<PAGE>
[LOGO]
COLUMBIA FUNDS
-----------------------
1996 SEMI-ANNUAL REPORT
-----------------------
COLUMBIA COMMON STOCK FUND
COLUMBIA GROWTH FUND
COLUMBIA INTERNATIONAL STOCK FUND
COLUMBIA SPECIAL FUND
COLUMBIA REAL ESTATE EQUITY FUND
COLUMBIA BALANCED FUND
COLUMBIA DAILY INCOME COMPANY
COLUMBIA U.S. GOVERNMENT SECURITIES FUND
COLUMBIA FIXED INCOME SECURITIES FUND
COLUMBIA MUNICIPAL BOND FUND
COLUMBIA HIGH YIELD FUND
<PAGE>
LETTER TO SHAREHOLDERS
---------------------------------------------------------
Dear Columbia Investor,
We are pleased to present the Columbia Funds 1996 Semi-Annual Report. Inside you
will find a discussion of the economy and financial markets, in addition to
updated performance, investment and financial information on each Columbia Fund
for the six months ended June 30, 1996.
The first half of the year has been an exciting time. Our very first fund,
Columbia Growth, embarked on its 30th year of operation this June, just after
achieving $1 billion in assets. When we first introduced this Fund in 1967, it
was one of only a handful of low cost, no-load funds. Today, we are proud to
offer an entire family of no-load mutual funds, helping shareholders address a
broad spectrum of investment objectives. As always, we remain committed to our
goal of providing investors with long-term, competitive performance at a
reasonable cost.
Also during the year, we have been working to expand our technologies and
services to enhance the depth and availability of shareholder information. We
are also constantly evaluating the strength of our products and services in an
effort to maintain your confidence and satisfaction. We welcome your suggestions
about how we might serve you better.
We appreciate your continuing investment in Columbia Funds.
<TABLE>
<S> <C>
Sincerely,
J. JERRY INSKEEP, JR. JOHN A. KEMP
CHAIRMAN PRESIDENT
</TABLE>
<PAGE>
TABLE OF CONTENTS
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SEMI-ANNUAL REPORT, JUNE 30, 1996
AN OVERVIEW OF THE MARKETS.....................................................1
COLUMBIA COMMON STOCK FUND
Investment Review............................................................3
Financial Highlights........................................................13
Schedule of Investments.....................................................24
Statement of Assets and Liabilities.........................................56
Statement of Operations.....................................................59
Statement of Changes in Net Assets..........................................62
COLUMBIA GROWTH FUND
Investment Review............................................................4
Financial Highlights........................................................14
Schedule of Investments.....................................................26
Statement of Assets and Liabilities.........................................56
Statement of Operations.....................................................59
Statement of Changes in Net Assets..........................................62
COLUMBIA INTERNATIONAL STOCK FUND
Investment Review............................................................5
Financial Highlights........................................................15
Schedule of Investments.....................................................28
Statement of Assets and Liabilities.........................................56
Statement of Operations.....................................................59
Statement of Changes in Net Assets..........................................62
COLUMBIA SPECIAL FUND
Investment Review............................................................6
Financial Highlights........................................................16
Schedule of Investments.....................................................32
Statement of Assets and Liabilities.........................................56
Statement of Operations.....................................................59
Statement of Changes in Net Assets..........................................63
COLUMBIA REAL ESTATE EQUITY FUND
Investment Review............................................................7
Financial Highlights........................................................17
Schedule of Investments.....................................................35
Statement of Assets and Liabilities.........................................57
Statement of Operations.....................................................60
Statement of Changes in Net Assets..........................................63
COLUMBIA BALANCED FUND
Investment Review............................................................8
Financial Highlights........................................................18
Schedule of Investments.....................................................36
Statement of Assets and Liabilities.........................................57
Statement of Operations.....................................................60
Statement of Changes in Net Assets..........................................63
COLUMBIA DAILY INCOME COMPANY
Financial Highlights........................................................19
Schedule of Investments.....................................................41
Statement of Assets and Liabilities.........................................57
Statement of Operations.....................................................60
Statement of Changes in Net Assets..........................................64
COLUMBIA U.S. GOVERNMENT SECURITIES FUND
Investment Review............................................................9
Financial Highlights........................................................20
Schedule of Investments.....................................................43
Statement of Assets and Liabilities.........................................57
Statement of Operations.....................................................60
Statement of Changes in Net Assets..........................................64
COLUMBIA FIXED INCOME SECURITIES FUND
Investment Review...........................................................10
Financial Highlights........................................................21
Schedule of Investments.....................................................44
Statement of Assets and Liabilities.........................................58
Statement of Operations.....................................................61
Statement of Changes in Net Assets..........................................64
COLUMBIA MUNICIPAL BOND FUND
Investment Review...........................................................11
Financial Highlights........................................................22
Schedule of Investments.....................................................47
Statement of Assets and Liabilities.........................................58
Statement of Operations.....................................................61
Statement of Changes in Net Assets..........................................65
COLUMBIA HIGH YIELD FUND
Investment Review...........................................................12
Financial Highlights........................................................23
Schedule of Investments.....................................................53
Statement of Assets and Liabilities.........................................58
Statement of Operations.....................................................61
Statement of Changes in Net Assets..........................................65
NOTES TO FINANCIAL STATEMENTS.................................................66
COLUMBIA FUNDS
P.O. BOX 1350
PORTLAND, OR 97207-1350
222-3606
1-800-547-1707
<PAGE>
AN OVERVIEW OF THE MARKETS
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A LOOK AT THE FIRST HALF
When we started the year, investors expected that the Federal Reserve would
continue its trend of lowering interest rates. And, in fact, the Fed did cut the
discount rate in January while investors remained hopeful that stock and bond
prices would keep accelerating, not unlike the financial markets of 1995.
Soon after the January rate cut, however, various economic indicators began to
signal a stronger economy. With commodity prices and employment figures rising,
investor concerns quickly shifted from worries that the economy was growing too
slowly to worries that it was growing too fast. Although the Federal Reserve did
not raise short-term interest rates, market forces drove long-term interest
rates sharply higher.
Normally, increasing bond rates would cause stock prices to decline. But money
flows into equity mutual funds increased from already record levels and
corporate earnings reports were a little better than expected. As a result,
stock prices continued advancing even as bond prices fell.
<TABLE>
<CAPTION>
BENCHMARK PERFORMANCE COMPARISONS
AVERAGE ANNUAL TOTAL RETURNS,
FOR THE PERIODS ENDED JUNE 30, 1996
YTD 1 YEAR 3 YEARS 5 YEARS 10 YEARS
---------- ---------- ---------- ---------- ------------
<S> <C> <C> <C> <C> <C>
STANDARD & POOR'S 500 10.10% 26.01% 17.23% 15.73% 13.81%
LEHMAN BROS. GOV'T./ CORP. -1.88% 4.65% 5.16% 8.48% 8.41%
RUSSELL 2000 10.36% 23.89% 15.81% 17.51% 10.42%
FINANCIAL TIMES/S&P ACTUARIES
EURO-PACIFIC 4.86% 13.89% 10.35% 9.99% 10.43%
</TABLE>
The second quarter markets contrasted sharply with those of the first quarter.
Sectors that had performed well early in the year, such as financials and
cyclicals (metals, chemicals) retreated during the second quarter as long-term
interest rates rose. Investors, in turn, shifted their focus toward the steady
growth, energy and retail sectors of the market. Later in the quarter, commodity
prices began to drift down and long-term interest rates stabilized at just above
7%.
CURRENT OUTLOOK
We believe the economy is in reasonably good shape considering the length of its
current cycle. In the second quarter, growth was above its sustainable long-term
trend but seems likely to slow. The actual rate of inflation remains low. Wage
rates -- while rising -- are modest compared to productivity gains, and the
budget deficit has been significantly reduced. Moreover, worldwide economic
health bodes well for U.S. markets as Japan's economy appears to be improving
and Europe could follow in early 1997.
In order for stock prices to continue to increase, we believe that the forecast
for inflation and interest rates has to remain neutral. If conditions leading to
higher inflation reappear, the Federal Reserve would almost certainly move to
decrease liquidity in the economy by increasing interest rates. Such action
could have a negative effect on stocks. On the other hand, if inflationary
concerns ease, the Fed is not likely to tighten, and the economic cycle could
extend, providing stocks and bonds with additional upside potential.
The market's recent focus on steady growth issues, such as consumer staples,
suggests that investors are expecting the current strength of the economy to
wane in the second half of the year. If inflationary fears subside along with an
economic slowdown, the level of long-term interest rates could be at a near-term
peak. In this case, cyclical issues such as aluminum could come back into favor
as equity investors begin to anticipate a pickup in the world economy in early
1997. This pattern of rotation from one stock group to another, based on
sentiment toward economic growth, creates opportunities to buy favored groups on
weakness and to "lean against the wind" at times of extremes.
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1
<PAGE>
AN OVERVIEW OF THE MARKETS
- --------------------------------------------------------------------------------
OUR STRATEGY
Our investment focus continues to center on companies experiencing above-average
growth or undergoing restructuring, industries benefiting from the aging of
America, and agriculture. We also have a very slight overweighting in cyclicals
in anticipation of a pickup in global economic activity in 1997.
We believe that the recent decline in small cap stock prices is a normal,
healthy correction within a group where speculation had been rising and stock
prices got ahead of fundamentals. Although the small cap market is currently
experiencing heightened volatility, we continue to believe that the outlook for
small cap stocks is positive over the long term. We also favor REITs, whose
returns are expected to be attractive in a nervous market environment.
The following pages contain discussions of the investment activity occurring in
the Columbia Funds (except Columbia Daily Income Company) during the first six
months of the year, along with graphs illustrating the growth of $10,000 during
various time periods. Each Fund compares its performance to a relevant
benchmark. Unlike the Funds, however, these benchmark indices are not actively
managed and have no operating expenses, portfolio transaction costs, or cash
flows.
As always, we appreciate your continuing confidence in Columbia Funds.
Sincerely,
THE INVESTMENT TEAM
COLUMBIA FUNDS MANAGEMENT COMPANY
AUGUST 1996
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2
<PAGE>
INVESTMENT REVIEW
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- ---- ----
-- COLUMBIA COMMON STOCK FUND --
--------------------------------
The Fund posted a total return of 9.96% for the six months ended June 30. Our
"Graying of America" theme made a positive contribution to performance with
holdings like Service Corp. International (3.2% of net assets) and American Home
Products (3.3% of net assets) outperforming the general stock market. Other
strong performers included consumer growth stocks as well as machinery,
electrical equipment and selected technology stocks. Metals, media, papers and
insurance were among the underperforming groups.
In response to a nervous stock market environment and a scarcity of dividend
yield, we significantly increased our holdings in real estate investment trusts
(REITs) from roughly 3.5% of the portfolio at the end of the first quarter to
8.3% at the end of the second quarter. We also added to our position in the
utility sector (electric, gas and communications), bringing our total exposure
to 6.5%. We continue to believe that agriculture is attractive on a long-term
basis and that certain cyclical industries like aluminum and paper will benefit
from an expected pickup in worldwide economic activity in 1997. Growth stocks
remain a foundation of our portfolio.
Columbia Common Stock Fund continues to be highly diversified, consisting of 84
holdings on June 30. In order to provide value and stability for shareholders,
the Fund generally invests in larger companies that are well established -- many
of which have a history of paying level or rising dividends. The Fund closed the
second quarter by distributing an income dividend of $.06 per share.
GROWTH OF $10,000 SINCE INCEPTION
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
COLUMBIA COMMON STOCK FUND S&P 500
<S> <C> <C>
10/01/91 10,000 10,000
12/31/91 11,025 10,838
12/31/92 12,126 11,664
12/31/93 14,120 12,840
12/31/94 14,411 13,009
12/31/95 18,855 17,898
6/30/95 20,732 19,706
Average Annual Total Returns as of June 30, 1996
CCSF S&P 500
1 Year 26.70% 26.01%
Since Inception 16.40% 15.18%
Past performance is not predictive of future
performance
</TABLE>
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3
<PAGE>
INVESTMENT REVIEW
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- ---- ----
-- COLUMBIA GROWTH FUND --
--------------------------
During the six months ended June 30, the Fund returned 11.90%, outperforming the
S&P 500, which returned 10.10% for the same period.
The Fund's good performance was led by strong gains in retail, gaming, lodging,
and other consumer growth issues. In addition, selected technology stocks
performed well during the period. Laggard groups included papers, metals and
media.
In an environment where high corporate earnings are harder to come by, we
continue to focus on companies undergoing restructuring, which we believe have a
greater likelihood of posting good profits. We are also emphasizing those
industries that stand to benefit from the "Graying of America," such as the
travel industry, entertainment and health care. In addition, due to a nervous
stock market environment, we have increased our exposure to real estate
investment trusts (REITs).
Columbia Growth Fund continues to seek capital appreciation for its shareholders
by investing primarily in common stocks of mid- to large-size companies. The
Fund aims for growth rather than dividend income, seeking value by focusing on
companies with superior earnings growth and profitability characteristics at
reasonable prices.
GROWTH OF $10,000 OVER 20 YEARS
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
COLUMBIA GROWTH FUND S&P 500
<S> <C> <C>
6/30/76 10,000 10,000
6/30/77 10,679 10,054
6/30/78 11,915 10,054
6/30/79 13,442 11,401
6/30/80 16,890 13,357
6/30/81 23,328 16,096
6/30/82 21,065 14,243
6/30/83 41,027 22,916
6/30/84 33,507 21,839
6/30/85 45,144 28,559
6/30/86 58,217 38,760
6/30/87 67,072 48,501
6/30/88 66,455 45,159
6/30/89 77,028 54,412
6/30/90 89,992 63,374
6/30/91 95,212 68,095
6/30/92 105,237 77,220
6/30/93 129,600 87,745
6/30/94 132,114 88,982
6/30/95 163,319 112,179
6/30/96 207,367 141,357
Average Annual Total Returns as of June 30, 1996
CGF S&P 500
1 Year 26.97% 26.01%
5 Years 16.86% 15.73%
10 Years 13.54% 13.81%
20 Years 16.37% 14.16%
Past performance is not predictive of future
performance
</TABLE>
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4
<PAGE>
INVESTMENT REVIEW
- --------------------------------------------------------------------------------
- ---- ----
-- COLUMBIA INTERNATIONAL STOCK FUND --
---------------------------------------
The Fund posted a total return of 12.78% for the year-to-date ended June 30.
This performance compares very favorably to the Fund's benchmark, the FT/S&P
Actuaries Euro-Pacific Index, which returned 4.86% during the same period.
Most major international stock markets rose during the half, with the exception
of emerging markets in Southeast Asia, which were generally weak. The Japanese
market, where we have our largest country weighting, continued to move higher,
thanks to definitive evidence of economic growth and historically low interest
rates. In addition, stronger bond markets in the U.K., Spain and Italy also
provided clear support to European stock markets during the second quarter.
Emerging markets have been volatile this year, in many cases, showing a strong
start to the year and then generally trending downward. We have emphasized
Brazil and India in particular, where we believe prospects have been especially
attractive.
Foreign currencies were generally weaker than the U.S. dollar during the period,
which reduced Fund performance in U.S. dollar terms. However, through a
conservative hedging strategy, we were able to partially offset some of the
negative impact of the currency fluctuations.
For the near-term, we look for worldwide economic growth to pick up from
currently sluggish levels, due in part to liberal monetary policies of central
banks in Germany, Japan and the United States.
GROWTH OF $10,000 SINCE INCEPTION
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
COLUMBIA INTERNATIONAL STOCK FUND S&P 500 FT/S&P ACTUARIES
<S> <C> <C> <C>
10/01/92 10,000 10,000 10,000
12/31/92 10,060 10,503 9,628
3/31/93 10,747 10,962 10,861
6/30/93 10,848 11,016 11,931
9/30/93 11,808 11,300 12,738
12/31/93 13,415 11,562 12,664
3/31/94 13,363 11,124 13,282
6/30/94 13,653 11,171 13,991
9/30/94 13,632 11,717 13,965
12/31/94 13,084 11,714 13,819
3/31/95 12,327 12,855 14,020
6/30/95 12,401 14,083 14,074
9/30/95 13,317 15,203 14,661
12/31/95 13,759 16,118 15,287
3/31/96 14,454 16,984 15,712
6/30/96 15,518 17,746 16,031
Average Annual Total Returns as of June 30, 1996
CISF S&P 500 FT/S&P Actuaries
1 Year 25.13% 26.01% 13.89%
Since Inception 12.61% 16.77% 13.60%
Past performance is not predictive of future
performance
</TABLE>
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5
<PAGE>
INVESTMENT REVIEW
- --------------------------------------------------------------------------------
- ---- ----
-- COLUMBIA SPECIAL FUND --
---------------------------
The Fund returned 11.94% for the six months ended June 30. Following their
positive contribution to performance during the first quarter, the Fund's
holdings in finance, brokerage and metals were reduced. The health care sector
displayed mixed results during the period, as did technology. Telecommunications
equipment stocks demonstrated the greatest strength, while semiconductor stocks
continued to falter after their poor showing in late 1995.
Recently, the stock market has displayed greater volatility. In fact, following
an exceptionally strong April and May for the small- to mid-cap market, profit
taking activity and continued concerns about earnings in June caused the Fund to
give back some of its earlier gains. Given the uncertain economic environment
and upcoming presidential and congressional elections, we look for continued
investor nervousness. Nevertheless, we are structuring the portfolio for slow
but improving worldwide growth, acceptable levels of inflation and interest
rates, and sluggish corporate profit growth. We are focusing on growth companies
in niche markets, because we believe they can deliver stronger earnings than
larger companies with greater exposure to broad economic trends and foreign
currency movements.
The Fund generally invests about a third of its portfolio in growth stocks,
which are chosen on the basis of bottom-up, fundamental research and analysis.
Another roughly one third of the Fund's assets are selected using a top-down,
sector rotation approach, where a variety of macro-economic factors are used to
identify industries we believe will outperform the broader market. The remainder
of the portfolio is invested in companies representing special situations, such
as new issues, companies that may benefit from technological or product
developments or new management, or companies involved in tender offers,
leveraged buyouts or mergers.
GROWTH OF $10,000 OVER 10 YEARS
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
COLUMBIA SPECIAL FUND S&P 500 RUSSELL 2000
<S> <C> <C> <C>
6/30/86 10,000 10,000 10,000
6/30/87 11,357 10,899 12,513
6/30/88 11,002 10,224 11,651
6/30/89 14,620 11,526 14,038
6/30/90 17,373 11,875 16,350
6/30/91 17,451 12,021 17,568
6/30/92 20,318 13,770 19,922
6/30/93 26,198 17,342 22,638
6/30/94 28,352 18,109 22,957
6/30/95 34,119 21,745 28,942
6/30/96 43,602 26,940 36,470
Average Annual Total Returns as of June 30, 1996
CSF S&P 500 Russell 2000
1 Year 27.77% 26.01% 23.89%
5 Years 20.09% 15.73% 17.51%
10 Years 15.86% 13.81% 10.42%
Past performance is not predictive of future
performance
</TABLE>
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6
<PAGE>
INVESTMENT REVIEW
- --------------------------------------------------------------------------------
- ---- ----
-- COLUMBIA REAL ESTATE EQUITY FUND --
--------------------------------------
The Fund had a total return of 6.83% for the six months ended June 30. During
the period, we continued our emphasis on the improving fundamentals in the
office and hotel sectors, while an increased weighting in retail real estate
investment trusts (REITs) rewarded the Fund in the first half. This positive
performance was attributable to good news from retailers about consumer
spending.
While the office sector continued to perform well during the second quarter, the
residential sector underperformed throughout most of the first half. In
response, we trimmed holdings in this sector, offsetting some of their negative
influence.
The Fund continues to seek capital appreciation and above-average current income
for its shareholders by investing primarily in equity securities of companies in
the real estate industry. These companies include real estate investment trusts
(REITs), which own commercial income properties; and mortgage REITs, which make
construction development and long-term mortgage loans; as well as real estate
brokers and developers.
In light of the current volatility in the stock market, we believe investors
seeking stability and dividend yield will increasingly seek out REITs as an
attractive opportunity.
GROWTH OF $10,000 SINCE INCEPTION
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
NATIONAL ASSOCIATION OF REAL
COLUMBIA REAL ESTATE ESTATE
<S> <C> <C>
Equity Fund Investment Trusts
4/01/94 10,000 10,000
6/30/94 10,134 10,184
9/30/94 9,907 9,976
12/31/94 10,175 9,978
3/31/95 9,967 9,961
6/30/95 10,560 10,547
9/30/95 11,063 11,044
12/31/95 11,891 11,501
3/31/96 12,143 11,762
6/30/96 12,704 12,285
Average Annual Total Returns as of June 30, 1996
CREF NAREIT
1 Year 20.30% 16.48%
Since Inception 11.49% 9.81%
Past performance is not predictive of future
performance
</TABLE>
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7
<PAGE>
INVESTMENT REVIEW
- --------------------------------------------------------------------------------
- ---- ----
-- COLUMBIA BALANCED FUND --
----------------------------
The Fund achieved a total return of 4.35% during the first six months of 1996.
Throughout the period, the equity market produced excellent returns, focusing on
the outlook for continued earnings growth. Conversely, bond market investors
became concerned early in the period that ongoing economic strength would
ultimately lead to accelerating inflation. Thus, good results in the Fund's
stock portfolio, led by business services, energy and selected technology
issues, were offset in part by broad-based weakness in bond holdings.
As the stock market reached new highs during the second quarter, we began the
process of reducing holdings in some areas that had been notably strong,
including energy, technology and some financial stocks. These were replaced with
issues that we believe offer better value and, having lagged the market, less
risk of disappointment. These issues include REITs and stocks in the electric
utility and paper industries.
Our emphasis on corporate bonds and mortgage-backed securities in the fixed
income side of the portfolio, combined with an intermediate average maturity,
helped mitigate some of the price declines resulting from rising interest rates.
Towards the end of the second quarter, we slightly increased our allocation to
fixed income because we look for only a modest uptick in inflation in the coming
quarters. We believe that this makes bonds more appealing than they were
earlier, especially in light of the bond market's recent weakness. We continue
to believe that the yield advantage offered by both mortgage instruments and
corporate bonds should continue to benefit relative performance on the fixed
income side of the portfolio.
GROWTH OF $10,000 SINCE INCEPTION
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
COLUMBIA BALANCED FUND S&P 500 LEHMAN AGGREGATE
<S> <C> <C> <C>
10/01/91 10,000 10,000 10,000
12/31/91 10,780 10,838 10,507
12/31/92 11,738 11,664 11,285
12/31/93 13,337 12,840 12,385
12/31/94 13,350 13,009 12,023
12/31/95 16,699 17,898 14,244
6/30/96 17,423 19,706 14,071
Average Annual Total Returns as of June 30, 1996
CBF S&P 500 Lehman Aggregate
1 Year 15.72% 26.01% 5.02%
Since Inception 12.26% 15.18% 7.37%
Past performance is not predictive of future
performance
</TABLE>
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8
<PAGE>
INVESTMENT REVIEW
- --------------------------------------------------------------------------------
- ---- ----
-- COLUMBIA U.S. GOVERNMENT SECURITIES FUND --
----------------------------------------------
The bond market was battered by rising interest rates throughout the first half
of 1996. Declining bond prices offset much of the Fund's interest income during
the period. As a result, Columbia U.S. Government Securities Fund posted a total
return of .44% for the six months ended June 30.
Shorter-term bonds, especially those with 2-year maturities, were particularly
impacted when investors' expectations for Federal Reserve monetary policy
shifted from ease to tighten. However, we believe that the worst, if not all, of
the stronger than expected economic news may already be reflected in bond market
prices.
Good economic news is bad news for the bond market because it reduces investors'
expectations that the Federal Reserve will cut interest rates. Two-year Treasury
yields, for example, have risen approximately 1% year-to-date, reflecting a
potential increase in the Federal Funds rate of approximately .50%. The effect
of rising rates on these short-term securities has resulted in an overall
decline in price as bond values generally fall when interest rates rise.
Due to the conservative nature of the Fund, we expect to maintain its average
maturity at close to 2.5 years, which is slightly below the maximum allowable
maturity of 3 years.
GROWTH OF $10,000 SINCE INCEPTION
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
COLUMBIA U.S. GOVERNMENT CONSUMER PRICE
<S> <C> <C> <C>
Index
Securities Fund Merrill 1-3 (inflation)
11/6/86 10,000 10,000 10,000
12/31/86 10,070 10,088 10,018
12/31/87 10,487 10,658 10,510
12/31/88 11,047 11,322 10,938
12/31/89 12,111 12,553 11,479
12/31/90 13,236 13,774 12,223
12/31/91 14,919 15,383 12,570
12/31/92 15,786 16,352 12,952
12/31/93 16,719 17,237 13,293
12/31/94 16,714 17,335 13,642
12/31/95 18,421 19,242 14,003
6/30/96 18,502 19,501 14,270
Average Annual Total Returns
as of June 30, 1996
CUSG Merrill 1-3
1 Year 4.57% 5.46%
5 Years 6.14% 6.32%
Since Inception 6.55% 7.13%
Past performance is not
predictive of future
performance
</TABLE>
-
9
<PAGE>
INVESTMENT REVIEW
- --------------------------------------------------------------------------------
- ---- ----
-- COLUMBIA FIXED INCOME SECURITIES FUND --
-------------------------------------------
The first half of the year was a difficult time for the bond market, with price
declines due to rising interest rates offsetting the Fund's interest income. The
Fund's total return, reflecting price change and interest income, was -1.51% for
the six months ended June 30.
A stronger than expected economy, concerns about tighter Federal Reserve policy,
and inflation fears have all been problematic for the bond market. Nevertheless,
bonds currently appear to offer good value compared to inflation. For example,
real rates of return, which is the difference between yields and inflation, are
between 3% and 4% for long-term bonds, which is above their long-term average
rate of approximately 2.90%.
The Fund continues to emphasize mortgage instruments and corporate bonds since
we believe their yield advantage will benefit performance. Also, the Fund's
intermediate average maturity has helped to mitigate some of the negative price
performance during the first and second quarters.
On June 30, the Fund had an average maturity of approximately six years and a
duration (a measure of risk) of almost five years. We currently have over 85% of
the portfolio invested in securities rated A or better, in an effort to provide
shareholders with a high level of income at a low level of risk.
GROWTH OF $10,000 OVER 10 YEARS
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
COLUMBIA FIXED INCOME LEHMAN CONSUMER PRICE
<S> <C> <C> <C>
Index
Securities Fund Aggregate (inflation)
6/30/86 10,000 10,000 10,000
6/30/87 10,647 10,552 10,372
6/30/88 11,438 11,401 10,796
6/30/89 12,836 12,795 11,369
6/30/90 13,763 13,799 11,908
6/30/91 15,166 15,276 12,480
6/30/92 17,531 17,422 12,858
6/30/93 19,762 19,476 13,248
6/30/94 19,428 19,223 13,542
6/30/95 21,843 21,633 13,981
6/30/96 22,918 22,716 14,376
Average Annual Total Returns
as of June 30, 1996
Lehman
CFIS Aggregate
1 Year 4.93% 5.02%
5 Years 8.61% 8.26%
10 Years 8.65% 8.55%
Past performance is not
predictive
of future performance
</TABLE>
-
10
<PAGE>
INVESTMENT REVIEW
- --------------------------------------------------------------------------------
- ---- ----
-- COLUMBIA MUNICIPAL BOND FUND --
----------------------------------
Columbia Municipal Bond Fund's total return for the six months ended June 30,
1996 was -.45%. During the period, municipal bonds suffered from rising interest
rates as the market adjusted to investors' expectations for a stronger economy,
fears that the Federal Reserve Board might raise short-term rates, and a
possibility that inflation could ignite.
Municipal bonds as a whole, however, significantly outperformed Treasury bonds
during the period. Interest rates on municipal bonds rose an average of .50%
while Treasury rates rose more than 1% across all maturities. (When interest
rates rise, bond values generally go down.) The outperformance of municipal
securities was due primarily to investors' current perception that a flat tax is
unlikely to occur this year or any time soon. Lower income tax rates make the
tax-exempt income of municipal securities less attractive to investors in a high
current tax bracket. While we do not expect a near-term change in the current
tax structure, municipal bonds could lag should tax reform discussions resume.
Over 97% of the Fund's securities were rated A or better on June 30. Almost 75%
of the Fund consists of general obligation and essential service revenue issues,
which we believe have the strongest credit characteristics of all municipal
bonds available. The Fund's average maturity is intermediate-term, at
approximately 12 years, and the Fund's duration (a measurement of risk) is
slightly longer than it was at year-end, about 6.7 years. The increased duration
is the result of purchasing bonds with slightly longer maturities to take
advantage of substantially higher yields.
Our holdings remain broadly diversified, including 227 different issues within
the State of Oregon. We remain committed to our goal of providing shareholders
with high, after-tax returns with a low level of both credit and volatility
risk.
GROWTH OF $10,000 OVER 10 YEARS
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
COLUMBIA MUNICIPAL LEHMAN GENERAL CONSUMER PRICE
<S> <C> <C> <C>
Index
Bond Fund Obligation Index (inflation)
6/30/86 10,000 10,000 10,000
6/30/87 10,601 10,781 10,372
6/30/88 11,671 11,431 10,796
6/30/89 12,897 12,503 11,369
6/30/90 13,546 13,340 11,908
6/30/91 14,745 14,444 12,480
6/30/92 16,150 16,072 12,858
6/30/93 17,905 17,948 13,248
6/30/94 17,805 18,054 13,542
6/30/95 19,085 19,538 13,981
6/30/96 20,154 20,784 14,376
Average Annual Total Returns
as of June 30, 1996
CMBF Lehman G.O.
1 Year 5.60% 6.38%
5 Years 6.45% 7.55%
10 Years 7.26% 7.59%
Past performance is not
predictive
of future performance
</TABLE>
-
11
<PAGE>
INVESTMENT REVIEW
- --------------------------------------------------------------------------------
- ---- ----
-- COLUMBIA HIGH YIELD FUND --
------------------------------
Columbia High Yield Fund posted a total return of .80% for the six months ended
June 30. Strength in economic activity, particularly gains in employment and
fears of rising inflation, has kept the bond market under pressure all year.
Interest rates on Treasury securities rose more than 1% during the period. This
resulted in negative total returns on long- and intermediate-term bonds.
However, the additional yield advantage of lower grade bonds more than offset
the decline in bond prices due to the overall upward movement of interest rates.
During the period, the high yield market outperformed investment-grade bonds.
Five-year Treasuries, for example, posted a total return of -1.24% for the six
months ended June 30, and 10-year Treasuries returned -4.44% for the same
period. This is because news of a strong economy reduces credit concerns in the
high yield market, but also reduces investors expectations for the Federal
Reserve to cut interest rates in the investment-grade market. Therefore, in an
accelerating economy, the lowest quality junk bonds tend to perform the best.
