.63% 13.01% 11.82% 34.26%
Ratios/Supplemental data
Net assets, end of period (in thousands)...... $ 848,731 $ 591,694 $ 605,401 $ 518,366 $ 431,460
Ratio of expenses to average net assets....... .75% .81% .82% .86% .90%
Ratio of net investment income to average net
assets....................................... 1.14% 1.12% .66% .77% 1.50%
Portfolio turnover rate....................... 94.73% 79.28% 105.64% 116.38% 163.91%
</TABLE>
8
<PAGE>
FINANCIAL HIGHLIGHTS, continued
---------------------------------------------------------------------------
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD
COLUMBIA INTERNATIONAL STOCK FUND, INC.
<TABLE>
<CAPTION>
--------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
1995 1994 1993 1992(1)
--------- --------- --------- ---------
Net asset value, beginning of period........... $ 12.43 $ 12.96 $ 9.95 $ 10.00
--------- --------- --------- ---------
Income from investment operations:
Net investment income (loss)................. .02 (.02) (.02) (.03)
Net realized and unrealized gains (losses) on
investments and foreign currency related
transactions................................ .62 (.30) 3.34 .11
--------- --------- --------- ---------
Total from investment operations........... .64 (.32) 3.32 .08
--------- --------- --------- ---------
Less distributions:
Distributions (from capital gains)........... -- (.21) (.31) (.13 (2)
--------- --------- --------- ---------
Total distributions........................ -- (.21) (.31) (.13)
--------- --------- --------- ---------
Net asset value, end of period................. $ 13.07 $ 12.43 $ 12.96 $ 9.95
--------- --------- --------- ---------
--------- --------- --------- ---------
Total return................................... 5.15% -2.47% 33.37% .60%(3)
Ratios/Supplemental data
Net assets, end of period (in thousands)....... $ 100,873 $ 118,484 $ 73,047 $ 9,745
Ratio of expenses to average net assets........ 1.54% 1.52% 1.71% 2.22%
Ratio of net investment income (loss) to
average net assets............................ .15% (.21)% (.62)% (1.28)%
Portfolio turnover rate........................ 156.09% 138.79% 144.78% 25.75%
</TABLE>
(1) From inception of operations on September 10, 1992. Ratios and portfolio
turnover rates are annualized.
(2) Includes amounts distributed from net realized gains on foreign currency
related transactions taxable as ordinary income.
(3) Not annualized.
COLUMBIA SPECIAL FUND, INC. (1)
<TABLE>
<CAPTION>
--------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
1995 1994 1993 1992 1991
--------- --------- --------- --------- ---------
Net asset value, beginning of period......... $ 18.69 $ 19.51 $ 18.79 $ 17.45 $ 12.12
--------- --------- --------- --------- ---------
Income from investment operations:
Net investment income (loss)............... .03 .08 .01 (.03) (.01)
Net realized and unrealized gains on
investments............................... 5.45 .36 4.04 2.41 6.11
--------- --------- --------- --------- ---------
Total from investment operations......... 5.48 .44 4.05 2.38 6.10
--------- --------- --------- --------- ---------
Less distributions:
Dividends (from net investment income)..... (.02) (.07) -- -- --
Dividends (in excess of net investment
income)................................... -- -- (.01) -- --
Distributions (from capital gains)......... (2.68) (1.16) (3.32) (1.04) (.77)
Distributions (in excess of capital
gains).................................... (.03) (.03) -- -- --
--------- --------- --------- --------- ---------
Total distributions...................... (2.73) (1.26) (3.33) (1.04) (.77)
--------- --------- --------- --------- ---------
Net asset value, end of period............... $ 21.44 $ 18.69 $ 19.51 $ 18.79 $ 17.45
--------- --------- --------- --------- ---------
--------- --------- --------- --------- ---------
Total return................................. 29.53% 2.29% 21.68% 13.70% 50.46%
Ratios/Supplemental data
Net assets, end of period (in thousands)..... $1,384,415 $ 889,526 $ 772,741 $ 470,663 $ 264,358
Ratio of expenses to average net assets...... .98% 1.05% 1.12% 1.19% 1.22%
Ratio of net investment income (loss) to
average net assets.......................... .16% .40% .01% (.25)% (.16)%
Portfolio turnover rate...................... 182.99% 178.91% 154.68% 116.75% 114.53%
</TABLE>
(1) As of December 31, 1991, historical per share data has been restated to
reflect a 3 for 1 stock split to shareholders of record on January 31, 1992.
9
<PAGE>
FINANCIAL HIGHLIGHTS, continued
---------------------------------------------------------------------------
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD
COLUMBIA REAL ESTATE EQUITY FUND, INC.
<TABLE>
<CAPTION>
--------- -----------
<S> <C> <C> <C> <C> <C>
1995 1994(1)
--------- -----------
Net asset value, beginning of period............. $ 11.72 $ 12.00
--------- -----------
Income from investment operations:
Net investment income.......................... .78 .49
Net realized and unrealized gains (losses) on
investments................................... 1.12 (.27)
--------- -----------
Total from investment operations............. 1.90 .22
--------- -----------
Less distributions:
Dividends (from net investment income)......... (.49) (.31)
Dividends (in excess of net investment
income)....................................... -- (.01)
Distributions (in excess of capital gains)..... (.14) --
Tax return of capital.......................... (.28) (.18)
--------- -----------
Total distributions.......................... (.91) (.50)
--------- -----------
Net asset value, end of period................... $ 12.71 $ 11.72
--------- -----------
--------- -----------
Total return..................................... 16.86% 1.76%(2)
Ratios/Supplemental data
Net assets, end of period (in thousands)......... $ 21,587 $ 17,402
Ratio of expenses to average net assets.......... 1.18% 1.14%
Ratio of net investment income to average net
assets.......................................... 6.71% 6.28%
Portfolio turnover rate.......................... 53.91% 7.61%
</TABLE>
(1) From inception of operations on March 16, 1994. Ratios and portfolio
turnover rate are annualized.
(2) Not annualized.
COLUMBIA BALANCED FUND, INC.
<TABLE>
<CAPTION>
--------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
1995 1994 1993 1992 1991(1)
--------- --------- --------- --------- ---------
Net asset value, beginning of period........... $ 17.28 $ 17.91 $ 16.80 $ 16.05 $ 15.00
--------- --------- --------- --------- ---------
Income from investment operations:
Net investment income........................ .73 .65 .56 .58 .11
Net realized and unrealized gains (losses) on
investments................................. 3.54 (.64) 1.71 .82 1.10
--------- --------- --------- --------- ---------
Total from investment operations........... 4.27 .01 2.27 1.40 1.21
--------- --------- --------- --------- ---------
Less distributions:
Dividends (from net investment income)....... (.73) (.64) (.56) (.57) (.12)
Dividends (in excess of net investment
income)..................................... -- -- (.01) -- --
Distributions (from capital gains)........... (.74) -- (.59) (.08) (.04)
--------- --------- --------- --------- ---------
Total distributions........................ (1.47) (.64) (1.16) (.65) (.16)
--------- --------- --------- --------- ---------
Net asset value, end of period................. $ 20.08 $ 17.28 $ 17.91 $ 16.80 $ 16.05
--------- --------- --------- --------- ---------
--------- --------- --------- --------- ---------
Total return................................... 25.08% .10% 13.62% 8.89% 7.80%(2)
Ratios/Supplemental data
Net assets, end of period (in thousands)....... $ 486,767 $ 249,670 $ 186,589 $ 90,230 $ 12,986
Ratio of expenses to average net assets........ .69% .72% .73% .81% .62%
Ratio of net investment income to average net
assets........................................ 4.05% 3.82% 3.32% 4.08% 3.41%
Portfolio turnover rate........................ 108.04% 98.48% 107.60% 138.08% 179.80%
</TABLE>
(1) From inception of operations of September 12, 1991. Ratios and portfolio
turnover rate are annualized.
(2) Not annualized.
10
<PAGE>
FINANCIAL HIGHLIGHTS, continued
---------------------------------------------------------------------------
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD
COLUMBIA DAILY INCOME COMPANY
<TABLE>
<CAPTION>
--------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
1995 1994 1993 1992 1991
--------- --------- --------- --------- ---------
Net asset value, beginning of period........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
--------- --------- --------- --------- ---------
Income from investment operations:
Net investment income........................ .053 .036 .025 .032 .055
--------- --------- --------- --------- ---------
Total from investment operations........... .053 .036 .025 .032 .055
--------- --------- --------- --------- ---------
Less distributions:
Dividends (from net investment income)....... (.053) (.036) (.025) (.032) (.055)
--------- --------- --------- --------- ---------
Total distributions........................ (.053) (.036) (.025) (.032) (.055)
--------- --------- --------- --------- ---------
Net asset value, end of period................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
--------- --------- --------- --------- ---------
--------- --------- --------- --------- ---------
Total return................................... 5.49% 3.68% 2.51% 3.25% 5.66%
Ratios/Supplemental data
Net assets, end of period (in thousands)....... $ 800,656 $ 730,067 $ 544,500 $ 591,186 $ 737,584
Ratio of expenses to average net assets........ .64% .70% .75% .71% .69%
Ratio of net investment income to average net
assets........................................ 5.34% 3.68% 2.49% 3.22% 5.53%
</TABLE>
COLUMBIA U.S. GOVERNMENT SECURITIES FUND, INC.
<TABLE>
<CAPTION>
--------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
1995 1994 1993 1992 1991
--------- --------- --------- --------- ---------
Net asset value, beginning of period........... $ 7.99 $ 8.36 $ 8.35 $ 8.47 $ 8.43
--------- --------- --------- --------- ---------
Income from investment operations:
Net investment income........................ .45 .37 .32 .39 .53
Net realized and unrealized gains (losses) on
investments................................. .35 (.37) .17 .09 .50
--------- --------- --------- --------- ---------
Total from investment operations........... .80 -- .49 .48 1.03
--------- --------- --------- --------- ---------
Less distributions:
Dividends (from net investment income)....... (.45) (.37) (.32) (.39) (.53)
Distributions (from capital gains)........... -- -- (.16) (.21) (.46)
--------- --------- --------- --------- ---------
Total distributions........................ (.45) (.37) (.48) (.60) (.99)
--------- --------- --------- --------- ---------
Net asset value, end of period................. $ 8.34 $ 7.99 $ 8.36 $ 8.35 $ 8.47
--------- --------- --------- --------- ---------
--------- --------- --------- --------- ---------
Total return................................... 10.21% -.03% 5.91% 5.81% 12.72%
Ratios/Supplemental data
Net assets, end of period (in thousands)....... $ 41,842 $ 33,512 $ 35,877 $ 35,479 $ 34,867
Ratio of expenses to average net assets........ .79% .81% .75% .76% .76%
Ratio of net investment income to average net
assets........................................ 5.45% 4.51% 3.74% 4.60% 6.18%
Portfolio turnover rate........................ 253.17% 253.80% 254.59% 289.05% 309.13%
</TABLE>
11
<PAGE>
FINANCIAL HIGHLIGHTS, continued
---------------------------------------------------------------------------
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD
COLUMBIA FIXED INCOME SECURITIES FUND, INC.
<TABLE>
<CAPTION>
--------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
1995 1994 1993 1992 1991
--------- --------- --------- --------- ---------
Net asset value, beginning of period........... $ 12.16 $ 13.44 $ 13.28 $ 13.59 $ 12.72
--------- --------- --------- --------- ---------
Income from investment operations:
Net investment income........................ .88 .83 .85 .95 1.00
Net realized and unrealized gains (losses) on
investments................................. 1.35 (1.28) .52 .09 1.05
--------- --------- --------- --------- ---------
Total from investment operations........... 2.23 (.45) 1.37 1.04 2.05
--------- --------- --------- --------- ---------
Less distributions:
Dividends (from net investment income)....... (.88) (.83) (.85) (.95) (1.00)
Distributions (from capital gains)........... -- -- (.36) (.40) (.18)
--------- --------- --------- --------- ---------
Total distributions........................ (.88) (.83) (1.21) (1.35) (1.18)
--------- --------- --------- --------- ---------
Net asset value, end of period................. $ 13.51 $ 12.16 $ 13.44 $ 13.28 $ 13.59
--------- --------- --------- --------- ---------
--------- --------- --------- --------- ---------
Total return................................... 18.91% -3.36% 10.47% 7.99% 16.84%
Ratios/Supplemental data
Net assets, end of period (in thousands)....... $ 316,259 $ 252,090 $ 300,532 $ 262,647 $ 207,271
Ratio of expenses to average net assets........ .65% .66% .66% .66% .69%
Ratio of net investment income to average net
assets........................................ 6.80% 6.53% 6.14% 7.03% 7.63%
Portfolio turnover rate........................ 137.41% 139.81% 118.80% 195.67% 158.95%
</TABLE>
COLUMBIA MUNICIPAL BOND FUND, INC.
<TABLE>
<CAPTION>
--------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
1995 1994 1993 1992 1991
--------- --------- --------- --------- ---------
Net asset value, beginning of period........... $ 11.48 $ 12.71 $ 12.17 $ 12.22 $ 11.65
--------- --------- --------- --------- ---------
Income from investment operations:
Net investment income........................ .63 .64 .66 .69 .72
Net realized and unrealized gains (losses) on
investments................................. .96 (1.23) .62 .07 .60
--------- --------- --------- --------- ---------
Total from investment operations........... 1.59 (.59) 1.28 .76 1.32
--------- --------- --------- --------- ---------
Less distributions:
Dividends (from net investment income) (1)... (.63) (.64) (.66) (.69) (.72)
Distributions (from capital gains)........... (.07) -- (.08) (.12) (.03)
--------- --------- --------- --------- ---------
Total distributions........................ (.70) (.64) (.74) (.81) (.75)
--------- --------- --------- --------- ---------
Net asset value, end of period................. $ 12.37 $ 11.48 $ 12.71 $ 12.17 $ 12.22
--------- --------- --------- --------- ---------
--------- --------- --------- --------- ---------
Total return................................... 14.15% -4.68% 10.73% 6.46% 11.73%
Ratios/Supplemental data
Net assets, end of period (in thousands)....... $ 383,796 $ 339,817 $ 430,367 $ 341,924 $ 285,099
Ratio of expenses to average net assets........ .57% .57% .58% .59% .59%
Ratio of net investment income to average net
assets........................................ 5.22% 5.36% 5.25% 5.69% 6.07%
Portfolio turnover rate........................ 21.45% 19.40% 9.92% 17.82% 15.28%
</TABLE>
(1) 100% exempt from federal taxation.
12
<PAGE>
FINANCIAL HIGHLIGHTS, continued
---------------------------------------------------------------------------
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD
COLUMBIA HIGH YIELD FUND, INC.
<TABLE>
<CAPTION>
--------- --------- -----------
<S> <C> <C> <C> <C> <C>
1995 1994 1993(1)
--------- --------- -----------
Net asset value, beginning of period................ $ 9.04 $ 9.94 $ 10.00
--------- --------- -----------
Income from investment operations:
Net investment income............................. .82 .80 .18
Net realized and unrealized gains (losses) on
investments...................................... .84 (.90) (.06)
--------- --------- -----------
Total from investment operations................ 1.66 (.10) .12
--------- --------- -----------
Less distributions:
Dividends (from net investment income)............ (.82) (.80) (.18)
--------- --------- -----------
Total distributions............................. (.82) (.80) (.18)
--------- --------- -----------
Net asset value, end of period...................... $ 9.88 $ 9.04 $ 9.94
--------- --------- -----------
--------- --------- -----------
Total return........................................ 19.12% -.92% 1.12%(2)
Ratios/Supplemental data
Net assets, end of period (in thousands)............ $ 23,471 $ 12,834 $ 5,940
Ratio of expenses to average net assets (3)......... 1.00% 1.00% 1.00%
Ratio of net investment income to average net
assets............................................. 8.62% 8.69% 7.30%
Portfolio turnover rate............................. 51.60% 36.67% 0.00%
</TABLE>
(1) From inception of operations on September 15, 1993. Ratios and portfolio
turnover rate are annualized.
(2) Not annualized.
(3) The ratio was 1.06% in 1995, 1.19% in 1994 and 2.03% in 1993, before
reimbursement of certain expenses by the investment advisor.
13
<PAGE>
SCHEDULE OF INVESTMENTS
-----------------------------------------------------------------
COLUMBIA COMMON STOCK FUND, INC.
<TABLE>
<CAPTION>
Shares or
Principal
December 31, 1995 Amount Value(1)
------------ --------------
<S> <C> <C>
Common Stocks (97.7%)
Banking & Finance (12.3%)
Ahmanson (H.F.) & Co. ................................................................ 93,000 $ 2,464,500
American Express Co. ................................................................. 186,900 7,732,987
Federal Home Loan Mortgage Corp. ..................................................... 100,000 8,350,000
Federal National Mortgage Assn. ...................................................... 30,500 3,785,813
Fleet Financial Group, Inc. .......................................................... 83,800 3,414,850
Greenpoint Financial Corp. ........................................................... 130,000 3,477,500
Morgan (J.P.) & Co., Inc. ............................................................ 92,200 7,399,050
PNC Bank Corp. ....................................................................... 229,700 7,407,825
--------------
44,032,525
--------------
Building & Forestry Products (1.6%)
Champion International Corp. ......................................................... 135,700 5,699,400
--------------
Business Services (3.9%)
*ADT Ltd. ............................................................................ 220,000 3,300,000
Service Corp. International........................................................... 244,000 10,736,000
--------------
14,036,000
--------------
Chemical (3.7%)
Grace (W.R.) & Co. ................................................................... 102,600 6,066,225
Hercules, Inc. ....................................................................... 128,100 7,221,637
--------------
13,287,862
--------------
Consumer Durable (2.6%)
Ford Motor Co. ....................................................................... 203,100 5,889,900
Harley-Davidson, Inc. ................................................................ 125,000 3,593,750
--------------
9,483,650
--------------
Consumer Non-Durable (8.7%)
*Circus Circus Enterprises, Inc. ..................................................... 132,000 3,679,500
*Federated Department Stores, Inc. ................................................... 201,600 5,544,000
Mattel, Inc. ......................................................................... 216,000 6,642,000
Nike, Inc. (Class B).................................................................. 58,400 4,066,100
*Payless Cashways, Inc. .............................................................. 252,700 1,073,975
Rykoff-Sexton, Inc. .................................................................. 102,000 1,785,000
Sears, Roebuck & Co. ................................................................. 164,800 6,427,200
Wendy's International, Inc. .......................................................... 88,000 1,870,000
--------------
31,087,775
--------------
Consumer Staples (9.4%)
Gillette Co. ......................................................................... 123,400 6,432,225
Philip Morris Cos., Inc. ............................................................. 80,000 7,240,000
Pioneer Hi-Bred International, Inc. .................................................. 61,900 3,443,187
Procter & Gamble Co. ................................................................. 77,500 6,432,500
Sunbeam Corp. ........................................................................ 230,400 3,513,600
Sysco Corp. .......................................................................... 200,000 6,500,000
--------------
33,561,512
--------------
<CAPTION>
Shares or
Principal
Amount Value(1)
------------ --------------
<S> <C> <C>
Energy (7.6%)
Chevron Corp. ........................................................................ 70,000 $ 3,675,000
Exxon Corp. .......................................................................... 20,900 1,674,612
Louisiana Land & Exploration Co. ..................................................... 74,000 3,172,750
Mobil Corp. .......................................................................... 45,400 5,084,800
Noble Affiliates, Inc. ............................................................... 56,500 1,687,938
Royal Dutch Petroleum Co. ADR......................................................... 52,400 7,394,950
Unocal Corp. ......................................................................... 159,000 4,630,875
--------------
27,320,925
--------------
Energy Services (0.9%)
Baker Hughes, Inc. ................................................................... 139,000 3,388,125
--------------
Entertainment & Media (5.2%)
Capital Cities/ABC, Inc. ............................................................. 33,000 4,071,375
Reader's Digest Association, Inc.
(Class A non vtg.)................................................................... 78,200 4,007,750
Time Warner, Inc. .................................................................... 121,700 4,609,387
*Viacom, Inc. (Class B)............................................................... 123,100 5,831,863
--------------
18,520,375
--------------
Health (12.2%)
*Amgen, Inc. ......................................................................... 129,400 7,683,125
Bausch & Lomb, Inc. .................................................................. 189,400 7,504,975
Becton, Dickinson & Co. .............................................................. 50,400 3,780,000
Johnson & Johnson..................................................................... 86,500 7,406,562
U.S. HealthCare, Inc. ................................................................ 75,800 3,524,700
United Healthcare Corp. .............................................................. 132,700 8,691,850
Warner-Lambert Co. ................................................................... 53,700 5,215,613
--------------
43,806,825
--------------
Insurance (4.9%)
Aetna Life & Casualty Co. ............................................................ 27,000 1,869,750
American International Group, Inc. ................................................... 64,300 5,947,750
Berkley (W.R.) Corp. ................................................................. 70,000 3,762,500
TIG Holdings, Inc. ................................................................... 213,000 6,070,500
--------------
17,650,500
--------------
Machinery & Capital Spending (5.0%)
Case Corp. ........................................................................... 81,700 3,737,775
Emerson Electric Co. ................................................................. 85,400 6,981,450
General Electric Co. ................................................................. 97,700 7,034,400
--------------
17,753,625
--------------
Metal Mining & Steel (1.0%)
Worthington Industries, Inc. ......................................................... 169,000 3,517,313
--------------
Real Estate Securities (4.3%)
American Health Properties, Inc. ..................................................... 120,000 2,580,000
Associated Estates Realty Corp. ...................................................... 84,000 1,806,000
</TABLE>
14
<PAGE>
SCHEDULE OF INVESTMENTS
-----------------------------------------------------------------
COLUMBIA COMMON STOCK FUND, INC., CONTINUED
<TABLE>
<CAPTION>
Shares or
Principal
Amount Value(1)
------------ --------------
<S> <C> <C>
Common Stocks (Continued)
Beacon Properties Corp. .............................................................. 45,000 $ 1,035,000
Equity Residential Properties Trust................................................... 42,000 1,286,250
JP Realty, Inc. ...................................................................... 97,500 2,132,813
Manufactured Home Communities, Inc. .................................................. 49,000 857,500
National Health Investors, Inc. ...................................................... 100,000 3,312,500
Simon Property Group, Inc. ........................................................... 45,000 1,096,875
Sun Communities, Inc. ................................................................ 50,400 1,329,300
--------------
15,436,238
--------------
Technology (9.8%)
Adobe Systems, Inc. .................................................................. 75,300 4,668,600
Boeing Co. ........................................................................... 50,000 3,918,750
*Cisco Systems, Inc. ................................................................. 54,900 4,096,913
*Computer Sciences Corp. ............................................................. 95,000 6,673,750
Ericsson (L.M.) Telephone Co. (Class B) Spon. ADR..................................... 270,000 5,265,000
General Motors Corp. (Class E)........................................................ 125,000 6,500,000
Hewlett-Packard Co. .................................................................. 11,800 988,250
*Sun Microsystems, Inc. .............................................................. 68,000 3,102,500
--------------
35,213,763
--------------
Transportation (1.6%)
Norfolk Southern Corp. ............................................................... 51,000 4,048,125
Southwest Airlines Co. ............................................................... 72,600 1,687,950
--------------
5,736,075
--------------
Utilities/Communications (2.4%)
AT&T Corp. ........................................................................... 40,000 2,590,000
Vodafone Group plc ADR................................................................ 166,200 5,858,550
--------------
8,448,550
--------------
Utilities/Electric/Gas (0.6%)
NIPSCO Industries, Inc. ................................................................ 60,000 2,295,000
--------------
Total Common Stocks
(Cost $298,816,482).................................................................. 350,276,038
--------------
<CAPTION>
Shares or
Principal
Amount Value(1)
------------ --------------
<S> <C> <C>
Convertible Preferred Stock (0.9%)
Technology (0.9%)
American Express Co.
(Cost $2,433,700).................................................................... 60,000 $ 3,330,000
--------------
Total investments, excluding temporary cash investment
(Cost $301,250,182).................................................................. 353,606,038
--------------
Repurchase Agreement (1.0%)
Goldman Sachs Corp.
5.447% dated 12/29/1995,
due 01/02/1996 in the
amount of $3,450,244.
Collateralized by U.S. Treasury Bond
8.750% due 11/15/2008
(Cost $3,448,186).................................................................... $ 3,448,186 3,448,186
--------------
Total Investments (99.6%)
(Cost $304,698,368)...................................................................... 357,054,224
Receivables less liabilities (0.4%)....................................................... 1,468,500
--------------
Net Assets (100.0%)....................................................................... $ 358,522,724
--------------
--------------
</TABLE>
(1) See Note 1 of Notes to Financial Statements.
* Non-income producing
The accompanying notes are an integral part
of the financial statements.
15
<PAGE>
SCHEDULE OF INVESTMENTS
-----------------------------------------------------------------
COLUMBIA GROWTH FUND, INC.
<TABLE>
<CAPTION>
Shares or
Principal
December 31, 1995 Amount Value(1)
------------ --------------
<S> <C> <C>
Common Stocks (99.1%)
Banking & Finance (8.1%)
BankAmerica Corp. .................................................................... 136,300 $ 8,825,425
Barnett Banks, Inc. .................................................................. 137,800 8,130,200
Bear Stearns Cos., Inc. .............................................................. 194,306 3,861,832
Dean Witter, Discover & Co. .......................................................... 175,440 8,245,680
Federal Home Loan Mortgage Corp. ..................................................... 187,300 15,639,550
Federal National Mortgage Assn. ...................................................... 76,700 9,520,387
First USA, Inc. ...................................................................... 150,000 6,656,250
Morgan Stanley Group, Inc. ........................................................... 100,000 8,062,500
--------------
68,941,824
--------------
Building & Forestry Products (0.6%)
*Crown Vantage, Inc. ................................................................. 366,320 5,220,060
--------------
Business & Consumer Services (1.6%)
*Mail-Well, Inc. ..................................................................... 400,000 4,900,000
Service Corp. International........................................................... 200,000 8,800,000
--------------
13,700,000
--------------
Chemical (2.0%)
Grace (W.R.) & Co. ................................................................... 100,000 5,912,500
Hercules, Inc. ....................................................................... 201,000 11,331,375
--------------
17,243,875
--------------
Consumer Non-Durable (17.5%)
*AutoZone, Inc. ...................................................................... 275,000 7,940,625
*Borders Group, Inc. ................................................................. 213,300 3,946,050
*Central Tractor Farm & Country, Inc. ................................................ 275,000 2,818,750
*Corporate Express, Inc. ............................................................. 262,300 7,901,787
*Eckerd Corp. (Del.).................................................................. 165,000 7,363,125
*Federated Department Stores, Inc. ................................................... 491,600 13,519,000
*HFS, Inc. ........................................................................... 175,000 14,306,250
Home Depot, Inc. ..................................................................... 175,000 8,378,125
Intimate Brands, Inc. (Class A)....................................................... 350,000 5,250,000
Mattel, Inc. ......................................................................... 501,200 15,411,900
McDonald's Corp. ..................................................................... 168,400 7,599,050
*Office Depot, Inc. .................................................................. 220,400 4,352,900
Rite Aid Corp. ....................................................................... 148,600 5,089,550
Sears, Roebuck & Co. ................................................................. 300,000 11,700,000
Warnaco Group, Inc. (Class A)......................................................... 1,301,200 32,530,000
--------------
148,107,112
--------------
<CAPTION>
Shares or
Principal
Amount Value(1)
------------ --------------
<S> <C> <C>
Consumer Staples (9.7%)
First Brands Corp. ................................................................... 97,100 $ 4,624,388
Gillette Co. ......................................................................... 400,000 20,850,000
Libbey, Inc. ......................................................................... 300,000 6,750,000
PepsiCo, Inc. ........................................................................ 100,000 5,587,500
Philip Morris Cos., Inc. ............................................................. 300,500 27,195,250
Quaker Oats Co. ...................................................................... 300,000 10,350,000
Sunbeam Corp. ........................................................................ 274,300 4,183,075
Wrigley (Wm.) Jr. Co. ................................................................ 46,400 2,436,000
--------------
81,976,213
--------------
Energy (5.0%)
Amoco Corp. .......................................................................... 95,000 6,828,125
Anadarko Petroleum Corp. ............................................................. 172,500 9,336,562
Apache Corp. ......................................................................... 138,700 4,091,650
British Petroleum Co. plc ADR......................................................... 94,391 9,639,681
Burlington Resources, Inc. ........................................................... 125,000 4,906,250
Chevron Corp. ........................................................................ 150,000 7,875,000
--------------
42,677,268
--------------
Energy Services (2.1%)
Halliburton Co. ...................................................................... 163,000 8,251,875
Schlumberger Ltd...................................................................... 135,500 9,383,375
--------------
17,635,250
--------------
Entertainment & Media (4.4%)
Reader's Digest Association, Inc.
