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[logo]
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COLUMBIA FUNDS
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1997 SEMI-ANNUAL REPORT
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COLUMBIA COMMON STOCK FUND
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COLUMBIA GROWTH FUND
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COLUMBIA INTERNATIONAL STOCK FUND
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COLUMBIA SPECIAL FUND
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COLUMBIA SMALL CAP FUND
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COLUMBIA REAL ESTATE EQUITY FUND
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COLUMBIA BALANCED FUND
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COLUMBIA DAILY INCOME COMPANY
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COLUMBIA U.S. GOVERNMENT SECURITIES FUND
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COLUMBIA FIXED INCOME SECURITIES FUND
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COLUMBIA MUNICIPAL BOND FUND
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COLUMBIA HIGH YIELD FUND
<PAGE>
LETTER TO SHAREHOLDERS
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Dear Columbia Investor,
We are pleased to present the Columbia Funds 1997 Semi-Annual Report.
Inside you will find a discussion of the economy and financial
markets, as well as updated performance, investment and financial
information on each Columbia Fund for the six months ended June 30,
1997.
At Columbia, we recognize that the more information you have, the
better equipped you will be to make important financial decisions. In
an effort to make our shareholder report more meaningful, we have
incorporated enhancements such as index charts and portfolio
highlights to better illustrate activity in the financial markets and
the Funds.
And for the very latest information from Columbia, we invite you to
visit us periodically at WWW.COLUMBIAFUNDS.COM, our site on the World
Wide Web. Fund prices are updated daily, and the site itself is in a
constant state of evolution. There are interactive worksheets designed
to help you plan for retirement, as well as a continually expanded
education library, which you may wish to consult for broad investment
information. Our most recent improvement includes the addition of a
stock market ticker, which monitors the price change of the Dow Jones
Industrial Average, the S&P 500 and the NASDAQ. All these information
enhancements are made with you, our shareholders, in mind.
As always, we remain committed to serving your investment needs while
tempering your exposure to risk. Thank you for entrusting us with your
investment. We look forward to serving you in the months and years to
come.
<TABLE>
<S> <C>
Sincerely,
[SIGNATURE] [SIGNATURE]
J. JERRY INSKEEP, JR. JOHN A. KEMP
CHAIRMAN PRESIDENT
</TABLE>
FRONT COVER FEATURES A PHOTOGRAPH OF THE 79-YEAR-OLD VISTA HOUSE,
PERCHED ATOP CROWN POINT AT THE MOUTH OF THE COLUMBIA RIVER GORGE.
THE PHOTO WAS TAKEN IN OREGON, LOOKING ACROSS TO WASHINGTON STATE.
<PAGE>
TABLE OF CONTENTS
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SEMI-ANNUAL REPORT, JUNE 30, 1997
AN OVERVIEW OF THE MARKETS.....................................................1
COLUMBIA COMMON STOCK FUND
Investment Review............................................................4
Financial Highlights........................................................16
Schedule of Investments.....................................................28
Statement of Assets and Liabilities.........................................61
Statement of Operations.....................................................64
Statements of Changes in Net Assets.........................................67
COLUMBIA GROWTH FUND
Investment Review............................................................5
Financial Highlights........................................................17
Schedule of Investments.....................................................30
Statement of Assets and Liabilities.........................................61
Statement of Operations.....................................................64
Statements of Changes in Net Assets.........................................67
COLUMBIA INTERNATIONAL STOCK FUND
Investment Review............................................................6
Financial Highlights........................................................18
Schedule of Investments.....................................................32
Statement of Assets and Liabilities.........................................61
Statement of Operations.....................................................64
Statements of Changes in Net Assets.........................................67
COLUMBIA SPECIAL FUND
Investment Review............................................................7
Financial Highlights........................................................19
Schedule of Investments.....................................................36
Statement of Assets and Liabilities.........................................61
Statement of Operations.....................................................64
Statements of Changes in Net Assets.........................................68
COLUMBIA SMALL CAP FUND
Investment Review............................................................8
Financial Highlights........................................................20
Schedule of Investments.....................................................38
Statement of Assets and Liabilities.........................................62
Statement of Operations.....................................................65
Statement of Changes in Net Assets..........................................68
COLUMBIA REAL ESTATE EQUITY FUND
Investment Review............................................................9
Financial Highlights........................................................21
Schedule of Investments.....................................................40
Statement of Assets and Liabilities.........................................62
Statement of Operations.....................................................65
Statements of Changes in Net Assets.........................................68
COLUMBIA BALANCED FUND
Investment Review...........................................................10
Financial Highlights........................................................22
Schedule of Investments.....................................................41
Statement of Assets and Liabilities.........................................62
Statement of Operations.....................................................65
Statements of Changes in Net Assets.........................................69
COLUMBIA DAILY INCOME COMPANY
Investment Review...........................................................11
Financial Highlights........................................................23
Schedule of Investments.....................................................46
Statement of Assets and Liabilities.........................................62
Statement of Operations.....................................................65
Statements of Changes in Net Assets.........................................69
COLUMBIA U.S. GOVERNMENT SECURITIES FUND
Investment Review...........................................................12
Financial Highlights........................................................24
Schedule of Investments.....................................................48
Statement of Assets and Liabilities.........................................63
Statement of Operations.....................................................66
Statements of Changes in Net Assets.........................................69
COLUMBIA FIXED INCOME SECURITIES FUND
Investment Review...........................................................13
Financial Highlights........................................................25
Schedule of Investments.....................................................49
Statement of Assets and Liabilities.........................................63
Statement of Operations.....................................................66
Statements of Changes in Net Assets.........................................70
COLUMBIA MUNICIPAL BOND FUND
Investment Review...........................................................14
Financial Highlights........................................................26
Schedule of Investments.....................................................52
Statement of Assets and Liabilities.........................................63
Statement of Operations.....................................................66
Statements of Changes in Net Assets.........................................70
COLUMBIA HIGH YIELD FUND
Investment Review...........................................................15
Financial Highlights........................................................27
Schedule of Investments.....................................................58
Statement of Assets and Liabilities.........................................63
Statement of Operations.....................................................66
Statements of Changes in Net Assets.........................................70
NOTES TO FINANCIAL STATEMENTS.................................................71
COLUMBIA FUNDS
P.O. BOX 1350
PORTLAND, OR 97207-1350
222-3606
1-800-547-1707
<PAGE>
AN OVERVIEW OF THE MARKETS
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A LOOK AT THE FIRST HALF
The first six months of 1997 provided a wild ride for investors. The stage was
set on March 25, when the Federal Reserve raised the federal funds rate by .25%
(the rate banks charge one another to lend money overnight). This was the first
time the Fed had increased interest rates in two years. Immediately after this
rate hike, many investors wondered whether this would be a one-time move by the
Fed to slow economic growth or the first in a series of hikes to reduce
potential inflationary pressures.
While investors' concerns about further Fed moves were short-lived, they had
extreme consequences for the market. By mid-April, the S&P 500 had given back
all of its gains for the year, and smaller stocks were down by as much as 10%.
The market, however, responded with a vengeance, and by mid-June, the S&P 500
had resurged by as much as 20% from its flat yearly performance. Smaller stocks
also joined in the stampede, up almost 12% in the month of May alone.
SMALL STOCKS VERSUS THE S&P 500
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
YEAR-TO-DATE
TOTAL RETURNS
AS OF JUNE 30, 1997
Russell 2000 S&P 500
<S> <C> <C>
Jan 2.00% 6.25%
Feb -0.47% 7.08%
March -5.17% 2.67%
April -4.91% 8.80%
May 5.67% 15.42%
June 10.20% 20.59%
The S&P 500 is an unmanaged index generally
considered representative of the U.S. stock
market. The Russell 2000 Index is an
unmanaged
index generally considered representative of
the market for small, domestic stocks.
</TABLE>
The shift in market sentiment occurred when investors began to realize that
rapid economic growth in the first quarter was not accompanied by higher
inflation and that growth was slowing in the second quarter. In fact, inflation
rates appeared to be declining. Producer prices, as illustrated below, had
fallen for five straight months for the first time since 1952. Accordingly, the
Fed had little reason to raise rates again during the second quarter. Corporate
earnings continued to exceed expectations, and investors responded
enthusiastically.
PRODUCER PRICES HAVE STEADILY DECLINED
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
PRODUCER PRICE INDEX
JANUARY - JUNE 1997
<S> <C>
1/97 2.5
2/97 2.2
3/97 1.6
4/97 0.8
5/97 0.3
6/97 -0.1
The PPI measures average change in prices received by domestic
producers of commodities at all stages of processing and is
generally used as a barometer of change in wholesale prices.
</TABLE>
At this point, it's important to note that much of the market's strength has
been driven by a narrow set of the largest capitalization stocks. Their rate of
appreciation continues to approach record levels, pushing many market valuations
beyond their historical parameters. This dramatic stratification of performance
is illustrated on page 2.
In the past, such momentum in the stock market has only occurred when the
economy has emerged from recession. Performance during the second quarter,
however, has occurred on the heels of two years of stellar stock market
performance, in the midst of a recovery dating back to 1990.
CURRENT OUTLOOK
Even though many stocks are priced at levels that leave little room for earnings
disappointment, this investment environment seems better than any other in
memory. Corporate downsizing and falling technology prices continue to
contribute to increased productivity.
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1
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AN OVERVIEW OF THE MARKETS
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Stock repurchases and industry consolidation have become commonplace, which has
led to a cumulative withdrawal of $500 billion in stocks since the secular bull
market began in 1982. This reduction of supply has occurred while demographic
factors have created a record demand for financial assets.
LARGE CAPS HAVE LED THE MARKET
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
S&P 500 YEAR-TO-DATE PERFORMANCE
BASED ON WEIGHTED MARKET CAPITALIZATION, AS OF JUNE 30,
1997
<S> <C>
1st Quintile 23.08%
2nd Quintile 13.71%
3rd Quintile 11.75%
4th Quintile 9.73%
5th Quintile 14.26%
</TABLE>
Continued tightening of the labor market, however, is likely to put upward
pressure on wages, which could trigger fears of future inflation. While the Fed
has said that it would move to raise rates if necessary, they seem to be testing
the economy's ability to grow without higher inflation. So far, signs indicate
that inflation is not a concern; retail sales have fallen for three consecutive
months and long-term interest rates have declined modestly from their highs in
April, suggesting that economic growth may slow from unsustainable levels
earlier in the year.
The fixed income market remains highly susceptible to the latest economic
reports. With the most recent news of slowing growth, the bond market has pushed
rates close to 1996 year-end levels. But given the recent runup in bond prices,
we believe that the fixed income market is vulnerable if economic news becomes
more positive.
BOND MARKET HAS PUSHED RATES CLOSE TO
1996 YEAR-END LEVELS
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
30-YEAR TREASURY
YIELD
JANUARY - JUNE 1997
<S> <C>
1/3/97 6.73
1/10/97 6.84
1/17/97 6.82
1/24/97 6.89
1/31/97 6.79
2/7/97 6.7
2/14/97 6.52
2/21/97 6.64
2/28/97 6.8
3/7/97 6.81
3/14/97 6.94
3/21/97 6.97
3/28/97 7.09
4/4/97 7.12
4/11/97 7.17
4/18/97 7.05
4/25/97 7.14
5/2/97 6.87
5/9/97 6.89
5/16/97 6.9
5/23/97 6.99
5/30/97 6.91
6/6/97 6.77
6/13/97 6.72
6/20/97 6.66
6/27/97 6.74
7/4/97 6.63
</TABLE>
On the international front, economic strength is accelerating and inflation is
low. Many foreign stock markets continue to show strength, with Latin America
leading the pack. We note that foreign purchases of U.S. equities are
increasing, as interest rates worldwide continue to favor investment in the
United States. With our economy currently viewed as one of the strongest among
major trading partners, the dollar has been strong against European currencies
and the Japanese yen.
INVESTMENT STRATEGY
As we look to the second half of 1997, we believe that economic growth may again
pick up to levels that could concern the Fed. Rising consumer incomes and
confidence could lead to higher spending. Historically, such an increase in
consumption has spilled over to the manufacturing sector, resulting in higher
production, rising prices and increased interest rates. Under this scenario, the
Fed may act to tighten interest rates.
Given the extraordinary heights reached by the stock market, we believe some
caution is warranted. Price/earnings ratios (P/Es) are high relative to
inflation and interest rates, and equity dividend yields are at all time lows,
as shown on page three. At current valuation levels, we believe the stock market
is vulnerable to even minor changes in fundamentals or perceptions. Our equity
portfolios are positioned, therefore, with a weighted average capitalization
that is smaller than the market, intended to reduce portfolio risk in the event
of a correction in the price of stocks with the highest
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2
<PAGE>
AN OVERVIEW OF THE MARKETS
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valuations. Weightings in small cap stocks, international names and real estate
investment trusts also provide a measure of defense, and we continue to maintain
a conservative, neutral allocation between stocks and bonds.
DIVIDEND YIELD LOWEST IN 46 YEARS
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
S&P 500-DIVIDEND YIELD
JANUARY 1950 - JUNE 1997
<S> <C>
Jan-50 6.65
Feb-50 6.62
Mar-50 6.53
Apr-50 6.36
May-50 6.16
Jun-50 6.12
Jul-50 6.63
Aug-50 6.54
Sep-50 6.65
Oct-50 6.39
Nov-50 6.97
Dec-50 7.24
Jan-51 6.34
Feb-51 6.2
Mar-51 6.34
Apr-51 6.27
May-51 6.23
Jun-51 6.3
Jul-51 6.25
Aug-51 5.96
Sep-51 5.75
Oct-51 5.77
Nov-51 6.18
Dec-51 5.99
Jan-52 5.82
Feb-52 5.99
Mar-52 5.94
Apr-52 5.96
May-52 5.99
Jun-52 5.83
Jul-52 5.65
Aug-52 5.66
Sep-52 5.74
Oct-52 5.89
Nov-52 5.69
Dec-52 5.47
Jan-53 5.45
Feb-53 5.52
Mar-53 5.48
Apr-53 5.75
May-53 5.77
Jun-53 5.99
Jul-53 5.9
Aug-53 5.87
Sep-53 6.14
Oct-53 5.99
Nov-53 5.92
Dec-53 5.83
Jan-54 5.69
Feb-54 5.62
Mar-54 5.46
Apr-54 5.24
May-54 5.02
Jun-54 4.99
Jul-54 4.77
Aug-54 4.63
Sep-54 4.57
Oct-54 4.43
Nov-54 4.52
Dec-54 4.45
Jan-55 4.38
Feb-55 4.32
Mar-55 4.33
Apr-55 4.19
May-55 4.23
Jun-55 4.01
Jul-55 3.72
Aug-55 3.87
Sep-55 3.72
Oct-55 3.94
Nov-55 4.05
Dec-55 4.15
Jan-56 4.24
Feb-56 4.24
Mar-56 3.97
Apr-56 3.94
May-56 4.09
Jun-56 4.09
Jul-56 3.89
Aug-56 3.92
Sep-56 4.07
Oct-56 4.12
Nov-56 4.27
Dec-56 4.24
Jan-57 4.31
Feb-57 4.54
Mar-57 4.47
Apr-57 4.36
May-57 4.18
Jun-57 4.04
Jul-57 3.95
Aug-57 4.17
Sep-57 4.31
Oct-57 4.54
Nov-57 4.67
Dec-57 4.64
Jan-58 4.48
Feb-58 4.47
Mar-58 4.37
Apr-58 4.33
May-58 4.19
Jun-58 4.08
Jul-58 3.98
Aug-58 3.78
Sep-58 3.69
Oct-58 3.54
Nov-58 3.42
Dec-58 3.33
Jan-59 3.24
Feb-59 3.32
Mar-59 3.25
Apr-59 3.26
May-59 3.21
Jun-59 3.23
Jul-59 3.11
Aug-59 3.14
Sep-59 3.26
Oct-59 3.26
Nov-59 3.24
Dec-59 3.18
Jan-60 3.27
Feb-60 3.44
Mar-60 3.51
Apr-60 3.47
May-60 3.51
Jun-60 3.4
Jul-60 3.49
Aug-60 3.43
Sep-60 3.55
Oct-60 3.6
Nov-60 3.51
Dec-60 3.41
Jan-61 3.28
Feb-61 3.13
Mar-61 3.03
Apr-61 2.95
May-61 2.92
Jun-61 2.99
Jul-61 2.99
Aug-61 2.91
Sep-61 2.93
Oct-61 2.91
Nov-61 2.83
Dec-61 2.85
Jan-62 2.97
Feb-62 2.95
Mar-62 2.95
Apr-62 3.05
May-62 3.32
Jun-62 3.78
Jul-62 3.68
Aug-62 3.57
Sep-62 3.6
Oct-62 3.71
Nov-62 3.5
Dec-62 3.4
Jan-63 3.31
Feb-63 3.27
Mar-63 3.28
Apr-63 3.15
May-63 3.13
Jun-63 3.16
Jul-63 3.2
Aug-63 3.13
Sep-63 3.06
Oct-63 3.05
Nov-63 3.14
Dec-63 3.13
Jan-64 3.06
Feb-64 3.05
Mar-64 3.03
Apr-64 3
May-64 3.01
Jun-64 3.05
Jul-64 2.96
Aug-64 3.03
Sep-64 3
Oct-64 2.95
Nov-64 2.96
Dec-64 3.05
Jan-65 2.99
Feb-65 2.99
Mar-65 2.99
Apr-65 2.95
May-65 2.92
Jun-65 3.07
Jul-65 3.09
Aug-65 3.06
Sep-65 2.98
Oct-65 2.91
Nov-65 2.96
Dec-65 3.06
Jan-66 3.02
Feb-66 3.06
Mar-66 3.23
Apr-66 3.15
May-66 3.3
Jun-66 3.36
Jul-66 3.37
Aug-66 3.6
Sep-66 3.75
Oct-66 3.76
Nov-66 3.66
Dec-66 3.59
Jan-67 3.51
Feb-67 3.36
Mar-67 3.29
Apr-67 3.24
May-67 3.19
Jun-67 3.19
Jul-67 3.15
Aug-67 3.11
Sep-67 3.07
Oct-67 3.07
Nov-67 3.18
Dec-67 3.09
Jan-68 3.13
Feb-68 3.28
Mar-68 3.34
Apr-68 3.12
May-68 3.07
Jun-68 3
Jul-68 3
Aug-68 3.06
Sep-68 3.01
Oct-68 2.94
Nov-68 2.92
Dec-68 2.93
Jan-69 3.06
Feb-69 3.1
Mar-69 3.17
Apr-69 3.11
May-69 3.02
Jun-69 3.18
Jul-69 3.34
Aug-69 3.37
Sep-69 3.33
Oct-69 3.33
Nov-69 3.31
Dec-69 3.52
Jan-70 3.73
Feb-70 3.54
Mar-70 3.55
Apr-70 3.9
May-70 4.15
Jun-70 4.39
Jul-70 4.09
Aug-70 3.91
Sep-70 3.73
Oct-70 3.77
Nov-70 3.6
Dec-70 3.37
Jan-71 3.24
Feb-71 3.21
Mar-71 3.09
Apr-71 2.98
May-71 3.11
Jun-71 3.1
Jul-71 3.23
Aug-71 3.12
Sep-71 3.12
Oct-71 3.26
Nov-71 3.27
Dec-71 3.01
Jan-72 2.95
Feb-72 2.88
Mar-72 2.86
Apr-72 2.85
May-72 2.8
Jun-72 2.87
Jul-72 2.87
Aug-72 2.77
Sep-72 2.85
Oct-72 2.82
Nov-72 2.7
Dec-72 2.69
Jan-73 2.73
Feb-73 2.84
Mar-73 2.89
Apr-73 3.01
May-73 3.07
Jun-73 3.14
Jul-73 3.02
Aug-73 3.14
Sep-73 3.12
Oct-73 3.12
Nov-73 3.52
Dec-73 3.53
Jan-74 3.56
Feb-74 3.58
Mar-74 3.72
Apr-74 3.88
May-74 4.01
Jun-74 4.17
Jul-74 4.53
Aug-74 4.98
Sep-74 5.67
Oct-74 4.87
Nov-74 5.15
Dec-74 5.35
Jan-75 4.77
Feb-75 4.5
Mar-75 4.45
Apr-75 4.25
May-75 4.07
Jun-75 3.9
Jul-75 4.18
Aug-75 4.27
Sep-75 4.39
Oct-75 4.13
Nov-75 4.03
Dec-75 4.09
Jan-76 3.66
Feb-76 3.7
Mar-76 3.66
Apr-76 3.7
May-76 3.75
Jun-76 3.69
Jul-76 3.72
Aug-76 3.74
Sep-76 3.85
Oct-76 3.94
Nov-76 3.97
Dec-76 3.9
Jan-77 4.11
Feb-77 4.2
Mar-77 4.43
Apr-77 4.43
May-77 4.54
Jun-77 4.48
Jul-77 4.58
Aug-77 4.63
Sep-77 4.84
Oct-77 5.06
Nov-77 4.92
Dec-77 5.05
Jan-78 5.38
Feb-78 5.51
Mar-78 5.5
Apr-78 5.07
May-78 5.05
Jun-78 5.25
Jul-78 4.99
Aug-78 4.86
Sep-78 4.94
Oct-78 5.44
Nov-78 5.35
Dec-78 5.41
Jan-79 5.2
Feb-79 5.4
Mar-79 5.26
Apr-79 5.25
May-79 5.39
Jun-79 5.35
Jul-79 5.31
Aug-79 5.04
Sep-79 5.21
Oct-79 5.6
Nov-79 5.37
Dec-79 5.42
Jan-80 5.12
Feb-80 5.15
Mar-80 5.87
Apr-80 5.64
May-80 5.38
Jun-80 5.36
Jul-80 5.03
Aug-80 5
Sep-80 4.91
Oct-80 4.83
Nov-80 4.38
Dec-80 4.57
Jan-81 4.79
Feb-81 4.73
Mar-81 4.82
Apr-81 4.93
May-81 4.94
Jun-81 5.07
Jul-81 5.09
Aug-81 5.42
Sep-81 5.81
Oct-81 5.54
Nov-81 5.34
Dec-81 5.57
Jan-82 5.66
Feb-82 6.03
Mar-82 6.2
Apr-82 5.96
May-82 6.2
Jun-82 6.29
Jul-82 6.43
Aug-82 5.77
Sep-82 5.68
Oct-82 5.12
Nov-82 4.94
Dec-82 4.86
Jan-83 4.71
Feb-83 4.62
Mar-83 4.52
Apr-83 4.2
May-83 4.26
Jun-83 4.11
Jul-83 4.25
Aug-83 4.2
Sep-83 4.22
Oct-83 4.28
Nov-83 4.21
Dec-83 4.14
Jan-84 4.17
Feb-84 4.34
Mar-84 4.52
Apr-84 4.5
May-84 4.78
Jun-84 4.7
Jul-84 4.92
Aug-84 4.45
Sep-84 4.53
Oct-84 4.53
Nov-84 4.6
Dec-84 4.54
Jan-85 4.23
Feb-85 4.19
Mar-85 4.32
Apr-85 4.34
May-85 4.12
Jun-85 4.13
Jul-85 4.15
Aug-85 4.2
Sep-85 4.38
Oct-85 4.2
Nov-85 3.94
Dec-85 3.81
Jan-86 3.81
Feb-86 3.55
Mar-86 3.38
Apr-86 3.43
May-86 3.26
Jun-86 3.26
Jul-86 3.46
Aug-86 3.23
Sep-86 3.57
Oct-86 3.38
Nov-86 3.31
Dec-86 3.44
Jan-87 3.06
Feb-87 2.93
Mar-87 2.92
Apr-87 2.95
May-87 2.94
Jun-87 2.86
Jul-87 2.73
Aug-87 2.64
Sep-87 2.75
Oct-87 3.51
Nov-87 3.84
Dec-87 3.65
Jan-88 3.51
Feb-88 3.37
Mar-88 3.57
Apr-88 3.54
May-88 3.52
Jun-88 3.55
Jul-88 3.57
Aug-88 3.71
Sep-88 3.64
Oct-88 3.55
Nov-88 3.61
Dec-88 3.59
Jan-89 3.36
Feb-89 3.46
Mar-89 3.62
Apr-89 3.45
May-89 3.33
Jun-89 3.5
Jul-89 3.21
Aug-89 3.16
Sep-89 3.26
Oct-89 3.34
Nov-89 3.33
Dec-89 3.28
Jan-90 3.32
Feb-90 3.49
Mar-90 3.26
Apr-90 3.35
May-90 3.07
Jun-90 3.35
Jul-90 3.41
Aug-90 3.79
Sep-90 3.98
Oct-90 4.04
Nov-90 3.8
Dec-90 3.73
Jan-91 3.61
Feb-91 3.38
Mar-91 3.25
Apr-91 3.25
May-91 3.13
Jun-91 3.29
Jul-91 3.14
Aug-91 3.08
Sep-91 3.14
Oct-91 3.1
Nov-91 3.23
Dec-91 2.91
Jan-92 2.97
Feb-92 2.95
Mar-92 3.02
Apr-92 2.96
May-92 2.99
Jun-92 3.04
Jul-92 2.94
Aug-92 3
Sep-92 2.99
Oct-92 2.96
Nov-92 2.87
Dec-92 2.84
Jan-93 2.82
Feb-93 2.79
Mar-93 2.74
Apr-93 2.84
May-93 2.79
Jun-93 2.79
Jul-93 2.82
Aug-93 2.73
Sep-93 2.75
Oct-93 2.7
Nov-93 2.72
Dec-93 2.73
Jan-94 2.68
Feb-94 2.75
Mar-94 2.8
Apr-94 2.88
May-94 2.85
Jun-94 2.92
Jul-94 2.84
Aug-94 2.74
Sep-94 2.83
Oct-94 2.76
Nov-94 2.92
Dec-94 2.9
Jan-95 2.85
Feb-95 2.77
Mar-95 2.7
Apr-95 2.64
May-95 2.63
Jun-95 2.53
Jul-95 2.47
Aug-95 2.49
Sep-95 2.4
Oct-95 2.43
Nov-95 2.35
Dec-95 2.3
Jan-96 2.29
Feb-96 2.18
Mar-96 2.21
Apr-96 2.21
May-96 2.16
Jun-96 2.2
Jul-96 2.32
Aug-96 2.25
Sep-96 2.16
Oct-96 2.11
Nov-96 2
Dec-96 2.01
Jan-97 2
Feb-97 1.99
Mar-97 1.94
Apr-97 1.99
May-97 1.82
Jun-97 1.74
</TABLE>
So that you may evaluate how the Columbia Funds have performed given this
economic and financial market backdrop, the following pages contain discussions
of the Funds' investment activity for the six months ending June 30, 1997, along
with graphs illustrating the growth of $10,000 over various time periods. Each
Fund compares its performance to a relevant benchmark. Unlike the Funds,
however, these benchmark indices are not actively managed and have no operating
expenses, portfolio transaction costs or cash flows.
At Columbia, our goal has always been to provide you with the best, long-term
returns possible, with an emphasis on managing investment risk. We remain
committed to meeting your financial objectives, and we appreciate your
continuing trust.
THE INVESTMENT TEAM
COLUMBIA FUNDS MANAGEMENT COMPANY
AUGUST 1997
-
3
<PAGE>
INVESTMENT REVIEW
- --------------------------------------------------------------------------------
- ---- ----
-- COLUMBIA COMMON STOCK FUND --
--------------------------------
For the six months ended June 30, 1997, Columbia Common Stock Fund returned
16.38%, following one of the biggest quarterly stock market advances in recent
years. Leading groups in the portfolio included drug manufacturers, select
technology issues, machinery, paper and finance. A number of individual issues
like Sunbeam (2.1% of net assets), Mattel (1.2%), and Fred Meyer (2.3%) were
also strong performers. After good performance in the first quarter, energy and
real estate investment trusts (REITs) were among the lagging groups in the
second quarter.