Keeping with its more conservative nature, Columbia High Yield Fund focuses on
the "upper tier" of non-investment grade securities by investing no more than
10% of its assets in bonds rated below B. Thus, while the Fund outperformed
investment-grade bonds during this period, it did not perform as well as the
broader junk bond market.
Sectors we favored in the first half of 1996 included hotel/gaming, forest
products, media and energy. Near the end of the second quarter, we reduced
holdings in the telecommunications and transportation sectors.
The Fund's average maturity remains steady between 5 and 5.5 years. The Fund's
duration, a measure of risk, averaged 4.39 years during the period. In keeping
with the Fund's conservative strategy, 49% of the portfolio was rated Ba on June
30, and 51% was rated B by Moody's Investors Services.
GROWTH OF $10,000 SINCE INCEPTION
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
COLUMBIA HIGH YIELD FUND SALOMON BB LIPPER HIGH CURRENT YIELD INDEX
<S> <C> <C> <C>
10/1/93 10,000 10,000 10,000
12/31/93 10,112 10,185 10,498
3/31/94 9,909 9,938 10,387
6/30/94 9,845 9,840 10,249
9/30/94 10,018 10,007 10,246
12/31/94 10,019 10,047 10,112
3/31/95 10,521 10,693 10,606
6/30/95 11,106 11,454 11,165
9/30/95 11,462 11,799 11,550
12/31/95 11,935 12,321 11,870
3/31/96 12,005 12,346 12,173
6/30/96 12,030 12,431 12,377
Average Annual Total Returns
CHYF Salomon BB Lipper HCYF
1 Year 8.33% 8.53% 10.87%
Since Inception 7.08% 8.39% 8.22%
Past performance is not predictive of future
performance
</TABLE>
-
12
<PAGE>
FINANCIAL HIGHLIGHTS
-----------------------------------------------------------------
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD
- ---- ----
-- COLUMBIA COMMON STOCK FUND, INC. --
--------------------------------------
<TABLE>
<CAPTION>
SIX MONTHS ENDED
JUNE 30, 1996
(UNAUDITED)(1) 1995 1994 1993 1992 1991(1)(2)
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $18.59 $15.16 $15.29 $14.04 $13.15 $12.00
INCOME FROM INVESTMENT OPERATIONS:
Net investment income............. .11 .26 .27 .22 .24 .09
Net realized and unrealized gains
on investments................... 1.74 4.38 .04 2.08 1.06 1.17
- ------------------------------------------------------------------------------------------------------------------
Total from investment
operations..................... 1.85 4.64 .31 2.30 1.30 1.26
- ------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS:
Dividends (from net investment
income).......................... (.10) (.26) (.25) (.21) (.24) (.10)
Distributions (from capital
gains)........................... -- (.95) (.19) (.84) (.17) (.01)
- ------------------------------------------------------------------------------------------------------------------
Total distributions............. (.10) (1.21) (.44) (1.05) (.41) (.11)
NET ASSET VALUE, END OF PERIOD $20.34 $18.59 $15.16 $15.29 $14.04 $13.15
TOTAL RETURN........................ 9.96%(3) 30.84% 2.06% 16.44% 9.99% 10.25%(3)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in
thousands)......................... $440,382 $358,523 $124,263 $100,715 $51,049 $20,457
Ratio of expenses to average net
assets............................. .72% .80% .84% .84% .86% .86%
Ratio of net investment income to
average net assets................. 1.21% 1.68% 1.82% 1.48% 1.97% 2.48%
Portfolio turnover rate............. 121.62% 75.36% 64.21% 90.90% 67.83% 12.08%
Average commission rate paid on
portfolio transactions (4)......... $0.0605
</TABLE>
(1) Ratios and portfolio turnover rates are annualized.
(2) From inception of operations on September 12, 1991.
(3) Not annualized.
(4) The average commission rate paid by the fund is computed by dividing the
dollar amount of commissions paid during the period by the total number of
shares purchased and sold during the period for which commissions were
charged.
-
13
<PAGE>
FINANCIAL HIGHLIGHTS
-----------------------------------------------------------------
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD
- ---- ----
-- COLUMBIA GROWTH FUND, INC. --
--------------------------------
<TABLE>
<CAPTION>
SIX MONTHS ENDED
JUNE 30, 1996
(UNAUDITED)(1) 1995 1994 1993 1992 1991
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $29.84 $24.84 $26.38 $26.18 $26.26 $21.68
INCOME FROM INVESTMENT OPERATIONS:
Net investment income............. .10 .31 .29 .16 .17 .32
Net realized and unrealized gains
(losses) on investments.......... 3.45 7.86 (.46) 3.24 2.93 7.09
- ------------------------------------------------------------------------------------------------------------------
Total from investment
operations..................... 3.55 8.17 (.17) 3.40 3.10 7.41
- ------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS:
Dividends (from net investment
income).......................... -- (.29) (.26) (.18) (.20) (.39)
Distributions (from capital
gains)........................... -- (2.87) (1.11) (2.98) (2.98) (2.44)
Distributions (in excess of
capital gains)................... -- (.01) -- (.04) -- --
- ------------------------------------------------------------------------------------------------------------------
Total distributions............. -- (3.17) (1.37) (3.20) (3.18) (2.83)
NET ASSET VALUE, END OF PERIOD $33.39 $29.84 $24.84 $26.38 $26.18 $26.26
TOTAL RETURN........................ 11.90%(2) 32.98% -.63% 13.01% 11.82% 34.26%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in
thousands)......................... $988,485 $848,731 $591,694 $605,401 $518,366 $431,460
Ratio of expenses to average net
assets............................. .70% .75% .81% .82% .86% .90%
Ratio of net investment income to
average net assets................. .68% 1.14% 1.12% .66% .77% 1.50%
Portfolio turnover rate............. 77.52% 94.73% 79.28% 105.64% 116.38% 163.91%
Average commission rate paid on
portfolio transactions (3)......... $0.0587
</TABLE>
(1) Ratios and portfolio turnover rate are annualized.
(2) Not annualized.
(3) The average commission rate paid by the fund is computed by dividing the
dollar amount of commissions paid during the period by the total number of
shares purchased and sold during the period for which commissions were
charged.
-
14
<PAGE>
FINANCIAL HIGHLIGHTS
-----------------------------------------------------------------
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD
- ---- ----
-- COLUMBIA INTERNATIONAL STOCK FUND, INC. --
---------------------------------------------
<TABLE>
<CAPTION>
SIX MONTHS ENDED
JUNE 30, 1996
(UNAUDITED)(1) 1995 1994 1993 1992(1)(2)
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $13.07 $12.43 $12.96 $9.95 $10.00
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss)...... .06 .02 (.02) (.02) (.03)
Net realized and unrealized gains
(losses) on investments and
foreign currency related
transactions..................... 1.61 .62 (.30) 3.34 .11
- ---------------------------------------------------------------------------------------------------------------------
Total from investment operations 1.67 .64 (.32) 3.32 .08
- ---------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS:
Distributions (from capital
gains)........................... -- -- (.21) (.31) (.13)(3)
- ---------------------------------------------------------------------------------------------------------------------
Total distributions............. -- -- (.21) (.31) (.13)
NET ASSET VALUE, END OF PERIOD $14.74 $13.07 $12.43 $12.96 $9.95
TOTAL RETURN........................ 12.78%(4) 5.15% -2.47% 33.37% .60%(4)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in
thousands)......................... $125,342 $100,873 $118,484 $73,047 $9,745
Ratio of expenses to average net
assets............................. 1.50% 1.54% 1.52% 1.71% 2.22%
Ratio of net investment income
(loss) to average net assets....... .90% .15% (.21)% (.62)% (1.28)%
Portfolio turnover rate............. 136.69% 156.09% 138.79% 144.78% 25.75%
Average commission rate paid on
portfolio transactions (5)......... $0.0007
</TABLE>
(1) Ratios and portfolio turnover rates are annualized.
(2) From inception of operations on September 10, 1992.
(3) Includes amounts distributed from net realized gains on foreign currency
related transactions taxable as ordinary income.
(4) Not annualized.
(5) The average commission rate paid by the fund is computed by dividing the
dollar amount of commissions paid during the period by the total number of
shares purchased and sold during the period for which commissions were
charged.
-
15
<PAGE>
FINANCIAL HIGHLIGHTS
-----------------------------------------------------------------
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD
- ---- ----
-- COLUMBIA SPECIAL FUND, INC. --
---------------------------------
<TABLE>
<CAPTION>
SIX MONTHS ENDED
JUNE 30, 1996
(UNAUDITED)(1) 1995 1994 1993 1992 1991
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $21.44 $18.69 $19.51 $18.79 $17.45 $12.12
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss)...... (.04) .03 .08 .01 (.03) (.01)
Net realized and unrealized gains
on investments................... 2.60 5.45 .36 4.04 2.41 6.11
- ----------------------------------------------------------------------------------------------------------------------
Total from investment
operations..................... 2.56 5.48 .44 4.05 2.38 6.10
- ----------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS:
Dividends (from net investment
income).......................... -- (.02) (.07) -- -- --
Dividends (in excess of net
investment income)............... -- -- -- (.01) -- --
Distributions (from capital
gains)........................... -- (2.68) (1.16) (3.32) (1.04) (.77)
Distributions (in excess of
capital gains)................... -- (.03) (.03) -- -- --
- ----------------------------------------------------------------------------------------------------------------------
Total distributions............. -- (2.73) (1.26) (3.33) (1.04) (.77)
NET ASSET VALUE, END OF PERIOD $24.00 $21.44 $18.69 $19.51 $18.79 $17.45
TOTAL RETURN........................ 11.94%(3) 29.53% 2.29% 21.68% 13.70% 50.46%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in
thousands)......................... $1,609,188 $1,384,415 $889,526 $772,741 $470,663 $264,358
Ratio of expenses to average net
assets............................. .92% .98% 1.05% 1.12% 1.19% 1.22%
Ratio of net investment income
(loss) to average net assets....... (.38)% .16% .40% .01% (.25)% (.16)%
Portfolio turnover rate............. 139.94% 182.99% 178.91% 154.68% 116.75% 114.53%
Average commission rate paid on
portfolio transactions (4)......... $0.0564
</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.
(2) Ratios and portfolio turnover rate are annualized.
(3) Not annualized.
(4) The average commission rate paid by the fund is computed by dividing the
dollar amount of commissions paid during the period by the total number of
shares purchased and sold during the period for which commissions were
charged.
-
16
<PAGE>
FINANCIAL HIGHLIGHTS
-----------------------------------------------------------------
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD
- ---- ----
-- COLUMBIA REAL ESTATE EQUITY FUND, INC. --
--------------------------------------------
<TABLE>
<CAPTION>
SIX MONTHS ENDED
JUNE 30, 1996
(UNAUDITED)(1) 1995 1994(1)(2)
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $12.71 $11.72 $12.00
INCOME FROM INVESTMENT OPERATIONS:
Net investment income............. .38 .78 .49
Net realized and unrealized gains
(losses) on investments.......... .48 1.12 (.27)
- ---------------------------------------------------------------------------------
Total from investment
operations..................... .86 1.90 .22
- ---------------------------------------------------------------------------------
LESS DISTRIBUTIONS:
Dividends (from net investment
income).......................... (.37) (.49) (.31)
Dividends (in excess of net
investment income)............... -- -- (.01)
Distributions (in excess of
capital gains)................... -- (.14) --
Tax return of capital............. -- (.28) (.18)
- ---------------------------------------------------------------------------------
Total distributions............. (.37) (.91) (.50)
NET ASSET VALUE, END OF PERIOD $13.20 $12.71 $11.72
TOTAL RETURN........................ 6.83%(3) 16.86% 1.76%(3)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in
thousands)......................... $24,720 $21,587 $17,402
Ratio of expenses to average net
assets............................. 1.08% 1.18% 1.14%
Ratio of net investment income to
average net assets................. 5.97% 6.71% 6.28%
Portfolio turnover rate............. 54.14% 53.91% 7.61%
Average commission rate paid on
portfolio transactions (4)......... $0.0585
</TABLE>
(1) Ratios and portfolio turnover rates are annualized.
(2) From inception of operations on March 16, 1994.
(3) Not annualized.
(4) The average commission rate paid by the fund is computed by dividing the
dollar amount of commissions paid during the period by the total number of
shares purchased and sold during the period for which commissions were
charged.
-
17
<PAGE>
FINANCIAL HIGHLIGHTS
-----------------------------------------------------------------
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD
- ---- ----
-- COLUMBIA BALANCED FUND, INC. --
----------------------------------
<TABLE>
<CAPTION>
SIX MONTHS ENDED
JUNE 30, 1996
(UNAUDITED)(1) 1995 1994 1993 1992 1991(1)(2)
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $20.08 $17.28 $17.91 $16.80 $16.05 $15.00
INCOME FROM INVESTMENT OPERATIONS:
Net investment income............. .36 .73 .65 .56 .58 .11
Net realized and unrealized gains
(losses) on investments.......... .51 3.54 (.64) 1.71 .82 1.10
- ----------------------------------------------------------------------------------------------------------------------
Total from investment
operations..................... .87 4.27 .01 2.27 1.40 1.21
- ----------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS:
Dividends (from net investment
income).......................... (.35) (.73) (.64) (.56) (.57) (.12)
Dividends (in excess of net
investment income)............... -- -- -- (.01) -- --
Distributions (from capital
gains)........................... -- (.74) -- (.59) (.08) (.04)
- ----------------------------------------------------------------------------------------------------------------------
Total distributions............. (.35) (1.47) (.64) (1.16) (.65) (.16)
NET ASSET VALUE, END OF PERIOD $20.60 $20.08 $17.28 $17.91 $16.80 $16.05
TOTAL RETURN........................ 4.35%(3) 25.08% .10% 13.62% 8.89% 7.80%(3)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in
thousands)......................... $573,573 $486,767 $249,670 $186,589 $90,230 $12,986
Ratio of expenses to average net
assets............................. .63% .69% .72% .73% .81% .62%
Ratio of net investment income to
average net assets................. 3.61% 4.05% 3.82% 3.32% 4.08% 3.41%
Portfolio turnover rate............. 125.77% 108.04% 98.48% 107.60% 138.08% 179.80%
Average commission rate paid on
portfolio transactions (4)......... $0.0607
</TABLE>
(1) Ratios and portfolio turnover rates are annualized.
(2) From inception of operations of September 12, 1991.
(3) Not annualized.
(4) The average commission rate paid by the fund is computed by dividing the
dollar amount of commissions paid during the period by the total number of
shares purchased and sold during the period for which commissions were
charged.
-
18
<PAGE>
FINANCIAL HIGHLIGHTS
-----------------------------------------------------------------
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD
- ---- ----
-- COLUMBIA DAILY INCOME COMPANY --
-----------------------------------
<TABLE>
<CAPTION>
SIX MONTHS ENDED
JUNE 30, 1996
(UNAUDITED)(1) 1995 1994 1993 1992 1991
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
INCOME FROM INVESTMENT OPERATIONS:
Net investment income............. .024 .053 .036 .025 .032 .055
- ----------------------------------------------------------------------------------------------------------------------
Total from investment
operations..................... .024 .053 .036 .025 .032 .055
- ----------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS:
Dividends (from net investment
income).......................... (.024) (.053) (.036) (.025) (.032) (.055)
- ----------------------------------------------------------------------------------------------------------------------
Total distributions............. (.024) (.053) (.036) (.025) (.032) (.055)
NET ASSET VALUE, END OF PERIOD $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
TOTAL RETURN........................ 2.43%(2) 5.49% 3.68% 2.51% 3.25% 5.66%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in
thousands)......................... $802,452 $800,656 $730,067 $544,500 $591,186 $737,584
Ratio of expenses to average net
assets............................. .62% .64% .70% .75% .71% .69%
Ratio of net investment income to
average net assets................. 4.79% 5.34% 3.68% 2.49% 3.22% 5.53%
</TABLE>
(1) Ratios are annualized.
(2) Not annualized.
-
19
<PAGE>
FINANCIAL HIGHLIGHTS
-----------------------------------------------------------------
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD
- ---- ----
-- COLUMBIA U.S. GOVERNMENT SECURITIES FUND, INC. --
----------------------------------------------------
<TABLE>
<CAPTION>
SIX MONTHS ENDED
JUNE 30, 1996
(UNAUDITED)(1) 1995 1994 1993 1992 1991
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $8.34 $7.99 $8.36 $8.35 $8.47 $8.43
INCOME FROM INVESTMENT OPERATIONS:
Net investment income............. .20 .45 .37 .32 .39 .53
Net realized and unrealized gains
(losses) on investments.......... (.16) .35 (.37) .17 .09 .50
- --------------------------------------------------------------------------------------------------------------------
Total from investment
operations..................... .04 .80 -- .49 .48 1.03
- --------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS:
Dividends (from net investment
income).......................... (.20) (.45) (.37) (.32) (.39) (.53)
Distributions (from capital
gains)........................... -- -- -- (.16) (.21) (.46)
- --------------------------------------------------------------------------------------------------------------------
Total distributions............. (.20) (.45) (.37) (.48) (.60) (.99)
NET ASSET VALUE, END OF PERIOD $8.18 $8.34 $7.99 $8.36 $8.35 $8.47
TOTAL RETURN........................ .44%(2) 10.21% -.03% 5.91% 5.81% 12.72%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in
thousands)......................... $40,416 $41,842 $33,512 $35,877 $35,479 $34,867
Ratio of expenses to average net
assets............................. .76% .79% .81% .75% .76% .76%
Ratio of net investment income to
average net assets................. 4.75% 5.45% 4.51% 3.74% 4.60% 6.18%
Portfolio turnover rate............. 177.05% 253.17% 253.80% 254.59% 289.05% 309.13%
</TABLE>
(1) Ratios and portfolio turnover rate are annualized.
(2) Not annualized.
-
20
<PAGE>
FINANCIAL HIGHLIGHTS
-----------------------------------------------------------------
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD
- ---- ----
-- COLUMBIA FIXED INCOME SECURITIES FUND, INC. --
-------------------------------------------------
<TABLE>
<CAPTION>
SIX MONTHS ENDED
JUNE 30, 1996
(UNAUDITED)(1) 1995 1994 1993 1992 1991
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $13.51 $12.16 $13.44 $13.28 $13.59 $12.72
INCOME FROM INVESTMENT OPERATIONS:
Net investment income............. .43 .88 .83 .85 .95 1.00
Net realized and unrealized gains
(losses) on investments.......... (.63) 1.35 (1.28) .52 .09 1.05
- ----------------------------------------------------------------------------------------------------------------
Total from investment
operations..................... (.20) 2.23 (.45) 1.37 1.04 2.05
- ----------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS:
Dividends (from net investment
income).......................... (.43) (.88) (.83) (.85) (.95) (1.00)
Distributions (from capital
gains)........................... -- -- -- (.36) (.40) (.18)
- ----------------------------------------------------------------------------------------------------------------
Total distributions............. (.43) (.88) (.83) (1.21) (1.35) (1.18)
NET ASSET VALUE, END OF PERIOD $12.88 $13.51 $12.16 $13.44 $13.28 $13.59
TOTAL RETURN........................ -1.51%(2) 18.91% -3.36% 10.47% 7.99% 16.84%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in
thousands)......................... $328,442 $316,259 $252,090 $300,532 $262,647 $207,271
Ratio of expenses to average net
assets............................. .63% .65% .66% .66% .66% .69%
Ratio of net investment income to
average net assets................. 6.48% 6.80% 6.53% 6.14% 7.03% 7.63%
Portfolio turnover rate............. 133.59% 137.41% 139.81% 118.80% 195.67% 158.95%
</TABLE>
(1) Ratios and portfolio turnover rate are annualized.
(2) Not annualized.
-
21
<PAGE>
FINANCIAL HIGHLIGHTS
-----------------------------------------------------------------
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD
- ---- ----
-- COLUMBIA MUNICIPAL BOND FUND, INC. --
----------------------------------------
<TABLE>
<CAPTION>
SIX MONTHS ENDED
JUNE 30, 1996
(UNAUDITED)(1) 1995 1994 1993 1992 1991
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $12.37 $11.48 $12.71 $12.17 $12.22 $11.65
INCOME FROM INVESTMENT OPERATIONS:
Net investment income............. .30 .63 .64 .66 .69 .72
Net realized and unrealized gains
(losses) on investments.......... (.36) .96 (1.23) .62 .07 .60
- ----------------------------------------------------------------------------------------------------------------
Total from investment
operations..................... (.06) 1.59 (.59) 1.28 .76 1.32
- ----------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS:
- ----------------------------------------------------------------------------------------------------------------
Dividends (from net investment
income) (2)...................... (.30) (.63) (.64) (.66) (.69) (.72)
Distributions (from capital
gains)........................... -- (.07) -- (.08) (.12) (.03)
- ----------------------------------------------------------------------------------------------------------------
Total distributions............. (.30) (.70) (.64) (.74) (.81) (.75)
NET ASSET VALUE, END OF PERIOD...... $12.01 $12.37 $11.48 $12.71 $12.17 $12.22
TOTAL RETURN........................ -.45%(3) 14.15% -4.68% 10.73% 6.46% 11.73%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in
thousands)......................... $371,271 $383,796 $339,817 $430,367 $341,924 $285,099
Ratio of expenses to average net
assets............................. .56% .57% .57% .58% .59% .59%
Ratio of net investment income to
average net assets................. 4.99% 5.22% 5.36% 5.25% 5.69% 6.07%
Portfolio turnover rate............. 20.83% 21.45% 19.40% 9.92% 17.82% 15.28%
</TABLE>
(1) Ratios and portfolio turnover rate are annualized.
(2) 100% exempt from federal taxation.
(3) Not annualized.
-
22
<PAGE>
FINANCIAL HIGHLIGHTS
-----------------------------------------------------------------
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD
- ---- ----
-- COLUMBIA HIGH YIELD FUND, INC. --
------------------------------------
<TABLE>
<CAPTION>
SIX MONTHS ENDED
JUNE 30, 1996
(UNAUDITED)(1) 1995 1994 1993(1)(2)
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $9.88 $9.04 $9.94 $10.00
INCOME FROM INVESTMENT OPERATIONS:
Net investment income............. .40 .82 .80 .18
Net realized and unrealized gains
(losses) on investments.......... (.32) .84 (.90) (.06)
- ----------------------------------------------------------------------------------------------------------------------
Total from investment
operations..................... .08 1.66 (.10) .12
- ----------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS:
Dividends (from net investment
income).......................... (.40) (.82) (.80) (.18)
- ----------------------------------------------------------------------------------------------------------------------
Total distributions............. (.40) (.82) (.80) (.18)
NET ASSET VALUE, END OF PERIOD $9.56 $9.88 $9.04 $9.94
TOTAL RETURN........................ .80%(3) 19.12% -.92% 1.12%(3)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in
thousands)......................... $23,843 $23,471 $12,834 $5,940
Ratio of expenses to average net
assets............................. 0.99% 1.00%(4) 1.00%(4) 1.00%(4)
Ratio of net investment income to
average net assets................. 8.20% 8.62% 8.69% 7.30%
Portfolio turnover rate............. 55.90% 51.60% 36.67% 0.00%
</TABLE>
(1) Ratios and portfolio turnover rates are annualized.
(2) From inception of operations on September 15, 1993.
(3) Not annualized.
(4) The ratio was 1.06% in 1995, 1.19% in 1994 and 2.03% in 1993, before
voluntary reimbursement of certain expenses by the investment advisor.
-
23
<PAGE>
SCHEDULE OF INVESTMENTS
-----------------------------------------------------------------
- --------------------- ---------------------
-- COLUMBIA COMMON STOCK FUND, INC. --
--------------------------------------
<TABLE>
<CAPTION>
SHARES OR
June 30, 1996 PRINCIPAL
(Unaudited) AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
COMMON STOCKS (99.3%)
BANKING & FINANCE (8.3%)
American Express Co. ................................................................. 100,900 $ 4,502,662
BankAmerica Corp. .................................................................... 67,500 5,113,125
Federal Home Loan Mortgage Corp. ..................................................... 57,000 4,873,500
Morgan (J.P.) & Co., Inc. ............................................................ 74,300 6,287,637
Morgan Stanley Group, Inc. ........................................................... 119,300 5,860,613
PNC Bank Corp. ....................................................................... 140,700 4,185,825
U.S. Bancorp (Ore.)................................................................... 154,800 5,592,150
--------------
36,415,512
--------------
BUILDING & FORESTRY PRODUCTS (3.2%)
Champion International Corp. ......................................................... 182,100 7,602,675
Willamette Industries, Inc. .......................................................... 112,000 6,664,000
--------------
14,266,675
--------------
BUSINESS & CONSUMER SERVICES (4.2%)
*ADT Ltd. ............................................................................ 245,000 4,624,375
Service Corp. International........................................................... 244,000 14,030,000
--------------
18,654,375
--------------
CHEMICAL (5.1%)
Grace (W.R.) & Co. ................................................................... 108,300 7,675,762
Hercules, Inc. ....................................................................... 141,100 7,795,775
IMC Global, Inc. ..................................................................... 183,000 6,885,375
--------------
22,356,912
--------------
CONSUMER NON-DURABLE (9.2%)
*Circus Circus Enterprises, Inc. ..................................................... 98,700 4,046,700
*Federated Department Stores, Inc. ................................................... 127,600 4,354,350
Home Depot, Inc. ..................................................................... 82,200 4,438,800
Marriott International, Inc. ......................................................... 97,000 5,213,750
Mattel, Inc. ......................................................................... 226,250 6,476,406
*Payless Cashways, Inc. .............................................................. 252,700 1,137,150
*Price/Costco, Inc. .................................................................. 350,000 7,568,750
Rite Aid Corp. ....................................................................... 64,000 1,904,000
Rykoff-Sexton, Inc. .................................................................. 102,000 1,466,250
Sears, Roebuck & Co. ................................................................. 84,100 4,089,363
--------------
40,695,519
--------------
CONSUMER STAPLES (7.9%)
ConAgra, Inc. ........................................................................ 100,000 4,537,500
Gillette Co. ......................................................................... 72,500 4,522,187
Nabisco Holdings Corp. (Class A)...................................................... 127,000 4,492,625
PepsiCo, Inc. ........................................................................ 194,100 6,866,287
Pioneer Hi-Bred International, Inc. .................................................. 79,900 4,224,713
Procter & Gamble Co. ................................................................. 47,900 4,340,938
<CAPTION>
SHARES OR
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
<S> <C> <C>
Sunbeam Corp. ........................................................................ 403,100 $ 5,945,725
--------------
34,929,975
--------------
ENERGY (4.7%)
Mobil Corp. .......................................................................... 45,400 5,090,475
Noble Affiliates, Inc. ............................................................... 56,500 2,132,875
Royal Dutch Petroleum Co. ADR......................................................... 52,400 8,056,500
Unocal Corp. ......................................................................... 159,000 5,366,250
--------------
20,646,100
--------------
ENTERTAINMENT & MEDIA (2.3%)
Time Warner, Inc. .................................................................... 121,700 4,776,725
*Viacom, Inc. (Class B)............................................................... 135,500 5,267,562
--------------
10,044,287
--------------
HEALTH (11.5%)
American Home Products Corp. ......................................................... 243,000 14,610,375
Bausch & Lomb, Inc. .................................................................. 95,400 4,054,500
Baxter International, Inc. ........................................................... 148,400 7,011,900
Johnson & Johnson..................................................................... 178,000 8,811,000
Merck & Co., Inc. .................................................................... 146,000 9,435,250
Pfizer, Inc. ......................................................................... 96,000 6,852,000
--------------
50,775,025
--------------
INSURANCE (5.2%)
Aetna Life & Casualty Co. ............................................................ 118,800 8,494,200
Berkley (W.R.) Corp. ................................................................. 100,000 4,175,000
General Re Corp. ..................................................................... 30,100 4,582,725
TIG Holdings, Inc. ................................................................... 188,000 5,452,000
--------------
22,703,925
--------------
MACHINERY & CAPITAL SPENDING (5.0%)
Case Corp. ........................................................................... 81,700 3,921,600
Emerson Electric Co. ................................................................. 49,000 4,428,375
General Electric Co. ................................................................. 50,800 4,394,200
Grainger (W.W.), Inc. ................................................................ 60,000 4,650,000
Honeywell, Inc. ...................................................................... 82,300 4,485,350
--------------
21,879,525
--------------
METAL MINING & STEEL (2.6%)
Aluminum Company of America........................................................... 139,300 7,992,337
Worthington Industries, Inc. ......................................................... 169,000 3,527,875
--------------
11,520,212
--------------
REAL ESTATE SECURITIES (8.3%)
American Health Properties, Inc. ..................................................... 120,000 2,655,000
Associated Estates Realty Corp. ...................................................... 157,400 3,305,400
Beacon Properties Corp. .............................................................. 124,100 3,180,062
DeBartolo Realty Corp. ............................................................... 280,000 4,515,000
</TABLE>
-
24
<PAGE>
SCHEDULE OF INVESTMENTS
-----------------------------------------------------------------
- --------------------- ---------------------
-- COLUMBIA COMMON STOCK FUND, INC. --
--------------------------------------
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
</TABLE>
COMMON STOCKS (CONTINUED)
<TABLE>
<S> <C> <C>
Equity Residential Properties Trust................................................... 125,000 $ 4,109,375
First Industrial Realty Trust, Inc. .................................................. 150,000 3,525,000
Highwoods Properties, Inc. ........................................................... 36,200 1,000,025
JP Realty, Inc. ...................................................................... 106,500 2,276,438
Liberty Property Trust................................................................ 97,600 1,939,800
Manufactured Home Communities, Inc. .................................................. 49,000 943,250
National Health Investors, Inc. ...................................................... 100,000 3,275,000
Spieker Properties, Inc. ............................................................. 158,000 4,305,500
Sun Communities, Inc. ................................................................ 50,400 1,354,500
--------------
36,384,350
--------------
TECHNOLOGY (12.6%)
Adobe Systems, Inc. .................................................................. 200,000 7,175,000
*Cisco Systems, Inc. ................................................................. 78,400 4,439,400
*Computer Sciences Corp. ............................................................. 83,800 6,264,050
*Electronic Data Systems Corp. ....................................................... 162,100 8,712,875
Ericsson (L.M.) Telephone Co. (Class B) ADR........................................... 405,000 8,707,500
Intel Corp. .......................................................................... 94,000 6,903,125
International Business Machines Corp. ................................................ 70,300 6,959,700
Motorola, Inc. ....................................................................... 100,000 6,287,500
--------------
55,449,150
--------------
TRANSPORTATION (2.7%)
*Federal Express Corp. ............................................................... 86,000 7,052,000
Southwest Airlines Co. ............................................................... 169,300 4,930,863
--------------
11,982,863
--------------
UTILITIES/COMMUNICATIONS (3.6%)
AT&T Corp. ........................................................................... 58,300 3,614,600
GTE Corp. ............................................................................ 93,300 4,175,175
Vodafone Group plc Spon. ADR.......................................................... 104,300 3,846,063
*Western Wireless Corp. (Class A)..................................................... 200,000 4,275,000
--------------
15,910,838
--------------
<CAPTION>
SHARES OR
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
<S> <C> <C>
UTILITIES/ELECTRIC/GAS (2.9%)
Idaho Power Co. ...................................................................... 118,300 $ 3,682,088
NIPSCO Industries, Inc. .............................................................. 115,800 4,660,950
NorAm Energy Corp. ................................................................... 400,000 4,350,000
--------------
12,693,038
--------------
Total Common Stocks
(Cost $393,182,133).................................................................. 437,308,281
--------------
REPURCHASE AGREEMENT (2.2%)
Goldman Sachs Corp.