(Class A non vtg.)................................................................... 165,800 8,497,250
Time Warner, Inc. .................................................................... 499,700 18,926,138
*Viacom, Inc. (Class B)............................................................... 215,000 10,185,625
--------------
37,609,013
--------------
Health (10.4%)
*Amgen, Inc. ......................................................................... 332,800 19,760,000
*Apria Healthcare Group, Inc. ........................................................ 1,231,520 34,790,440
*Ethical Holdings Ltd. Spon. ADR...................................................... 300,000 2,700,000
*Genesis Health Ventures, Inc. ....................................................... 175,000 6,387,500
*Inhale Therapeutic Systems........................................................... 140,000 1,365,000
Johnson & Johnson..................................................................... 75,000 6,421,875
*PacifiCare Health Systems, Inc.
(Class A)............................................................................ 85,000 7,395,000
*Penederm, Inc. ...................................................................... 147,200 1,674,400
Warner-Lambert Co. ................................................................... 78,800 7,653,450
--------------
88,147,665
--------------
</TABLE>
16
<PAGE>
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-----------------------------------------------------------------
COLUMBIA GROWTH FUND, INC., CONTINUED
<TABLE>
<CAPTION>
Shares or
Principal
Amount Value(1)
------------ --------------
Common Stocks (Continued)
<S> <C> <C>
Hotels & Gaming (6.1%)
*Circus Circus Enterprises, Inc. ..................................................... 613,500 $ 17,101,313
*Host Marriott Corp. ................................................................. 400,000 5,300,000
Marriott International, Inc. ......................................................... 200,000 7,650,000
*Mirage Resorts, Inc. ................................................................ 100,000 3,450,000
*Rio Hotel & Casino, Inc. ............................................................ 500,400 5,942,250
*Station Casinos, Inc. ............................................................... 862,600 12,615,525
--------------
52,059,088
--------------
Insurance (3.4%)
Allstate Corp. ....................................................................... 300,000 12,337,500
American International Group, Inc. ................................................... 96,150 8,893,875
*ITT Hartford Group, Inc. ............................................................ 150,000 7,256,250
--------------
28,487,625
--------------
Machinery & Capital Spending (5.6%)
*American Standard Cos., Inc. ........................................................ 231,400 6,479,200
Case Corp. ........................................................................... 225,000 10,293,750
Emerson Electric Co. ................................................................. 200,000 16,350,000
General Electric Co. ................................................................. 200,000 14,400,000
--------------
47,522,950
--------------
Real Estate Securities (5.4%)
Amli Residential Properties Trust..................................................... 180,500 3,610,000
Beacon Properties Corp. .............................................................. 345,000 7,935,000
Camden Property Trust................................................................. 166,250 3,969,219
Duke Realty Investments, Inc. ........................................................ 84,100 2,638,637
Equity Residential Properties Trust................................................... 355,000 10,871,875
JP Realty, Inc. ...................................................................... 350,000 7,656,250
Simon Property Group, Inc. ........................................................... 194,300 4,736,063
TriNet Corporate Realty Trust, Inc. .................................................. 146,000 3,978,500
--------------
45,395,544
--------------
Technology (15.4%)
Adobe Systems, Inc. .................................................................. 250,300 15,518,600
*Bay Networks, Inc. .................................................................. 200,350 8,239,394
Boeing Co. ........................................................................... 100,000 7,837,500
*Cabletron Systems, Inc. ............................................................. 53,500 4,333,500
*Cisco Systems, Inc. ................................................................. 135,000 10,074,375
<CAPTION>
Shares or
Principal
Amount Value(1)
------------ --------------
<S> <C> <C>
*Compaq Computer Corp. ............................................................... 170,000 $ 8,160,000
*Computer Sciences Corp. ............................................................. 250,400 17,590,600
*Dell Computer Corp. ................................................................. 100,000 3,462,500
Ericsson (L.M.) Telephone Co. (Class B) Spon. ADR..................................... 682,300 13,304,850
General Motors Corp. (Class E)........................................................ 155,900 8,106,800
Hewlett-Packard Co. .................................................................. 58,300 4,882,625
*Oracle Corp. ........................................................................ 198,900 8,428,387
*Sun Microsystems, Inc. .............................................................. 200,000 9,125,000
*Tellabs, Inc. ....................................................................... 168,300 6,227,100
*3Com Corp. .......................................................................... 123,800 5,772,175
--------------
131,063,406
--------------
Utilities/Communications (1.8%)
*Paging Network, Inc. ................................................................ 400,000 9,750,000
Vodafone Group plc ADR................................................................ 150,000 5,287,500
--------------
15,037,500
--------------
Total Common Stocks
(Cost $680,853,085).................................................................. 840,824,393
--------------
Repurchase Agreement (1.2%)
Goldman Sachs Corp.
5.447% dated 12/29/1995,
due 01/02/1996 in the
amount of $10,447,456.
Collateralized by U.S. Treasury Bond
8.750% due 11/15/2008
(Cost $10,441,223).................................................................. $ 10,441,223 10,441,223
--------------
Total Investments (100.3%)
(Cost $691,294,308)...................................................................... 851,265,616
Receivables less liabilities (-0.3%)...................................................... (2,534,764)
--------------
Net Assets (100.0%)....................................................................... $ 848,730,852
--------------
--------------
</TABLE>
(1) See Note 1 of Notes to Financial Statements.
* Non-income producing
The accompanying notes are an integral part
of the financial statements.
17
<PAGE>
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-----------------------------------------------------------------
COLUMBIA INTERNATIONAL STOCK FUND, INC.
<TABLE>
<CAPTION>
Shares or
Principal
December 31, 1995 Amount Value(1)
------------ --------------
<S> <C> <C>
Common Stocks (90.7%)
Brazil (0.8%)
Companhia Energetica de Minas Gerais SA, ADR (Utilities-Electric)..................... 22,776 $ 498,225
Usinas Siderurgicas de Minas Gerais SA, ADR (Metals, Mining & Steel).................. 45,000 360,000
--------------
858,225
--------------
Canada (2.9%)
Bombardier, Inc. (Class B) (Manufacturing-Diversified Industries)..................... 80,000 1,056,028
*Future Shop Ltd., The (Retail)....................................................... 65,800 711,756
Magna International, Inc. (Class A) (Motor Vehicles & Parts).......................... 11,000 473,929
NOVA Corp. (Chemicals)................................................................ 85,000 680,000
--------------
2,921,713
--------------
Finland (2.4%)
Finnair Oy (Transportation)........................................................... 70,000 516,331
Kesko Oy (Retail)..................................................................... 57,000 710,809
Valmet Oy (Class A) (Machinery & Capital Spending).................................... 50,000 1,244,727
--------------
2,471,867
--------------
France (5.9%)
Alcatel Alsthom SA (Electrical Equipment)............................................. 2,000 172,697
AXA SA (Insurance).................................................................... 14,000 944,882
BIC SA (Consumer Products)............................................................ 7,000 712,956
Brioche Pasquier SA (Food Processing)................................................. 3,000 365,068
Carrefour SA (Retail)................................................................. 1,400 850,680
Cie General des Eaux (Utilities)...................................................... 3,400 339,965
GrandOptical-PhotoService SA (Retail)................................................. 4,000 391,042
LVMH Moet Hennessy Louis Vuitton SA (Consumer Products)............................... 2,800 584,109
Societe Nationale d'Exploitation Industrielle des Tabacs et Allumettes (Consumer
Products)............................................................................ 17,000 617,139
Societe Generale SA (Banking)......................................................... 7,600 940,382
--------------
5,918,920
--------------
<CAPTION>
Shares or
Principal
Amount Value(1)
------------ --------------
<S> <C> <C>
Germany (5.9%)
Allianz Holding AG (Insurance)........................................................ 500 $ 977,281
Bayer AG (Chemicals).................................................................. 3,000 793,778
Daimler-Benz AG (Motor Vehicles & Parts).............................................. 1,000 504,719
Gehe AG (Wholesale Distributor)....................................................... 1,800 918,560
Karstadt AG (Retail).................................................................. 1,500 613,422
Mannesmann AG (Machinery & Capital Spending).......................................... 2,400 766,221
*SGL Carbon AG (Metals, Mining &
Steel)............................................................................... 12,000 931,143
Siemens AG (Electrical Equipment)..................................................... 800 439,007
--------------
5,944,131
--------------
Hong Kong (6.7%)
Cheung Kong Holdings Ltd. (Real Estate)............................................... 300,000 1,827,541
Florens Group Ltd. (Container Leasing)................................................ 920,000 600,903
HSBC Holdings plc (Banking)........................................................... 122,855 1,859,104
Hutchison Whampoa Ltd. (Consumer Products)............................................ 135,000 822,394
Sun Hung Kai Properties Ltd. (Real Estate)............................................ 70,000 572,642
Swire Pacific Ltd. (Class A) (Transportation)......................................... 140,000 1,086,436
--------------
6,769,020
--------------
India (2.4%)
Bajaj Auto Ltd., GDR (Motor Vehicles & Parts)......................................... 12,400 313,100
*Indian Hotels Co. Ltd., GDS, The (Entertainment & Leisure)........................... 30,000 570,000
Larsen & Toubro Ltd., GDR (Engineering & Construction)................................ 40,000 690,000
Tata Engineering & Locomotive Co., Ltd., GDS (Motor Vehicles & Parts)................. 66,400 854,900
--------------
2,428,000
--------------
Italy (1.5%)
*De Rigo S.p.A., ADS (Consumer Products).............................................. 24,000 546,000
*Gucci Group NV (Consumer Products)................................................... 25,000 971,875
--------------
1,517,875
--------------
</TABLE>
18
<PAGE>
SCHEDULE OF INVESTMENTS
-----------------------------------------------------------------
COLUMBIA INTERNATIONAL STOCK FUND, INC., CONTINUED
<TABLE>
<CAPTION>
Shares or
Principal
Amount Value(1)
------------ --------------
Common Stocks (Continued)
<S> <C> <C>
Japan (34.3%)
Ajinomoto Co., Inc. (Food & Beverages)................................................ 20,000 $ 223,084
BRIDGESTONE CORP. (Motor Vehicles & Parts)............................................ 22,000 349,951
CANON, INC. (Electronics)............................................................. 48,000 870,611
Daiwa Securities Co., Ltd. (Financial Services)....................................... 45,000 689,622
Daiwabo Information System Co., Ltd. (Technology)..................................... 9,000 234,821
East Japan Railway Co. (Transportation)............................................... 74 360,310
Fuji Bank Ltd., The (Banking)......................................................... 35,000 774,006
Fuji Photo Film Co., Ltd. (Entertainment & Leisure)................................... 11,000 317,944
FUJICOPIAN CO., LTD. (Machinery & Capital Spending)................................... 21,000 157,042
Industrial Bank of Japan Ltd., The (Banking).......................................... 27,000 819,690
ITO-YOKADO CO., LTD. (Retail)......................................................... 7,000 431,814
JUSCO CO., LTD. (Retail).............................................................. 25,000 652,279
KAJIMA CORP. (Construction)........................................................... 32,000 316,586
Kao Corp. (Consumer Products)......................................................... 20,000 248,303
Kawasaki Steel Corp. (Metals, Mining & Steel)......................................... 158,000 551,697
KEYENCE CORP. (Electronics)........................................................... 12,000 1,385,063
Kinki Nippon Railway Co., Ltd. (Transportation)....................................... 39,000 295,053
KOMATSU LTD. (Machinery & Capital Spending)........................................... 30,000 247,333
KUBOTA CORP. (Machinery & Capital Spending)........................................... 70,000 451,503
Laox Co., Ltd. (Retail)............................................................... 26,000 524,539
Marubeni Corp. (Wholesale Distributor)................................................ 106,000 574,724
Mitsubishi Bank Ltd., The (Banking)................................................... 33,000 777,789
Mitsubishi Chemical Corp. (Chemicals)................................................. 76,000 370,049
Mitsubishi Estate Co., Ltd. (Real Estate)............................................. 72,000 900,873
Mitsubishi Heavy Inds., Ltd. (Machinery & Capital Spending)........................... 120,000 957,905
Mitsubishi Trust & Banking Corp., The (Banking)....................................... 23,000 383,705
Mitsui Fudosan Co., Ltd. (Real Estate)................................................ 100,000 1,231,814
MITSUMI ELECTRIC CO., LTD. (Electronics).............................................. 24,000 579,631
MORI SEIKI CO., LTD. (Machinery & Capital Spending)................................... 25,000 564,985
NEC Corp. (Electronics)............................................................... 40,000 488,846
NICHICON CORP. (Electronics).......................................................... 18,000 265,373
<CAPTION>
Shares or
Principal
Amount Value(1)
------------ --------------
<S> <C> <C>
Nintendo Co., Ltd. (Entertainment & Leisure).......................................... 3,000 $ 228,419
NIPPON STEEL CORP. (Metals, Mining & Steel)........................................... 200,000 686,712
NIPPON TELEGRAPH & TELEPHONE CORP. (Utilities-Communication).......................... 200 1,620,597
Nippon Yusen Kabushiki Kaisha (Transportation)........................................ 55,000 319,544
NIPPONDENSO CO., LTD. (Motor Vehicles & Parts)........................................ 23,000 430,553
NISSAN MOTOR CO., LTD. (Motor Vehicles & Parts)....................................... 47,000 361,503
NISSHO ELECTRONICS CORP. (Electronics)................................................ 50,000 1,188,167
Nomura Securities Co., Ltd., The (Financial Services)................................. 42,000 916,586
NSK Ltd. (Machinery & Capital Spending)............................................... 164,000 1,193,016
NTN CORP. (Machinery & Capital Spending).............................................. 161,000 1,077,498
NTT Data Communications Systems Corp. (Business Services)............................. 35 1,177,983
OMRON CORP. (Electronics)............................................................. 10,000 230,844
OSG CORP. (Machinery & Capital Spending).............................................. 13,000 89,273
ROHM CO., LTD. (Electronics).......................................................... 17,000 961,300
SANKYO CO., LTD. (Pharmaceuticals).................................................... 12,000 270,029
Sanwa Bank Ltd., The (Banking)........................................................ 35,000 712,900
Sekisui Chemical Co., Ltd. (Chemicals)................................................ 82,000 1,208,923
SHIMIZU CORP. (Construction).......................................................... 30,000 305,529
Shin-Etsu Chemical Co., Ltd. (Chemicals).............................................. 20,000 415,131
SONY CORP. (Electronics).............................................................. 10,000 600,388
Takeda Chemical Inds., Ltd. (Pharmaceuticals)......................................... 27,000 445,199
Tokio Marine & Fire Insurance Co., Ltd., The (Insurance).............................. 65,000 851,115
TORAY INDUSTRIES, INC. (Chemicals).................................................... 75,000 494,665
TOYOTA MOTOR CORP. (Motor Vehicles & Parts)........................................... 37,000 785,936
TRANS COSMOS, INC. (Business Services)................................................ 6,000 393,404
Tsuchiya Home Co., Ltd. (Construction)................................................ 35,000 594,083
--------------
34,556,242
--------------
</TABLE>
19
<PAGE>
SCHEDULE OF INVESTMENTS
-----------------------------------------------------------------
COLUMBIA INTERNATIONAL STOCK FUND, INC., CONTINUED
<TABLE>
<CAPTION>
Shares or
Principal
Amount Value(1)
------------ --------------
Common Stocks (Continued)
<S> <C> <C>
Korea (2.3%)
*CITC Seoul Excel Trust, IDR (Investment Trust)....................................... 130,000 $ 1,293,500
Daehan Blue-Chip Index Trust, IDR (Investment Trust).................................. 45,000 1,023,300
--------------
2,316,800
--------------
Netherlands (4.4%)
Aegon NV (Insurance).................................................................. 25,000 1,107,437
*BE Semiconductor Inds. NV (Electronics).............................................. 60,000 780,000
Elsevier NV (Publishing).............................................................. 80,000 1,068,131
Heineken NV (Food & Beverages)........................................................ 3,800 674,981
Royal Dutch Petroleum Co. (Energy).................................................... 5,500 769,341
--------------
4,399,890
--------------
Norway (1.3%)
UNI-Storebrand AS (Class A) (Insurance)............................................... 240,000 1,330,314
--------------
Switzerland (5.2%)
Alusuisse-Lonza Holding AG (Bearer) (Metals, Mining & Steel).......................... 1,200 953,739
BBC Brown Boveri Ltd. (Series A) (Bearer) (Electrical Equipment)...................... 750 873,913
Ciba-Geigy AG (Bearer) (Pharmaceuticals).............................................. 1,150 1,010,000
Roche Holding Ltd. (Genusssheine) (Pharmaceuticals)................................... 140 1,110,870
Swiss Reinsurance Co. (Registered) (Insurance)........................................ 560 653,496
Zurich Insurance Co. (Registered) (Insurance)......................................... 2,000 600,000
--------------
5,202,018
--------------
United Kingdom (14.7%)
Abbey National plc (Banking).......................................................... 50,000 493,377
B.A.T Inds. plc (Consumer/Business Services).......................................... 80,000 704,381
Barclays plc (Banking)................................................................ 40,000 458,623
BOC Group plc, The (Chemicals)........................................................ 25,000 349,475
British Aerospace plc (Aircraft & Aerospace).......................................... 48,000 592,645
British Petroleum Co. plc (Energy).................................................... 154,835 1,293,620
British Sky Broadcasting Group plc (Media)............................................ 100,000 630,685
Compass Group plc (Food & Beverages).................................................. 46,000 348,994
Electrocomponents plc (Electronics)................................................... 86,000 479,677
<CAPTION>
Shares or
Principal
Amount Value(1)
------------ --------------
<S> <C> <C>
Glaxo Wellcome plc (Pharmaceuticals).................................................. 35,000 $ 496,868
Hays plc (Business Services).......................................................... 120,000 700,037
Lloyds TSB Group plc (Banking)........................................................ 189,280 972,041
Next plc (Retail)..................................................................... 160,000 1,131,974
Provident Financial plc (Financial Services).......................................... 66,000 838,136
Prudential Corp. (Insurance).......................................................... 81,155 521,905
Reed International plc (Publishing)................................................... 37,000 563,435
Reuters Holdings plc (Business Services).............................................. 100,000 914,609
Sage Group plc, The (Business
Services)............................................................................ 100,000 511,995
Siebe plc (Machinery & Capital Spending).............................................. 71,190 876,431
SmithKline Beecham plc (Class A) (Pharmaceuticals).................................... 60,000 660,939
THORN EMI plc (Entertainment & Leisure)............................................... 42,795 1,006,902
Vodafone Group plc (Utilities-Communication).......................................... 90,000 322,557
--------------
14,869,306
--------------
Total Common Stocks
(Cost $81,259,082)................................................................... 91,504,321
--------------
Preferred Stocks (4.4%)
Brazil (2.1%)
Companhia Cervejaria Brahma SA (Food & Beverages)..................................... 770,000 316,978
*DIXIE TOGA SA (Receipts) (Containers)................................................ 437,500 382,706
Refrigeracao Parana SA (Consumer Products)............................................ 112,500,000 224,607
Telecomunicacoes Brasileiras SA (Utilities-Communication)............................. 25,000,000 1,204,075
--------------
2,128,366
--------------
Germany (2.3%)
Fresenius AG (Pharmaceuticals)........................................................ 8,500 808,109
Jil Sander AG (Consumer Products)..................................................... 765 564,191
Systeme, Anwendungen, Produkte in der Dattenverarbeitung AG (Business Services)....... 6,000 910,171
--------------
2,282,471
--------------
Total Preferred Stocks
(Cost $3,727,581).................................................................... 4,410,837
--------------
</TABLE>
20
<PAGE>
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-----------------------------------------------------------------
COLUMBIA INTERNATIONAL STOCK FUND, INC., CONTINUED
<TABLE>
<CAPTION>
Shares or
Principal
Amount Value(1)
------------ --------------
Warrants (1.8%)
<S> <C> <C>
Germany (0.6%)
*Veba AG (04/06/1998) (Utilities-
Electric)........................................................................... 4,000 $ 631,947
--------------
Japan (1.2%)
*Kyocera Corp. #2 (01/23/1998) (Electronics).......................................... 865 1,081,250
*Mr. Max Corp. (02/17/1998) (Retail).................................................. 5,000 107,608
--------------
1,188,858
--------------
Total Warrants
(Cost $1,782,383).................................................................... 1,820,805
--------------
Total investments, excluding temporary cash investment
(Cost $86,769,046)................................................................... 97,735,963
--------------
<CAPTION>
Shares or
Principal
Amount Value(1)
------------ --------------
<S> <C> <C>
Repurchase Agreement (2.8%)
Goldman Sachs Corp.
5.447% dated 12/29/1995,
due 01/02/1996 in the
amount of $2,820,406.
Collateralized by U.S. Treasury Bond
8.750% due 11/15/2008
(Cost $2,818,723).................................................................... $ 2,818,723 $ 2,818,723
--------------
Total Investments (99.7%)
(Cost $89,587,769)....................................................................... 100,554,686
Cash and receivables less liabilities (0.3%).............................................. 318,774
--------------
Net Assets (100.0%)....................................................................... $ 100,873,460
--------------
--------------
</TABLE>
(1) See Note 1 of Notes to Financial Statements.
* Non-income producing
The accompanying notes are an integral part
of the financial statements.
21
<PAGE>
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-----------------------------------------------------------------
COLUMBIA SPECIAL FUND, INC.
<TABLE>
<CAPTION>
Shares or
Principal
December 31, 1995 Amount Value(1)
------------ --------------
<S> <C> <C>
Common Stocks (97.9%)
Aerospace (0.7%)
*BE Aerospace, Inc. .................................................................. 505,000 $ 5,365,625
*Wyman-Gordon Co. .................................................................... 350,000 4,812,500
--------------
10,178,125
--------------
Banking & Finance (9.6%)
Aames Financial Corp. ................................................................ 360,000 10,035,000
ADVANTA Corp. (Class B)............................................................... 330,000 12,003,750
Alex. Brown, Inc. .................................................................... 250,000 10,500,000
Citicorp.............................................................................. 225,000 15,131,250
Great Western Financial Corp. ........................................................ 295,000 7,522,500
Green Tree Financial Corp. ........................................................... 600,000 15,825,000
Morgan Stanley Group, Inc. ........................................................... 85,000 6,853,125
Schwab (Charles) Corp. ............................................................... 400,000 8,050,000
Standard Federal Bancorp.............................................................. 350,000 13,781,250
U.S. Bancorp (Ore.)................................................................... 442,000 14,862,250
Washington Federal, Inc. ............................................................. 350,000 8,968,750
Washington Mutual, Inc. .............................................................. 325,000 9,384,375
--------------
132,917,250
--------------
Building & Forestry Products (0.7%)
*Fort Howard Corp. ................................................................... 450,000 10,125,000
--------------
Business & Consumer Services (7.6%)
*American Management Systems, Inc. ................................................... 370,000 11,100,000
*BISYS Group, Inc. ................................................................... 400,000 12,300,000
*CBT Group Public Ltd. plc Spon. ADR.................................................. 102,500 5,432,500
*CKS Group, Inc. ..................................................................... 10,000 390,000
*CompDent Corp. ...................................................................... 220,000 9,130,000
Danka Business Systems plc ADR........................................................ 421,000 15,577,000
DENTSPLY International, Inc. ......................................................... 340,000 13,600,000
*First Commonwealth, Inc. ............................................................ 100,000 2,600,000
*FIserv, Inc. ........................................................................ 320,000 9,600,000
*Learning Tree International, Inc. ................................................... 136,000 2,125,000
Paychex, Inc. ........................................................................ 300,000 14,962,500
*United Dental Care, Inc. ............................................................ 209,000 8,621,250
--------------
105,438,250
--------------
Chemical (1.0%)
Potash Corp. of Saskatchewan, Inc. ................................................... 200,000 14,175,000
--------------
Consumer Durable (1.7%)
Harley-Davidson, Inc. ................................................................ 500,000 14,375,000
Polaris Industries, Inc. ............................................................. 50,000 1,468,750
*Ultralife Batteries, Inc. ........................................................... 285,000 6,840,000
--------------
22,683,750
--------------
<CAPTION>
Shares or
Principal
Amount Value(1)
------------ --------------
<S> <C> <C>
Consumer Non-Durable (5.0%)
*Borders Group, Inc. ................................................................. 600,000 $ 11,100,000
*Eastbay, Inc. ....................................................................... 355,000 7,011,250
*General Nutrition Cos., Inc. ........................................................ 350,000 8,050,000
Intimate Brands, Inc. (Class A)....................................................... 250,000 3,750,000
*Micro Warehouse, Inc. ............................................................... 100,000 4,325,000
*Neostar Retail Group, Inc. .......................................................... 590,000 4,351,250
*OfficeMax, Inc. ..................................................................... 420,000 9,397,500
Quality Food Centers, Inc. ........................................................... 250,000 5,500,000
*Sports Authority, Inc., The.......................................................... 350,000 7,131,250
*Zale Corp. .......................................................................... 490,000 7,901,250
--------------
68,517,500
--------------
Consumer Staples (0.5%)
DEKALB Genetics Corp. (Class B)....................................................... 150,000 6,768,750
--------------
Energy (3.8%)
Anadarko Petroleum Corp. ............................................................. 475,000 25,709,375
Apache Corp. ......................................................................... 545,000 16,077,500
Burlington Resources, Inc. ........................................................... 100,000 3,925,000
*Cairn Energy USA, Inc. .............................................................. 500,000 7,000,000
--------------
52,711,875
--------------
Energy Services (6.9%)
*BJ Services Co. ..................................................................... 400,000 11,600,000
*Grant Geophysical, Inc. ............................................................. 400,000 1,000,000
Halliburton Co. ...................................................................... 250,000 12,656,250
*Input/Output, Inc. .................................................................. 260,000 15,015,000
*Landmark Graphics Corp. ............................................................. 300,000 6,975,000
*Nabors Industries, Inc. ............................................................. 700,000 7,787,500
*Noble Drilling Corp. ................................................................ 900,000 8,100,000
*Oceaneering International, Inc. ..................................................... 630,000 8,111,250
*Smith International, Inc. ........................................................... 625,000 14,687,500
Sonat Offshore Drilling, Inc. ........................................................ 220,000 9,845,000
--------------
95,777,500
--------------
Entertainment & Media (4.8%)
Citicasters, Inc. (Class A)........................................................... 300,000 7,087,500
*Electronic Arts, Inc. ............................................................... 310,000 8,098,750
*Evergreen Media Corp. (Class A)...................................................... 420,000 13,440,000
*GT Interactive Software Corp. ....................................................... 225,000 3,150,000
*Hollywood Entertainment Corp. ....................................................... 250,000 2,093,750
Nelson (Thomas), Inc. ................................................................ 420,000 5,460,000
*Regal Cinemas, Inc. ................................................................. 380,000 11,305,000
*SFX Broadcasting, Inc. (Class A)..................................................... 250,000 7,562,500
*Softkey International, Inc. ......................................................... 335,000 7,746,875
--------------
65,944,375
--------------
</TABLE>
22
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COLUMBIA SPECIAL FUND, INC., CONTINUED
<TABLE>
<CAPTION>
Shares or
Principal
Amount Value(1)
------------ --------------
Common Stocks (Continued)
<S> <C> <C>
Health (12.0%)
*Apria Healthcare Group, Inc. ........................................................ 630,000 $ 17,797,500
*Boston Scientific Corp. ............................................................. 300,000 14,700,000
*Elan Corp. plc ADR................................................................... 400,000 19,450,000
*Gilead Sciences, Inc. ............................................................... 300,000 9,600,000
HBO & Co. ............................................................................ 155,000 11,876,875
*Health Care & Retirement Corp. (Del.)................................................ 275,000 9,625,000
*Interneuron Pharmaceuticals, Inc. ................................................... 134,400 3,427,200
*Medic Computer Systems, Inc. ........................................................ 180,000 10,890,000
*Mid-Atlantic Medical Services, Inc. ................................................. 300,000 7,275,000
Omnicare, Inc. ....................................................................... 220,000 9,845,000
*OrNda Healthcorp..................................................................... 430,000 9,997,500
*Oxford Health Plans, Inc. ........................................................... 130,000 9,603,750
*Renal Treatment Centers, Inc. ....................................................... 275,000 12,100,000
*ResMed, Inc. ........................................................................ 529,000 6,877,000
Stryker Corp. ........................................................................ 250,000 13,125,000
--------------
166,189,825
--------------
Hotels & Gaming (0.9%)
*Red Lion Hotels, Inc. ............................................................... 120,000 2,100,000
*Station Casinos, Inc. ............................................................... 700,000 10,237,500
--------------
12,337,500
--------------
Insurance (3.1%)
Berkley (W.R.) Corp. ................................................................. 172,200 9,255,750
Foremost Corp. of America............................................................. 254,000 12,890,500
Mutual Risk Management Ltd. .......................................................... 230,000 10,522,500
PMI Group, Inc., The.................................................................. 220,000 9,955,000
--------------
42,623,750
--------------
Machinery & Capital Spending (8.2%)
AGCO Corp. ........................................................................... 300,000 15,300,000
*American Standard Cos., Inc. ........................................................ 300,000 8,400,000
Applied Power, Inc. (Class A)......................................................... 250,000 7,500,000
*Avondale Industries, Inc. ........................................................... 250,000 3,625,000
*Checkpoint Systems, Inc. ............................................................ 450,000 16,818,750
Duriron Co., Inc. .................................................................... 225,000 5,259,375
*Elsag Bailey Process Automation N.V.................................................. 550,000 14,781,250
*Jacobs Engineering Group, Inc. ...................................................... 402,000 10,050,000
Measurex Corp. ....................................................................... 550,000 15,537,500
*Rauma Oy Spon. ADR................................................................... 350,000 6,606,250
Titan Wheel International, Inc. ...................................................... 600,000 9,750,000
--------------
113,628,125
--------------
<CAPTION>
Shares or
Principal
Amount Value(1)
------------ --------------
<S> <C> <C>
Metal Mining & Steel (2.1%)
*Alumax, Inc. ........................................................................ 300,000 $ 9,187,500
Freeport-McMoRan Copper & Gold, Inc. (Class A)........................................ 330,000 9,240,000
Schnitzer Steel Industries, Inc.