TOP TEN HOLDINGS
<TABLE>
<CAPTION>
% of Net Assets
<S> <C>
Champion International Corp. 2.5
Meyer (Fred), Inc. 2.3
Aluminum Company of America 2.2
Sunbeam Corp. 2.1
ITT Corp. 2.0
Royal Dutch Petroleum Co. 2.0
Willamette Industries, Inc. 1.7
Texaco, Inc. 1.7
American Stores Co. 1.7
Deere & Co. 1.7
</TABLE>
As of June 30, 1997
The Fund's primary focus during the period was to manage risk, avoiding high-
priced issues we believed were susceptible to disappointment. As part of this
effort, we reduced holdings in autos, metals, technology, and health. Although
REITs continue to be well represented in the portfolio (6% at the end of the
period), we reduced our position late in the period, due to lagging performance
in the second quarter. Major additions to the portfolio included consumer
staples, such as food retailers and cosmetics, and consumer nondurable names.
With the stock market selling at the higher end of historic valuations, we are
mindful of the need to balance growth prospects with investment risk in
positioning the portfolio. The Fund continues its top-down, sector rotation
approach to investing, where broad indicators such as economic growth,
inflation, interest rates and monetary policy are analyzed prior to individual
stock selection.
SECTORS OF EMPHASIS
<TABLE>
<CAPTION>
% of Net Assets
<S> <C>
Consumer Non-Durables 14.3
Energy & Energy Services 10.9
Consumer Staples 9.4
Finance 8.2
Technology 8.2
Machinery/Capital Spending 7.7
Real Estate Securities 6.0
Health 5.7
Chemical 5.4
</TABLE>
As of June 30, 1997
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
12/31/96 22,760 22,007
6/30/97 26,487 26,538
Average Annual Total Returns as of June 30,
1997
CCSF S&P 500
1 Year 27.76% 34.69%
5 Years 19.01% 19.78%
Since Inception 18.29% 18.33%
Past Performance is not predictive of future
results.
</TABLE>
-
4
<PAGE>
INVESTMENT REVIEW
- --------------------------------------------------------------------------------
- ---- ----
-- COLUMBIA GROWTH FUND --
--------------------------
For the six months ended June 30, 1997, Columbia Growth Fund posted a total
return of 14.83%. Sectors that contributed to fund performance during the period
included select technology stocks, multinational growth companies, financial
stocks and drug stocks. Lagging areas included real estate investment trusts
(REITs), entertainment and gaming.
In trading activity, we reduced positions in gaming, REITs and the chemical
sector. On the buy side, we added to our position in Mead Corp. (1.4% of net
assets) to take advantage of stronger paper fundamentals. We also purchased Avon
(.6%), American Stores (1.3%) and Payless Shoe Source (1.3%) because of their
favorable expected growth rates.
TOP TEN HOLDINGS
<TABLE>
<CAPTION>
% of Net Assets
<S> <C>
Warnaco Group, Inc. (Class A) 3.7
Apria Healthcare Group, Inc. 2.6
Gillette Co. 2.4
HFS, Inc. 2.4
Rite Aid Corp. 2.3
Mattel, Inc. 2.2
Warner-Lambert Co. 2.0
Sears, Roebuck & Co. 2.0
Philip Morris Cos., Inc. 2.0
Federated Department Stores, Inc. 2.0
</TABLE>
As of June 30, 1997
The Fund underperformed the S&P 500 during the period, because investors have
recently demonstrated an overwhelming preference for large capitalization
stocks. As a result, the valuations of large cap stocks have been driven to
record high levels. To minimize investment risk in the portfolio, we have
avoided these more expensive stocks, because we believe they are vulnerable to
disappointment. Based on independent analyst estimates, the average earnings
growth rates for stocks held by Columbia Growth Fund exceed that of the S&P 500
stocks. We also believe that the balance sheets and inherent profitablity of the
companies we hold are better, on average, than those of the Index. While one
might expect the P/E ratios for companies with strong growth potential and
excellent fundamentals to be relatively expensive, they are actually very
attractively valued. This combination of favorable growth prospects and
attractive valuations, we believe, should reward shareholders of the Fund in the
future.
SECTORS OF EMPHASIS
<TABLE>
<CAPTION>
% of Net Assets
<S> <C>
Consumer Non-Durables 18.5
Health 14.2
Finance 14.0
Technology 13.4
Consumer Staples 12.0
Machinery/Capital Spending 6.7
</TABLE>
As of June 30, 1997
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>
6/30/77 10,000 10,000
6/30/78 11,157 10,000
6/30/79 12,587 11,340
6/30/80 15,816 13,285
6/30/81 21,845 16,010
6/30/82 19,726 14,167
6/30/83 38,418 22,793
6/30/84 31,376 21,722
6/30/85 42,273 28,406
6/30/86 54,516 38,552
6/30/87 62,808 48,240
6/30/88 62,230 44,916
6/30/89 72,131 54,120
6/30/90 84,270 63,033
6/30/91 89,158 67,729
6/30/92 98,546 76,805
6/30/93 121,359 87,273
6/30/94 123,714 88,504
6/30/95 152,935 111,577
6/30/96 194,182 140,598
6/30/97 240,706 189,372
Average Annual Total Returns as of June 30,
1997
CGF S&P 500
1 Year 23.97% 34.69%
5 Years 19.56% 19.78%
10 Years 14.38% 14.65%
20 Years 17.24% 15.84%
Past Performance is not predictive of future
results.
</TABLE>
-
5
<PAGE>
INVESTMENT REVIEW
- --------------------------------------------------------------------------------
- ---- ----
-- COLUMBIA INTERNATIONAL STOCK FUND --
---------------------------------------
Columbia International Stock Fund posted a total return of 17.68% for the six
months ended June 30, 1997. Foreign markets rewarded investors during the
period, as many markets posted double-digit returns. Southeast Asia, however,
performed generally poorly but our holdings in this area were limited to small
positions in Malaysia. The Fund also holds some "red chips" (Mainland China
companies that are traded on the Hong Kong stock exchange) that posted extremely
strong gains during the period. The largest foreign market, Japan, also had
strong gains during the second quarter, after struggling in the first quarter.
TOP TEN HOLDINGS
<TABLE>
<CAPTION>
% of Net Assets
<S> <C>
Telecommunicacoes Brasileiras SA 2.4
Sony Corp. 2.4
Guangnan Holdings (Class H) 1.8
Novartis AG 1.5
COSCO Pacific Ltd. (Class H) 1.3
Fuji Photo Film Co., Ltd. 1.2
Fiat S.p.A. 1.2
Bombardier, Inc. (Class B) 1.1
Aegon NV 1.1
Glaxo Wellcome plc 1.0
</TABLE>
As of June 30, 1997
We are keeping a significant weighting in Japan, continuing our emphasis in the
technology sector with some recent additions to the banking and real estate
sectors. The Japanese economy is finally beginning to recover, and we anticipate
that consumer and business confidence will return, providing potential strength
in coming months.
To capitalize on the opportunities in Latin America, the Fund has invested in
Brazil, which benefited performance throughout the period. Other emerging
markets we have emphasized include India, Taiwan, and Korea.
Major European markets such as the U.K., France and Germany continue to expand
amid signs that economic growth is gaining momentum. Lower interest rates have
also contributed to stronger economic growth as well as positive stock market
performance.
AREAS OF EMPHASIS
<TABLE>
<CAPTION>
% of Net Assets
<S> <C>
Japan 30.1
United Kingdom 13.7
Netherlands 6.0
Germany 5.9
Brazil 5.5
France 4.7
Hong Kong 4.6
Switzerland 3.4
India 3.0
</TABLE>
As of June 30, 1997
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 EURO-PAC
<S> <C> <C> <C>
10/1/92 10,000 10,000 10,000
12/31/92 10,060 10,503 9,628
12/31/93 13,417 11,562 12,665
12/31/94 13,086 11,714 13,822
12/31/95 13,760 16,117 15,290
12/31/96 16,042 19,817 16,180
6/30/97 18,877 23,897 17,905
Average Annual Total Returns as of June 30,
1997
CISF S&P 500 FT/Euro
1 Year 21.65% 34.69% 11.68%
Since Inception 14.47% 20.36% 13.19%
Past Performance is not predictive of future
results.
</TABLE>
-
6
<PAGE>
INVESTMENT REVIEW
- --------------------------------------------------------------------------------
- ---- ----
-- COLUMBIA SPECIAL FUND --
---------------------------
The Fund was up 7.46% for the six months ended June 30, 1997, as small- to
mid-cap stocks recovered from declines posted during the first quarter. Areas
that contributed to the Fund's positive results throughout the period included
paper stocks, service companies and consumer nondurable stocks, such as those in
retail, restaurants, and health care. At the same time, the metals sector
lagged, as did a variety of companies whose near-term earnings were
disappointing, thus penalizing Fund performance. In the second quarter, we
reduced positions in gold stocks, which were underperforming. We also sold
energy services companies, transportation and entertainment stocks as they met
our price objectives.
TOP TEN HOLDINGS
<TABLE>
<CAPTION>
% of Net Assets
<S> <C>
Champion International Corp. 2.9
ITT Corp. 2.3
Meyer (Fred), Inc. 2.2
American Stores Co. 2.2
Sunbeam Corp. 2.1
Aluminum Company of America 2.1
Kroger Co. 1.9
Planet Hollywood International, Inc.
(Class A) 1.8
Eagle Hardware & Garden, Inc. 1.6
Boise Cascade Corp. 1.6
</TABLE>
As of June 30, 1997
In preparation for the second half of 1997, we are focusing on opportunities for
growth in such areas as business services, retail, restaurants, hotels and
health care. To capitalize on solid economic growth and in anticipation of a
more balanced approach by investors, we are currently emphasizing paper, cement
and aluminum. We remain underweighted in finance, technology, and energy.
With our emphasis on small- to mid-size company stocks, we believe the Fund is
well-positioned to benefit from any broadening of the stock market, in contrast
to the market's most recent narrow focus on large company stocks. The Fund
remains well-diversified with a total of 125 different issues having a median
market capitalization of $1.4 billion.
SECTORS OF EMPHASIS
<TABLE>
<CAPTION>
% of Net Assets
<S> <C>
Consumer Non-Durables 22.8
Building & Forestry 11.4
Metal, Mining & Steel 10.3
Consumer Staples 9.6
Business & Consumer Services 8.4
Health 8.2
Machinery/Capital Spending 6.0
Hotels & Gaming 5.5
</TABLE>
As of June 30, 1997
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>
6/30/87 10,000 10,000 10,000
6/30/88 9,687 9,311 9,389
6/30/89 12,873 11,219 10,591
6/30/90 15,297 13,067 10,914
6/30/91 15,366 14,040 11,048
6/30/92 17,891 15,921 12,657
6/30/93 23,068 18,091 15,947
6/30/94 24,964 18,347 16,641
6/30/95 30,042 23,130 19,988
6/30/96 38,385 29,145 24,763
6/30/97 41,672 39,257 28,807
Average Annual Total Returns as of June 30,
1997
CSF S&P 500 Russell 2000
1 Year 8.55% 34.69% 16.33%
5 Years 18.42% 19.78% 17.88%
10 Years 15.34% 14.65% 11.16%
Past Performance is not predictive of future
results.
</TABLE>
-
7
<PAGE>
INVESTMENT REVIEW
- --------------------------------------------------------------------------------
- ---- ----
-- COLUMBIA SMALL CAP FUND --
-----------------------------
The Fund had a total return of 13.78% for the six months ended June 30, 1997.
After surviving a challenging and volatile first quarter, the small cap sector
rebounded from its April lows, and posted solid performance for the second
quarter.
Although Columbia Small Cap Fund outperformed the broader stock market during
the second quarter, small company stocks in general have not kept pace with the
rapid appreciation of large company stocks. However, we believe that the market
will ultimately recognize the value and growth prospects of the small cap
sector, leading to an eventual broadening of market performance.
TOP TEN HOLDINGS
<TABLE>
<CAPTION>
% of Net Assets
<S> <C>
Williams-Sonoma, Inc. 2.2
General Nutrition Cos., Inc. 2.1
Willbros Group, Inc. 1.8
RF Micro Devices, Inc. 1.8
FPA Medical Management, Inc. 1.8
OccuSystems, Inc. 1.7
North Fork Bancorp, Inc. 1.7
WMS Industries, Inc. 1.6
Day Runner, Inc. 1.5
AccuStaff, Inc. 1.5
</TABLE>
As of June 30, 1997
In trading activity, we reduced holdings in stocks whose valuations we felt were
at risk early in the year, and increased positions in stocks expected to perform
well in a steady growth environment. We took profits in transportation stocks as
they reached our price targets. We increased positions in specialty retailers,
which benefited fund performance. Taking profits in the energy sector during the
first quarter was well timed, since energy trailed other sectors during the
second quarter. Late in the second quarter, however, we added back to energy
stocks as they began to outperform and gas prices stabilized.
After penalizing fund performance in the first quarter, technology and health
care both performed well later in the half. We reduced holdings in these two
sectors in the first quarter, but we are now maintaining overweighted positions,
because their earnings growth appears strong and their long-term prospects
remain favorable. Areas of relative weakness during the second quarter included
gold mining and biotechnology.
The Fund continues to use fundamental research to identify attractively valued,
small companies with above-average earnings potential. Our bottom-up approach to
stock selection has led us to build a diversified portfolio with over 106 issues
at the end of the period, having a median market capitalization of $577 million.
SECTORS OF EMPHASIS
<TABLE>
<CAPTION>
% of Net Assets
<S> <C>
Technology 25.7
Consumer Non-Durables 18.8
Health 15.0
Energy & Energy Services 10.1
</TABLE>
As of June 30, 1997
GROWTH OF $10,000 SINCE INCEPTION
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
COLUMBIA SMALL CAP FUND RUSSELL 2000
<S> <C> <C>
10/1/96 $10,000 $10,000
10/31/96 $10,174 $9,846
11/30/96 $10,488 $10,252
12/31/96 $10,762 $10,520
1/31/97 $11,508 $10,731
2/28/97 $10,820 $10,471
3/31/97 $10,224 $9,977
4/30/97 $10,191 $10,005
5/31/97 $11,475 $11,117
6/30/97 $12,245 $11,594
Total Returns as of June 30, 1997
CSCF Russell 2000
Since Inception 22.45% 15.94%
Past Performance is not predictive of future
results.
</TABLE>
-
8
<PAGE>
INVESTMENT REVIEW
- --------------------------------------------------------------------------------
- ---- ----
-- COLUMBIA REAL ESTATE EQUITY FUND --
--------------------------------------
For the six months ended June 30, 1997, Columbia Real Estate Equity Fund posted
a total return of 8.33%. After a tremendous run during 1996, real estate
investment trusts corrected early in the second quarter, along with the rest of
the stock market, shortly after the Federal Reserve Board raised the federal
funds rate (the rate at which banks loan each other money overnight) on March
25. In the second quarter, investor interest in REITs paused, as attention
turned to the powerful rebound displayed by the S&P 500.
Investments in the hotel and residential sectors, as well as the Fund's stake in
a large California real estate developer, led performance during the period.
After a strong first quarter, our office holdings hindered performance in the
second quarter, due to a tempering of investor expectations about future growth.
Consequently, we reduced the Fund's significant overweighting in office REITs.
Our outlook for this sector is still positive, however, based on its sound
underlying fundamentals.
TOP TEN HOLDINGS
<TABLE>
<CAPTION>
% of Net Assets
<S> <C>
Cali Realty Corp. 4.4
Liberty Property Trust 3.9
Equity Residential Properties Trust 3.9
Camden Property Trust 3.9
General Growth Properties, Inc. 3.7
Catellus Development Corp. 3.6
Simon DeBartolo Group, Inc. 3.6
Manufactured Home Communities, Inc. 3.6
Security Capital Industrial Trust 3.5
Public Storage, Inc. 3.5
</TABLE>
As of June 30, 1997
In an environment where the stock market is trading at historically high levels,
we believe that REITs offer attractive yields for investors looking to structure
their portfolios more defensively.
The Fund continues to seek capital appreciation and above-average current income
by investing in equity securities of companies in the real estate industry.
These companies currently include equity REITs, which own commercial income
properties as well as real estate brokers and developers.
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
PORTFOLIO COMPOSITION
<S> <C>
Apartments 21.4%
Community Centers 6.8%
Industrial 26.5%
Lodging 4.6%
Manufactured Homes 3.6%
Office 9.6%
Shopping Malls 12.5%
Other 3.6%
Cash 11.4%
as of June 30, 1997
</TABLE>
GROWTH OF $10,000 SINCE INCEPTION
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
NATIONAL ASSOCIATION OF REAL ESTATE
COLUMBIA REAL ESTATE EQUITY FUND TRUSTS
<S> <C> <C>
4/1/94 $10,000 $10,000
6/30/94 $10,134 $10,184
9/30/94 $9,907 $9,976
12/31/94 $10,175 $9,978
3/31/95 $9,967 $9,961
6/30/95 $10,560 $10,547
9/30/95 $11,063 $11,044
12/31/95 $11,891 $11,501
3/31/96 $12,143 $11,762
6/30/96 $12,703 $12,285
9/30/96 $13,897 $13,089
12/31/96 $16,446 $15,556
3/31/97 $17,105 $15,665
6/30/97 $17,816 $16,444
Average Annual Total Returns as of June 30,
1997
CREF NAREIT
1 Year 40.24% 33.85%
Since Inception 19.78% 16.82%
Past Performance is not predictive of future
results.
</TABLE>
-
9
<PAGE>
INVESTMENT REVIEW
- --------------------------------------------------------------------------------
- ---- ----
-- COLUMBIA BALANCED FUND --
----------------------------
The Fund returned 10.75% for the six months ended June 30, 1997. The first
quarter was challenging, due to pressure on bonds from increasing interest rates
and a stock market correction in March. Both the stock and bond markets,
however, rebounded in the second quarter.
Equity holdings in health care, consumer products and capital goods produced
exceptional gains as the stock market surged in the second quarter. In contrast,
reduced earnings prospects resulted in sluggish performance from holdings in
gaming and energy. We increased our emphasis in the consumer staples sector as
it demonstrated consistent earnings growth with many companies trading at
attractive prices. To reduce exposure to potential earnings disappointments, we
cut back technology holdings late in the period.
TOP TEN STOCK HOLDINGS
<TABLE>
<CAPTION>
% of Net Assets
<S> <C>
Sunbeam Corp. 1.4
Federal Home Loan Mortgage Corp. 1.4
Mattel, Inc. 1.3
Royal Dutch Petroleum Co. 1.2
General Electric Co. 1.2
American Express Co. 1.1
Service Corp. International 1.1
PepsiCo, Inc. 1.1
American Home Products Corp. 1.0
Philip Morris Cos., Inc. 1.0
</TABLE>
As of June 30, 1997
The predominant feature of the market's performance has been the exceptional
strength of the largest capitalization stocks. While the market's overall return
has been quite good, the clear stratification of performance, where investors
perceive that bigger is better, is reminiscent of the "nifty 50" period in the
early 1970s. These circumstances can make it difficult to outperform the S&P
Index, but we believe that the market will recognize and seek intrinsic value.
Therefore, we are maintaining exposure to financial services providers,
reasonably priced consumer products companies, retailers, and REITs.
In the bond portfolio, diminished concerns about stronger economic growth pushed
rates lower in the second quarter, and bond prices appreciated substantially.
Early in the year, we overweighted mortgage securities relative to the market.
Subsequently, the yield differential between mortgage and Treasury bonds
narrowed, and we took profits, decreasing the mortgage weighting. Toward the end
of the second half, yield spreads widened and we increased the mortgage
weighting once again. This strategic altering of the portfolio's holdings
enabled us to improve the Fund's fixed income return. The Fund's overweighting
in intermediate-term bonds also benefited performance in the second quarter, as
rates declined most dramatically in this portion of the yield curve.
In this environment of high stock market valuations, we believe a neutral
allocation between stocks and bonds is most appropriate to balance investment
risk with return.
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
PORTFOLIO COMPOSITION
<S> <C>
Common Stocks 51.1%
Fixed Income 47.4%
Cash 1.5%
as of June 30, 1997
</TABLE>
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>
10/1/91 $10,000 $10,000 $10,000
12/31/91 $10,780 $10,838 $10,507
12/31/92 $11,738 $11,664 $11,285
12/31/93 $13,337 $12,840 $12,385
12/31/94 $13,350 $13,009 $12,023
12/31/95 $16,699 $17,898 $14,244
12/31/96 $18,666 $22,007 $14,761
6/30/97 $20,670 $26,538 $15,217
Average Annual Total Returns as of June 30,
1997
CBF S&P 500 Lehman Aggregate
1 Year 18.64% 34.69% 8.15%
5 Years 13.54% 19.78% 7.12%
Since Inception 13.34% 18.33% 7.51%
Past Performance is not predictive of future
results.
</TABLE>
-
10
<PAGE>
INVESTMENT REVIEW
- --------------------------------------------------------------------------------
- ---- ----
-- COLUMBIA DAILY INCOME COMPANY --
-----------------------------------
Columbia Daily Income Company had a total return of 2.46% for the six months
ended June 30, 1997, comparing favorably to the rate of inflation, which was
1.00% during the same period, as measured by the Consumer Price Index.
After an exuberant economic growth rate of 5.8% in the first quarter, the
Federal Reserve Board hiked the federal funds rate (the rate at which banks lend
money to each other overnight) by .25% on March 25 as a pre-emptive strike
against inflation. Because monetary policy was limited to one rate hike during
the period, however, rates on short-term debt instruments remained relatively
stable in the first half, as did the yield of the Fund.
PORTFOLIO HIGHLIGHTS
<TABLE>
<S> <C>
Current Yield 5.11%
Compound Yield 5.24%
</TABLE>
Based on the 7 days ended June 30, 1997
<TABLE>
<S> <C>
Weighted Average Maturity 41.8 days
</TABLE>
As of June 30, 1997
As always, the Fund invests in high quality, short-term debt instruments with an
average maturity of 40 to 50 days. The Fund seeks to provide the highest level
of income available consistent with the maintenance of liquidity and
preservation of capital by investing in various money market instruments. These
include commercial paper, U.S. Treasury Bills, U.S. Government agency discount
notes and certificates of deposit.
INFLATION CONTINUES TO BE LOWER
THAN EXPECTED, BUT IT IS CLEAR
THAT THE FED WILL MONITOR ECONOMIC
INDICATORS CAREFULLY, AND MAY RAISE
RATES AGAIN IF INFLATION PRESSURES
APPEAR TO BE BUILDING.
GROWTH OF $10,000 OVER 10 YEARS
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
CONSUMER PRICE INDEX
COLUMBIA DAILY INCOME COMPANY (INFLATION)
<S> <C> <C>
6/30/87 $10,000 $10,000
6/30/88 $10,646 $10,409
6/30/89 $11,550 $10,962
6/30/90 $12,500 $11,481
6/30/91 $13,374 $12,032
6/30/92 $13,964 $12,397
6/30/93 $14,334 $12,773
6/30/94 $14,724 $13,056
6/30/95 $15,463 $13,479
6/30/96 $16,261 $13,861
6/30/97 $17,074 $14,196
Average Annual Total Returns as of June 30,
1997
CDIC CPI
1 Year 4.99% 2.42%
5 Years 4.10% 2.75%
10 Years 5.50% 3.57%
Past Performance is not predictive of future
results.
</TABLE>
-
11
<PAGE>
INVESTMENT REVIEW
- --------------------------------------------------------------------------------
- ---- ----
-- U.S. GOVERNMENT SECURITIES FUND --
-------------------------------------
After rising sharply during the first quarter, short-term interest rates fell
approximately .20% to .30% during the second quarter, and bond prices in the
portfolio appreciated. Columbia U.S. Government Securities Fund's total return
for the six months ended June 30 was 2.42%.
On March 25, the Federal Reserve Board raised the federal funds rate (the rate
at which banks loan money to one another overnight) in anticipation of rising
inflationary pressures. Economic growth subsequently slowed in the second
quarter, and the Fed put off any further rate increases. As a result, short-term
Treasuries appreciated, benefiting Fund performance. Continued news of low
inflation and a shrinking federal deficit also contributed positively to Fund
performance in the second quarter.
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
PORTFOLIO COMPOSITION
<S> <C>
Treasury/Agency Obligations 96.6%
Cash 3.4%
as of June 30, 1997
</TABLE>
We believe that the economy will remain healthy during the remainder of the
year, though this may increase the chance that the Federal Reserve will raise
the federal funds rate again late in 1997. Since higher interest rates would
penalize Fund performance, we have modestly shortened the portfolio's average
maturity.
PORTFOLIO HIGHLIGHTS
<TABLE>
<S> <C>
Current Yield 5.24%
</TABLE>
Based on the 30 days ended June 30, 1997
<TABLE>
<S> <C>
Weighted Averages
Duration 1.8 years
Maturity 1.9 years
</TABLE>
As of June 30, 1997
GROWTH OF $10,000 OVER 10 YEARS
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
COLUMBIA MERRILL
U.S. LYNCH CONSUMER
GOVERNMENT 1-3 PRICE
SECURITIES TREASURY INDEX
FUND INDEX (INFLATION)
<S> <C> <C> <C>
6/30/87 $10,000 $10,000 $10,000
6/30/88 $10,682 $10,750 $10,409
6/30/89 $11,467 $11,702 $10,962
6/30/90 $12,309 $12,662 $11,481
6/30/91 $13,542 $13,960 $12,032
6/30/92 $15,074 $15,415 $12,397
6/30/93 $16,185 $16,429 $12,773
6/30/94 $16,360 $16,693 $13,056
6/30/95 $17,443 $17,984 $13,479
6/30/96 $18,240 $18,966 $13,861
6/30/97 $19,311 $20,209 $14,196
Average Annual Total Returns as of June 30,
1997
CUSG Merrill 1-3
1 Year 5.90% 6.56%
5 Years 5.09% 5.57%
10 Years 6.80% 7.29%
Past Performance is not predictive of future
results.
</TABLE>
-
12
<PAGE>
INVESTMENT REVIEW
- --------------------------------------------------------------------------------
- ---- ----
-- COLUMBIA FIXED INCOME SECURITIES FUND --
-------------------------------------------
The Fund posted a total return of 3.22% for the six months ended June 30. The
first quarter was characterized by a robust economy, which caused interest rates
to rise and bond prices to fall. In the second quarter, however, investors'
reduced concerns about inflation pushed interest rates down along the entire
yield curve, and bond values subsequently rose.
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
PORTFOLIO COMPOSITION
<S> <C>
Collateralized Mortgage
Obligations 43.4%
Corporate Bonds 20.2%
Treasury/Agency Obligations 22.5%
Mortgage Pass-Throughs 3.7%
Asset Backed Securities 4.4%
Cash 5.8%
as of June 30, 1997
</TABLE>
In trading activity, we started the year by overweighting (relative to the
market) our holdings in mortgage securities. The yield differential between
mortgages and Treasuries narrowed, providing us with an opportunity to take
profits, and decreasing the Fund's mortgage position. Toward the end of the
second half, yield spreads widened, and we increased the mortgage weighting once
again. This strategic altering of the portfolio's holdings enabled us to improve
Fund performance during the period. The Fund's overweighting in
intermediate-term bonds also benefited performance in the second quarter, as
rates declined most dramatically in this portion of the yield curve.
The Fund's credit quality remains high. The average maturity and duration of the
Fund are 5.9 years and 4.7 years, respectively, which are in line with the
Fund's benchmark, the Lehman Aggregate Bond Index.
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
PORTFOLIO QUALITY
<S> <C>
Treasury/Agency Obligations 69.2%
Aaa 6.7%
Aa 5.1%
A 7.0%
Baa 9.6%
Other 2.4%
as of June 30, 1997
</TABLE>
GROWTH OF $10,000 OVER 10 YEARS
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
COLUMBIA
FIXED CONSUMER
INCOME PRICE
SECURITIES LEHMAN INDEX
FUND AGGREGATE (INFLATION)
<S> <C> <C> <C>
6/30/87 $10,000 $10,000 $10,000
6/30/88 $10,743 $10,805 $10,409
6/30/89 $12,056 $12,125 $10,962
6/30/90 $12,926 $13,077 $11,481
6/30/91 $14,245 $14,476 $12,032
6/30/92 $16,465 $16,510 $12,397
6/30/93 $18,561 $18,457 $12,773
6/30/94 $18,248 $18,217 $13,056
6/30/95 $20,516 $20,501 $13,479
6/30/96 $21,527 $21,531 $13,861
6/30/97 $23,320 $23,282 $14,196
Average Annual Total Returns as of June 30,
1997
CFIS Lehman Aggregate
1 Year 8.33% 8.15%
5 Years 7.21% 7.12%
10 Years 8.84% 8.82%
Past Performance is not predictive of future
results.