5.686% dated 06/28/1996,
due 07/01/1996 in the
amount of $9,673,696.
Collateralized by U.S. Treasury Bond
7.625% due 02/15/2025,
U.S. Treasury Strip
due 08/15/2020
(Cost $9,669,190).................................................................... $ 9,669,190 9,669,190
--------------
TOTAL INVESTMENTS (101.5%)
(Cost $402,851,323)...................................................................... 446,977,471
RECEIVABLES LESS LIABILITIES (-1.5%)...................................................... (6,595,406)
--------------
NET ASSETS (100.0%)....................................................................... $ 440,382,065
--------------
--------------
</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
<PAGE>
SCHEDULE OF INVESTMENTS
-----------------------------------------------------------------
- ------------------------- -------------------------
-- COLUMBIA GROWTH FUND, INC. --
--------------------------------
<TABLE>
<CAPTION>
SHARES OR
June 30, 1996 PRINCIPAL
(Unaudited) AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
COMMON STOCKS (98.4%)
BANKING & FINANCE (6.4%)
BankAmerica Corp. .................................................................... 100,000 $ 7,575,000
Barnett Banks, Inc. .................................................................. 100,000 6,100,000
Bear Stearns Cos., Inc. .............................................................. 204,021 4,819,996
Dean Witter, Discover & Co. .......................................................... 125,440 7,181,440
Federal Home Loan Mortgage Corp. ..................................................... 202,300 17,296,650
Federal National Mortgage Assn. ...................................................... 306,800 10,277,800
Morgan Stanley Group, Inc. ........................................................... 200,000 9,825,000
--------------
63,075,886
--------------
BUILDING & FORESTRY PRODUCTS (1.0%)
*Crown Vantage, Inc. ................................................................. 376,320 5,456,640
Mead Corp. ........................................................................... 91,600 4,751,750
--------------
10,208,390
--------------
BUSINESS & CONSUMER SERVICES (2.5%)
*FIserv, Inc. ........................................................................ 300,000 9,000,000
*Mail-Well, Inc. ..................................................................... 459,000 4,016,250
Service Corp. International........................................................... 200,000 11,500,000
--------------
24,516,250
--------------
CHEMICAL (2.9%)
Grace (W.R.) & Co. ................................................................... 169,900 12,041,662
Hercules, Inc. ....................................................................... 300,000 16,575,000
--------------
28,616,662
--------------
CONSUMER NON-DURABLE (22.3%)
Authentic Fitness Corp. .............................................................. 168,000 3,129,000
*AutoZone, Inc. (Nev.)................................................................ 320,000 11,120,000
*Borders Group, Inc. ................................................................. 138,300 4,460,175
*Central Tractor Farm & Country, Inc. ................................................ 255,100 3,124,975
*Consolidated Stores Corp. ........................................................... 200,000 7,350,000
*Corporate Express, Inc. ............................................................. 307,300 12,292,000
*Dollar Tree Stores, Inc. ............................................................ 300,000 9,525,000
*Federated Department Stores, Inc. ................................................... 400,000 13,650,000
*HFS, Inc. ........................................................................... 500,000 35,000,000
Mattel, Inc. ......................................................................... 600,000 17,175,000
McDonald's Corp. ..................................................................... 100,400 4,693,700
*Office Depot, Inc. .................................................................. 400,400 8,158,150
*Price/Costco, Inc. .................................................................. 400,000 8,650,000
Rite Aid Corp. ....................................................................... 400,000 11,900,000
Sears, Roebuck & Co. ................................................................. 347,800 16,911,775
*Thrifty PayLess Holdings, Inc. (Class B)............................................. 600,500 10,358,625
*Waban, Inc. ......................................................................... 161,200 3,848,650
Warnaco Group, Inc. (Class A)......................................................... 1,501,200 38,655,900
--------------
220,002,950
--------------
<CAPTION>
SHARES OR
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
<S> <C> <C>
CONSUMER STAPLES (6.8%)
Gillette Co. ......................................................................... 200,000 $ 12,475,000
Libbey, Inc. ......................................................................... 325,000 9,018,750
PepsiCo, Inc. ........................................................................ 200,000 7,075,000
Philip Morris Cos., Inc. ............................................................. 300,500 31,252,000
Richfood Holdings, Inc. .............................................................. 45,000 1,462,500
Sunbeam Corp. ........................................................................ 400,000 5,900,000
--------------
67,183,250
--------------
ENERGY (1.6%)
Anadarko Petroleum Corp. ............................................................. 112,000 6,496,000
Apache Corp. ......................................................................... 113,700 3,737,887
Chevron Corp. ........................................................................ 100,000 5,900,000
--------------
16,133,887
--------------
ENERGY SERVICES (1.4%)
Halliburton Co. ...................................................................... 143,000 7,936,500
Schlumberger Ltd. .................................................................... 75,000 6,318,750
--------------
14,255,250
--------------
ENTERTAINMENT & MEDIA (2.4%)
Time Warner, Inc. .................................................................... 400,000 15,700,000
*Viacom, Inc. (Class B)............................................................... 200,000 7,775,000
--------------
23,475,000
--------------
HEALTH (12.2%)
*Amgen, Inc. ......................................................................... 200,000 10,800,000
*Apria Healthcare Group, Inc. ........................................................ 1,524,820 47,841,228
*BioChem Pharma, Inc. ................................................................ 250,000 9,375,000
*Ethical Holdings Ltd. Spon. ADR...................................................... 300,000 2,925,000
*Genesis Health Ventures, Inc. ....................................................... 369,400 11,589,925
*Inhale Therapeutic Systems........................................................... 140,000 2,590,000
Johnson & Johnson..................................................................... 240,000 11,880,000
Merck & Co., Inc. .................................................................... 100,000 6,462,500
*PacifiCare Health Systems, Inc. (Class B)............................................ 50,000 3,387,500
*Penederm, Inc. ...................................................................... 162,200 2,757,400
Teva Pharmaceutical Industries Ltd. ADR............................................... 80,000 3,030,000
Warner-Lambert Co. ................................................................... 150,000 8,250,000
--------------
120,888,553
--------------
HOTELS & GAMING (7.2%)
*Circus Circus Enterprises, Inc. ..................................................... 423,500 17,363,500
*Host Marriott Corp. ................................................................. 400,000 5,250,000
Marriott International, Inc. ......................................................... 298,100 16,022,875
*MGM Grand, Inc. ..................................................................... 300,000 11,962,500
*Rio Hotel & Casino, Inc. ............................................................ 300,400 4,618,650
</TABLE>
-
26
<PAGE>
SCHEDULE OF INVESTMENTS
-----------------------------------------------------------------
- ------------------------- -------------------------
-- COLUMBIA GROWTH FUND, INC. --
--------------------------------
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
</TABLE>
COMMON STOCKS (CONTINUED)
<TABLE>
<S> <C> <C>
*Station Casinos, Inc. ............................................................... 1,126,600 $ 16,194,875
--------------
71,412,400
--------------
INSURANCE (5.0%)
Aetna Life & Casualty Co. ............................................................ 195,000 13,942,500
Allstate Corp. ....................................................................... 300,000 13,687,500
American International Group, Inc. ................................................... 96,150 9,482,794
Berkley (W.R.) Corp. ................................................................. 300,000 12,525,000
--------------
49,637,794
--------------
MACHINERY & CAPITAL SPENDING (4.7%)
Case Corp. ........................................................................... 300,000 14,400,000
Emerson Electric Co. ................................................................. 200,000 18,075,000
General Electric Co. ................................................................. 159,000 13,753,500
--------------
46,228,500
--------------
REAL ESTATE SECURITIES (5.1%)
Amli Residential Properties Trust..................................................... 180,500 3,745,375
Beacon Properties Corp. .............................................................. 145,000 3,715,625
Camden Property Trust................................................................. 166,250 3,948,438
Duke Realty Investments, Inc. (Ind.).................................................. 84,100 2,544,025
Equity Residential Properties Trust................................................... 355,000 11,670,625
Highwoods Properties, Inc. ........................................................... 300,000 8,287,500
JP Realty, Inc. ...................................................................... 350,000 7,481,250
Public Storage, Inc. ................................................................. 50,000 1,031,250
Simon Property Group, Inc. ........................................................... 144,300 3,535,350
TriNet Corporate Realty Trust, Inc. .................................................. 146,000 4,234,000
--------------
50,193,438
--------------
TECHNOLOGY (15.1%)
Adobe Systems, Inc. .................................................................. 300,300 10,773,262
*Altera Corp. ........................................................................ 150,000 5,700,000
*Cisco Systems, Inc. ................................................................. 250,000 14,156,250
*Compaq Computer Corp. ............................................................... 167,600 8,254,300
*Computer Sciences Corp. ............................................................. 300,400 22,454,900
*Electronic Data Systems Corp. ....................................................... 200,900 10,798,375
Ericsson (L.M.) Telephone Co. (Class B) ADR........................................... 682,300 14,669,450
<CAPTION>
SHARES OR
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
<S> <C> <C>
Intel Corp. .......................................................................... 150,000 $ 11,015,625
Nokia Corp. Spon. ADR (Class A)....................................................... 200,000 7,400,000
*Oracle Corp. ........................................................................ 598,350 23,597,428
*Tellabs, Inc. ....................................................................... 133,300 8,914,438
*3Com Corp. .......................................................................... 252,200 11,538,150
--------------
149,272,178
--------------
TRANSPORTATION (0.3%)
Southwest Airlines Co. ............................................................... 100,000 2,912,500
--------------
UTILITIES/COMMUNICATIONS (1.5%)
*Paging Network, Inc. ................................................................ 400,000 9,600,000
Vodafone Group plc Spon. ADR.......................................................... 150,000 5,531,250
--------------
15,131,250
--------------
Total Common Stocks
(Cost $785,096,231).................................................................. 973,144,138
--------------
REPURCHASE AGREEMENT (2.2%)
Goldman Sachs Corp.
5.686% dated 06/28/1996,
due 07/01/1996 in the
amount of $21,685,304.
Collateralized by U.S. Treasury Bond
7.625% due 02/15/2025,
U.S. Treasury Strip
due 08/15/2020.
(Cost $21,675,202)................................................................... $ 21,675,202 21,675,202
--------------
TOTAL INVESTMENTS (100.6%)
(Cost $806,771,433)...................................................................... 994,819,340
RECEIVABLES LESS LIABILITIES (-0.6%)...................................................... (6,334,500)
--------------
NET ASSETS (100.0%)....................................................................... $ 988,484,840
--------------
--------------
</TABLE>
(1) See Note 1 of Notes to Financial Statements.
* Non-income producing
The accompanying notes are an integral part
of the financial statements.
-
27
<PAGE>
SCHEDULE OF INVESTMENTS
-----------------------------------------------------------------
- ------------------ ------------------
-- COLUMBIA INTERNATIONAL STOCK FUND, INC. --
---------------------------------------------
<TABLE>
<CAPTION>
SHARES OR
June 30, 1996 PRINCIPAL
(Unaudited) AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
COMMON STOCKS (83.7%)
AUSTRALIA (1.3%)
Broken Hill Proprietary Co., Ltd. (Metals, Mining & Steel)............................ 40,574 $ 560,613
Reinsurance Australia Corp., Ltd. (Insurance)......................................... 360,000 1,047,485
--------------
1,608,098
--------------
BRAZIL (0.9%)
Companhia Energetica de Minas Gerais SA, ADR (Utilities-Electric)..................... 22,776 646,269
Usinas Siderurgicas de Minas Gerais SA, ADR (Metals, Mining & Steel).................. 45,000 486,675
--------------
1,132,944
--------------
CANADA (2.5%)
Bombardier, Inc. (Class B) (Manufacturing - Diversified Inds.)........................ 80,000 1,198,359
*Future Shop Ltd., The (Retail)....................................................... 56,700 548,227
*QLT Phototherapeutics, Inc. (Pharmaceuticals)........................................ 38,000 707,003
*Skyjack, Inc. (Machinery & Capital Spending)......................................... 22,500 741,650
--------------
3,195,239
--------------
FINLAND (0.9%)
Finnair Oy (Transportation)........................................................... 70,000 479,504
Finnlines Oy (Transportation)......................................................... 34,000 681,128
--------------
1,160,632
--------------
FRANCE (6.7%)
BIC SA (Consumer Products)............................................................ 7,000 994,364
Cardif SA (Insurance)................................................................. 5,212 728,333
Carrefour SA (Retail)................................................................. 3,750 2,101,632
*Dassault Systemes SA, ADR (Computer Software)........................................ 30,000 930,000
Guilbert SA (Business Services)....................................................... 1,800 262,340
Legrand (Electrical Equipment)........................................................ 2,500 446,949
LVMH Moet Hennessy Louis Vuitton SA (Consumer Products)............................... 2,800 664,361
SEB SA (Consumer Products)............................................................ 4,000 696,463
Societe Nationale d'Exploitation Industrielle des Tabacs et Allumettes (Consumer
Products)............................................................................ 17,000 779,635
Synthelabo SA (Pharmaceuticals)....................................................... 3,600 304,314
Total SA (Class B) (Oil Exploration & Production)..................................... 7,000 519,355
--------------
8,427,746
--------------
<CAPTION>
SHARES OR
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
<S> <C> <C>
GERMANY (5.8%)
adidas AG (Consumer Products)......................................................... 16,000 $ 1,345,431
Bayer AG (Chemicals).................................................................. 40,000 1,413,544
Bilfinger & Berger Bau AG (Engineering & Construction)................................ 1,500 633,136
Gehe AG (Wholesale Distributor)....................................................... 1,800 1,209,468
Mannesmann AG (Machinery & Capital Spending).......................................... 2,400 829,980
SGL Carbon AG (Metals, Mining & Steel)................................................ 12,000 1,404,339
Systeme, Anwendungen, Produkte in der Dattenverarbeitung AG (Business Services)....... 2,600 385,470
--------------
7,221,368
--------------
HONG KONG (4.4%)
*Asia Satellite Telecommunications Holdings Ltd., ADS (Media)......................... 50,000 1,487,500
Cheung Kong Holdings Ltd. (Real Estate)............................................... 80,000 576,227
COSCO Pacific Ltd. (Container Leasing)................................................ 920,000 659,690
Guangnan Holdings (Wholesale Distributor)............................................. 1,626,000 971,609
HSBC Holdings plc (Banking)........................................................... 55,231 834,887
Hutchison Whampoa Ltd. (Consumer Products)............................................ 160,000 1,006,718
--------------
5,536,631
--------------
INDIA (3.0%)
Bajaj Auto Ltd., GDR (Motor Vehicles & Parts)......................................... 12,400 474,300
*Indian Hotels Co., Ltd., The, GDR (Entertainment & Leisure).......................... 30,000 855,000
Larsen & Toubro Ltd., GDR (Engineering & Construction)................................ 40,000 750,000
Steel Authority of India, Ltd., GDR (Metals, Mining & Steel).......................... 35,000 516,250
Tata Engineering & Locomotive Co., Ltd., GDS (Motor Vehicles & Parts)................. 66,400 1,195,200
--------------
3,790,750
--------------
ITALY (2.1%)
Bulgari S.p.A., ADR (Consumer Products)............................................... 40,000 639,192
Fila Holding S.p.A., ADR (Consumer Products).......................................... 10,000 862,500
*Gucci Group NV (Consumer Products)................................................... 17,500 1,128,750
--------------
2,630,442
--------------
JAPAN (22.8%)
Bank of Tokyo-Mitsubishi Ltd., The (Banking).......................................... 50 1,158
</TABLE>
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<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
</TABLE>
COMMON STOCKS (CONTINUED)
<TABLE>
<S> <C> <C>
BRIDGESTONE CORP. (Motor Vehicles & Parts)............................................ 32,000 $ 609,941
CANON, INC. (Electronics)............................................................. 28,000 582,216
Daiwa Securities Co., Ltd. (Financial Services)....................................... 30,000 385,773
Daiwabo Information System Co., Ltd. (Business Services).............................. 300 7,387
East Japan Railway Co. (Transportation)............................................... 74 388,053
Fuji Photo Film Co., Ltd. (Entertainment & Leisure)................................... 11,000 347,104
Hitachi Maxell, Ltd. (Electronics).................................................... 18,000 375,923
KAJIMA CORP. (Construction)........................................................... 32,000 329,777
Kao Corp. (Consumer Products)......................................................... 20,000 269,950
KEYENCE CORP. (Electronics)........................................................... 3,000 407,661
Kinki Nippon Railway Co., Ltd. (Transportation)....................................... 40,170 289,048
KOMATSU LTD. (Machinery & Capital Spending)........................................... 60,000 590,971
KUBOTA CORP. (Machinery & Capital Spending)........................................... 70,000 461,559
Laox Co., Ltd. (Retail)............................................................... 26,000 621,249
Matsushita-Kotobuki Electronics Inds., Ltd. (Electronics)............................. 14,000 365,162
Mitsubishi Corp. (Wholesale Distributor).............................................. 125,000 1,641,587
Mitsubishi Chemical Corp. (Chemicals)................................................. 76,000 350,716
Mitsubishi Estate Co., Ltd. (Real Estate)............................................. 140,000 1,927,953
Mitsubishi Heavy Inds., Ltd. (Machinery & Capital Spending)........................... 120,000 1,042,955
NEC Corp. (Electronics)............................................................... 40,000 434,109
Nintendo Co., Ltd. (Entertainment & Leisure).......................................... 3,000 223,529
NIPPON STEEL CORP. (Metals, Mining & Steel)........................................... 200,000 685,818
NIPPON TELEGRAPH & TELEPHONE CORP. (Utilities-Communication).......................... 100 740,538
Nippon Television Network Corp. (Media)............................................... 1,700 527,132
NIPPONDENSO CO., LTD. (Motor Vehicles & Parts)........................................ 23,000 499,225
NISSAN MOTOR CO., LTD. (Motor Vehicles & Parts)....................................... 47,000 417,063
NISSHO ELECTRONICS CORP. (Electronics)................................................ 44,000 766,439
Nomura Securities Co., Ltd., The (Financial Services)................................. 42,000 819,699
NSK Ltd. (Machinery & Capital Spending)............................................... 82,000 619,954
<CAPTION>
SHARES OR
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
<S> <C> <C>
NTN CORP. (Machinery & Capital Spending).............................................. 80,000 $ 565,435
NTT Data Communications Systems Corp. (Business Services)............................. 35 1,046,968
ROHM CO., LTD. (Electronics).......................................................... 17,000 1,122,481
SANKYO CO., LTD. (Pharmaceuticals).................................................... 12,000 310,807
Sawako Corp. (Construction)........................................................... 12,000 415,869
Sharp Corp. (Electronics)............................................................. 33,000 577,839
SHIMIZU CORP. (Construction).......................................................... 30,000 331,053
SONY CORP. (Electronics).............................................................. 40,000 2,630,187
Takeda Chemical Inds., Ltd. (Pharmaceuticals)......................................... 27,000 477,702
Tokio Marine & Fire Insurance Co., Ltd., The (Insurance).............................. 65,000 865,481
TORAY INDUSTRIES, INC. (Chemicals).................................................... 75,000 517,100
TOYOTA MOTOR CORP. (Motor Vehicles & Parts)........................................... 75,000 1,874,145
TRANS COSMOS, INC. (Business Services)................................................ 6,600 300,958
USHIO INC. (Electronics).............................................................. 30,000 366,621
YOKOGAWA ELECTRIC CORP. (Electronics)................................................. 50,000 501,596
--------------
28,633,891
--------------
KOREA (1.7%)
*CITC Seoul Excel Trust, IDR (Investment Trust)....................................... 130,000 1,189,500
Daehan Blue-Chip Index Trust, IDR (Investment Trust).................................. 45,000 970,650
--------------
2,160,150
--------------
MALAYSIA (2.2%)
*Konsortium Perkapalan Berhad (Transportation)........................................ 115,000 691,438
Malayan Banking Berhad (Banking)...................................................... 116,000 1,115,921
Tenaga Nasional Berhad (Utilities-Electric)........................................... 211,000 888,047
--------------
2,695,406
--------------
MEXICO (0.7%)
Panamerican Beverages, Inc. (Class A) (Food & Beverages).............................. 20,000 895,000
--------------
NETHERLANDS (5.4%)
Aegon NV (Insurance).................................................................. 25,490 1,173,842
*Baan Co. NV (Business Services)...................................................... 8,800 299,200
Elsevier NV (Publishing).............................................................. 80,000 1,213,968
Getronics NV (Business Services)...................................................... 60,000 1,328,802
Heineken NV (Food & Beverages)........................................................ 5,800 1,296,063
</TABLE>
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<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
</TABLE>
COMMON STOCKS (CONTINUED)
<TABLE>
<S> <C> <C>
Randstad Holdings NV (Business Services).............................................. 19,000 $ 1,402,625
--------------
6,714,500
--------------
NORWAY (1.5%)
Den norske Bank ASA (Banking)......................................................... 50,000 151,730
Kvaerner AS (Class B) (Engineering & Construction).................................... 15,000 579,962
Kverneland Gruppen AS (Machinery & Capital Spending).................................. 22,000 542,223
Norsk Hydro ASA (Oil Exploration & Production)........................................ 12,000 587,818
--------------
1,861,733
--------------
SWEDEN (3.3%)
Assa Abloy AB (Class B) (Manufacturing - Diversified Inds.)........................... 43,300 627,006
*Frontec AB (Class B) (Business Services)............................................. 30,000 368,801
Getinge Industrier AB (Class B) (Consumer Products)................................... 43,500 820,185
Hoganas AB (Class B) (Metals, Mining & Steel)......................................... 22,000 769,881
Telefonaktiebolaget LM Ericsson, ADR (Electronics).................................... 53,000 1,139,500
WM-data AB (Class B) (Business Services).............................................. 6,000 380,113
--------------
4,105,486
--------------
SWITZERLAND (3.6%)
ABB AG (Bearer) (Electrical Equipment)................................................ 750 927,835
Alusuisse-Lonza Holding AG (Bearer) (Metals, Mining & Steel).......................... 1,200 987,773
Ciba-Geigy AG (Bearer) (Pharmaceuticals).............................................. 1,500 1,819,708
Holderbank Financiere Glaris AG (Bearer) (Building Materials)......................... 1,000 799,169
--------------
4,534,485
--------------
TAIWAN (1.1%)
Taiwan Fund, Inc. (Investment Company)................................................ 55,000 1,320,000
--------------
THAILAND (1.9%)
PTT Exploration & Production Public Co., Ltd. (Oil Exploration & Production).......... 85,000 1,245,127
Thai Fund, Inc., The (Investment Company)............................................. 50,000 1,181,250
--------------
2,426,377
--------------
UNITED KINGDOM (11.9%)
Airtours plc (Entertainment & Leisure)................................................ 80,600 636,663
<CAPTION>
SHARES OR
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
<S> <C> <C>
British Aerospace plc (Aircraft & Aerospace).......................................... 72,620 $ 1,101,569
British Petroleum Co. plc (Energy).................................................... 110,407 968,153
British Sky Broadcasting Group plc (Media)............................................ 70,000 477,903
Compass Group plc (Restaurants)....................................................... 96,000 873,135
Electrocomponents plc (Electronics)................................................... 86,000 509,655
Fairey Group plc (Manufacturing - Diversified Inds.).................................. 68,000 691,884
Granada Group plc (Entertainment & Leisure)........................................... 60,000 802,952
Great Universal Stores plc (Retail)................................................... 42,000 426,362
Hays plc (Business Services).......................................................... 120,000 846,292
Next plc (Retail)..................................................................... 80,000 699,030
Provident Financial plc (Financial Services).......................................... 134,538 960,315
Prudential Corp. (Insurance).......................................................... 51,967 327,342
Reuters Holdings plc (Business Services).............................................. 60,000 726,059
RTZ Corp. plc (Metals, Mining & Steel)................................................ 39,491 584,621
Sage Group plc (Business Services).................................................... 100,000 758,059
Siebe plc (Machinery & Capital Spending).............................................. 71,587 1,017,510
THORN EMI plc (Entertainment & Leisure)............................................... 28,000 780,304
Wetherspoon, J.D. (Restaurants)....................................................... 72,800 1,147,838
Zeneca Group plc (Pharmaceuticals).................................................... 24,000 530,704
--------------
14,866,350
--------------
Total Common Stocks
(Cost $89,913,091)................................................................... 104,917,228
--------------
PREFERRED STOCKS (4.4%)
BRAZIL (3.4%)
Bardella Industrias Mecanicas SA (Manufacturing - Diversified Inds.).................. 4,000 438,247
Companhia Cervejaria Brahma SA (Food & Beverages)..................................... 2,140,000 1,276,753
Companhia Tecidos do Norte de Minas SA (Textiles)..................................... 1,195,000 470,145
DIXIE TOGA SA (Containers)............................................................ 437,500 422,684
Telecomunicacoes Brasileiras SA (Utilities - Communication)........................... 22,925,241 1,600,657
--------------
4,208,486
--------------
GERMANY (1.0%)
Jil Sander AG (Consumer Products)..................................................... 765 505,473
Porsche AG (Motor Vehicles & Parts)................................................... 1,260 757,988
--------------
1,263,461
--------------
Total Preferred Stocks
(Cost $4,336,024).................................................................... 5,471,947
--------------
</TABLE>
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<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
<S> <C> <C>
WARRANTS (1.8%)
GERMANY (0.9%)
*Veba AG (04/06/1998) (Utilities-Electric)............................................ 4,000 $ 1,141,354
--------------
JAPAN (0.9%)
*Kyocera Corp. #2 (01/23/1998)
(Electronics)........................................................................ 865 962,312
*Mr. Max Corp. (02/17/1998) (Retail).................................................. 5,000 135,859
--------------
1,098,171
--------------
Total Warrants
(Cost $1,782,384).................................................................... 2,239,525
--------------
CONVERTIBLE BOND (1.6%)
ITALY (1.6%)
*I.N.A. S.p.A Privatisation Exchange Note
5.000% 06/28/2001 (Insurance)
(Cost $2,000,000).................................................................... $ 2,000,000 2,040,000
--------------
Total investments, excluding temporary
cash investments
(Cost $98,031,499)................................................................... 114,668,700
--------------
REPURCHASE AGREEMENTS (8.5%)
Goldman Sachs Corp.
5.686% dated 06/28/1996,
due 07/01/1996 in the
amount of $5,638,936.
Collateralized by U.S. Treasury Bond
7.625% due 02/15/2025,
U.S. Treasury Strip
due 08/15/2020....................................................................... 5,636,309 5,636,309
<CAPTION>
SHARES OR
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
<S> <C> <C>
J.P. Morgan Securities, Inc.
5.741% dated 06/28/1996,
due 07/01/1996 in the
amount of $4,981,956.
Collateralized by U.S. Treasury Notes
5.125% to 6.125%
due 04/30/1998 to 07/31/2000......................................................... $ 4,979,613 $ 4,979,613
--------------
Total Repurchase Agreements
(Cost $10,615,922)................................................................... 10,615,922
--------------
TOTAL INVESTMENTS (100.0%)
(Cost $108,647,421)...................................................................... 125,284,622
CASH AND RECEIVABLES LESS LIABILITIES (0.0%).............................................. 57,737
--------------
NET ASSETS (100%)......................................................................... $ 125,342,359
--------------
--------------
</TABLE>
(1) See Note 1 of Notes to Financial Statements.
* Non-income producing
The accompanying notes are an integral part
of the financial statements.