(Class A)............................................................................ 345,000 10,522,500
--------------
28,950,000
--------------
Pollution Control (2.3%)
*Air & Water Technologies Corp. (Class A)............................................. 467,500 2,863,437
*Osmonics, Inc. ...................................................................... 460,000 9,372,500
*Tetra Tech, Inc. .................................................................... 295,700 6,727,175
*U.S. Filter Corp. ................................................................... 500,000 13,312,500
--------------
32,275,612
--------------
Real Estate Securities (0.8%)
Equity Residential Properties Trust................................................... 360,000 11,025,000
--------------
Technology (23.2%)
Adobe Systems, Inc. .................................................................. 375,000 23,250,000
*Andrew Corp. ........................................................................ 350,000 13,387,500
*Ascend Communications, Inc. ......................................................... 270,000 21,903,750
*Asyst Technologies, Inc. ............................................................ 130,000 4,582,500
*Bay Networks, Inc. .................................................................. 170,000 6,991,250
*Cabletron Systems, Inc. ............................................................. 110,000 8,910,000
*Cascade Communications Corp. ........................................................ 160,000 13,640,000
*Cisco Systems, Inc. ................................................................. 220,000 16,417,500
*Coherent Communications Systems Corp. ............................................... 445,000 8,566,250
*Comshare, Inc. ...................................................................... 215,000 5,590,000
*Dell Computer Corp. ................................................................. 200,000 6,925,000
*Diamond Multimedia Systems, Inc. .................................................... 100,000 3,587,500
*Digital Link Corp. .................................................................. 305,000 4,308,125
ECI Telecommunications Ltd. .......................................................... 335,000 7,642,188
Ericsson (L.M.) Telephone Co. (Class B) Spon. ADR..................................... 300,000 5,850,000
*Harmonic Lightwaves, Inc. ........................................................... 490,000 5,390,000
*HNC Software, Inc. .................................................................. 175,000 8,356,250
*Integrated Measurement Systems, Inc. ................................................ 200,000 2,950,000
*Komag, Inc. ......................................................................... 180,000 8,302,500
*MEMC Electronic Materials, Inc. ..................................................... 375,000 12,234,375
*National Instruments Corp. .......................................................... 160,000 3,240,000
*Novadigm, Inc. ...................................................................... 385,000 10,924,375
*PLATINUM Technology, Inc. ........................................................... 400,000 7,350,000
*Premisys Communications, Inc. ....................................................... 300,000 16,800,000
*Seagate Technology, Inc. ............................................................ 270,000 12,825,000
*Security Dynamics Technologies, Inc. ................................................ 200,000 10,900,000
*Silicon Valley Group, Inc. .......................................................... 185,000 4,671,250
</TABLE>
23
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COLUMBIA SPECIAL FUND, INC., CONTINUED
<TABLE>
<CAPTION>
Shares or
Principal
Amount Value(1)
------------ --------------
Common Stocks (Continued)
<S> <C> <C>
*Softdesk, Inc. ...................................................................... 290,000 $ 5,727,500
*StrataCom, Inc. ..................................................................... 200,000 14,700,000
*Sun Microsystems, Inc. .............................................................. 360,000 16,425,000
System Software Associates, Inc. ..................................................... 187,500 4,078,125
*Tellabs, Inc. ....................................................................... 250,000 9,250,000
*3Com Corp. .......................................................................... 330,000 15,386,250
--------------
321,062,188
--------------
Transportation (1.3%)
Airborne Freight Corp. ............................................................... 500,000 13,312,500
*Celadon Group, Inc. ................................................................. 560,000 5,040,000
--------------
18,352,500
--------------
Utilities/Communications (1.7%)
Cincinnati Bell, Inc. ................................................................ 210,000 7,297,500
*CommNet Cellular, Inc. .............................................................. 350,000 10,106,250
*Mobile Telecommunication Technologies Corp. ......................................... 300,000 6,412,500
--------------
23,816,250
--------------
Total Common Stocks
(Cost $1,154,264,142)................................................................ 1,355,498,125
--------------
<CAPTION>
Shares or
Principal
Amount Value(1)
------------ --------------
<S> <C> <C>
Repurchase Agreement (1.8%)
Goldman Sachs Corp.
5.447% dated 12/29/1995,
due 01/02/1996 in the
amount of $24,213,292.
Collateralized by U.S. Treasury Bond
8.750% due 11/15/2008
(Cost $24,198,846)................................................................... $ 24,198,846 $ 24,198,846
--------------
Total Investments (99.7%) (Cost $1,178,462,988)........................................... 1,379,696,971
Receivables less liabilities (0.3%)....................................................... 4,718,064
--------------
Net Assets (100.0%)....................................................................... $1,384,415,035
--------------
--------------
</TABLE>
(1) See Note 1 of Notes to Financial Statements.
* Non-Income Producing
The accompanying notes are an integral part
of the financial statements.
24
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COLUMBIA REAL ESTATE EQUITY FUND, INC.
<TABLE>
<CAPTION>
Shares or
Principal
December 31, 1995 Amount Value(1)
------------ ---------------
<S> <C> <C>
Common Stocks (94.1%)
Real Estate
Apartments (33.3%)
Amli Residential Properties Trust.... 30,800 $ 616,000
Associated Estates Realty Corp. ..... 38,000 817,000
Avalon Properties, Inc. ............. 36,000 774,000
Camden Property Trust................ 35,300 842,787
Equity Residential Properties
Trust............................... 20,300 621,687
Evans Withycombe Residential,
Inc. ............................... 36,000 774,000
Oasis Residential, Inc. ............. 34,800 791,700
Prime Residential, Inc. ............. 38,000 703,000
Smith (Charles E.) Residential
Realty, Inc. ....................... 22,500 531,563
Wellsford Residential Property
Trust............................... 31,125 715,875
---------------
7,187,612
---------------
Office (11.0%)
Beacon Properties Corp. ............. 33,900 779,700
Cali Realty Corp. ................... 37,100 811,562
Reckson Associates Realty Corp. ..... 27,000 793,125
---------------
2,384,387
---------------
Industrial (18.7%)
First Industrial Realty Trust,
Inc. ............................... 35,200 792,000
Liberty Property Trust............... 38,400 796,800
Spieker Properties, Inc. ............ 32,100 806,513
Storage Trust Realty................. 37,700 857,675
TriNet Corporate Realty Trust,
Inc. ............................... 28,800 784,800
---------------
4,037,788
---------------
Manufactured Homes (7.5%)
Chateau Properties, Inc. ............ 37,800 850,500
Sun Communities, Inc. ............... 29,000 764,875
---------------
1,615,375
---------------
Community Centers (9.0%)
Excel Realty Trust, Inc. ............ 37,500 768,750
Haagen (Alexander) Properties,
Inc. ............................... 49,000 600,250
JP Realty, Inc. ..................... 25,900 566,563
---------------
1,935,563
---------------
<CAPTION>
Shares or
Principal
Amount Value(1)
------------ ---------------
<S> <C> <C>
Shopping Malls (6.1%)
Macerich Co. ........................ 30,700 $ 614,000
Simon Property Group, Inc. .......... 28,500 694,688
---------------
1,308,688
---------------
Other (8.5%)
*Bristol Hotel Co. .................. 40,000 975,000
Starwood Lodging Trust............... 29,000 862,750
---------------
1,837,750
---------------
Total Common Stocks
(Cost $18,771,237).................. 20,307,163
---------------
Repurchase Agreements (7.0%)
Goldman Sachs Corp.
5.447% dated 12/29/1995,
due 01/02/1996 in the
amount of $1,053,900.
Collateralized by U.S. Treasury Bond
8.750% due 11/15/2008............... $ 1,053,271 1,053,271
J.P. Morgan Securities, Inc.
5.879% dated 12/29/1995,
due 01/02/1996 in the
amount of $450,290.
Collateralized by U.S. Treasury Note
6.750% due 05/31/1999............... 450,000 450,000
---------------
Total Repurchase Agreements
(Cost $1,503,271)................... 1,503,271
---------------
Total Investments (101.1%)
(Cost $20,274,508)...................... 21,810,434
Receivables less liabilities (-1.1%)..... (223,234)
---------------
Net Assets (100.0%)...................... $ 21,587,200
---------------
---------------
</TABLE>
(1) See Note 1 of Notes to Financial Statements.
* Non-income producing
The accompanying notes are an integral part
of the financial statements.
25
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COLUMBIA BALANCED FUND, INC.
<TABLE>
<CAPTION>
Shares or
Principal
December 31, 1995 Amount Value(1)
------------ --------------
<S> <C> <C>
Common Stocks (52.2%)
Banking & Finance (6.4%)
Ahmanson (H.F.) & Co. ............. 77,000 $ 2,040,500
American Express Co. .............. 130,200 5,387,025
Federal Home Loan Mortgage
Corp. ............................ 70,000 5,845,000
Federal National Mortgage Assn. ... 20,200 2,507,325
Fleet Financial Group, Inc. ....... 59,700 2,432,775
Greenpoint Financial Corp. ........ 120,000 3,210,000
Morgan (J.P.) & Co., Inc. ......... 57,700 4,630,425
PNC Bank Corp. .................... 160,000 5,160,000
--------------
31,213,050
--------------
Building & Forestry Products (0.9%)
Champion International Corp. ...... 100,600 4,225,200
--------------
Business Services (1.9%)
*ADT Ltd. ......................... 211,400 3,171,000
Service Corp. International........ 133,600 5,878,400
--------------
9,049,400
--------------
Chemical (1.9%)
Grace (W.R.) & Co. ................ 63,900 3,778,087
Hercules, Inc. .................... 93,100 5,248,513
--------------
9,026,600
--------------
Consumer Durable (1.3%)
Ford Motor Co. .................... 143,000 4,147,000
Harley-Davidson, Inc. ............. 82,000 2,357,500
--------------
6,504,500
--------------
Consumer Non-Durable (4.8%)
*Circus Circus Enterprises,
Inc. ............................. 89,600 2,497,600
*Federated Department Stores,
Inc. ............................. 131,900 3,627,250
Mattel, Inc. ...................... 157,800 4,852,350
Nike, Inc. (Class B)............... 61,800 4,302,825
*Payless Cashways, Inc. ........... 239,700 1,018,725
Rykoff-Sexton, Inc. ............... 81,000 1,417,500
Sears, Roebuck & Co. .............. 109,900 4,286,100
Wendy's International, Inc. ....... 65,000 1,381,250
--------------
23,383,600
--------------
Consumer Staples (4.8%)
Gillette Co. ...................... 85,400 4,451,475
Philip Morris Cos., Inc. .......... 51,400 4,651,700
Pioneer Hi-Bred International,
Inc. ............................. 43,700 2,430,812
Procter & Gamble Co. .............. 53,300 4,423,900
Sunbeam Corp. ..................... 165,300 2,520,825
Sysco Corp. ....................... 146,000 4,745,000
--------------
23,223,712
--------------
<CAPTION>
Shares or
Principal
Amount Value(1)
------------ --------------
<S> <C> <C>
Energy (4.2%)
Chevron Corp. ..................... 50,600 $ 2,656,500
Exxon Corp. ....................... 14,850 1,189,856
Louisiana Land & Exploration
Co. .............................. 64,000 2,744,000
Mobil Corp. ....................... 36,800 4,121,600
Noble Affiliates, Inc. ............ 28,800 860,400
Royal Dutch Petroleum Co. ADR...... 43,450 6,131,881
Unocal Corp. ...................... 100,000 2,912,500
--------------
20,616,737
--------------
Energy Services (0.5%)
Baker Hughes, Inc. ................ 105,000 2,559,375
--------------
Entertainment & Media (3.3%)
Capital Cities/ABC, Inc. .......... 36,000 4,441,500
Reader's Digest Association, Inc.
(Class A non vtg.)................ 50,400 2,583,000
Time Warner, Inc. ................. 128,800 4,878,300
*Viacom, Inc. (Class B)............ 86,600 4,102,675
--------------
16,005,475
--------------
Health (6.1%)
*Amgen, Inc. ...................... 101,800 6,044,375
Bausch & Lomb, Inc. ............... 128,700 5,099,738
Becton, Dickinson & Co. ........... 34,700 2,602,500
*Humana, Inc. ..................... 86,000 2,354,250
Johnson & Johnson.................. 45,800 3,921,625
U.S. HealthCare, Inc. ............. 53,600 2,492,400
United Healthcare Corp. ........... 61,700 4,041,350
Warner-Lambert Co. ................ 33,200 3,224,550
--------------
29,780,788
--------------
Insurance (2.6%)
Aetna Life & Casualty Co. ......... 20,000 1,385,000
American International Group,
Inc. ............................. 44,800 4,144,000
Berkley (W.R.) Corp. .............. 50,000 2,687,500
TIG Holdings, Inc. ................ 150,000 4,275,000
--------------
12,491,500
--------------
Machinery & Capital Spending (2.6%)
Case Corp. ........................ 58,000 2,653,500
Emerson Electric Co. .............. 59,100 4,831,425
General Electric Co. .............. 68,300 4,917,600
--------------
12,402,525
--------------
Metal Mining & Steel (0.5%)
Worthington Industries, Inc. ...... 123,000 2,559,938
--------------
Real Estate Securities (2.9%)
American Health Properties,
Inc. ............................. 73,600 1,582,400
</TABLE>
26
<PAGE>
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COLUMBIA BALANCED FUND, INC., CONTINUED
<TABLE>
<CAPTION>
Shares or
Principal
Amount Value(1)
------------ --------------
Common Stocks (Continued)
<S> <C> <C>
Associated Estates Realty Corp. ... 76,200 $ 1,638,300
Beacon Properties Corp. ........... 45,000 1,035,000
Equity Residential Properties
Trust............................. 48,500 1,485,312
JP Realty, Inc. ................... 97,500 2,132,812
Manufactured Home Communities,
Inc. ............................. 78,000 1,365,000
National Health Investors, Inc. ... 72,000 2,385,000
Simon Property Group, Inc. ........ 52,500 1,279,688
Sun Communities, Inc. ............. 54,700 1,442,713
--------------
14,346,225
--------------
Technology (5.0%)
Adobe Systems, Inc. ............... 58,000 3,596,000
Boeing Co. ........................ 35,000 2,743,125
*Cisco Systems, Inc. .............. 39,200 2,925,300
*Computer Sciences Corp. .......... 63,200 4,439,800
Ericsson (L.M.) Telephone Co.
(Class B) Spon. ADR............... 173,000 3,373,500
General Motors Corp. (Class E)..... 82,400 4,284,800
Hewlett-Packard Co. ............... 13,000 1,088,750
*Sun Microsystems, Inc. ........... 46,000 2,098,750
--------------
24,550,025
--------------
Transportation (0.8%)
Norfolk Southern Corp. ............ 33,400 2,651,125
Southwest Airlines Co. ............ 51,700 1,202,025
--------------
3,853,150
--------------
Utilities/Communications (1.3%)
AT&T Corp. ........................ 45,000 2,913,750
Vodafone Group plc ADR............. 92,000 3,243,000
--------------
6,156,750
--------------
Utilities/Electric/Gas (0.4%)
NIPSCO Industries, Inc. ........... 51,400 1,966,050
--------------
Total Common Stocks
(Cost $210,794,217)................. 253,914,600
--------------
Convertible Preferred Stock (0.4%)
Technology (0.4%)
American Express Co.
(Cost $1,470,000)................. 40,000 2,220,000
--------------
<CAPTION>
Shares or
Principal
Amount Value(1)
------------ --------------
<S> <C> <C>
U.S. Government, Federal Agency Obligations (25.1%)
U.S. Treasury Bonds & Notes (10.3%)
U.S. Treasury Bonds
12.000% 08/15/2013............... $ 4,350,000 $ 6,714,399
8.125% 08/15/2019................ 12,230,000 15,397,326
U.S. Treasury Notes
6.125% 07/31/1996................ 6,195,000 6,229,444
6.875% 08/31/1999................ 14,780,000 15,540,579
7.250% 05/15/2004................ 5,740,000 6,378,058
--------------
50,259,806
--------------
Government National Mortgage Association (GNMA) (3.9%)
7.500% 11/20/2025 - 12/20/2025
(GNMA II)......................... 2,663,245 2,723,168
8.000% 07/15/2025 - 09/15/2025..... 2,161,304 2,252,511
8.000% 08/20/2025 - 11/20/2025
(GNMA II)......................... 9,176,322 9,505,753
8.750% 08/15/2024.................. 1,530,079 1,621,883
9.000% 01/15/2030.................. 1,028,832 1,095,387
9.375% 11/15/2029 - 02/15/2035..... 1,691,391 1,818,634
--------------
19,017,336
--------------
Federal Housing Administration (FHA) (1.3%)
FHA Insured Project Pool #12
7.430% 12/01/2021................ 922,420 965,645
FHA Insured Project Pool #23-11059
7.700% 08/01/2028................ 1,631,427 1,670,581
FHA Insured Project Pool #42
7.430% 09/01/2022................ 1,240,489 1,305,949
FHA Insured Project Pool #53
7.430% 02/01/2022................ 1,067,856 1,122,766
FHA Insured Project Pool #53-43077
9.125% 07/25/2033................ 1,106,058 1,170,431
--------------
6,235,372
--------------
Federal National Mortgage Association (FNMA) (0.2%)
8.173% 05/01/2025 (ARM).......... 800,937 826,968
--------------
Federal Home Loan Mortgage Corp. (FHLMC) (0.3%)
8.500% 10/01/2024 - 03/01/2025... 1,473,964 1,539,371
--------------
Agency Collateralized Mortgage Obligations (9.1%)
Bear Stearns Secured Inv., Inc.
Series 88-6 Cl. B
0.000% 03/20/1996................ 272,081 268,765
Collateralized Mortgage Obligation
Trust 22 Cl. Y
7.950% 05/01/2017................ 1,857,800 1,936,200
FHLMC Multiclass Mtg. Partn.
</TABLE>
27
<PAGE>
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-----------------------------------------------------------------
COLUMBIA BALANCED FUND, INC., CONTINUED
<TABLE>
<CAPTION>
Shares or
Principal
Amount Value(1)
------------ --------------
U.S. Government, Federal Agency Obligations (Continued)
<S> <C> <C>
Ctfs. Gtd. Series 1203 Cl. F
6.750% 07/15/2003................ $ 720,052 $ 722,521
FHLMC Multiclass Mtg. Partn.
Ctfs. Gtd. Series 1339 Cl. C
8.000% 08/15/2006................ 750,000 823,125
FHLMC Multiclass Mtg. Partn.
Ctfs. Gtd. Series 1552 Cl. GA
6.000% 12/15/2021................ 2,000,000 1,965,000
FHLMC Multiclass Mtg. Partn.
Ctfs. Gtd. Series 1694 Cl. MA
6.100% 05/15/2023................ 2,430,954 2,394,101
FHLMC Multiclass Mtg. Partn.
Ctfs. Gtd. Series 1730 Cl. A
7.000% 07/15/2017................ 1,950,024 1,979,274
FHLMC Multiclass Mtg. Partn.
Ctfs. Gtd. Series 1761 Cl. G
8.000% 06/15/2021................ 340,000 360,291
FHLMC Multiclass Mtg. Partn.
Ctfs. Gtd. Series 1761 Cl. H
8.250% 09/15/2023................ 6,025,000 6,550,259
FHLMC Multiclass Mtg. Partn.
Ctfs. Gtd. Series 1763 Cl. H
8.250% 07/15/2023................ 130,000 141,171
FHLMC Multiclass Mtg. Partn.
Ctfs. Gtd. Series 1782 Cl. A
6.300% 05/15/2008................ 2,340,000 2,286,414
FHLMC Multiclass Mtg. Partn.
Ctfs. Gtd. Series 1782 Cl. C
6.500% 03/15/2009................ 1,894,308 1,872,144
FHLMC Multiclass Mtg. Partn.
Ctfs. Gtd. Series 1793 Cl. A
6.500% 08/15/2008................ 680,000 671,500
FNMA Gtd. REMIC Pass Thru Ctf.
REMIC Tr. 1991-G35 Cl. M
8.750% 10/25/2021................ 1,920,000 2,094,893
FNMA Gtd. REMIC Pass Thru Ctf.
REMIC Tr. 1993-205 Cl. D
0.000% 04/25/2004................ 1,990,000 1,332,106
FNMA Gtd. REMIC Pass Thru Ctf.
REMIC Tr. 1993-235 Cl. C
0.000% 10/25/1997................ 1,050,000 966,326
FNMA Gtd. REMIC Pass Thru Ctf.
REMIC Tr. 1993-225 Cl. WE
6.500% 12/25/2013................ 500,000 480,650
FNMA Gtd. REMIC Pass Thru Ctf.
REMIC Tr. 1994-91 Cl. C
6.500% 12/25/2012................ 1,450,000 1,423,755
<CAPTION>
Shares or
Principal
Amount Value(1)
------------ --------------
<S> <C> <C>
FNMA Gtd. REMIC Pass Thru Ctf.
REMIC Tr. 1995-23D Cl. G
6.500% 06/25/2008................ $ 490,000 $ 479,073
FNMA Gtd. REMIC Pass Thru Ctf.
REMIC Tr. 1989-39 Cl. D
0.000% 05/25/2009................ 1,260,000 941,094
GNMA Gtd. REMIC Pass Thru
Secs. REMIC Tr. 1994-1 Cl. PE
7.500% 07/16/2022................ 3,515,000 3,744,565
GNMA Gtd. REMIC Pass Thru
Secs. REMIC Tr. 1994-3 Cl. PG
7.250% 08/16/2019................ 1,370,000 1,443,199
GNMA Gtd. REMIC Pass Thru
Secs. REMIC Tr. 1994-5 Cl. PC
7.493% 10/16/2018................ 420,000 447,825
GNMA Gtd. REMIC Pass Thru
Secs. REMIC Tr. 1994-7 Cl. PG
6.500% 08/16/2017................ 1,550,000 1,572,754
Goldman Sachs Trust 7
Series C Cl. 2
9.100% 04/27/2017................ 11,970 11,944
Merrill Lynch Trust 25 Cl. B
8.750% 03/20/2019................ 41,895 41,816
Puerto Rico Housing Finance
Corp. Series A Cl. 4
9.000% 07/20/2017................ 745,598 745,598
U.S. VA Vendee Mtg. Gtd. REMIC
Pass Thru Ctf. 1993-2 Cl. D
6.750% 02/15/2013................ 480,000 488,549
U.S. VA Vendee Mtg. Gtd. REMIC
Pass Thru Ctf. 1993-3 Cl. 2E
6.000% 11/15/2016................ 550,000 533,335
U.S. VA Vendee Mtg. Gtd. REMIC
Pass Thru Ctf. 1994-3 Cl. 1D
6.500% 06/15/2012................ 1,178,000 1,189,073
U.S. VA Vendee Mtg. Gtd. REMIC
Pass Thru Ctf. 1995-1D Cl. 4
8.855% 02/15/2025................ 2,257,597 2,490,806
U.S. VA Vendee Mtg. Gtd. REMIC
Pass Thru Ctf. 1995-3 Cl. 1F
7.250% 12/15/2021................ 1,640,000 1,692,316
--------------
44,090,442
--------------
Total U.S. Government,
Federal Agency Obligations
(Cost $116,944,995)............... 121,969,295
--------------
</TABLE>
28
<PAGE>
SCHEDULE OF INVESTMENTS
-----------------------------------------------------------------
COLUMBIA BALANCED FUND, INC., CONTINUED
<TABLE>
<CAPTION>
Shares or
Principal
Amount Value(1)
------------ --------------
Other Securitized Loans (4.7%)
<S> <C> <C>
Collateralized Mortgage Obligations (2.2%)
CMC Securities Corp. I
Series 1992-B Cl. B2
7.375% 11/25/2023................ $ 2,728,253 $ 2,774,716
Residential Funding Mtg. Sec., Inc.
Series 1995-S14 Cl. A-2
7.500% 09/25/2025................ 2,300,000 2,349,680
Ryland Mortgage Sec. Corp.
Three Series 1992-D Cl. 2-A-4
8.200% 09/25/2022................ 2,745,000 2,871,956
Securitized Asset Sales, Inc.
Mtg. Pass Thru Ctf. Series
1993-3 Cl. A2
7.301% 11/25/2023................ 745,641 761,001
Securitized Asset Sales, Inc.
Mtg. Pass Thru Ctf. Series
1995-B Cl. A3
7.410% 09/25/2024................ 500,000 509,550
Securitized Asset Sales, Inc.
Mtg. Pass Thru Ctf. Series
1995-B Cl. A8
7.410% 09/25/2024................ 456,693 464,822
Structured Mtg. Asset Res. Tr.
Series 1992-6A Multiclass Ctf.
Cl. AF
8.150% 07/25/2008................ 1,000,000 1,025,000
Structured Mtg. Asset Res. Tr.
Series 1993-2A Multiclass Ctf.
Cl. AB
6.300% 07/25/2004................ 7,705 7,679
--------------
10,764,404
--------------
Asset Backed Securities (2.5%)
Advanta Mortgage Loan Trust
Series 1995-3 Cl. A-6
7.150% 09/25/2026................ 997,346 1,009,812
First Alliance Mortgage Trust
Series 1994-2 Cl. A-1
7.625% 07/25/2025................ 2,240,630 2,333,393
GE Capital Mtg. Services, Inc.