</TABLE>
-
13
<PAGE>
INVESTMENT REVIEW
- --------------------------------------------------------------------------------
- ---- ----
-- COLUMBIA MUNICIPAL BOND FUND --
----------------------------------
Columbia Municipal Bond Fund's total return for the six months ended June 30 was
2.75%. Interest rates paid on municipal securities at the end of the period were
virtually unchanged from levels at year-end, despite some volatility in the
interim. Economic reports, meanwhile, continue to be mixed. Indications of
stronger than expected growth and rising wage pressures may prompt the Federal
Reserve to raise short-term rates later this year, which would cause some
depreciation in the prices of municipal bonds.
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
PORTFOLIO COMPOSITION
<S> <C>
State of Oregon General
Obligations 12.7%
Oregon General Obligation Bonds 21.0%
Oregon Revenue Bonds 18.9%
Oregon Other Bonds 2.7%
Other Bonds 6.3%
Oregon Insured Bonds 31.8%
Oregon Pre-Refunded Bonds 4.0%
Cash 2.6%
as of June 30, 1997
</TABLE>
Although Oregon's economy continues to flourish, the State's supply of new
issues has been low. We believe that new issues will increase, however, once
many municipalities sort out the effects of recent legislation on their future
budgets.
The average effective maturity of securities in the Fund is intermediate-term at
approximately 8 years. The Fund's duration (a measure of risk) is approximately
6.5 years. As always, the Fund maintains a high average credit quality and is
broadly diversified across issuers within the State. We remain committed to
providing shareholders with high, after-tax returns and a low level of both
volatility and credit risk.
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
PORTFOLIO QUALITY
<S> <C>
Aaa 46.6%
Aa 29.6%
A 19.1%
Baa 1.0%
Not Rated 3.7%
as of June 30, 1997
</TABLE>
GROWTH OF $10,000 OVER 10 YEARS
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
COLUMBIA LEHMAN CONSUMER
MUNICIPAL GENERAL PRICE
BOND OBLIGATION INDEX
FUND BOND (INFLATION)
<S> <C> <C> <C>
6/30/87 $10,000 $10,000 $10,000
6/30/88 $11,009 $10,603 $10,409
6/30/89 $12,166 $11,598 $10,962
6/30/90 $12,778 $12,373 $11,481
6/30/91 $13,909 $13,398 $12,032
6/30/92 $15,234 $14,908 $12,397
6/30/93 $16,890 $16,648 $12,773
6/30/94 $16,796 $16,746 $13,056
6/30/95 $18,003 $18,122 $13,479
6/30/96 $19,012 $19,291 $13,861
6/30/97 $20,362 $20,893 $14,196
Average Annual Total Returns as of June 30,
1997
CMBF Lehman G.O.
1 Year 7.11% 8.28%
5 Years 5.97% 6.98%
10 Years 7.37% 7.65%
Past Performance is not predictive of future
results.
</TABLE>
-
14
<PAGE>
INVESTMENT REVIEW
- --------------------------------------------------------------------------------
- ---- ----
-- COLUMBIA HIGH YIELD FUND --
------------------------------
[LOGO]
Columbia High Yield Fund provided a total return of 5.83% during the six months
ended June 30. The period was characterized by rising interest rates in the
first quarter and falling interest rates in the second quarter. The high yield
sector outperformed investment-grade securities throughout the period.
The high yield sector of the domestic fixed income market has enjoyed several
consecutive years of solid performance. Underlying fundamentals are strong even
though, in historical terms, valuations are rich compared to investment-grade
instruments. Solid growth in the United States, strong cash flows into mutual
funds, very low default rates and broadening demand by institutional investors
all have provided strength for this sector.
SECTORS OF EMPHASIS
<TABLE>
<CAPTION>
% of Net Assets
<S> <C>
Media 22.0
Manufacturing 13.3
Hotels/Gaming 10.6
Energy 8.2
Health 7.1
</TABLE>
As of June 30, 1997
In trading activity during the period, we added to the chemical, diversified
media, forest products and electric utility sectors. We decreased holdings in
building materials, cable and energy. The Fund maintains a greater than market
weighting in such sectors as automotive, broadcasting, diversified media, and
hotels/gaming. The Fund is currently underweighted in high yield bonds of air
transportation, cable and forest products companies.
Unlike many other "junk bond" funds, Columbia High Yield Fund focuses on the
"upper tier" or "least risky" types of junk bonds. In this way, the Fund
provides investors with access to higher yielding bonds without assuming all the
risk associated with the broader high yield market.
The Fund's average maturity remains steady at 5.4 years. The Fund's duration, a
measure of risk, averaged 4.5 years during the period. On June 30, 41% of the
portfolio was rated Ba, 57% was rated B, and 2% was rated Baa by Moody's
Investor Services.
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
PORTFOLIO QUALITY
<S> <C>
Baa 1.5%
Ba 41.1%
B 57.4%
as of June 30, 1997
</TABLE>
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 YIELD BOND FUND 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 $12,032 $12,431 $12,368
9/30/96 $12,564 $12,856 $12,942
12/31/96 $13,062 $13,428 $13,372
3/31/97 $13,175 $13,358 $13,427
6/30/97 $13,820 $13,839 $14,130
Average Annual Total Returns as of June 30,
1997
CHYF Salomon BB Lipper HYBF
1 Year 14.88% 11.33% 14.24%
Since Inception 9.14% 9.18% 9.79%
Past Performance is not predictive of future
results.
</TABLE>
-
15
<PAGE>
FINANCIAL HIGHLIGHTS
-----------------------------------------------------------------
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD
- ---- ----
-- COLUMBIA COMMON STOCK FUND, INC. --
--------------------------------------
<TABLE>
<CAPTION>
SIX MONTHS ENDED
JUNE 30, 1997
(UNAUDITED)(1) 1996 1995 1994 1993 1992
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $19.26 $18.59 $15.16 $15.29 $14.04 $13.15
INCOME FROM INVESTMENT OPERATIONS:
Net investment income............................... .14 .25 .26 .27 .22 .24
Net realized and unrealized gains on investments.... 3.01 3.61 4.38 .04 2.08 1.06
- ---------------------------------------------------------------------------------------------------------------------------------
Total from investment operations.................. 3.15 3.86 4.64 .31 2.30 1.30
- ---------------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS:
Dividends (from net investment income).............. (.13) (.23) (.26) (.25) (.21) (.24)
Distributions (from capital gains).................. (2.96) (.95) (.19) (.84) (.17)
- ---------------------------------------------------------------------------------------------------------------------------------
Total distributions............................... (.13) (3.19) (1.21) (.44) (1.05) (.41)
NET ASSET VALUE, END OF PERIOD $22.28 $19.26 $18.59 $15.16 $15.29 $14.04
TOTAL RETURN.......................................... 16.38%(2) 20.71% 30.84% 2.06% 16.44% 9.99%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in thousands).............. $674,072 $536,760 $358,523 $124,263 $100,715 $51,049
Ratio of expenses to average net assets............... .76% .76% .80% .84% .84% .86%
Ratio of net investment income to average net
assets............................................... 1.44% 1.32% 1.68% 1.82% 1.48% 1.97%
Portfolio turnover rate............................... 81.05% 111.39% 75.36% 64.21% 90.90% 67.83%
Average commission rate paid on portfolio transactions
(3).................................................. $0.0593 $0.0601
</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.
- --------------------------------------------------------------------------------
-
16
<PAGE>
FINANCIAL HIGHLIGHTS
-----------------------------------------------------------------
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD
- ---- ----
-- COLUMBIA GROWTH FUND, INC. --
--------------------------------
<TABLE>
<CAPTION>
SIX MONTHS ENDED
JUNE 30, 1997
(UNAUDITED)(1) 1996 1995 1994 1993 1992
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $30.74 $29.84 $24.84 $26.38 $26.18 $26.26
INCOME FROM INVESTMENT OPERATIONS:
Net investment income............................... .10 .19 .31 .29 .16 .17
Net realized and unrealized gains (losses) on
investments........................................ 4.46 6.04 7.86 (.46) 3.24 2.93
- -----------------------------------------------------------------------------------------------------------------------------------
Total from investment operations.................. 4.56 6.23 8.17 (.17) 3.40 3.10
- -----------------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS:
Dividends (from net investment income).............. (.17) (.29) (.26) (.18) (.20)
Distributions (from capital gains).................. (5.14) (2.87) (1.11) (2.98) (2.98)
Distributions (in excess of capital gains).......... (.02) (.01) (.04)
- -----------------------------------------------------------------------------------------------------------------------------------
Total distributions............................... -- (5.33) (3.17) (1.37) (3.20) (3.18)
NET ASSET VALUE, END OF PERIOD $35.30 $30.74 $29.84 $24.84 $26.38 $26.18
TOTAL RETURN.......................................... 14.83%(2) 20.80% 32.98% -.63% 13.01% 11.82%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in thousands).............. $1,217,391 $1,064,100 $848,731 $591,694 $605,401 $518,366
Ratio of expenses to average net assets............... .71% .71% .75% .81% .82% .86%
Ratio of net investment income to average net
assets............................................... .62% .63% 1.14% 1.12% .66% .77%
Portfolio turnover rate............................... 88.61% 75.49% 94.73% 79.28% 105.64% 116.38%
Average commission rate paid on portfolio transactions
(3).................................................. $0.0591 $0.0590
</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.
- --------------------------------------------------------------------------------
-
17
<PAGE>
FINANCIAL HIGHLIGHTS
-----------------------------------------------------------------
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD
- ---- ----
-- COLUMBIA INTERNATIONAL STOCK FUND, INC. --
---------------------------------------------
<TABLE>
<CAPTION>
SIX MONTHS
ENDED
JUNE 30, 1997
(UNAUDITED)(1) 1996 1995 1994 1993 1992(1)(2)
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $13.86 $13.07 $12.43 $12.96 $9.95 $10.00
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss).......... .03 .03 .02 (.02) (.02) (.03)
Net realized and unrealized gains
(losses) on investments and foreign
currency transactions................ 2.42 2.13 .62 (.30) 3.34 .11
- ----------------------------------------------------------------------------------------------------------------------------
Total from investment operations.... 2.45 2.16 .64 (.32) 3.32 .08
- ----------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS:
Dividends (from net investment
income).............................. (.03)
Dividends (in excess of net investment
income).............................. (.20)
Distributions (from capital gains).... (1.14) (.21) (.31) (.13)(3)
- ----------------------------------------------------------------------------------------------------------------------------
Total distributions................. -- (1.37) -- (.21) (.31) (.13)
NET ASSET VALUE, END OF PERIOD $16.31 $13.86 $13.07 $12.43 $12.96 $9.95
TOTAL RETURN............................ 17.68%(4) 16.59% 5.15% -2.47% 33.37% .60%(4)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in
thousands)............................. $169,230 $125,510 $100,873 $118,484 $73,047 $9,745
Ratio of expenses to average net
assets................................. 1.58% 1.54% 1.54% 1.52% 1.71% 2.22%
Ratio of net investment income (loss) to
average net assets..................... .51% .22% .15% (.21)% (.62)% (1.28)%
Portfolio turnover rate................. 120.62% 129.40% 156.09% 138.79% 144.78% 25.75%
Average commission rate paid on
portfolio transactions (5)............. $0.0031 $0.0011
</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
transactions taxable as ordinary income.
(4) Not annualized.
(5) The average commission rate paid by the fund is computed by dividing the
dollar amount of commissions paid during the period by the total number of
shares purchased and sold during the period for which commissions were
charged.
- --------------------------------------------------------------------------------
-
18
<PAGE>
FINANCIAL HIGHLIGHTS
-----------------------------------------------------------------
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD
- ---- ----
-- COLUMBIA SPECIAL FUND, INC. --
---------------------------------
<TABLE>
<CAPTION>
SIX MONTHS ENDED
JUNE 30, 1997
(UNAUDITED)(1) 1996 1995 1994 1993 1992
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $19.85 $21.44 $18.69 $19.51 $18.79 $17.45
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss)........................ .01 (.06) .03 .08 .01 (.03)
Net realized and unrealized gains on investments.... 1.47 2.85 5.45 .36 4.04 2.41
- ------------------------------------------------------------------------------------------------------------------------------------
Total from investment operations.................. 1.48 2.79 5.48 .44 4.05 2.38
- ------------------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS:
Dividends (from net investment income).............. (.02) (.07)
Dividends (in excess of net investment income)...... (.01)
Distributions (from capital gains).................. (4.38) (2.68) (1.16) (3.32) (1.04)
Distributions (in excess of capital gains).......... (.03) (.03)
- ------------------------------------------------------------------------------------------------------------------------------------
Total distributions............................... -- (4.38) (2.73) (1.26) (3.33) (1.04)
NET ASSET VALUE, END OF PERIOD $21.33 $19.85 $21.44 $18.69 $19.51 $18.79
TOTAL RETURN.......................................... 7.46%(2) 13.07% 29.53% 2.29% 21.68% 13.70%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in thousands).............. $1,471,155 $1,585,284 $1,384,415 $889,526 $772,741 $470,663
Ratio of expenses to average net assets............... .96% .94% .98% 1.05% 1.12% 1.19%
Ratio of net investment income (loss) to average net
assets............................................... .08% (.29)% .16% .40% .01% (.25)%
Portfolio turnover rate............................... 189.28% 150.07% 182.99% 178.91% 154.68% 116.75%
Average commission rate paid on portfolio transactions
(3).................................................. $0.0577 $0.0553
</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.
- --------------------------------------------------------------------------------
-
19
<PAGE>
FINANCIAL HIGHLIGHTS
-----------------------------------------------------------------
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD
- ---- ----
-- COLUMBIA SMALL CAP FUND, INC. --
-----------------------------------
<TABLE>
<CAPTION>
SIX MONTHS ENDED
JUNE 30, 1997
(UNAUDITED)(1) 1996(1)(2)
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $12.99 $12.00
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss................................................................ (.03)
Net realized and unrealized gains on investments................................... 1.82 .99
- -----------------------------------------------------------------------------------------------------------------------
Total from investment operations................................................. 1.79 .99
NET ASSET VALUE, END OF PERIOD $14.78 $12.99
TOTAL RETURN......................................................................... 13.78%(3) 7.62%(3)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in thousands)............................................. $43,380 $21,061
Ratio of expenses to average net assets.............................................. 1.49% 1.61%
Ratio of net investment income to average net assets................................. (.50)% 0.00%
Portfolio turnover rate.............................................................. 214.37% 32.57%
Average commission rate paid on portfolio transactions (4)........................... $0.0556 $0.0546
</TABLE>
(1) Ratios and portfolio turnover rates are annualized.
(2) From inception of operations on September 11, 1996.
(3) Not annualized.
(4) The average commission rate paid by the fund is computed by dividing the
dollar amount of commissions paid during the period by the total number of
shares purchased and sold during the period for which commissions were
charged.
- --------------------------------------------------------------------------------
-
20
<PAGE>
FINANCIAL HIGHLIGHTS
-----------------------------------------------------------------
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD
- ---- ----
-- COLUMBIA REAL ESTATE EQUITY FUND, INC. --
--------------------------------------------
<TABLE>
<CAPTION>
SIX MONTHS ENDED
JUNE 30, 1997
(UNAUDITED)(1) 1996 1995 1994(1)(2)
<S> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $16.16 $12.71 $11.72 $12.00
INCOME FROM INVESTMENT OPERATIONS:
Net investment income....................................... .32 .77 .78 .49
Net realized and unrealized gains (losses) on investments... 1.02 3.94 1.12 (.27)
- ----------------------------------------------------------------------------------------------------------------------
Total from investment operations.......................... 1.34 4.71 1.90 .22
- ----------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS:
Dividends (from net investment income)...................... (.32) (.52) (.49) (.31)
Dividends (in excess of net investment income).............. (.01)
Distributions (from capital gains).......................... (.41)
Distributions (in excess of capital gains).................. (.12) (.14)
Tax return of capital....................................... (.21) (.28) (.18)
- ----------------------------------------------------------------------------------------------------------------------
Total distributions....................................... (.32) (1.26) (.91) (.50)
NET ASSET VALUE, END OF PERIOD $17.18 $16.16 $12.71 $11.72
TOTAL RETURN.................................................. 8.33%(3) 38.30% 16.86% 1.76%(3)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in thousands)...................... $109,098 $68,073 $21,587 $17,402
Ratio of expenses to average net assets....................... 1.01% 1.06% 1.18% 1.14%
Ratio of net investment income to average net assets.......... 4.30% 6.23% 6.71% 6.28%
Portfolio turnover rate....................................... 33.76% 45.82% 53.91% 7.61%
Average commission rate paid on portfolio transactions (4).... $0.0596 $0.0594
</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.
- --------------------------------------------------------------------------------
-
21
<PAGE>
FINANCIAL HIGHLIGHTS
-----------------------------------------------------------------
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD
- ---- ----
-- COLUMBIA BALANCED FUND, INC. --
----------------------------------
<TABLE>
<CAPTION>
SIX MONTHS ENDED
JUNE 30, 1997
(UNAUDITED)(1) 1996 1995 1994 1993 1992
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $20.32 $20.08 $17.28 $17.91 $16.80 $16.05
INCOME FROM INVESTMENT OPERATIONS:
Net investment income............................... .41 .76 .73 .65 .56 .58
Net realized and unrealized gains (losses) on
investments........................................ 1.76 1.58 3.54 (.64) 1.71 .82
- ----------------------------------------------------------------------------------------------------------------------------------
Total from investment operations.................. 2.17 2.34 4.27 .01 2.27 1.40
- ----------------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS:
Dividends (from net investment income).............. (.39) (.76) (.73) (.64) (.56) (.57)
Dividends (in excess of net investment income)...... (.01)
Distributions (from capital gains).................. (1.34) (.74) (.59) (.08)
- ----------------------------------------------------------------------------------------------------------------------------------
Total distributions............................... (.39) (2.10) (1.47) (.64) (1.16) (.65)
NET ASSET VALUE, END OF PERIOD $22.10 $20.32 $20.08 $17.28 $17.91 $16.80
TOTAL RETURN.......................................... 10.75%(2) 11.78% 25.08% .10% 13.62% 8.89%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in thousands).............. $762,588 $672,593 $486,767 $249,670 $186,589 $90,230
Ratio of expenses to average net assets............... .66% .66% .69% .72% .73% .81%
Ratio of net investment income to average net
assets............................................... 3.89% 3.82% 4.05% 3.82% 3.32% 4.08%
Portfolio turnover rate............................... 158.12% 133.21% 108.04% 98.48% 107.60% 138.08%
Average commission rate paid on portfolio transactions
(3).................................................. $0.0600 $0.0596
</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.
- --------------------------------------------------------------------------------
-
22
<PAGE>
FINANCIAL HIGHLIGHTS
-----------------------------------------------------------------
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD
- ---- ----
-- COLUMBIA DAILY INCOME COMPANY --
-----------------------------------
<TABLE>
<CAPTION>
SIX MONTHS ENDED
JUNE 30, 1997
(UNAUDITED)(1) 1996 1995 1994 1993 1992
<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 .048 .053 .036 .025 .032
- ----------------------------------------------------------------------------------------------------------------------------------
Total from investment operations.................. .024 .048 .053 .036 .025 .032
- ----------------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS:
Dividends (from net investment income).............. (.024) (.048) (.053) (.036) (.025) (.032)
- ----------------------------------------------------------------------------------------------------------------------------------
Total distributions............................... (.024) (.048) (.053) (.036) (.025) (.032)
NET ASSET VALUE, END OF PERIOD $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
TOTAL RETURN.......................................... 2.46%(2) 4.96% 5.49% 3.68% 2.51% 3.25%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in thousands).............. $861,374 $889,800 $800,656 $730,067 $544,500 $591,186
Ratio of expenses to average net assets............... .63% .62% .64% .70% .75% .71%
Ratio of net investment income to average net
assets............................................... 4.86% 4.84% 5.34% 3.68% 2.49% 3.22%
</TABLE>
(1) Ratios are annualized.
(2) Not annualized.
- --------------------------------------------------------------------------------
-
23
<PAGE>
FINANCIAL HIGHLIGHTS
-----------------------------------------------------------------
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD
- ---- ----
-- COLUMBIA U.S. GOVERNMENT SECURITIES FUND, INC. --
----------------------------------------------------
<TABLE>
<CAPTION>
SIX MONTHS ENDED
JUNE 30, 1997
(UNAUDITED)(1) 1996 1995 1994 1993
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $8.24 $8.34 $7.99 $8.36 $8.35
INCOME FROM INVESTMENT OPERATIONS:
Net investment income............................... .21 .41 .45 .37 .32
Net realized and unrealized gains (losses) on
investments........................................ (.01) (.10) .35 (.37) .17
- --------------------------------------------------------------------------------------------------------------------------
Total from investment operations.................. .20 .31 .80 -- .49
- --------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS:
Dividends (from net investment income).............. (.21) (.41) (.45) (.37) (.32)
Distributions (from capital gains).................. (.16)
- --------------------------------------------------------------------------------------------------------------------------
Total distributions............................... (.21) (.41) (.45) (.37) (.48)
NET ASSET VALUE, END OF PERIOD $8.23 $8.24 $8.34 $7.99 $8.36
TOTAL RETURN.......................................... 2.42%(2) 3.85% 10.21% -.03% 5.91%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in thousands).............. $39,465 $40,776 $41,842 $33,512 $35,877
Ratio of expenses to average net assets............... .86% .80% .79% .81% .75%
Ratio of net investment income to average net
assets............................................... 5.03% 4.99% 5.45% 4.51% 3.74%
Portfolio turnover rate............................... 144.20% 179.38% 253.17% 253.80% 254.59%
<CAPTION>
1992
<S> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $8.47
INCOME FROM INVESTMENT OPERATIONS:
Net investment income............................... .39
Net realized and unrealized gains (losses) on
investments........................................ .09
- ------------------------------------------------------
Total from investment operations.................. .48
- ------------------------------------------------------
LESS DISTRIBUTIONS:
Dividends (from net investment income).............. (.39)
Distributions (from capital gains).................. (.21)
- ------------------------------------------------------
Total distributions............................... (.60)
NET ASSET VALUE, END OF PERIOD $8.35
TOTAL RETURN.......................................... 5.81%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in thousands).............. $35,479
Ratio of expenses to average net assets............... .76%
Ratio of net investment income to average net
assets............................................... 4.60%
Portfolio turnover rate............................... 289.05%
</TABLE>
(1) Ratios and portfolio turnover rate are annualized.
(2) Not annualized.
- --------------------------------------------------------------------------------
-
24
<PAGE>
FINANCIAL HIGHLIGHTS
-----------------------------------------------------------------
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD
- ---- ----
-- COLUMBIA FIXED INCOME SECURITIES FUND, INC. --
-------------------------------------------------
<TABLE>
<CAPTION>
SIX MONTHS ENDED
JUNE 30, 1997
(UNAUDITED)(1) 1996 1995 1994 1993 1992
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $13.08 $13.51 $12.16 $13.44 $13.28 $13.59
INCOME FROM INVESTMENT OPERATIONS:
Net investment income............................... .42 .85 .88 .83 .85 .95
Net realized and unrealized gains (losses) on
investments........................................ (.01) (.43) 1.35 (1.28) .52 .09
- ----------------------------------------------------------------------------------------------------------------------------------
Total from investment operations.................. 0.41 0.42 2.23 (.45) 1.37 1.04
- ----------------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS:
Dividends (from net investment income).............. (.42) (.85) (.88) (.83) (.85) (.95)
Distributions (from capital gains).................. (.36) (.40)
- ----------------------------------------------------------------------------------------------------------------------------------
Total distributions............................... (.42) (.85) (.88) (.83) (1.21) (1.35)
NET ASSET VALUE, END OF PERIOD $13.07 $13.08 $13.51 $12.16 $13.44 $13.28
TOTAL RETURN.......................................... 3.22%(2) 3.37% 18.91% -3.36% 10.47% 7.99%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in thousands).............. $367,703 $356,421 $316,259 $252,090 $300,532 $262,647
Ratio of expenses to average net assets............... .66% .64% .65% .66% .66% .66%
Ratio of net investment income to average net
assets............................................... 6.46% 6.53% 6.80% 6.53% 6.14% 7.03%
Portfolio turnover rate............................... 240.93% 178.25% 137.41% 139.81% 118.80% 195.67%
</TABLE>
(1) Ratios and portfolio turnover rate are annualized.
(2) Not annualized.
- --------------------------------------------------------------------------------
-
25
<PAGE>
FINANCIAL HIGHLIGHTS
-----------------------------------------------------------------
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD
- ---- ----
-- COLUMBIA MUNICIPAL BOND FUND, INC. --
----------------------------------------
<TABLE>
<CAPTION>
SIX MONTHS ENDED
JUNE 30, 1997
(UNAUDITED)(1) 1996 1995 1994 1993 1992
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $12.15 $12.37 $11.48 $12.71 $12.17 $12.22
INCOME FROM INVESTMENT OPERATIONS:
Net investment income............................... .30 .61 .63 .64 .66 .69
Net realized and unrealized gains (losses) on
investments........................................ .03 (.16) .96 (1.23) .62 .07
- ----------------------------------------------------------------------------------------------------------------------------------
Total from investment operations.................. .33 .45 1.59 (.59) 1.28 .76
- ----------------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS:
Dividends (from net investment income) (2).......... (.30) (.61) (.63) (.64) (.66) (.69)
Distributions (from capital gains).................. (.06) (.07) (.08) (.12)
- ----------------------------------------------------------------------------------------------------------------------------------
Total distributions............................... (.30) (.67) (.70) (.64) (.74) (.81)
NET ASSET VALUE, END OF PERIOD $12.18 $12.15 $12.37 $11.48 $12.71 $12.17
TOTAL RETURN.......................................... 2.75%(3) 3.77% 14.15% -4.68% 10.73% 6.46%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in thousands).............. $389,673 $375,667 $383,796 $339,817 $430,367 $341,924
Ratio of expenses to average net assets............... .58% .56% .57% .57% .58% .59%
Ratio of net investment income to average net
assets............................................... 4.93% 5.00% 5.22% 5.36% 5.25% 5.69%
Portfolio turnover rate............................... 12.90% 19.03% 21.45% 19.40% 9.92% 17.82%
</TABLE>
(1) Ratios and portfolio turnover rate are annualized.
(2) 100% exempt from federal taxation.
(3) Not annualized.
- --------------------------------------------------------------------------------
-
26
<PAGE>
FINANCIAL HIGHLIGHTS
-----------------------------------------------------------------
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD
- ---- ----
-- COLUMBIA HIGH YIELD FUND, INC. --
------------------------------------
<TABLE>
<CAPTION>
SIX MONTHS
ENDED
JUNE 30, 1997
(UNAUDITED)(1) 1996 1995 1994 1993(1)(2)
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $9.94 $9.88 $9.04 $9.94 $10.00
INCOME FROM INVESTMENT OPERATIONS:
Net investment income........................... .40 .81 .82 .80 .18
Net realized and unrealized gains (losses) on
investments.................................... .17 .07 .84 (.90) (.06)
- --------------------------------------------------------------------------------------------------------------------------
Total from investment operations.............. .57 .88 1.66 (.10) .12
- --------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS:
Dividends (from net investment income).......... (.40) (.81) (.82) (.80) (.18)
Distributions (from capital gains).............. (.01)
- --------------------------------------------------------------------------------------------------------------------------
Total distributions........................... (.40) (.82) (.82) (.80) (.18)
NET ASSET VALUE, END OF PERIOD $10.11 $9.94 $9.88 $9.04 $9.94
TOTAL RETURN...................................... 5.83%(3) 9.43% 19.12% -.92% 1.12%(3)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in thousands).......... $35,562 $28,818 $23,471 $12,834 $5,940
Ratio of expenses to average net assets........... 0.99% 0.93%(4) 1.00%(4) 1.00%(4) 1.00%(4)
Ratio of net investment income to average net
assets........................................... 7.94% 8.29% 8.62% 8.69% 7.30%
Portfolio turnover rate........................... 167.30% 62.27% 51.60% 36.67% 0.00%
</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 1.00% in 1996, 1.06% in 1995, 1.19% in 1994 and 2.03% in
1993, before voluntary reimbursement of certain expenses by the investment
advisor.