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<TABLE>
<CAPTION>
SHARES OR
June 30, 1996 PRINCIPAL
(Unaudited) AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
COMMON STOCKS (95.5%)
AEROSPACE (0.3%)
*Wyman-Gordon Co. .................................................................... 275,000 $ 4,881,250
--------------
BANKING & FINANCE (6.5%)
Aames Financial Corp. ................................................................ 500,000 17,937,500
Alex. Brown, Inc. .................................................................... 250,000 14,125,000
*ContiFinancial Corp. ................................................................ 191,600 5,652,200
First Security Corp. (Del.)........................................................... 360,000 8,640,000
Green Tree Financial Corp. ........................................................... 500,000 15,625,000
*Olympic Financial Ltd. .............................................................. 360,000 8,280,000
Schwab (Charles) Corp. ............................................................... 400,000 9,800,000
Standard Federal Bancorp.............................................................. 350,000 13,475,000
U.S. Bancorp (Ore.)................................................................... 300,000 10,837,500
--------------
104,372,200
--------------
BUILDING & FORESTRY PRODUCTS (1.4%)
*BMC West Corp. ...................................................................... 300,000 5,137,500
*Fort Howard Corp. ................................................................... 450,000 8,943,750
Mosinee Paper Corp. .................................................................. 166,666 4,458,315
Wausau Paper Mills Co. ............................................................... 200,000 3,950,000
--------------
22,489,565
--------------
BUSINESS & CONSUMER SERVICES (9.3%)
*AccuStaff, Inc. ..................................................................... 408,400 11,128,900
*Career Horizons, Inc. ............................................................... 291,000 10,185,000
*CBT Group Public Ltd. Spon. ADR...................................................... 215,000 9,943,750
*Consolidated Graphics, Inc. ......................................................... 134,500 2,925,375
Danka Business Systems plc Spon. ADR.................................................. 539,100 15,768,675
DENTSPLY International, Inc. ......................................................... 317,500 13,493,750
*FIserv, Inc. ........................................................................ 400,000 12,000,000
*HFS, Inc. ........................................................................... 190,000 13,300,000
*Medaphis Corp. ...................................................................... 200,000 7,950,000
*Patterson Dental Co. ................................................................ 67,500 2,446,875
*Renaissance Solutions, Inc. ......................................................... 31,300 888,138
*Romac International, Inc. ........................................................... 324,000 8,262,000
*United Dental Care, Inc. ............................................................ 515,000 21,758,750
Unitog Co. ........................................................................... 250,000 7,062,500
Watsco, Inc. ......................................................................... 600,000 12,600,000
--------------
149,713,713
--------------
CHEMICAL (1.4%)
IMC Global, Inc. ..................................................................... 600,000 22,575,000
--------------
CONSUMER DURABLE (1.3%)
*Brightpoint, Inc. ................................................................... 299,000 6,428,500
*Colonial Data Technologies Corp. .................................................... 275,000 4,090,625
<CAPTION>
SHARES OR
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
<S> <C> <C>
Harley-Davidson, Inc. ................................................................ 250,000 $ 10,281,250
--------------
20,800,375
--------------
CONSUMER NON-DURABLE (9.5%)
Apple South, Inc. .................................................................... 525,000 14,043,750
*Bombay Co. (The), Inc. .............................................................. 500,000 3,125,000
*Borders Group, Inc. ................................................................. 400,000 12,900,000
*Donna Karan International, Inc. ..................................................... 62,000 1,736,000
*Eastbay, Inc. ....................................................................... 400,000 6,000,000
*General Nutrition Cos., Inc. ........................................................ 500,000 8,750,000
*Logan's Roadhouse, Inc. ............................................................. 223,200 4,185,000
*Lone Star Steakhouse & Saloon, Inc. ................................................. 510,000 19,252,500
*Micro Warehouse, Inc. ............................................................... 300,000 6,000,000
*OfficeMax, Inc. ..................................................................... 600,000 14,325,000
*Papa John's International, Inc. ..................................................... 160,000 7,800,000
*Price/Costco, Inc. .................................................................. 200,000 4,325,000
*Quality Dining, Inc. ................................................................ 31,000 1,015,250
*Quality Food Centers, Inc. .......................................................... 385,000 9,913,750
*Sports Authority, Inc. (The)......................................................... 450,000 14,737,500
Warnaco Group, Inc. (Class A)......................................................... 550,000 14,162,500
*Zale Corp. .......................................................................... 600,000 10,125,000
--------------
152,396,250
--------------
ENERGY SERVICES (7.9%)
*BJ Services Co. ..................................................................... 400,000 14,050,000
*GeoScience Corp. .................................................................... 200,000 2,800,000
*Grant Geophysical, Inc. ............................................................. 400,000 1,450,000
*Input/Output, Inc. .................................................................. 350,000 11,331,250
*J. Ray McDermott, S.A. .............................................................. 200,000 5,000,000
*Landmark Graphics Corp. ............................................................. 430,000 8,277,500
*Nabors Industries, Inc. ............................................................. 700,000 11,375,000
*Noble Drilling Corp. ................................................................ 900,000 12,487,500
*Oceaneering International, Inc. ..................................................... 600,000 9,075,000
*Pride Petroleum Services, Inc. ...................................................... 651,400 9,282,450
*Smith International, Inc. ........................................................... 550,000 16,568,750
Sonat Offshore Drilling, Inc. ........................................................ 250,000 12,625,000
Tidewater, Inc. ...................................................................... 300,000 13,162,500
--------------
127,484,950
--------------
ENTERTAINMENT & MEDIA (4.5%)
*American Radio Systems Corp. (Class A)............................................... 250,000 10,750,000
*Clear Channel Communications, Inc. .................................................. 125,000 10,296,875
*Evergreen Media Corp. (Class A)...................................................... 400,000 17,100,000
Nelson (Thomas), Inc. ................................................................ 420,000 5,617,500
*Regal Cinemas, Inc. ................................................................. 260,000 11,895,000
*SFX Broadcasting, Inc. (Class A)..................................................... 250,000 9,750,000
</TABLE>
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<CAPTION>
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PRINCIPAL
AMOUNT VALUE(1)
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<S> <C> <C>
</TABLE>
COMMON STOCKS (CONTINUED)
<TABLE>
<S> <C> <C>
*WMS Industries, Inc. ................................................................ 300,000 $ 7,387,500
--------------
72,796,875
--------------
HEALTH (9.3%)
*Apria Healthcare Group, Inc. ........................................................ 850,000 26,668,750
*Coventry Corp. ...................................................................... 450,000 7,087,500
*Elan Corp. plc ADR................................................................... 210,000 11,996,250
*Gilead Sciences, Inc. ............................................................... 275,000 6,943,750
HBO & Co. ............................................................................ 180,000 12,195,000
*Healthsource, Inc. .................................................................. 700,000 12,250,000
*Medic Computer Systems, Inc. ........................................................ 150,000 12,168,750
*OrNda Healthcorp..................................................................... 550,000 13,200,000
*Oxford Health Plans, Inc. ........................................................... 250,000 10,281,250
*Renal Treatment Centers, Inc. ....................................................... 400,000 11,500,000
*ResMed, Inc. ........................................................................ 600,000 9,300,000
*Transition Systems, Inc. ............................................................ 165,000 4,702,500
*Vivra, Inc. ......................................................................... 350,000 11,506,250
--------------
149,800,000
--------------
HOTELS & GAMING (1.2%)
*Red Lion Hotels, Inc. ............................................................... 360,000 7,560,000
*Station Casinos, Inc. ............................................................... 780,000 11,212,500
--------------
18,772,500
--------------
INSURANCE (2.2%)
Berkley (W.R.) Corp. ................................................................. 250,000 10,437,500
Foremost Corp. of America............................................................. 254,000 14,414,500
Mutual Risk Management Ltd. .......................................................... 333,333 10,416,667
--------------
35,268,667
--------------
MACHINERY & CAPITAL SPENDING (6.5%)
AGCO Corp. ........................................................................... 500,000 13,875,000
Albany International Corp. (Class A).................................................. 225,000 5,090,625
Applied Power, Inc. (Class A)......................................................... 273,100 7,646,800
*Avondale Industries, Inc. ........................................................... 380,000 6,840,000
*Checkpoint Systems, Inc. ............................................................ 660,000 22,687,500
*Cognex Corp. ........................................................................ 225,000 3,628,125
Duriron Co., Inc. .................................................................... 325,000 7,800,000
*Jacobs Engineering Group, Inc. ...................................................... 402,000 10,602,750
Measurex Corp. ....................................................................... 550,000 16,087,500
Titan Wheel International, Inc. ...................................................... 610,000 9,760,000
--------------
104,018,300
--------------
METAL MINING & STEEL (1.7%)
*Alumax, Inc. ........................................................................ 300,000 9,112,500
Freeport-McMoRan Copper & Gold, Inc. (Class A)........................................ 330,000 9,858,750
<CAPTION>
SHARES OR
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
<S> <C> <C>
Schnitzer Steel Industries, Inc. (Class A)............................................ 345,000 $ 9,228,750
--------------
28,200,000
--------------
POLLUTION CONTROL (1.8%)
Air & Water Technologies Corp. (Class A).............................................. 467,500 2,805,000
*Osmonics, Inc. ...................................................................... 458,300 10,311,750
*U.S. Filter Corp. ................................................................... 450,000 15,637,500
--------------
28,754,250
--------------
TECHNOLOGY (23.5%)
*ADC Telecommunications, Inc. ........................................................ 300,000 13,500,000
Adobe Systems, Inc. .................................................................. 375,000 13,453,125
Allen Group, Inc. .................................................................... 500,000 10,875,000
*Altera Corp. ........................................................................ 300,000 11,400,000
*America Online, Inc. (Del.).......................................................... 330,000 14,437,500
*Analog Devices, Inc. ................................................................ 360,000 9,180,000
*Andrew Corp. ........................................................................ 400,000 21,500,000
*Ascend Communications, Inc. ......................................................... 300,000 16,875,000
*Bay Networks, Inc. .................................................................. 500,000 12,875,000
*Cascade Communications Corp. ........................................................ 260,000 17,680,000
*Cisco Systems, Inc. ................................................................. 300,000 16,987,500
*Coherent Communications Systems Corp. ............................................... 390,900 8,306,625
*Comshare, Inc. ...................................................................... 326,000 10,106,000
*General Instrument Corp. ............................................................ 300,000 8,662,500
*Harmonic Lightwaves, Inc. ........................................................... 450,000 10,237,500
*HNC Software, Inc. .................................................................. 220,000 10,175,000
*Informix Corp. ...................................................................... 600,000 13,500,000
*KLA Instruments Corp. ............................................................... 300,000 6,975,000
*LSI Logic Corp. ..................................................................... 330,000 8,580,000
*MEMC Electronic Materials, Inc. ..................................................... 300,000 11,625,000
*Netscape Communications Corp. ....................................................... 100,000 6,225,000
Nokia Corp. Spon. ADR (Class A)....................................................... 300,000 11,100,000
*Novadigm, Inc. ...................................................................... 500,000 7,500,000
*Ortel Corp. ......................................................................... 50,000 1,225,000
*Planning Sciences International plc Spon. ADR........................................ 210,000 4,725,000
*PLATINUM Technology, Inc. ........................................................... 400,000 6,050,000
*Premisys Communications, Inc. ....................................................... 250,000 15,250,000
*Security Dynamics Technologies, Inc. ................................................ 90,000 7,402,500
*Softdesk, Inc. ...................................................................... 450,000 4,275,000
*SS&C Technologies, Inc. ............................................................. 216,800 3,306,200
*Sync Research, Inc. ................................................................. 450,000 6,412,500
System Software Associates, Inc. ..................................................... 440,000 7,480,000
*TCSI Corp. .......................................................................... 320,000 7,720,000
*Tellabs, Inc. ....................................................................... 225,000 15,046,875
*3Com Corp. .......................................................................... 420,000 19,215,000
</TABLE>
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-- COLUMBIA SPECIAL FUND, INC. --
---------------------------------
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
</TABLE>
COMMON STOCKS (CONTINUED)
<TABLE>
<S> <C> <C>
*Workgroup Technology Corp. .......................................................... 330,000 $ 8,291,250
--------------
378,155,075
--------------
TRANSPORTATION (2.1%)
Airborne Freight Corp. ............................................................... 500,000 13,000,000
*Celadon Group, Inc. ................................................................. 580,000 4,495,000
Southwest Airlines Co. ............................................................... 550,000 16,018,750
--------------
33,513,750
--------------
UTILITIES/COMMUNICATIONS (5.1%)
*Arch Communications Group, Inc. ..................................................... 370,000 6,891,250
*Cellular Communications International, Inc. ......................................... 229,000 7,728,750
Cincinnati Bell, Inc. ................................................................ 175,000 9,121,875
*Comcast UK Cable Partners Ltd. (Class A)............................................. 500,000 6,375,000
*CommNet Cellular, Inc. .............................................................. 350,000 10,500,000
*Geotek Communications, Inc. ......................................................... 500,000 6,843,750
*NEXTEL Communications, Inc. (Class A)................................................ 500,000 9,531,250
*Paging Network, Inc. ................................................................ 380,000 9,120,000
*ProNet, Inc. ........................................................................ 350,000 4,287,500
*Western Wireless Corp. (Class A)..................................................... 294,600 6,297,075
*Winstar Communications, Inc. ........................................................ 250,000 6,234,375
--------------
82,930,825
--------------
<CAPTION>
SHARES OR
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
<S> <C> <C>
Total Common Stocks
(Cost $1,319,334,547)................................................................ $1,536,923,545
--------------
REPURCHASE AGREEMENT (4.2%)
Goldman Sachs Corp.
5.686% dated 06/28/1996,
due 07/01/96 in the
amount of $67,502,510.
Collateralized by U.S. Treasury Bond
7.625% due 02/15/2025,
U.S. Treasury Strip
due 08/15/2020
(Cost $67,471,064)................................................................... $ 67,471,064 67,471,064
--------------
TOTAL INVESTMENTS (99.7%) (Cost $1,386,805,611)........................................... 1,604,394,609
RECEIVABLES LESS LIABILITIES (0.3%)....................................................... 4,792,974
--------------
NET ASSETS (100.0%)....................................................................... $1,609,187,583
--------------
--------------
</TABLE>
(1) See Note 1 of Notes to Financial Statements.
* Non-income producing.
The accompanying notes are an integral part
of the financial statements.
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- ------------------- -------------------
-- COLUMBIA REAL ESTATE EQUITY FUND, INC. --
--------------------------------------------
<TABLE>
<CAPTION>
SHARES OR
June 30, 1996 PRINCIPAL
(Unaudited) AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
COMMON STOCKS (95.3%)
REAL ESTATE APARTMENTS (25.0%)
Associated Estates Realty Corp. ...................................................... 41,100 $ 863,100
Avalon Properties, Inc. .............................................................. 32,800 713,400
Camden Property Trust................................................................. 32,100 762,375
Colonial Properties Trust............................................................. 36,600 887,550
Equity Residential Properties Trust................................................... 27,800 913,925
Oasis Residential, Inc. .............................................................. 31,700 693,437
Smith (Charles E.) Residential Realty, Inc. .......................................... 20,500 492,000
Wellsford Residential Property Trust.................................................. 37,525 844,313
--------------
6,170,100
--------------
OFFICE (15.1%)
Beacon Properties Corp. .............................................................. 34,400 881,500
Cali Realty Corp. .................................................................... 39,000 945,750
Highwoods Properties, Inc. ........................................................... 36,000 994,500
Reckson Associates Realty Corp. ...................................................... 27,300 900,900
--------------
3,722,650
--------------
INDUSTRIAL (20.6%)
First Industrial Realty Trust, Inc. .................................................. 36,800 864,800
Liberty Property Trust................................................................ 39,000 775,125
Public Storage, Inc. ................................................................. 42,800 882,750
Spieker Properties, Inc. ............................................................. 33,000 899,250
Storage Trust Realty.................................................................. 39,400 807,700
TriNet Corporate Realty Trust, Inc. .................................................. 30,200 875,800
--------------
5,105,425
--------------
MANUFACTURED HOMES (3.2%)
Chateau Properties, Inc. ............................................................. 35,600 792,100
--------------
COMMUNITY CENTERS (9.4%)
Excel Realty Trust, Inc. ............................................................. 39,200 803,600
Haagen (Alexander) Properties, Inc. .................................................. 44,600 568,650
JP Realty, Inc. ...................................................................... 44,800 957,600
--------------
2,329,850
--------------
<CAPTION>
SHARES OR
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
<S> <C> <C>
SHOPPING MALLS (10.3%)
DeBartolo Realty Corp. ............................................................... 59,200 $ 954,600
Macerich Co. ......................................................................... 45,100 947,100
Simon Property Group, Inc. ........................................................... 25,900 634,550
--------------
2,536,250
--------------
OTHER (11.7%)
FelCor Suite Hotels, Inc. ............................................................ 27,300 832,650
*Interstate Hotels Co. ............................................................... 50,000 1,112,500
Starwood Lodging Trust................................................................ 26,400 960,300
--------------
2,905,450
--------------
Total Common Stocks
(Cost $21,788,363)................................................................... 23,561,825
--------------
REPURCHASE AGREEMENT (4.6%)
Goldman Sachs Corp.
5.686% dated 06/28/1996,
due 07/01/1996 in the
amount of $1,142,912.
Collateralized by U.S. Treasury Bond
7.625% due 02/15/2025,
U.S. Treasury Strip
due 08/15/2020.
(Cost $1,142,380).................................................................... $ 1,142,380 1,142,380
--------------
TOTAL INVESTMENTS (99.9%)
(Cost $22,930,743)....................................................................... 24,704,205
RECEIVABLES LESS LIABILITIES (0.1%)....................................................... 16,049
--------------
NET ASSETS (100.0%)....................................................................... $ 24,720,254
--------------
--------------
</TABLE>
(1) See Note 1 of Notes to Financial Statements.
* Non-income producing
The accompanying notes are an integral part
of the financial statements.
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35
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-- COLUMBIA BALANCED FUND, INC. --
----------------------------------
<TABLE>
<CAPTION>
SHARES OR
June 30, 1996 PRINCIPAL
(Unaudited) AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
COMMON STOCKS (50.7%)
BANKING & FINANCE (4.7%)
American Express Co. ................................................................. 75,200 $ 3,355,800
BankAmerica Corp. .................................................................... 49,900 3,779,925
Federal Home Loan Mortgage Corp. ..................................................... 42,000 3,591,000
Morgan (J.P.) & Co., Inc. ............................................................ 48,200 4,078,925
Morgan Stanley Group, Inc. ........................................................... 97,400 4,784,775
PNC Bank Corp. ....................................................................... 101,600 3,022,600
U.S. Bancorp (Ore.)................................................................... 119,000 4,298,875
--------------
26,911,900
--------------
BUILDING & FORESTRY PRODUCTS (1.4%)
Champion International Corp. ......................................................... 115,000 4,801,250
Willamette Industries, Inc. .......................................................... 53,000 3,153,500
--------------
7,954,750
--------------
BUSINESS & CONSUMER SERVICES (2.0%)
*ADT Ltd. ............................................................................ 211,400 3,990,175
Service Corp. International........................................................... 133,600 7,682,000
--------------
11,672,175
--------------
CHEMICAL (2.3%)
Grace (W.R.) & Co. ................................................................... 68,200 4,833,675
Hercules, Inc. ....................................................................... 93,100 5,143,775
IMC Global, Inc. ..................................................................... 82,100 3,089,012
--------------
13,066,462
--------------
CONSUMER DURABLE (0.5%)
Ford Motor Co. ....................................................................... 83,200 2,693,600
--------------
CONSUMER NON-DURABLE (5.5%)
*Circus Circus Enterprises, Inc. ..................................................... 67,600 2,771,600
*Federated Department Stores, Inc. ................................................... 96,900 3,306,712
Home Depot, Inc. ..................................................................... 62,000 3,348,000
Marriott International, Inc. ......................................................... 69,700 3,746,375
Mattel, Inc. ......................................................................... 197,250 5,646,281
*Payless Cashways, Inc. .............................................................. 239,700 1,078,650
*Price/Costco, Inc. .................................................................. 200,000 4,325,000
Rite Aid Corp. ....................................................................... 90,000 2,677,500
Rykoff-Sexton, Inc. .................................................................. 81,000 1,164,375
Sears, Roebuck & Co. ................................................................. 76,900 3,739,263
--------------
31,803,756
--------------
CONSUMER STAPLES (4.2%)
ConAgra, Inc. ........................................................................ 63,800 2,894,925
Gillette Co. ......................................................................... 49,000 3,056,375
McDonald's Corp. ..................................................................... 30,600 1,430,550
Nabisco Holdings Corp. (Class A)...................................................... 86,900 3,074,087
PepsiCo, Inc. ........................................................................ 131,000 4,634,125
<CAPTION>
SHARES OR
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
<S> <C> <C>
Pioneer Hi-Bred International, Inc. .................................................. 43,700 $ 2,310,637
Procter & Gamble Co. ................................................................. 32,300 2,927,188
Sunbeam Corp. ........................................................................ 271,200 4,000,200
--------------
24,328,087
--------------
ENERGY (3.4%)
Louisiana Land & Exploration Co. ..................................................... 54,000 3,111,750
Mobil Corp. .......................................................................... 47,800 5,359,575
Noble Affiliates, Inc. ............................................................... 28,800 1,087,200
Royal Dutch Petroleum Co. ADR......................................................... 43,450 6,680,437
Unocal Corp. ......................................................................... 100,000 3,375,000
--------------
19,613,962
--------------
ENTERTAINMENT & MEDIA (1.6%)
Time Warner, Inc. .................................................................... 128,800 5,055,400
*Viacom, Inc. (Class B)............................................................... 106,600 4,144,075
--------------
9,199,475
--------------
HEALTH (5.5%)
American Home Products Corp. ......................................................... 162,600 9,776,325
Bausch & Lomb, Inc. .................................................................. 64,700 2,749,750
Baxter International, Inc. ........................................................... 104,400 4,932,900
Johnson & Johnson..................................................................... 116,000 5,742,000
Merck & Co., Inc. .................................................................... 80,700 5,215,238
Pfizer, Inc. ......................................................................... 40,000 2,855,000
--------------
31,271,213
--------------
INSURANCE (2.6%)
Aetna Life & Casualty Co. ............................................................ 64,900 4,640,350
Berkley (W.R.) Corp. ................................................................. 71,000 2,964,250
General Re Corp. ..................................................................... 20,400 3,105,900
TIG Holdings, Inc. ................................................................... 150,000 4,350,000
--------------
15,060,500
--------------
MACHINERY & CAPITAL SPENDING (2.3%)
Case Corp. ........................................................................... 58,000 2,784,000
Emerson Electric Co. ................................................................. 32,800 2,964,300
General Electric Co. ................................................................. 34,000 2,941,000
Grainger (W.W.), Inc. ................................................................ 23,000 1,782,500
Honeywell, Inc. ...................................................................... 55,100 3,002,950
--------------
13,474,750
--------------
METAL MINING & STEEL (1.3%)
Aluminum Company of America........................................................... 86,400 4,957,200
Worthington Industries, Inc. ......................................................... 123,000 2,567,625
--------------
7,524,825
--------------
REAL ESTATE SECURITIES (3.1%)
American Health Properties, Inc. ..................................................... 73,600 1,628,400
</TABLE>
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- ------------------------ ------------------------
-- COLUMBIA BALANCED FUND, INC. --
----------------------------------
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
</TABLE>
COMMON STOCKS (CONTINUED)
<TABLE>
<S> <C> <C>
Associated Estates Realty Corp. ...................................................... 76,200 $ 1,600,200
Beacon Properties Corp. .............................................................. 45,000 1,153,125
Equity Residential Properties Trust................................................... 48,500 1,594,437
JP Realty, Inc. ...................................................................... 97,500 2,084,063
Manufactured Home Communities, Inc. .................................................. 78,000 1,501,500
National Health Investors, Inc. ...................................................... 72,000 2,358,000
Simon Property Group, Inc. ........................................................... 52,500 1,286,250
Spieker Properties, Inc. ............................................................. 106,000 2,888,500
Sun Communities, Inc. ................................................................ 54,700 1,470,063
--------------
17,564,538
--------------
TECHNOLOGY (6.0%)
Adobe Systems, Inc. .................................................................. 120,000 4,305,000
*Cisco Systems, Inc. ................................................................. 52,400 2,967,150
*Computer Sciences Corp. ............................................................. 63,200 4,724,200
*Electronic Data Systems Corp. ....................................................... 100,000 5,375,000
Ericsson (L.M.) Telephone Co. (Class B) ADR........................................... 135,900 2,921,850
Hewlett-Packard Co. .................................................................. 13,000 1,295,125
Intel Corp. .......................................................................... 67,200 4,935,000
International Business Machines Corp. ................................................ 41,300 4,088,700
Motorola, Inc. ....................................................................... 61,300 3,854,238
--------------
34,466,263
--------------
TRANSPORTATION (1.1%)
*Federal Express Corp. ............................................................... 36,500 2,993,000
Southwest Airlines Co. ............................................................... 122,000 3,553,250
--------------
6,546,250
--------------
UTILITIES/COMMUNICATIONS (1.7%)
AT&T Corp. ........................................................................... 46,700 2,895,400
GTE Corp. ............................................................................ 69,200 3,096,700
Vodafone Group plc Spon. ADR.......................................................... 77,100 2,843,062
*Western Wireless Corp. (Class A)..................................................... 37,500 801,563
--------------
9,636,725
--------------
UTILITIES/ELECTRIC/GAS (1.5%)
Idaho Power Co. ...................................................................... 78,700 2,449,538
NIPSCO Industries, Inc. .............................................................. 77,200 3,107,300
NorAm Energy Corp. ................................................................... 256,800 2,792,700
--------------
8,349,538
--------------
Total Common Stocks
(Cost $252,959,364).................................................................. 291,138,769
--------------
<CAPTION>
SHARES OR
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
<S> <C> <C>
U.S. GOVERNMENT, FEDERAL AGENCY OBLIGATIONS (30.0%)
U.S. TREASURY BONDS & NOTES (14.8%)
U.S. Treasury Bonds
12.000% 08/15/2013................................................................... $ 12,975,000 $ 18,297,475
8.875% 08/15/2017................................................................... 1,925,000 2,310,173
8.125% 08/15/2019................................................................... 7,845,000 8,808,915
U.S. Treasury Notes
5.750% 09/30/1997................................................................... 6,290,000 6,278,804
8.875% 02/15/1999................................................................... 7,100,000 7,543,750
7.000% 04/15/1999................................................................... 10,750,000 10,955,325
6.875% 08/31/1999................................................................... 18,370,000 18,651,245
7.250% 05/15/2004................................................................... 11,510,000 11,927,007
--------------
84,772,694
--------------
U.S. TREASURY STRIP (PRINCIPAL) (1.1%)
0.000% 11/15/2004................................................................... 11,280,000 6,435,353
--------------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) (6.2%)
7.500% 09/20/2025 - 07/15/2026 (GNMA II)............................................ 17,974,815 17,649,022
7.500% 03/15/2026................................................................... 544,841 537,349
8.000% 05/15/2025 - 07/20/2026...................................................... 17,381,049 17,538,565
--------------
35,724,936
--------------
FEDERAL HOUSING ADMINISTRATION (FHA) (1.1%)
FHA Insured Project Pool #12
7.430% 12/01/2021................................................................... 1,498,131 1,510,775
FHA Insured Project Pool #23-11059
7.700% 08/01/2028................................................................... 1,626,070 1,600,313
FHA Insured Project Pool #42
7.430% 09/01/2022................................................................... 1,231,609 1,239,307
FHA Insured Project Pool #53
7.430% 02/01/2022................................................................... 932,055 937,881
FHA Insured Project Pool #53-43077
9.125% 07/25/2033................................................................... 1,104,152 1,153,231
--------------
6,441,507
--------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) (0.1%)
8.157% 05/01/2025 (ARM)............................................................. 615,803 625,619
--------------
FEDERAL HOME LOAN MORTGAGE CORP. (FHLMC) (0.6%)
7.500% 07/15/2003................................................................... 1,710,000 1,729,237
8.500% 10/01/2024 - 03/01/2025...................................................... 1,366,746 1,404,331
--------------
3,133,568
--------------
AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (6.1%)
FHLMC Multiclass Mtg. Partn. Ctfs.
Gtd. Series 1203 Cl. F
6.750% 07/15/2003................................................................... 351,455 351,233
</TABLE>
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-- COLUMBIA BALANCED FUND, INC. --
----------------------------------
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
</TABLE>
U.S. GOVERNMENT, FEDERAL AGENCY OBLIGATIONS (CONTINUED)
<TABLE>
<S> <C> <C>
FHLMC Multiclass Mtg. Partn. Ctfs.
Gtd. Series 1233 Cl. H
7.000% 04/15/2007................................................................... $ 600,000 $ 591,186
FHLMC Multiclass Mtg. Partn. Ctfs.
Gtd. Series 1468 Cl. HA
5.000% 02/15/2021................................................................... 894,000 781,410
FHLMC Multiclass Mtg. Partn. Ctfs.
Gtd. Series 1627 Cl. EA
6.000% 05/15/2023................................................................... 1,670,000 1,365,225
FHLMC Multiclass Mtg. Partn. Ctfs.
Gtd. Series 1715 Cl. K
7.000% 09/15/2020................................................................... 2,470,000 2,388,243
FHLMC Multiclass Mtg. Partn. Ctfs.
Gtd. Series 1735 Cl. M
6.500% 06/15/2024................................................................... 550,000 480,219
FHLMC Multiclass Mtg. Partn. Ctfs.
Gtd. Series 1761 Cl. H
8.250% 09/15/2023................................................................... 6,025,000 6,247,142
FHLMC Multiclass Mtg. Partn. Ctfs.
Gtd. Series 1763 Cl. H
8.250% 07/15/2023................................................................... 130,000 134,793
FHLMC Multiclass Mtg. Partn. Ctfs.
Gtd. Series 1843 Cl. D
7.000% 01/15/2024................................................................... 470,000 435,411
FHLMC Multiclass Mtg. Partn. Ctfs.
Gtd. Series 1848 Cl. PC
7.000% 06/15/2022................................................................... 1,500,000 1,459,922
FHLMC GNMA Multiclass Mtg. Partn. Ctfs. Gtd. Series 24 Cl. B
4.500% 01/25/2004................................................................... 294,985 293,142
FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1993-58 Cl. H
5.500% 04/25/2023................................................................... 3,900,000 3,467,334
FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. G1993-26 Cl. PJ
6.500% 02/25/2021................................................................... 3,420,000 3,250,060
FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1993-184 Cl. H
0.000% 02/25/2002................................................................... 2,395,000 1,720,664
FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1993-205 Cl. D
0.000% 04/25/2004................................................................... 1,990,000 1,313,997
FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1993-235 Cl. C
0.000% 10/25/1997................................................................... 1,050,000 991,914
<CAPTION>
SHARES OR
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
<S> <C> <C>
FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1994-8 Cl. J
7.750% 07/25/2023................................................................... $ 1,540,000 $ 1,553,952
FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1994-26 Cl. C
0.000% 07/25/2001................................................................... 3,030,000 2,313,193
FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. G1996-1 Cl. PG
7.500% 06/17/2022................................................................... 1,580,000 1,599,276
FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1996-W2 Cl. A5
7.550% 04/25/2025................................................................... 815,000 823,558
FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1989-39 Cl. D
0.000% 05/25/2009................................................................... 1,260,000 947,356
Puerto Rico Housing Finance Corp.
Series A Cl. 4
9.000% 07/20/2017................................................................... 663,022 663,022
U.S. VA Vendee Mtg. Gtd. REMIC
Pass Thru Ctf. 1995-3 Cl. 1F
7.250% 12/15/2021................................................................... 1,640,000 1,558,508
--------------
34,730,760
--------------
Total U.S. Government,
Federal Agency Obligations
(Cost $173,334,189).................................................................. 171,864,437
--------------
OTHER SECURITIZED LOANS (4.7%)
COLLATERALIZED MORTGAGE OBLIGATIONS (2.1%)
Bear Stearns Mortgage Securities, Inc. 1996-2 Cl. A
7.010% 01/25/2025................................................................... 992,957 915,705
CMC Securities Corp. I
Series 1992-B Cl. B2
7.375% 11/25/2023................................................................... 2,520,215 2,511,949
Cityscape Home Equity Loan Trust
Series 1996-2 Cl. A3
7.600% 04/25/2011................................................................... 1,760,000 1,774,573
Residential Funding Mtg. Sec., Inc.
Series 1996-S9 Cl. A12
7.250% 04/25/2026................................................................... 446,093 440,798
Ryland Mortgage Sec. Corp.
Three Series 1992-D Cl. 2-A-4
8.200% 09/25/2022................................................................... 2,745,000 2,747,470
Securitized Asset Sales, Inc.
Mtg. Pass Thru Ctf.