Series 1995-HE1 Cl. A6
7.500% 09/25/2010................ 3,825,846 3,921,492
Prudential Secs. Financial
Asset Funding Corp. Pass Thru
Ctf. 1994-2 Cl. A
6.350% 11/15/2014................ 4,955,458 4,959,323
--------------
12,224,020
--------------
<CAPTION>
Shares or
Principal
Amount Value(1)
------------ --------------
<S> <C> <C>
Total Other Securitized Loans
(Cost $22,259,017)................ 22,988,424
--------------
Corporate Bonds (12.0%)
Industrial (6.7%)
American President Co. Ltd.
8.000% 01/15/2024................ $ 2,025,000 $ 2,094,842
Columbia/HCA Healthcare Corp.
7.190% 11/15/2015................ 2,350,000 2,431,145
Continental Cablevision, Inc.
9.000% 09/01/2008................ 300,000 315,000
Emerson Electric Co. Euro
7.875% 06/05/1998................ 380,000 398,859
Ethan Allen, Inc.
8.750% 03/15/2001................ 500,000 515,000
Federated Department Stores, Inc.
10.000% 02/15/2001............... 1,000,000 1,080,000
Freeport-McMoRan Resource Partners
L.P.
8.750% 02/15/2004................ 400,000 408,000
Lenfest Communications, Inc.
8.375% 11/01/2005................ 1,400,000 1,405,250
Louis Dreyfus Natural Gas Corp.
9.250% 06/15/2004................ 300,000 323,673
Louisiana Land & Exploration Co.
7.650% 12/01/2023................ 1,930,000 2,017,448
Magma Copper Co.
8.700% 05/15/2005................ 400,000 456,000
Nabisco, Inc.
6.700% 06/15/2002................ 2,000,000 2,033,780
News America Holdings, Inc.
7.600% 10/11/2015................ 3,900,000 3,988,725
Riverwood International Corp.
10.750% 06/15/2000............... 200,000 215,000
Royal Caribbean Cruises Ltd.
11.375% 05/15/2002............... 1,300,000 1,417,000
Rykoff Sexton, Inc.
8.875% 11/01/2003................ 425,000 420,750
Seagull Energy Corp.
8.625% 08/01/2005................ 250,000 242,500
Sears Roebuck Acceptance Corp.
Medium Term Note
5.820% 12/07/1998................ 2,450,000 2,455,758
Southern Pacific Rail Corp.
9.375% 08/15/2005................ 350,000 379,750
Stop & Shop Cos., Inc.
9.750% 02/01/2002................ 215,000 237,038
Tele-Communications, Inc.
8.250% 01/15/2003................ 3,500,000 3,783,990
</TABLE>
29
<PAGE>
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-----------------------------------------------------------------
COLUMBIA BALANCED FUND, INC., CONTINUED
<TABLE>
<CAPTION>
Shares or
Principal
Amount Value(1)
------------ --------------
Corporate Bonds (Continued)
<S> <C> <C>
Temple Inland, Inc.
Medium Term Note
9.000% 04/20/1998................ $ 200,000 $ 214,648
Time Warner Entertainment Co. L.P.
9.625% 05/01/2002................ 1,900,000 2,200,903
8.875% 10/01/2012................ 1,240,000 1,395,980
Union Oil Co. of California
6.375% 02/01/2004................ 2,275,000 2,289,173
--------------
32,720,212
--------------
Financial (4.1%)
Associates Corp. N.A.
7.250% 05/15/1998................ 450,000 466,425
CIT Group Holdings, Inc.
Medium Term Note
7.000% 09/30/1997................ 1,040,000 1,065,605
CP Limited Partnership
8.750% 03/02/2000................ 1,450,000 1,539,363
Commercial Credit Group, Inc.
6.625% 06/01/2015................ 1,250,000 1,291,275
ERP Operating Limited Partnership
(144A)
8.500% 05/15/1999................ 800,000 847,944
Equitable Cos., Inc.
9.000% 12/15/2004................ 1,900,000 2,233,241
First Security Corp. (Del.)
7.875% 10/15/1999................ 800,000 850,576
Fleet Mortgage Group, Inc.
6.500% 09/15/1999................ 550,000 561,836
Ford Motor Credit Co.
6.250% 11/08/2000................ 440,000 446,195
General Electric Capital Corp.
Medium Term Note
7.640% 01/23/1997................ 1,500,000 1,535,055
Goldman Sachs Group L.P. (144A)
7.800% 07/15/2002................ 1,250,000 1,335,700
Household Finance Corp.
6.750% 06/01/2000................ 1,500,000 1,551,840
International Lease Finance Corp.
4.750% 07/15/1996................ 1,200,000 1,193,784
Morgan Stanley Group, Inc.
Medium Term Note
7.790% 02/03/1997................ 1,905,000 1,950,339
Spieker Properties
6.800% 12/15/2001................ 1,460,000 1,463,665
Wachovia Bank Medium Term Note
6.000% 03/15/1999................ 1,425,000 1,441,701
--------------
19,774,544
--------------
<CAPTION>
Shares or
Principal
Amount Value(1)
------------ --------------
<S> <C> <C>
Utility (0.4%)
GTE Corp.
8.850% 03/01/1998................ $ 750,000 $ 799,612
GTE North, Inc.
5.500% 02/15/1999................ 1,000,000 993,550
--------------
1,793,162
--------------
Yankee (0.8%)
Hydro-Quebec
8.000% 02/01/2013................ 1,520,000 1,688,082
Manitoba Province
7.750% 02/01/2002................ 700,000 765,436
Province Ontario
7.375% 01/27/2003................ 1,300,000 1,408,264
Rogers Cantel Mobile, Inc.
10.750% 11/01/2001............... 150,000 157,875
--------------
4,019,657
--------------
Total Corporate Bonds
(Cost $56,049,815)................ 58,307,575
--------------
Total investments, excluding
temporary cash investment
(Cost $407,518,044)............... 459,399,894
--------------
Repurchase Agreement (5.2%)
Goldman Sachs Corp.
5.447% dated 12/29/1995,
due 01/02/1996 in the
amount of $25,207,291.
Collateralized by U.S. Treasury
Bond
8.750% due 11/15/2008
(Cost $25,192,252)................ 25,192,252 25,192,252
--------------
Total Investments (99.6%)
(Cost $432,710,296)................... 484,592,146
Receivables less liabilities (0.4%).... 2,175,347
--------------
Net Assets (100.0%).................... $ 486,767,493
--------------
--------------
</TABLE>
(1) See Note 1 of Notes to Financial Statements.
* Non-Income Producing
The accompanying notes are an integral part
of the financial statements.
30
<PAGE>
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-----------------------------------------------------------------
COLUMBIA DAILY INCOME COMPANY
<TABLE>
<CAPTION>
Principal
December 31, 1995 Amount Value(1)
------------ --------------
<S> <C> <C>
Commercial Paper (93.9%)
Abbott Laboratories, Inc.
5.700% 01/10/1996................ $ 6,820,000 $ 6,809,202
Alabama Power Co.
5.630% 02/08/1996................ 5,000,000 4,969,504
American Express Credit Corp.
5.670% 01/19/1996................ 10,000,000 9,970,075
5.680% 02/07/1996................ 5,000,000 4,970,023
5.670% 02/12/1996................ 5,000,000 4,966,137
5.640% 02/16/1996................ 5,000,000 4,963,183
American General Finance Corp.
5.640% 02/06/1996................ 5,000,000 4,971,017
5.570% 03/05/1996................ 7,000,000 6,929,602
5.590% 03/26/1996................ 12,000,000 11,839,754
Ameritech Capital Funding Corp.
5.700% 01/16/1996................ 10,000,000 9,974,667
Amgen, Inc.
5.710% 02/09/1996................ 6,000,000 5,961,934
Anheuser-Busch Cos., Inc.
5.630% 01/18/1996................ 5,000,000 4,985,925
Archer-Daniels-Midland Co.
6.100% 01/03/1996................ 10,000,000 9,994,917
Associates Corp. of North America
5.850% 01/02/1996................ 22,000,000 21,992,850
Avco Financial Services, Inc.
5.710% 01/18/1996................ 5,000,000 4,985,725
5.710% 02/07/1996................ 5,000,000 4,969,864
5.690% 02/27/1996................ 7,000,000 6,935,830
Barclays U.S. Funding Corp.
5.690% 01/11/1996................ 15,000,000 14,973,921
5.670% 01/19/1996................ 8,000,000 7,976,060
BellSouth Capital Funding Corp.
5.630% 02/06/1996................ 8,000,000 7,953,709
Beneficial Corp.
5.640% 02/13/1996................ 8,000,000 7,944,853
5.540% 03/06/1996................ 10,000,000 9,898,434
Brown-Forman Corp.
5.720% 01/16/1996................ 5,000,000 4,987,289
5.570% 03/11/1996................ 5,000,000 4,945,074
5.580% 03/12/1996................ 6,013,000 5,945,895
CIT Group Holdings, Inc.
5.700% 01/29/1996................ 5,000,000 4,977,042
5.640% 02/16/1996................ 5,000,000 4,963,183
5.600% 03/07/1996................ 10,000,000 9,895,778
5.550% 03/22/1996................ 5,000,000 4,936,792
Cargill, Inc.
5.670% 01/17/1996................ 5,000,000 4,986,612
5.550% 03/05/1996................ 6,500,000 6,434,865
<CAPTION>
Principal
Amount Value(1)
------------ --------------
<S> <C> <C>
Chevron Transport Co.
5.730% 02/01/1996................ $ 10,000,000 $ 9,949,067
5.680% 02/05/1996................ 8,000,000 7,954,560
5.480% 03/19/1996................ 7,000,000 6,915,822
Clorox Co.
5.580% 03/13/1996................ 2,500,000 2,471,712
5.590% 03/14/1996................ 6,000,000 5,931,057
5.590% 03/18/1996................ 12,000,000 11,854,660
Coca-Cola Co.
5.520% 03/15/1996................ 10,000,000 9,885,000
Colgate-Palmolive Co.
5.700% 01/08/1996................ 8,000,000 7,989,867
Deere (John) Capital Corp.
5.690% 01/22/1996................ 5,000,000 4,982,614
5.630% 02/23/1996................ 12,000,000 11,898,660
Dow Jones & Co., Inc.
5.470% 03/11/1996................ 5,000,000 4,946,060
Ford Motor Credit Co.
5.690% 01/23/1996................ 5,000,000 4,981,824
5.680% 01/29/1996................ 5,000,000 4,977,122
5.670% 02/01/1996................ 5,000,000 4,974,800
5.550% 03/04/1996................ 5,000,000 4,950,667
General Electric Capital Corp.
5.700% 01/09/1996................ 10,000,000 9,985,750
General Electric Capital Services,
Inc.
5.540% 03/08/1996................ 8,000,000 7,916,284
5.550% 03/29/1996................ 10,000,000 9,862,792
Gillette Co., The
5.680% 02/02/1996................ 15,000,000 14,921,900
Glaxo Wellcome plc
5.700% 01/23/1996................ 5,000,000 4,981,792
5.640% 02/21/1996................ 10,000,000 9,918,534
5.650% 02/28/1996................ 5,500,000 5,449,072
5.570% 03/11/1996................ 4,500,000 4,450,566
Goldman Sachs Group L.P.
6.050% 01/05/1996................ 5,000,000 4,995,799
5.680% 01/26/1996................ 15,000,000 14,938,467
5.640% 02/22/1996................ 5,000,000 4,958,483
5.650% 03/06/1996................ 5,000,000 4,948,208
Hewlett-Packard Co.
5.650% 01/18/1996................ 10,000,000 9,971,750
5.610% 02/20/1996................ 10,000,000 9,920,525
Household Finance Corp.
5.680% 02/05/1996................ 10,000,000 9,943,200
5.680% 02/15/1996................ 10,000,000 9,927,423
Indianapolis Power & Light Co.
5.670% 02/08/1996................ 5,000,000 4,969,287
Knight-Ridder, Inc.
5.700% 01/12/1996................ 5,000,000 4,990,500
</TABLE>
31
<PAGE>
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-----------------------------------------------------------------
COLUMBIA DAILY INCOME COMPANY, CONTINUED
<TABLE>
<CAPTION>
Principal
Amount Value(1)
------------ --------------
Commercial Paper (Continued)
<S> <C> <C>
Lilly (Eli) & Co.
5.670% 01/17/1996................ $ 10,000,000 $ 9,973,225
5.620% 02/15/1996................ 5,000,000 4,964,095
MetLife Funding, Inc.
5.640% 01/25/1996................ 5,000,000 4,980,417
5.650% 02/21/1996................ 5,000,000 4,959,195
5.540% 03/04/1996................ 10,000,000 9,901,512
Monsanto Co.
5.680% 01/24/1996................ 10,000,000 9,962,134
5.650% 02/13/1996................ 8,000,000 7,944,756
Morgan (J.P.) & Co., Inc.
5.580% 03/15/1996................ 8,000,000 7,907,000
Morgan Stanley Group, Inc.
6.000% 01/04/1996................ 6,000,000 5,996,000
5.750% 01/05/1996................ 10,000,000 9,992,014
5.720% 01/22/1996................ 8,000,000 7,972,036
National Rural Utilities
Cooperative
Finance Corp.
5.740% 01/12/1996................ 5,000,000 4,990,433
5.680% 01/25/1996................ 10,000,000 9,960,556
5.650% 02/27/1996................ 8,000,000 7,927,178
Norfolk Southern Corp.
5.650% 02/09/1996................ 5,000,000 4,968,611
5.630% 02/12/1996................ 5,000,000 4,966,377
Norwest Corp.
5.670% 02/08/1996................ 10,000,000 9,938,575
PHH Corp.
5.670% 01/18/1996................ 5,000,000 4,985,825
5.700% 01/30/1996................ 5,000,000 4,976,250
Pacific Bell
5.800% 01/04/1996................ 5,000,000 4,996,778
5.650% 01/10/1996................ 10,000,000 9,984,306
Pacific Telesis Group
5.650% 01/11/1996................ 10,000,000 9,982,736
PacifiCorp
5.720% 01/24/1996................ 5,000,000 4,980,933
5.700% 01/31/1996................ 4,000,000 3,980,367
PepsiCo, Inc.
5.650% 02/16/1996................ 5,000,000 4,963,118
Pitney Bowes Credit Corp.
5.650% 01/31/1996................ 5,000,000 4,975,674
5.640% 02/07/1996................ 8,000,000 7,952,373
Procter & Gamble Co.
5.580% 02/28/1996................ 7,000,000 6,935,985
5.570% 03/01/1996................ 10,000,000 9,905,620
St. Paul Cos., Inc.
5.700% 01/12/1996................ 10,000,000 9,981,000
<CAPTION>
Principal
Amount Value(1)
------------ --------------
<S> <C> <C>
Smithkline Beecham Corp.
5.660% 01/30/1996................ $ 10,000,000 $ 9,952,833
Southern California Gas Co.
5.620% 02/22/1996................ 9,400,000 9,322,226
Southern New England Telephone Co.
5.700% 01/23/1996................ 3,907,000 3,892,772
Texaco, Inc.
5.950% 01/04/1996................ 10,000,000 9,993,389
USAA Capital Corp.
5.630% 02/14/1996................ 10,000,000 9,929,625
5.560% 03/01/1996................ 5,000,000 4,952,895
Weyerhaeuser Real Estate Co.
5.750% 01/31/1996................ 5,000,000 4,975,243
--------------
Total Commercial Paper
(Cost $751,647,602)............... 751,647,602
--------------
U.S. Government Agency Discount Notes (4.3%)
Federal Home Loan Mortgage Corp.
5.510% 02/26/1996................ 10,000,000 9,912,759
Federal National Mortgage
Association
5.560% 02/09/1996................ 10,000,000 9,938,223
5.530% 02/29/1996................ 15,000,000 14,861,750
--------------
Total U.S. Government Agency
Discount Notes
(Cost $34,712,732)................ 34,712,732
--------------
Repurchase Agreement (2.6%)
Goldman Sachs Corp.
5.447% dated 12/29/1995,
due 01/02/1996 in the
amount of $20,549,987.
Collateralized by U.S. Treasury
Bond
8.750% due 11/15/2008
(Cost $20,537,727)............... 20,537,727 20,537,727
--------------
Total Investments (100.8%)
(Cost $806,898,061, including
$5,508,563 accrued interest
receivable)......................... 806,898,061
Cash and receivables less liabilities
(-0.8%)............................... (6,242,539)
--------------
Net Assets (100.0%).................... $ 800,655,522
--------------
--------------
</TABLE>
(1) See Note 1 of Notes to Financial Statements.
The accompanying notes are an integral part
of the financial statements.
32
<PAGE>
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-----------------------------------------------------------------
COLUMBIA U.S. GOVERNMENT SECURITIES FUND, INC.
<TABLE>
<CAPTION>
Principal
December 31, 1995 Amount Value(1)
------------ --------------
<S> <C> <C>
U.S. Treasury Notes (97.3%)
5.625% 01/31/1998................... $ 15,775,000 $ 15,908,141
4.750% 08/31/1998................... 19,300,000 19,073,804
4.750% 10/31/1998................... 5,800,000 5,727,500
--------------
Total U.S. Treasury Notes
(Cost $40,097,690)................. 40,709,445
Repurchase Agreement (1.2%)
Goldman Sachs Corp.
5.447% dated 12/29/1995,
due 01/02/1996 in the
amount of $515,121.
Collateralized by U.S. Treasury
Bond
8.750% due 11/15/2008
(Cost $514,814).................... 514,814 514,814
--------------
Total Investments (98.5%)
(Cost $40,612,504)..................... 41,224,259
Receivables less liabilities (1.5%)..... 618,125
--------------
Net Assets (100.0%)..................... $ 41,842,384
--------------
--------------
</TABLE>
(1) See Note 1 of Notes to Financial Statements.
The accompanying notes are an integral part
of the financial statements.
33
<PAGE>
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-----------------------------------------------------------------
COLUMBIA FIXED INCOME SECURITIES FUND, INC.
<TABLE>
<CAPTION>
Principal
December 31, 1995 Amount Value(1)
------------ ---------------
<S> <C> <C>
U.S. Government, Federal Agency Obligations (59.7%)
U.S. Treasury Bonds & Notes (22.8%)
U.S. Treasury Bonds
12.000% 08/15/2013............... $ 5,620,000 $ 8,674,695
8.875% 08/15/2017............... 510,000 683,221
8.125% 08/15/2019............... 27,605,000 34,754,143
U.S. Treasury Notes
6.125% 07/31/1996............... 4,990,000 5,017,744
7.000% 04/15/1999............... 10,870,000 11,427,414
7.250% 05/15/2004............... 10,350,000 11,500,506
---------------
72,057,723
---------------
Other Government Agency Obligation (1.8%)
Farm Credit Systems Financial
Assistance Corp. Series A
9.375% 07/21/2003................ 4,660,000 5,665,535
---------------
Government National Mortgage Association (GNMA) (4.4%)
7.500% 11/20/2025 (GNMA II)........ 2,199,136 2,248,617
8.000% 10/15/2024 - 06/15/2025..... 4,617,652 4,812,517
8.000% 07/20/2025 - 10/20/2025
(GNMA II)......................... 6,649,559 6,888,278
---------------
13,949,412
---------------
Government National Mortgage Association
Graduated Payment Mortgage (GNMA GPM) (0.2%)
9.000% 05/15/2009.................. 682,098 718,334
---------------
Federal Housing Administration (FHA) (5.2%)
FHA Insured Project Pool #40
7.430% 08/01/2021................ 2,745,437 2,876,257
FHA Insured Project Pool #42
7.430% 09/01/2022................ 5,737,259 6,040,014
FHA Insured Project Pool #44
7.430% 08/01/2022................ 1,310,665 1,379,828
FHA Insured Project Pool #2022
7.430% 12/01/2020................ 1,473,379 1,518,081
FHA Insured Project Pool #1984-D
9.680% 02/01/2024................ 1,430,728 1,500,476
FHA Insured Project Pool #051-11078
8.350% 04/01/2030................ 2,240,000 2,324,314
FHA Insured Project Pool #092-35499
8.450% 11/15/2031................ 796,918 833,027
---------------
16,471,997
---------------
Federal National Mortgage Association (FNMA) (2.3%)
8.173% 05/01/2025 (ARM)............ 6,927,024 7,152,153
---------------
<CAPTION>
Principal
Amount Value(1)
------------ ---------------
<S> <C> <C>
Agency Collateralized Mortgage Obligations (23.0%)
American Southwest Financial Corp.
Series 64 Cl. E
8.500% 06/17/2019................ $ 1,146,370 $ 1,164,277
FHLMC Multiclass Mtg. Partn. Ctfs.
Gtd. Series 1118 Cl. H
8.250% 07/15/2001................ 696,744 700,228
FHLMC Multiclass Mtg. Partn. Ctfs.
Gtd. Series 1547 Cl. C
5.750% 04/15/2023................ 398,962 377,458
FHLMC Multiclass Mtg. Partn. Ctfs.
Gtd. Series 1641 Cl. WE
6.500% 12/15/2013................ 1,214,600 1,158,607
FHLMC Multiclass Mtg. Partn. Ctfs.
Gtd. Series 1694 Cl. MA
6.100% 05/15/2023................ 5,968,104 5,877,627
FHLMC Multiclass Mtg. Partn. Ctfs.
Gtd. Series 1730 Cl. A
7.000% 07/15/2017................ 1,192,648 1,210,538
FHLMC Multiclass Mtg. Partn. Ctfs.
Gtd. Series 1761 Cl. D
7.625% 08/15/2016................ 2,445,000 2,530,575
FHLMC Multiclass Mtg. Partn. Ctfs.
Gtd. Series 1761 Cl. G
8.000% 06/15/2021................ 4,460,000 4,726,173
FHLMC Multiclass Mtg. Partn. Ctfs.
Gtd. Series 1761 Cl. H
8.250% 09/15/2023................ 10,575,000 11,496,928
FHLMC Multiclass Mtg. Partn. Ctfs.
Gtd. Series 1763 Cl. H
8.250% 07/15/2023................ 552,000 599,433
FHLMC Multiclass Mtg. Partn. Ctfs.
Gtd. Series 1779 Cl. G
9.500% 12/15/2023................ 1,000,000 1,091,400
FHLMC Multiclass Mtg. Partn. Ctfs.
Gtd. Series 1782 Cl. A
6.300% 05/15/2008................ 3,610,000 3,527,331
FHLMC Multiclass Mtg. Partn. Ctfs.
Gtd. Series 1782 Cl. C
6.500% 03/15/2009................ 1,973,650 1,950,559
FHLMC Multiclass Mtg. Partn. Ctfs.
Gtd. Series 1793 Cl. A
6.500% 08/15/2008................ 2,780,000 2,745,250
FHLMC GNMA Multiclass Mtg. Partn.
Ctfs.
Gtd. Series 31 Cl. A
0.000% 09/25/1996................ 638,601 625,031
FHLMC GNMA Multiclass Mtg. Partn.
Ctfs.
Gtd. Series 35 Cl. PH
7.750% 03/17/2023................ 1,580,000 1,700,965
</TABLE>
34
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-----------------------------------------------------------------
COLUMBIA FIXED INCOME SECURITIES FUND, INC., CONTINUED
<TABLE>
<CAPTION>
Principal
Amount Value(1)
------------ ---------------
U.S. Government, Federal Agency Obligations (Continued)
<S> <C> <C>
FNMA Gtd. REMIC Pass Thru Ctf.
REMIC Tr. 1989-39 Cl. D
0.000% 05/25/2009................ $ 2,340,000 $ 1,747,746
FNMA Gtd. REMIC Pass Thru Ctf.
REMIC Tr. 1991-94 Cl. C
0.000% 01/25/1999................ 2,969,467 2,594,571
FNMA Gtd. REMIC Pass Thru Ctf.
REMIC Tr. 1992-214 Cl. PL
7.500% 05/25/2021................ 1,700,000 1,790,304
FNMA Gtd. REMIC Pass Thru Ctf.
REMIC Tr. 1993-92 Cl. A
0.000% 03/25/1996................ 277,560 275,043
FNMA Gtd. REMIC Pass Thru Ctf.
REMIC Tr. 1993-176 Cl. A
0.000% 06/26/1996................ 930,147 910,084
FNMA Gtd. REMIC Pass Thru Ctf.
REMIC Tr. 1993-205 Cl. D
0.000% 04/25/2004................ 7,040,000 4,712,576
FNMA Gtd. REMIC Pass Thru Ctf.
REMIC Tr. 1993-225 Cl. WE
6.500% 12/25/2013................ 2,000,000 1,922,600
FNMA Gtd. REMIC Pass Thru Ctf.
REMIC Tr. 1994-20 Cl. PJ
5.800% 05/25/2004................ 410,000 409,487
FNMA Gtd. REMIC Pass Thru Ctf.
REMIC Tr. 1995-11 Cl. B
0.000% 12/25/2003................ 2,587,000 1,586,866
GNMA Gtd. REMIC Pass Thru Secs.
REMIC Tr. 1994-1 Cl. PE
7.500% 07/16/2022................ 7,500,000 7,989,825
Merrill Lynch Trust 25 Cl. B
8.750% 03/20/2019................ 146,631 146,355
Puerto Rico Housing Finance Corp.
Series A Cl. 4
9.000% 07/20/2017................ 1,350,138 1,350,138
U.S. VA Vendee Mtg. Gtd. REMIC
Pass Thru Ctf. 1994-3 Cl. 1D
6.500% 06/15/2012................ 1,260,000 1,271,844
U.S. VA Vendee Mtg. Gtd. REMIC
Pass Thru Ctf. 1995-1C Cl. 3E
8.000% 07/15/2018................ 870,000 940,644
U.S. VA Vendee Mtg. Gtd. REMIC
Pass Thru Ctf. 1995-1D Cl. 4
8.855% 02/15/2025................ 2,142,315 2,363,616
<CAPTION>
Principal
Amount Value(1)
------------ ---------------
<S> <C> <C>
U.S. VA Vendee Mtg. Gtd. REMIC
Pass Thru Ctf. 1995-3 Cl. 1F
7.250% 12/15/2021................ $ 1,220,000 $ 1,258,918
---------------
72,752,997
---------------
Total U.S. Government,
Federal Agency Obligations
(Cost $178,994,832)............. 188,768,151
---------------
Other Securitized Loans (11.7%)
Collateralized Mortgage Obligations (9.1%)
CMC Securities Corp. I
Series 1992-B Cl. B2
7.375% 11/25/2023................ 5,589,809 5,685,003
Chase Mortgage Financial Corp.
Series 1993-L Cl. 2A-6
8.000% 10/25/2024................ 2,000,000 2,084,600
First Bank Systems Mortgage Corp.
Series 1993-E Cl. A-3
7.200% 01/25/2023................ 1,842,080 1,861,422
Independent National Mortgage Corp.
Series 1995-H Cl. A13
8.350% 06/25/2025................ 5,392,000 5,571,554
Residential Funding Mtg. Sec., Inc.
Series 1993-S45 Cl. A-10
8.000% 12/23/2023................ 1,250,000 1,316,250
Securitized Asset Sales, Inc.
Mtg. Pass Thru Ctf.
Series 1995-B Cl. A8
7.410% 09/25/2024................ 9,200,455 9,364,222
Structured Mtg. Asset Res. Tr.
Series 1992-6A Multiclass Ctf. Cl.
AF
8.150% 07/25/2008................ 2,385,000 2,444,625
Structured Mtg. Asset Res. Tr.
Series 1993-2A Multiclass Ctf. Cl.
AB
6.300% 07/25/2004................ 327,481 326,368
---------------
28,654,044
---------------
Asset Backed Securities (2.6%)
Advanta Home Equity Loan Trust
Series 1993-1 Cl. A2
5.950% 05/25/2009................ 2,293,128 2,272,948
First Alliance Mortgage Trust
Series 1994-2 Cl. A-1
7.625% 07/25/2025................ 3,008,846 3,133,413
</TABLE>
35
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-----------------------------------------------------------------
COLUMBIA FIXED INCOME SECURITIES FUND, INC., CONTINUED
<TABLE>
<CAPTION>
Principal
Amount Value(1)
------------ ---------------
Other Securitized Loans (Continued)
<S> <C> <C>
GE Capital Mtg. Services, Inc.