- --------------------------------------------------------------------------------
-
27
<PAGE>
SCHEDULE OF INVESTMENTS
-----------------------------------------------------------------
[LOGO]
- --------------------- ---------------------
-- COLUMBIA COMMON STOCK FUND, INC. --
------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES OR
June 30, 1997 PRINCIPAL
(Unaudited) AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
COMMON STOCKS (90.8%)
FINANCE (8.2%)
American Express Co. ................................................................. 100,900 $ 7,517,050
BankAmerica Corp. .................................................................... 99,600 6,430,425
Berkley (W.R.) Corp. ................................................................. 100,000 5,887,500
Chase Manhattan Corp. ................................................................ 64,400 6,250,825
*Hartford Life, Inc. (Class A)........................................................ 95,100 3,566,250
Morgan Stanley, Dean Witter,
Discover & Co. ...................................................................... 145,700 6,274,206
NAC Re Corp. ......................................................................... 60,400 2,921,850
PNC Bank Corp. ....................................................................... 127,900 5,323,838
TIG Holdings, Inc. ................................................................... 181,500 5,671,875
U.S. Bancorp.......................................................................... 88,800 5,694,300
--------------
55,538,119
--------------
BUILDING & FORESTRY PRODUCTS (4.2%)
Champion International Corp. ......................................................... 300,000 16,575,000
Willamette Industries, Inc. .......................................................... 167,200 11,704,000
--------------
28,279,000
--------------
BUSINESS & CONSUMER SERVICES (2.8%)
*Hertz Corp. (Class A)................................................................ 210,000 7,560,000
Service Corp. Int'l. ................................................................. 337,500 11,095,312
--------------
18,655,312
--------------
CHEMICAL (5.4%)
du Pont (E.I.) de Nemours & Co. ...................................................... 136,000 8,551,000
Grace (W.R.) & Co. ................................................................... 119,100 6,565,387
Hercules, Inc. ....................................................................... 171,100 8,191,413
IMC Global, Inc. ..................................................................... 183,000 6,405,000
Monsanto Co. ......................................................................... 158,700 6,834,019
--------------
36,546,819
--------------
CONSUMER NON-DURABLE (14.3%)
*Circus Circus Enterprises, Inc. ..................................................... 297,000 7,313,625
*Costco Cos., Inc. ................................................................... 200,000 6,575,000
*Federated Department Stores, Inc. ................................................... 254,500 8,843,875
*ITT Corp. ........................................................................... 225,400 13,763,487
Liz Claiborne, Inc. .................................................................. 141,100 6,578,788
Marriott International, Inc. ......................................................... 116,400 7,144,050
Mattel, Inc. ......................................................................... 236,250 8,002,969
McDonald's Corp. ..................................................................... 160,000 7,730,000
*Meyer (Fred), Inc. .................................................................. 300,000 15,506,250
Sears, Roebuck & Co. ................................................................. 151,100 8,121,625
Wal-Mart Stores, Inc. ................................................................ 192,500 6,508,906
--------------
96,088,575
--------------
<CAPTION>
SHARES OR
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
<S> <C> <C>
CONSUMER STAPLES (9.4%)
American Stores Co. .................................................................. 231,000 $ 11,405,625
Avon Products, Inc. .................................................................. 128,300 9,053,169
Gillette Co. ......................................................................... 72,500 6,869,375
PepsiCo, Inc. ........................................................................ 200,000 7,512,500
Rite Aid Corp. ....................................................................... 147,200 7,341,600
*Safeway, Inc. ....................................................................... 156,000 7,195,500
Sunbeam Corp. ........................................................................ 379,400 14,322,350
--------------
63,700,119
--------------
ENERGY (9.4%)
Amoco Corp. .......................................................................... 105,100 9,137,131
Exxon Corp. .......................................................................... 120,000 7,380,000
Louisiana Land & Exploration Co. ..................................................... 118,700 6,780,738
Mobil Corp. .......................................................................... 141,600 9,894,300
Royal Dutch Petroleum Co. ............................................................ 249,600 13,572,000
Texaco, Inc. ......................................................................... 106,000 11,527,500
Union Pacific Resources Group, Inc. .................................................. 200,000 4,975,000
--------------
63,266,669
--------------
ENERGY SERVICES (1.5%)
Schlumberger Ltd. .................................................................... 80,000 10,000,000
--------------
ENTERTAINMENT & MEDIA (1.0%)
*Viacom, Inc. (Class B)............................................................... 235,500 7,065,000
--------------
HEALTH (5.7%)
American Home Products Corp. ......................................................... 86,000 6,579,000
Baxter International, Inc. ........................................................... 148,400 7,753,900
Bristol-Myers Squibb Co. ............................................................. 90,000 7,290,000
Pfizer, Inc. ......................................................................... 64,000 7,648,000
*Tenet Healthcare Corp. .............................................................. 49,300 1,457,431
Warner-Lambert Co. ................................................................... 63,500 7,889,875
--------------
38,618,206
--------------
MACHINERY & CAPITAL SPENDING (7.7%)
*ADT Ltd. ............................................................................ 203,300 6,708,900
Case Corp. ........................................................................... 133,000 9,160,375
Caterpillar, Inc. .................................................................... 88,000 9,449,000
Deere & Co. .......................................................................... 206,700 11,342,663
Emerson Electric Co. ................................................................. 164,000 9,030,250
Tyco International Ltd. .............................................................. 91,300 6,351,056
--------------
52,042,244
--------------
METAL MINING & STEEL (4.2%)
Aluminum Company of America........................................................... 200,000 15,075,000
*Getchell Gold Corp. ................................................................. 167,000 5,865,875
</TABLE>
-
28
<PAGE>
SCHEDULE OF INVESTMENTS
-----------------------------------------------------------------
[LOGO]
- --------------------- ---------------------
-- COLUMBIA COMMON STOCK FUND, INC. --
------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
</TABLE>
COMMON STOCKS (CONTINUED)
<TABLE>
<S> <C> <C>
Newmont Mining Corp. ................................................................. 187,500 $ 7,312,500
--------------
28,253,375
--------------
REAL ESTATE SECURITIES (6.0%)
American Health Properties, Inc. ..................................................... 120,000 3,015,000
Associated Estates Realty Corp. ...................................................... 157,400 3,698,900
Beacon Properties Corp. .............................................................. 124,100 4,141,837
Cali Realty Corp. .................................................................... 94,000 3,196,000
Equity Residential Properties Trust................................................... 125,000 5,937,500
First Industrial Realty Trust, Inc. .................................................. 150,000 4,387,500
JP Realty, Inc. ...................................................................... 106,500 2,888,812
Liberty Property Trust................................................................ 120,000 2,985,000
Manufactured Home Communities, Inc. .................................................. 49,000 1,130,063
Simon DeBartolo Group, Inc. .......................................................... 190,400 6,092,800
Spieker Properties, Inc. ............................................................. 79,000 2,779,813
--------------
40,253,225
--------------
TECHNOLOGY (8.2%)
Adobe Systems, Inc. .................................................................. 178,000 6,241,125
*Applied Materials, Inc. ............................................................. 68,700 4,864,819
Autodesk, Inc. ....................................................................... 100,000 3,831,250
Boeing Co. ........................................................................... 138,000 7,322,625
*Computer Sciences Corp. ............................................................. 83,200 6,000,800
Ericsson (L.M.) Telephone Co. (Class B) ADR........................................... 160,000 6,300,000
Intel Corp. .......................................................................... 34,400 4,878,350
*Microsoft Corp. ..................................................................... 60,600 7,658,325
Motorola, Inc. ....................................................................... 104,000 7,904,000
--------------
55,001,294
--------------
UTILITIES/COMMUNICATIONS (1.7%)
Frontier Corp. ....................................................................... 244,300 4,870,731
SBC Communications, Inc. ............................................................. 102,400 6,336,000
--------------
11,206,731
--------------
UTILITIES/ELECTRIC/GAS (1.1%)
Idaho Power Co. ...................................................................... 236,600 7,423,325
--------------
Total Common Stocks
(Cost $491,243,573) ................................................................. 611,938,013
--------------
<CAPTION>
SHARES OR
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
<S> <C> <C>
REPURCHASE AGREEMENTS (10.6%)
Goldman Sachs Corp.
5.891% dated 06/30/1997,
due 07/01/1997 in the
amount of $33,894,902.
Collateralized by U.S. Treasury Bond
6.250% due 08/15/2023,
U.S. Treasury Note
5.750% due 08/15/2003. .............................................................. $ 33,889,432 $ 33,889,433
J.P. Morgan Securities, Inc.
6.003% dated 06/30/1997,
due 07/01/1997 in the
amount of $33,705,543.
Collateralized by U.S. Treasury Bills due
11/13/1997 to 11/20/1997,
U.S. Treasury Note 6.625% due 04/30/2002. ........................................... 33,700,000 33,700,000
Merrill Lynch
5.728% dated 06/30/1997
due 07/01/1997 in the
amount of $3,700,581.
Collateralized by U.S. Treasury Bonds
9.250% to 11.750%
due 11/15/2014 to 02/15/2016. ....................................................... 3,700,000 3,700,000
--------------
Total Repurchase Agreements
(Cost $71,289,433) .................................................................. 71,289,433
--------------
TOTAL INVESTMENTS (101.4%)
(Cost $562,533,006)...................................................................... 683,227,446
RECEIVABLES LESS LIABILITIES (-1.4%)...................................................... (9,155,483)
--------------
NET ASSETS (100.0%)....................................................................... $ 674,071,963
--------------
--------------
</TABLE>
(1) See Note 1 of Notes to Financial Statements.
* Non-income producing.
The accompanying notes are an integral part
of the financial statements.
-
29
<PAGE>
SCHEDULE OF INVESTMENTS
-----------------------------------------------------------------
[LOGO]
- ------------------------- -------------------------
-- COLUMBIA GROWTH FUND, INC. --
-------------------------------------------------
<TABLE>
<CAPTION>
SHARES OR
June 30, 1997 PRINCIPAL
(Unaudited) AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
COMMON STOCKS (95.8%)
AEROSPACE (0.9%)
Boeing Co. ........................................................................... 205,960 $ 10,928,752
--------------
FINANCE (14.0%)
Allstate Corp. ....................................................................... 271,600 19,826,800
American International Group, Inc. ................................................... 96,150 14,362,406
BankAmerica Corp. .................................................................... 200,000 12,912,500
Barnett Banks, Inc. .................................................................. 239,000 12,547,500
Berkley (W.R.) Corp. ................................................................. 187,500 11,039,062
Chase Manhattan Corp. ................................................................ 100,000 9,706,250
Federal Home Loan Mortgage Corp. ..................................................... 500,700 17,211,563
Federal National Mortgage Assn. ...................................................... 456,800 19,927,900
First Chicago NBD Corp. .............................................................. 181,800 10,998,900
Morgan Stanley, Dean Witter,
Discover & Co. ...................................................................... 505,080 21,750,008
NationsBank Corp. .................................................................... 307,000 19,801,500
--------------
170,084,389
--------------
BUILDING & FORESTRY PRODUCTS (1.6%)
*Crown Vantage, Inc. ................................................................. 335,000 2,512,500
Mead Corp. ........................................................................... 281,600 17,529,600
--------------
20,042,100
--------------
BUSINESS & CONSUMER SERVICES (2.2%)
*FIserv, Inc. ........................................................................ 300,500 13,409,812
Service Corp. Int'l. ................................................................. 398,300 13,094,113
--------------
26,503,925
--------------
CHEMICAL (0.8%)
du Pont (E.I.) de Nemours & Co. ...................................................... 154,000 9,682,750
--------------
CONSUMER NON-DURABLE (18.5%)
*Consolidated Stores Corp. ........................................................... 312,500 10,859,375
*Federated Department Stores, Inc. ................................................... 682,800 23,727,300
*HFS, Inc. ........................................................................... 500,000 29,000,000
Liz Claiborne, Inc. .................................................................. 243,600 11,357,850
Mattel, Inc. ......................................................................... 800,700 27,123,712
*Neiman-Marcus Group, Inc. ........................................................... 500,000 13,125,000
*Payless ShoeSource, Inc. ............................................................ 300,000 16,406,250
*Polo Ralph Lauren Corp. (Class A).................................................... 190,000 5,201,250
Sears, Roebuck & Co. ................................................................. 456,300 24,526,125
Tandy Corp. .......................................................................... 100,000 5,600,000
TJX Cos., Inc. ....................................................................... 197,000 5,195,875
Unifi, Inc. .......................................................................... 200,000 7,475,000
Warnaco Group, Inc. (Class A)......................................................... 1,424,400 45,402,750
--------------
225,000,487
--------------
<CAPTION>
SHARES OR
PRINCIPAL
AMOUNT VALUE(1)
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<S> <C> <C>
<S> <C> <C>
CONSUMER STAPLES (12.0%)
American Stores Co. .................................................................. 332,200 $ 16,402,375
Avon Products, Inc. .................................................................. 105,100 7,416,119
Gillette Co. ......................................................................... 312,100 29,571,475
Libbey, Inc. ......................................................................... 365,500 12,792,500
Philip Morris Cos., Inc. ............................................................. 544,900 24,179,938
Rite Aid Corp. ....................................................................... 558,925 27,876,384
*Samsonite Corp. ..................................................................... 225,000 9,928,125
Sunbeam Corp. ........................................................................ 488,300 18,433,325
--------------
146,600,241
--------------
ENERGY (0.9%)
Anadarko Petroleum Corp. ............................................................. 112,000 6,720,000
Apache Corp. ......................................................................... 113,700 3,695,250
--------------
10,415,250
--------------
ENERGY SERVICES (0.8%)
Schlumberger Ltd. .................................................................... 75,000 9,375,000
--------------
ENTERTAINMENT & MEDIA (1.0%)
Time Warner, Inc. .................................................................... 250,000 12,062,500
--------------
HEALTH (14.2%)
Aetna, Inc. .......................................................................... 155,000 15,868,125
*Apria Healthcare Group, Inc. ........................................................ 1,778,520 31,568,730
*BioChem Pharma, Inc. ................................................................ 500,000 11,125,000
Bristol-Myers Squibb Co. ............................................................. 200,000 16,200,000
Cardinal Health, Inc. ................................................................ 196,000 11,221,000
*Ethical Holdings Ltd. ADR............................................................ 300,000 1,331,250
HBO & Co. ............................................................................ 180,000 12,397,500
*Lincare Holdings, Inc. .............................................................. 25,000 1,075,000
McKesson Corp. ....................................................................... 109,400 8,478,500
Merck & Co., Inc. .................................................................... 155,500 16,094,250
*Tenet Healthcare Corp. .............................................................. 745,900 22,050,669
Warner-Lambert Co. ................................................................... 200,000 24,850,000
--------------
172,260,024
--------------
HOTELS & GAMING (2.7%)
*Circus Circus Enterprises, Inc. ..................................................... 308,600 7,599,275
*Host Marriott Corp. ................................................................. 400,000 7,125,000
Marriott International, Inc. ......................................................... 152,100 9,335,138
*Station Casinos, Inc. ............................................................... 1,076,600 9,016,525
--------------
33,075,938
--------------
MACHINERY & CAPITAL SPENDING (6.7%)
*ADT Ltd. ............................................................................ 392,200 12,942,600
*American Standard Cos., Inc. ........................................................ 49,200 2,201,700
Case Corp. ........................................................................... 175,000 12,053,125
Emerson Electric Co. ................................................................. 350,000 19,271,875
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PRINCIPAL
AMOUNT VALUE(1)
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</TABLE>
COMMON STOCKS (CONTINUED)
<TABLE>
<S> <C> <C>
General Electric Co. ................................................................. 237,800 $ 15,546,175
Tyco International Ltd. .............................................................. 286,400 19,922,700
--------------
81,938,175
--------------
METAL MINING & STEEL (0.3%)
Aluminum Company of America........................................................... 50,000 3,768,750
--------------
REAL ESTATE SECURITIES (3.8%)
Amli Residential Properties Trust..................................................... 180,500 4,264,312
Beacon Properties Corp. .............................................................. 79,500 2,653,313
Camden Property Trust................................................................. 166,250 5,257,656
Duke Realty Investments, Inc. ........................................................ 84,100 3,406,050
Equity Residential Properties Trust................................................... 219,900 10,445,250
JP Realty, Inc. ...................................................................... 350,000 9,493,750
Public Storage, Inc. ................................................................. 50,000 1,462,500
Simon DeBartolo Group, Inc. .......................................................... 144,300 4,617,600
TriNet Corporate Realty Trust, Inc. .................................................. 146,000 4,827,125
--------------
46,427,556
--------------
TECHNOLOGY (13.4%)
Adobe Systems, Inc. .................................................................. 144,000 5,049,000
*Applied Materials, Inc. ............................................................. 171,600 12,151,425
Autodesk, Inc. ....................................................................... 198,000 7,585,875
*Cisco Systems, Inc. ................................................................. 229,100 15,378,337
Computer Associates International, Inc. .............................................. 100,000 5,568,750
*Computer Sciences Corp. ............................................................. 207,000 14,929,875
Ericsson (L.M.) Telephone Co.
(Class B) ADR........................................................................ 350,000 13,781,250
Intel Corp. .......................................................................... 103,200 14,635,050
*KLA-Tencor Corp. .................................................................... 157,800 7,692,750
*Microsoft Corp. ..................................................................... 151,500 19,145,813
Motorola, Inc. ....................................................................... 213,100 16,195,600
*Oracle Corp. ........................................................................ 274,350 13,820,381
<CAPTION>
SHARES OR
PRINCIPAL
AMOUNT VALUE(1)
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<S> <C> <C>
<S> <C> <C>
*Tellabs, Inc. ....................................................................... 200,000 $ 11,175,000
Texas Instruments, Inc. .............................................................. 75,600 6,355,125
--------------
163,464,231
--------------
UTILITIES/COMMUNICATIONS (2.0%)
*Paging Network, Inc. ................................................................ 622,100 5,462,816
SBC Communications, Inc. ............................................................. 300,000 18,562,500
--------------
24,025,316
--------------
Total Common Stocks
(Cost $910,273,825) ................................................................. 1,165,655,384
--------------
REPURCHASE AGREEMENT (3.3%)
Goldman Sachs Corp.
5.891% dated 6/30/1997,
due 07/01/1997 in the
amount of $40,845,651
Collateralized by U.S. Treasury Note
5.750% due 08/15/2003,
U.S. Treasury Bond
6.250% due 08/15/2023
(Cost $40,839,060)................................................................... $ 40,839,060 40,839,060
--------------
TOTAL INVESTMENTS (99.1%)
(Cost $951,112,885)...................................................................... 1,206,494,444
RECEIVABLES LESS LIABILITIES (0.9%)....................................................... 10,896,624
--------------
NET ASSETS (100.0%)....................................................................... $1,217,391,068
--------------
--------------
</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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SHARES OR
June 30, 1997 PRINCIPAL
(Unaudited) AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
COMMON STOCKS (86.4%)
ARGENTINA (0.6%)
*Disco SA, ADR (Retail)............................................................... 26,000 $ 1,030,250
--------------
BRAZIL (0.5%)
*Latas de Aluminino SA, GDR
(Containers)......................................................................... 20,000 315,000
Usinas Siderurgicas de Minas Gerais SA, ADR (Metals, Mining & Steel).................. 45,000 497,813
--------------
812,813
--------------
CANADA (2.6%)
Bank of Nova Scotia (Banking)......................................................... 20,000 877,320
Bombardier, Inc. (Class B)
(Manufacturing - Diversified Inds.).................................................. 80,000 1,815,545
Northern Telecom Ltd. (Electronics)................................................... 15,000 1,353,502
Thomson Corp. (Publishing)............................................................ 16,000 368,910
--------------
4,415,277
--------------
DENMARK (0.4%)
*Inwear Group AS (Retail)............................................................. 13,500 667,903
--------------
FINLAND (1.2%)
Finnlines Oy (Transportation)......................................................... 34,000 1,041,338
Merita Ltd. (Class A) (Banking)....................................................... 280,000 916,901
--------------
1,958,239
--------------
FRANCE (4.6%)
Alcatel Alsthom SA (Electrical Equipment)............................................. 10,000 1,254,260
BIC SA (Consumer Products)............................................................ 3,000 491,309
Carrefour SA (Retail)................................................................. 1,200 872,802
Cie de Saint Gobain SA (Building Materials)........................................... 3,600 525,767
Cie Francaise d'Etudes et de Construction Technip (Construction)...................... 3,700 430,027
Cie Generale des Etablissements Michelin (Class B) (Tire & Rubber Goods).............. 11,000 661,537
Cipe France SA (Business Services).................................................... 1,800 233,129
Elf-Aquitaine SA (Oil Exploration & Production)....................................... 6,000 648,262
Lafarge SA (Building Materials)....................................................... 7,200 448,466
L'Oreal SA (Consumer Products)........................................................ 1,300 548,535
Sodexho Alliance SA (Food & Beverages)................................................ 1,000 512,781
Schneider SA (Electrical Equipment)................................................... 13,000 692,979
Synthelabo SA (Pharmaceuticals)....................................................... 3,600 469,325
--------------
7,789,179
--------------
GERMANY (4.8%)
Bayer AG (Chemicals).................................................................. 35,000 1,346,710
<CAPTION>
SHARES OR
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
<S> <C> <C>
Daimler-Benz AG
(Motor Vehicles & Parts)............................................................. 9,000 $ 731,140
Deutsche Bank AG (Banking)............................................................ 25,000 1,462,567
Gehe AG (Wholesale Distributor)....................................................... 20,000 1,366,403
Heidelberger Zement AG (Building Materials)........................................... 3,500 331,554
Mannesmann AG (Machinery & Capital Spending).......................................... 2,400 1,070,617
Thyssen AG (Metals, Mining & Steel)................................................... 3,000 711,333
Volkswagen AG (Motor Vehicles & Parts)................................................ 1,500 1,151,395
--------------
8,171,719
--------------
HUNGARY (0.1%)
*Gedeon Richter Ltd., GDS (Pharmaceuticals)........................................... 2,700 248,400
--------------
HONG KONG (4.6%)
China Resources Beijing Land Ltd. (Real Estate)....................................... 822,000 610,123
COSCO Pacific Ltd. (Class H) (Container Leasing)...................................... 920,000 2,131,719
Guangnan Holdings (Class H) (Wholesale Distributor)................................... 1,942,857 3,034,617
HSBC Holdings plc (Banking)........................................................... 56,000 1,684,308
Qingling Motors Co., Ltd. (Class H) (Motor Vehicles & Parts).......................... 650,000 335,622
--------------
7,796,389
--------------
INDIA (3.0%)
Bajaj Auto Ltd., GDR (Motor Vehicles & Parts)......................................... 20,000 698,500
Indian Hotels Co., Ltd., The, GDR (Entertainment & Leisure)........................... 37,000 878,750
*Industrial Credit & Investment Corp. of India Ltd., The, GDR
(Financial Services)................................................................. 30,000 435,000
Larsen & Toubro Ltd., GDR (Engineering & Construction)................................ 40,000 685,000
Mahindra & Mahindra Ltd. (Motor Vehicles & Parts)..................................... 70,000 855,066
Tata Engineering & Locomotive Co., Ltd., GDS (Motor Vehicles & Parts)................. 50,000 768,750
*Videsh Sanchar Nigam Ltd., GDR (Utilities - Communication)........................... 40,000 833,000
--------------
5,154,066
--------------
ITALY (1.2%)
Fiat S.p.A (Motor Vehicles & Parts)................................................... 550,000 1,977,928
--------------
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COMMON STOCKS (CONTINUED)
<TABLE>
<S> <C> <C>
JAPAN (30.1%)
Banyu Pharmaceutical Co., Ltd. (Pharmaceuticals)...................................... 22,000 $ 386,572
Bellsystem 24, Inc. (Business Services)............................................... 6,000 891,686
BRIDGESTONE CORP. (Motor Vehicles & Parts)............................................ 32,000 744,121
CANON, INC. (Electronics)............................................................. 28,000 763,703
DENSO CORP. (Motor Vehicles & Parts).................................................. 23,000 550,922
East Japan Railway Co. (Transportation)............................................... 148 760,766
Fuji Bank Ltd., The (Banking)......................................................... 110,000 1,653,991
Fuji Heavy Industries Ltd. (Machinery & Capital Spending)............................. 91,000 475,723
Fuji Photo Film Co., Ltd. (Entertainment & Leisure)................................... 50,000 2,015,036
FUJITSU LTD. (Electronics)............................................................ 47,000 653,291
Hitachi Maxell Ltd. (Electronics)..................................................... 36,000 893,785
HOYA Corp. (Manufacturing)............................................................ 23,000 1,025,439
Ishikawajima-Harima Heavy Industries Co., Ltd. (Machinery & Capital Spending)......... 310,000 1,219,512
KEYENCE CORP. (Electronics)........................................................... 6,600 980,855
KOMATSU LTD. (Machinery & Capital Spending)........................................... 143,000 1,162,602
MABUCHI MOTOR CO., LTD. (Electrical Equipment)........................................ 16,000 930,151
Matsushita-Kotobuki Electronics Inds., Ltd. (Electronics)............................. 21,000 697,614
Mitsubishi Corp. (Wholesale Distributor).............................................. 65,000 812,571
Mitsubishi Estate Co., Ltd. (Real Estate)............................................. 70,000 1,015,823
Mitsubishi Heavy Inds., Ltd. (Machinery & Capital Spending)........................... 149,000 1,144,952
Mitsubishi Trust & Banking Corp., The (Banking)....................................... 55,000 870,268
MITSUI & CO., LTD. (Wholesale Distributor)............................................ 90,000 865,460
Mitsui Fudosan Co., Ltd. (Real Estate)................................................ 61,000 842,556
NIDEC CORP. (Electronics)............................................................. 20,000 979,107
Nintendo Co., Ltd. (Entertainment & Leisure).......................................... 18,000 1,507,475
NIPPON STEEL CORP. (Metals, Mining & Steel)........................................... 529,000 1,692,578
NIPPON TELEGRAPH & TELEPHONE CORP. (Utilities - Communication)........................ 100 961,623
Nomura Securities Co., Ltd., The (Financial Services)................................. 38,000 524,871
NTT Data Communications Systems Corp. (Business Services)............................. 35 1,355,451
<CAPTION>
SHARES OR
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
<S> <C> <C>
ROHM CO., LTD. (Electronics).......................................................... 17,000 $ 1,753,650
SANKYO CO., LTD. (Pharmaceuticals).................................................... 36,000 1,211,644
Sanwa Bank Ltd., The (Banking)........................................................ 110,000 1,634,758
SEVEN-ELEVEN JAPAN CO., LTD. (Retail)................................................. 3,000 227,118
SHIMAMURA CO., LTD. (Retail).......................................................... 23,200 827,485
Shiseido Co., Ltd. (Consumer Products)................................................ 107,000 1,767,899
SHOWA CORP. (Motor Vehicles & Parts).................................................. 100,000 848,851
SONY CORP. (Electronics).............................................................. 46,000 4,017,309
Sumitomo Bank Ltd., The (Banking)..................................................... 100,000 1,643,500
Sumitomo Trust & Banking Co., Ltd., The (Banking)..................................... 75,000 806,452
TDK CORP. (Electronics)............................................................... 15,000 1,102,806
Takeda Chemical Inds., Ltd. (Pharmaceuticals)......................................... 41,000 1,154,122
Tokio Marine & Fire Insurance Co., Ltd., The (Insurance).............................. 130,000 1,704,695
Tokyo Electron Ltd. (Electronics)..................................................... 22,000 1,053,938
TOKYO STEEL MANUFACTURING CO., LTD. (Metals, Mining & Steel).......................... 60,000 671,387
TOYOTA MOTOR CORP. (Motor Vehicles & Parts)........................................... 50,000 1,477,402
TRANS COSMOS, INC. (Business Services)................................................ 18,000 659,323
--------------
50,940,843
--------------
KOREA (1.0%)
*CITC Seoul Excel Trust, IDR (Investment Trust)....................................... 130,000 963,300
Daehan Blue-Chip Index Trust, IDR (Investment Trust).................................. 45,000 760,500
--------------
1,723,800
--------------
MALAYSIA (2.1%)
Konsortium Perkapalan Berhad (Transportation)......................................... 115,000 679,071
Malayan Banking Berhad (Banking)...................................................... 116,000 1,218,246
Tenaga Nasional Berhad (Utilities - Electric)......................................... 211,000 1,028,534
United Engineers of Malaysia Ltd., Berhad (Construction).............................. 80,000 577,022
--------------
3,502,873
--------------
MEXICO (0.8%)
Fomento Economico Mexicano SA de CV (Series B) (Brewers).............................. 240,000 1,427,565
--------------
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PRINCIPAL
AMOUNT VALUE(1)
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<S> <C> <C>
</TABLE>
COMMON STOCKS (CONTINUED)
<TABLE>
<S> <C> <C>
NETHERLANDS (6.0%)
ABN Amro Holding NV (Banking)......................................................... 32,524 $ 607,832
Aegon NV (Insurance).................................................................. 25,764 1,802,322
Akzo Nobel NV (Chemicals)............................................................. 4,800 659,314
Elsevier NV (Publishing).............................................................. 80,000 1,339,869
Koninklijke Pakhoed NV (Certificates)
(Oil Equipment & Services)........................................................... 16,484 582,462
NV Verenidge Bedrijven Nutricia (Certificates) (Food & Beverages)..................... 4,856 768,668
Philips Electronics NV (Electronics).................................................. 10,000 717,933
Royal Dutch Petroleum Co. (Oil Exploration & Production).............................. 32,000 1,668,301
*Vedior Holdings NV, BDR (Certificates) (Business Services)........................... 50,000 1,325,061
Vendex International NV (Certificates) (Retail)....................................... 13,105 719,357
--------------
10,191,119
--------------
NORWAY (0.5%)
Smedvig ASA (Class A) (Oil Equipment & Services)...................................... 32,000 800,602
--------------
SPAIN (2.2%)
Banco Bilbao Vizcaya SA (Banking)..................................................... 16,000 1,302,680
Dragados & Construcciones, SA (Construction).......................................... 39,000 811,726
Repsol SA, ADR (Oil Exploration & Production)......................................... 16,000 679,000
Telefonica de Espana SA, ADR (Utilities - Communication).............................. 10,000 862,500
--------------
3,655,906
--------------
SWEDEN (1.5%)
Assa Abloy AB (Series B) (Manufacturing - Diversified Inds.).......................... 33,000 675,188
*Scandic Hotels AB (Entertainment & Leisure).......................................... 38,000 600,339
SSAB Svenskt Stal AB (Series B) (Metals, Mining & Steel).............................. 25,000 508,268
Telefonaktiebolaget LM Ericsson, ADR (Electronics).................................... 20,000 787,500
--------------
2,571,295
--------------
SWITZERLAND (3.4%)
ABB AG (Bearer) (Electrical Equipment)................................................ 750 1,137,612
<CAPTION>
SHARES OR
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
<S> <C> <C>
*Ciba Spezialitatenchemie AG (Bearer) (Chemicals)..................................... 6,400 $ 592,999
Credit Suisse Group (Registered) (Financial Services)................................. 6,500 836,479
Forbo Holding AG (Registered) (Manufacturing)......................................... 1,300 562,114
Novartis AG (Bearer) (Pharmaceuticals)................................................ 1,600 2,560,878
--------------
5,690,082
--------------
TAIWAN (1.5%)
Cathay Life Insurance Co., Ltd. (Insurance)........................................... 30,000 171,706
China Development Corp. (Banking)..................................................... 129,000 666,361
Far Eastern Department Stores Ltd. (Retail)........................................... 280,000 445,501
First CommercialBank (Banking)........................................................ 55,500 226,755
Formosa Plastic Corp. (Chemicals)..................................................... 174,400 420,619
President Enterprises Corp. (Food & Beverages)........................................ 295,000 584,053
--------------
2,514,995
--------------
UNITED KINGDOM (13.7%)
Associated British Foods plc (Food & Beverages)....................................... 62,000 534,926
Bank of Scotland (Banking)............................................................ 86,000 549,519
Barclays plc (Banking)................................................................ 50,639 1,004,419
British Aerospace plc (Aircraft & Aerospace).......................................... 76,000 1,690,191
British Petroleum Co., plc (Oil Exploration & Production)............................. 108,930 1,353,102
British Sky Broadcasting Group plc (Media)............................................ 30,000 219,648
British Telecommunications plc (Utilities - Communication)............................ 230,000 1,706,931
Compass Group plc (Restaurants)....................................................... 78,000 874,798
*Dr. Solomon's Group plc (Business Services).......................................... 22,500 570,937
Electrocomponents plc (Electronics)................................................... 86,469 645,322
Glaxo Wellcome plc (Pharmaceuticals).................................................. 86,000 1,774,490
Granada Group plc (Entertainment & Leisure)........................................... 60,616 796,834
Hays plc (Business Services).......................................................... 120,000 1,140,173
Imperial Chemical Industries plc (Chemical)........................................... 98,000 1,362,467
National Westminster Bank plc (Banking)............................................... 93,000 1,249,622
Next plc (Retail)..................................................................... 80,000 903,219
*Norwich Union plc (Insurance)........................................................ 150,000 797,472
PizzaExpress plc (Restaurants)........................................................ 37,400 391,449
*Railtrack Group plc (Transportation)................................................. 100,000 1,040,832
Siebe plc (Machinery & Capital Spending).............................................. 72,295 1,223,440
Smithkline Beecham plc (Pharmaceuticals).............................................. 50,241 924,209
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SHARES OR
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
</TABLE>
COMMON STOCKS (CONTINUED)
<TABLE>
<S> <C> <C>
Smiths Industries plc (Manufacturing - Diversified Inds.)............................. 28,000 $ 358,525
Wetherspoon, J.D. plc (Restaurants)................................................... 28,000 634,816
WPP Group plc (Business Services)..................................................... 160,000 656,282
Zeneca Group plc (Pharmaceuticals).................................................... 24,000 793,129
--------------
23,196,752
--------------
Total Common Stocks
(Cost $117,363,182) ................................................................. 146,237,995
--------------
PREFERRED STOCKS (5.6%)
BRAZIL (5.1%)
Bardella Industrias Mecanicas SA (Manufacturing - Diversified Inds.).................. 4,000 587,088
Cia Cervejaria Brahma SA (Food & Beverages)........................................... 1,740,000 1,325,406
Cia Paranaense de EnergiSA (Class B) (Utilities - Electric)........................... 73,000,000 1,356,247
Cia Tecidos do Norte de Minas SA (Textiles)........................................... 1,195,000 466,233
DIXIE TOGA SA (Containers)............................................................ 437,500 235,718
Petroleo Brasileiro SA (Oil Exploration & Production)................................. 1,000,000 277,761
Telecommunicacoes Brasileiras SA
(Utilities - Communication).......................................................... 27,000,000 4,095,773
Wentex Textil SA (Textiles)........................................................... 50,000 204,366
--------------
8,548,592
--------------
GERMANY (0.5%)
Porsche AG (Motor Vehicles & Parts)................................................... 700 932,369
--------------
Total Preferred Stocks
(Cost $6,463,570) ................................................................... 9,480,961
--------------
WARRANTS (0.1%)
FRANCE (0.1%)
*Cie Generale des Eaux (05/02/2001) (Utilities)....................................... 220,000 131,970
--------------
JAPAN (0.0%)
*Mr. Max Corp. (02/17/1998) (Retail).................................................. 5,000 3,432
--------------
Total Warrants
(Cost $692,496) ..................................................................... 135,402
--------------
<CAPTION>
SHARES OR
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
<S> <C> <C>
CONVERTIBLE BOND (0.5%)
GERMANY (0.5%)
Daimler-Benz AG (Motor Vehicles & Parts)
5.750% 06/14/2002
(Cost $819,929)...................................................................... $ 1,285,827 $ 837,343
--------------
Total investments, excluding temporary cash investments
(Cost $125,339,177) ................................................................. 156,691,701
--------------
REPURCHASE AGREEMENTS (6.9%)
Goldman Sachs Corp.