Series 1993-3 Cl. A2
7.297% 11/25/2023................................................................... 701,405 695,723
</TABLE>
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- ------------------------ ------------------------
-- COLUMBIA BALANCED FUND, INC. --
----------------------------------
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
</TABLE>
OTHER SECURITIZED LOANS (CONTINUED)
<TABLE>
<S> <C> <C>
Structured Mtg. Asset Res. Tr.
Series 1993-3C Multiclass Ctf. Cl. CG
7.500% 08/25/2021................................................................... $ 2,912,485 $ 2,913,068
--------------
11,999,286
--------------
ASSET BACKED SECURITIES (2.6%)
Amresco Residential Securities Corp. Mortgage Loan Trust
Series 1996-2 Ctf. Cl. Al
7.425% 05/25/2027................................................................... 3,058,179 3,061,849
First Alliance Mortgage Trust
Series 1994-2 Cl. A-1
7.625% 07/25/2025................................................................... 3,144,291 3,158,126
GE Capital Mtg. Services, Inc.
Series 1995-HE1 Cl. A6
7.500% 09/25/2010................................................................... 3,373,656 3,373,117
Prudential Secs. Financial Asset Funding Corp. Pass Thru Ctf. 1994-2 Cl. A
6.350% 11/15/2014................................................................... 4,541,301 4,371,729
Prudential Securities Secured Financing Corp. Mtg. Pass Thru Ctf.
Series 1996-1 Cl. A3
7.175% 08/15/2026................................................................... 980,639 972,401
--------------
14,937,222
--------------
Total Other Securitized Loans
(Cost $26,867,377)................................................................... 26,936,508
--------------
CORPORATE BONDS (11.3%)
INDUSTRIAL (5.3%)
American President Co. Ltd.
8.000% 01/15/2024................................................................... 2,025,000 1,896,068
Continental Cablevision, Inc.
9.000% 09/01/2008................................................................... 1,300,000 1,412,931
Emerson Electric Co. Euro
7.875% 06/05/1998................................................................... 380,000 389,960
Ethan Allen, Inc.
8.750% 03/15/2001................................................................... 500,000 500,000
Federated Department Stores, Inc.
10.000% 02/15/2001................................................................... 1,000,000 1,052,500
Freeport-McMoRan Resource Partners L.P.
8.750% 02/15/2004................................................................... 400,000 400,000
Lenfest Communications, Inc.
8.375% 11/01/2005................................................................... 1,400,000 1,277,500
Lockheed Martin Corp.
6.625% 06/15/1998................................................................... 5,000,000 5,017,950
<CAPTION>
SHARES OR
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
<S> <C> <C>
Louis Dreyfus Natural Gas Corp.
9.250% 06/15/2004................................................................... $ 600,000 $ 620,376
Louisiana Land & Exploration Co.
7.650% 12/01/2023................................................................... 2,020,000 1,955,340
Nabisco, Inc.
6.700% 06/15/2002................................................................... 2,000,000 1,950,820
News America Holdings, Inc.
7.600% 10/11/2015................................................................... 3,900,000 3,629,808
Royal Caribbean Cruises Ltd.
11.375% 05/15/2002................................................................... 1,300,000 1,397,500
Rykoff Sexton, Inc.
8.875% 11/01/2003................................................................... 250,000 225,000
Seagull Energy Corp.
8.625% 08/01/2005................................................................... 250,000 235,000
Sears Roebuck Acceptance Corp.
6.510% 02/03/1999................................................................... 2,450,000 2,445,761
Stop & Shop Cos., Inc.
9.750% 02/01/2002................................................................... 215,000 235,425
Temple Inland, Inc.
Medium Term Note
9.000% 04/20/1998................................................................... 200,000 208,940
Time Warner Entertainment Co. L.P.
9.625% 05/01/2002................................................................... 1,900,000 2,093,895
8.875% 10/01/2012................................................................... 1,240,000 1,294,114
Union Oil Co. of California
6.375% 02/01/2004................................................................... 2,485,000 2,336,621
--------------
30,575,509
--------------
FINANCIAL (5.0%)
Associates Corp. N.A.
6.750% 10/15/1999................................................................... 450,000 451,035
Beneficial Corp.
Medium Term Note
8.170% 11/09/1999................................................................... 4,120,000 4,286,407
CIT Group Holdings, Inc.
Medium Term Note
7.000% 09/30/1997................................................................... 1,040,000 1,050,504
CP Limited Partnership
8.750% 03/02/2000................................................................... 1,450,000 1,503,708
Commercial Credit Group, Inc.
6.625% 06/01/2015................................................................... 1,250,000 1,239,725
ERP Operating Limited Partnership (144A)
8.500% 05/15/1999................................................................... 800,000 826,520
Equitable Cos., Inc.
9.000% 12/15/2004................................................................... 1,900,000 2,091,121
First Security Corp. (Del.)
7.875% 10/15/1999................................................................... 800,000 823,288
</TABLE>
-
39
<PAGE>
SCHEDULE OF INVESTMENTS
-----------------------------------------------------------------
- ------------------------ ------------------------
-- COLUMBIA BALANCED FUND, INC. --
----------------------------------
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
</TABLE>
CORPORATE BONDS (CONTINUED)
<TABLE>
<S> <C> <C>
Fleet Mortgage Group, Inc.
6.500% 09/15/1999................................................................... $ 550,000 $ 547,013
General Electric Capital Corp.
Medium Term Note
7.875% 11/15/1997................................................................... 1,500,000 1,537,860
Goldman Sachs Group L.P. (144A)
6.750% 02/15/2006................................................................... 3,225,000 3,067,136
Household Finance Corp.
6.375% 06/30/2000................................................................... 2,375,000 2,332,891
8.375% 11/15/2001................................................................... 3,100,000 3,293,409
Morgan Stanley Group, Inc.
Medium Term Note
5.750% 02/15/2001................................................................... 2,100,000 1,998,927
Spieker Properties
6.900% 01/15/2004................................................................... 2,450,000 2,304,593
Wachovia Bank
Medium Term Note
6.000% 03/15/1999................................................................... 1,425,000 1,408,442
--------------
28,762,579
--------------
UTILITY (0.3%)
GTE Corp.
8.850% 03/01/1998................................................................... 750,000 777,577
GTE North, Inc.
5.500% 02/15/1999................................................................... 1,000,000 975,340
--------------
1,752,917
--------------
YANKEE (0.7%)
Hydro-Quebec
8.000% 02/01/2013................................................................... 1,520,000 1,560,751
Manitoba Province
7.750% 02/01/2002................................................................... 700,000 726,733
<CAPTION>
SHARES OR
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
<S> <C> <C>
Province Ontario
7.000% 08/04/2005................................................................... $ 1,600,000 $ 1,577,136
--------------
3,864,620
--------------
Total Corporate Bonds
(Cost $65,943,648)................................................................... 64,955,625
--------------
Total investments, excluding temporary
cash investment
(Cost $519,104,578).................................................................. 554,895,339
--------------
REPURCHASE AGREEMENT (3.6%)
Goldman Sachs Corp.
5.686% dated 06/28/1996,
due 07/01/1996 in the
amount of $20,674,101
Collateralized by U.S. Treasury Bond
7.625% due 02/15/2025,
U.S. Treasury Strip
due 08/15/2020
(Cost $20,664,470)................................................................... 20,664,470 20,664,470
--------------
TOTAL INVESTMENTS (100.3%)
(Cost $539,769,048)...................................................................... 575,559,809
RECEIVABLES LESS LIABILITIES (-0.3%)...................................................... (1,987,041)
--------------
NET ASSETS (100.0%)....................................................................... $ 573,572,768
--------------
--------------
</TABLE>
(1) See Note 1 of Notes to Financial Statements.
* Non-income producing
The accompanying notes are an integral part
of the financial statements.
-
40
<PAGE>
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-----------------------------------------------------------------
- ----------------------- -----------------------
-- COLUMBIA DAILY INCOME COMPANY --
-----------------------------------
<TABLE>
<CAPTION>
June 30, 1996 PRINCIPAL
(Unaudited) AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
COMMERCIAL PAPER (98.4%)
Air Products & Chemicals, Inc.
5.260% 08/21/1996................................................................... $ 10,000,000 $ 9,924,022
American Express Credit Corp.
5.290% 08/19/1996................................................................... 5,000,000 4,963,264
5.270% 08/27/1996................................................................... 10,000,000 9,915,095
5.280% 08/29/1996................................................................... 10,000,000 9,912,000
American General Finance Corp.
5.300% 07/11/1996................................................................... 5,000,000 4,991,903
5.270% 08/12/1996................................................................... 10,000,000 9,937,053
5.370% 09/18/1996................................................................... 10,000,000 9,880,667
Ameritech Corp.
5.250% 07/29/1996................................................................... 10,000,000 9,957,708
5.280% 08/09/1996................................................................... 10,000,000 9,941,334
Associates Corp. of North America
5.550% 07/01/1996................................................................... 24,000,000 23,996,300
Avco Financial Services, Inc.
5.270% 07/19/1996................................................................... 5,000,000 4,986,093
5.390% 08/06/1996................................................................... 5,000,000 4,972,301
Barclays U.S. Funding Corp.
5.300% 07/18/1996................................................................... 10,000,000 9,973,500
5.260% 08/14/1996................................................................... 10,000,000 9,934,250
5.280% 08/26/1996................................................................... 5,000,000 4,958,200
Beneficial Corp.
5.260% 09/03/1996................................................................... 10,000,000 9,905,028
5.310% 09/05/1996................................................................... 10,000,000 9,901,175
5.400% 09/26/1996................................................................... 5,000,000 4,934,000
Brown-Forman Corp.
5.260% 07/25/1996................................................................... 3,202,000 3,190,304
5.430% 09/06/1996................................................................... 4,832,000 4,782,440
CIT Group Holdings, Inc.
5.270% 08/23/1996................................................................... 8,000,000 7,936,760
5.310% 08/26/1996................................................................... 5,000,000 4,957,962
5.380% 09/09/1996................................................................... 7,000,000 6,925,726
5.390% 09/12/1996................................................................... 5,000,000 4,944,603
Cargill, Inc.
5.300% 07/17/1996................................................................... 10,000,000 9,974,972
5.380% 09/19/1996................................................................... 5,000,000 4,939,475
Cargill Financial Services Corp.
5.280% 08/30/1996................................................................... 6,000,000 5,946,320
5.500% 12/09/1996................................................................... 5,000,000 4,876,251
Chevron Transport Co.
5.280% 08/08/1996................................................................... 5,000,000 4,971,400
5.290% 09/04/1996................................................................... 12,000,000 11,883,620
5.400% 09/12/1996................................................................... 8,000,000 7,911,200
Citizens Utilities Co.
5.240% 07/03/1996................................................................... 10,000,000 9,995,633
<CAPTION>
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
<S> <C> <C>
Coca-Cola Co.
5.240% 07/22/1996................................................................... $ 10,000,000 $ 9,967,978
Commercial Credit Co.
5.270% 07/10/1996................................................................... 10,000,000 9,985,361
Deere (John) Capital Corp.
5.300% 07/01/1996................................................................... 10,000,000 9,998,528
5.290% 07/31/1996................................................................... 10,000,000 9,954,447
5.340% 08/05/1996................................................................... 5,000,000 4,973,300
Disney (Walt) Co.
5.290% 07/12/1996................................................................... 8,000,000 7,985,893
5.260% 08/20/1996................................................................... 7,000,000 6,947,839
5.420% 10/09/1996................................................................... 5,000,000 4,923,970
Dow Jones & Co., Inc.
5.300% 09/06/1996................................................................... 10,000,000 9,899,889
DuPont (E.I.) de Nemours & Co.
5.240% 07/09/1996................................................................... 5,000,000 4,993,450
5.270% 08/07/1996................................................................... 13,000,000 12,927,684
Ford Motor Credit Co.
5.290% 07/05/1996................................................................... 5,000,000 4,996,326
5.280% 07/24/1996................................................................... 10,000,000 9,964,800
5.280% 07/25/1996................................................................... 5,000,000 4,981,667
5.280% 08/15/1996................................................................... 5,000,000 4,966,267
General Electric Capital Corp.
5.320% 07/09/1996................................................................... 8,000,000 7,989,360
5.260% 07/24/1996................................................................... 10,000,000 9,964,933
5.290% 08/12/1996................................................................... 6,000,000 5,962,089
Glaxo Wellcome plc
5.300% 07/08/1996................................................................... 3,665,000 3,660,684
5.310% 08/28/1996................................................................... 5,000,000 4,956,488
5.280% 09/09/1996................................................................... 5,000,000 4,947,934
5.370% 09/13/1996................................................................... 10,000,000 9,888,126
Goldman Sachs Group L.P.
5.320% 07/08/1996................................................................... 5,000,000 4,994,089
5.250% 07/10/1996................................................................... 10,000,000 9,985,417
5.290% 08/16/1996................................................................... 10,000,000 9,930,936
Hewlett-Packard Co.
5.250% 08/30/1996................................................................... 10,000,000 9,911,042
Household Finance Corp.
5.250% 07/12/1996................................................................... 7,000,000 6,987,750
5.260% 07/26/1996................................................................... 10,000,000 9,962,011
5.380% 09/20/1996................................................................... 8,000,000 7,901,965
Lilly (Eli) & Co.
5.290% 08/13/1996................................................................... 10,000,000 9,935,345
MetLife Funding, Inc.
5.400% 09/23/1996................................................................... 10,000,000 9,872,500
5.380% 10/01/1996................................................................... 10,000,000 9,861,017
</TABLE>
-
41
<PAGE>
SCHEDULE OF INVESTMENTS
-----------------------------------------------------------------
- ----------------------- -----------------------
-- COLUMBIA DAILY INCOME COMPANY --
-----------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
</TABLE>
COMMERCIAL PAPER (CONTINUED)
<TABLE>
<S> <C> <C>
Monsanto Co.
5.250% 07/19/1996................................................................... $ 5,000,000 $ 4,986,146
5.290% 08/06/1996................................................................... 9,000,000 8,951,068
5.380% 09/04/1996................................................................... 10,680,000 10,574,660
Morgan (J.P.) & Co., Inc.
5.250% 07/02/1996................................................................... 8,000,000 7,997,667
5.260% 07/11/1996................................................................... 8,000,000 7,987,142
Morgan Stanley Group, Inc.
5.310% 07/19/1996................................................................... 5,000,000 4,985,988
5.310% 08/01/1996................................................................... 10,000,000 9,952,800
National Rural Utilities Cooperative Finance Corp.
5.290% 08/02/1996................................................................... 5,000,000 4,975,754
5.270% 08/08/1996................................................................... 10,000,000 9,942,909
5.400% 09/20/1996................................................................... 5,000,000 4,938,500
5.400% 09/24/1996................................................................... 5,000,000 4,935,500
Norfolk Southern Corp.
5.250% 07/08/1996................................................................... 5,000,000 4,994,167
5.340% 07/15/1996................................................................... 14,072,000 14,040,690
5.290% 08/29/1996................................................................... 5,000,000 4,955,917
Norwest Corp.
5.310% 07/23/1996................................................................... 5,000,000 4,983,038
5.270% 07/30/1996................................................................... 10,000,000 9,956,084
5.380% 08/20/1996................................................................... 5,000,000 4,961,892
PacifiCorp
5.280% 07/15/1996................................................................... 2,634,000 2,628,205
5.280% 08/19/1996................................................................... 5,000,000 4,963,334
Pitney Bowes, Inc.
5.380% 09/11/1996................................................................... 9,700,000 9,594,178
Pitney Bowes Credit Corp.
5.260% 08/28/1996................................................................... 5,000,000 4,956,898
Prudential Funding Corp.
5.290% 07/16/1996................................................................... 10,000,000 9,976,489
5.290% 08/05/1996................................................................... 5,000,000 4,973,550
5.400% 09/25/1996................................................................... 10,000,000 9,869,500
Siemens Corp.
5.270% 08/15/1996................................................................... 5,000,000 4,966,331
Sonoco Products Co.
5.310% 09/10/1996................................................................... 15,000,000 14,840,700
5.400% 09/17/1996................................................................... 10,000,000 9,881,500
Southern California Gas Co.
5.300% 08/02/1996................................................................... 9,446,000 9,400,108
<CAPTION>
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
<S> <C> <C>
Southwestern Bell Capital Corp.
5.260% 07/22/1996................................................................... $ 5,000,000 $ 4,983,928
5.400% 09/05/1996................................................................... 3,350,000 3,316,333
5.380% 09/05/1996................................................................... 5,000,000 4,949,936
Temple-Inland, Inc.
5.270% 08/22/1996................................................................... 8,500,000 8,434,052
USAA Capital Corp.
5.270% 08/22/1996................................................................... 10,000,000 9,922,414
5.370% 09/19/1996................................................................... 10,000,000 9,879,176
WMX Technologies, Inc.
5.410% 09/24/1996................................................................... 10,000,000 9,870,762
Weyerhaeuser Co.
5.270% 07/18/1996................................................................... 5,000,000 4,986,825
5.290% 07/23/1996................................................................... 8,000,000 7,972,962
5.290% 07/30/1996................................................................... 5,000,000 4,977,958
--------------
Total Commercial Paper
(Cost $789,864,705).................................................................. 789,864,705
--------------
U.S. GOVERNMENT AGENCY DISCOUNT NOTE (1.9%)
Federal Home Loan Mortgage Corp.
5.340% 09/16/1996
(Cost $14,826,450)................................................................... 15,000,000 14,826,450
--------------
REPURCHASE AGREEMENT (0.2%)
Goldman Sachs Corp.
5.686% dated 06/28/1996,
due 07/01/96 in the
amount of $1,667,864.
Collateralized by U.S. Treasury Bond
7.625% due 02/15/2025,
U.S. Treasury Strip
due 08/15/2020
(Cost $1,667,087).................................................................... 1,667,087 1,667,087
--------------
TOTAL INVESTMENTS (100.5%)
(Cost $806,358,242, including $5,276,924 accrued interest receivable).................... 806,358,242
CASH AND RECEIVABLES LESS LIABILITIES (-0.5%)............................................. (3,906,679)
--------------
NET ASSETS (100.0%)....................................................................... $ 802,451,563
--------------
--------------
</TABLE>
(1) See Note 1 of Notes to Financial Statements.
The accompanying notes are an integral part
of the financial statements.
-
42
<PAGE>
SCHEDULE OF INVESTMENTS
-----------------------------------------------------------------
- -------------- --------------
-- COLUMBIA U.S. GOVERNMENT SECURITIES FUND, INC. --
----------------------------------------------------
<TABLE>
<CAPTION>
U.S.
June 30, 1996 PRINCIPAL
(Unaudited) AMOUNT VALUE(1)
------------ --------------
<S> <C> <C>
U.S. TREASURY NOTES (97.0%)
8.250% 07/15/1998................................................................... $ 8,750,000 $ 9,100,000
4.750% 10/31/1998................................................................... 11,650,000 11,289,549
8.875% 02/15/1999................................................................... 17,700,000 18,806,250
--------------
Total U.S. Treasury Notes
(Cost $39,535,374)................................................................... 39,195,799
REPURCHASE AGREEMENT (1.3%)
Goldman Sachs Corp.
5.686% dated 06/28/1996,
due 07/01/1996 in the
amount of $528,813.
Collateralized by U.S. Treasury Bond
7.625% due 02/15/2025,
U.S. Treasury Strip
due 08/15/2020
(Cost $528,567)...................................................................... 528,567 528,567
--------------
TOTAL INVESTMENTS (98.3%)
(Cost $40,063,941)....................................................................... 39,724,366
RECEIVABLES LESS LIABILITIES (1.7%)....................................................... 691,935
--------------
NET ASSETS (100.0%)....................................................................... $ 40,416,301
--------------
--------------
</TABLE>
(1) See Note 1 of Notes to Financial Statements.
The accompanying notes are an integral part
of the financial statements.
-
43
<PAGE>
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-----------------------------------------------------------------
- ---------------- ----------------
-- COLUMBIA FIXED INCOME SECURITIES FUND, INC. --
-------------------------------------------------
<TABLE>
<CAPTION>
June 30, 1996 PRINCIPAL
(Unaudited) AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
U.S. GOVERNMENT, FEDERAL AGENCY OBLIGATIONS (56.7%)
U.S. TREASURY BONDS & NOTES (25.0%)
U.S. Treasury Bonds
12.000% 08/15/2013................................................................... $ 14,220,000 $ 20,053,186
8.125% 08/15/2019................................................................... 12,230,000 13,732,700
U.S. Treasury Notes
5.750% 09/30/1997................................................................... 9,440,000 9,423,197
7.000% 04/15/1999................................................................... 11,020,000 11,230,482
6.875% 08/31/1999................................................................... 8,575,000 8,706,283
7.250% 05/15/2004................................................................... 18,145,000 18,802,394
--------------
81,948,242
--------------
U.S. TREASURY STRIP (PRINCIPAL) (2.6%)
0.000% Due 11/15/2004............................................................... 14,905,000 8,503,452
--------------
OTHER GOVERNMENT AGENCY OBLIGATION (1.6%)
Farm Credit Systems Financial Assistance Corp. Series A
9.375% 07/21/2003................................................................... 4,660,000 5,317,479
--------------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) (7.1%)
7.500% 12/20/2025 - 06/20/2026 (GNMA II)............................................ 16,087,061 15,795,482
7.500% 05/15/2026................................................................... 1,009,999 996,112
8.000% 10/15/2025 - 06/15/2026...................................................... 6,479,598 6,538,319
--------------
23,329,913
--------------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION
GRADUATED PAYMENT MORTGAGE (GNMA GPM) (0.2%)
9.000% 05/15/2009................................................................... 613,421 638,342
--------------
FEDERAL HOUSING ADMINISTRATION (FHA) (4.6%)
FHA Norwest Insured Project Pool #40
7.430% 08/01/2021................................................................... 2,725,145 2,746,864
FHA Insured Project Pool #42
7.430% 09/01/2022................................................................... 5,696,190 5,731,792
FHA Insured Project Pool #44
7.430% 08/01/2022................................................................... 1,302,126 1,310,264
FHA Insured Project Pool #2022
7.430% 12/01/2020................................................................... 1,428,116 1,441,726
FHA Insured Project Pool #1984-D
9.680% 02/01/2024................................................................... 831,343 858,886
FHA Insured Project Pool #051-11078
8.350% 04/01/2030................................................................... 2,235,354 2,269,376
FHA Insured Project Pool #092-35499
8.450% 11/15/2031................................................................... 795,191 809,854
--------------
15,168,762
--------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) (1.6%)
8.157% 05/01/2025 (ARM)............................................................. 5,325,863 5,410,757
--------------
<CAPTION>
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
<S> <C> <C>
AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (14.0%)
American Southwest Financial Corp.
Series 64 Cl. E
8.500% 06/17/2019.................................................................... $ 1,011,288 $ 1,017,922
FHLMC Multiclass Mtg. Partn. Ctfs.
Gtd. Series 1118 Cl. H
8.250% 07/15/2001.................................................................... 13,945 13,914
FHLMC Multiclass Mtg. Partn. Ctfs.
Gtd. Series 1547 Cl. C
5.750% 04/15/2023.................................................................... 379,776 333,075
FHLMC Multiclass Mtg. Partn. Ctfs.
Gtd. Series 1761 Cl. D
7.625% 08/15/2016.................................................................... 2,445,000 2,491,602
FHLMC Multiclass Mtg. Partn. Ctfs.
Gtd. Series 1761 Cl. G 8.000% 06/15/2021............................................. 1,700,000 1,741,429
FHLMC Multiclass Mtg. Partn. Ctfs.
Gtd. Series 1761 Cl. H 8.250% 09/15/2023............................................. 10,575,000 10,964,900
FHLMC Multiclass Mtg. Partn. Ctfs.
Gtd. Series 1763 Cl. H 8.250% 07/15/2023............................................. 692,000 717,514
FHLMC Multiclass Mtg. Partn. Ctfs.
Gtd. Series 1779 Cl. G 9.500% 12/15/2023............................................. 1,000,000 1,063,125
FHLMC Multiclass Mtg. Partn. Ctfs.
Gtd. Series 1843 Cl. D 7.000% 01/15/2024............................................. 1,890,000 1,750,908
FHLMC GNMA Multiclass Mtg. Partn. Ctfs.
Gtd. Series 31 Cl. A
0.000% 09/25/1996.................................................................... 186,511 184,295
FHLMC GNMA Multiclass Mtg. Partn. Ctfs.
Gtd. Series 35 Cl. PH
7.750% 03/17/2023.................................................................... 1,580,000 1,606,670
FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1990-95 Cl. H 6.500% 08/25/2020.............. 5,200,000 4,827,056
FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1991-94 Cl. C 0.000% 01/25/1999.............. 2,969,466 2,655,802
FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1992-214 Cl. PL 7.500% 05/25/2021............ 1,700,000 1,704,250
FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1993-58 Cl. H 5.500% 04/25/2023.............. 1,380,000 1,226,903
FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1993-205 Cl. D 0.000% 04/25/2004............. 7,440,000 4,912,632
</TABLE>
-
44
<PAGE>
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-----------------------------------------------------------------
- ---------------- ----------------
-- COLUMBIA FIXED INCOME SECURITIES FUND, INC. --
-------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
</TABLE>
U.S. GOVERNMENT, FEDERAL AGENCY OBLIGATIONS (CONTINUED)
<TABLE>
<S> <C> <C>
FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1994-20 Cl. PJ
5.800% 05/25/2004................................................................... $ 410,000 $ 403,592
FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1996-W2 Cl. A5
7.550% 04/25/2025................................................................... 2,770,000 2,799,085
FNMA Gtd. REMIC Pass Thru Ctf. REMIC Tr. 1989-39 Cl. D
0.000% 05/25/2009................................................................... 2,340,000 1,759,376
Puerto Rico Housing Finance Corp.
Series A Cl. 4
9.000% 07/20/2017................................................................... 1,200,608 1,200,607
U.S. VA Vendee Mtg. Gtd. REMIC
Pass Thru Ctf. 1995-1C Cl. 3E
8.000% 07/15/2018................................................................... 870,000 888,487
U.S. VA Vendee Mtg. Gtd. REMIC
Pass Thru Ctf. 1995-3 Cl. 1F
7.250% 12/15/2021................................................................... 1,720,000 1,634,533
--------------
45,897,677
--------------
Total U.S. Government,
Federal Agency Obligations (Cost $187,267,302)....................................... 186,214,624
--------------
OTHER SECURITIZED LOANS (12.4%)
COLLATERALIZED MORTGAGE OBLIGATIONS (8.2%)
Bear Stearns Mortgage Securities, Inc. 1996-2 Cl. A
7.010% 01/25/2025................................................................... 2,978,234 2,746,527
CMC Securities Corp. I
Series 1992-B Cl. B2
7.375% 11/25/2023................................................................... 5,163,568 5,146,632
Cityscape Home Equity Loan Trust Series 1996-2 Cl. A3
7.600% 04/25/2011................................................................... 3,450,000 3,478,566
Independent National Mortgage Corp. Series 1995-H Cl. A13
8.350% 06/25/2025................................................................... 5,392,000 5,483,125
Residential Funding Mtg. Sec., Inc. Series 1993-S45 Cl. A-10
8.000% 12/23/2023................................................................... 1,250,000 1,258,600
Residential Funding Mtg. Sec., Inc. Series 1996-S9 Cl. A12
7.250% 04/25/2026................................................................... 8,991,245 8,884,519
--------------
26,997,969
--------------
<CAPTION>
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
<S> <C> <C>
ASSET BACKED SECURITIES (4.2%)
Amresco Residential Securities Corp. Mortgage Loan Trust
Series 1996-2 Ctf. Cl. A1
7.425% 05/25/2027................................................................... $ 1,425,588 $ 1,427,299
Amresco Residential Securities Corp.
Mortgage Loan Trust
Series 1996-3 Ctf. Cl. A6
7.875% 11/25/2024................................................................... 1,860,000 1,878,061
Amresco Residential Securities Corp.
Mortgage Loan Trust
Series 1996-3 Ctf. Cl. A7
8.075% 04/25/2026................................................................... 1,541,000 1,552,804
First Alliance Mortgage Trust
Series 1994-2 Cl. A-1
7.625% 07/25/2025................................................................... 2,781,773 2,794,012
First Alliance Mortgage Trust
Series 1996-1 Cl. A-1
7.340% 06/20/2027................................................................... 2,938,524 2,925,683
GE Capital Mtg. Services, Inc.
Series 1995-HE1 Cl. A6
7.500% 09/25/2010................................................................... 3,175,454 3,174,946
--------------
13,752,805
--------------
Total Other Securitized Loans
(Cost $40,635,595)................................................................... 40,750,774
--------------
CORPORATE BONDS (26.0%)
INDUSTRIAL (14.2%)
American President Co. Ltd.
8.000% 01/15/2024................................................................... 2,925,000 2,738,765
American Standard, Inc. Step-Up Coupon
0.000% to 06/01/1998, then 10.500% to 06/01/2005.................................... 500,000 436,250
Continental Cablevision, Inc.
9.000% 09/01/2008................................................................... 1,700,000 1,847,679
Ethan Allen, Inc.
8.750% 03/15/2001................................................................... 475,000 475,000
Federated Department Stores, Inc.
10.000% 02/15/2001................................................................... 600,000 631,500
Foster Wheeler Corp.
6.750% 11/15/2005................................................................... 2,925,000 2,784,951
Freeport-McMoRan Resource Partners L.P.
8.750% 02/15/2004................................................................... 300,000 300,000
Harrahs Operating, Inc.
10.875% 04/15/2002................................................................... 1,250,000 1,340,625
Hospital Corp. America
0.000% 06/01/1997................................................................... 1,750,000 1,655,080
La Quinta Inns, Inc.
9.250% 05/15/2003................................................................... 375,000 381,562
</TABLE>
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<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
</TABLE>
CORPORATE BONDS (CONTINUED)
<TABLE>
<S> <C> <C>
Lenfest Communications, Inc.
8.375% 11/01/2005................................................................... $ 2,100,000 $ 1,916,250
Lockheed Martin Corp.
6.625% 06/15/1998................................................................... 6,400,000 6,422,976
Louis Dreyfus Natural Gas Corp.
9.250% 06/15/2004................................................................... 650,000 672,074
Marriott International, Inc.
6.750% 12/01/2009................................................................... 3,000,000 2,736,420
Nabisco, Inc.
6.700% 06/15/2002................................................................... 3,750,000 3,657,788
News America Holdings, Inc.
7.600% 10/11/2015................................................................... 6,250,000 5,817,000
Occidental Petroleum Corp.
10.125% 11/15/2001................................................................... 1,285,000 1,460,325
Royal Caribbean Cruises Ltd.
11.375% 05/15/2002................................................................... 2,900,000 3,117,500
Sears, Roebuck Acceptance Corp.