Series 1995-HE1 Cl. A6
7.500% 09/25/2010................ $ 2,869,385 $ 2,941,119
---------------
8,347,480
---------------
Total Other Securitized Loans
(Cost $36,293,193)................ 37,001,524
---------------
Corporate Bonds (25.7%)
Industrial (15.2%)
American President Co. Ltd.
8.000% 01/15/2024................ 2,925,000 3,025,883
American Standard, Inc.
Step-Up Coupon
0.000% to 06/01/1998,
then 10.500% to 06/01/2005....... 500,000 428,750
Continental Cablevision, Inc.
9.000% 09/01/2008................ 700,000 735,000
Ethan Allen, Inc.
8.750% 03/15/2001................ 475,000 489,250
Federated Department Stores, Inc.
10.000% 02/15/2001............... 600,000 648,000
Freeport-McMoRan Resource Partners
L.P.
8.750% 02/15/2004................ 300,000 306,000
Harrahs Operating, Inc.
10.875% 04/15/2002............... 1,000,000 1,075,000
Honeywell, Inc.
Medium Term Note
7.350% 05/15/2000................ 4,150,000 4,393,522
Hospital Corp. America
0.000% 06/01/1997................ 1,750,000 1,611,837
Host Marriott Travel Plazas, Inc.
9.500% 05/15/2005................ 300,000 297,000
La Quinta Inns, Inc.
9.250% 05/15/2003................ 375,000 397,500
Lenfest Communications, Inc.
8.375% 11/01/2005................ 2,100,000 2,107,875
Louis Dreyfus Natural Gas Corp.
9.250% 06/15/2004................ 650,000 701,291
Marriott International, Inc.
6.750% 12/01/2009................ 3,000,000 2,970,000
Nabisco, Inc.
6.700% 06/15/2002................ 3,750,000 3,813,338
News America Holdings, Inc.
7.600% 10/11/2015................ 6,250,000 6,392,188
<CAPTION>
Principal
Amount Value(1)
------------ ---------------
<S> <C> <C>
Occidental Petroleum Corp.
10.125% 11/15/2001............... $ 1,285,000 $ 1,536,847
Royal Caribbean Cruises Ltd.
11.375% 05/15/2002............... 1,725,000 1,880,250
Schering Plough Corp. Euro
7.750% 05/15/1996................ 2,220,000 2,235,962
Sears Roebuck & Co.
Medium Term Note
7.820% 02/23/1998................ 4,525,000 4,720,616
Southern Pacific Rail Corp.
9.375% 08/15/2005................ 550,000 596,750
Temple Inland, Inc.
Medium Term Note
8.850% 03/20/1997................ 3,350,000 3,479,545
Time Warner Entertainment Co. L.P.
8.875% 10/01/2012................ 2,265,000 2,549,914
Union Oil Co. of California
6.375% 02/01/2004................ 1,625,000 1,635,124
---------------
48,027,442
---------------
Financial (6.1%)
Ahmanson (H.F.) & Co.
8.250% 10/01/2002................ 2,500,000 2,766,950
Ford Motor Credit Co.
6.250% 02/26/1998................ 3,070,000 3,115,773
General Motors Acceptance Corp.
6.625% 10/01/2002................ 3,240,000 3,327,221
Goldman Sachs Group L.P. (144A)
7.800% 07/15/2002................ 2,375,000 2,537,830
International Lease Finance Corp.
4.750% 07/15/1996................ 2,100,000 2,089,122
Mellon Financial Co.
7.625% 11/15/1999................ 5,200,000 5,528,016
---------------
19,364,912
---------------
Utility (1.4%)
California Energy, Inc.
9.875% 06/30/2003................ 350,000 367,500
Northern Indiana Public Service Co.
Medium Term Note
6.900% 06/01/2000................ 1,250,000 1,295,500
6.750% 06/01/2000................ 2,500,000 2,577,575
---------------
4,240,575
---------------
</TABLE>
36
<PAGE>
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-----------------------------------------------------------------
COLUMBIA FIXED INCOME SECURITIES FUND, INC., CONTINUED
<TABLE>
<CAPTION>
Principal
Amount Value(1)
------------ ---------------
Corporate Bonds (Continued)
<S> <C> <C>
Yankee (3.0%)
Manitoba Province
7.750% 02/01/2002................ $ 2,685,000 $ 2,935,994
Province Ontario
7.375% 01/27/2003................ 5,625,000 6,093,450
Rogers Cantel Mobile, Inc.
10.750% 11/01/2001............... 550,000 578,875
---------------
9,608,319
---------------
Total Corporate Bonds
(Cost $78,609,570)................ 81,241,248
---------------
Total investments, excluding
temporary cash investment
(Cost $293,897,595)............... 307,010,923
<CAPTION>
Principal
Amount Value(1)
------------ ---------------
<S> <C> <C>
Repurchase Agreement (2.3%)
Goldman Sachs Corp.
5.447% dated 12/29/1995,
due 01/02/1996 in the
amount of $7,384,951.
Collateralized by U.S. Treasury
Bond
8.750% due 11/15/2008
(Cost $7,380,545)................ $ 7,380,545 $ 7,380,545
---------------
Total Investments (99.4%)
(Cost $301,278,140)................. 314,391,468
Receivables less liabilities (0.6%).... 1,867,335
---------------
Net Assets (100.0%).................... $ 316,258,803
---------------
---------------
</TABLE>
(1) See Note 1 of Notes to Financial Statements.
The accompanying notes are an integral part
of the financial statements.
37
<PAGE>
SCHEDULE OF INVESTMENTS
-----------------------------------------------------------------
COLUMBIA MUNICIPAL BOND FUND, INC.
<TABLE>
<CAPTION>
Principal
December 31, 1995 Amount Value(1)
------------ --------------
<S> <C> <C>
State of Oregon General Obligation Bonds (11.8%)
Board of Higher Education Series A
6.350% 08/01/2014................. $ 1,535,000 $ 1,669,312
Department of Environmental Quality
Series D
5.625% 08/01/2006................. 430,000 448,275
5.700% 08/01/2007................. 455,000 474,906
5.750% 08/01/2008................. 485,000 505,006
Elderly & Disabled Housing Refunding
Series B
6.250% 08/01/2013................. 1,000,000 1,071,250
Pollution Control Series C
5.625% 06/01/2013................. 1,735,000 1,758,856
5.900% 06/01/2014................. 5,735,000 6,000,244
Veterans' Welfare
0.000% 07/01/2001................. 1,200,000 940,500
5.850% 10/01/2015................. 1,105,000 1,149,200
7.700% 07/01/1998................. 1,025,000 1,113,406
11.250% 10/01/1998................. 2,860,000 3,385,525
9.000% 04/01/1999................. 1,570,000 1,797,650
11.000% 06/01/1999................. 765,000 929,475
7.000% 07/01/2000................. 1,350,000 1,506,938
9.000% 10/01/2000................. 1,000,000 1,202,500
11.000% 12/01/2000................. 1,330,000 1,725,675
7.250% 01/01/2007................. 600,000 728,250
8.000% 01/01/2008................. 400,000 508,500
6.000% 08/01/2002................. 2,000,000 2,187,500
6.000% 02/01/2004................. 695,000 762,763
9.000% 04/01/2005................. 950,000 1,250,438
6.750% 05/01/2005................. 2,000,000 2,317,500
9.000% 10/01/2005................. 240,000 319,200
9.200% 04/01/2007................. 1,020,000 1,398,675
9.200% 10/01/2007................. 1,095,000 1,515,206
7.300% 07/01/2008................. 500,000 611,875
8.000% 07/01/2008................. 125,000 160,156
6.875% 12/01/2013................. 3,320,000 3,602,200
7.000% 12/01/2015................. 2,125,000 2,313,594
Veterans' Welfare Series 73F
5.150% 12/01/2017................. 2,000,000 2,000,000
--------------
Total State of Oregon
General Obligation Bonds (Cost
$42,066,950)....................... 45,354,575
--------------
Oregon General Obligation Bonds (25.5%)
Clackamas & Washington Counties
School District #3JT
West Linn-Wilsonville
5.875% 08/01/2009................. 1,000,000 1,047,500
5.875% 10/01/2009................. 2,500,000 2,637,500
<CAPTION>
Principal
Amount Value(1)
------------ --------------
<S> <C> <C>
Clackamas County School District #1
6.250% 07/01/2002................. $ 925,000 $ 1,011,719
6.300% 07/01/2003................. 700,000 767,375
6.500% 07/01/2004................. 1,235,000 1,366,219
6.500% 07/01/2005................. 1,355,000 1,498,969
6.500% 07/01/2006................. 1,485,000 1,639,069
Clackamas County School
District #7J Lake Oswego Series A
5.300% 06/15/2005................. 1,000,000 1,055,000
5.500% 06/15/2006................. 1,000,000 1,062,500
5.700% 06/15/2010................. 1,515,000 1,569,919
Clackamas County School
District #12 North Clackamas
4.650% 06/01/2004................. 750,000 751,875
5.000% 06/01/2011................. 1,500,000 1,443,750
Clackamas Community College District
5.250% 12/01/2009................. 1,270,000 1,290,637
Deschutes County Administrative
School District #1 Bend-Lapine
0.000% 02/01/2000................. 1,175,000 984,062
0.000% 02/01/2001................. 1,135,000 910,837
0.000% 02/01/2002................. 1,445,000 1,110,844
5.800% 02/01/2004................. 780,000 836,550
5.900% 02/01/2005................. 980,000 1,048,600
Jackson County School District
#549C Medford
5.375% 06/01/2012................. 1,200,000 1,219,500
Lane Community College
4.850% 06/01/2008................. 4,080,000 4,059,600
Lane County School District
#4J Eugene
0.000% 01/01/2003................. 1,345,000 975,125
0.000% 01/01/2005................. 1,395,000 906,750
Lane County School District
#4J Eugene Refunding Series A
0.000% 07/01/2001................. 2,015,000 1,576,737
0.000% 07/01/2003................. 1,480,000 1,048,950
0.000% 07/01/2005................. 2,325,000 1,476,375
5.250% 07/01/2008................. 2,440,000 2,491,850
Lane County School District
#19 Springfield Refunding
0.000% 02/01/1997................. 470,000 450,542
0.000% 02/01/1999................. 470,000 412,425
Metro Open Spaces Program
Series C
5.100% 09/01/2009................. 2,375,000 2,380,937
Multnomah-Clackamas Counties
School District #28-302JT
0.000% 12/01/2004................. 750,000 492,187
</TABLE>
38
<PAGE>
SCHEDULE OF INVESTMENTS
-----------------------------------------------------------------
COLUMBIA MUNICIPAL BOND FUND, INC., CONTINUED
<TABLE>
<CAPTION>
Principal
Amount Value(1)
------------ --------------
Oregon General Obligation Bonds (Continued)
<S> <C> <C>
Multnomah County Public
Improvements
5.250% 10/01/2013................. $ 1,800,000 $ 1,806,750
Multnomah County School
District #1 Portland Refunding
6.000% 12/15/1997................. 645,000 664,350
Multnomah County School
District #1J Portland
4.250% 06/01/2003................. 5,000,000 4,931,250
Multnomah County School
District #4 Gresham
6.100% 01/01/2008................. 3,000,000 3,206,250
6.100% 01/01/2009................. 200,000 212,750
Multnomah County School
District #7 Reynolds
6.900% 01/01/2000................. 250,000 250,000
5.250% 06/01/2011................. 1,500,000 1,473,750
Multnomah County School
District #40 David Douglas
7.100% 06/01/2002................. 880,000 1,008,700
Port of Portland Series A
4.500% 03/01/2006................. 2,000,000 1,935,000
0.000% 03/01/2007................. 5,000,000 2,868,750
Portland Public Improvements
Series A
5.750% 06/01/2014................. 2,975,000 3,105,156
5.000% 06/01/2004................. 240,000 243,900
Portland Public Improvements
Series B
4.625% 12/01/2010................. 3,815,000 3,805,462
Portland Water Refunding
5.000% 10/01/2008................. 1,500,000 1,496,250
Portland Recreational
Facilities Improvements Series A
5.750% 06/01/2012................. 1,370,000 1,436,788
5.750% 06/01/2013................. 1,345,000 1,410,569
5.750% 06/01/2015................. 1,155,000 1,202,644
Portland Recreational
Facilities Improvements Series B
5.500% 06/01/2009................. 2,115,000 2,173,163
5.750% 06/01/2014................. 1,750,000 1,828,750
5.750% 06/01/2015................. 2,955,000 3,076,894
Portland Community College District
0.000% 07/01/2000................. 800,000 660,000
0.000% 07/01/2007................. 2,025,000 1,141,594
Portland Community College
District Series A
6.000% 07/01/2012................. 1,500,000 1,569,375
<CAPTION>
Principal
Amount Value(1)
------------ --------------
<S> <C> <C>
Salem-Keizer School District #24J
5.400% 06/01/2006................. $ 1,000,000 $ 1,041,250
Tri-County Metropolitan
Transportation
District Light Rail Extension
Series A
6.000% 07/01/2012................. 3,495,000 3,665,381
Tualatin Hills Park &
Recreation District
5.500% 03/01/2006................. 1,000,000 1,043,750
5.700% 03/01/2009................. 1,340,000 1,413,700
5.750% 03/01/2010................. 730,000 766,500
Washington County Criminal
Justice Facilities Improvements
6.000% 12/01/2013................. 2,000,000 2,107,500
Washington County Refunding
6.200% 12/01/2007................. 1,500,000 1,618,125
Washington & Clackamas Counties
School District #23J Tigard
Refunding
5.400% 01/01/2010................. 1,705,000 1,754,019
6.200% 08/01/2007................. 1,000,000 1,066,250
Washington County School
District #48J Beaverton
7.800% 06/01/2003................. 1,200,000 1,449,000
Washington County School District
#48J Beaverton Series B
6.150% 06/01/2008................. 1,000,000 1,058,750
--------------
Total Oregon General Obligation
Bonds
(Cost $94,031,940)................. 98,016,223
--------------
Oregon Revenue Bonds (20.9%)
Clackamas County Hospital Facility
Authority Elderly Housing
Willamette View Income Project
7.000% 11/15/2011................. 1,750,000 1,822,187
Clackamas County Hospital Facility
Authority GNMA Collateral
Jennings Lodge
7.500% 10/20/2031................. 1,030,000 1,140,725
Deschutes County Hospital
Facility Authority
5.750% 01/01/2009................. 1,670,000 1,755,587
Deschutes Valley Water District
5.875% 09/01/2005................. 1,220,000 1,294,725
Eugene Electric Utility
5.000% 08/01/2017................. 1,450,000 1,390,187
Eugene Electric Utility Refunding
5.800% 08/01/2008................. 1,435,000 1,508,544
5.800% 08/01/2009................. 1,300,000 1,358,500
Eugene Electric Utility Series C
5.750% 08/01/2011................. 715,000 741,813
</TABLE>
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COLUMBIA MUNICIPAL BOND FUND, INC., CONTINUED
<TABLE>
<CAPTION>
Principal
Amount Value(1)
------------ --------------
Oregon Revenue Bonds (Continued)
<S> <C> <C>
Eugene Trojan Nuclear Project
5.750% 09/01/1997................. $ 1,500,000 $ 1,505,460
5.750% 09/01/1998................. 1,500,000 1,504,485
Eugene Water Refunding
6.600% 08/01/2005................. 365,000 376,717
6.600% 08/01/2006................. 890,000 918,311
Grants Pass Urban Renewal
Agency Tax Increment
6.125% 08/01/2012................. 750,000 780,000
Gresham Sewer
5.350% 06/01/2006................. 860,000 895,475
Gresham Stormwater
6.100% 10/01/2009................. 1,115,000 1,204,200
Lebanon Wastewater Refunding
5.750% 06/01/2011................. 1,225,000 1,229,594
Metro General Refunding Metro
Regional Center Project Series A
5.000% 08/01/2009................. 500,000 494,375
Metropolitan Service District
Metro Central Transfer Station A
5.125% 07/01/2009................. 2,360,000 2,389,500
North Clackamas Parks & Recreation
District Recreational Facilities
5.700% 04/01/2013................. 1,660,000 1,705,650
Northern Wasco County People's
Utility District Electric
0.000% 02/01/2006................. 610,000 358,375
0.000% 02/01/2007................. 585,000 318,825
0.000% 02/01/2008................. 610,000 308,050
0.000% 02/01/2011................. 500,000 203,125
Oregon City Sewer
6.500% 10/01/2007................. 500,000 560,000
Oregon Health, Housing, Educational
& Cultural Facilities Authority
Reed
College Project Series A
5.300% 07/01/2011................. 500,000 501,250
Oregon Housing Agency Mortgage
Single-Family Mortgage Project
Series A
7.375% 07/01/2010................. 865,000 902,844
Oregon Housing & Community Services
Department Housing Finance Assisted
Insured Multi-Unit B
6.800% 07/01/2013................. 8,270,000 8,776,538
Oregon Housing & Community Services
Department Mortgage Single-Family
Mortgage Program Series A
6.800% 07/01/2016................. 2,485,000 2,609,250
<CAPTION>
Principal
Amount Value(1)
------------ --------------
<S> <C> <C>
Oregon Housing & Community Services
Department Mortgage Single-Family
Mortgage Program Series B
5.375% 07/01/2017................. $ 1,020,000 $ 1,002,150
Oregon Housing & Community Services
Department Mortgage Single-Family
Mortgage Program Series D
6.700% 07/01/2013................. 1,000,000 1,042,500
Oregon Housing & Community Services
Department Mortgage Single-Family
Mortgage Program Series E
6.750% 07/01/2016................. 3,715,000 3,872,888
Portland Hydroelectric Power
6.800% 10/01/2004................. 465,000 469,236
Portland Parking Refunding
6.375% 10/01/2012................. 1,700,000 1,810,500
Portland Sewer System Revenue
Refunding Series A
5.000% 03/01/2006................. 3,035,000 3,076,731
5.100% 03/01/2007................. 1,485,000 1,505,419
Portland Sewer System Revenue
Series A
6.100% 06/01/2010................. 510,000 553,350
6.200% 06/01/2012................. 6,540,000 7,087,725
6.250% 06/01/2015................. 4,670,000 5,043,600
Portland Water System
5.250% 08/01/2013................. 2,615,000 2,624,806
Prineville Sewer First Lien
6.500% 07/01/2004................. 500,000 546,250
6.800% 07/01/2012................. 1,000,000 1,121,250
Reedsport Water
7.000% 10/01/2014................. 520,000 586,300
South Fork Water Board First Lien
5.450% 02/01/2014................. 1,300,000 1,300,000
Tri-County Metropolitan
Transportation District
Refunding Series A
5.700% 08/01/2013................. 5,175,000 5,323,781
Warm Springs Reservation,
Confederated Tribes Health &
Wellness Center
5.000% 04/01/2002................. 400,000 414,000
5.100% 04/01/2003................. 400,000 416,000
Washington County Unified
Sewer Agency Revenue Series A
6.200% 10/01/2010................. 3,400,000 3,676,250
--------------
Total Oregon Revenue Bonds
(Cost $75,781,779)................. 80,027,028
--------------
</TABLE>
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COLUMBIA MUNICIPAL BOND FUND, INC., CONTINUED
<TABLE>
<CAPTION>
Principal
Amount Value(1)
------------ --------------
Oregon Insured Bonds (24.2%)
<S> <C> <C>
Albany Water Revenue Refunding
2nd Lien Series B
4.875% 08/01/2007................. $ 1,000,000 $ 995,000
Central Oregon Community
College District
5.800% 06/01/2007................. 760,000 802,750
Clackamas County Health Facility
Authority Revenue Refunding
Adventist Health A
6.350% 03/01/2009................. 1,500,000 1,623,750
Clackamas County School
District #115 Gladstone
6.150% 06/01/2014................. 1,000,000 1,072,500
Clatsop County Administrative
School District #10
5.850% 07/01/2010................. 550,000 570,625
5.850% 07/01/2011................. 590,000 610,650
5.875% 07/01/2012................. 630,000 653,625
Columbia River People's
Utility District Refunding
7.250% 05/01/2009................. 1,870,000 1,888,363
Crook County School District
4.900% 02/01/2009................. 1,165,000 1,143,156
Deschutes & Jefferson Counties
School
District #2J Redmond Refunding
5.600% 06/01/2009................. 1,000,000 1,030,000
Hood River County School District
5.650% 06/01/2008................. 1,020,000 1,072,275
Josephine County School
District #7 Grants Pass
5.700% 06/01/2013................. 2,000,000 2,065,000
Lane County School District
#19 Springfield
6.150% 10/15/2009................. 1,500,000 1,631,250
Lane County School District
#52 Bethel
6.250% 12/01/2007................. 500,000 560,000
6.400% 12/01/2009................. 750,000 831,562
Lincoln County School District
6.000% 06/15/2007................. 1,855,000 2,033,544
6.000% 06/15/2008................. 1,150,000 1,259,250
6.000% 06/15/2009................. 1,465,000 1,600,512
5.600% 06/15/2010................. 2,430,000 2,548,462
5.250% 06/15/2012................. 2,900,000 2,910,875
Malheur County School District
#26 Nyssa
5.750% 06/01/2015................. 1,910,000 1,979,237
<CAPTION>
Principal
Amount Value(1)
------------ --------------
<S> <C> <C>
Marion & Linn County Elementary
School District #77J Stayton
6.250% 07/01/2013................. $ 1,260,000 $ 1,370,250
Marion County Solid Waste & Electric
Revenue Ogden Martin System
Marion Income
7.700% 10/01/2009................. 2,305,000 2,414,211
Medford Hospital Facility Authority
Revenue Gross-Rogue Valley
Health Services
6.800% 12/01/2011................. 1,310,000 1,444,275
Morrow County School District #1
6.000% 06/01/2006................. 880,000 958,100
Multnomah County School
District #3 Parkrose
5.400% 12/01/2005................. 1,010,000 1,071,862
5.700% 12/01/2008................. 1,130,000 1,199,213
5.700% 12/01/2009................. 1,085,000 1,143,319
5.500% 12/01/2011................. 1,000,000 1,023,750
Oregon Department of General
Services
Certificates Participation Series C
5.800% 03/01/2015................. 840,000 858,900
Oregon Department of Administrative
Services Certificates Participation
Series A
5.375% 11/01/2004................. 1,500,000 1,580,625
Oregon Veterans' Welfare
7.200% 03/01/1997................. 1,000,000 1,038,750
Oregon Health, Housing, Educational
& Cultural Facilities Authority
Lewis & Clark College
6.000% 10/01/2013................. 965,000 1,024,106
Port of Portland Airport Revenue
Portland International Airport
Series 7-A
6.500% 07/01/2004................. 500,000 549,375
6.750% 07/01/2015................. 2,790,000 3,069,000
Port of Portland Airport
Revenue Series 9-A
5.500% 07/01/2006................. 500,000 520,000
Portland Hospital Facility Authority
Legacy Health Systems Series A
6.100% 05/01/1998................. 1,000,000 1,051,250
6.625% 05/01/2011................. 1,620,000 1,769,850
Portland Hospital Facility Authority
Legacy Health Systems Series B
6.625% 05/01/2011................. 3,830,000 4,184,275
6.700% 05/01/2021................. 2,955,000 3,220,950
</TABLE>
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COLUMBIA MUNICIPAL BOND FUND, INC., CONTINUED
<TABLE>
<CAPTION>
Principal
Amount Value(1)
------------ --------------
Oregon Insured Bonds (Continued)
<S> <C> <C>
Portland Sewer System Revenue
Series A
6.000% 10/01/2012................. $ 2,075,000 $ 2,215,063
Suburban East Salem Water
District Refunding
5.700% 09/01/2009................. 890,000 924,488
Tillamook County
6.250% 01/01/2014................. 960,000 1,039,200
Umatilla County School
District #8R Hermiston
6.000% 12/01/2010................. 695,000 736,700
Union Health District
5.350% 02/01/2005................. 400,000 413,000
5.450% 02/01/2006................. 425,000 438,813
5.550% 02/01/2007................. 460,000 474,950
5.650% 02/01/2008................. 480,000 495,600
5.750% 02/01/2010................. 1,070,000 1,099,425
Washington County Unified
Sewer Agency Revenue Series A
0.000% 10/01/2003................. 1,000,000 702,500
0.000% 10/01/2005................. 5,230,000 3,288,363
5.900% 10/01/2006................. 3,730,000 4,047,050
0.000% 10/01/2007................. 4,835,000 2,719,688
6.125% 10/01/2012................. 8,010,000 8,590,725
Western Lane Hospital District
Facility
Authority Revenue Refunding
Sisters St. Joseph Peace
5.625% 08/01/2007................. 2,000,000 2,125,000
Yamhill County School District
#29J Newberg
5.500% 06/01/2010................. 1,360,000 1,392,300
6.100% 06/01/2011................. 3,355,000 3,589,850
--------------
Total Oregon Insured Bonds
(Cost $87,722,421)................. 92,667,162
--------------
Oregon Pre-Refunded Bonds (7.2%)
Beaverton Water Revenue Series A
7.150% 06/01/2004................. 455,000 508,462
Clackamas County School District
#7J Lake Oswego Series A
7.000% 06/15/2008................. 1,250,000 1,393,750
7.100% 06/15/2010................. 750,000 839,062
Clackamas County School
District #12 North Clackamas
6.500% 06/01/2005................. 1,000,000 1,093,750
6.500% 06/01/2007................. 1,455,000 1,591,406
6.500% 06/01/2009................. 1,655,000 1,810,156
6.500% 06/01/2011................. 1,885,000 2,061,719
<CAPTION>
Principal
Amount Value(1)
------------ --------------
<S> <C> <C>
Clackamas County Elementary
School District #86
6.500% 07/01/2003................. $ 1,535,000 $ 1,653,962
6.500% 07/01/2004................. 1,585,000 1,707,838
Eugene Electric Utility Revenue
4.000% 08/01/1998................. 340,000 343,400
Jackson County School District
#4 Refunding
6.700% 06/01/2004................. 420,000 446,250
Metropolitan Service District
Convention Center
6.900% 12/01/1999................. 750,000 791,250
Metropolitan Service District
General
Revenue Metro Headquarters Building
Project A
6.600% 07/01/2011................. 785,000 861,538
Metropolitan Service District
Metro East Transfer Station A
7.000% 01/01/2001................. 500,000 559,375
Oregon Department of General
Services
Certificates Participation Series A
7.200% 01/15/2015................. 1,100,000 1,241,625
Oregon Department of General
Services
Certificates Participation Series B
7.200% 01/15/2015................. 670,000 756,263
Oregon Department of General
Services
Certificates Participation Series F
7.500% 09/01/2015................. 2,330,000 2,696,975
Oregon Veterans' Welfare
12.500% 09/01/2001................ 480,000 516,701
12.500% 09/01/2003................ 1,200,000 1,291,752
12.500% 09/01/2004................ 515,000 554,377
Oregon Housing, Educational &
Cultural Facilities Authority
Reed College Project Series A
6.350% 07/01/2002................. 320,000 356,000
6.400% 07/01/2003................. 280,000 312,200
Oregon Housing, Educational &
Cultural Facilities Authority
Revenue
Lewis & Clark College Project A
7.000% 07/01/2010................. 1,100,000 1,245,750
Portland Airport Way Urban Renewal &
Redevelopment Tax Increment Series
A
7.300% 06/01/2010................. 1,400,000 1,576,750
Washington County
7.800% 12/01/2007................. 1,245,000 1,333,706
--------------
Total Oregon Pre-Refunded Bonds
(Cost $24,930,058)................. 27,544,017
--------------
</TABLE>
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COLUMBIA MUNICIPAL BOND FUND, INC., CONTINUED
<TABLE>
<CAPTION>
Principal
Amount Value(1)
------------ --------------
Oregon Other Bonds (2.9%)
<S> <C> <C>
Lane County Special Obligation
Series A
5.250% 03/01/2008................. $ 400,000 $ 402,000
Lane County School District #4J
Eugene Certificates Participation
6.900% 10/01/2000................. 500,000 557,500
Lebanon Special Obligation
Revenue Refunding Lease Water
5.400% 10/01/2013................. 755,000 759,719
Multnomah County School District #1J
Portland Special Obligation Series
A
4.500% 03/01/2003................. 350,000 347,375
5.000% 03/01/2007................. 1,340,000 1,348,375
Newberg Certificates Participation
5.900% 12/01/1998................. 365,000 379,600
6.000% 12/01/1999................. 390,000 409,500
6.100% 12/01/2000................. 410,000 435,112
6.200% 12/01/2001................. 410,000 439,725
Oregon Health, Housing, Educational
&
Cultural Facilities Authority
OMSI-A
5.900% 10/01/2016................. 500,000 508,420
5.900% 10/01/2021................. 500,000 508,420
Portland Building Refunding
Series A
4.750% 04/01/2007................. 2,000,000 1,977,500
Portland Airport Way Urban Renewal &
Redevelopment Tax Increment Series
C
5.900% 06/01/2006................. 860,000 914,825
Portland Urban Renewal &
Redevelopment Refunding,
Downtown Waterfront Series L
6.400% 06/01/2008................. 2,085,000 2,262,225
--------------
Total Oregon Other Bonds
(Cost $10,714,403)................. 11,250,296
--------------
Other Bonds (5.0%)
Puerto Rico Commonwealth
Public Improvements
6.250% 07/01/2009................. 3,000,000 3,393,750
6.250% 07/01/2013................. 1,000,000 1,125,000
Puerto Rico Commonwealth Aquaduct
& Sewer Authority Revenue Series A
9.000% 07/01/2009................. 5,060,000 6,774,075
<CAPTION>
Principal
Amount Value(1)
------------ --------------
<S> <C> <C>
Puerto Rico Housing Finance Corp.