5.891% dated 6/30/1997,
due 07/01/1997 in the
amount of $8,634,853.
Collateralized by U.S. Treasury Note
5.750% due 08/15/2003,
U.S. Treasury Bond
6.250% due 08/15/2023. .............................................................. 8,633,460 8,633,460
J.P. Morgan Securities, Inc.
6.003% dated 6/30/1997,
due 07/01/1997 in the
amount of $3,000,493.
Collateralized by U.S. Treasury Note
6.625% due 04/30/2002,
U.S. Treasury Bill
due 11/13/1997 to 11/20/1997. ....................................................... 3,000,000 3,000,000
--------------
Total Repurchase Agreements
(Cost $11,633,460) .................................................................. 11,633,460
--------------
TOTAL INVESTMENTS (99.5%)
(Cost $136,972,637)...................................................................... 168,325,161
CASH AND RECEIVABLES LESS LIABILITIES (0.5%).............................................. 905,204
--------------
NET ASSETS (100%)......................................................................... $ 169,230,365
--------------
--------------
</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, 1997 PRINCIPAL
(Unaudited) AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
COMMON STOCKS (92.7%)
FINANCE (0.5%)
*Hartford Life, Inc. (Class A)........................................................ 214,300 $ 8,036,250
--------------
BUILDING & FORESTRY PRODUCTS (11.4%)
Boise Cascade Corp. .................................................................. 660,000 23,306,250
Champion International Corp. ......................................................... 770,000 42,542,500
Georgia-Pacific Corp. ................................................................ 245,000 20,916,875
*Giant Cement Holdings, Inc. ......................................................... 200,000 3,750,000
Lafarge Corp. ........................................................................ 420,000 10,290,000
Lone Star Industries, Inc. ........................................................... 150,000 6,796,875
Martin Marietta Materials, Inc. ...................................................... 275,000 8,903,125
Southdown, Inc. ...................................................................... 145,000 6,325,625
Stone Container Corp. ................................................................ 700,000 10,018,750
Temple-Inland, Inc. .................................................................. 285,000 15,390,000
Willamette Industries, Inc. .......................................................... 275,000 19,250,000
--------------
167,490,000
--------------
BUSINESS & CONSUMER SERVICES (8.4%)
*AccuStaff, Inc. ..................................................................... 550,000 13,028,125
Danka Business Systems plc ADR........................................................ 505,000 20,641,875
DENTSPLY International, Inc. ......................................................... 275,000 13,475,000
*FIserv, Inc. ........................................................................ 425,000 18,965,625
*Hertz Corp. (Class A)................................................................ 484,000 17,424,000
*Romac International, Inc. ........................................................... 300,000 9,825,000
Service Corp. Int'l. ................................................................. 600,000 19,725,000
Unitog Co. ........................................................................... 381,450 10,299,150
--------------
123,383,775
--------------
CHEMICAL (2.1%)
IMC Global, Inc. ..................................................................... 475,000 16,625,000
Potash Corp. of Saskatchewan, Inc. ................................................... 183,000 13,736,437
--------------
30,361,437
--------------
CONSUMER DURABLE (0.8%)
*Furniture Brands International, Inc. ................................................ 600,000 11,625,000
--------------
CONSUMER NON-DURABLE (22.8%)
+*Abercrombie & Fitch Co. (Class A)................................................... 725,000 13,412,500
*AnnTaylor Stores Corp. .............................................................. 681,000 13,279,500
Apple South, Inc. .................................................................... 583,200 8,893,800
*BMC West Corp. ...................................................................... 500,000 6,125,000
*Borders Group, Inc. ................................................................. 600,000 14,475,000
*Consolidated Stores Corp. ........................................................... 450,000 15,637,500
*Eagle Hardware & Garden, Inc. ....................................................... 1,020,000 23,332,500
+*Gadzooks, Inc. ..................................................................... 589,500 11,495,250
*General Nutrition Cos., Inc. ........................................................ 400,000 11,200,000
*Helen of Troy Ltd. .................................................................. 400,000 10,250,000
<CAPTION>
SHARES OR
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
<S> <C> <C>
*Landry's Seafood Restaurants, Inc. .................................................. 950,000 $ 21,850,000
Liz Claiborne, Inc. .................................................................. 450,000 20,981,250
*Meyer (Fred), Inc. .................................................................. 630,000 32,563,125
Nordstrom, Inc. ...................................................................... 300,000 14,718,750
*Papa John's International, Inc. ..................................................... 450,000 16,537,500
*Planet Hollywood International, Inc. (Class A)....................................... 1,135,000 26,105,000
St. John Knits, Inc. ................................................................. 425,000 22,950,000
*Sports Authority, Inc. (The)......................................................... 725,000 14,092,188
+*Vans, Inc. ......................................................................... 835,000 12,629,375
Warnaco Group, Inc. (Class A)......................................................... 300,000 9,562,500
*Zale Corp. .......................................................................... 800,000 15,850,000
--------------
335,940,738
--------------
CONSUMER STAPLES (9.6%)
American Stores Co. .................................................................. 651,000 32,143,125
*Kroger Co. .......................................................................... 950,000 27,550,000
Libbey, Inc. ......................................................................... 200,000 7,000,000
Newell Co. ........................................................................... 380,000 15,057,500
*Quality Food Centers, Inc. .......................................................... 300,000 11,400,000
*Safeway, Inc. ....................................................................... 400,000 18,450,000
Sunbeam Corp. ........................................................................ 800,000 30,200,000
--------------
141,800,625
--------------
ENERGY (1.3%)
Tosco Corp. .......................................................................... 351,000 10,508,063
*Triton Energy Ltd. .................................................................. 196,000 8,979,250
--------------
19,487,313
--------------
ENERGY SERVICES (1.1%)
Camco International, Inc. ............................................................ 300,000 16,425,000
--------------
ENTERTAINMENT & MEDIA (0.8%)
*WMS Industries, Inc. ................................................................ 500,000 12,531,250
--------------
HEALTH (8.2%)
*American Oncology Resources, Inc. ................................................... 225,400 3,803,625
*Apria Healthcare Group, Inc. ........................................................ 830,000 14,732,500
Cardinal Health, Inc. ................................................................ 200,000 11,450,000
*Dura Pharmaceuticals, Inc. .......................................................... 355,000 14,155,625
*ESC Medical Systems Ltd. ............................................................ 571,500 14,573,250
*Gilead Sciences, Inc. ............................................................... 450,000 12,431,250
HBO & Co. ............................................................................ 105,317 7,253,708
McKesson Corp. ....................................................................... 166,000 12,865,000
*Quintiles Transnational Corp. ....................................................... 203,000 14,133,875
+*ResMed, Inc. ....................................................................... 605,000 14,671,250
--------------
120,070,083
--------------
</TABLE>
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<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
</TABLE>
COMMON STOCKS (CONTINUED)
<TABLE>
<S> <C> <C>
HOTELS & GAMING (5.5%)
*Circus Circus Enterprises, Inc. ..................................................... 600,000 $ 14,775,000
Hilton Hotels Corp. .................................................................. 500,000 13,281,250
*ITT Corp. ........................................................................... 550,000 33,584,375
La Quinta Inns, Inc. ................................................................. 500,000 10,937,500
*Station Casinos, Inc. ............................................................... 950,000 7,956,250
--------------
80,534,375
--------------
MACHINERY & CAPITAL SPENDING (6.0%)
Albany International Corp. (Class A).................................................. 588,500 13,241,250
Applied Power, Inc. (Class A)......................................................... 355,000 18,326,875
*Avondale Industries, Inc. ........................................................... 450,000 9,450,000
*Jacobs Engineering Group, Inc. ...................................................... 500,000 13,437,500
Parker-Hannifin Corp. ................................................................ 378,900 22,994,494
Stewart & Stevenson Services, Inc. ................................................... 394,000 10,244,000
--------------
87,694,119
--------------
METAL MINING & STEEL (10.3%)
*Alumax, Inc. ........................................................................ 320,000 12,140,000
Aluminum Company of America........................................................... 400,000 30,150,000
*Bethlehem Steel Corp. ............................................................... 1,900,000 19,831,250
Freeport-McMoRan Copper & Gold, Inc. (Class A)........................................ 500,000 14,625,000
*Getchell Gold Corp. ................................................................. 450,000 15,806,250
*Kaiser Aluminum Corp. ............................................................... 550,000 6,737,500
Newmont Mining Corp. ................................................................. 550,000 21,450,000
Reynolds Metals Co. .................................................................. 200,000 14,250,000
+Schnitzer Steel Industries, Inc. (Class A)........................................... 550,000 16,362,500
--------------
151,352,500
--------------
POLLUTION CONTROL (1.0%)
*Air & Water Technologies Corp. (Class A)............................................. 1,150,100 3,450,300
*Osmonics, Inc. ...................................................................... 600,000 11,062,500
--------------
14,512,800
--------------
TECHNOLOGY (1.7%)
*Integrated Measurement Systems, Inc. ................................................ 360,000 5,332,500
*Iomega Corp. ........................................................................ 800,000 15,900,000
*Loral Space & Communications Corp. .................................................. 300,000 4,500,000
--------------
25,732,500
--------------
<CAPTION>
SHARES OR
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
<S> <C> <C>
TRANSPORTATION (0.5%)
+*Celadon Group, Inc. ................................................................ 580,000 $ 6,670,000
--------------
UTILITIES/ELECTRIC/GAS (0.7%)
United Water Resources, Inc. ......................................................... 525,000 10,171,875
--------------
Total Common Stocks
(Cost $1,237,360,211) ............................................................... 1,363,819,640
--------------
REPURCHASE AGREEMENTS (7.9%)
Goldman Sachs Corp.
5.891% dated 06/30/1997,
due 07/01/1997 in the
amount of $76,304,412.
Collateralized by U.S. Treasury Bond
6.250% due 08/15/2023,
U.S. Treasury Note
5.750% due 08/15/2003. .............................................................. $ 76,292,100 76,292,100
J.P. Morgan Securities, Inc.
6.003% dated 06/30/1997,
due 07/01/1997 in the
amount of $40,506,661.
Collateralized by U.S. Treasury Bills
due 11/13/1997 to 11/20/1997,
U.S. Treasury Note
6.625% due 04/30/2002................................................................ 40,500,000 40,500,000
--------------
Total Repurchase Agreements
(Cost $116,792,100).................................................................. 116,792,100
--------------
TOTAL INVESTMENTS (100.6%)
(Cost $1,354,152,311).................................................................... 1,480,611,740
RECEIVABLES LESS LIABILITIES (-0.6%)...................................................... (9,457,057)
--------------
NET ASSETS (100.0%)....................................................................... $1,471,154,683
--------------
--------------
</TABLE>
(1) See Note 1 of Notes to Financial Statements.
* Non-income producing.
+ Affiliated issuers (Note 1).
The accompanying notes are an integral part
of the financial statements.
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-----------------------------------
<TABLE>
<CAPTION>
SHARES OR
June 30, 1997 PRINCIPAL
(Unaudited) AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
COMMON STOCKS (100.5%)
AEROSPACE (0.9%)
*Orbital Sciences Corp. .............................................................. 25,000 $ 396,875
--------------
FINANCE (5.8%)
*Glendale Federal Bank FSB............................................................ 19,000 496,375
*Insignia Financial Group, Inc. (Class A)............................................. 20,000 362,500
North Fork Bancorp, Inc. ............................................................. 33,600 718,200
PennCorp Financial Group, Inc. ....................................................... 14,300 550,550
TCF Financial Corp. .................................................................. 8,200 404,875
--------------
2,532,500
--------------
BUILDING & FORESTRY PRODUCTS (1.2%)
Martin Marietta Materials, Inc. ...................................................... 16,000 518,000
--------------
BUSINESS & CONSUMER SERVICES (8.6%)
AccuStaff, Inc. ...................................................................... 28,000 663,250
*Billing Information Concepts Corp. .................................................. 18,000 627,750
*CorVel Corp. ........................................................................ 6,000 172,500
*DST Systems, Inc. ................................................................... 13,000 433,062
G & K Services, Inc. (Class A)........................................................ 13,800 514,050
*JLK Direct Distribution, Inc. (Class A).............................................. 6,000 153,750
*National TechTeam, Inc. ............................................................. 30,000 641,250
*Romac International, Inc. ........................................................... 5,700 186,675
*Walsh International, Inc. ........................................................... 40,300 337,513
--------------
3,729,800
--------------
CHEMICAL (1.4%)
*TETRA Technologies, Inc. ............................................................ 25,000 618,750
--------------
CONSUMER DURABLE (1.0%)
*Tower Automotive, Inc. .............................................................. 10,000 430,000
--------------
CONSUMER NON-DURABLE (18.8%)
*ACX Technologies, Inc. .............................................................. 19,000 427,500
*Bed, Bath & Beyond, Inc. ............................................................ 13,000 394,875
*Borders Group, Inc. ................................................................. 26,000 627,250
CKE Restaurants, Inc. ................................................................ 18,000 569,250
Claire's Stores, Inc. ................................................................ 20,000 350,000
Cooker Restaurant Corp. .............................................................. 20,000 213,750
*Cost Plus, Inc. ..................................................................... 25,000 656,250
*Day Runner, Inc. .................................................................... 20,000 665,000
*Foodmaker, Inc. ..................................................................... 34,000 556,750
*General Nutrition Cos., Inc. ........................................................ 32,000 896,000
Harman International Industries, Inc. ................................................ 2,900 122,162
K2, Inc. ............................................................................. 18,200 576,713
*Nine West Group, Inc. ............................................................... 5,500 210,031
+*PETsMART, Inc. ..................................................................... 28,500 327,750
Pier 1 Imports, Inc. ................................................................. 24,000 636,000
*Williams-Sonoma, Inc. ............................................................... 22,000 940,500
--------------
8,169,781
--------------
<CAPTION>
SHARES OR
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
<S> <C> <C>
ENERGY (5.0%)
*Cairn Energy USA, Inc. .............................................................. 35,500 $ 465,937
Enron Global Power & Pipelines L.L.C. ................................................ 11,000 366,438
*Ocean Energy, Inc. .................................................................. 6,000 277,500
*Patterson Energy, Inc. .............................................................. 10,800 490,050
*Swift Energy Co. .................................................................... 24,000 573,000
--------------
2,172,925
--------------
ENERGY SERVICES (5.1%)
*Nabors Industries, Inc. ............................................................. 22,000 550,000
*Pride International, Inc. ........................................................... 20,000 480,000
*Veritas DGC, Inc. ................................................................... 16,400 369,000
*Willbros Group, Inc. ................................................................ 50,000 793,750
--------------
2,192,750
--------------
ENTERTAINMENT & MEDIA (2.2%)
*Golden Books Family Entertainment, Inc. ............................................. 17,600 220,000
*WMS Industries, Inc. ................................................................ 28,400 711,775
--------------
931,775
--------------
HEALTH (14.8%)
*Allergan Ligand Retinoid Therapeutics, Inc. ......................................... 4,000 69,000
*Assisted Living Concepts, Inc. ...................................................... 15,000 414,375
*Axogen Ltd. - Units (each unit consists of 1 common share of Axogen & 1 warrant of
Elan)................................................................................ 12,500 400,000
*Cardiac Pathways Corp. .............................................................. 30,000 270,000
*Dura Pharmaceuticals, Inc. .......................................................... 9,700 386,787
*FPA Medical Management, Inc. ........................................................ 32,600 772,212
*HealthCare COMPARE Corp. ............................................................ 9,300 487,088
*Ligand Pharmaceuticals, Inc. (Class B)............................................... 30,000 386,250
*Living Centers of America, Inc. ..................................................... 10,000 395,000
*Medic Computer Systems, Inc. ........................................................ 11,600 258,100
*MedPartners, Inc. ................................................................... 14,000 302,750
*OccuSystems, Inc. ................................................................... 26,000 754,000
*Phamis, Inc. ........................................................................ 17,000 420,750
*Protein Design Labs, Inc. ........................................................... 2,000 57,000
*Thermedics, Inc. .................................................................... 18,500 290,219
*Universal Health Services, Inc. (Class B)............................................ 9,000 346,500
*Watson Pharmaceuticals, Inc. ........................................................ 10,000 422,500
--------------
6,432,531
--------------
HOTELS & GAMING (1.2%)
Hilton Hotels Corp. .................................................................. 15,000 398,437
+*Suburban Lodges of America, Inc. ................................................... 5,000 105,000
--------------
503,437
--------------
MACHINERY & CAPITAL SPENDING (0.9%)
Robbins & Myers, Inc. ................................................................ 12,000 390,000
--------------
</TABLE>
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- ------------------------ ------------------------
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<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
</TABLE>
COMMON STOCKS (CONTINUED)
<TABLE>
<S> <C> <C>
METAL MINING & STEEL (1.2%)
*Getchell Gold Corp. ................................................................. 9,000 $ 316,125
Oregon Steel Mills, Inc. ............................................................. 11,000 219,313
--------------
535,438
--------------
POLLUTION CONTROL (2.8%)
*Cuno, Inc. .......................................................................... 27,500 460,625
Memtec Ltd. ADR....................................................................... 15,000 405,000
*United Waste Systems, Inc. .......................................................... 8,900 364,900
--------------
1,230,525
--------------
REAL ESTATE SECURITIES (1.5%)
Kilroy Realty Corp. .................................................................. 25,000 631,250
--------------
TECHNOLOGY (25.7%)
*Actel Corp. ......................................................................... 25,100 428,269
*Acxiom Corp. ........................................................................ 30,000 615,000
*ADC Telecommunications, Inc. ........................................................ 13,000 433,875
*American Management Systems, Inc. ................................................... 10,200 272,850
*American Power Conversion Corp. ..................................................... 19,000 361,000
+*Ascend Communications, Inc. ........................................................ 5,500 216,562
*AXENT Technologies, Inc. ............................................................ 30,000 457,500
*CIBER, Inc. ......................................................................... 12,000 410,250
*Computer Products, Inc. ............................................................. 14,900 372,500
*Eltron International, Inc. .......................................................... 13,400 398,650
*Engineering Animation, Inc. ......................................................... 11,700 394,875
+*FORE Systems, Inc. ................................................................. 10,000 136,250
+*Great Plains Software, Inc. ........................................................ 2,000 54,000
*Integrated Process Equipment Corp. .................................................. 13,000 329,063
*JDA Software Group, Inc. ............................................................ 3,000 102,375
+*LHS Group, Inc. .................................................................... 1,350 59,147
*Melita International Corp. .......................................................... 40,000 500,000
*Metro Information Services, Inc. .................................................... 33,000 651,750
*MICROS Systems, Inc. ................................................................ 15,600 655,200
*New Era of Networks, Inc. ........................................................... 39,000 643,500
*P-COM, Inc. ......................................................................... 17,000 561,000
*Platinum Software Corp. ............................................................. 20,000 207,500
*Proxim, Inc. ........................................................................ 19,000 460,750
*RadiSys Corp. ....................................................................... 5,000 198,750
+*Rambus, Inc. ....................................................................... 1,050 48,825
+*RF Micro Devices, Inc. ............................................................. 41,000 784,125
*SPSS, Inc. .......................................................................... 7,900 229,100
*Tech Data Corp. ..................................................................... 12,000 377,250
*Transition Systems, Inc. ............................................................ 30,000 545,625
*Trident Microsystems, Inc. .......................................................... 6,400 72,000
*Veritas Software Corp. .............................................................. 3,300 165,825
--------------
11,143,366
--------------
<CAPTION>
SHARES OR
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
<S> <C> <C>
TRANSPORTATION (0.7%)
Werner Enterprises, Inc. ............................................................. 15,200 $ 294,500
--------------
UTILITIES/COMMUNICATIONS (1.7%)
*Anicom, Inc. ........................................................................ 33,400 400,800
+*Qwest Communications International, Inc. ........................................... 12,000 327,000
--------------
727,800
--------------
Total Common Stocks
(Cost $37,240,468) .................................................................. 43,582,003
--------------
WARRANT (0.1%)
HEALTH (0.1%)
*Ligand Pharmaceuticals, Inc. (06/03/2000)
(Cost $44,517)....................................................................... 8,000 60,000
--------------
Total investments, excluding temporary cash investment
(Cost $37,284,985) .................................................................. 43,642,003
--------------
REPURCHASE AGREEMENT (2.4%)
Goldman Sachs Corp.