Medium Term Notes
6.400% 10/11/2000................................................................... 4,525,000 4,452,238
Time Warner Entertainment Co. L.P.
8.875% 10/01/2012................................................................... 2,265,000 2,363,845
Union Oil Co. of California
6.375% 02/01/2004................................................................... 1,625,000 1,527,971
--------------
46,735,799
--------------
FINANCIAL (7.5%)
Ahmanson (H.F.) & Co.
8.250% 10/01/2002................................................................... 2,500,000 2,631,475
Ford Motor Credit Co.
6.850% 08/15/2000................................................................... 4,000,000 3,980,840
General Motors Acceptance Corp.
9.000% 10/15/2002................................................................... 2,900,000 3,162,160
Goldman Sachs Group L.P.(144A)
6.750% 02/15/2006................................................................... 3,700,000 3,518,885
Health Care Properties, Inc.
6.500% 02/15/2006................................................................... 6,400,000 5,885,056
Mellon Financial Co.
7.625% 11/15/1999................................................................... 5,200,000 5,324,592
--------------
24,503,008
--------------
UTILITY (1.8%)
California Energy, Inc.
9.875% 06/30/2003................................................................... 350,000 357,000
Northern Indiana Public Service Co.
Medium Term Note
6.900% 06/01/2000................................................................... 1,250,000 1,252,025
6.750% 06/01/2000................................................................... 2,500,000 2,491,325
<CAPTION>
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
<S> <C> <C>
Pacificorp
Medium Term Note
6.120% 01/15/2006................................................................... $ 1,825,000 $ 1,683,398
--------------
5,783,748
--------------
YANKEE (2.5%)
Manitoba Province
7.750% 02/01/2002................................................................... 2,685,000 2,787,540
Province Ontario
7.000% 08/04/2005................................................................... 5,625,000 5,544,619
--------------
8,332,159
--------------
Total Corporate Bonds
(Cost $88,052,519)................................................................... 85,354,714
--------------
Total investments, excluding temporary cash investments
(Cost $315,955,416).................................................................. 312,320,112
--------------
REPURCHASE AGREEMENTS (4.1%)
Goldman Sachs Corp.
5.686% dated 06/28/1996,
due 07/01/1996 in the
amount of $13,359,313.
Collateralized by U.S. Treasury Bond
7.625% due 02/15/2025,
U.S. Treasury Strip
due 08/15/2020. ..................................................................... 13,353,090 13,353,090
J.P. Morgan Securities, Inc.
5.741% dated 06/28/1996,
due 07/01/1996 in the
amount of $200,094.
Collateralized by U.S. Treasury Notes
5.125% to 6.125%
due 04/30/1998 to 07/31/2000. ....................................................... 200,000 200,000
--------------
Total Repurchase Agreements
(Cost $13,553,090)................................................................... 13,553,090
--------------
TOTAL INVESTMENTS (99.2%)
(Cost $329,508,506)...................................................................... 325,873,202
RECEIVABLES LESS LIABILITIES (0.8%)....................................................... 2,568,954
--------------
NET ASSETS (100.0%)....................................................................... $ 328,442,156
--------------
--------------
</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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<TABLE>
<CAPTION>
June 30, 1996 PRINCIPAL
(Unaudited) AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
STATE OF OREGON GENERAL OBLIGATION BONDS (13.0%)
Board of Higher Education Refunding Series B
6.250% 10/15/2012................................................................... $ 1,015,000 $ 1,039,106
Board of Higher Education Series A
0.000% 08/01/2014................................................................... 450,000 154,687
5.900% 08/01/2018................................................................... 1,000,000 1,010,000
6.350% 08/01/2014................................................................... 1,535,000 1,600,237
Elderly & Disabled Housing
Refunding Series B
6.250% 08/01/2013................................................................... 1,000,000 1,038,750
Pollution Control Series C
5.625% 06/01/2013................................................................... 1,630,000 1,619,812
5.900% 06/01/2014................................................................... 5,135,000 5,122,162
Veterans' Welfare
0.000% 07/01/2001................................................................... 1,200,000 945,000
5.850% 10/01/2015................................................................... 1,105,000 1,102,238
11.250% 10/01/1998................................................................... 2,860,000 3,281,850
9.000% 04/01/1999................................................................... 1,800,000 2,009,250
11.000% 06/01/1999................................................................... 865,000 1,017,456
7.000% 07/01/2000................................................................... 1,350,000 1,471,500
9.000% 10/01/2000................................................................... 1,010,000 1,179,175
11.000% 12/01/2000................................................................... 1,180,000 1,477,950
7.250% 01/01/2007................................................................... 1,350,000 1,571,063
8.000% 01/01/2008................................................................... 1,145,000 1,394,038
6.000% 08/01/2002................................................................... 2,000,000 2,125,000
6.000% 02/01/2004................................................................... 695,000 740,175
9.000% 04/01/2005................................................................... 950,000 1,200,563
6.750% 05/01/2005................................................................... 2,050,000 2,293,438
9.000% 10/01/2005................................................................... 1,585,000 2,022,856
9.200% 04/01/2007................................................................... 1,080,000 1,416,150
8.250% 07/01/2007................................................................... 505,000 629,356
9.200% 10/01/2007................................................................... 1,200,000 1,587,000
7.300% 07/01/2008................................................................... 575,000 675,625
8.000% 07/01/2008................................................................... 480,000 588,000
6.875% 12/01/2013................................................................... 3,320,000 3,535,800
7.000% 12/01/2015................................................................... 2,125,000 2,263,125
Veterans' Welfare Series 73F
3.350% 12/01/2017................................................................... 2,000,000 2,000,000
--------------
Total State of Oregon General
Obligation Bonds
(Cost $46,257,781)................................................................... 48,111,362
--------------
<CAPTION>
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
<S> <C> <C>
OREGON GENERAL OBLIGATION BONDS (24.6%)
Clackamas & Washington Counties
School District #3JT
West Linn-Wilsonville
5.875% 08/01/2009................................................................... $ 1,000,000 $ 1,021,250
5.875% 10/01/2009................................................................... 2,550,000 2,620,125
Clackamas County School District #1
6.250% 07/01/2002................................................................... 925,000 986,281
6.300% 07/01/2003................................................................... 700,000 746,375
6.500% 07/01/2004................................................................... 1,235,000 1,327,625
6.500% 07/01/2005................................................................... 1,355,000 1,456,625
6.500% 07/01/2006................................................................... 1,485,000 1,592,662
Clackamas County School District #7J
Lake Oswego Series A
5.300% 06/15/2005................................................................... 1,000,000 1,021,250
5.500% 06/15/2006................................................................... 1,000,000 1,027,500
5.700% 06/15/2010................................................................... 2,365,000 2,376,825
Clackamas County School District #12 North Clackamas
4.650% 06/01/2004................................................................... 750,000 726,562
5.000% 06/01/2011................................................................... 2,000,000 1,837,500
Clackamas Community College District
5.250% 12/01/2009................................................................... 1,270,000 1,236,662
Deschutes County Administrative School District #1 Bend-Lapine
0.000% 02/01/2000................................................................... 1,175,000 992,875
0.000% 02/01/2001................................................................... 1,135,000 916,512
0.000% 02/01/2002................................................................... 1,445,000 1,107,231
5.800% 02/01/2004................................................................... 780,000 813,150
5.900% 02/01/2005................................................................... 980,000 1,020,425
Eugene Public Safety Facilities
5.625% 06/01/2013................................................................... 1,295,000 1,290,144
Jackson County School District #549C Medford
5.375% 06/01/2012................................................................... 1,200,000 1,171,500
Jefferson County School District No. 509J
5.500% 06/15/2013................................................................... 1,400,000 1,373,750
Lane Community College
4.850% 06/01/2008................................................................... 4,080,000 3,876,000
Lane County School District #4J Eugene
0.000% 01/01/2003................................................................... 1,345,000 968,400
0.000% 01/01/2005................................................................... 1,395,000 892,800
Lane County School District #4J Eugene Refunding Series A
0.000% 07/01/2001................................................................... 2,015,000 1,584,294
0.000% 07/01/2003................................................................... 1,480,000 1,039,700
0.000% 07/01/2005................................................................... 2,325,000 1,450,219
5.250% 07/01/2008................................................................... 590,000 584,100
</TABLE>
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<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
</TABLE>
OREGON GENERAL OBLIGATION BONDS (CONTINUED)
<TABLE>
<S> <C> <C>
Lane County School District #19 Springfield Refunding.................................
0.000% 02/01/1997................................................................... $ 470,000 $ 459,087
0.000% 02/01/1999................................................................... 470,000 418,300
Metro Open Spaces Program Series C
5.100% 09/01/2009................................................................... 2,375,000 2,268,125
Multnomah-Clackamas Counties
School District #28-302JT
0.000% 12/01/2004................................................................... 750,000 484,687
Multnomah County Public Improvements
5.250% 10/01/2013................................................................... 1,800,000 1,723,500
Multnomah County School District #1 Portland Refunding
6.000% 12/15/1997................................................................... 645,000 657,436
Multnomah County School District #1J Portland
4.250% 06/01/2003................................................................... 5,000,000 4,775,000
Multnomah County School District #4 Gresham
6.100% 01/01/2008................................................................... 3,000,000 3,127,500
6.100% 01/01/2009................................................................... 200,000 207,500
Multnomah County School District #7 Reynolds
5.250% 06/01/2011................................................................... 1,500,000 1,411,875
Multnomah County School District #40 David Douglas
7.100% 06/01/2002................................................................... 880,000 979,000
Port of Portland Series A
4.500% 03/01/2006................................................................... 2,000,000 1,860,000
0.000% 03/01/2007................................................................... 5,000,000 2,800,000
Portland Public Improvements Series A
5.750% 06/01/2014................................................................... 2,560,000 2,550,400
Portland Public Improvements Series B
4.625% 12/01/2010................................................................... 2,880,000 2,833,200
Portland Water Refunding
5.000% 10/01/2008................................................................... 1,500,000 1,436,250
Portland Recreational Facilities Improvements Series A
5.750% 06/01/2012................................................................... 1,370,000 1,388,837
5.750% 06/01/2013................................................................... 1,345,000 1,358,450
5.750% 06/01/2015................................................................... 1,155,000 1,157,888
Portland Recreational Facilities Improvements Series B
5.500% 06/01/2009................................................................... 2,115,000 2,109,713
5.750% 06/01/2014................................................................... 1,750,000 1,760,938
5.750% 06/01/2015................................................................... 2,955,000 2,962,388
<CAPTION>
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
<S> <C> <C>
Portland Community College District
0.000% 07/01/2000................................................................... $ 800,000 $ 665,000
0.000% 07/01/2007................................................................... 2,025,000 1,116,281
Portland Community College District Series A
6.000% 07/01/2012................................................................... 1,500,000 1,530,000
Salem-Keizer School District #24J
5.400% 06/01/2006................................................................... 1,000,000 1,012,500
Tri-County Metropolitan Transportation District Light Rail Extension Series A
6.000% 07/01/2012................................................................... 3,495,000 3,582,375
Tualatin Hills Park & Recreation District
5.700% 03/01/2009................................................................... 1,340,000 1,365,125
5.750% 03/01/2010................................................................... 730,000 740,950
Washington County Refunding
6.200% 12/01/2007................................................................... 1,500,000 1,575,000
Washington & Clackamas Counties
School District #23J
Tigard Refunding
5.400% 01/01/2010................................................................... 1,720,000 1,679,150
Washington County School District #48J Beaverton
7.800% 06/01/2003................................................................... 1,200,000 1,398,000
Washington County School District #48J Beaverton Series B
6.150% 06/01/2008................................................................... 1,010,000 1,046,613
--------------
Total Oregon General Obligation Bonds
(Cost $90,805,852)................................................................... 91,499,410
--------------
OREGON REVENUE BONDS (20.8%)
Clackamas County Hospital Facility
Authority Elderly Housing
Willamette View Income Project
7.000% 11/15/2011................................................................... 1,750,000 1,795,937
Clackamas County Hospital Facility Authority GNMA Collateral Jennings Lodge
7.500% 10/20/2031................................................................... 1,030,000 1,112,400
Deschutes County Hospital Facility Authority
5.750% 01/01/2009................................................................... 1,670,000 1,690,875
Deschutes Valley Water District
5.875% 09/01/2005................................................................... 1,220,000 1,253,550
Eugene Electric Utility
5.000% 08/01/2017................................................................... 1,450,000 1,299,562
Eugene Electric Utility Refunding
5.800% 08/01/2008................................................................... 1,435,000 1,461,906
5.800% 08/01/2009................................................................... 1,300,000 1,317,875
</TABLE>
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<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
</TABLE>
OREGON REVENUE BONDS (CONTINUED)
<TABLE>
<S> <C> <C>
Eugene Electric Utility Series C
5.750% 08/01/2011................................................................... $ 715,000 $ 709,637
Eugene Trojan Nuclear Project
5.750% 09/01/1997................................................................... 1,500,000 1,504,230
5.750% 09/01/1998................................................................... 1,500,000 1,503,240
Gresham Sewer
5.350% 06/01/2006................................................................... 860,000 869,675
Gresham Stormwater
6.100% 10/01/2009................................................................... 1,115,000 1,165,175
Lebanon Wastewater Refunding
5.750% 06/01/2011................................................................... 1,225,000 1,176,000
Metro General Refunding
Metro Regional Center Project Series A
5.000% 08/01/2009................................................................... 500,000 464,375
Metropolitan Service District
Metro Central Transfer Station A
5.125% 07/01/2009................................................................... 2,360,000 2,295,100
North Clackamas Parks & Recreation
District Recreational Facilities
5.700% 04/01/2013................................................................... 2,840,000 2,804,500
Northern Wasco County
People's Utility District Electric
0.000% 02/01/2006................................................................... 610,000 351,513
0.000% 02/01/2007................................................................... 585,000 312,975
0.000% 02/01/2008................................................................... 610,000 301,950
0.000% 02/01/2011................................................................... 500,000 199,375
Oregon City Sewer
6.500% 10/01/2007................................................................... 500,000 540,000
Oregon Health, Housing, Educational & Cultural Facilities Authority
Reed College Project Series A
5.300% 07/01/2011................................................................... 500,000 476,875
Oregon Housing Agency Mortgage
Single-Family Mortgage Project Series A
7.375% 07/01/2010................................................................... 780,000 797,550
Oregon Housing & Community Services Department Housing Finance Assisted Insured
Multi-Unit B
6.800% 07/01/2013................................................................... 8,270,000 8,580,125
Oregon Housing & Community Services Department Mortgage
Single-Family Mortgage Program Series A
6.800% 07/01/2016................................................................... 2,425,000 2,558,375
Oregon Housing & Community Services Department Mortgage Single-Family Mortgage Program
Series B
5.375% 07/01/2017................................................................... 1,020,000 960,075
<CAPTION>
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
<S> <C> <C>
Oregon Housing & Community Services Department Mortgage Single-Family Mortgage Program
Series D
6.700% 07/01/2013................................................................... $ 1,000,000 $ 1,020,000
Oregon Housing & Community Services Department Mortgage Single-Family Mortgage Program
Series E
6.750% 07/01/2016................................................................... 3,645,000 3,717,900
Portland Hydroelectric Power
6.800% 10/01/2004................................................................... 465,000 468,660
Portland Parking Refunding
6.375% 10/01/2012................................................................... 1,700,000 1,772,250
Portland Sewer System Refunding Series A
5.000% 03/01/2006................................................................... 3,175,000 3,135,313
5.100% 03/01/2007................................................................... 1,635,000 1,606,388
Portland Sewer System Series A
6.100% 06/01/2010................................................................... 510,000 532,950
6.200% 06/01/2012................................................................... 6,540,000 6,785,250
6.250% 06/01/2015................................................................... 5,230,000 5,406,513
Portland Water System
5.250% 08/01/2013................................................................... 2,615,000 2,454,831
Prineville Sewer First Lien
6.500% 07/01/2004................................................................... 500,000 530,625
6.800% 07/01/2012................................................................... 1,000,000 1,075,000
Reedsport Water
7.000% 10/01/2014................................................................... 520,000 561,600
South Fork Water Board First Lien
5.450% 02/01/2014................................................................... 1,300,000 1,220,375
Tri-County Metropolitan Transportation District Refunding Series A
5.700% 08/01/2013................................................................... 5,175,000 5,168,531
Warm Springs Reservation, Confederated Tribes Health & Wellness Center
5.000% 04/01/2002................................................................... 400,000 400,500
5.100% 04/01/2003................................................................... 400,000 400,500
Washington County
Unified Sewer Agency Series A
6.200% 10/01/2010................................................................... 3,460,000 3,615,700
--------------
Total Oregon Revenue Bonds
(Cost $75,688,660)................................................................... 77,375,736
--------------
OREGON INSURED BONDS (25.9%)
Central Oregon Community College District
5.800% 06/01/2007................................................................... 760,000 780,900
Chemeketa Community College District
5.950% 06/01/2016................................................................... 1,600,000 1,608,000
</TABLE>
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<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
</TABLE>
OREGON INSURED BONDS (CONTINUED)
<TABLE>
<S> <C> <C>
Clackamas County Health Facility Authority Revenue Refunding Adventist Health A
6.350% 03/01/2009................................................................... $ 1,500,000 $ 1,571,250
Clackamas County School District #115 Gladstone
6.150% 06/01/2014................................................................... 1,000,000 1,030,000
Clatsop County Administrative School District #10
5.850% 07/01/2010................................................................... 550,000 558,250
5.875% 07/01/2012................................................................... 630,000 637,087
Crook County School District
4.900% 02/01/2009................................................................... 1,165,000 1,084,906
Deschutes & Jefferson Counties School District #2J Redmond Refunding
5.600% 06/01/2009................................................................... 1,000,000 1,005,000
Hood River County School District
5.650% 06/01/2008................................................................... 1,020,000 1,042,950
Josephine County School District #7 Grants Pass
5.700% 06/01/2013................................................................... 2,000,000 1,985,000
Lane County School District #19 Springfield
6.150% 10/15/2009................................................................... 1,500,000 1,584,375
Lane County School District #52 Bethel
6.250% 12/01/2007................................................................... 500,000 540,625
6.400% 12/01/2009................................................................... 750,000 804,375
Lincoln County School District
6.000% 06/15/2006................................................................... 900,000 964,125
6.000% 06/15/2007................................................................... 1,855,000 1,963,981
6.000% 06/15/2008................................................................... 1,150,000 1,214,687
6.000% 06/15/2009................................................................... 2,465,000 2,594,412
5.600% 06/15/2010................................................................... 2,480,000 2,504,800
5.250% 06/15/2012................................................................... 2,900,000 2,791,250
Malheur County School District #26 Nyssa
5.750% 06/01/2015................................................................... 1,910,000 1,907,612
Marion & Linn County Elementary School District #77J Stayton
6.250% 07/01/2013................................................................... 1,260,000 1,323,000
Medford Hospital Facility Authority Revenue Gross-Rogue Valley Health Services
6.800% 12/01/2011................................................................... 1,320,000 1,415,700
Morrow County School District #1
6.000% 06/01/2006................................................................... 880,000 927,300
<CAPTION>
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
<S> <C> <C>
Multnomah County School District #3 Parkrose
5.400% 12/01/2005................................................................... $ 1,010,000 $ 1,041,562
5.700% 12/01/2008................................................................... 1,330,000 1,369,900
5.700% 12/01/2009................................................................... 1,085,000 1,110,769
5.500% 12/01/2011................................................................... 1,000,000 995,000
Ontario Oregon Catholic Health Holy Rosary Medical Center
5.500% 11/15/2012................................................................... 1,000,000 975,000
Oregon Health Sciences University Revenue Series A
0.000% 07/01/2009................................................................... 1,530,000 732,487
0.000% 07/01/2012................................................................... 1,315,000 526,000
0.000% 07/01/2014................................................................... 2,495,000 873,250
0.000% 07/01/2015................................................................... 4,575,000 1,498,312
0.000% 07/01/2016................................................................... 5,710,000 1,762,963
Oregon Health Sciences University Revenue Series B
4.875% 07/01/2007................................................................... 1,695,000 1,614,488
5.250% 07/01/2015................................................................... 1,000,000 936,250
Oregon Department of General Services Certificates Participation Series C
5.800% 03/01/2015................................................................... 840,000 838,950
Oregon Department of Administrative Services Certificates Participation Series A
5.375% 11/01/2004................................................................... 1,500,000 1,531,875
5.250% 11/01/2009................................................................... 2,460,000 2,398,500
5.375% 11/01/2016................................................................... 5,260,000 5,016,725
5.700% 05/01/2015................................................................... 1,000,000 992,500
Oregon Health, Housing, Educational & Cultural Facilities Authority Lewis & Clark
College
6.000% 10/01/2013................................................................... 965,000 986,713
Port of Portland Airport Revenue Portland International Airport Series 7-A
6.500% 07/01/2004................................................................... 500,000 534,375
6.750% 07/01/2015................................................................... 2,795,000 3,011,613
Port of Portland Airport Revenue Series 9-A
5.500% 07/01/2006 500,000 504,375
Portland Hospital Facility Authority Legacy Health Systems Series A
6.100% 05/01/1998................................................................... 1,000,000 1,033,750
Portland Hospital Facility Authority Legacy Health Systems Series B
6.700% 05/01/2021................................................................... 1,955,000 2,106,513
Portland Sewer System Revenue Series A
6.000% 10/01/2012................................................................... 2,110,000 2,168,025
</TABLE>
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<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
</TABLE>
OREGON INSURED BONDS (CONTINUED)
<TABLE>
<S> <C> <C>
Tillamook County
6.250% 01/01/2014................................................................... $ 960,000 $ 1,002,000
Umatilla County School District #8R Hermiston
6.000% 12/01/2010................................................................... 695,000 715,850
Union Health District
5.750% 02/01/2010................................................................... 1,070,000 1,076,688
Washington County School District #88J Sherwood
6.100% 06/01/2012................................................................... 1,000,000 1,038,750
Washington County Unified Sewer Agency Revenue Series A
0.000% 10/01/2003................................................................... 1,000,000 693,750
0.000% 10/01/2005................................................................... 5,230,000 3,222,988
5.900% 10/01/2006................................................................... 3,750,000 3,928,125
0.000% 10/01/2007................................................................... 4,835,000 2,641,119
6.125% 10/01/2012................................................................... 8,010,000 8,310,375
Western Lane Hospital District Facility Authority Revenue Refunding Sisters St. Joseph
Peace
5.625% 08/01/2007................................................................... 2,000,000 2,042,500
Yamhill County School District #29J Newberg
5.500% 06/01/2010................................................................... 1,405,000 1,399,731
6.100% 06/01/2011................................................................... 3,355,000 3,493,394
--------------
Total Oregon Insured Bonds
(Cost $94,551,027)................................................................... 95,964,750
--------------
OREGON PRE-REFUNDED BONDS (5.4%)
Beaverton Water Revenue Series A
7.150% 06/01/2004................................................................... 455,000 495,381
Clackamas County School District #7J Lake Oswego Series A
7.000% 06/15/2008................................................................... 1,250,000 1,357,812
7.100% 06/15/2010................................................................... 750,000 816,562
Clackamas County School District #12 North Clackamas
6.500% 06/01/2005................................................................... 1,000,000 1,067,500
6.500% 06/01/2007................................................................... 1,455,000 1,553,212
6.500% 06/01/2009................................................................... 1,655,000 1,766,713
6.500% 06/01/2011................................................................... 1,885,000 2,012,238
Eugene Electric Utility Revenue
4.000% 08/01/1998................................................................... 340,000 340,000
Jackson County School District #4 Refunding
6.700% 06/01/2004................................................................... 420,000 440,475
<CAPTION>
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
<S> <C> <C>
Metropolitan Service District Convention Center
6.900% 12/01/1999................................................................... $ 750,000 $ 780,938
Metropolitan Service District General Revenue Metro Headquarters Building Project A
6.600% 07/01/2011................................................................... 785,000 847,800
Metropolitan Service District Metro East Transfer Station A
7.000% 01/01/2001................................................................... 500,000 546,250
Oregon Department of General Services Certificates Participation Series A
7.200% 01/15/2015................................................................... 1,100,000 1,211,375
Oregon Department of General Services Certificates Participation Series B
7.200% 01/15/2015................................................................... 670,000 737,838
Oregon Department of General Services Certificates Participation Series F
7.500% 09/01/2015................................................................... 2,330,000 2,621,250
Oregon Housing, Educational & Cultural Facilities Authority Reed College Project
Series A
6.350% 07/01/2002................................................................... 320,000 346,800
6.400% 07/01/2003................................................................... 280,000 304,150
Oregon Housing, Educational & Cultural Facilities Authority Revenue Lewis & Clark
College Project A
7.000% 07/01/2010................................................................... 1,100,000 1,214,125
Portland Airport Way Urban Renewal & Redevelopment Tax Increment Series A
7.300% 06/01/2010................................................................... 1,400,000 1,533,000
--------------
Total Oregon Pre-Refunded Bonds
(Cost $18,286,434)................................................................... 19,993,419
--------------
OREGON OTHER BONDS (3.0%)
Grants Pass Urban Renewal Agency Tax Increment
6.125% 08/01/2012................................................................... 750,000 756,562
Hood River Urban Renewal Agency Revenue
6.250% 12/15/2011................................................................... 1,250,000 1,248,437
Lane County Special Obligation Series A
5.250% 03/01/2008................................................................... 400,000 388,000
Lane County School District #4J Eugene Certificates Participation
6.900% 10/01/2000................................................................... 500,000 543,125
Lebanon Special Obligation Revenue Refunding Lease Water
5.400% 10/01/2013................................................................... 755,000 722,912
</TABLE>
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<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
</TABLE>
OREGON OTHER BONDS (CONTINUED)
<TABLE>
<S> <C> <C>
Medford Urban Renewal Agency Tax Revenue
5.875% 09/01/2010................................................................... $ 500,000 $ 490,625
Multnomah County School District #1J Portland Special Obligation Series A
4.500% 03/01/2003................................................................... 350,000 339,500
Newberg Certificates Participation
5.900% 12/01/1998................................................................... 365,000 373,212
6.000% 12/01/1999................................................................... 390,000 401,213
6.100% 12/01/2000................................................................... 410,000 424,863
6.200% 12/01/2001................................................................... 410,000 427,938
Portland Building Refunding Series A
4.750% 04/01/2007................................................................... 2,000,000 1,895,000
Portland Airport Way Urban Renewal & Redevelopment Tax Increment Series C
5.900% 06/01/2006................................................................... 860,000 890,100
Portland Urban Renewal & Redevelopment Refunding, Downtown Waterfront Series L
6.400% 06/01/2008................................................................... 2,085,000 2,207,494
--------------
Total Oregon Other Bonds
(Cost $10,849,382)................................................................... 11,108,981
--------------
OTHER BONDS (5.1%)
Puerto Rico Commonwealth Public Improvements
6.250% 07/01/2009................................................................... 3,000,000 3,273,750
6.250% 07/01/2013................................................................... 1,000,000 1,076,250
Puerto Rico Commonwealth Aquaduct & Sewer Authority Revenue Series A
9.000% 07/01/2009................................................................... 5,205,000 6,629,869
Puerto Rico Housing Finance Corp. Single Family Mortgage Revenue Portfolio 1 Series B
7.500% 10/15/2012................................................................... 1,040,000 1,085,500
Puerto Rico Housing Finance Corp. Single Family Mortgage Revenue Portfolio 1 Series C
6.750% 10/15/2013................................................................... 710,000 739,287
<CAPTION>
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
<S> <C> <C>
Puerto Rico Housing Finance Corp. Multi Family Mortgage Revenue Portfolio A-1
7.500% 04/01/2022................................................................... $ 1,680,000 $ 1,755,600
Puerto Rico Ind'l, Medical & Environmental Polltn Control Facilities Financing Auth
Rev FHA Ins Mtg-Dr.Pila Hosp PJ-A
7.700% 08/01/2008................................................................... 2,000,000 2,180,000
Puerto Rico Housing Bank & Finance Agency Single Family Mortgage Revenue FHA
Homeownership 5th Portfolio
7.500% 12/01/2015 610,000 672,525
Virgin Islands Public Finance Authority Revenue Unrefunded Balance Series A
7.300% 10/01/2018................................................................... 1,150,000 1,387,188
--------------
Total Other Bonds
(Cost $17,913,462)................................................................... 18,799,969
--------------
Total investments, excluding temporary
cash investment
(Cost $354,352,598).................................................................. 362,853,627
TAX-EXEMPT MONEY MARKET INVESTMENT (0.8%)
SEI Tax Exempt Trust
(Cost $3,102,625).................................................................... 3,102,625 3,102,625
--------------
TOTAL INVESTMENTS (98.6%)
(Cost $357,455,223)...................................................................... 365,956,252
RECEIVABLE LESS LIABILITIES (1.4%)........................................................ 5,314,892
--------------
NET ASSETS (100.0%)....................................................................... $ 371,271,144
--------------
--------------
</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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------------------------------------
<TABLE>
<CAPTION>
June 30, 1996 PRINCIPAL
(Unaudited) AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
CORPORATE BONDS (95.1%)
BASIC INDUSTRY (9.0%)
CHEMICALS (4.5%)
Freeport-McMoRan Resource Partners L.P. Senior Subordinated Notes
8.750% 02/15/2004................................................................. $ 600,000 $ 600,000
IMC Global, Inc.
Series B Senior Note
10.125% 06/15/2001................................................................. 450,000 475,312
--------------
1,075,312
--------------
FOREST PRODUCTS (2.4%)
Stone Consolidated Corp.
Senior Secured Note
10.250% 12/15/2000................................................................. 550,000 567,187
--------------
METALS/MINING (2.1%)
Ryerson Tull
Notes
8.500% 07/15/2001................................................................. 500,000 499,165
--------------
Total Basic Industry.................................................................. 2,141,664
--------------
CONSUMER RELATED (26.8%)
HOTEL/GAMING (9.3%)
HMH Properties, Inc.
Senior Secured Note
9.500% 05/15/2005................................................................. 500,000 477,500
Harrahs Operating, Inc.
Senior Subordinated Notes
10.875% 04/15/2002................................................................. 500,000 536,250
La Quinta Inns, Inc.
Senior Subordinated Notes
9.250% 05/15/2003................................................................. 600,000 610,500
Station Casinos, Inc.
Senior Subordinated Notes
9.625% 06/01/2003................................................................. 615,000 584,250
--------------
2,208,500
--------------
HEALTHCARE (12.2%)
Abbey Healthcare Group, Inc.
Senior Subordinated Notes
9.500% 11/01/2002................................................................. 500,000 512,500
Community Health Systems, Inc.
Senior Subordinated Debenture
10.250% 11/30/2003................................................................. 525,000 551,250
Genesis Health Ventures, Inc.