Single Family Mortgage Revenue
Portfolio 1 Series B
7.500% 10/15/2012................. $ 1,040,000 $ 1,106,300
Puerto Rico Housing Finance Corp.
Single Family Mortgage Revenue
Portfolio 1 Series C
6.750% 10/15/2013................. 710,000 756,150
Puerto Rico Housing Finance Corp.
Multi Family Mortgage Revenue
Portfolio A-1
7.500% 04/01/2022................. 1,680,000 1,785,000
Puerto Rico Industrial, Medical &
Environmental Pollution Control
Facilities Financing Authority
Revenue FHA Insured Mortgage Dr.
Pila Hospital Project A
7.700% 08/01/2008................. 2,000,000 2,217,500
Puerto Rico Housing Bank & Finance
Agency Single Family Mortgage
Revenue FHA Homeownership 5th
Portfolio
7.500% 12/01/2015................. 610,000 691,587
Virgin Islands Public Finance
Authority Revenue Unrefunded
Balance Series A
7.300% 10/01/2018................. 1,105,000 1,401,969
--------------
Total Other Bonds
(Cost $17,722,705)................. 19,251,331
--------------
Total investments, excluding
temporary cash investment
(Cost $352,970,256)................ 374,110,632
Tax-Exempt Money Market Investment (1.3%)
SEI Tax Exempt Trust
(Cost $4,958,852)................. 4,958,852 4,958,852
--------------
Total Investments (98.8%)
(Cost $357,929,108).................. 379,069,484
Receivables less liabilities (1.2%)..... 4,726,434
--------------
Net Assets (100.0%)..................... $ 383,795,918
--------------
--------------
</TABLE>
(1) See Note 1 of Notes to Financial Statements.
The accompanying notes are an integral part
of the financial statements.
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COLUMBIA HIGH YIELD FUND, INC.
<TABLE>
<CAPTION>
Principal
December 31, 1995 Amount Value(1)
------------ --------------
<S> <C> <C>
U.S. Treasury Bond (4.4%)
7.625% 02/15/2025
(Cost $1,005,641)................. $ 850,000 $ 1,040,332
--------------
Corporate Bonds (90.6%)
Basic Industry (10.7%)
Chemicals (4.7%)
Freeport-McMoRan Resource Partners L.P.
Senior Subordinated Notes
8.750% 02/15/2004.................... 600,000 612,000
IMC Global, Inc.
Series B Senior Notes
10.125% 06/15/2001................... 450,000 493,875
--------------
1,105,875
--------------
Forest Products (1.4%)
Riverwood International Corp.
Senior Notes
10.750% 06/15/2000................... 300,000 322,500
--------------
Metals/Mining (4.6%)
Armco, Inc.
Senior Notes
9.375% 11/01/2000.................... 400,000 396,000
Inland Steel Industries, Inc.
Notes
12.750% 12/15/2002................... 250,000 281,250
Magma Copper Co.
Senior Subordinated Notes
8.700% 05/15/2005.................... 350,000 399,000
--------------
1,076,250
--------------
Total Basic Industry................. 2,504,625
--------------
Consumer Related (25.4%)
Hotel/Gaming (7.9%)
Harrahs Operating, Inc.
Senior Subordinated Notes
10.875% 04/15/2002................... 450,000 483,750
Host Marriott Travel Plazas, Inc.
Senior Secured Notes
9.500% 05/15/2005.................... 400,000 396,000
La Quinta Inns, Inc.
Senior Subordinated Notes
9.250% 05/15/2003.................... 350,000 371,000
Station Casinos, Inc.
Senior Subordinated Notes
9.625% 06/01/2003.................... 615,000 605,775
--------------
1,856,525
--------------
<CAPTION>
Principal
Amount Value(1)
------------ --------------
<S> <C> <C>
Healthcare (12.3%)
Abbey Healthcare Group, Inc.
Senior Subordinated Notes
9.500% 11/01/2002.................... $ 500,000 $ 532,500
Community Health Systems, Inc.
Senior Subordinated Debenture
10.250% 11/30/2003................... 400,000 432,000
Genesis Health Ventures, Inc.
Senior Subordinated Notes
9.750% 06/15/2005.................... 500,000 530,000
HEALTHSOUTH Rehabilitation Corp.
Senior Subordinated Notes
9.500% 04/01/2001.................... 300,000 320,250
Quorum Health Group, Inc.
Senior Subordinated Notes
8.750% 11/01/2005.................... 500,000 517,500
Tenet Healthcare Corp.
Senior Note
9.625% 09/01/2002.................... 500,000 550,000
--------------
2,882,250
--------------
Other (5.2%)
Royal Caribbean Cruises Ltd.
Senior Subordinated Notes
11.375% 05/15/2002................... 400,000 436,000
Rykoff Sexton, Inc.
Senior Subordinated Notes
8.875% 11/01/2003.................... 450,000 445,500
Westpoint Stevens, Inc.
Senior Note
8.750% 12/15/2001.................... 350,000 350,000
--------------
1,231,500
--------------
Total Consumer Related............... 5,970,275
--------------
Energy (11.6%)
Global Marine, Inc.
Notes
12.750% 12/15/1999................... 285,000 314,925
Gulf Canada Resources Ltd.
Subordinated Debentures
9.625% 07/01/2005.................... 400,000 422,000
Louis Dreyfus Natural Gas Corp.
Senior Subordinated Notes
9.250% 06/15/2004.................... 500,000 539,455
Maxus Energy Corp.
Notes
9.875% 10/15/2002.................... 500,000 502,500
</TABLE>
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COLUMBIA HIGH YIELD FUND, INC., CONTINUED
<TABLE>
<CAPTION>
Principal
Amount Value(1)
------------ --------------
Corporate Bonds (Continued)
<S> <C> <C>
Noble Drilling Corp.
Senior Notes
9.250% 10/01/2003.................... $ 250,000 $ 262,500
Santa Fe Energy Resource, Inc.
Senior Subordinated Debentures
11.000% 05/15/2004................... 400,000 436,000
Seagull Energy Corp.
Senior Subordinated Notes
8.625% 08/01/2005.................... 250,000 242,500
--------------
Total Energy......................... 2,719,880
--------------
Housing Related (2.7%)
Toll Corp.
Senior Subordinated Notes
10.500% 03/15/2002................... 250,000 263,125
USG Corp.
Senior Note
8.500% 08/01/2005.................... 350,000 362,250
--------------
Total Housing Related................ 625,375
--------------
Manufacturing (16.0%)
American Standard, Inc.
Senior Subordinated Discount
Debenture Step-Up Coupon
0.000% to 06/01/1998, then 10.500% to
06/01/2005.......................... 750,000 643,125
Blount, Inc.
Senior Subordinated Notes
9.000% 06/15/2003.................... 200,000 210,000
Easco Corp.
Senior Notes, Series B
10.000% 03/15/2001................... 350,000 349,125
Exide Corp.
Senior Notes
10.000% 04/15/2005................... 350,000 379,750
Hayes Wheels International, Inc.
Notes
9.250% 11/15/2002.................... 275,000 295,625
Mark IV Industries, Inc.
Subordinated Notes
8.750% 04/01/2003.................... 200,000 208,000
Rohr, Inc.
Senior Note
11.625% 05/15/2003................... 600,000 643,500
<CAPTION>
Principal
Amount Value(1)
------------ --------------
<S> <C> <C>
SPX Corp.
Senior Subordinated Notes
11.750% 06/01/2002................... $ 350,000 $ 371,000
Wolverine Tube, Inc.
Senior Subordinated Notes
10.125% 09/01/2002................... 625,000 662,500
--------------
Total Manufacturing.................. 3,762,625
--------------
Media (12.5%)
Continental Cablevision, Inc.
Debentures
9.000% 09/01/2008.................... 500,000 525,000
Jones Intercable, Inc.
Senior Notes
9.625% 03/15/2002.................... 350,000 376,250
Lenfest Communications, Inc.
Senior Secured Notes
8.375% 11/01/2005.................... 500,000 501,875
Mobilemedia Corp.
Senior Subordinated Notes
9.375% 11/01/2007.................... 500,000 515,000
Rogers Cantel Mobile, Inc.
Notes
10.750% 11/01/2001................... 400,000 421,000
Rogers Communications, Inc.
Debenture
10.875% 04/15/2004................... 200,000 209,000
United International Holdings, Inc.
Senior Note with Warrants
0.000% 11/15/1999.................... 650,000 390,000
--------------
Total Media.......................... 2,938,125
--------------
Retail (7.6%)
Supermarkets (4.0%)
Kroger Co.
Senior Secured Debenture
9.250% 01/01/2005.................... 300,000 325,500
Safeway, Inc.
Debenture
10.000% 12/01/2001................... 300,000 339,000
Stop & Shop Cos., Inc.
Senior Subordinated Notes
9.750% 02/01/2002.................... 250,000 275,625
--------------
940,125
--------------
</TABLE>
45
<PAGE>
SCHEDULE OF INVESTMENTS
-----------------------------------------------------------------
COLUMBIA HIGH YIELD FUND, INC., CONTINUED
<TABLE>
<CAPTION>
Principal
Amount Value(1)
------------ --------------
Corporate Bonds (Continued)
<S> <C> <C>
Other (3.6%)
Ethan Allen, Inc.
Senior Notes
8.750% 03/15/2001.................... $ 400,000 $ 412,000
Federated Department Stores, Inc.
Senior Notes
10.000% 02/15/2001................... 400,000 432,000
--------------
844,000
--------------
Total Retail......................... 1,784,125
--------------
Transportation (2.3%)
Other (2.3%)
Southern Pacific Rail Corp.
Senior Notes
9.375% 08/15/2005.................... 500,000 542,500
--------------
Utility (1.8%)
California Energy, Inc.
Senior Secured Note
9.875% 06/30/2003.................... 400,000 420,000
--------------
Total Corporate Bonds
(Cost $20,449,549).................... 21,267,530
--------------
<CAPTION>
Principal
Amount Value(1)
------------ --------------
<S> <C> <C>
Total investments, excluding
temporary cash investment
(Cost $21,455,190).................... $22,307,862
Repurchase Agreement (3.3%)
Goldman Sachs Corp.
5.447% dated 12/29/1995,
due 01/02/1996
in the amount of $762,538.
Collateralized by U.S. Treasury Bond
8.750% due 11/15/2008
(Cost $762,083)...................... $ 762,083 762,083
--------------
Total Investments (98.3%)
(Cost $22,217,273)........................ 23,069,945
Receivables less liabilities (1.7%)........ 401,022
--------------
Net Assets (100.0%)........................ $ 23,470,967
--------------
--------------
</TABLE>
(1) See Note 1 of Notes to Financial Statements.
The accompanying notes are an integral part
of the financial statements.
46
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES
-----------------------------------------------------------------
<TABLE>
<CAPTION>
Columbia
Columbia Columbia International
Common Stock Growth Stock
December 31, 1995 Fund, Inc. Fund, Inc. Fund, Inc.
-------------- ----------- -----------------
<S> <C> <C> <C>
ASSETS:
Investments at identified cost.......................................... $301,250,182 $680,853,085 $ 86,769,046
- -------------------------------------------------------------------------- -------------- ----------- -----------------
Investments at value (Notes 1 and 2).................................... $353,606,038 $840,824,393 $ 97,735,963
Temporary cash investments, at cost (Note 1)............................ 3,448,186 10,441,223 2,818,723
Cash.................................................................... 112,354
Cash denominated in foreign currencies (cost $644,615) (Note 1)......... 645,940
Receivable for:
Interest.............................................................. 13,076 53,667 7,932
Dividends............................................................. 598,598 1,426,356 140,083
Investments sold...................................................... 3,714,326 1,018,750
Capital stock sold.................................................... 725,948 1,195,259 407,637
-------------- ----------- -----------------
Total assets............................................................ 362,106,172 853,940,898 102,887,382
-------------- ----------- -----------------
LIABILITIES:
Payable for:
Capital stock redeemed................................................ 123,349 467,770 105,639
Dividends and distributions........................................... 117,524 3,470,303
Investments purchased................................................. 3,025,450 605,090 1,731,574
Investment management fee (Note 4).................................... 180,209 433,294 84,874
Accrued expenses...................................................... 136,916 233,589 91,835
-------------- ----------- -----------------
Total liabilities....................................................... 3,583,448 5,210,046 2,013,922
-------------- ----------- -----------------
Net assets applicable to outstanding shares............................... $358,522,724 $848,730,852 $ 100,873,460
-------------- ----------- -----------------
-------------- ----------- -----------------
Net assets consist of:
Undistributed net investment income................................... $ 395,967 $ 1,523,877
Unrealized appreciation on:
Investments......................................................... 52,355,856 159,971,308 $ 10,966,917
Translation of assets and liabilities in foreign currencies......... 5,720
Undistributed net realized loss from:
Investments......................................................... (42,896) (1,015,931) (1,055,061)
Capital shares (Note 3)............................................... 284,392
Capital paid in (Notes 1 and 3)....................................... 305,813,797 687,967,206 90,955,884
-------------- ----------- -----------------
$358,522,724 $848,730,852 $ 100,873,460
-------------- ----------- -----------------
-------------- ----------- -----------------
Shares of capital stock outstanding (Note 3).............................. 19,288,675 28,439,194 7,716,168
-------------- ----------- -----------------
-------------- ----------- -----------------
Net asset value, offering and redemption price per share (1).............. $ 18.59 $ 29.84 $ 13.07
-------------- ----------- -----------------
-------------- ----------- -----------------
<CAPTION>
Columbia
Special
December 31, 1995 Fund, Inc.
-------------
<S> <C>
ASSETS:
Investments at identified cost.......................................... $1,154,264,142
- -------------------------------------------------------------------------- -------------
Investments at value (Notes 1 and 2).................................... $1,355,498,125
Temporary cash investments, at cost (Note 1)............................ 24,198,846
Cash....................................................................
Cash denominated in foreign currencies (cost $644,615) (Note 1).........
Receivable for:
Interest.............................................................. 153,790
Dividends............................................................. 617,940
Investments sold...................................................... 32,742,719
Capital stock sold.................................................... 2,298,798
-------------
Total assets............................................................ 1,415,510,218
-------------
LIABILITIES:
Payable for:
Capital stock redeemed................................................ 3,231,177
Dividends and distributions........................................... 8,455,988
Investments purchased................................................. 18,078,664
Investment management fee (Note 4).................................... 979,604
Accrued expenses...................................................... 349,750
-------------
Total liabilities....................................................... 31,095,183
-------------
Net assets applicable to outstanding shares............................... $1,384,415,035
-------------
-------------
Net assets consist of:
Undistributed net investment income................................... $ (51,817)
Unrealized appreciation on:
Investments......................................................... 201,233,983
Translation of assets and liabilities in foreign currencies.........
Undistributed net realized loss from:
Investments......................................................... (2,440,560)
Capital shares (Note 3)............................................... 645,737
Capital paid in (Notes 1 and 3)....................................... 1,185,027,692
-------------
$1,384,415,035
-------------
-------------
Shares of capital stock outstanding (Note 3).............................. 64,573,734
-------------
-------------
Net asset value, offering and redemption price per share (1).............. $ 21.44
-------------
-------------
</TABLE>
(1) The net asset value per share is computed by dividing net assets applicable
to outstanding shares by shares of capital stock outstanding.
The accompanying notes are an integral part of the financial statements.
47
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES
-----------------------------------------------------------------
<TABLE>
<CAPTION>
Columbia
Real Estate Columbia Columbia
Equity Balanced Daily Income
December 31, 1995 Fund, Inc. Fund, Inc. Company
---------------- ----------- ------------
<S> <C> <C> <C>
ASSETS:
Investments at identified cost...................................... $ 18,771,237 $407,518,044 8$06,898,061
- ---------------------------------------------------------------------- ---------------- ----------- ------------
Investments at value (Notes 1 and 2)................................ $ 20,307,163 $459,399,894 8$06,898,061
Temporary cash investments, at cost (Note 1)........................ 1,503,271 25,192,252
Cash................................................................ 3,800,000
Receivable for:
Interest.......................................................... 6,435 2,935,461 13,954
Dividends......................................................... 206,968 439,429
Investments sold.................................................. 2,486,885
Capital stock sold................................................ 260,404 598,554 1,845,408
---------------- ----------- ------------
Total assets........................................................ 22,284,241 491,052,475 812,557,423
---------------- ----------- ------------
LIABILITIES:
Payable for:
Capital stock redeemed............................................ 625,862 247,138 11,225,749
Dividends and distributions....................................... 33,282 126,681
Investments purchased............................................. 3,493,780
Investment management fee (Note 4)................................ 13,200 202,649 324,674
Accrued expenses.................................................. 24,697 214,734 351,478
---------------- ----------- ------------
Total liabilities................................................... 697,041 4,284,982 11,901,901
---------------- ----------- ------------
Net assets applicable to outstanding shares........................... $ 21,587,200 $486,767,493 8$00,655,522
---------------- ----------- ------------
---------------- ----------- ------------
Net assets consist of:
Undistributed net investment income............................... $ 2,476 $ 211,082
Unrealized appreciation on investments............................ 1,535,926 51,881,850
Undistributed net realized gain (loss) from investments........... (50,216) 21,339
Capital shares (Note 3)........................................... $ 800,656
Capital paid in (Notes 1 and 3)................................... 20,099,014 434,653,222 799,854,866
---------------- ----------- ------------
$ 21,587,200 $486,767,493 8$00,655,522
---------------- ----------- ------------
---------------- ----------- ------------
Shares of capital stock outstanding (Note 3).......................... 1,698,923 24,241,479 800,655,522
---------------- ----------- ------------
---------------- ----------- ------------
Net asset value, offering and redemption price per share (1).......... $ 12.71 $ 20.08 $ 1.00
---------------- ----------- ------------
---------------- ----------- ------------
<CAPTION>
Columbia U.S.
Government
Securities
December 31, 1995 Fund, Inc.
--------------------
<S> <C>
ASSETS:
Investments at identified cost...................................... $ 40,097,690
- ---------------------------------------------------------------------- --------------------
Investments at value (Notes 1 and 2)................................ $ 40,709,445
Temporary cash investments, at cost (Note 1)........................ 514,814
Cash................................................................
Receivable for:
Interest.......................................................... 730,489
Dividends.........................................................
Investments sold..................................................
Capital stock sold................................................ 1,317
--------------------
Total assets........................................................ 41,956,065
--------------------
LIABILITIES:
Payable for:
Capital stock redeemed............................................ 56,897
Dividends and distributions....................................... 9,868
Investments purchased.............................................
Investment management fee (Note 4)................................ 17,660
Accrued expenses.................................................. 29,256
--------------------
Total liabilities................................................... 113,681
--------------------
Net assets applicable to outstanding shares........................... $ 41,842,384
--------------------
--------------------
Net assets consist of:
Undistributed net investment income...............................
Unrealized appreciation on investments............................ $ 611,755
Undistributed net realized gain (loss) from investments........... (496,594)
Capital shares (Note 3)........................................... 50,160
Capital paid in (Notes 1 and 3)................................... 41,677,063
--------------------
$ 41,842,384
--------------------
--------------------
Shares of capital stock outstanding (Note 3).......................... 5,016,001
--------------------
--------------------
Net asset value, offering and redemption price per share (1).......... $ 8.34
--------------------
--------------------
</TABLE>
(1) The net asset value per share is computed by dividing net assets applicable
to outstanding shares by shares of capital stock outstanding.
The accompanying notes are an integral part of the financial statements.
48
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES
-----------------------------------------------------------------
<TABLE>
<CAPTION>
Columbia Fixed
Income Columbia
Securities Municipal Bond
December 31, 1995 Fund, Inc. Fund, Inc.
---------------- ---------------
<S> <C> <C>
ASSETS:
Investments at identified cost............................................................ $293,897,595 $ 352,970,256
- -------------------------------------------------------------------------------------------- ---------------- ---------------
Investments at value (Notes 1 and 2)...................................................... $307,010,923 $ 374,110,632
Temporary cash investments, at cost (Note 1).............................................. 7,380,545 4,958,852
Receivable for:
Interest................................................................................ 4,098,497 5,536,704
Investments sold........................................................................ 47,995
Capital stock sold...................................................................... 394,121 327,596
---------------- ---------------
Total assets.............................................................................. 318,932,081 384,933,784
---------------- ---------------
LIABILITIES:
Payable for:
Capital stock redeemed.................................................................. 892,556 450,660
Dividends and distributions............................................................. 178,768 418,700
Investments purchased................................................................... 1,364,187 46,352
Investment management fee (Note 4)...................................................... 132,834 162,746
Accrued expenses........................................................................ 104,933 59,408
---------------- ---------------
Total liabilities......................................................................... 2,673,278 1,137,866
---------------- ---------------
Net assets applicable to outstanding shares................................................. $316,258,803 $ 383,795,918
---------------- ---------------
---------------- ---------------
Net assets consist of:
Unrealized appreciation on investments.................................................. $ 13,113,328 $ 21,140,376
Undistributed net realized loss from investments........................................ (3,614,749) (39,875)
Capital shares (Note 3)................................................................. 234,158 310,142
Capital paid in (Notes 1 and 3)......................................................... 306,526,066 362,385,275
---------------- ---------------
$316,258,803 $ 383,795,918
---------------- ---------------
---------------- ---------------
Shares of capital stock outstanding (Note 3)................................................ 23,415,807 31,014,220
---------------- ---------------
---------------- ---------------
Net asset value, offering and redemption price per share (1)................................ $ 13.51 $ 12.37
---------------- ---------------
---------------- ---------------
<CAPTION>
Columbia
High Yield
December 31, 1995 Fund, Inc.
----------
<S> <C>
ASSETS:
Investments at identified cost............................................................ $21,455,190
- -------------------------------------------------------------------------------------------- ----------
Investments at value (Notes 1 and 2)...................................................... $22,307,862
Temporary cash investments, at cost (Note 1).............................................. 762,083
Receivable for:
Interest................................................................................ 414,734
Investments sold........................................................................
Capital stock sold...................................................................... 32,188
----------
Total assets.............................................................................. 23,516,867
----------
LIABILITIES:
Payable for:
Capital stock redeemed.................................................................. 4,151
Dividends and distributions............................................................. 16,612
Investments purchased...................................................................
Investment management fee (Note 4)...................................................... 11,830
Accrued expenses........................................................................ 13,307
----------
Total liabilities......................................................................... 45,900
----------
Net assets applicable to outstanding shares................................................. $23,470,967
----------
----------
Net assets consist of:
Unrealized appreciation on investments.................................................. $ 852,672
Undistributed net realized loss from investments........................................ (190,638)
Capital shares (Note 3).................................................................
Capital paid in (Notes 1 and 3)......................................................... 22,808,933
----------
$23,470,967
----------
----------
Shares of capital stock outstanding (Note 3)................................................ 2,375,540
----------
----------
Net asset value, offering and redemption price per share (1)................................ $ 9.88(2)
----------
----------
</TABLE>
(1) The net asset value per share is computed by dividing net assets applicable
to outstanding shares by shares of capital stock outstanding.
(2) Redemption of Columbia High Yield Fund shares held less than one year, other
than shares acquired through the reinvestment of dividends and capital
gains, will be at 99% of the net asset value.
The accompanying notes are an integral part of the financial statements.
49
<PAGE>
STATEMENTS OF OPERATIONS
-----------------------------------------------------------------
<TABLE>
<CAPTION>
Columbia Columbia Columbia
Common Stock Growth International
Year Ended December 31, 1995 Fund, Inc. Fund, Inc. Stock Fund, Inc.
-------------- ----------- -----------------
<S> <C> <C> <C>
INVESTMENT INCOME:
Income:
Interest............................................................... $ 986,480 $ 1,472,781 $ 347,468
Dividends.............................................................. 4,925,301 12,106,308 1,607,048
Foreign taxes withheld (net of reclaims)............................... (228,538)
-------------- ----------- -----------------
Total income......................................................... 5,911,781 13,579,089 1,725,978
-------------- ----------- -----------------
Expenses:
Investment management fees (Note 4).................................... 1,453,843 4,483,699 1,013,873
Shareholder servicing costs (Note 4)................................... 209,719 471,919 201,826
Reports to shareholders................................................ 59,253 204,780 72,056
Accounting expense..................................................... 40,042 51,156 96,954
Financial information and subscriptions................................ 4,657 16,829 5,058
Custodian fees......................................................... 8,437 24,769 95,224
Bank transaction and checking fees..................................... 12,289 18,768 32,148
Registration fees...................................................... 96,277 82,582 21,649
Legal, insurance and auditing fees..................................... 25,362 38,232 28,518
Other.................................................................. 4,483 13,355 3,641
-------------- ----------- -----------------
Total expenses....................................................... 1,914,362 5,406,089 1,570,947
-------------- ----------- -----------------
Net investment income (Note 1)........................................... 3,997,419 8,173,000 155,031
-------------- ----------- -----------------
Realized gain (loss) and unrealized appreciation from investment and
foreign currency transactions:
Net realized gain (loss) from:
Investments (Note 2)................................................... 17,260,066 73,961,335 (286,889)
Foreign currency transactions (Note 1)................................. (1,246,443)
-------------- ----------- -----------------
Net realized gain (loss)............................................. 17,260,066 73,961,335 (1,533,332)
-------------- ----------- -----------------
Net unrealized appreciation on:
Investments (Note 1)................................................... 44,119,110 120,496,613 5,614,702
Translation of assets and liabilities in foreign currencies (Note 1)... 92
-------------- ----------- -----------------
Net unrealized appreciation during the period........................ 44,119,110 120,496,613 5,614,794
-------------- ----------- -----------------
Net gain on investment and foreign currency related transactions (Note
1)...................................................................... 61,379,176 194,457,948 4,081,462
-------------- ----------- -----------------
Net increase in net assets resulting from operations..................... $ 65,376,595 $202,630,948 $ 4,236,493
-------------- ----------- -----------------
-------------- ----------- -----------------
<CAPTION>
Columbia
Special
Year Ended December 31, 1995 Fund, Inc.
-----------
<S> <C>
INVESTMENT INCOME:
Income:
Interest............................................................... $ 5,047,489
Dividends.............................................................. 8,295,374
Foreign taxes withheld (net of reclaims)...............................