5.891% dated 06/30/1997,
due 07/01/1997 in the
amount of $1,035,842.
Collateralized by U.S. Treasury Bond
6.250% due 08/15/2023,
U.S. Treasury Note
5.750% due 8/15/2003.
(Cost $1,035,675) ................................................................... $ 1,035,675 1,035,675
--------------
TOTAL INVESTMENTS (103.0%)
(Cost $38,320,660)....................................................................... 44,677,678
RECEIVABLES LESS LIABILITIES (-3.0%)...................................................... (1,298,077)
--------------
NET ASSETS (100.0%)....................................................................... $ 43,379,601
--------------
--------------
</TABLE>
(1) See Note 1 of Notes to Financial Statements.
* Non-income producing.
+ All or a portion of these investments are hedged by short sales against the
box (Note 1).
The accompanying notes are an integral part
of the financial statements.
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-- COLUMBIA REAL ESTATE EQUITY FUND, INC. --
--------------------------------------------
<TABLE>
<CAPTION>
SHARES OR
June 30, 1997 PRINCIPAL
(Unaudited) AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
COMMON STOCKS (88.6%)
REAL ESTATE
APARTMENTS (21.4%)
Amli Residential Properties Trust..................................................... 83,000 $ 1,960,875
Associated Estates Realty Corp. ...................................................... 146,700 3,447,450
Camden Property Trust................................................................. 133,600 4,225,100
Colonial Properties Trust............................................................. 123,900 3,639,562
Equity Residential Properties Trust................................................... 89,703 4,260,892
Oasis Residential, Inc. .............................................................. 74,900 1,760,150
Security Capital Pacific Trust........................................................ 161,500 3,694,313
*Wellsford Real Properties, Inc. ..................................................... 26,481 291,291
--------------
23,279,633
--------------
OFFICE (9.6%)
Beacon Properties Corp. .............................................................. 63,300 2,112,638
Cali Realty Corp. .................................................................... 141,700 4,817,800
Reckson Associates Realty Corp. ...................................................... 154,600 3,555,800
--------------
10,486,238
--------------
INDUSTRIAL (26.5%)
Alexandria Real Estate Equities, Inc. ................................................ 75,000 1,645,312
First Industrial Realty Trust, Inc. .................................................. 120,600 3,527,550
Liberty Property Trust................................................................ 171,700 4,271,038
Public Storage, Inc. ................................................................. 128,800 3,767,400
Security Capital Industrial Trust..................................................... 175,400 3,771,100
Shurgard Storage Centers, Inc. (Class A).............................................. 122,100 3,418,800
Spieker Properties, Inc. ............................................................. 102,000 3,589,125
Storage Trust Realty.................................................................. 50,500 1,338,250
TriNet Corporate Realty Trust, Inc. .................................................. 108,300 3,580,669
--------------
28,909,244
--------------
MANUFACTURED HOMES (3.6%)
Manufactured Home Communities, Inc. .................................................. 168,000 3,874,500
--------------
COMMUNITY CENTERS (6.8%)
Excel Realty Trust, Inc. ............................................................. 140,100 3,695,137
JP Realty, Inc. ...................................................................... 138,100 3,745,963
--------------
7,441,100
--------------
SHOPPING MALLS (12.5%)
General Growth Properties, Inc. ...................................................... 121,000 4,053,500
Macerich Co. ......................................................................... 82,100 2,278,275
Rouse Co. ............................................................................ 116,000 3,422,000
Simon DeBartolo Group, Inc. .......................................................... 121,656 3,892,992
--------------
13,646,767
--------------
<CAPTION>
SHARES OR
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
<S> <C> <C>
LODGING (4.6%)
*CapStar Hotel Co. ................................................................... 50,000 $ 1,600,000
Patriot American Hospitality, Inc. ................................................... 69,200 1,764,600
Starwood Lodging Trust................................................................ 39,600 1,690,425
--------------
5,055,025
--------------
OTHER (3.6%)
*Catellus Development Corp. .......................................................... 218,200 3,954,875
--------------
Total Common Stocks
(Cost $82,512,362) .................................................................. 96,647,382
--------------
REPURCHASE AGREEMENTS (9.4%)
Goldman Sachs Corp.
5.891% dated 06/30/1997,
due 07/01/1997 in the
amount of $5,290,644.
Collateralized by U.S. Treasury Bond
6.250% due 08/15/2023,
U.S. Treasury Note
5.750% due 08/15/2003. .............................................................. $ 5,289,790 5,289,790
J.P. Morgan Securities, Inc.
6.003% dated 06/30/1997,
due 07/01/1997 in the
amount of $5,000,822.
Collateralized by U.S. Treasury Note
6.625% due 04/30/2002,
U.S. Treasury Bills
due 11/13/1997 to 11/20/1997. ....................................................... 5,000,000 5,000,000
--------------
Total Repurchase Agreements
(Cost $10,289,790) .................................................................. 10,289,790
--------------
TOTAL INVESTMENTS (98.0%)
(Cost $92,802,152)....................................................................... 106,937,172
RECEIVABLES LESS LIABILITIES (2.0%)....................................................... 2,160,968
--------------
NET ASSETS (100.0%)....................................................................... $ 109,098,140
--------------
--------------
</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, 1997 PRINCIPAL
(Unaudited) AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
COMMON STOCKS (51.1%)
FINANCE (8.6%)
American Express Co. ................................................................. 113,900 $ 8,485,550
BankAmerica Corp. .................................................................... 99,800 6,443,337
Berkley (W.R.) Corp. ................................................................. 71,000 4,180,125
Chase Manhattan Corp. ................................................................ 39,100 3,795,144
Federal Home Loan Mortgage Corp. ..................................................... 301,000 10,346,875
General Re Corp. ..................................................................... 20,400 3,712,800
*Hartford Life, Inc. (Class A)........................................................ 10,900 408,750
Morgan (J.P.) & Co., Inc. ............................................................ 54,500 5,688,437
Morgan Stanley, Dean Witter, Discover & Co. .......................................... 89,100 3,836,869
NAC Re Corp. ......................................................................... 45,800 2,215,575
NationsBank Corp. .................................................................... 34,200 2,205,900
PNC Bank Corp. ....................................................................... 143,700 5,981,512
TIG Holdings, Inc. ................................................................... 130,000 4,062,500
U.S. Bancorp.......................................................................... 61,100 3,918,038
--------------
65,281,412
--------------
BUILDING & FORESTRY PRODUCTS (1.8%)
Champion International Corp. ......................................................... 115,000 6,353,750
Weyerhaeuser Co. ..................................................................... 70,000 3,640,000
Willamette Industries, Inc. .......................................................... 53,000 3,710,000
--------------
13,703,750
--------------
BUSINESS & CONSUMER SERVICES (1.1%)
Service Corp. Int'l. ................................................................. 256,400 8,429,150
--------------
CHEMICAL (2.3%)
du Pont (E.I.) de Nemours & Co. ...................................................... 64,000 4,024,000
Grace (W.R.) & Co. ................................................................... 68,200 3,759,525
Hercules, Inc. ....................................................................... 119,100 5,701,912
Monsanto Co. ......................................................................... 98,200 4,228,738
--------------
17,714,175
--------------
CONSUMER NON-DURABLE (6.6%)
*Circus Circus Enterprises, Inc. ..................................................... 67,600 1,664,650
*Costco Cos., Inc. ................................................................... 200,000 6,575,000
*Federated Department Stores, Inc. ................................................... 207,300 7,203,675
Marriott International, Inc. ......................................................... 69,700 4,277,837
Mattel, Inc. ......................................................................... 292,350 9,903,356
McDonald's Corp. ..................................................................... 103,800 5,014,838
*Meyer (Fred), Inc. .................................................................. 80,000 4,135,000
Sears, Roebuck & Co. ................................................................. 137,000 7,363,750
Wal-Mart Stores, Inc. ................................................................ 123,900 4,189,369
--------------
50,327,475
--------------
<CAPTION>
SHARES OR
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
<S> <C> <C>
CONSUMER STAPLES (6.3%)
American Stores Co. .................................................................. 111,800 $ 5,520,125
Avon Products, Inc. .................................................................. 50,200 3,542,237
Gillette Co. ......................................................................... 49,000 4,642,750
Nabisco Holdings Corp. (Class A)...................................................... 90,100 3,592,738
PepsiCo, Inc. ........................................................................ 215,700 8,102,231
Philip Morris Cos., Inc. ............................................................. 175,200 7,774,500
Rite Aid Corp. ....................................................................... 90,000 4,488,750
Sunbeam Corp. ........................................................................ 276,400 10,434,100
--------------
48,097,431
--------------
ENERGY (4.4%)
Amoco Corp. .......................................................................... 84,800 7,372,300
Louisiana Land & Exploration Co. ..................................................... 72,400 4,135,850
Mobil Corp. .......................................................................... 109,400 7,644,325
Royal Dutch Petroleum Co. ............................................................ 173,800 9,450,375
Texaco, Inc. ......................................................................... 32,200 3,501,750
Union Pacific Resources Group, Inc. .................................................. 59,800 1,487,525
--------------
33,592,125
--------------
ENERGY SERVICES (0.3%)
Schlumberger Ltd. .................................................................... 17,000 2,125,000
--------------
ENTERTAINMENT & MEDIA (1.4%)
Gannett, Inc. ........................................................................ 45,000 4,443,750
Time Warner, Inc. .................................................................... 63,800 3,078,350
*Viacom, Inc. (Class B)............................................................... 106,600 3,198,000
--------------
10,720,100
--------------
HEALTH (4.9%)
American Home Products Corp. ......................................................... 102,300 7,825,950
Baxter International, Inc. ........................................................... 112,200 5,862,450
Johnson & Johnson..................................................................... 116,000 7,467,500
Merck & Co., Inc. .................................................................... 45,700 4,729,950
Pfizer, Inc. ......................................................................... 40,000 4,780,000
*Tenet Healthcare Corp. .............................................................. 29,900 883,919
Warner-Lambert Co. ................................................................... 47,500 5,901,875
--------------
37,451,644
--------------
MACHINERY & CAPITAL SPENDING (5.1%)
*ADT Ltd. ............................................................................ 130,500 4,306,500
Case Corp. ........................................................................... 58,000 3,994,750
Caterpillar, Inc. .................................................................... 17,000 1,825,375
Deere & Co. .......................................................................... 111,300 6,107,587
Emerson Electric Co. ................................................................. 105,600 5,814,600
General Electric Co. ................................................................. 136,000 8,891,000
Honeywell, Inc. ...................................................................... 55,100 4,180,713
</TABLE>
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<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
</TABLE>
COMMON STOCKS (CONTINUED)
<TABLE>
<S> <C> <C>
Tyco International Ltd. .............................................................. 59,300 $ 4,125,056
--------------
39,245,581
--------------
METAL MINING & STEEL (0.9%)
Aluminum Company of America........................................................... 86,400 6,512,400
--------------
REAL ESTATE SECURITIES (2.0%)
American Health Properties, Inc. ..................................................... 73,600 1,849,200
Associated Estates Realty Corp. ...................................................... 76,200 1,790,700
Beacon Properties Corp. .............................................................. 45,000 1,501,875
Equity Residential Properties Trust................................................... 48,500 2,303,750
JP Realty, Inc. ...................................................................... 97,500 2,644,687
Manufactured Home Communities, Inc. .................................................. 78,000 1,798,875
Simon DeBartolo Group, Inc. .......................................................... 52,500 1,680,000
Spieker Properties, Inc. ............................................................. 53,000 1,864,938
--------------
15,434,025
--------------
TECHNOLOGY (4.7%)
Adobe Systems, Inc. .................................................................. 155,000 5,434,687
*Applied Materials, Inc. ............................................................. 42,800 3,030,775
Boeing Co. ........................................................................... 104,800 5,560,950
Ericsson (L.M.) Telephone Co. (Class B) ADR........................................... 135,900 5,351,063
Hewlett-Packard Co. .................................................................. 76,000 4,256,000
Intel Corp. .......................................................................... 36,700 5,204,519
Motorola, Inc. ....................................................................... 91,300 6,938,800
--------------
35,776,794
--------------
UTILITIES/COMMUNICATIONS (0.3%)
Frontier Corp. ....................................................................... 122,100 2,434,369
--------------
UTILITIES/ELECTRIC/GAS (0.4%)
Idaho Power Co. ...................................................................... 99,300 3,115,538
--------------
Total Common Stocks
(Cost $284,105,115) ................................................................. 389,960,969
--------------
U.S. GOVERNMENT, FEDERAL AGENCY OBLIGATIONS (34.0%)
U.S. TREASURY BONDS & NOTES (13.1%)
U.S. Treasury Bonds
12.000% 05/15/2005................................................................... $ 17,070,000 22,724,438
8.875% 08/15/2017................................................................... 4,620,000 5,624,850
8.125% 08/15/2019................................................................... 6,680,000 7,614,131
U.S. Treasury Notes
6.125% 05/15/1998................................................................... 13,980,000 14,017,047
8.875% 02/15/1999................................................................... 39,475,000 41,202,031
6.375% 04/30/1999................................................................... 8,865,000 8,914,910
--------------
100,097,407
--------------
<CAPTION>
SHARES OR
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
<S> <C> <C>
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) (3.1%)
8.000% 08/15/2026 - 07/15/2027...................................................... $ 23,034,495 $ 23,573,503
--------------
FEDERAL HOUSING ADMINISTRATION (FHA) (0.6%)
FHA Insured Project Pool #23-11059
7.700% 08/01/2028................................................................... 1,615,682 1,613,662
FHA Insured Project Pool #55
7.430% 04/01/2022................................................................... 1,911,591 1,862,310
FHA Insured Project Pool #53-43077
9.125% 07/25/2033................................................................... 1,100,565 1,169,780
--------------
4,645,752
--------------
AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (17.2%)
FHLMC Multiclass Mtg. Partn. Ctfs.
Gtd. Series 1233 Cl. H
7.000% 04/15/2007................................................................... 600,000 600,558
FHLMC Multiclass Mtg. Partn. Ctfs.
Gtd. Series 1543 Cl. XN
7.000% 07/15/2023................................................................... 5,585,000 5,416,221
FHLMC Multiclass Mtg. Partn. Ctfs.
Gtd. Series 1572A Cl. DB
7.000% 04/15/2022................................................................... 1,930,000 1,877,523
FHLMC Multiclass Mtg. Partn. Ctfs.
Gtd. Series 1627 Cl. EA
6.000% 05/15/2023................................................................... 1,817,000 1,522,646
FHLMC Multiclass Mtg. Partn. Ctfs.
Gtd. Series 1632 Cl. B
6.000% 11/15/2023................................................................... 1,780,000 1,620,334
FHLMC Multiclass Mtg. Partn. Ctfs.
Gtd. Series 1763 Cl. H
8.250% 07/15/2023................................................................... 130,000 136,500
FHLMC Multiclass Mtg. Partn. Ctfs.
Gtd. Series 1897 Cl. E
7.000% 07/15/2024................................................................... 1,812,000 1,770,650
FHLMC Multiclass Mtg. Partn. Ctfs.
Gtd. Series 1904 Cl. C
7.250% 08/15/2024................................................................... 3,490,000 3,431,089
FHLMC Multiclass Mtg. Partn. Ctfs.
Gtd. Series 1910 Cl. D
8.000% 11/15/2024................................................................... 1,883,000 1,936,779
FHLMC Multiclass Mtg. Partn. Ctfs.
Gtd. Series 1933 Cl. C
7.000% 03/15/2025................................................................... 2,440,000 2,386,344
FHLMC Multiclass Mtg. Partn. Ctfs.
Gtd. Series 1933 Cl. VC
7.550% 03/15/2012................................................................... 2,950,000 2,998,764
</TABLE>
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<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 1944 Cl. HC
7.000% 01/15/2025................................................................... $ 4,235,778 $ 4,081,426
FHLMC Multiclass Mtg. Partn. Ctfs.
Gtd. Series 1971 Cl TBA2
7.500% 07/15/2017................................................................... 13,840,000 13,976,186
FHLMC GNMA Multiclass Mtg. Partn. Ctfs.
Gtd. Series 40 Cl. N
6.500% 05/17/2021................................................................... 7,090,000 6,614,119
FNMA Gtd. REMIC Pass Thru Ctf.
REMIC Tr. 1996-51 Cl. AL
7.000% 12/18/2024................................................................... 3,400,000 3,293,852
FNMA Gtd. REMIC Pass Thru Ctf.
REMIC Tr. 1997-G1 Cl. B
7.500% 06/20/2024................................................................... 3,910,000 3,911,329
FNMA Gtd. REMIC Pass Thru Ctf.
REMIC Tr. 1997-G4 Cl. C
7.500% 06/17/2024................................................................... 6,650,000 6,651,330
FNMA Gtd. REMIC Pass Thru Ctf.
REMIC Tr. 1997-10 Cl. D
7.000% 03/18/2025................................................................... 160,000 154,901
FNMA Gtd. REMIC Pass Thru Ctf.
REMIC Tr. 1997-15 Cl. TC
7.000% 05/18/2025................................................................... 1,925,000 1,898,897
FNMA Gtd. REMIC Pass Thru Ctf.
REMIC Tr. 1997-26 Cl. A
7.000% 01/18/2027................................................................... 4,648,505 4,605,135
FNMA Gtd. REMIC Pass Thru Ctf.
REMIC Tr. 1997-27 Cl. B
7.000% 02/18/2025................................................................... 2,900,000 2,812,623
FNMA Gtd. REMIC Pass Thru Ctf.
REMIC Tr. 1997-28 Cl. H
7.500% 10/20/2022................................................................... 11,240,000 11,371,508
FNMA Gtd. REMIC Pass Thru Ctf.
REMIC Tr. 1997-38 Cl. L
7.500% 02/17/2012................................................................... 1,760,000 1,772,478
FNMA Gtd. REMIC Pass Thru Ctf.
REMIC Tr. 1997-39 Cl. B
7.500% 05/17/2027................................................................... 1,530,000 1,507,953
FNMA Gtd. REMIC Pass Thru Ctf.
REMIC Tr. 1997-42 Cl. K
7.000% 07/18/2012................................................................... 5,380,000 5,306,832
FNMA Gtd. REMIC Pass Thru Ctf.
REMIC Tr. 1997-46 Cl. B
7.500% 03/17/2025................................................................... 3,900,000 3,894,501
<CAPTION>
SHARES OR
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
<S> <C> <C>
GNMA Gtd. REMIC Pass Thru Secs.
REMIC Tr. 1997-4 Cl. B
7.000% 08/16/2026................................................................... $ 4,334,884 $ 4,293,529
GNMA Gtd. REMIC Pass Thru Secs.
REMIC Tr. 1997-4 Cl. C
7.000% 03/20/2027................................................................... 3,877,000 3,665,975
GNMA Gtd. REMIC Pass Thru Secs.
REMIC Tr. 1997-4 Cl. E
7.500% 01/16/2023................................................................... 14,940,000 15,140,644
GNMA Gtd. REMIC Pass Thru Secs.
REMIC Tr. 1997-4 Cl. M
7.500% 02/16/2012................................................................... 3,530,000 3,577,973
GNMA Gtd. REMIC Pass Thru Secs.
REMIC Tr. 1997-4 Cl. N
7.500% 02/16/2027................................................................... 3,492,957 3,525,162
GNMA Gtd. REMIC Pass Thru Secs.
REMIC Tr. 1997-11 Cl. M
8.000% 07/15/2017................................................................... 4,890,000 4,997,727
Puerto Rico Housing Finance Corp.
Series A Cl. 4
9.000% 07/20/2017................................................................... 533,239 533,239
--------------
131,284,727
--------------
Total U.S. Government,
Federal Agency Obligations
(Cost $259,040,110) ................................................................. 259,601,389
--------------
OTHER SECURITIZED LOANS (3.9%)
COLLATERALIZED MORTGAGE OBLIGATIONS (2.9%)
Bear Stearns Mortgage Securities, Inc.
Series 1996-2 Cl. A1
6.868% 01/25/2025................................................................... 932,121 889,616
Bear Stearns Mortgage Securities, Inc.
Series 1996-8 Cl. A9
7.600% 11/25/2027................................................................... 4,337,000 4,336,653
CWMBS, Inc. Mtg. Pass Thru Ctf.
Series 1993-7 Cl. A5
7.000% 11/25/2023................................................................... 2,799,157 2,607,415
CWMBS, Inc. Mtg. Pass Thru Ctf.
Series 1997-3 Cl. A10
7.500% 06/25/2027................................................................... 4,833,612 4,822,495
Residential Asset Securitization Trust
Series 1996-A7 Cl. A3
9.500% 10/25/2026................................................................... 1,782,694 1,838,671
Mortgage Obligation Structured Trust (144A)
Series 1993-1 Cl. B1
10.670 %10/25/2018................................................................... 4,322,722 4,546,638
</TABLE>
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<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
</TABLE>
OTHER SECURITIZED LOANS (CONTINUED)
<TABLE>
<S> <C> <C>
PNC Mortgage Securities Corp.
Series 1997-4 Cl. 2PP1
7.500% 07/25/2027................................................................... $ 2,790,000 $ 2,799,486
--------------
21,840,974
--------------
ASSET BACKED SECURITIES (1.0%)
Green Tree Financial Corp.
Series 1995-8 Cl. A2
6.150% 12/15/2026................................................................... 4,115,894 4,118,446
Green Tree Financial Corp.
Series 1996-7 Cl. A2
6.300% 10/15/2027................................................................... 3,320,000 3,324,150
--------------
7,442,596
--------------
Total Other Securitized Loans
(Cost $29,153,826) .................................................................. 29,283,570
--------------
CORPORATE BONDS (9.5%)
INDUSTRIAL (3.2%)
Amgen, Inc.
8.125% 04/01/2097................................................................... 2,425,000 2,535,628
Eckerd Corp.
9.250% 02/15/2004................................................................... 4,000,000 4,240,000
Emerson Electric Co. Euro
7.875% 06/05/1998................................................................... 380,000 385,282
Ethan Allen, Inc.
8.750% 03/15/2001................................................................... 1,800,000 1,854,000
Federal Express Corp.
Pass Thru Tr. Series 1997-1C
7.650% 01/15/2014................................................................... 2,200,000 2,236,894
Freeport-McMoRan Resource Partners L.P.
8.750% 02/15/2004................................................................... 900,000 915,750
Hilton Hotels Corp.
7.375% 06/01/2002................................................................... 3,500,000 3,525,095
Jones Intercable, Inc.
8.875% 04/01/2007................................................................... 300,000 306,000
Lenfest Communications, Inc.
8.375% 11/01/2005................................................................... 1,400,000 1,379,000
Nabisco, Inc.
6.700% 06/15/2002................................................................... 2,000,000 1,973,160
Owens-Illinois, Inc.
7.850% 05/15/2004................................................................... 500,000 507,795
Time Warner Entertainment Co. L.P.
9.625% 05/01/2002................................................................... 1,900,000 2,099,842
8.375% 03/15/2023................................................................... 1,320,000 1,355,627
<CAPTION>
SHARES OR
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
<S> <C> <C>
Viacom, Inc.
8.000% 07/07/2006................................................................... $ 1,100,000 $ 1,067,000
--------------
24,381,073
--------------
FINANCIAL (5.3%)
Abn Amro Bank N. V. Chicago
7.125% 06/18/2007................................................................... 3,690,000 3,698,376
Aetna Services, Inc.
7.625% 08/15/2026................................................................... 3,500,000 3,485,300
Caterpillar Financial Services Corp.
Medium Term Note
6.350% 12/01/1998................................................................... 1,590,000 1,594,611
Commercial Credit Group, Inc.
6.625% 06/01/2015................................................................... 1,250,000 1,247,350
ERP Operating Limited Parnership (144A)
8.500% 05/15/1999................................................................... 2,700,000 2,785,320
First Security Corp.
7.875% 10/15/1999................................................................... 1,325,000 1,359,000
Fleet Mortgage Group, Inc.
6.500% 09/15/1999................................................................... 550,000 550,484
Goldman Sachs Group L.P (144A)
Medium Term Note
7.200% 03/01/2007................................................................... 2,800,000 2,788,492
Hartford Life, Inc.
7.650% 06/15/2027................................................................... 2,555,000 2,546,236
Lehman Brothers Holdings, Inc.
7.375% 05/15/2004................................................................... 2,325,000 2,339,229
Morgan Stanley Group, Inc.
Medium Term Note
5.750% 02/15/2001................................................................... 2,100,000 2,036,055
Salomon, Inc.
7.250% 05/01/2001................................................................... 2,875,000 2,908,350
Security Capital Industrial
Medium Term Note
7.810% 02/01/2015................................................................... 3,250,000 3,283,800
Simon DeBartolo Group L.P.
6.875% 11/15/2006................................................................... 2,300,000 2,228,194
Spieker Properties L.P.
6.900% 01/15/2004................................................................... 2,450,000 2,407,762
United Dominion Realty Trust
Series A Medium Term Note
7.020% 11/15/2005................................................................... 5,050,000 4,957,282
--------------
40,215,841
--------------
UTILITY (0.4%)
GTE North, Inc.
5.500% 02/15/1999................................................................... 2,905,000 2,870,256
--------------
</TABLE>
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<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
</TABLE>
CORPORATE BONDS (CONTINUED)
<TABLE>
<S> <C> <C>
YANKEE (0.6%)
Hydro-Quebec
8.400% 01/15/2022................................................................... $ 2,155,000 $ 2,331,667
Ontario Province CDA
6.000% 02/21/2006................................................................... 1,725,000 1,623,794
Teekay Shipping Corp.
Gtd. 1st Pfd. Ship. Mtg. Notes
8.320% 02/01/2008................................................................... 1,000,000 1,005,000
--------------
4,960,461
--------------
Total Corporate Bonds
(Cost $72,382,677) .................................................................. 72,427,631
--------------
Total investments, excluding temporary
cash investments
(Cost $644,681,728) ................................................................. 751,273,559
--------------
<CAPTION>
SHARES OR
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
<S> <C> <C>
REPURCHASE AGREEMENT (1.9%)
Goldman Sachs Corp.
5.891% dated 06/30/1997,
due 07/01/1997 in the
amount of $14,249,733.
Collateralized by U.S. Treasury Bond
6.250% due 08/15/2023,
U.S. Treasury Note
5.750% due 08/15/2003.
(Cost $14,247,434) .................................................................. $ 14,247,434 $ 14,247,434
--------------
TOTAL INVESTMENTS (100.4%)
(Cost $658,929,162)...................................................................... 765,520,993
RECEIVABLES LESS LIABILITIES (-0.4%)...................................................... (2,932,780)
--------------
NET ASSETS (100.0%)....................................................................... $ 762,588,213
--------------
--------------
</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>
June 30, 1997 PRINCIPAL
(Unaudited) AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
COMMERCIAL PAPER (99.6%)
A. I. Credit Corp.
5.590% 07/01/1997................................................................... $ 5,000,000 $ 4,999,224
5.570% 07/01/1997................................................................... 5,000,000 4,999,226
5.600% 07/15/1997................................................................... 10,000,000 9,976,667
5.640% 07/21/1997................................................................... 3,376,000 3,364,893
5.640% 07/22/1997................................................................... 4,600,000 4,584,145
Alabama Power Co.
5.620% 07/15/1997................................................................... 10,000,000 9,976,583
5.550% 09/17/1997................................................................... 5,217,000 5,153,462
American Express Credit Corp.
5.520% 07/25/1997................................................................... 10,000,000 9,961,667
5.540% 09/15/1997................................................................... 15,000,000 14,822,259
American General Finance Corp.
5.620% 07/21/1997................................................................... 5,000,000 4,983,608
5.620% 08/21/1997................................................................... 10,000,000 9,918,822
Ameritech Corp.
5.610% 08/14/1997................................................................... 5,000,000 4,964,938
Ameritech Capital Funding Corp.