Senior Subordinated Notes
9.750% 06/15/2005................................................................. 500,000 508,750
<CAPTION>
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
<S> <C> <C>
HEALTHSOUTH Rehabilitation Corp.
Senior Subordinated Notes
9.500% 04/01/2001................................................................. $ 300,000 $ 309,750
Quorum Health Group, Inc.
Senior Subordinated Notes
8.750% 11/01/2005................................................................. 500,000 490,000
Tenet Healthcare Corp.
Senior Note
9.625% 09/01/2002................................................................. 500,000 531,250
--------------
2,903,500
--------------
FOOD/BEVERAGE/TOBACCO (2.2%)
Keebler Corp.
Senior Subordinated Notes (144A)
10.750% 07/01/2006................................................................. 500,000 515,000
--------------
OTHER (3.1%)
Rykoff Sexton, Inc.
Senior Subordinated Notes
8.875% 11/01/2003................................................................. 450,000 405,000
Westpoint Stevens, Inc.
Senior Note
8.750% 12/15/2001................................................................. 350,000 345,625
--------------
750,625
--------------
Total Consumer Related................................................................ 6,377,625
--------------
ENERGY (15.2%)
Chesapeake Energy Corp.
Senior Notes
9.125% 04/15/2006................................................................... 500,000 487,500
Global Marine, Inc.
Notes
12.750% 12/15/1999................................................................... 285,000 308,513
Gulf Canada Resources Ltd.
Subordinated Debentures
9.625% 07/01/2005................................................................... 400,000 396,000
Louis Dreyfus Natural Gas Corp.
Senior Subordinated Notes
9.250% 06/15/2004................................................................... 500,000 516,980
Maxus Energy Corp.
Notes
9.875% 10/15/2002................................................................... 500,000 497,500
Noble Drilling Corp.
Senior Notes
9.250% 10/01/2003................................................................... 250,000 252,500
Nuevo Energy Co.
Senior Subordinated Notes
9.500% 04/15/2006................................................................... 500,000 492,500
</TABLE>
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------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
</TABLE>
CORPORATE BONDS (CONTINUED)
<TABLE>
<S> <C> <C>
Santa Fe Energy Resource, Inc.
Senior Subordinated Debentures
11.000% 05/15/2004................................................................... $ 400,000 $ 428,000
Seagull Energy Corp.
Senior Subordinated Notes
8.625% 08/01/2005................................................................... 250,000 235,000
--------------
Total Energy.......................................................................... 3,614,493
--------------
HOUSING RELATED (1.1%)
USG Corp.
Series B Senior Notes
9.250% 09/15/2001................................................................... 250,000 256,250
--------------
MANUFACTURING (17.9%)
American Standard, Inc.
Senior Subordinated Discount
Debenture Step-Up Coupon
0.000% to 06/01/1998, then 10.500% to 06/01/2005.................................... 750,000 654,375
Easco Corp.
Series B Senior Notes
10.000% 03/15/2001................................................................... 350,000 351,750
Exide Corp.
Senior Notes
10.000% 04/15/2005................................................................... 350,000 341,688
Greenwich Air Services
Senior Notes
10.500% 06/01/2006................................................................... 500,000 495,000
Hayes Wheels International, Inc.
Notes
9.250% 11/15/2002................................................................... 275,000 291,500
Mark IV Industries, Inc.
Senior Subordinated Notes (144A)
7.750% 04/01/2006................................................................... 500,000 465,365
Rohr, Inc.
Senior Note
11.625% 05/15/2003................................................................... 600,000 651,000
SPX Corp.
Senior Subordinated Notes
11.750% 06/01/2002................................................................... 350,000 370,125
Wolverine Tube, Inc.
Senior Subordinated Notes
10.125% 09/01/2002................................................................... 625,000 650,000
--------------
Total Manufacturing................................................................... 4,270,803
--------------
<CAPTION>
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
<S> <C> <C>
MEDIA (15.5%)
American Radio Systems, Corp.
Senior Subordinated Notes
9.000% 02/01/2006................................................................... $ 500,000 $ 471,250
Continental Cablevision, Inc.
Debentures
9.000% 09/01/2008................................................................... 500,000 543,435
Heritage Media Corp.
Senior Subordinated Notes
8.750% 02/15/2006................................................................... 500,000 465,000
Jones Intercable, Inc.
Senior Notes
9.625% 03/15/2002................................................................... 350,000 351,750
Lenfest Communications, Inc.
Senior Secured Notes
8.375% 11/01/2005................................................................... 500,000 456,250
Rogers Communications, Inc.
Debenture
10.875% 04/15/2004................................................................... 300,000 305,250
SFX Broadcasting, Inc.
Senior Subordinated Notes (144A)
10.750% 05/15/2006................................................................... 500,000 496,250
United International Holdings, Inc
Senior Secured Discount Notes
0.000% 11/15/1999 250,000 165,000
United International Holdings, Inc.
Senior Note with Warrants
0.000% 11/15/1999................................................................... 650,000 442,000
--------------
Total Media........................................................................... 3,696,185
--------------
RETAIL (5.0%)
SUPERMARKETS (1.1%)
Stop & Shop Cos., Inc.
Senior Subordinated Notes
9.750% 02/01/2002................................................................. 250,000 273,750
--------------
OTHER (3.9%)
Ethan Allen, Inc.
Senior Notes
8.750% 03/15/2001.................................................................. 400,000 400,000
Federated Department Stores, Inc.
Senior Notes
10.000% 02/15/2001................................................................. 500,000 526,250
--------------
926,250
--------------
Total Retail.......................................................................... 1,200,000
--------------
</TABLE>
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<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
</TABLE>
CORPORATE BONDS (CONTINUED)
<TABLE>
<S> <C> <C>
UTILITY (4.6%)
ELECTRICS (2.1%)
California Energy, Inc.
Senior Secured Note
9.875% 06/30/2003.................................................................. $ 500,000 $ 510,000
TELECOMMUNICATIONS (2.5%)
MFS Communications, Inc.
Senior Discount Notes
0.000% to 01/15/2001, then 8.875 to 01/15/2006..................................... 1,000,000 605,000
--------------
Total Utilities....................................................................... 1,115,000
--------------
Total Corporate Bonds
(Cost $22,714,153)................................................................... 22,672,020
--------------
REPURCHASE AGREEMENTS (5.5%)
Goldman Sachs Corp.
5.686% dated 06/28/1996,
due 07/01/1996 in the
amount of $1,106,092.
Collateralized by U.S. Treasury Bond
7.625% due 02/15/2025,
U.S. Treasury Strip
due 08/15/2020. ..................................................................... 1,105,577 1,105,577
<CAPTION>
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
<S> <C> <C>
J.P. Morgan Securities, Inc.
5.741% dated 06/28/1996,
due 07/01/1996 in the
amount of $200,094.
Collateralized by U.S. Treasury Notes
5.125% to 6.125%
due 04/30/1998 to 07/31/2000. ....................................................... $ 200,000 $ 200,000
--------------
Total Repurchase Agreements
(Cost $1,305,577).................................................................... 1,305,577
--------------
TOTAL INVESTMENTS (100.6%)
(Cost $24,019,730)................................................................... 23,977,597
RECEIVABLES LESS LIABILITIES (-0.6%)...................................................... (134,934)
--------------
NET ASSETS (100.0%)....................................................................... $ 23,842,663
--------------
--------------
</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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55
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES
-----------------------------------------------------------------
<TABLE>
<CAPTION>
COLUMBIA COLUMBIA COLUMBIA COLUMBIA
June 30, 1996 COMMON STOCK GROWTH INTERNATIONAL STOCK SPECIAL
(Unaudited) FUND, INC. FUND, INC. FUND, INC. FUND, INC.
------------ -------------- ------------------- --------------
<S> <C> <C> <C> <C>
ASSETS:
Investments at identified cost............................ $393,182,133 $ 785,096,231 $ 98,031,499 $1,319,334,547
- ------------------------------------------------------------ ------------ -------------- ------------------- --------------
Investments at value (Notes 1 and 2)...................... $437,308,281 $ 973,144,138 $114,668,700 $1,536,923,545
Temporary cash investments, at cost (Note 1).............. 9,669,190 21,675,202 10,615,922 67,471,064
Cash...................................................... 925,144
Cash denominated in foreign currencies (cost $2,808,129)
(Note 1)................................................. 2,810,710
Receivable for:
Interest................................................ 23,170 67,203 39,901 209,590
Dividends............................................... 916,916 1,193,055 291,589 241,149
Investments sold........................................ 3,863,871 13,000,908 4,599,564 22,346,302
Capital stock sold...................................... 99,152 1,085,509 1,984,773 2,130,835
Forward foreign currency exchange contract held, at
market (Note 1)........................................ 26,422,257
------------ -------------- ------------------- --------------
Total assets.............................................. 451,880,580 1,010,166,015 162,358,560 1,629,322,485
------------ -------------- ------------------- --------------
LIABILITIES:
Payable for:
Capital stock redeemed.................................. 3,307,372 402,959 48,680 948,871
Dividends and distributions............................. 25,559
Investments purchased................................... 7,943,547 20,700,769 10,595,566 17,980,185
Investment management fee (Note 4)...................... 217,069 478,858 98,382 1,128,967
Accrued expenses........................................ 4,968 98,589 58,906 76,879
Forward foreign currency exchange contracts held (Note
1)..................................................... 26,214,667
------------ -------------- ------------------- --------------
Total liabilities......................................... 11,498,515 21,681,175 37,016,201 20,134,902
------------ -------------- ------------------- --------------
NET ASSETS APPLICABLE TO OUTSTANDING SHARES................. $440,382,065 $ 988,484,840 $125,342,359 $1,609,187,583
------------ -------------- ------------------- --------------
------------ -------------- ------------------- --------------
Net assets consist of:
Undistributed net investment income (loss)................ $ 717,584 $ 4,685,619 $ 498,349 $ (2,932,060)
Unrealized appreciation on:
Investments............................................. 44,126,148 188,047,907 16,637,201 217,588,998
Translation of assets and liabilities in foreign
currencies............................................. 204,053
Undistributed net realized gain from:
Investments............................................... 43,958,016 70,496,753 4,729,279 151,364,007
Foreign currency transactions............................. 1,033,925
Capital shares (Note 3)..................................... 296,062 670,416
Capital paid in (Note 3).................................... 351,580,317 724,958,499 102,239,552 1,242,496,222
------------ -------------- ------------------- --------------
$440,382,065 $ 988,484,840 $125,342,359 $1,609,187,583
------------ -------------- ------------------- --------------
------------ -------------- ------------------- --------------
SHARES OF CAPITAL STOCK OUTSTANDING (NOTE 3)................ 21,655,479 29,606,245 8,502,614 67,041,588
------------ -------------- ------------------- --------------
------------ -------------- ------------------- --------------
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
(1)........................................................ $ 20.34 $ 33.39 $ 14.74 $ 24.00
------------ -------------- ------------------- --------------
------------ -------------- ------------------- --------------
</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.
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56
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
COLUMBIA REAL COLUMBIA COLUMBIA COLUMBIA U.S.
June 30, 1996 ESTATE EQUITY BALANCED DAILY INCOME GOVERNMENT SECURITIES
(Unaudited) FUND, INC. FUND, INC. COMPANY FUND, INC.
------------------ ------------ ------------ ---------------------
<S> <C> <C> <C> <C>
ASSETS:
Investments at identified cost.................. $21,788,363 $519,104,578 $806,358,242 $39,535,374
- -------------------------------------------------- ------------------ ------------ ------------ ---------------------
Investments at value (Notes 1 and 2)............ $23,561,825 $554,895,339 $806,358,242 $39,195,799
Temporary cash investments, at cost (Note 1).... 1,142,380 20,664,470 528,567
Cash............................................ 1,050,000
Receivable for:
Interest...................................... 7,135 3,643,207 6,445 1,019,873
Dividends..................................... 215,991 503,411
Investments sold.............................. 7,014,202
Capital stock sold............................ 308,153 855,392 495,529 2,732
------------------ ------------ ------------ ---------------------
Total assets.................................... 25,235,484 587,576,021 807,910,216 40,746,971
------------------ ------------ ------------ ---------------------
LIABILITIES:
Payable for:
Capital stock redeemed........................ 474,127 794,975 5,014,521 291,789
Dividends and distributions................... 16,852 80,496 11,312
Investments purchased......................... 12,831,818
Investment management fee (Note 4)............ 14,857 234,015 318,983 16,763
Accrued expenses.............................. 9,394 61,949 125,149 10,806
------------------ ------------ ------------ ---------------------
Total liabilities............................... 515,230 14,003,253 5,458,653 330,670
------------------ ------------ ------------ ---------------------
NET ASSETS APPLICABLE TO OUTSTANDING SHARES....... $24,720,254 $573,572,768 $802,451,563 $40,416,301
------------------ ------------ ------------ ---------------------
------------------ ------------ ------------ ---------------------
Net assets consist of:
Undistributed net investment income........... $ 12,418 $ 428,990
Unrealized appreciation (depreciation) on
investments.................................. 1,773,462 35,790,761 $ (339,575)
Undistributed net realized gain (loss) from
investments.................................. 491,560 29,571,021 (363,789)
Capital shares (Note 3)....................... $ 802,452 49,411
Capital paid in (Note 3)...................... 22,442,814 507,781,996 801,649,111 41,070,254
------------------ ------------ ------------ ---------------------
$24,720,254 $573,572,768 $802,451,563 $40,416,301
------------------ ------------ ------------ ---------------------
------------------ ------------ ------------ ---------------------
SHARES OF CAPITAL STOCK OUTSTANDING (NOTE 3)...... 1,872,226 27,843,969 802,451,563 4,941,091
------------------ ------------ ------------ ---------------------
------------------ ------------ ------------ ---------------------
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER
SHARE (1)........................................ $ 13.20 $ 20.60 $ 1.00 $ 8.18
------------------ ------------ ------------ ---------------------
------------------ ------------ ------------ ---------------------
</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.
-
57
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
COLUMBIA
COLUMBIA FIXED MUNICIPAL COLUMBIA
June 30, 1996 INCOME SECURITIES BOND FUND, HIGH YIELD
(Unaudited) FUND, INC. INC. FUND, INC.
----------------- ------------- -----------
<S> <C> <C> <C>
ASSETS:
Investments at identified cost................................................ $315,955,416 $354,352,598 $22,714,153
- -------------------------------------------------------------------------------- ----------------- ------------- -----------
Investments at value (Notes 1 and 2).......................................... $312,320,112 $362,853,627 $22,672,020
Temporary cash investments, at cost (Note 1).................................. 13,553,090 3,102,625 1,305,577
Receivable for:
Interest.................................................................... 4,285,365 5,283,834 404,737
Investments sold............................................................ 1,756,547 1,485,726
Capital stock sold.......................................................... 601,594 20,230 28,821
----------------- ------------- -----------
Total assets.................................................................. 332,516,708 372,746,042 24,411,155
----------------- ------------- -----------
LIABILITIES:
Payable for:
Capital stock redeemed...................................................... 1,945,892 124,100 31,940
Dividends and distributions................................................. 225,591 288,993 12,402
Investments purchased....................................................... 1,721,422 879,901 498,565
Investment management fee (Note 4).......................................... 133,265 150,969 11,618
Accrued expenses............................................................ 48,382 30,935 13,967
----------------- ------------- -----------
Total liabilities............................................................. 4,074,552 1,474,898 568,492
----------------- ------------- -----------
NET ASSETS APPLICABLE TO OUTSTANDING SHARES..................................... $328,442,156 $371,271,144 $23,842,663
----------------- ------------- -----------
----------------- ------------- -----------
Net assets consist of:
Unrealized appreciation (depreciation) on investments....................... $ (3,635,304) $ 8,501,029 $ (42,133)
Undistributed net realized gain (loss) from investments..................... (2,070,960) 1,301,602 (95,963)
Capital shares (Note 3)..................................................... 255,096 309,124
Capital paid in (Note 3).................................................... 333,893,324 361,159,389 23,980,759
----------------- ------------- -----------
$328,442,156 $371,271,144 $23,842,663
----------------- ------------- -----------
----------------- ------------- -----------
SHARES OF CAPITAL STOCK OUTSTANDING (NOTE 3).................................... 25,509,602 30,912,436 2,494,485
----------------- ------------- -----------
----------------- ------------- -----------
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE (1).................... $ 12.88 $ 12.01 $ 9.56(2)
----------------- ------------- -----------
----------------- ------------- -----------
</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.
-
58
<PAGE>
STATEMENTS OF OPERATIONS
-----------------------------------------------------------------
<TABLE>
<CAPTION>
COLUMBIA
COLUMBIA COLUMBIA INTERNATIONAL COLUMBIA
Six Months Ended June 30, 1996 COMMON STOCK GROWTH FUND, STOCK FUND, SPECIAL
(Unaudited) FUND, INC. INC. INC. FUND, INC.
------------ ------------ --------------- ------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Income:
Interest........................................... $ 140,095 $ 600,143 $ 130,114 $ 1,463,773
Dividends.......................................... 3,764,544 5,793,693 1,361,055 2,684,271
Foreign taxes withheld (net of reclaims)........... (163,113)
------------ ------------ --------------- ------------
Total income..................................... 3,904,639 6,393,836 1,328,056 4,148,044
------------ ------------ --------------- ------------
Expenses:
Investment management fees (Note 4)................ 1,216,433 2,743,051 548,127 6,371,669
Shareholder servicing costs (Note 4)............... 115,608 260,001 89,717 324,980
Reports to shareholders............................ 29,997 103,087 35,723 135,759
Accounting expense................................. 24,882 22,105 49,982 32,875
Financial information and subscriptions............ 3,026 8,230 2,711 12,403
Custodian fees..................................... 8,261 18,759 51,653 25,210
Bank transaction and checking fees................. 10,255 12,078 22,846 37,309
Registration fees.................................. 34,571 34,865 9,941 52,596
Legal, insurance and auditing fees................. 16,409 21,775 15,133 26,943
Other.............................................. 2,772 8,143 3,874 8,543
------------ ------------ --------------- ------------
Total expenses................................... 1,462,214 3,232,094 829,707 7,028,287
------------ ------------ --------------- ------------
Net investment income (loss) (Note 1)................ 2,442,425 3,161,742 498,349 (2,880,243)
------------ ------------ --------------- ------------
REALIZED GAIN AND UNREALIZED APPRECIATION
(DEPRECIATION) FROM INVESTMENT AND FOREIGN CURRENCY
TRANSACTIONS:
Net realized gain from:
Investments (Note 2)............................... 44,000,912 71,512,684 5,784,340 153,804,567
Foreign currency transactions (Note 1)............. 1,033,925
------------ ------------ --------------- ------------
Net realized gain................................ 44,000,912 71,512,684 6,818,265 153,804,567
------------ ------------ --------------- ------------
Net unrealized appreciation (depreciation) on:
Investments (Note 1)............................... (8,229,708) 28,076,599 5,670,284 16,355,015
Translation of assets and liabilities in foreign
currencies (Note 1)............................... 198,333
------------ ------------ --------------- ------------
Net unrealized appreciation (depreciation) during
the period...................................... (8,229,708) 28,076,599 5,868,617 16,355,015
------------ ------------ --------------- ------------
Net gain on investment and foreign currency related
transactions (Note 1)............................... 35,771,204 99,589,283 12,686,882 170,159,582
------------ ------------ --------------- ------------
Net increase in net assets resulting from
operations.......................................... $38,213,629 $102,751,025 $13,185,231 $167,279,339
------------ ------------ --------------- ------------
------------ ------------ --------------- ------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
-
59
<PAGE>
STATEMENTS OF OPERATIONS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
COLUMBIA COLUMBIA U.S.
REAL ESTATE COLUMBIA COLUMBIA GOVERNMENT
Six Months Ended June 30, 1996 EQUITY FUND, BALANCED DAILY INCOME SECURITIES FUND,
(Unaudited) INC. FUND, INC. COMPANY INC.
---------------- ------------ ------------ --------------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Income:
Interest................................................ $ 50,521 $ 8,710,592 $21,587,682 $1,139,475
Dividends............................................... 780,048 2,704,882
---------------- ------------ ------------ -----------
Total income.......................................... 830,569 11,415,474 21,587,682 1,139,475
---------------- ------------ ------------ -----------
Expenses:
Investment management fees (Note 4)..................... 87,859 1,348,481 1,914,155 102,899
Shareholder servicing costs (Note 4).................... 10,827 168,769 305,936 19,398
Reports to shareholders................................. 4,386 52,154 76,941 6,612
Accounting expense...................................... 8,534 32,042 38,358 9,080
Financial information and subscriptions................. 671 8,613 8,073 745
Custodian fees.......................................... 786 10,874 15,753 813
Bank transaction and checking fees...................... 1,056 15,437 44,960 919
Registration fees....................................... 5,283 43,432 39,359 6,657
Legal, insurance and auditing fees...................... 6,762 18,583 21,122 10,491
Other................................................... 1,318 4,468 6,467 307
---------------- ------------ ------------ -----------
Total expenses........................................ 127,482 1,702,853 2,471,124 157,921
---------------- ------------ ------------ -----------
Net investment income (Note 1)............................ 703,087 9,712,621 19,116,558 981,554
---------------- ------------ ------------ -----------
REALIZED GAIN AND UNREALIZED APPRECIATION (DEPRECIATION)
FROM INVESTMENT TRANSACTIONS:
Net realized gain from investments (Note 2)............... 541,776 29,549,682 132,805
Net unrealized appreciation (depreciation) on investments
during the period (Note 1)............................... 237,536 (16,091,089) (951,330)
---------------- ------------ -----------
Net gain (loss) on investments (Note 1)................... 779,312 13,458,593 (818,525)
---------------- ------------ ------------ -----------
Net increase in net assets resulting from operations...... $1,482,399 $ 23,171,214 $19,116,558 $ 163,029
---------------- ------------ ------------ -----------
---------------- ------------ ------------ -----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
-
60
<PAGE>
STATEMENTS OF OPERATIONS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
COLUMBIA FIXED COLUMBIA COLUMBIA
Six Months Ended June 30, 1996 INCOME SECURITIES MUNICIPAL BOND HIGH YIELD
(Unaudited) FUND, INC. FUND, INC. FUND, INC.
----------------- -------------- ----------
<S> <C> <C> <C>
INVESTMENT INCOME:
Income:
Interest..................................................... $ 11,380,192 $ 10,459,334 $1,093,912
----------------- -------------- ----------
Total income............................................... 11,380,192 10,459,334 1,093,912
----------------- -------------- ----------
Expenses:
Investment management fees (Note 4).......................... 794,089 935,980 71,275
Shareholder servicing costs (Note 4)......................... 87,366 41,013 10,902
Reports to shareholders...................................... 39,430 13,365 3,532
Accounting expense........................................... 24,327 10,491 12,312
Financial information and subscriptions...................... 7,374 20,923 2,238
Custodian fees............................................... 6,343 6,401 459
Bank transaction and checking fees........................... 10,813 2,255 621
Registration fees............................................ 20,812 4,411 6,716
Legal, insurance and auditing fees........................... 18,288 16,867 9,281
Other........................................................ 2,225 2,405 174
----------------- -------------- ----------
Total expenses............................................. 1,011,067 1,054,111 117,510
----------------- -------------- ----------
Net investment income (Note 1)................................. 10,369,125 9,405,223 976,402
----------------- -------------- ----------
REALIZED GAIN AND UNREALIZED DEPRECIATION FROM INVESTMENT
TRANSACTIONS:
Net realized gain from investments (Note 2).................... 1,543,789 1,341,477 94,675
Net unrealized depreciation on investments during the period
(Note 1)...................................................... (16,748,632) (12,639,347) (894,805 )
----------------- -------------- ----------
Net loss on investments (Note 1)............................... (15,204,843) (11,297,870) (800,130 )
----------------- -------------- ----------
Net increase (decrease) in net assets resulting from
operations.................................................... $ (4,835,718) $ (1,892,647) $ 176,272
----------------- -------------- ----------
----------------- -------------- ----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
-
61
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
-----------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months Ended June 30, 1996 (Unaudited) COLUMBIA COLUMBIA COLUMBIA
and COMMON STOCK FUND, INC. GROWTH INTERNATIONAL STOCK FUND,
Year Ended December 31, 1995 FUND, INC. INC.
-------------------------- ---------------------------- --------------------------
1996 1995 1996 1995 1996 1995
------------ ------------ ------------- ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income................... $ 2,442,425 $ 3,997,419 $ 3,161,742 $ 8,173,000 $ 498,349 $ 155,031
Net realized gain (loss) from:
Investments (Note 2).................. 44,000,912 17,260,066 71,512,684 73,961,335 5,784,340 (286,889)
Foreign currency transactions (Note
1)................................... 1,033,925 (1,246,443)
Change in net unrealized appreciation
(depreciation) on:
Investments........................... (8,229,708) 44,119,110 28,076,599 120,496,613 5,670,284 5,614,702
Translation of assets and liabilities
in foreign currencies (Note 1)....... 198,333 92
------------ ------------ ------------- ------------ ------------ ------------
Net increase in net assets resulting
from operations........................ 38,213,629 65,376,595 102,751,025 202,630,948 13,185,231 4,236,493
Distributions to shareholders:
From net investment income.............. (2,120,808) (3,764,094) (7,437,014)
In excess of net investment income...... (31,322)*
From net realized gain from investment
transactions........................... (17,260,066) (73,961,335)
In excess of net realized gain from
investment transactions................ (17,932)* (206,957)*
Capital share transactions, net (Note
3)....................................... 45,766,520 189,924,932 37,002,963 136,042,951 11,283,668 (21,847,478)
------------ ------------ ------------- ------------ ------------ ------------
Net increase (decrease) in net assets... 81,859,341 234,259,435 139,753,988 257,037,271 24,468,899 (17,610,985)
NET ASSETS:
Beginning of period....................... 358,522,724 124,263,289 848,730,852 591,693,581 100,873,460 118,484,445
------------ ------------ ------------- ------------ ------------ ------------
End of period (1)......................... $440,382,065 $358,522,724 $ 988,484,840 $848,730,852 $125,342,359 $100,873,460
------------ ------------ ------------- ------------ ------------ ------------
------------ ------------ ------------- ------------ ------------ ------------
- --------------------------------------------
------------ ------------ ------------- ------------ ------------ ------------
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
(1) Includes undistributed net investment
income of: $ 717,584 $ 395,967 $ 4,685,619 $ 1,523,877 $ 498,349 $ 0
* On a tax basis, there was no return of capital.
</TABLE>
The accompanying notes are an integral part of the financial statements.
-
62
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months Ended June 30, 1996 COLUMBIA COLUMBIA COLUMBIA
(Unaudited) and SPECIAL REAL ESTATE EQUITY BALANCED
Year Ended December 31, 1995 FUND, INC. FUND, INC. FUND, INC.
------------------------------ ------------------------- --------------------------
1996 1995 1996 1995 1996 1995
-------------- -------------- ----------- ----------- ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
INCREASE IN NET ASSETS:
Operations:
Net investment income (loss)......... $ (2,880,243) $ 1,828,234 $ 703,087 $ 1,240,072 $ 9,712,621 $ 15,015,481
Net realized gain (loss) from
investments (Note 2)................ 153,804,567 154,437,430 541,776 (132) 29,549,682 20,555,403
Change in net unrealized appreciation
(depreciation) on investments....... 16,355,015 148,707,165 237,536 1,834,154 (16,091,089) 47,270,141
-------------- -------------- ----------- ----------- ------------ ------------
Net increase in net assets resulting
from operations..................... 167,279,339 304,972,829 1,482,399 3,074,094 23,171,214 82,841,025
Distributions to shareholders:
From net investment income........... (1,151,123) (693,145)** (774,447) (9,494,713) (14,812,967)
In excess of net investment income... (46,117)*
From net realized gain from
investment transactions............. (154,437,430) (17,052,999)
In excess of net realized gain from
investment transactions............. (1,539,578)* (235,252)*
From tax return of capital........... (451,668)
Capital share transactions, net (Note
3).................................... 57,493,209 347,044,146 2,343,800 2,572,289 73,128,774 186,168,310
-------------- -------------- ----------- ----------- ------------ ------------
Net increase in net assets........... 224,772,548 494,888,844 3,133,054 4,185,016 86,805,275 237,097,252
NET ASSETS:
Beginning of period.................... 1,384,415,035 889,526,191 21,587,200 17,402,184 486,767,493 249,670,241
-------------- -------------- ----------- ----------- ------------ ------------
End of period (1)...................... $1,609,187,583 $1,384,415,035 $24,720,254 $21,587,200 $573,572,768 $486,767,493
-------------- -------------- ----------- ----------- ------------ ------------
-------------- -------------- ----------- ----------- ------------ ------------
- -----------------------------------------
-------------- -------------- ----------- ----------- ------------ ------------
(1) Includes undistributed net investment
income (loss) of: $ (2,932,060) $ (51,817) $ 12,418 $ 2,476 $ 428,990 $ 211,082
* On a tax basis, there was no return of
capital.
** On a tax basis, a portion of the distributions to shareholders from net investment income may consist of return of capital.
The Fund will mail to its shareholders annually a summary of the federal income tax status of the Fund's distributions for
the preceeding year.
</TABLE>
The accompanying notes are an integral part of the financial statements.
-
63
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
COLUMBIA COLUMBIA COLUMBIA
Six Months Ended June 30, 1996 (Unaudited) and DAILY INCOME U.S. GOVERNMENT FIXED INCOME
Year Ended December 31, 1995 COMPANY SECURITIES FUND, INC. SECURITIES FUND, INC.
-------------------------- ------------------------ --------------------------
<S> <C> <C> <C> <C> <C> <C>
1996 1995 1996 1995 1996 1995
------------ ------------ ----------- ----------- ------------ ------------
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income........................ $ 19,116,558 $ 39,894,755 $ 981,554 $ 2,036,453 $ 10,369,125 $ 19,285,757
Net realized gain from investments (Note
2).......................................... 132,805 571,638 1,543,789 7,333,401
Change in net unrealized appreciation
(depreciation) on investments............... (951,330) 1,000,875 (16,748,632) 22,005,760
------------ ------------ ----------- ----------- ------------ ------------
Net increase (decrease) in net assets
resulting from operations................... 19,116,558 39,894,755 163,029 3,608,966 (4,835,718) 48,624,918
Distributions to shareholders:
From net investment income................... (19,116,558) (39,894,755) (981,554) (2,036,453) (10,369,125) (19,285,757)
Capital share transactions, net (Note 3)....... 1,796,041 70,588,520 (607,558) 6,758,002 27,388,196 34,830,059
------------ ------------ ----------- ----------- ------------ ------------
Net increase (decrease) in net assets........ 1,796,041 70,588,520 (1,426,083) 8,330,515 12,183,353 64,169,220
NET ASSETS:
Beginning of period............................ 800,655,522 730,067,002 41,842,384 33,511,869 316,258,803 252,089,583
------------ ------------ ----------- ----------- ------------ ------------
End of period.................................. $802,451,563 $800,655,522 $40,416,301 $41,842,384 $328,442,156 $316,258,803
------------ ------------ ----------- ----------- ------------ ------------
------------ ------------ ----------- ----------- ------------ ------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
-
64
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months Ended June 30, 1996 (Unaudited) and COLUMBIA COLUMBIA
Year Ended December 31, 1995 MUNICIPAL BOND FUND, INC. HIGH YIELD FUND, INC.