-----------
Total income......................................................... 13,342,863
-----------
Expenses:
Investment management fees (Note 4).................................... 10,125,466
Shareholder servicing costs (Note 4)................................... 674,584
Reports to shareholders................................................ 270,067
Accounting expense..................................................... 71,513
Financial information and subscriptions................................ 22,268
Custodian fees......................................................... 41,841
Bank transaction and checking fees..................................... 73,415
Registration fees...................................................... 167,078
Legal, insurance and auditing fees..................................... 47,268
Other.................................................................. 21,129
-----------
Total expenses....................................................... 11,514,629
-----------
Net investment income (Note 1)........................................... 1,828,234
-----------
Realized gain (loss) and unrealized appreciation from investment and
foreign currency transactions:
Net realized gain (loss) from:
Investments (Note 2)................................................... 154,437,430
Foreign currency transactions (Note 1).................................
-----------
Net realized gain (loss)............................................. 154,437,430
-----------
Net unrealized appreciation on:
Investments (Note 1)................................................... 148,707,165
Translation of assets and liabilities in foreign currencies (Note 1)...
-----------
Net unrealized appreciation during the period........................ 148,707,165
-----------
Net gain on investment and foreign currency related transactions (Note
1)...................................................................... 303,144,595
-----------
Net increase in net assets resulting from operations..................... $304,972,829
-----------
-----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
50
<PAGE>
STATEMENTS OF OPERATIONS
-----------------------------------------------------------------
<TABLE>
<CAPTION>
Columbia
Real Estate Columbia Columbia
Equity Fund, Balanced Daily Income
Year Ended December 31, 1995 Inc. Fund, Inc. Company
---------------- ---------- ------------
<S> <C> <C> <C>
INVESTMENT INCOME:
Income:
Interest........................................................... $ 55,792 $13,405,453 $44,653,912
Dividends.......................................................... 1,403,153 4,162,846
---------------- ---------- ------------
Total income..................................................... 1,458,945 17,568,299 44,653,912
---------------- ---------- ------------
Expenses:
Investment management fees (Note 4)................................ 138,673 1,871,284 3,611,202
Shareholder servicing costs (Note 4)............................... 24,369 317,522 645,042
Reports to shareholders............................................ 9,055 103,146 154,325
Accounting expense................................................. 15,658 56,157 90,366
Financial information and subscriptions............................ 722 17,276 15,799
Custodian fees..................................................... 696 12,872 25,264
Bank transaction and checking fees................................. 571 22,026 84,801
Registration fees.................................................. 14,395 114,555 76,538
Legal, insurance and auditing fees................................. 14,489 30,492 42,681
Other.............................................................. 245 7,488 13,139
---------------- ---------- ------------
Total expenses................................................... 218,873 2,552,818 4,759,157
---------------- ---------- ------------
Net investment income (Note 1)....................................... 1,240,072 15,015,481 39,894,755
---------------- ---------- ------------
Realized gain (loss) and unrealized appreciation from
investment transactions:
Net realized gain (loss) from investments (Note 2)................... (132) 20,555,403
Net unrealized appreciation on investments during the period (Note
1).................................................................. 1,834,154 47,270,141
---------------- ----------
Net gain on investments (Note 1)..................................... 1,834,022 67,825,544
---------------- ---------- ------------
Net increase in net assets resulting from operations................. $3,074,094 $82,841,025 $39,894,755
---------------- ---------- ------------
---------------- ---------- ------------
<CAPTION>
Columbia U.S.
Government
Securities Fund,
Year Ended December 31, 1995 Inc.
--------------------
<S> <C>
INVESTMENT INCOME:
Income:
Interest........................................................... $2,331,015
Dividends..........................................................
-----------
Total income..................................................... 2,331,015
-----------
Expenses:
Investment management fees (Note 4)................................ 187,343
Shareholder servicing costs (Note 4)............................... 40,973
Reports to shareholders............................................ 12,879
Accounting expense................................................. 13,579
Financial information and subscriptions............................ 1,180
Custodian fees..................................................... 1,257
Bank transaction and checking fees................................. 649
Registration fees.................................................. 16,859
Legal, insurance and auditing fees................................. 19,107
Other.............................................................. 736
-----------
Total expenses................................................... 294,562
-----------
Net investment income (Note 1)....................................... 2,036,453
-----------
Realized gain (loss) and unrealized appreciation from
investment transactions:
Net realized gain (loss) from investments (Note 2)................... 571,638
Net unrealized appreciation on investments during the period (Note
1).................................................................. 1,000,875
-----------
Net gain on investments (Note 1)..................................... 1,572,513
-----------
Net increase in net assets resulting from operations................. $3,608,966
-----------
-----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
51
<PAGE>
STATEMENTS OF OPERATIONS
-----------------------------------------------------------------
<TABLE>
<CAPTION>
Columbia Fixed
Income Columbia
Securities Fund, Municipal Bond
Year Ended December 31, 1995 Inc. Fund, Inc.
---------------- ---------------
<S> <C> <C>
INVESTMENT INCOME:
Income:
Interest................................................................................ $ 21,119,106 $21,307,223
---------------- ---------------
Total income.......................................................................... 21,119,106 21,307,223
---------------- ---------------
Expenses:
Investment management fees (Note 4)..................................................... 1,413,769 1,840,676
Shareholder servicing costs (Note 4).................................................... 192,151 90,846
Reports to shareholders................................................................. 76,274 30,624
Accounting expense...................................................................... 38,467 17,244
Financial information and subscriptions................................................. 16,984 44,181
Custodian fees.......................................................................... 9,567 12,266
Bank transaction and checking fees...................................................... 9,638 43
Registration fees....................................................................... 38,423 9,964
Legal, insurance and auditing fees...................................................... 33,170 32,203
Other................................................................................... 4,906 6,252
---------------- ---------------
1,833,349 2,084,299
Expenses reimbursed by investment advisor (1)...........................................
---------------- ---------------
Total expenses........................................................................ 1,833,349 2,084,299
---------------- ---------------
Net investment income (Note 1)............................................................ 19,285,757 19,222,924
---------------- ---------------
Realized gain (loss) and unrealized appreciation from investment transactions:
Net realized gain (loss) from investments (Note 2)........................................ 7,333,401 2,099,378
Net unrealized appreciation on investments during the period (Note 1)..................... 22,005,760 27,002,836
---------------- ---------------
Net gain on investments (Note 1).......................................................... 29,339,161 29,102,214
---------------- ---------------
Net increase in net assets resulting from operations...................................... $ 48,624,918 $48,325,138
---------------- ---------------
---------------- ---------------
<CAPTION>
Columbia
High Yield
Year Ended December 31, 1995 Fund, Inc.
-----------
<S> <C>
INVESTMENT INCOME:
Income:
Interest................................................................................ $1,742,294
-----------
Total income.......................................................................... 1,742,294
-----------
Expenses:
Investment management fees (Note 4)..................................................... 109,022
Shareholder servicing costs (Note 4).................................................... 16,590
Reports to shareholders................................................................. 6,849
Accounting expense...................................................................... 17,526
Financial information and subscriptions................................................. 4,772
Custodian fees.......................................................................... 607
Bank transaction and checking fees...................................................... 1,304
Registration fees....................................................................... 17,743
Legal, insurance and auditing fees...................................................... 16,473
Other................................................................................... 356
-----------
191,242
Expenses reimbursed by investment advisor (1)........................................... (10,219)
-----------
Total expenses........................................................................ 181,023
-----------
Net investment income (Note 1)............................................................ 1,561,271
-----------
Realized gain (loss) and unrealized appreciation from investment transactions:
Net realized gain (loss) from investments (Note 2)........................................ (31,194)
Net unrealized appreciation on investments during the period (Note 1)..................... 1,544,937
-----------
Net gain on investments (Note 1).......................................................... 1,513,743
-----------
Net increase in net assets resulting from operations...................................... $3,075,014
-----------
-----------
</TABLE>
(1) The advisor of Columbia High Yield Fund has voluntarily agreed to assume
ordinary recurring expenses of the Fund to the extent these expenses,
together with the Fund's management fee, exceed 1% of the Fund's average net
assets.
The accompanying notes are an integral part of the financial statements.
52
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
-----------------------------------------------------------------
<TABLE>
<CAPTION>
Columbia Columbia Columbia
Common Stock Growth International Stock
Years Ended December 31, Fund, Inc. Fund, Inc. Fund, Inc.
-------------------------- ---------------------------- --------------------------
<S> <C> <C> <C> <C> <C> <C>
1995 1994 1995 1994 1995 1994
------------ ------------ ------------- ------------ ------------ ------------
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)............ $ 3,997,419 $ 2,103,636 $ 8,173,000 $ 6,656,618 $ 155,031 $ (237,133)
Net realized gain (loss) from:
Investments (Note 2).................. 17,260,066 1,543,445 73,961,335 25,753,811 (286,889) 5,355,530
Foreign currency transactions (Note
1)................................... (1,246,443) (4,405,623)
Change in net unrealized appreciation
(depreciation) on:
Investments........................... 44,119,110 (1,339,989) 120,496,613 (36,404,981) 5,614,702 (5,188,078)
Translation of assets and liabilities
in Foreign
currencies (Note 1).................. 92 (159,098)
------------ ------------ ------------- ------------ ------------ ------------
Net increase (decrease) in net assets
resulting from operations.............. 65,376,595 2,307,092 202,630,948 (3,994,552) 4,236,493 (4,634,402)
Distributions to shareholders:
From net investment income.............. (3,764,094) (1,944,648) (7,437,014) (5,880,690)
In excess of net investment income...... (4,119)* (31,322)*
From net realized gain from investment
transactions........................... (17,260,066) (1,528,338) (73,961,335) (25,106,027) (1,937,123)
In excess of net realized gain from
investment transactions................ (17,932)* (206,957)* (34,209)*
Capital share transactions, net (Note
3)....................................... 189,924,932 24,718,553 136,042,951 21,274,002 (21,847,478) 52,043,582
------------ ------------ ------------- ------------ ------------ ------------
Net increase (decrease) in net assets... 234,259,435 23,548,540 257,037,271 (13,707,267) (17,610,985) 45,437,848
NET ASSETS:
Beginning of period....................... 124,263,289 100,714,749 591,693,581 605,400,848 118,484,445 73,046,597
------------ ------------ ------------- ------------ ------------ ------------
End of period (1)......................... $358,522,724 $124,263,289 $ 848,730,852 $591,693,581 $100,873,460 $118,484,445
------------ ------------ ------------- ------------ ------------ ------------
------------ ------------ ------------- ------------ ------------ ------------
- --------------------------------------------
------------ ------------ ------------- ------------ ------------ ------------
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
(1) Includes undistributed net investment
income (loss) of: $ 395,967 $ 162,642 $ 1,523,877 $ 819,213 $ -- $ (28,910)
* On a tax basis, there was no return of capital.
</TABLE>
The accompanying notes are an integral part of the financial statements.
53
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
-----------------------------------------------------------------
<TABLE>
<CAPTION>
Columbia Columbia Columbia
Special Real Estate Equity Balanced
Years Ended December 31, Fund, Inc. Fund, Inc. Fund, Inc.
-------------------------- ---------------------- -----------
<S> <C> <C> <C> <C> <C>
1995 1994 1995 1994(2) 1995
------------- ----------- ---------- ---------- -----------
INCREASE IN NET ASSETS:
Operations:
Net investment income.............................. $ 1,828,234 $ 3,456,005 $1,240,072 $ 642,745 $15,015,481
Net realized gain (loss) from investments (Note
2)................................................ 154,437,430 51,779,847 (132) (6,499) 20,555,403
Change in net unrealized appreciation
(depreciation) on investments..................... 148,707,165 (41,675,166) 1,834,154 (298,228) 47,270,141
------------- ----------- ---------- ---------- -----------
Net increase in net assets resulting from
operations........................................ 304,972,829 13,560,686 3,074,094 338,018 82,841,025
Distributions to shareholders:
From net investment income......................... (1,151,123) (3,128,013) (774,447) (405,620) (14,812,967)
In excess of net investment income................. (11,481)* (46,117)*
From net realized gain from investment
transactions...................................... (154,437,430) (51,779,847) (17,052,999)
In excess of net realized gain from investment
transactions...................................... (1,539,578)* (1,396,366)* (235,252)*
From tax return of capital......................... (451,668) (237,125)
Capital share transactions, net (Note 3)............. 347,044,146 159,528,287 2,572,289 17,718,392 186,168,310
------------- ----------- ---------- ---------- -----------
Net increase in net assets......................... 494,888,844 116,784,747 4,185,016 17,402,184 237,097,252
NET ASSETS:
Beginning of period.................................. 889,526,191 772,741,444 17,402,184 249,670,241
------------- ----------- ---------- ---------- -----------
End of period (1).................................... $1,384,415,035 $889,526,191 $21,587,200 $17,402,184 $486,767,493
------------- ----------- ---------- ---------- -----------
------------- ----------- ---------- ---------- -----------
- -------------------------------------------------------
------------- ----------- ---------- ---------- -----------
(1) Includes undistributed net investment income (loss)
of:................................................... $ (51,817) $ (226,836) $ 2,476 $ (11,481) $ 211,082
(2) From inception of operations on March 16, 1994.
* On a tax basis, there was no return of capital.
<CAPTION>
Years Ended December 31,
<S> <C>
1994
-----------
INCREASE IN NET ASSETS:
Operations:
Net investment income.............................. $ 8,699,173
Net realized gain (loss) from investments (Note
2)................................................ (3,479,941)
Change in net unrealized appreciation
(depreciation) on investments..................... (4,914,068)
-----------
Net increase in net assets resulting from
operations........................................ 305,164
Distributions to shareholders:
From net investment income......................... (8,528,093)
In excess of net investment income................. (64,270)*
From net realized gain from investment
transactions......................................
In excess of net realized gain from investment
transactions......................................
From tax return of capital.........................
Capital share transactions, net (Note 3)............. 71,368,736
-----------
Net increase in net assets......................... 63,081,537
NET ASSETS:
Beginning of period.................................. 186,588,704
-----------
End of period (1).................................... $249,670,241
-----------
-----------
- -------------------------------------------------------
-----------
(1) Includes undistributed net investment income (loss)
of:................................................... $ 54,685
(2) From inception of operations on March 16, 1994.
* On a tax basis, there was no return of capital.
</TABLE>
The accompanying notes are an integral part of the financial statements.
54
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
-----------------------------------------------------------------
<TABLE>
<CAPTION>
Columbia
Columbia Columbia Fixed Income
Daily Income U.S. Government Securities
Years Ended December 31, Company Securities Fund, Inc. Fund, Inc.
-------------------------- ------------------------ ------------
<S> <C> <C> <C> <C> <C>
1995 1994 1995 1994 1995
------------ ------------ ----------- ----------- ------------
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income............................... $ 39,894,755 $ 23,002,486 $ 2,036,453 $ 1,555,509 $ 19,285,757
Net realized gain (loss) from investments (Note
2)................................................. 571,638 (1,051,398) 7,333,401
Change in net unrealized appreciation (depreciation)
on investments..................................... 1,000,875 (428,478) 22,005,760
------------ ------------ ----------- ----------- ------------
Net increase (decrease) in net assets resulting from
operations......................................... 39,894,755 23,002,486 3,608,966 75,633 48,624,918
Distributions to shareholders:
From net investment income.......................... (39,894,755) (23,002,486) (2,036,453) (1,555,509) (19,285,757)
Capital share transactions, net (Note 3).............. 70,588,520 185,567,215 6,758,002 (885,283) 34,830,059
------------ ------------ ----------- ----------- ------------
Net increase (decrease) in net assets............... 70,588,520 185,567,215 8,330,515 (2,365,159) 64,169,220
NET ASSETS:
Beginning of period................................... 730,067,002 544,499,787 33,511,869 35,877,028 252,089,583
------------ ------------ ----------- ----------- ------------
End of period......................................... $800,655,522 $730,067,002 $41,842,384 $33,511,869 $316,258,803
------------ ------------ ----------- ----------- ------------
------------ ------------ ----------- ----------- ------------
<CAPTION>
Years Ended December 31,
<S> <C>
1994
------------
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income............................... $ 17,677,556
Net realized gain (loss) from investments (Note
2)................................................. (10,832,491)
Change in net unrealized appreciation (depreciation)
on investments..................................... (17,001,971)
------------
Net increase (decrease) in net assets resulting from
operations......................................... (10,156,906)
Distributions to shareholders:
From net investment income.......................... (17,677,556)
Capital share transactions, net (Note 3).............. (20,607,880)
------------
Net increase (decrease) in net assets............... (48,442,342)
NET ASSETS:
Beginning of period................................... 300,531,925
------------
End of period......................................... $252,089,583
------------
------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
55
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
-----------------------------------------------------------------
<TABLE>
<CAPTION>
Columbia Columbia
Municipal Bond High Yield
Years Ended December 31, Fund, Inc. Fund, Inc.
------------------------ ----------
<S> <C> <C> <C>
1995 1994 1995
----------- ----------- ----------
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income............................................................ $19,222,924 $20,638,374 $1,561,271
Net realized gain (loss) from investments (Note 2)............................... 2,099,378 91,018 (31,194)
Change in net unrealized appreciation (depreciation) on investments.............. 27,002,836 (41,231,934) 1,544,937
----------- ----------- ----------
Net increase (decrease) in net assets resulting from operations.................. 48,325,138 (20,502,542) 3,075,014
Distributions to shareholders:
From net investment income....................................................... (19,222,924) (20,638,374) (1,561,271)
From net realized gain from investment transactions.............................. (2,099,378)
In excess of net realized gain from investment transaction....................... (52,790)*
Capital share transactions, net (Note 3)........................................... 17,029,241 (49,409,756) 9,123,656
----------- ----------- ----------
Net increase (decrease) in net assets............................................ 43,979,287 (90,550,672) 10,637,399
NET ASSETS:
Beginning of period................................................................ 339,816,631 430,367,303 12,833,568
----------- ----------- ----------
End of period...................................................................... $383,795,918 $339,816,631 $23,470,967
----------- ----------- ----------
----------- ----------- ----------
<CAPTION>
Years Ended December 31,
<S> <C>
1994
----------
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income............................................................ $ 818,604
Net realized gain (loss) from investments (Note 2)............................... (159,444)
Change in net unrealized appreciation (depreciation) on investments.............. (689,630)
----------
Net increase (decrease) in net assets resulting from operations.................. (30,470)
Distributions to shareholders:
From net investment income....................................................... (818,604)
From net realized gain from investment transactions..............................
In excess of net realized gain from investment transaction.......................
Capital share transactions, net (Note 3)........................................... 7,742,417
----------
Net increase (decrease) in net assets............................................ 6,893,343
NET ASSETS:
Beginning of period................................................................ 5,940,225
----------
End of period...................................................................... $12,833,568
----------
----------
</TABLE>
<TABLE>
<S> <C> <C> <C>
- -------------------------------------------------------------------------------------
<CAPTION>
- -------------------------------------------------------------------------------------
<S> <C>
</TABLE>
* On a tax basis, there was no return of capital.
The accompanying notes are an integral part of the financial statements.
56
<PAGE>
NOTES TO FINANCIAL STATEMENTS
-----------------------------------------------------------------
1. Significant accounting policies:
The Columbia Funds (the Funds) consist of Columbia Common Stock Fund, Inc.
(CCSF), Columbia Growth Fund, Inc. (CGF), Columbia International Stock Fund,
Inc. (CISF), Columbia Special Fund, Inc. (CSF), Columbia Real Estate Equity
Fund, Inc. (CREF), Columbia Balanced Fund, Inc. (CBF), Columbia Daily Income
Company (CDIC), Columbia U.S. Government Securities Fund, Inc. (CUSG), Columbia
Fixed Income Securities Fund, Inc. (CFIS), Columbia Municipal Bond Fund, Inc.
(CMBF), and Columbia High Yield Fund, Inc. (CHYF). All Funds, except CMBF, are
open-end, diversified investment companies registered under the Investment
Company Act of 1940, as amended. CMBF is an open-end, non-diversified investment
company registered under the Investment Company Act of 1940, as amended. The
policies described below are consistently followed by the Funds in the
preparation of their financial statements in conformity with generally accepted
accounting principles.
Investment valuation - The values of CCSF, CGF, CISF, CSF, CREF and CBF
equity investments are based on the last sale prices reported by the principal
securities exchanges on which the investments are traded, or, in the absence of
recorded sales, at the closing bid prices on such exchanges or over-the-counter
markets. Temporary cash investments in short-term securities (principally
repurchase agreements) are valued at cost, which approximates market.
CDIC investments are carried at values deemed best to reflect their fair
values as determined in good faith by or under the supervision of officers of
CDIC specifically so authorized by its Directors. These values are based on cost
adjusted for amortization of discount or premium and accrued interest, unless
unusual circumstances indicate that another method of determining fair value
should be considered.
CBF, CUSG, CFIS, CMBF and CHYF fixed income investments are carried at
values deemed best to reflect their fair values as determined in good faith by
or under the supervision of officers of CBF, CUSG, CFIS, CMBF and CHYF,
specifically so authorized by their Directors. These values are based on market
value as quoted by dealers who are market makers in these securities or by an
independent pricing service unless unusual circumstances indicate that another
method of determining fair value should be considered. Market values for CBF,
CUSG, CFIS and CHYF fixed income investments are based on the average of bid and
ask prices and market value for CMBF is based on bid prices, or by reference to
other securities with comparable ratings, interest rates and maturities.
Temporary cash investments in short-term securities (principally repurchase
agreements) are valued at cost, which approximates market.
Futures contracts - CSF occasionally utilizes futures contracts to hedge
against market conditions affecting the value of securities that CSF owns or
intends to purchase. Futures contracts are marked to market daily and the
variation margin is recorded as an unrealized gain or loss. When a futures
contract is closed, a realized gain or loss is recorded equal to the difference
between the opening and closing value of the contract. Net realized losses
arising from such transactions were not significant for the year ended December
31, 1995 and are included in realized losses on investment transactions. CSF had
no outstanding contracts at December 31, 1995.
Forward foreign currency exchange contracts - In connection with portfolio
purchases and sales of securities denominated in a foreign currency, CISF enters
into forward foreign currency exchange contracts (contracts). Additionally, CISF
enters into contracts to hedge certain other foreign currency denominated
assets. Contracts are recorded at market value. CISF could be exposed to risks
if counterparties to the contracts are unable to meet the terms of their
contracts or if the value of the foreign currency changes unfavorably. Net
realized losses arising from such transactions amounted to $1,420,747 and are
included in net realized loss from foreign currency related transactions. CISF
had no outstanding hedge contracts at December 31, 1995.
57
<PAGE>
NOTES TO FINANCIAL STATEMENTS, continued
---------------------------------------------------------------------------
1. Significant accounting policies (continued):
Foreign currency translations - The books and records of CISF are maintained
in U.S. dollars. Foreign currency transactions are translated into U.S. dollars
on the following basis:
(i) market value of investment securities, other assets, and
liabilities at the daily rates of exchange, and
(ii) purchases and sales of investment securities, dividend and interest
income and certain expenses at the rates of exchange prevailing on
the respective dates of such transactions.
CISF does not separate that portion of the results of operations resulting
from changes in foreign exchange rates on investments from the fluctuations
arising from changes in market prices of securities held. Such fluctuations are
included with the net realized and unrealized gain or loss from investments.
Reported net realized foreign exchange gains or losses arise from sales and
maturities of short-term securities, sales of foreign currencies, currency gains
or losses realized between the trade and settlement dates on securities
transactions, and the difference between the amounts of dividends, interest, and
foreign withholding taxes recorded on CISF's books and the U.S. dollar
equivalent of the amounts actually received or paid. Net unrealized foreign
exchange gains and losses arise from changes in the value of assets and
liabilities, other than investments in securities, resulting from changes in
exchange rates.
Interest and dividend income - Interest income is recorded on the accrual
basis and dividend income is recorded on the ex-dividend date. The majority of
dividend income recorded by CREF is from Real Estate Investment Trusts (REITs).
For tax purposes, a portion of these dividends consist of capital gains and
return of capital. For financial reporting purposes, these dividends are
recorded as dividend income. For the year ended December 31, 1995, the return of
capital portion of such distributions amounted to approximately 31%.
Shareholder distributions - CCSF, CREF and CBF distribute net investment
income quarterly and any net realized gains from investment transactions
annually. CGF, CISF and CSF distribute net investment income and any net
realized gains annually. CDIC distributes its net investment income daily -
including any realized investment gains or losses. CUSG, CFIS, CMBF and CHYF
distribute their net investment income monthly and any net realized gains
annually. Distributions to shareholders are recorded on the record date.
Income and capital gain distributions are determined in accordance with
income tax regulations which may differ from generally accepted accounting
principles. These differences are primarily due to differing treatments for
foreign currency transactions, net operating losses, deferral of losses from
wash sales and return of capital received from Real Estate Investment Trusts.
Federal income taxes - The Funds have made no provision for federal income
taxes on net investment income or net realized gains from sales of securities,
since it is the intention of the Funds to comply with the provisions of the
Internal Revenue Code available to certain investment companies, and to make
distributions of income and security profits sufficient to relieve them from
substantially all federal income taxes.
As of December 31, 1995, certain Funds have capital loss carryovers
available to offset future capital gains as follows:
<TABLE>
<CAPTION>
Year Carryover Expires CISF CUSG CFIS CHYF
- ----------------------------------------------------------- ----------- ----------- ------------- -----------
<S> <C> <C> <C> <C>
2002....................................................... $ 479,759 $ 3,284,789 $ 159,444
2003....................................................... $ 294,185 31,194
----------- ----------- ------------- -----------
$ 294,185 $ 479,759 $ 3,284,789 $ 190,638
----------- ----------- ------------- -----------
----------- ----------- ------------- -----------
</TABLE>
To the extent that the capital loss carryovers are used to offset any
capital gains, it is unlikely that the gains so offset will be distributed to
shareholders.
58
<PAGE>
NOTES TO FINANCIAL STATEMENTS, continued
---------------------------------------------------------------------------
1. Significant accounting policies (continued):
Other - Investment transactions are accounted for on the date the
investments are purchased or sold. The cost of investments sold is determined by
the use of the specific identification method for both financial reporting and
income tax purposes. Realized gains and losses from investment transactions and
unrealized appreciation or depreciation of investments are reported on the basis
of identified costs. The Funds, through their custodians, receive delivery of
underlying securities collateralizing repurchase agreements (included in
temporary cash investments). Market values of these securities are required to
be at least 100% of the cost of the repurchase agreements. The Funds' investment
advisor determines that the value of the underlying securities is at all times
at least equal to the resale price. In the event of default or bankruptcy by the
other party to the agreement, realization and/or retention of the collateral may
be subject to legal proceedings.
CHYF invests in lower rated debt securities, which may be more susceptible
to adverse economic conditions than investment grade holdings. These securities
are often subordinated to the prior claims of other senior lenders, and
uncertainties exist as to an issuer's ability to meet principal and interest
payments. At December 31, 1995, 95% of the Fund's portfolio was invested in
securities rated Ba (58%) or B (37%) by Moody's Investor Services, Inc.; the
remaining 5% of the portfolio was invested in a U.S. Treasury Bond.