5.530% 07/18/1997................................................................... 5,200,000 5,185,622
Associates Corp. of North America
6.100% 07/01/1997................................................................... 23,100,000 23,096,086
Avco Financial Services, Inc.
5.630% 08/11/1997................................................................... 8,000,000 7,947,453
5.610% 08/15/1997................................................................... 10,000,000 9,928,317
5.620% 08/19/1997................................................................... 10,000,000 9,921,944
Bank of America, FSB
5.550% 09/18/1997................................................................... 10,000,000 9,876,667
BankAmerica Corp.
5.630% 08/01/1997................................................................... 5,000,000 4,974,978
5.550% 09/12/1997................................................................... 10,000,000 9,885,917
Barclays U.S. Funding Corp.
5.560% 07/11/1997................................................................... 5,000,000 4,991,506
5.610% 08/05/1997................................................................... 10,000,000 9,943,900
5.670% 08/22/1997................................................................... 10,000,000 9,916,525
BellSouth Capital Funding Corp.
5.600% 08/13/1997................................................................... 10,000,000 9,931,556
5.600% 08/14/1997................................................................... 10,000,000 9,930,000
5.540% 09/18/1997................................................................... 8,000,000 7,901,511
Beneficial Corp.
5.620% 08/04/1997................................................................... 5,000,000 4,972,681
5.590% 09/05/1997................................................................... 10,000,000 9,895,964
5.570% 09/10/1997................................................................... 10,000,000 9,888,600
CIT Group Holdings, Inc.
5.570% 07/03/1997................................................................... 10,000,000 9,995,358
5.610% 07/21/1997................................................................... 5,000,000 4,983,638
5.590% 09/04/1997................................................................... 5,000,000 4,948,759
5.560% 09/16/1997................................................................... 5,000,000 4,939,767
<CAPTION>
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
<S> <C> <C>
CPC International, Inc.
5.550% 09/25/1997................................................................... $ 5,000,000 $ 4,932,938
Cargill, Inc.
5.530% 09/24/1997................................................................... 10,000,000 9,867,895
Cargill Financial Services Corp.
5.570% 08/20/1997................................................................... 10,000,000 9,921,092
Chevron Transport Co.
5.590% 07/11/1997................................................................... 7,000,000 6,988,044
5.610% 08/12/1997................................................................... 5,000,000 4,966,496
5.570% 09/17/1997................................................................... 15,000,000 14,816,654
Clorox Co.
5.590% 07/09/1997................................................................... 10,000,000 9,986,025
5.560% 09/12/1997................................................................... 11,000,000 10,874,283
5.560% 09/23/1997................................................................... 5,000,000 4,934,361
Commercial Credit Co.
5.620% 07/09/1997................................................................... 10,000,000 9,985,950
5.610% 07/14/1997................................................................... 5,000,000 4,989,092
5.610% 07/16/1997................................................................... 5,000,000 4,987,533
5.610% 07/18/1997................................................................... 5,000,000 4,985,975
Deere (John) Capital Corp.
5.600% 07/28/1997................................................................... 5,000,000 4,978,222
5.650% 08/21/1997................................................................... 10,000,000 9,918,389
5.570% 08/28/1997................................................................... 10,000,000 9,908,714
duPont (E.I.) de Nemours & Co.
5.540% 09/03/1997................................................................... 4,775,000 4,727,237
Ford Motor Credit Co.
5.610% 07/16/1997................................................................... 10,000,000 9,975,067
5.610% 07/17/1997................................................................... 15,000,000 14,960,262
General Electric Capital Corp.
5.610% 07/18/1997................................................................... 5,000,000 4,985,975
5.640% 07/22/1997................................................................... 12,000,000 11,958,640
5.630% 08/01/1997................................................................... 5,000,000 4,974,978
5.570% 08/22/1997................................................................... 5,000,000 4,958,999
Glaxo Wellcome plc
5.610% 07/01/1997................................................................... 2,000,000 1,999,688
5.600% 07/02/1997................................................................... 11,000,000 10,996,578
5.610% 07/24/1997................................................................... 9,000,000 8,966,340
Goldman Sachs Group L.P.
5.620% 09/02/1997................................................................... 10,000,000 9,900,089
5.600% 09/03/1997................................................................... 8,000,000 7,919,111
5.620% 09/11/1997................................................................... 10,000,000 9,886,039
Household Finance Corp.
5.600% 07/31/1997................................................................... 5,000,000 4,975,889
5.600% 08/12/1997................................................................... 5,000,000 4,966,556
5.580% 08/25/1997................................................................... 5,000,000 4,956,600
5.590% 08/27/1997................................................................... 10,000,000 9,909,939
Lincoln National Corp.
5.580% 08/15/1997................................................................... 10,000,000 9,928,700
</TABLE>
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- ----------------------- -----------------------
-- COLUMBIA DAILY INCOME COMPANY --
-----------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
</TABLE>
COMMERCIAL PAPER (CONTINUED)
<TABLE>
<S> <C> <C>
Merrill Lynch & Co., Inc.
5.650% 07/25/1997................................................................... $ 5,000,000 $ 4,980,382
5.630% 07/30/1997................................................................... 5,000,000 4,976,542
5.620% 08/06/1997................................................................... 5,000,000 4,971,120
5.650% 08/08/1997................................................................... 5,000,000 4,969,396
5.620% 08/13/1997................................................................... 5,000,000 4,965,656
MetLife Funding, Inc.
5.550% 08/07/1997................................................................... 10,000,000 9,941,417
5.530% 08/26/1997................................................................... 3,188,000 3,160,087
Monsanto Co.
5.600% 07/08/1997................................................................... 15,000,000 14,981,333
5.600% 07/18/1997................................................................... 5,000,000 4,986,000
5.620% 08/12/1997................................................................... 3,500,000 3,476,506
5.590% 09/04/1997................................................................... 5,000,000 4,948,759
Morgan (J.P.) & Co., Inc.
5.550% 09/08/1997................................................................... 10,000,000 9,892,084
5.550% 09/15/1997................................................................... 5,000,000 4,940,646
5.550% 09/16/1997................................................................... 10,000,000 9,879,751
Morgan Stanley Group, Inc.
5.620% 07/11/1997................................................................... 5,000,000 4,991,414
5.570% 07/23/1997................................................................... 10,000,000 9,964,414
5.630% 07/24/1997................................................................... 5,000,000 4,981,233
5.620% 07/25/1997................................................................... 5,000,000 4,980,486
National Rural Utilities Cooperative Finance Corp.
5.550% 08/11/1997................................................................... 10,000,000 9,935,250
5.610% 08/18/1997................................................................... 5,000,000 4,961,821
5.610% 08/20/1997................................................................... 10,000,000 9,920,525
Norwest Corp.
5.540% 08/15/1997................................................................... 5,000,000 4,964,606
Norwest Financial, Inc.
5.620% 08/04/1997................................................................... 5,000,000 4,972,681
5.580% 08/26/1997................................................................... 10,000,000 9,911,650
5.560% 09/09/1997................................................................... 8,000,000 7,912,276
Pitney Bowes Credit Corp.
5.570% 07/10/1997................................................................... 10,000,000 9,984,528
5.610% 08/19/1997................................................................... 3,985,000 3,953,951
Prudential Funding Corp.
5.590% 07/07/1997................................................................... 10,000,000 9,989,131
5.600% 07/14/1997................................................................... 5,000,000 4,989,111
5.590% 07/30/1997................................................................... 5,000,000 4,976,709
5.600% 08/06/1997................................................................... 5,000,000 4,971,223
SAFECO Credit Co., Inc.
5.650% 07/23/1997................................................................... 10,000,000 9,963,903
5.610% 07/29/1997................................................................... 10,000,000 9,954,808
5.610% 08/07/1997................................................................... 5,000,000 4,970,392
<CAPTION>
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
<S> <C> <C>
Sonoco Products Co.
5.560% 09/22/1997................................................................... $ 15,000,000 $ 14,805,401
Southern California Gas Co.
5.600% 07/08/1997................................................................... 3,200,000 3,196,018
5.580% 08/27/1997................................................................... 17,320,000 17,164,293
USAA Capital Corp.
5.640% 08/25/1997................................................................... 10,000,000 9,912,267
5.540% 09/05/1997................................................................... 10,000,000 9,896,895
Weyerhaeuser Co.
5.540% 08/06/1997................................................................... 5,000,000 4,971,531
Xerox Credit Corp.
5.540% 08/08/1997................................................................... 10,000,000 9,939,984
5.600% 08/18/1997................................................................... 7,000,000 6,946,645
5.530% 08/29/1997................................................................... 10,000,000 9,907,833
--------------
Total Commercial Paper
(Cost $857,811,251) ................................................................. 857,811,251
--------------
U.S. GOVERNMENT AGENCY DISCOUNT NOTE (1.1%)
Federal National Mortgage Assn.
5.540% 07/10/1997
(Cost $9,984,611)................................................................... 10,000,000 9,984,611
--------------
Total investments, excluding temporary cash investment
(Cost $867,795,862).................................................................. 867,795,862
--------------
REPURCHASE AGREEMENT (0.3%)
Goldman Sachs Corp.
5.891% dated 06/30/1997,
due 07/01/1997 in the
amount of $2,414,614.
Collateralized by U.S. Treasury Note
5.750% due 08/15/2003,
U.S. Treasury Bond
6.250% due 08/15/2023
(Cost $2,414,224) ................................................................... 2,414,224 2,414,224
--------------
TOTAL INVESTMENTS (101.0%)
(Cost $870,210,086, including $5,943,861 accrued interest receivable)................... 870,210,086
CASH AND RECEIVABLES LESS LIABILITIES (-1.0%)............................................. (8,836,359)
--------------
NET ASSETS (100.0%)....................................................................... $ 861,373,727
--------------
--------------
</TABLE>
(1) See Note 1 of Notes to Financial Statements.
The accompanying notes are an integral part
of the financial statements.
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- -------------- --------------
-- COLUMBIA U.S. GOVERNMENT SECURITIES FUND, INC. --
----------------------------------------------------
<TABLE>
<CAPTION>
June 30, 1997 PRINCIPAL
(Unaudited) AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
U.S. TREASURY NOTES (96.6%)
8.875% 02/15/1999................................................................... $ 17,600,000 $ 18,370,000
6.375% 04/30/1999................................................................... 1,250,000 1,257,037
6.875% 08/31/1999................................................................... 2,325,000 2,360,247
5.875% 11/15/1999................................................................... 16,225,000 16,126,190
--------------
Total U.S. Treasury Notes
(Cost $38,152,679) .................................................................. 38,113,474
REPURCHASE AGREEMENT (2.2%)
Goldman Sachs Corp.
5.891% dated 06/30/1997,
due 07/01/1997 in the
amount of $882,941.
Collateralized by U.S. Treasury Bond
6.250% due 08/15/2023,
U.S. Treasury Note
5.750% due 08/15/2003.
(Cost $882,798) ..................................................................... 882,798 882,798
--------------
TOTAL INVESTMENTS (98.8%)
(Cost $39,035,477)....................................................................... 38,996,272
RECEIVABLES LESS LIABILITIES (1.2%)....................................................... 468,690
--------------
NET ASSETS (100.0%)....................................................................... $ 39,464,962
--------------
--------------
</TABLE>
(1) See Note 1 of Notes to Financial Statements.
The accompanying notes are an integral part
of the financial statements.
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- ---------------- ----------------
-- COLUMBIA FIXED INCOME SECURITIES FUND, INC. --
-------------------------------------------------
<TABLE>
<CAPTION>
June 30, 1997 PRINCIPAL
(Unaudited) AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
U.S. GOVERNMENT, FEDERAL AGENCY OBLIGATIONS (65.1%)
U.S. TREASURY BONDS & NOTES (21.1%)
U.S. Treasury Bond
12.000% 05/15/2005................................................................... $ 1,460,000 $ 1,943,625
12.000% 08/15/2013................................................................... 5,245,000 7,379,059
8.875% 08/15/2017................................................................... 17,135,000 20,861,863
8.125% 08/15/2019................................................................... 5,075,000 5,784,688
U.S. Treasury Note
6.125% 05/15/1998................................................................... 41,339,000 41,448,548
--------------
77,417,783
--------------
OTHER GOVERNMENT AGENCY OBLIGATIONS (1.4%)
Farm Credit Systems Financial Assistance Corp. Series A
9.375% 07/21/2003................................................................... 4,660,000 5,303,639
--------------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) (2.4%)
8.000% 07/15/2027................................................................... 8,750,000 8,954,750
--------------
FEDERAL HOUSING ADMINISTRATION (FHA) (1.3%)
FHA Insured Project Pool #2022
7.430% 12/01/2020................................................................... 1,403,791 1,416,958
FHA Insured Project Pool #1984-D
9.680% 02/01/2024................................................................... 272,384 284,641
FHA Insured Project Pool #051-11078
8.350% 04/01/2030................................................................... 2,223,512 2,295,354
FHA Insured Project Pool #092-35499
8.450% 11/15/2031................................................................... 791,507 820,943
--------------
4,817,896
--------------
AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (38.9%)
FHLMC Multiclass Mtg. Partn.
Ctfs. Gtd. Series 1558 Cl. C
6.500% 07/15/2023................................................................... 2,050,000 1,926,487
FHLMC Multiclass Mtg. Partn.
Ctfs. Gtd. Series 1632 Cl. B
6.000% 11/15/2023................................................................... 2,716,704 2,473,016
FHLMC GNMA Multiclass Mtg.
Partn. Ctfs. Gtd. Series 31 Cl. D
0.000% 01/25/2006................................................................... 3,618,977 2,507,263
FHLMC GNMA Multiclass Mtg.
Partn. Ctfs. Gtd. Series 40 Cl. N
6.500% 05/17/2021................................................................... 4,370,000 4,076,686
FHLMC Multiclass Mtg. Partn.
Ctfs. Gtd. Series 1763 Cl. H
8.250% 07/15/2023................................................................... 692,000 726,600
FHLMC Multiclass Mtg. Partn.
Ctfs. Gtd. Series 1897 Cl. E
7.000% 07/15/2024................................................................... 1,761,000 1,720,814
<CAPTION>
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
<S> <C> <C>
FHLMC Multiclass Mtg. Partn.
Ctfs. Gtd. Series 1910 Cl. D
8.000% 11/15/2024................................................................... $ 1,850,000 $ 1,902,836
FHLMC Multiclass Mtg. Partn.
Ctfs. Gtd. Series 1920 Cl. N
7.000% 02/15/2026................................................................... 3,110,000 2,976,830
FHLMC Multiclass Mtg. Partn.
Ctfs. Gtd. Series 1933 Cl. C
7.000% 03/15/2025................................................................... 3,316,818 3,243,881
FHLMC Multiclass Mtg. Partn.
Ctfs. Gtd. Series 1944 Cl. HC
7.000% 01/15/2025................................................................... 1,800,000 1,734,408
FHLMC Multiclass Mtg. Partn.
Ctfs. Gtd. Series 1971 Cl TBA2
7.500% 07/15/2017................................................................... 16,646,000 16,809,797
FNMA Gtd. REMIC Pass Thru Ctf.
REMIC Tr. 1991-94 Cl. C
0.000% 01/25/1999................................................................... 2,684,599 2,564,625
FNMA Gtd. REMIC Pass Thru Ctf.
REMIC Tr. 1997-G1 Cl. B
7.500% 06/20/2024................................................................... 7,760,000 7,762,638
FNMA Gtd. REMIC Pass Thru Ctf.
REMIC Tr. 1997-10 Cl. D
7.000% 03/18/2025................................................................... 2,680,000 2,594,588
FNMA Gtd. REMIC Pass Thru Ctf.
REMIC Tr. 1997-G4 Cl. C
7.500% 06/17/2024................................................................... 7,223,000 7,224,445
FNMA Gtd. REMIC Pass Thru Ctf.
REMIC Tr. 1997-24 Cl. YL
7.000% 04/18/2027................................................................... 3,486,000 3,285,137
FNMA Gtd. REMIC Pass Thru Ctf.
REMIC Tr. 1997-26 Cl. A
7.000% 01/18/2027................................................................... 13,208,439 13,085,204
FNMA Gtd. REMIC Pass Thru Ctf.
REMIC Tr. 1997-28 Cl. H
7.500% 10/20/2022................................................................... 17,888,000 18,097,290
FNMA Gtd. REMIC Pass Thru Ctf.
REMIC Tr. 1997-38 Cl. G
7.500% 05/17/2026................................................................... 1,993,138 2,009,402
FNMA Gtd. REMIC Pass Thru Ctf.
REMIC Tr. 1997-38 Cl. H
7.500% 05/17/2027................................................................... 1,636,000 1,615,305
FNMA Gtd. REMIC Pass Thru Ctf.
REMIC Tr. 1997-38 Cl. L
7.500% 02/17/2012................................................................... 4,100,000 4,129,069
FNMA Gtd. REMIC Pass Thru Ctf.
REMIC Tr. 1997-39 Cl. B
7.500% 05/17/2027................................................................... 2,643,000 2,604,914
</TABLE>
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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. 1997-42 Cl. K
7.000% 07/18/2012................................................................... $ 2,617,428 $ 2,581,831
FNMA Gtd. REMIC Pass Thru Ctf.
REMIC Tr. 1997-43 Cl. B
7.500% 08/18/2025................................................................... 9,480,000 9,443,976
GNMA Gtd. REMIC Pass Thru
Secs. REMIC Tr. 1996-23 Cl. C
7.500% 12/20/2022................................................................... 3,577,000 3,576,857
GNMA Gtd. REMIC Pass Thru
Secs. REMIC Tr. 1997-2 Cl. K
7.500% 01/20/2024................................................................... 2,410,000 2,411,084
GNMA Gtd. REMIC Pass Thru
Secs. REMIC Tr. 1997-4 Cl. E
7.500% 01/16/2023................................................................... 8,880,000 8,999,258
GNMA Gtd. REMIC Pass Thru
Secs. REMIC Tr. 1997-4 Cl. M
7.500% 02/16/2012................................................................... 4,357,000 4,416,212
GNMA Gtd. REMIC Pass Thru
Secs. REMIC Tr. 1997-4 Cl. N
7.500% 02/16/2027................................................................... 4,314,248 4,354,025
GNMA Gtd. REMIC Pass Thru
Secs. REMIC Tr. 1997-11 Cl. M
8.000% 07/15/2017................................................................... 1,190,000 1,216,216
Puerto Rico Housing Finance Corp.
Series A Cl. 4
9.000% 07/20/2017................................................................... 965,594 965,594
--------------
143,036,288
--------------
Total U.S. Government,
Federal Agency Obligations
(Cost $237,687,738) ................................................................. 239,530,356
--------------
OTHER SECURITIZED LOANS (8.9%)
COLLATERALIZED MORTGAGE OBLIGATIONS (4.5%)
Bear Stearns Mortgage Securities, Inc.
Series 1996-2 Cl. A1
6.910% 01/25/2025................................................................... 2,795,764 2,668,277
CMC Securities Corp. II
Series 1993-2E2 Cl. E2E
7.000% 10/25/2023................................................................... 1,107,669 1,108,013
CWMBS, Inc. Mtg. Pass Thru Ctf.
Series 1993-7 Cl. A5
7.000% 11/25/2023................................................................... 5,629,062 5,243,471
Mortgage Obligation Structured Trust (144A)
Series 1993-1 Cl.B1
10.670% 10/25/2018................................................................... 3,295,896 3,466,623
<CAPTION>
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
<S> <C> <C>
PNC Mortgage Securities Corp.
Series 1997-4 Cl. 2PP1
7.500% 07/25/2027................................................................... $ 1,230,000 $ 1,234,182
Residential Funding Mtg. Sec., Inc.
Series 1993-S45 Cl. A10
8.000% 12/25/2023................................................................... 1,250,000 1,272,900
Residential Asset Securitization Trust
Series 1996-A7 Cl. A3
9.500% 10/25/2026................................................................... 1,628,221 1,679,347
--------------
16,672,813
--------------
ASSET BACKED SECURITIES (4.4%)
Green Tree Financial Corp.
Series 1994-5 Cl. A2
7.300% 11/15/2019................................................................... 9,553,314 9,615,984
Saxon Asset Securities Co.
Series 1996-1 Cl. A2
8.060% 09/25/2027................................................................... 6,265,000 6,455,456
--------------
16,071,440
--------------
Total Other Securitized Loans
(Cost $32,363,324) .................................................................. 32,744,253
--------------
CORPORATE BONDS (20.2%)
INDUSTRIAL (8.8%)
American Health Properties, Inc.
7.050% 01/15/2002................................................................... 475,000 473,347
7.500% 01/15/2007................................................................... 650,000 651,001
Ethan Allen, Inc.
8.750% 03/15/2001................................................................... 975,000 1,004,250
Federal Express Corp. Pass Thru Tr.
Series 1997-1C
7.650% 01/15/2014................................................................... 2,300,000 2,338,571
Foster Wheeler Corp.
6.750% 11/15/2005................................................................... 2,925,000 2,832,950
Freeport-McMoRan Resource Partners L.P.
8.750% 02/15/2004................................................................... 500,000 508,750
Heritage Media Corp.
8.750% 02/15/2006................................................................... 1,250,000 1,281,250
Hilton Hotels Corp.
7.375% 06/01/2002................................................................... 4,000,000 4,028,680
La Quinta Inns, Inc.
9.250% 05/15/2003................................................................... 375,000 389,062
Lenfest Communications, Inc.
8.375% 11/01/2005................................................................... 2,100,000 2,068,500
Marriott International, Inc.
6.750% 12/01/2009................................................................... 2,750,000 2,626,278
Nabisco, Inc.
6.700% 06/15/2002................................................................... 3,750,000 3,699,675
</TABLE>
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- ---------------- ----------------
-- COLUMBIA FIXED INCOME SECURITIES FUND, INC. --
-------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
</TABLE>
CORPORATE BONDS (CONTINUED)
<TABLE>
<S> <C> <C>
Occidental Petroleum Corp.
10.125% 11/15/2001................................................................... $ 1,285,000 $ 1,441,320
Owens-Illinois, Inc.
7.850% 05/15/2004................................................................... 1,000,000 1,015,590
Sears, Roebuck Acceptance Corp.
6.400% 10/11/2000................................................................... 4,525,000 4,489,615
Time Warner Entertainment Co. L.P.
8.375% 03/15/2023................................................................... 2,600,000 2,670,174
Time Warner, Inc.
9.125% 01/15/2013................................................................... 800,000 884,576
--------------
32,403,589
--------------
FINANCIAL (10.1%)
Aetna Services, Inc.
7.625% 08/15/2026................................................................... 5,000,000 4,979,000
Deutsche Bank Financial, Inc.
7.500% 04/25/2009................................................................... 2,700,000 2,761,911
Ford Motor Credit Co.
7.000% 09/25/2001................................................................... 4,000,000 4,033,760
Goldman Sachs Group L.P. (144A)
7.200% 03/01/2007................................................................... 3,700,000 3,684,793
Health Care Properties, Inc.
6.500% 02/15/2006................................................................... 6,400,000 6,054,080
Merrill Lynch & Co., Inc.
6.450% 06/20/2000................................................................... 3,650,000 3,642,663
Salomon, Inc.
7.250% 05/01/2001................................................................... 2,925,000 2,958,930
Swiss Bank Corp.
7.250% 09/01/2006................................................................... 1,825,000 1,845,842
USL Capital Corp.
6.500% 12/01/2003................................................................... 3,350,000 3,269,835
United Dominion Realty Trust
Series A
7.020% 11/15/2005................................................................... 3,725,000 3,656,609
--------------
36,887,423
--------------
<CAPTION>
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
<S> <C> <C>
UTILITY (1.3%)
California Energy, Inc.
9.875% 06/30/2003................................................................... $ 1,000,000 $ 1,064,170
Northern Indiana Public Service Co.
6.900% 06/01/2000................................................................... 1,250,000 1,257,888
6.750% 06/01/2000................................................................... 2,500,000 2,504,675
--------------
4,826,733
--------------
Total Corporate Bonds
(Cost $74,503,139) .................................................................. 74,117,745
--------------
Total investments, excluding temporary cash investments
(Cost $344,554,201) ................................................................. 346,392,354
--------------
REPURCHASE AGREEMENTS (5.5%)
Goldman Sachs Corp.
5.891% dated 06/30/1997,
due 07/01/1997 in the
amount of $10,170,647.
Collateralized by U.S. Treasury Bond
6.250% due 08/15/2023,
U.S. Treasury Note
5.750% due 08/15/2003. .............................................................. 10,169,006 10,169,006
J.P. Morgan Securities, Inc.
6.003% dated 06/30/1997,
due 07/01/1997 in the
amount of $10,001,645.