-------------------------- ------------------------
<S> <C> <C> <C> <C>
1996 1995 1996 1995
------------ ------------ ----------- -----------
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income................................... $ 9,405,223 $ 19,222,924 $ 976,402 $ 1,561,271
Net realized gain (loss) from investments (Note 2)...... 1,341,477 2,099,378 94,675 (31,194)
Change in net unrealized appreciation (depreciation) on
investments............................................ (12,639,347) 27,002,836 (894,805) 1,544,937
------------ ------------ ----------- -----------
Net increase (decrease) in net assets resulting from
operations............................................. (1,892,647) 48,325,138 176,272 3,075,014
Distributions to shareholders:
From net investment income.............................. (9,405,223) (19,222,924) (976,402) (1,561,271)
From net realized gain from investment transactions..... (2,099,378)
In excess of net realized gain from investment
transactions........................................... (52,790)*
Capital share transactions, net (Note 3).................. (1,226,904) 17,029,241 1,171,826 9,123,656
------------ ------------ ----------- -----------
Net increase (decrease) in net assets................... (12,524,774) 43,979,287 371,696 10,637,399
NET ASSETS:
Beginning of period....................................... 383,795,918 339,816,631 23,470,967 12,833,568
------------ ------------ ----------- -----------
End of period............................................. $371,271,144 $383,795,918 $23,842,663 $23,470,967
------------ ------------ ----------- -----------
------------ ------------ ----------- -----------
</TABLE>
* On a tax basis, there was no return of capital.
The accompanying notes are an integral part of the financial statements.
-
65
<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.
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS. In connection with portfolio
purchases and sales of securities denominated in a foreign currency, CISF enters
into foreign currency exchange contracts (contracts). Additionally, CISF enters
into forward contracts to hedge certain other foreign currency denominated
assets. Contracts are recorded at market value. CISF could be exposed to risks
if counterparties to the contracts are unable to meet the terms of their
contracts or if the value of the foreign currency changes unfavorably. Net
realized gains arising from such transactions amounted to $1,099,223 and are
included in net realized gain from foreign currency transactions. As of June 30,
1996, CISF had entered into forward contracts resulting in net unrealized
appreciation of $207,590, as shown in the table on the following page.
-
66
<PAGE>
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
-- 1. SIGNIFICANT ACCOUNTING POLICIES, CONTINUED --
<TABLE>
<CAPTION>
NET
UNREALIZED
CURRENCY TO CURRENCY TO SETTLEMENT APPRECIATION
BE DELIVERED BE RECEIVED DATE (U.S. $)
- ------------------------------ --------------------- --------- -----------
Switzerland U.S.
3,600,000 Franc 2,868,411 Dollars 07/26/96 $ (15,911)
<C> <S> <C> <C> <C> <C>
U.S.
12,225,000 German Mark 7,984,977 Dollars 07/26/96 (62,374)
U.S.
1,226,000,000 Japanese Yen 11,529,600 Dollars 07/26/96 297,899
Netherland U.S.
6,900,000 Guilder 4,039,269 Dollars 07/26/96 (12,024)
-----------
$ 207,590
-----------
-----------
</TABLE>
FOREIGN CURRENCY TRANSLATIONS. The books and records of CISF are maintained in
U.S. dollars. Foreign currency transactions are translated into U.S. dollars on
the following basis:
(i) market value of investment securities, other assets, and liabilities at
the daily rates of exchange, and
(ii) purchases and sales of investment securities, dividend and interest
income and certain expenses at the rates of exchange prevailing on the
respective dates of such transactions.
CISF does not isolate that portion of the results of operations resulting from
changes in foreign exchange rates on investments from the fluctuations arising
from changes in market prices of securities held. Such fluctuations are included
with the net realized and unrealized gain or loss from investments.
Reported net realized foreign exchange gains or losses arise from sales and
maturities of short-term securities, sales of foreign currencies, currency gains
or losses realized between the trade and settlement dates on securities
transactions, and the difference between the amounts of dividends, interest, and
foreign withholding taxes recorded on CISF's books and the U.S. dollar
equivalent of the amounts actually received or paid. Net unrealized foreign
exchange gains and losses arise from changes in the value of assets and
liabilities, other than investments in securities, resulting from changes in the
exchange rates.
INTEREST AND DIVIDEND INCOME. Interest income is recorded on the accrual basis
and dividend income is recorded on the ex-dividend date. The majority of
dividend income recorded by CREF is from Real Estate Investment Trusts (REITs).
For tax purposes, a portion of these dividends consist of capital gains and
return of capital. For financial reporting purposes, these dividends are
recorded as dividend income.
SHAREHOLDER DISTRIBUTIONS. CCSF, CREF and CBF distribute net investment income
quarterly and any net realized gains from investment transactions annually. CGF,
CISF and CSF distribute net investment income and any net realized gains
annually. CDIC distributes its net investment income daily - including any
realized investment gains or losses. CUSG, CFIS, CMBF and CHYF distribute their
net investment income monthly and any net realized gains annually. Distributions
to shareholders are recorded on the record date.
Income and capital gain distributions are determined in accordance with income
tax regulations which may differ from generally accepted accounting principles.
These differences are primarily due to differing treatments for foreign currency
transactions, net operating losses, deferral of losses from wash sales and
return of capital received from Real Estate Investment Trusts.
FEDERAL INCOME TAXES. The Funds have made no provision for federal income taxes
on net investment income or net realized gains from sales of securities, since
it is the intention of the Funds to comply with the provisions of the Internal
Revenue Code available to certain investment companies, and to make
distributions of income and security profits sufficient to relieve them from
substantially all federal income taxes.
-
67
<PAGE>
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
-- 1. SIGNIFICANT ACCOUNTING POLICIES, CONTINUED --
OTHER. Investment transactions are accounted for on the date the investments
are purchased or sold. The cost of investments sold is determined by the use of
the specific identification method for both financial reporting and income tax
purposes. Realized gains and losses from investment transactions and unrealized
appreciation or depreciation of investments are reported on the basis of
identified costs. The Funds, through their custodians, receive delivery of
underlying securities collateralizing repurchase agreements (included in
temporary cash investments). Market values of these securities are required to
be at least 100% of the cost of the repurchase agreements. The Funds' investment
advisor determines that the value of the underlying securities is at all times
at least equal to the resale price. In the event of default or bankruptcy by the
other party to the agreement, realization and/or retention of the collateral may
be subject to legal proceedings.
CHYF invests in lower rated debt securities, which may be more susceptible to
adverse economic conditions than investment grade holdings. These securities are
often subordinated to the prior claims of other senior lenders, and
uncertainties exist as to an issuer's ability to meet principal and interest
payments. At June 30, 1996, 100% of the Fund's portfolio was invested in
securities rated Ba (49%) or B (51%) by Moody's Investor Services, Inc.
-- 2. INVESTMENT TRANSACTIONS --
Aggregate purchases, sales and maturities, net realized gain (loss) and
unrealized appreciation (depreciation) of investments, including temporary cash
investments for CDIC and excluding temporary cash investments for all other
Funds, as of and for the period ended June 30, 1996, were as follows:
<TABLE>
<CAPTION>
COLUMBIA COMMON COLUMBIA COLUMBIA COLUMBIA
STOCK FUND, INC. GROWTH INTERNATIONAL STOCK SPECIAL FUND,
(CCSF) FUND, INC. (CGF) FUND, INC. (CISF) INC. (CSF)
----------------- ---------------- ------------------- --------------
PURCHASES:
<S> <C> <C> <C> <C>
Investment securities other than U.S.
Government obligations.................... $291,293,625 $382,763,733 $76,705,102 $1,051,456,823
----------------- ---------------- ------------------- --------------
----------------- ---------------- ------------------- --------------
SALES AND MATURITIES:
Investment securities other than U.S.
Government obligations.................... $243,362,586 $350,033,271 $71,226,989 $1,040,190,985
----------------- ---------------- ------------------- --------------
----------------- ---------------- ------------------- --------------
NET REALIZED GAIN:
Investment securities other than U.S.
Government obligations.................... $ 44,000,912 $ 71,512,684 $ 5,784,340 $ 153,804,567
----------------- ---------------- ------------------- --------------
----------------- ---------------- ------------------- --------------
UNREALIZED APPRECIATION (DEPRECIATION) AS OF
JUNE 30, 1996:
Appreciation............................... $ 54,529,238 $212,283,861 $18,710,526 $ 304,088,829
Depreciation............................... (10,403,090) (24,235,954) (2,073,325) (86,499,831)
----------------- ---------------- ------------------- --------------
Net unrealized appreciation.............. $ 44,126,148 $188,047,907 $16,637,201 $ 217,588,998
----------------- ---------------- ------------------- --------------
----------------- ---------------- ------------------- --------------
UNREALIZED APPRECIATION (DEPRECIATION)
FOR FEDERAL INCOME TAX PURPOSES AS OF JUNE
30, 1996:
Appreciation............................... $ 54,972,950 $213,572,907 $18,153,473 $ 303,723,819
Depreciation............................... (10,298,035) (24,705,033) (2,258,722) (89,736,566)
----------------- ---------------- ------------------- --------------
Net unrealized appreciation.............. $ 44,674,915 $188,867,874 $15,894,751 $ 213,987,253
----------------- ---------------- ------------------- --------------
----------------- ---------------- ------------------- --------------
For federal income tax purposes, the cost of
investments owned at June 30, 1996.......... $392,633,366 $784,276,264 $98,773,949 $1,322,936,292
----------------- ---------------- ------------------- --------------
----------------- ---------------- ------------------- --------------
</TABLE>
The net realized gain for CGF & CSF includes proceeds of approximately $82,285
and $51,150, respectively from shareholder class action suits related to
securities held by those funds.
-
68
<PAGE>
NOTES TO FINANCIAL STATEMENTS
-----------------------------------------------------------------
-- 2. INVESTMENT TRANSACTIONS, CONTINUED --
<TABLE>
<CAPTION>
COLUMBIA
REAL ESTATE COLUMBIA COLUMBIA COLUMBIA U.S.
EQUITY BALANCED DAILY INCOME GOVERNMENT SECURITIES
FUND, INC. (CREF) FUND, INC. (CBF) COMPANY (CDIC) FUND, INC. (CUSG)
----------------- ---------------- -------------- ---------------------
PURCHASES:
<S> <C> <C> <C> <C>
Investment securities other than U.S.
Government obligations................ $ 8,398,185 $215,560,322 $4,029,633,024
U.S. Government obligations............ 203,093,821 77,972,758 $35,526,352
----------------- ---------------- -------------- ---------------------
Total purchases...................... $ 8,398,185 $418,654,143 $4,107,605,782 $35,526,352
----------------- ---------------- -------------- ---------------------
----------------- ---------------- -------------- ---------------------
SALES AND MATURITIES:
Investment securities other than U.S.
Government obligations................ $ 5,922,835 $190,304,137 $4,010,214,693
U.S. Government obligations............ 146,672,358 97,699,269 $36,144,203
----------------- ---------------- -------------- ---------------------
Total sales and maturities........... $ 5,922,835 $336,976,495 $4,107,913,962 $36,144,203
----------------- ---------------- -------------- ---------------------
----------------- ---------------- -------------- ---------------------
NET REALIZED GAIN (LOSS):
Investment securities other than U.S.
Government obligations................ $ 541,776 $ 29,910,560
U.S. Government obligations............ (360,878) $ 132,805
----------------- ---------------- ---------------------
Total net realized gain.............. $ 541,776 $ 29,549,682 $ 132,805
----------------- ---------------- ---------------------
----------------- ---------------- ---------------------
UNREALIZED APPRECIATION (DEPRECIATION) AS
OF JUNE 30, 1996:
Appreciation........................... $ 1,900,087 $ 46,339,578 $ 59,596
Depreciation........................... (126,625) (10,548,817) (399,171)
----------------- ---------------- ---------------------
Net unrealized appreciation
(depreciation)...................... $ 1,773,462 $ 35,790,761 $ (339,575)
----------------- ---------------- ---------------------
----------------- ---------------- ---------------------
UNREALIZED APPRECIATION (DEPRECIATION)
FOR FEDERAL INCOME TAX PURPOSES AS OF
JUNE 30, 1996:
Appreciation........................... $ 2,388,773 $ 46,722,792 $ 59,596
Depreciation........................... (53,849) (10,732,209) (399,171)
----------------- ---------------- ---------------------
Net unrealized appreciation
(depreciation)...................... $ 2,334,924 $ 35,990,583 $ (339,575)
----------------- ---------------- ---------------------
----------------- ---------------- ---------------------
For federal income tax purposes, the cost
of investments owned at June 30, 1996... $21,226,901 $518,904,756 $ 806,358,242 $39,535,374
----------------- ---------------- -------------- ---------------------
----------------- ---------------- -------------- ---------------------
</TABLE>
-
69
<PAGE>
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
-- 2. INVESTMENT TRANSACTIONS, CONTINUED --
<TABLE>
<CAPTION>
COLUMBIA FIXED COLUMBIA COLUMBIA
INCOME SECURITIES MUNICIPAL BOND HIGH YIELD
FUND, INC. (CFIS) FUND, INC. (CMBF) FUND, INC. (CHYF)
----------------- ----------------- -----------------
PURCHASES:
<S> <C> <C> <C>
Investment securities other than U.S. Government
obligations......................................... $ 92,698,369 $ 38,344,609 $ 7,385,785
U.S. Government obligations.......................... 132,880,686
----------------- ----------------- -----------------
Total purchases.................................... $225,579,055 $ 38,344,609 $ 7,385,785
----------------- ----------------- -----------------
----------------- ----------------- -----------------
SALES AND MATURITIES:
Investment securities other than U.S. Government
obligations......................................... $ 79,549,831 $ 38,641,909 $ 5,327,305
U.S. Government obligations.......................... 126,077,298 993,711
----------------- ----------------- -----------------
Total sales and maturities......................... $205,627,129 $ 38,641,909 $ 6,321,016
----------------- ----------------- -----------------
----------------- ----------------- -----------------
NET REALIZED GAIN (LOSS):
Investment securities other than U.S. Government
obligations......................................... $ 531,492 $ 1,341,477 $ 106,605
U.S. Government obligations.......................... 1,012,297 (11,930)
----------------- ----------------- -----------------
Total net realized gain............................ $ 1,543,789 $ 1,341,477 $ 94,675
----------------- ----------------- -----------------
----------------- ----------------- -----------------
UNREALIZED APPRECIATION (DEPRECIATION) AS OF JUNE 30,
1996:
Appreciation......................................... $ 3,054,446 $ 10,875,085 $ 369,942
Depreciation......................................... (6,689,750) (2,374,056) (412,075)
----------------- ----------------- -----------------
Net unrealized appreciation (depreciation)......... $ (3,635,304) $ 8,501,029 $ (42,133)
----------------- ----------------- -----------------
----------------- ----------------- -----------------
UNREALIZED APPRECIATION (DEPRECIATION) FOR FEDERAL
INCOME TAX PURPOSES AS OF JUNE 30, 1996:
Appreciation......................................... $ 2,836,579 $ 10,875,085 $ 369,942
Depreciation......................................... (6,859,746) (2,374,056) (412,075)
----------------- ----------------- -----------------
Net unrealized appreciation (depreciation)......... $ (4,023,167) $ 8,501,029 $ (42,133)
----------------- ----------------- -----------------
----------------- ----------------- -----------------
For federal income tax purposes, the cost of
investments owned at June 30, 1996.................... $316,343,279 $354,352,598 $22,714,153
----------------- ----------------- -----------------
----------------- ----------------- -----------------
</TABLE>
-
70
<PAGE>
NOTES TO FINANCIAL STATEMENTS
-----------------------------------------------------------------
-- 3. CAPITAL STOCK --
<TABLE>
<CAPTION>
COLUMBIA COLUMBIA COLUMBIA
COMMON STOCK GROWTH INTERNATIONAL STOCK
FUND, INC. (CCSF) FUND, INC. (CGF) FUND, INC. (CISF)
------------------------- ---------------------------- --------------------------
1996 1995 1996 1995 1996 1995
----------- ------------ ------------- ------------- ------------ ------------
SHARES:
<S> <C> <C> <C> <C> <C> <C>
Shares sold....................... 4,562,539 12,907,792 5,414,231 6,481,595 2,742,258 3,176,713
Shares issued for reinvestment of
dividends........................ 103,815 1,137,709 2,636,586
----------- ------------ ------------- ------------- ------------ ------------
4,666,354 14,045,501 5,414,231 9,118,181 2,742,258 3,176,713
Less shares redeemed.............. (2,299,550) (2,953,090) (4,247,180) (4,495,529) (1,955,812) (4,992,567)
----------- ------------ ------------- ------------- ------------ ------------
Net increase (decrease) in
shares........................... 2,366,804 11,092,411 1,167,051 4,622,652 786,446 (1,815,854)
----------- ------------ ------------- ------------- ------------ ------------
----------- ------------ ------------- ------------- ------------ ------------
AMOUNTS:
Sales............................. $88,510,087 $221,012,822 $ 169,976,621 $ 187,801,317 $ 38,068,537 $ 38,698,162
Reinvestment of dividends......... 2,079,722 20,863,972 78,122,044
----------- ------------ ------------- ------------- ------------ ------------
90,589,809 241,876,794 169,976,621 265,923,361 38,068,537 38,698,162
Less redemptions.................. (44,823,289) (51,951,862) (132,973,658) (129,880,410) (26,784,869) (60,545,640)
----------- ------------ ------------- ------------- ------------ ------------
Net increase (decrease)........... $45,766,520 $189,924,932 $ 37,002,963 $ 136,042,951 $ 11,283,668 $(21,847,478)
----------- ------------ ------------- ------------- ------------ ------------
----------- ------------ ------------- ------------- ------------ ------------
Capital stock authorized
(shares)......................... 100,000,000 100,000,000 100,000,000
Par Value......................... no par $.01 no par
</TABLE>
<TABLE>
<CAPTION>
COLUMBIA COLUMBIA COLUMBIA
SPECIAL REAL ESTATE EQUITY BALANCED
FUND, INC. (CSF) FUND, INC. (CREF) FUND, INC. (CBF)
---------------------------- ------------------------- --------------------------
1996 1995 1996 1995 1996 1995
------------- ------------- ------------ ----------- ------------ ------------
SHARES:
<S> <C> <C> <C> <C> <C> <C>
Shares sold....................... 14,066,418 24,380,701 1,222,761 745,236 6,275,229 12,164,908
Shares issued for reinvestment of
dividends........................ 7,030,821 51,443 116,209 457,573 1,603,299
------------- ------------- ------------ ----------- ------------ ------------
14,066,418 31,411,522 1,274,204 861,445 6,732,802 13,768,207
Less shares redeemed.............. (11,598,564) (14,439,180) (1,100,901) (647,683) (3,130,312) (3,974,088)
------------- ------------- ------------ ----------- ------------ ------------
Net increase in shares............ 2,467,854 16,972,342 173,303 213,762 3,602,490 9,794,119
------------- ------------- ------------ ----------- ------------ ------------
------------- ------------- ------------ ----------- ------------ ------------
AMOUNTS:
Sales............................. $ 324,455,145 $ 507,005,537 $ 15,818,181 $ 8,920,599 $127,668,573 $230,627,211
Reinvestment of dividends......... 148,631,551 669,710 1,402,375 9,346,862 31,608,126
------------- ------------- ------------ ----------- ------------ ------------
324,455,145 655,637,088 16,487,891 10,322,974 137,015,435 262,235,337
Less redemptions.................. (266,961,936) (308,592,942) (14,144,091) (7,750,685) (63,886,661) (76,067,027)
------------- ------------- ------------ ----------- ------------ ------------
Net increase...................... $ 57,493,209 $ 347,044,146 $ 2,343,800 $ 2,572,289 $ 73,128,774 $186,168,310
------------- ------------- ------------ ----------- ------------ ------------
------------- ------------- ------------ ----------- ------------ ------------
Capital stock authorized
(shares)......................... 100,000,000 100,000,000 100,000,000
Par Value......................... $.01 no par no par
</TABLE>
-
71
<PAGE>
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
-- 3. CAPITAL STOCK, CONTINUED --
<TABLE>
<CAPTION>
COLUMBIA COLUMBIA U.S. COLUMBIA FIXED
DAILY INCOME GOVERNMENT SECURITIES INCOME SECURITIES
COMPANY (CDIC) FUND, INC. (CUSG) FUND, INC. (CFIS)
------------------------------ ------------------------- --------------------------
1996 1995 1996 1995 1996 1995
------------- --------------- ----------- ------------ ------------ ------------
SHARES:
<S> <C> <C> <C> <C> <C> <C>
Shares sold...................... 691,521,301 1,191,109,050 740,100 2,438,332 5,113,807 6,735,955
Shares issued for reinvestment of
dividends....................... 19,109,258 39,866,838 110,806 229,910 694,741 1,319,739
------------- --------------- ----------- ------------ ------------ ------------
710,630,559 1,230,975,888 850,906 2,668,242 5,808,548 8,055,694
Less shares redeemed............. (708,834,518) (1,160,387,368) (925,816) (1,843,924) (3,714,753) (5,373,406)
------------- --------------- ----------- ------------ ------------ ------------
Net increase (decrease) in
shares.......................... 1,796,041 70,588,520 (74,910) 824,318 2,093,795 2,682,288
------------- --------------- ----------- ------------ ------------ ------------
------------- --------------- ----------- ------------ ------------ ------------
AMOUNTS:
Sales............................ $ 691,521,301 $ 1,191,109,050 $ 6,109,146 $ 19,955,069 $ 67,026,630 $ 86,697,840
Reinvestment of dividends........ 19,109,258 39,866,838 912,261 1,885,143 9,054,494 17,119,289
------------- --------------- ----------- ------------ ------------ ------------
710,630,559 1,230,975,888 7,021,407 21,840,212 76,081,124 103,817,129
Less redemptions................. (708,834,518) (1,160,387,368) (7,628,965) (15,082,210) (48,692,928) (68,987,070)
------------- --------------- ----------- ------------ ------------ ------------
Net increase (decrease).......... $ 1,796,041 $ 70,588,520 $ (607,558) $ 6,758,002 $ 27,388,196 $ 34,830,059
------------- --------------- ----------- ------------ ------------ ------------
------------- --------------- ----------- ------------ ------------ ------------
Capital stock authorized
(shares)........................ 2,000,000,000 100,000,000 200,000,000
Par Value........................ $.001 $.01 $.01
</TABLE>
<TABLE>
<CAPTION>
COLUMBIA COLUMBIA
MUNICIPAL BOND HIGH YIELD
FUND, INC. (CMBF) FUND, INC. (CHYF)
------------------------- ------------------------
1996 1995 1996 1995
----------- ------------ ----------- -----------
SHARES:
<S> <C> <C> <C> <C> <C> <C>
Shares sold...................... 2,610,839 5,057,133 459,260 1,176,046
Shares issued for reinvestment of
dividends....................... 629,161 1,460,826 90,391 146,858
----------- ------------ ----------- -----------
3,240,000 6,517,959 549,651 1,322,904
Less shares redeemed............. (3,341,784) (5,096,815) (430,706) (367,495)
----------- ------------ ----------- -----------
Net increase (decrease) in
shares.......................... (101,784) 1,421,144 118,945 955,409
----------- ------------ ----------- -----------
----------- ------------ ----------- -----------
AMOUNTS:
Sales............................ $31,714,886 $ 60,766,673 $ 4,498,479 $11,217,136
Reinvestment of dividends........ 7,624,354 17,726,251 879,640 1,406,479
----------- ------------ ----------- -----------
39,339,240 78,492,924 5,378,119 12,623,615
Less redemptions................. (40,566,144) (61,463,683) (4,206,293) (3,499,959)
----------- ------------ ----------- -----------
Net increase (decrease).......... $(1,226,904) $ 17,029,241 $ 1,171,826 $ 9,123,656
----------- ------------ ----------- -----------
----------- ------------ ----------- -----------
Capital stock authorized
(shares)........................ 100,000,000 100,000,000
Par Value........................ $.01 no par
</TABLE>
-
72
<PAGE>
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
-- 4. TRANSACTIONS WITH AFFILIATES AND
RELATED PARTIES --
<TABLE>
<CAPTION>
COLUMBIA COLUMBIA COLUMBIA COLUMBIA
COMMON STOCK GROWTH INT'L STOCK SPECIAL
FUND, INC. FUND, INC. FUND, INC. FUND, INC.
(CCSF) (CGF) (CISF) (CSF)
------------ --------------- ----------- ---------------
Investment management fees
incurred........................... $1,216,433 $2,743,051 $548,127 $6,371,669
<S> <C> <C> <C> <C>
Investment management fee
computation basis (percentage of
daily net assets per annum)........ .60 of 1% .75 of 1% to 1% 1% to
$200,000,000 $500,000,000
daily net daily net
assets; .625 of assets; .75 of
1% between 1% in excess of
$200,000,000 $500,000,000
and
$500,000,000;
and .50 of 1%
in excess of
$500,000,000
Transfer agent fee (included in
shareholder servicing costs)....... $102,441 $248,342 $88,476 $324,004
Fees earned by directors not
affiliated with each Fund's
investment advisor, transfer agent,
or Columbia Management Co.......... $2,378 $5,258 $650 $8,697
Value of investments held at June
30, 1996 by:
Columbia Management Co............ $468,259 $101,533 $66,057 $1,962,058
Columbia Funds Management
Company.......................... $86,640 $42,987 $16,129 $908,970
</TABLE>
<TABLE>
<CAPTION>
COLUMBIA COLUMBIA U.S.
REAL ESTATE COLUMBIA GOV'T
EQUITY BALANCED COLUMBIA SECURITIES
FUND, INC. FUND, INC. DAILY INCOME FUND, INC.
(CREF) (CBF) COMPANY (CDIC) (CUSG)
------------ ----------- --------------- -------------
Investment management fees incurred... $87,859 $1,348,481 $1,914,155 $102,899
<S> <C> <C> <C> <C>
Investment management fee computation
basis (percentage of
daily net assets per annum).......... .75 of 1% .50 of 1% .50 of 1% to .50 of 1%
$500,000,000
daily net
assets; .45 of
1% between
$500,000,000
and
$1,000,000,000;
and .40 of 1%
in excess of
$1,000,000,000
Transfer agent fee (included in
shareholder servicing costs)......... $10,345 $145,968 $285,266 $16,813
Fees earned by directors not
affiliated with each Fund's
investment advisor, transfer agent,
or Columbia Management Co............ $133 $3,103 $4,504 $229
Value of investments held at June 30,
1996 by:
Columbia Management Co.............. $131,592 $18,050,249 $409,272
Columbia Funds Management Company... $22,268 $5,354,449 $64,042
</TABLE>
-
73
<PAGE>
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
-- 4. TRANSACTIONS WITH AFFILIATES AND
RELATED PARTIES, CONTINUED --
<TABLE>
<CAPTION>
<S> <C> <C> <C>
COLUMBIA
FIXED COLUMBIA
INCOME MUNICIPAL COLUMBIA
SECURITIES BOND HIGH YIELD
FUND, INC. FUND, INC. FUND, INC.
(CFIS) (CMBF) (CHYF)
----------- ------------ ------------
Investment management fees incurred.................... $794,089 $935,980 $71,275
Investment management fee computation basis (percentage .50 of 1% .50 of 1% .60 of 1%
of daily net assets per annum)........................
Transfer agent fee (included in shareholder servicing
costs)................................................ $86,569 $40,592 $9,615
Fees earned by directors not affiliated with each
Fund's investment advisor, transfer agent, or Columbia
Management Co......................................... $1,818 $2,097 $133
Value of investments held at June 30, 1996 by:
Columbia Management Co............................... $883,275 $1,657,939 $300,742
Columbia Funds Management Company.................... $271,213 $234,738 $277,893
</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 June 30, 1996, certain officers and directors
of the Funds held investments of $2,723,805 in CREF. At June 30, 1996, CSF had
investments in securities of U.S. Bancorp which provides primarily custodial
services to CSF.
-
74
<PAGE>
[LOGO]
COLUMBIA FUNDS
-- 1301 S.W. FIFTH AVENUE, PORTLAND, OREGON 97201 --
-- DIRECTORS --
----------------------------------------------
JAMES C. GEORGE
J. JERRY INSKEEP, JR.
JOHN A. KEMP
THOMAS R. MACKENZIE
JAMES F. RIPPEY
RICHARD L. WOOLWORTH
-- OFFICERS --
--------------------------------------------
J. JERRY INSKEEP, JR., CHAIRMAN
JOHN A. KEMP, PRESIDENT
GEORGE L. HANSETH, SENIOR VICE PRESIDENT
ALBERT D. CORRADO, VICE PRESIDENT
LAWRENCE S. VIEHL, VICE PRESIDENT
JEFF B. CURTIS, SECRETARY
-- INVESTMENT ADVISOR --
--------------------------------------------
COLUMBIA FUNDS MANAGEMENT COMPANY
1300 S.W. SIXTH AVENUE
P.O. BOX 1350
PORTLAND, OREGON 97207
-- LEGAL COUNSEL --
--------------------------------------------
STOEL RIVES L.L.P.
900 S.W. FIFTH AVENUE, SUITE 2300
PORTLAND, OREGON 97204-1268
-- AUDITORS --
--------------------------------------------
COOPERS & LYBRAND L.L.P.
2700 FIRST INTERSTATE TOWER
PORTLAND, OREGON 97201
-- TRANSFER AGENT --
--------------------------------------------
COLUMBIA TRUST COMPANY
1301 S.W. FIFTH AVENUE
PORTLAND, OREGON 97207
THIS INFORMATION MUST BE PRECEEDED OR ACCOMPANIED BY A CURRENT PROSPECTUS. THE
MANAGERS' VIEWS CONTAINED IN THIS REPORT ARE SUBJECT TO CHANGE AT ANY TIME,
BASED ON MARKET AND OTHER CONSIDERATIONS. PORTFOLIO CHANGES SHOULD NOT BE
CONSIDERED RECOMMENDATIONS FOR ACTION BY INDIVIDUAL INVESTORS.
FUNDS DISTRIBUTED BY COLUMBIA FINANCIAL CENTER INCORPORATED, MEMBER NASD.