2. Investment transactions:
Aggregate purchases, sales and maturities, net realized gain (loss) and
unrealized appreciation (depreciation) of securities, including temporary cash
investments for CDIC and excluding temporary cash investments for all other
Funds, as of and for the period ended December 31, 1995, were as follows:
<TABLE>
<CAPTION>
Columbia
Columbia Common International
Stock Fund, Inc. Columbia Growth Stock
(CCSF) Fund, Inc. (CGF) Fund, Inc. (CISF)
----------------- ---------------- -----------------
<S> <C> <C> <C>
Purchases:
Investment securities other than U.S. Government obligations... $ 346,197,213 $747,095,468 $ 148,072,448
----------------- ---------------- -----------------
----------------- ---------------- -----------------
Sales and Maturities:
Investment securities other than U.S. Government obligations... $ 169,888,876 $662,797,667 $ 166,905,505
----------------- ---------------- -----------------
----------------- ---------------- -----------------
Net Realized Gain (Loss):
Investment securities other than U.S. Government obligations... $ 17,260,066 $ 73,961,335 $ (286,889)
----------------- ---------------- -----------------
----------------- ---------------- -----------------
Unrealized Appreciation (Depreciation) as of December 31, 1995:
Appreciation................................................... $ 57,772,788 $175,844,768 $ 13,064,543
Depreciation................................................... (5,416,932) (15,873,460) (2,097,626)
----------------- ---------------- -----------------
Net unrealized appreciation.................................. $ 52,355,856 $159,971,308 $ 10,966,917
----------------- ---------------- -----------------
----------------- ---------------- -----------------
Unrealized Appreciation (Depreciation)
for federal income tax purposes as of December 31, 1995:
Appreciation................................................... $ 58,036,355 $176,658,318 $ 12,398,529
Depreciation................................................... (5,339,834) (16,170,268) (2,137,926)
----------------- ---------------- -----------------
Net unrealized appreciation.................................. $ 52,696,521 $160,488,050 $ 10,260,603
----------------- ---------------- -----------------
----------------- ---------------- -----------------
For federal income tax purposes, the cost of investments owned at
December 31, 1995............................................... $ 300,909,517 $680,336,343 $ 87,475,360
----------------- ---------------- -----------------
----------------- ---------------- -----------------
<CAPTION>
Columbia
Special Fund,
Inc. (CSF)
---------------
<S> <C>
Purchases:
Investment securities other than U.S. Government obligations... $2,253,815,949
---------------
---------------
Sales and Maturities:
Investment securities other than U.S. Government obligations... $2,004,583,075
---------------
---------------
Net Realized Gain (Loss):
Investment securities other than U.S. Government obligations... $ 154,437,430
---------------
---------------
Unrealized Appreciation (Depreciation) as of December 31, 1995:
Appreciation................................................... $ 249,496,752
Depreciation................................................... (48,262,769)
---------------
Net unrealized appreciation.................................. $ 201,233,983
---------------
---------------
Unrealized Appreciation (Depreciation)
for federal income tax purposes as of December 31, 1995:
Appreciation................................................... $ 249,436,009
Depreciation................................................... (50,288,978)
---------------
Net unrealized appreciation.................................. $ 199,147,031
---------------
---------------
For federal income tax purposes, the cost of investments owned at
December 31, 1995............................................... $1,156,351,094
---------------
---------------
</TABLE>
The net realized gain for CGF and CSF includes proceeds of approximately
$372,000 and $617,000, respectively, from shareholder class action suits related
to securities held by those Funds.
59
<PAGE>
NOTES TO FINANCIAL STATEMENTS, continued
---------------------------------------------------------------------------
2. Investment transactions (continued):
<TABLE>
<CAPTION>
Columbia
Real Estate Columbia Columbia
Equity Fund, Balanced Fund, Daily Income
Inc. (CREF) Inc. (CBF) Company (CDIC)
---------------- --------------- ----------------
<S> <C> <C> <C>
Purchases:
Investment securities other than U.S. Government
obligations................................................ $ 11,549,479 $ 310,893,650 $8,765,471,361
U.S. Government obligations................................. 214,984,335 132,997,843
---------------- --------------- ----------------
Total purchases........................................... $ 11,549,479 $ 525,877,985 $8,898,469,204
---------------- --------------- ----------------
---------------- --------------- ----------------
Sales and Maturities:
Investment securities other than U.S. Government
obligations................................................ $ 9,485,226 $ 189,253,289 $8,651,791,176
U.S. Government obligations................................. 182,028,057 176,177,079
---------------- --------------- ----------------
Total sales and maturities................................ $ 9,485,226 $ 371,281,346 $8,827,968,255
---------------- --------------- ----------------
---------------- --------------- ----------------
Net Realized Gain (Loss):
Investment securities other than U.S. Government
obligations................................................ $ (132) $ 17,195,677
U.S. Government obligations................................. 3,359,726
---------------- ---------------
Total net realized gain (loss) $ (132) $ 20,555,403
---------------- ---------------
---------------- ---------------
Unrealized Appreciation (Depreciation) as of December 31,
1995:
Appreciation................................................ $ 1,700,526 $ 55,548,255
Depreciation................................................ (164,600) (3,666,405)
---------------- ---------------
Net unrealized appreciation............................... $ 1,535,926 $ 51,881,850
---------------- ---------------
---------------- ---------------
Unrealized Appreciation (Depreciation)
for federal income tax purposes as of December 31, 1995:
Appreciation................................................ $ 2,056,659 $ 55,769,038
Depreciation................................................ (62,873) (3,560,483)
---------------- ---------------
Net unrealized appreciation............................... $ 1,993,786 $ 52,208,555
---------------- ---------------
---------------- ---------------
For federal income tax purposes, the cost of investments owned
at December 31, 1995......................................... $ 18,313,377 $ 407,191,339 $ 806,898,061
---------------- --------------- ----------------
---------------- --------------- ----------------
<CAPTION>
Columbia U.S.
Government
Securities Fund,
Inc. (CUSG)
--------------------
<S> <C>
Purchases:
Investment securities other than U.S. Government
obligations................................................
U.S. Government obligations................................. $106,366,414
--------------------
Total purchases........................................... $106,366,414
--------------------
--------------------
Sales and Maturities:
Investment securities other than U.S. Government
obligations................................................
U.S. Government obligations................................. $100,153,457
--------------------
Total sales and maturities................................ $100,153,457
--------------------
--------------------
Net Realized Gain (Loss):
Investment securities other than U.S. Government
obligations................................................
U.S. Government obligations................................. $ 571,638
--------------------
Total net realized gain (loss) $ 571,638
--------------------
--------------------
Unrealized Appreciation (Depreciation) as of December 31,
1995:
Appreciation................................................ $ 611,755
Depreciation................................................
--------------------
Net unrealized appreciation............................... $ 611,755
--------------------
--------------------
Unrealized Appreciation (Depreciation)
for federal income tax purposes as of December 31, 1995:
Appreciation................................................ $ 611,755
Depreciation................................................
--------------------
Net unrealized appreciation............................... $ 611,755
--------------------
--------------------
For federal income tax purposes, the cost of investments owned
at December 31, 1995......................................... $ 40,097,690
--------------------
--------------------
</TABLE>
60
<PAGE>
NOTES TO FINANCIAL STATEMENTS, continued
---------------------------------------------------------------------------
2. Investment transactions (continued):
<TABLE>
<CAPTION>
Columbia Fixed
Income Columbia
Securities Fund, Municipal Bond
Inc. (CFIS) Fund, Inc. (CMBF)
---------------- -----------------
<S> <C> <C>
Purchases:
Investment securities other than U.S. Government obligations.................... $136,432,334 $ 90,547,626
U.S. Government obligations..................................................... 272,207,018
---------------- -----------------
Total purchases............................................................... $408,639,352 $ 90,547,626
---------------- -----------------
---------------- -----------------
Sales and Maturities:
Investment securities other than U.S. Government obligations.................... $115,770,042 $ 76,696,109
U.S. Government obligations..................................................... 257,680,793
---------------- -----------------
Total sales and maturities.................................................... $373,450,835 $ 76,696,109
---------------- -----------------
---------------- -----------------
Net Realized Gain (Loss):
Investment securities other than U.S. Government obligations.................... $ 1,901,406 $ 2,099,378
U.S. Government obligations..................................................... 5,431,995
---------------- -----------------
Total net realized gain (loss)................................................ $ 7,333,401 $ 2,099,378
---------------- -----------------
---------------- -----------------
Unrealized Appreciation (Depreciation) as of December 31, 1995:
Appreciation.................................................................... $ 13,239,666 $ 21,361,180
Depreciation.................................................................... (126,338) (220,804)
---------------- -----------------
Net unrealized appreciation................................................... $ 13,113,328 $ 21,140,376
---------------- -----------------
---------------- -----------------
Unrealized Appreciation (Depreciation)
for federal income tax purposes as of December 31, 1995:
Appreciation.................................................................... $ 13,021,794 $ 21,361,180
Depreciation.................................................................... (126,338) (220,804)
---------------- -----------------
Net unrealized appreciation................................................... $ 12,895,456 $ 21,140,376
---------------- -----------------
---------------- -----------------
For federal income tax purposes, the cost of investments owned
at December 31, 1995............................................................. $294,115,467 $ 352,970,256
---------------- -----------------
---------------- -----------------
<CAPTION>
Columbia
High Yield
Fund, Inc. (CHYF)
-----------------
<S> <C>
Purchases:
Investment securities other than U.S. Government obligations.................... $ 14,660,694
U.S. Government obligations..................................................... 2,881,891
-----------------
Total purchases............................................................... $ 17,542,585
-----------------
-----------------
Sales and Maturities:
Investment securities other than U.S. Government obligations.................... $ 6,873,947
U.S. Government obligations..................................................... 1,897,852
-----------------
Total sales and maturities.................................................... $ 8,771,799
-----------------
-----------------
Net Realized Gain (Loss):
Investment securities other than U.S. Government obligations.................... $ (52,796)
U.S. Government obligations..................................................... 21,602
-----------------
Total net realized gain (loss)................................................ $ (31,194)
-----------------
-----------------
Unrealized Appreciation (Depreciation) as of December 31, 1995:
Appreciation.................................................................... $ 899,527
Depreciation.................................................................... (46,855)
-----------------
Net unrealized appreciation................................................... $ 852,672
-----------------
-----------------
Unrealized Appreciation (Depreciation)
for federal income tax purposes as of December 31, 1995:
Appreciation.................................................................... $ 899,527
Depreciation.................................................................... (46,855)
-----------------
Net unrealized appreciation................................................... $ 852,672
-----------------
-----------------
For federal income tax purposes, the cost of investments owned
at December 31, 1995............................................................. $ 21,455,190
-----------------
-----------------
</TABLE>
61
<PAGE>
NOTES TO FINANCIAL STATEMENTS, continued
---------------------------------------------------------------------------
3. Capital stock:
<TABLE>
<CAPTION>
Columbia
International
Columbia Columbia Stock
Common Stock Growth Fund, Inc.
Fund, Inc. (CCSF) Fund, Inc. (CGF) (CISF)
------------------------ -------------------------- -----------
1995 1994 1995 1994 1995
----------- ----------- ------------ ------------ -----------
<S> <C> <C> <C> <C> <C>
Shares:
Shares sold......................................... 12,907,792 3,682,715 6,481,595 4,615,526 3,176,713
Shares issued for reinvestment of dividends......... 1,137,709 226,986 2,636,586 1,199,800 --
----------- ----------- ------------ ------------ -----------
14,045,501 3,909,701 9,118,181 5,815,326 3,176,713
Less shares redeemed................................ (2,953,090) (2,300,962) (4,495,529) (4,945,078) (4,992,567)
----------- ----------- ------------ ------------ -----------
Net increase (decrease) in shares................... 11,092,411 1,608,739 4,622,652 870,248 (1,815,854)
----------- ----------- ------------ ------------ -----------
----------- ----------- ------------ ------------ -----------
Amounts:
Sales............................................... $221,012,822 $56,500,667 $187,801,317 $120,942,572 $38,698,162
Reinvestment of dividends........................... 20,863,972 3,433,537 78,122,044 29,707,040 --
----------- ----------- ------------ ------------ -----------
241,876,794 59,934,204 265,923,361 150,649,612 38,698,162
Less redemptions.................................... (51,951,862) (35,215,651) (129,880,410) (129,375,610) (60,545,640)
----------- ----------- ------------ ------------ -----------
Net increase (decrease)............................. $189,924,932 $24,718,553 $136,042,951 $ 21,274,002 $(21,847,478)
----------- ----------- ------------ ------------ -----------
----------- ----------- ------------ ------------ -----------
Capital stock authorized (shares)................... 100,000,000 100,000,000 100,000,000
Par Value........................................... no par $.01 no par
<CAPTION>
1994
-----------
<S> <C>
Shares:
Shares sold......................................... 7,451,585
Shares issued for reinvestment of dividends......... 157,112
-----------
7,608,697
Less shares redeemed................................ (3,712,084)
-----------
Net increase (decrease) in shares................... 3,896,613
-----------
-----------
Amounts:
Sales............................................... $98,676,874
Reinvestment of dividends........................... 1,951,331
-----------
100,628,205
Less redemptions.................................... (48,584,623)
-----------
Net increase (decrease)............................. $52,043,582
-----------
-----------
Capital stock authorized (shares)...................
Par Value...........................................
</TABLE>
<TABLE>
<CAPTION>
Columbia
Columbia Columbia Balanced
Special Real Estate Equity Fund, Inc.
Fund, Inc. (CSF) Fund, Inc. (CREF) (CBF)
------------------------ ------------------------ -----------
1995 1994 1995 1994(1) 1995
----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
Shares:
Shares sold.......................................... 24,380,701 28,466,146 745,236 1,626,036 12,164,908
Shares issued for reinvestment of dividends.......... 7,030,821 2,783,927 116,209 55,087 1,603,299
----------- ----------- ----------- ----------- -----------
31,411,522 31,250,073 861,445 1,681,123 13,768,207
Less shares redeemed................................. (14,439,180) (23,254,058) (647,683) (195,962) (3,974,088)
----------- ----------- ----------- ----------- -----------
Net increase in shares............................... 16,972,342 7,996,015 213,762 1,485,161 9,794,119
----------- ----------- ----------- ----------- -----------
----------- ----------- ----------- ----------- -----------
Amounts:
Sales................................................ $507,005,537 $564,106,978 $ 8,920,599 $19,353,479 $230,627,211
Reinvestment of dividends............................ 148,631,551 51,753,189 1,402,375 638,352 31,608,126
----------- ----------- ----------- ----------- -----------
655,637,088 615,860,167 10,322,974 19,991,831 262,235,337
Less redemptions..................................... (308,592,942) (456,331,880) (7,750,685) (2,273,439) (76,067,027)
----------- ----------- ----------- ----------- -----------
Net increase......................................... $347,044,146 $159,528,287 $ 2,572,289 $17,718,392 $186,168,310
----------- ----------- ----------- ----------- -----------
----------- ----------- ----------- ----------- -----------
Capital stock authorized (shares).................... 100,000,000 100,000,000 100,000,000
Par Value............................................ $.01 no par no par
<CAPTION>
1994
-----------
<S> <C>
Shares:
Shares sold.......................................... 7,663,751
Shares issued for reinvestment of dividends.......... 481,500
-----------
8,145,251
Less shares redeemed................................. (4,116,129)
-----------
Net increase in shares............................... 4,029,122
-----------
-----------
Amounts:
Sales................................................ $135,254,333
Reinvestment of dividends............................ 8,338,614
-----------
143,592,947
Less redemptions..................................... (72,224,211)
-----------
Net increase......................................... $71,368,736
-----------
-----------
Capital stock authorized (shares)....................
Par Value............................................
</TABLE>
(1) From inception of operations on March 16, 1994.
62
<PAGE>
NOTES TO FINANCIAL STATEMENTS, continued
---------------------------------------------------------------------------
3. Capital stock (continued):
<TABLE>
<CAPTION>
Columbia
Fixed
Income
Columbia Columbia U.S. Securities
Daily Income Gov't Securities Fund, Inc.
Fund, Inc. (CDIC) Fund, Inc. (CUSG) (CFIS)
------------------------------ ------------------------ -----------
1995 1994 1995 1994 1995
-------------- -------------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
Shares:
Shares sold..................................... 1,191,109,050 1,294,012,916 2,438,332 3,000,274 6,735,955
Shares issued for reinvestment of dividends..... 39,866,838 22,994,899 229,910 174,819 1,319,739
-------------- -------------- ----------- ----------- -----------
1,230,975,888 1,317,007,815 2,668,242 3,175,093 8,055,694
Less shares redeemed............................ (1,160,387,368) (1,131,440,600) (1,843,924) (3,277,333) (5,373,406)
-------------- -------------- ----------- ----------- -----------
Net increase (decrease) in shares............... 70,588,520 185,567,215 824,318 (102,240) 2,682,288
-------------- -------------- ----------- ----------- -----------
-------------- -------------- ----------- ----------- -----------
Amounts:
Sales........................................... $1,191,109,050 $1,294,012,916 $19,955,069 $24,536,810 $86,697,840
Reinvestment of dividends....................... 39,866,838 22,994,899 1,885,143 1,423,095 17,119,289
-------------- -------------- ----------- ----------- -----------
1,230,975,888 1,317,007,815 21,840,212 25,959,905 103,817,129
Less redemptions................................ (1,160,387,368) (1,131,440,600) (15,082,210) (26,845,188) (68,987,070)
-------------- -------------- ----------- ----------- -----------
Net increase (decrease)......................... $ 70,588,520 $ 185,567,215 $ 6,758,002 $ (885,283) $34,830,059
-------------- -------------- ----------- ----------- -----------
-------------- -------------- ----------- ----------- -----------
Capital stock authorized (shares)............... 2,000,000,000 100,000,000 200,000,000
Par Value....................................... $.001 $ .01 $ .01
<CAPTION>
1994
------------
<S> <C>
Shares:
Shares sold..................................... 5,778,520
Shares issued for reinvestment of dividends..... 1,244,614
------------
7,023,134
Less shares redeemed............................ (8,652,209)
------------
Net increase (decrease) in shares............... (1,629,075)
------------
------------
Amounts:
Sales........................................... $ 73,805,629
Reinvestment of dividends....................... 15,689,020
------------
89,494,649
Less redemptions................................ (110,102,529)
------------
Net increase (decrease)......................... $(20,607,880)
------------
------------
Capital stock authorized (shares)...............
Par Value.......................................
</TABLE>
<TABLE>
<CAPTION>
Columbia Columbia
Municipal Bond High Yield
Fund, Inc. (CMBF) Fund, Inc. (CHYF)
------------------------ ------------------------
1995 1994 1995 1994
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
Shares:
Shares sold..................................... 5,057,133 6,856,898 1,176,046 931,402
Shares issued for reinvestment of dividends..... 1,460,826 1,422,578 146,858 83,757
----------- ----------- ----------- -----------
6,517,959 8,279,476 1,322,904 1,015,159
Less shares redeemed............................ (5,096,815) (12,549,998) (367,495) (192,577)
----------- ----------- ----------- -----------
Net increase (decrease) in shares............... 1,421,144 (4,270,522) 955,409 822,582
----------- ----------- ----------- -----------
----------- ----------- ----------- -----------
Amounts:
Sales........................................... $60,766,673 $83,098,663 $11,217,136 $ 8,749,569
Reinvestment of dividends....................... 17,726,251 16,933,561 1,406,479 779,126
----------- ----------- ----------- -----------
78,492,924 100,032,224 12,623,615 9,528,695
Less redemptions................................ (61,463,683) (149,441,980) (3,499,959) (1,786,278)
----------- ----------- ----------- -----------
Net increase (decrease)......................... $17,029,241 $(49,409,756) $ 9,123,656 $ 7,742,417
----------- ----------- ----------- -----------
----------- ----------- ----------- -----------
Capital stock authorized (shares)............... 100,000,000 100,000,000
Par Value....................................... $.01 no par
<CAPTION>
<S> <C>
Shares:
Shares sold.....................................
Shares issued for reinvestment of dividends.....
Less shares redeemed............................
Net increase (decrease) in shares...............
Amounts:
Sales...........................................
Reinvestment of dividends.......................
Less redemptions................................
Net increase (decrease).........................
Capital stock authorized (shares)...............
Par Value.......................................
</TABLE>
63
<PAGE>
NOTES TO FINANCIAL STATEMENTS, continued
---------------------------------------------------------------------------
4. Transactions with affiliates and related parties:
<TABLE>
<CAPTION>
Columbia
Columbia Common Columbia Int'l Stock
Stock Fund, Inc. Growth Fund, Inc.
(CCSF) Fund, Inc. (CGF) (CISF)
----------------- --------------------- -------------
<S> <C> <C> <C>
Investment management fees incurred...................... $1,453,843 $4,483,699 $1,013,873
Investment management fee computation basis (percentage
of
daily net assets per annum)............................. .60 of 1% .75 of 1% to 1%
$200,000,000 daily
net assets; .625 of
1% between
$200,000,000 and
$500,000,000; and .50
of 1% in excess of
$500,000,000
Transfer agent fee (included in shareholder servicing
costs).................................................. $151,994 $445,028 $178,755
Fees earned by directors not affiliated with each Fund's
investment advisor, transfer agent, or Columbia
Management Co........................................... $3,294 $10,226 $1,468
Value of investments held at December 31, 1995 by:
Columbia Management Co................................. $425,842 $90,738 $58,573
Columbia Funds Management Company...................... $78,712 $39,966 $14,353
<CAPTION>
Columbia
Special Fund, Inc.
(CSF)
---------------------
<S> <C>
Investment management fees incurred...................... $10,125,466
Investment management fee computation basis (percentage
of
daily net assets per annum)............................. 1% to $500,000,000
daily net assets; .75
of 1% in excess of
$500,000,000
Transfer agent fee (included in shareholder servicing
costs).................................................. $590,067
Fees earned by directors not affiliated with each Fund's
investment advisor, transfer agent, or Columbia
Management Co........................................... $16,704
Value of investments held at December 31, 1995 by:
Columbia Management Co................................. $1,752,771
Columbia Funds Management Company...................... $812,613
</TABLE>
<TABLE>
<CAPTION>
Columbia
Real Estate Columbia Columbia
Equity Balanced Fund, Daily Income
Fund, Inc. (CREF) Inc. (CBF) Fund, Inc. (CDIC)
----------------- ---------------- ---------------------
<S> <C> <C> <C>
Investment management fees incurred....................... $138,673 $1,871,284 $3,611,202
Investment management fee computation basis (percentage of
daily net assets per annum).............................. .75 of 1% .50 of 1% .50 of 1% to
$500,000,000 daily
net assets; .45 of 1%
between $500,000,000
and $1,000,000,000;
and .40 of 1% in
excess of
$1,000,000,000
Transfer agent fee (included in shareholder servicing
costs)................................................... $17,103 $232,573 $559,551
Fees earned by directors not affiliated with each Fund's
investment advisor, transfer agent, or Columbia
Management Co............................................ $262 $5,214 $10,704
Value of investments held at December 31, 1995 by:
Columbia Management Co.................................. $123,183 $10,419,106
Columbia Funds Management Company....................... $22,097 $4,935,281
<CAPTION>
Columbia U.S.
Gov't Securities
Fund, Inc. (CUSG)
------------------
<S> <C>
Investment management fees incurred....................... $187,343
Investment management fee computation basis (percentage of
daily net assets per annum).............................. .50 of 1%
Transfer agent fee (included in shareholder servicing
costs)................................................... $32,348
Fees earned by directors not affiliated with each Fund's
investment advisor, transfer agent, or Columbia
Management Co............................................ $534
Value of investments held at December 31, 1995 by:
Columbia Management Co.................................. $407,477
Columbia Funds Management Company....................... $63,761
</TABLE>
64
<PAGE>
NOTES TO FINANCIAL STATEMENTS, continued
---------------------------------------------------------------------------
4. Transactions with affiliates and related parties (continued):
<TABLE>
<CAPTION>
Columbia Fixed
Income
Securities Columbia
Fund, Inc. Municipal Bond
(CFIS) Fund, Inc. (CMBF)
---------------- -----------------
<S> <C> <C>
Investment management fees incurred............................................... $1,413,769 $1,840,676
Investment management fee computation basis (percentage of daily net assets per .50 of 1% .50 of 1%
annum)...........................................................................
Transfer agent fee (included in shareholder servicing costs)...................... $163,387 $83,607
Fees earned by directors not affiliated with each Fund's investment advisor,
transfer agent, or Columbia Management Co........................................ $4,048 $5,290
Value of investments held at December 31, 1995 by:
Columbia Management Co.......................................................... $896,789 $1,665,449
Columbia Funds Management Company............................................... $281,938 $234,086
<CAPTION>
Columbia
High Yield
Fund, Inc. (CHYF)
-----------------
<S> <C>
Investment management fees incurred............................................... $109,022
Investment management fee computation basis (percentage of daily net assets per .60 of 1%
annum)...........................................................................
Transfer agent fee (included in shareholder servicing costs)...................... $15,324
Fees earned by directors not affiliated with each Fund's investment advisor,
transfer agent, or Columbia Management Co........................................ $256
Value of investments held at December 31, 1995 by:
Columbia Management Co.......................................................... $298,345
Columbia Funds Management Company............................................... $286,777
</TABLE>
The investment advisor of the Funds is Columbia Funds Management Company.
The transfer agent for the Funds is Columbia Trust Company, a subsidiary of
Columbia Funds Management Company. The transfer agent is compensated based on a
per account fee. The contracts for investment advisory and transfer agent
services for the Funds must be renewed annually by a majority vote of the Funds'
shareholders or by the directors of the Funds. Certain officers and directors of
the Funds are also officers and directors of Columbia Funds Management Company,
Columbia Trust Company and Columbia Management Co. They did not receive any
direct payments from the Funds. At December 31, 1995, certain officers and
directors of the Funds held investments of $2,828,800 in CREF. At December 31,
1995, CSF had investments in securities of U.S. Bancorp and Morgan Stanley
Group, Inc., both of which provide primarily custodial services to CSF.
65
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
-----------------------------------------------------------------
To the Directors and Shareholders,
Columbia Common Stock Fund, Inc. (CCSF)
Columbia Growth Fund, Inc. (CGF)
Columbia International Stock Fund, Inc. (CISF)
Columbia Special Fund, Inc. (CSF)
Columbia Real Estate Equity Fund, Inc. (CREF)
Columbia Balanced Fund, Inc. (CBF)
Columbia Daily Income Company (CDIC)
Columbia U.S. Government Securities Fund, Inc. (CUSG)
Columbia Fixed Income Securities Fund, Inc. (CFIS)
Columbia Municipal Bond Fund, Inc. (CMBF)
Columbia High Yield Fund, Inc. (CHYF)
We have audited the accompanying statements of assets and liabilities,
including the schedules of investments for each of the eleven funds comprising
Columbia Funds, as of December 31, 1995, the related statements of operations
for the year then ended, the statements of changes in net assets for each of the
two years in the period then ended, except for CREF which is for the period from
inception, March 16, 1994 to December 31, 1994 and for the year ended December
31, 1995, and the financial highlights for the periods indicated therein. These
financial statements and financial highlights are the responsibility of the
Funds' management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of
December 31, 1995 by correspondence with the custodian, and confirmation by
correspondence with brokers as to securities purchased but not received at that
date, or other auditing procedures where confirmations from brokers were not
received. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position of the
eleven funds comprising Columbia Funds as of December 31, 1995, the results of
their operations for the year then ended, the changes in their net assets for
each of the two years in the period then ended, except for CREF which is for the
period from inception March 16, 1994 to December 31, 1994 and for the year ended
December 31, 1995, and the financial highlights for the periods indicated
therein, in conformity with generally accepted accounting principles.
COOPERS & LYBRAND L.L.P.
Portland, Oregon
January 31, 1996
66
<PAGE>
[LOGO]
COLUMBIA FUNDS
------------------------------------------------------------------
DIRECTORS
--------------------------------------------
James C. George
J. Jerry Inskeep, Jr.
John A. Kemp
Thomas R. Mackenzie
James F. Rippey
Richard L. Woolworth
------------------------------------------------------------------
OFFICERS
--------------------------------------------
J. Jerry Inskeep, Jr., Chairman
John A. Kemp, President
George L. Hanseth, Senior Vice President
Albert D. Corrado, Vice President
Lawrence S. Viehl, Vice President
Jeff B. Curtis, Secretary
------------------------------------------------------------------
INVESTMENT ADVISOR
--------------------------------------------
COLUMBIA FUNDS MANAGEMENT COMPANY
1300 S.W. Sixth Avenue
P.O. Box 1350
Portland, Oregon 97207-1350
------------------------------------------------------------------
LEGAL COUNSEL
--------------------------------------------
STOEL RIVES L.L.P.
900 S.W. Fifth Avenue, Suite 2300
Portland, Oregon 97204-1268
------------------------------------------------------------------
AUDITORS
--------------------------------------------
COOPERS & LYBRAND L.L.P.
2700 First Interstate Tower
Portland, Oregon 97201
------------------------------------------------------------------
TRANSFER AGENT
--------------------------------------------
COLUMBIA TRUST COMPANY
1301 S.W. Fifth Avenue
P.O. Box 1350
Portland, Oregon 97207-1350
This information must be preceded or accompanied by a current prospectus.
Portfolio changes should not be considered recommendations for action by
individual investors.