Collateralized by U.S. Treasury Note
6.625% due 04/30/2002,
U.S. Treasury Bills
due 11/13/1997 to 11/20/1997. ....................................................... 10,000,000 10,000,000
--------------
Total Repurchase Agreements
(Cost $20,169,006) .................................................................. 20,169,006
--------------
TOTAL INVESTMENTS (99.7%)
(Cost $364,723,207)...................................................................... 366,561,360
RECEIVABLES LESS LIABILITIES (0.3%)....................................................... 1,141,160
--------------
NET ASSETS (100.0%)....................................................................... $ 367,702,520
--------------
--------------
</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, 1997 PRINCIPAL
(Unaudited) AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
STATE OF OREGON GENERAL OBLIGATION BONDS (12.7%)
Board of Higher Education Refunding Series B
6.250% 10/15/2012................................................................... $ 740,000 $ 784,400
Board of Higher Education Series A
6.350% 08/01/2014................................................................... 1,535,000 1,663,556
0.000% 08/01/2014................................................................... 450,000 174,937
5.900% 08/01/2018................................................................... 1,000,000 1,028,750
Elderly & Disabled Housing Refunding Series B
6.250% 08/01/2013................................................................... 1,000,000 1,071,250
Pollution Control Series C
5.625% 06/01/2013................................................................... 3,060,000 3,067,650
5.900% 06/01/2014................................................................... 3,880,000 3,904,250
Veterans' Welfare
11.250% 10/01/1998.................................................................. 2,885,000 3,137,437
9.000% 04/01/1999................................................................... 1,800,000 1,944,000
11.000% 06/01/1999.................................................................. 865,000 972,044
7.000% 07/01/2000................................................................... 1,350,000 1,454,625
9.000% 10/01/2000................................................................... 1,010,000 1,151,400
11.000% 12/01/2000.................................................................. 865,000 1,044,487
0.000% 07/01/2001................................................................... 1,200,000 1,000,500
6.000% 08/01/2002................................................................... 2,000,000 2,135,000
6.000% 02/01/2004................................................................... 695,000 745,388
9.000% 04/01/2004................................................................... 260,000 323,050
9.000% 04/01/2005................................................................... 1,010,000 1,281,438
6.750% 05/01/2005................................................................... 2,080,000 2,342,600
9.000% 10/01/2005................................................................... 1,595,000 2,041,600
7.250% 01/01/2007................................................................... 1,485,000 1,754,156
9.200% 04/01/2007................................................................... 1,095,000 1,456,350
8.250% 07/01/2007................................................................... 540,000 681,750
9.200% 10/01/2007................................................................... 1,200,000 1,612,500
8.000% 01/01/2008................................................................... 1,190,000 1,480,063
7.300% 07/01/2008................................................................... 630,000 754,425
8.000% 07/01/2008................................................................... 480,000 601,200
6.875% 12/01/2013................................................................... 3,420,000 3,573,900
5.850% 10/01/2015................................................................... 1,105,000 1,140,912
7.000% 12/01/2015................................................................... 2,790,000 2,953,913
0.000% 12/01/2017................................................................... 2,000,000 2,000,000
--------------
Total State of Oregon General Obligation Bonds
(Cost $47,132,083) .................................................................. 49,277,531
--------------
OREGON GENERAL OBLIGATION BONDS (21.0%)
Clackamas & Washington Counties
School District #3JT
West Linn-Wilsonville
5.875% 08/01/2009................................................................... 1,000,000 1,046,250
5.875% 10/01/2009................................................................... 2,550,000 2,677,500
<CAPTION>
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
<S> <C> <C>
Clackamas County School District #7J
Lake Oswego Series A
5.300% 06/15/2005................................................................... $ 1,000,000 $ 1,036,250
5.500% 06/15/2006................................................................... 1,000,000 1,042,500
5.700% 06/15/2010................................................................... 2,735,000 2,823,887
Clackamas Community College District
5.250% 12/01/2009................................................................... 1,270,000 1,290,637
Deschutes County Administrative School District #1 Bend-Lapine
0.000% 02/01/2000................................................................... 1,175,000 1,050,156
0.000% 02/01/2001................................................................... 1,135,000 970,425
0.000% 02/01/2002................................................................... 1,445,000 1,175,869
5.800% 02/01/2004................................................................... 780,000 818,025
5.900% 02/01/2005................................................................... 980,000 1,029,000
Eugene Public Safety Facilities
6.000% 06/01/2005................................................................... 850,000 916,937
5.625% 06/01/2013................................................................... 1,295,000 1,317,662
Jackson County School District #549C Medford
5.375% 06/01/2012................................................................... 1,200,000 1,197,000
Lane County Area Education District
Lane Community College
5.300% 06/01/2007................................................................... 1,000,000 1,023,750
4.850% 06/01/2008................................................................... 4,080,000 4,013,700
5.000% 06/01/2009................................................................... 1,000,000 991,250
Lane County School District #1 Pleasant Hill
5.350% 12/01/2012................................................................... 650,000 650,000
5.450% 12/01/2013................................................................... 725,000 726,812
Lane County School District #4J Eugene
0.000% 07/01/2001................................................................... 2,015,000 1,682,525
0.000% 01/01/2003................................................................... 1,345,000 1,039,013
0.000% 07/01/2003................................................................... 1,480,000 1,117,400
0.000% 01/01/2005................................................................... 1,395,000 973,012
0.000% 07/01/2005................................................................... 2,325,000 1,572,281
5.250% 07/01/2008................................................................... 590,000 595,900
Lane County School District #19 Springfield Refunding
0.000% 02/01/1999................................................................... 470,000 440,038
Metro Open Spaces Program Series C
5.100% 09/01/2009................................................................... 2,375,000 2,354,219
Metro Washington Park Zoo Series A
5.250% 01/15/2009................................................................... 1,040,000 1,053,000
5.300% 01/15/2011................................................................... 1,000,000 1,003,750
Multnomah-Clackamas Counties
School District No. 10JT Gresham
5.250% 06/01/2017................................................................... 1,620,000 1,563,300
</TABLE>
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<CAPTION>
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
</TABLE>
OREGON GENERAL OBLIGATION BONDS (CONTINUED)
<TABLE>
<S> <C> <C>
Multnomah-Clackamas Counties
School District #51JT Riverdale
5.750% 06/01/2016................................................................... $ 2,270,000 $ 2,304,050
Multnomah County Public Improvements
5.250% 10/01/2013................................................................... 1,800,000 1,788,750
Multnomah County School District #1J Portland
4.250% 06/01/2003................................................................... 500,000 493,125
5.000% 06/01/2004................................................................... 1,590,000 1,615,838
Multnomah County School District #4 Gresham
6.100% 01/01/2008................................................................... 3,000,000 3,168,750
6.100% 01/01/2009................................................................... 200,000 210,500
Multnomah County School District #7 Reynolds
5.250% 06/01/2011................................................................... 1,500,000 1,494,375
Multnomah County School District #40 David Douglas
7.100% 06/01/2002................................................................... 880,000 975,700
Port of Portland Series A
0.000% 03/01/2007................................................................... 3,000,000 1,841,250
Portland Public Improvements Series A
5.750% 06/01/2014................................................................... 2,420,000 2,444,200
Portland Public Improvements Series B
4.625% 12/01/2010................................................................... 905,000 910,656
Portland Recreational Facilities Improvements Series A
5.750% 06/01/2012................................................................... 1,370,000 1,419,663
5.750% 06/01/2013................................................................... 1,345,000 1,388,713
5.750% 06/01/2015................................................................... 1,155,000 1,189,650
Portland Recreational Facilities Improvements Series B
5.500% 06/01/2009................................................................... 2,115,000 2,178,450
5.750% 06/01/2014................................................................... 1,750,000 1,806,875
5.750% 06/01/2015................................................................... 2,955,000 3,032,569
Portland Community College District
0.000% 07/01/2007................................................................... 2,025,000 1,225,125
6.000% 07/01/2012................................................................... 1,500,000 1,558,125
Tri-County Metropolitan Transportation District Light Rail Extension Series A
6.000% 07/01/2012................................................................... 3,495,000 3,656,644
Tualatin Hills Park & Recreation District
5.700% 03/01/2009................................................................... 1,340,000 1,383,550
5.750% 03/01/2010................................................................... 730,000 751,900
Washington County Refunding
6.200% 12/01/2007................................................................... 1,500,000 1,590,000
<CAPTION>
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
<S> <C> <C>
Washington & Clackamas Counties
School District #23J
Tigard Refunding
5.400% 01/01/2010................................................................... $ 1,720,000 $ 1,735,050
Washington County School District #48J Beaverton Series B
6.150% 06/01/2008................................................................... 1,010,000 1,055,450
Washington County School District #48J Beaverton Series C
7.800% 06/01/2003................................................................... 1,200,000 1,390,500
--------------
Total Oregon General Obligation Bonds
(Cost $79,453,688) .................................................................. 81,801,506
--------------
OREGON REVENUE BONDS (18.9%)
Clackamas County Hospital Facility Authority Robison Jewish Home Project
6.250% 10/01/2021................................................................... 2,000,000 2,002,500
Clackamas County Hospital Facility Authority GNMA Collateral Jennings Lodge
7.500% 10/20/2031................................................................... 1,030,000 1,108,537
Clackamas County Housing Authority Multifamily Housing Easton Ridge Series A
5.800% 12/01/2016................................................................... 2,255,000 2,260,637
Deschutes County Hospital Facility Authority
5.750% 01/01/2009................................................................... 1,670,000 1,713,837
Deschutes Valley Water District
5.875% 09/01/2005................................................................... 3,200,000 3,352,000
Eugene Electric Utility
5.800% 08/01/2008................................................................... 1,435,000 1,488,812
5.800% 08/01/2009................................................................... 1,300,000 1,342,250
5.750% 08/01/2011................................................................... 715,000 740,025
6.000% 08/01/2011................................................................... 1,375,000 1,436,875
5.750% 08/01/2016................................................................... 1,055,000 1,070,825
5.000% 08/01/2017................................................................... 1,480,000 1,376,400
Eugene Trojan Nuclear Project
5.750% 09/01/1997................................................................... 1,500,000 1,505,040
5.750% 09/01/1998................................................................... 1,500,000 1,503,810
Gresham Sewer
5.350% 06/01/2006................................................................... 860,000 886,875
Gresham Stormwater
6.100% 10/01/2009................................................................... 1,115,000 1,190,262
Hillsboro Hospital Facility Authority
Tuality Healthcare
5.750% 10/01/2012................................................................... 2,375,000 2,357,187
Lebanon Wastewater Refunding
5.750% 06/01/2011................................................................... 1,225,000 1,234,188
</TABLE>
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<CAPTION>
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
</TABLE>
OREGON REVENUE BONDS (CONTINUED)
<TABLE>
<S> <C> <C>
Multnomah County Educational Facilities University Portland Project
6.000% 04/01/2014................................................................... $ 1,375,000 $ 1,419,688
North Clackamas Parks & Recreation District Recreational Facilities
5.700% 04/01/2013................................................................... 2,840,000 2,857,750
Northern Wasco County
People's Utility District Electric
0.000% 02/01/2006................................................................... 610,000 385,825
0.000% 02/01/2007................................................................... 585,000 344,419
0.000% 02/01/2008................................................................... 610,000 332,450
0.000% 02/01/2011................................................................... 500,000 220,000
Oregon City Sewer
6.500% 10/01/2007................................................................... 500,000 542,500
Oregon Health, Housing, Educational & Cultural Facilities Authority
Reed College Project Series A
5.300% 07/01/2011................................................................... 500,000 492,500
Oregon Housing Agency Mortgage
Single-Family Mortgage Program Series A
7.375% 07/01/2010................................................................... 35,000 36,138
Oregon Housing & Community Services Department Housing Finance Assisted
Insured Multi-Unit B
6.800% 07/01/2013................................................................... 8,270,000 8,673,163
Oregon Housing & Community Services Department Mortgage Single-Family
Mortgage Program Series A
6.800% 07/01/2016................................................................... 2,185,000 2,305,175
Oregon Housing & Community Services Department Mortgage Single-Family
Mortgage Program Series D
6.700% 07/01/2013................................................................... 1,000,000 1,042,500
Oregon Housing & Community Services Department Mortgage Single-Family Mortgage Program
Series E
6.750% 07/01/2016................................................................... 3,550,000 3,700,875
Portland Hydroelectric Power
6.800% 10/01/2004................................................................... 465,000 468,985
Portland Parking Refunding
6.375% 10/01/2012................................................................... 1,700,000 1,774,375
Portland Sewer System Refunding Series A
6.050% 06/01/2009................................................................... 535,000 573,119
6.200% 06/01/2012................................................................... 5,540,000 5,851,625
6.250% 06/01/2015................................................................... 3,730,000 3,930,488
Portland Water System
5.250% 08/01/2013................................................................... 2,000,000 1,980,000
<CAPTION>
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
<S> <C> <C>
Prineville Sewer First Lien
6.500% 07/01/2004................................................................... $ 500,000 $ 538,125
6.800% 07/01/2012................................................................... 1,050,000 1,148,438
Reedsport Water
7.000% 10/01/2014................................................................... 520,000 575,900
South Fork Water Board First Lien
5.450% 02/01/2014................................................................... 1,300,000 1,262,625
Tri-County Metropolitan Transportation District Refunding Series A
5.700% 08/01/2013................................................................... 3,000,000 3,033,750
Washington County
Unified Sewer Agency Series A
6.200% 10/01/2010................................................................... 3,485,000 3,724,594
--------------
Total Oregon Revenue Bonds
(Cost $70,827,798) .................................................................. 73,785,067
--------------
OREGON INSURED BONDS (31.8%)
Central Oregon Community College District
5.800% 06/01/2007................................................................... 760,000 797,050
Chemeketa Community College District
5.950% 06/01/2016................................................................... 1,600,000 1,652,000
Clackamas County Health Facility Authority Revenue Refunding Adventist Health A
6.350% 03/01/2009................................................................... 1,500,000 1,605,000
Clackamas County School District #115 Gladstone
6.150% 06/01/2014................................................................... 1,200,000 1,281,000
Clatsop County Administrative School District #10
5.875% 07/01/2012................................................................... 630,000 644,962
Crook County School District
4.900% 02/01/2009................................................................... 1,165,000 1,130,050
Deschutes & Jefferson Counties School District #2J Redmond Refunding
5.600% 06/01/2009................................................................... 1,000,000 1,026,250
Hood River County School District
5.650% 06/01/2008................................................................... 1,020,000 1,065,900
Josephine County School District #7 Grants Pass
5.700% 06/01/2013................................................................... 2,000,000 2,042,500
Klamath County
5.100% 06/01/2008................................................................... 1,015,000 1,031,494
5.150% 06/01/2009................................................................... 700,000 708,750
Lane County School District #19 Springfield
6.150% 10/15/2009................................................................... 1,500,000 1,627,500
Lane County School District #52 Bethel
6.250% 12/01/2007................................................................... 580,000 647,425
6.400% 12/01/2009................................................................... 750,000 829,687
</TABLE>
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<CAPTION>
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
</TABLE>
OREGON INSURED BONDS (CONTINUED)
<TABLE>
<S> <C> <C>
Lincoln County School District
6.000% 06/15/2006................................................................... $ 900,000 $ 983,250
6.000% 06/15/2007................................................................... 1,855,000 2,017,312
6.000% 06/15/2008................................................................... 1,150,000 1,252,062
6.000% 06/15/2009................................................................... 2,465,000 2,680,687
5.600% 06/15/2010................................................................... 2,480,000 2,585,400
5.250% 06/15/2012................................................................... 3,150,000 3,157,875
Malheur County School District #26 Nyssa
5.750% 06/01/2015................................................................... 1,910,000 1,955,363
Marion & Linn County Elementary School District #77J Stayton
6.250% 07/01/2013................................................................... 1,260,000 1,359,225
Marion County School District #103C Woodburn Series B
0.000% 11/01/2006................................................................... 2,000,000 1,272,500
0.000% 11/01/2007................................................................... 2,000,000 1,205,000
0.000% 11/01/2009................................................................... 2,500,000 1,343,750
0.000% 11/01/2011................................................................... 1,710,000 812,250
Medford Hospital Facility Authority Revenue Gross-Rogue Valley Health Services
6.800% 12/01/2011................................................................... 1,320,000 1,427,250
Morrow County School District #1
6.000% 06/01/2006................................................................... 880,000 947,100
Multnomah County School District #3 Parkrose
5.400% 12/01/2005................................................................... 1,010,000 1,051,663
5.700% 12/01/2008................................................................... 1,330,000 1,393,175
5.700% 12/01/2009................................................................... 1,970,000 2,051,263
5.500% 12/01/2010................................................................... 895,000 917,375
5.500% 12/01/2011................................................................... 1,000,000 1,018,750
Northern Oregon Corrections
5.250% 09/15/2012................................................................... 1,000,000 995,000
5.300% 09/15/2013................................................................... 1,000,000 993,750
Ontario Oregon Catholic Health
Holy Rosary Medical Center
5.500% 11/15/2012................................................................... 1,500,000 1,511,250
Oregon Health Sciences University Revenue Series A
0.000% 07/01/2009................................................................... 1,530,000 822,375
0.000% 07/01/2012................................................................... 1,315,000 585,175
0.000% 07/01/2014................................................................... 2,495,000 982,406
0.000% 07/01/2015................................................................... 4,325,000 1,594,844
Oregon Health Sciences University Revenue Series B
4.875% 07/01/2007................................................................... 1,695,000 1,682,288
<CAPTION>
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
<S> <C> <C>
Oregon Department of General Services Certificates Participation Series C
5.800% 03/01/2015................................................................... $ 840,000 $ 849,450
Oregon Department of Administrative Services Certificates Participation Series A
5.375% 11/01/2004................................................................... 1,500,000 1,560,000
5.250% 05/01/2008................................................................... 4,950,000 5,036,625
5.300% 05/01/2008................................................................... 750,000 767,813
5.250% 11/01/2009................................................................... 2,460,000 2,484,600
5.700% 05/01/2015................................................................... 1,000,000 1,013,750
5.375% 11/01/2016................................................................... 4,260,000 4,190,775
Oregon Department of Administrative Services Certificates Participation Series B
5.500% 11/01/2011................................................................... 1,635,000 1,665,656
Oregon Department of Administrative Services Certificates Participation Series C
5.500% 05/01/2011................................................................... 2,000,000 2,035,000
Oregon Health, Housing, Educational & Cultural Facilities Authority
Lewis & Clark College
6.000% 10/01/2013................................................................... 965,000 1,016,869
Port of Portland Airport Revenue Portland International Airport Series 7-A
6.500% 07/01/2004................................................................... 500,000 537,500
6.750% 07/01/2015................................................................... 2,895,000 3,130,219
Port of Portland Airport Revenue Series 9-A
5.500% 07/01/2006................................................................... 500,000 516,250
Portland Arena Gas Tax Revenue
0.000% 06/01/2016................................................................... 1,100,000 360,250
0.000% 06/01/2017................................................................... 1,420,000 433,100
Portland Gas Tax Revenue Series A
5.800% 06/01/2016................................................................... 1,625,000 1,657,500
Portland Sewer System Revenue Series A
6.000% 10/01/2012................................................................... 2,180,000 2,294,450
Salem-Keizer School District #24J
5.400% 06/01/2006................................................................... 1,000,000 1,032,500
Salem Pedestrian Safety Improvements
5.400% 05/01/2009................................................................... 1,000,000 1,018,750
Salem Water & Sewer
6.000% 06/01/2005................................................................... 1,080,000 1,171,800
Tillamook County
6.250% 01/01/2014................................................................... 960,000 1,032,000
5.700% 01/15/2016................................................................... 700,000 710,500
Umatilla County School District #8R Hermiston
6.000% 12/01/2010................................................................... 695,000 736,700
Union Health District
5.750% 02/01/2010................................................................... 1,070,000 1,091,400
</TABLE>
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<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
</TABLE>
OREGON INSURED BONDS (CONTINUED)
<TABLE>
<S> <C> <C>
Washington County School District #13
5.350% 06/01/2011................................................................... $ 355,000 $ 358,550
5.350% 06/01/2012................................................................... 440,000 442,200
5.400% 06/01/2013................................................................... 485,000 487,425
Washington County School District #48J Beaverton Series A
5.200% 12/01/2009................................................................... 1,740,000 1,755,225
Washington County School District #88J Sherwood
6.100% 06/01/2012................................................................... 1,000,000 1,066,250
Washington County Unified Sewer Agency Revenue Series A
0.000% 10/01/2003................................................................... 1,000,000 745,000
0.000% 10/01/2005................................................................... 5,230,000 3,491,025
5.900% 10/01/2006................................................................... 3,730,000 3,953,800
0.000% 10/01/2007................................................................... 4,835,000 2,894,956
6.125% 10/01/2012................................................................... 8,010,000 8,500,613
5.400% 10/01/2012................................................................... 520,000 526,500
Western Lane Hospital District Facility Authority Revenue Refunding
Sisters St. Joseph Peace
5.625% 08/01/2007................................................................... 2,080,000 2,181,400
Yamhill County School District #29J Newberg
5.500% 06/01/2010................................................................... 1,405,000 1,433,100
6.100% 06/01/2011................................................................... 3,355,000 3,585,656
Yamhill County School District #40 McMinnville
6.000% 06/01/2009................................................................... 500,000 540,625
5.350% 06/01/2010................................................................... 500,000 508,125
5.600% 06/01/2016................................................................... 500,000 505,625
--------------
Total Oregon Insured Bonds
(Cost $119,655,744) ................................................................. 124,007,438
--------------
OREGON PRE-REFUNDED BONDS (4.0%)
Clackamas County Hospital Facility Authority Elderly Housing Willamette View Income
Project
7.000% 11/15/2011................................................................... 470,000 525,812
Clackamas County School District #1
6.250% 07/01/2002................................................................... 925,000 986,281
6.300% 07/01/2003................................................................... 700,000 748,125
6.500% 07/01/2004................................................................... 1,235,000 1,329,169
6.500% 07/01/2005................................................................... 1,355,000 1,458,319
6.500% 07/01/2006................................................................... 1,485,000 1,598,231
<CAPTION>
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
<S> <C> <C>
Clackamas County School District #7J
Lake Oswego Series A
7.000% 06/15/2008................................................................... $ 1,250,000 $ 1,343,750
7.100% 06/15/2010................................................................... 750,000 808,125
Clackamas County School District #12 North Clackamas
6.500% 06/01/2005................................................................... 1,000,000 1,061,250
6.500% 06/01/2007................................................................... 1,455,000 1,544,119
Oregon Department of General Services Certificates Participation Series A
7.200% 01/15/2015................................................................... 1,100,000 1,196,250
Oregon Department of General Services Certificates Participation Series B
7.200% 01/15/2015................................................................... 670,000 728,625
Oregon Housing, Educational & Cultural Facilities Authority Reed College Project
Series A
6.350% 07/01/2002................................................................... 320,000 347,200
6.400% 07/01/2003................................................................... 280,000 304,500
Portland Airport Way Urban Renewal & Redevelopment Tax Increment Series A
7.300% 06/01/2010................................................................... 1,400,000 1,515,500
--------------
Total Oregon Pre-Refunded Bonds
(Cost $14,285,035) .................................................................. 15,495,256
--------------
OREGON OTHER BONDS (2.7%)
Grants Pass Urban Renewal Agency Tax Increment
6.125% 08/01/2012................................................................... 750,000 764,062
Hood River Urban Renewal Agency Revenue
6.250% 12/15/2011................................................................... 1,250,000 1,314,062
Lane County School District #4J Eugene Certificates Participation
6.900% 10/01/2000................................................................... 500,000 538,125
Lebanon Special Obligation Revenue Refunding Lease Water
5.400% 10/01/2013................................................................... 755,000 741,787
Medford Urban Renewal Agency Tax Revenue
5.875% 09/01/2010................................................................... 500,000 508,125
Newberg Certificates Participation
5.900% 12/01/1998................................................................... 365,000 371,844
6.000% 12/01/1999................................................................... 390,000 402,188
6.100% 12/01/2000................................................................... 410,000 427,425
6.200% 12/01/2001................................................................... 410,000 432,550
Portland Building Refunding Series A
4.750% 04/01/2007................................................................... 2,000,000 1,980,000
</TABLE>
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- --------------------- ---------------------
-- COLUMBIA MUNICIPAL BOND FUND, INC. --
----------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
</TABLE>
OREGON OTHER BONDS (CONTINUED)
<TABLE>
<S> <C> <C>
Portland Airport Way Urban Renewal & Redevelopment Tax Increment Series C
5.900% 06/01/2006................................................................... $ 860,000 $ 904,075
Portland Urban Renewal & Redevelopment Refunding, Downtown Waterfront Series L
6.400% 06/01/2008................................................................... 2,085,000 2,225,738
--------------
Total Oregon Other Bonds
(Cost $10,105,889) .................................................................. 10,609,981
--------------
OTHER BONDS (6.3%)
Puerto Rico Commonwealth
6.250% 07/01/2008................................................................... 1,000,000 1,115,000
Puerto Rico Commonwealth Public Improvements
6.250% 07/01/2009................................................................... 3,000,000 3,341,250
6.250% 07/01/2013................................................................... 1,000,000 1,115,000
Puerto Rico Commonwealth Aqueduct & Sewer Authority
5.200% 07/01/2008................................................................... 1,000,000 1,021,250
Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue Series A
9.000% 07/01/2009................................................................... 5,705,000 7,223,956
Puerto Rico Commonwealth Public Buildings Authority
5.000% 07/01/2013................................................................... 3,130,000 3,020,450
Puerto Rico Housing Finance Corp. Single Family Mortgage Revenue Portfolio 1 Series B
7.500% 10/15/2012................................................................... 1,040,000 1,092,000
Puerto Rico Housing Finance Corp. Single Family Mortgage Revenue Portfolio 1 Series C
6.750% 10/15/2013................................................................... 710,000 747,275
Puerto Rico Housing Finance Corp. Multi Family Mortgage Revenue Portfolio A-1
7.500% 04/01/2022................................................................... 1,680,000 1,766,100
<CAPTION>
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
<S> <C> <C>
Puerto Rico Industrial, Medical & Environmental Pollution Control Facilities Financing
Authority Revenue FHA Insured Mortgage Dr. Pila Hospital Project-A
7.700% 08/01/2008................................................................... $ 2,000,000 $ 2,117,500
Puerto Rico Housing Bank & Finance Agency Single Family Mortgage Revenue FHA
Homeownership 5th Portfolio
7.500% 12/01/2015................................................................... 610,000 661,850
Virgin Islands Public Finance Authority Revenue Unrefunded Balance Series A
7.300% 10/01/2018................................................................... 1,185,000 1,461,994
--------------
Total Other Bonds
(Cost $23,619,472) .................................................................. 24,683,625
--------------
Total investments, excluding temporary cash investment
(Cost $365,079,709) ................................................................. 379,660,404
--------------
TAX-EXEMPT MONEY MARKET INVESTMENT (1.5%)
SEI Tax Exempt Trust
(Cost 5,792,640) .................................................................... 5,792,640 5,792,640
--------------
TOTAL INVESTMENTS (98.9%)
(Cost $370,872,349)...................................................................... 385,453,044
RECEIVABLE LESS LIABILITIES (1.1%)........................................................ 4,220,201
--------------
NET ASSETS (100.0%)....................................................................... $ 389,673,245
--------------
--------------
</TABLE>
(1) See Note 1 of Notes to Financial Statements.
The accompanying notes are an integral part
of the financial statements.
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- ------------------------ ------------------------
-- COLUMBIA HIGH YIELD FUND, INC. --
------------------------------------
<TABLE>
<CAPTION>
June 30, 1997 PRINCIPAL
(Unaudited) AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
CORPORATE BONDS (96.3%)
INDUSTRIAL (1.5%)
BUSINESS SERVICES (1.5%)
Pierce Leahy Corp.
Senior Subordinated Notes
11.125% 07/15/2006................................................................. $ 500,000 $ 545,000
--------------
BASIC INDUSTRY (8.4%)
CHEMICALS (4.2%)
Freeport-McMoRan Resource Partners L.P. Senior Subordinated Notes
8.750% 02/15/2004................................................................. 700,000 712,250
ICO, Inc. (144A)
Senior Notes
10.375% 06/01/2007................................................................. 750,000 768,750
--------------
1,481,000
--------------
FOREST PRODUCTS (2.1%)
Crown Paper Co.
Senior Subordinated Notes
11.000% 09/01/2005................................................................. 750,000 746,250
--------------
METALS/MINING (2.1%)
Ryerson Tull, Inc.
Notes
8.500% 07/15/2001................................................................. 750,000 753,750
--------------
Total Basic Industry ................................................................. 2,981,000
--------------
CONSUMER RELATED (20.1%)
HOTEL/GAMING (10.6%)
California Hotel Finance Corp.
Guaranteed Senior Subordinated Notes
11.000% 12/01/2002................................................................. 500,000 526,250
HMH Properties, Inc.
Senior Secured Note
9.500% 05/15/2005................................................................. 600,000 624,000
Hilton Hotels Corp.
Senior Notes
7.375% 06/01/2002................................................................. 500,000 503,585
La Quinta Inns, Inc.
Senior Subordinated Notes
9.250% 05/15/2003................................................................. 900,000 933,750
Rio Hotel & Casino, Inc.
Senior Subordinated Notes
9.500% 04/15/2007................................................................. 450,000 463,500
Station Casinos, Inc.
Senior Subordinated Notes
9.625% 06/01/2003................................................................. 740,000 732,600
--------------
3,783,685
--------------
<CAPTION>
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
<S> <C> <C>
HEALTHCARE (7.1%)
Abbey Healthcare Group, Inc.
Senior Subordinated Notes
9.500% 11/01/2002................................................................. $ 850,000 $ 875,500
HEALTHSOUTH Rehabilitation Corp.
Senior Subordinated Notes
9.500% 04/01/2001................................................................. 300,000 315,000
Quorum Health Group, Inc.
Senior Subordinated Notes
8.750% 11/01/2005................................................................. 650,000 672,750
Tenet Healthcare Corp.
Senior Subordinated Notes
10.125% 03/01/2005................................................................. 600,000 655,500
--------------
2,518,750
--------------
OTHER (2.4%)
Westpoint Stevens, Inc.
Senior Subordinated Debenture
9.375% 12/15/2005................................................................. 800,000 836,000
--------------
Total Consumer Related ............................................................... 7,138,435
--------------
ENERGY (8.2%)
Gulf Canada Resources Ltd.
Subordinated Debentures
9.625% 07/01/2005................................................................. 500,000 537,500
Kelley Oil & Gas Corp.
Series B Senior Subordinated Notes
10.375% 10/15/2006................................................................. 600,000 618,000
Maxus Energy Corp.
Notes
9.875% 10/15/2002................................................................. 750,000 790,275
Nuevo Energy Co.
Senior Subordinated Notes
9.500% 04/15/2006................................................................. 500,000 520,000
Santa Fe Energy Resource, Inc.
Senior Subordinated Debentures
11.000% 05/15/2004................................................................. 400,000 436,000
--------------
Total Energy ......................................................................... 2,901,775
--------------
HOUSING RELATED (3.6%)
USG Corp.
Series B Senior Notes
9.250% 09/15/2001................................................................. 500,000 528,750
Webb (Del E.) Corp.
Senior Subordinated Notes
9.750% 01/15/2008................................................................. 750,000 757,500
--------------
Total Housing Related ................................................................ 1,286,250
--------------
</TABLE>
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------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
</TABLE>
CORPORATE BONDS (CONTINUED)
<TABLE>
<S> <C> <C>
MANUFACTURING (13.3%)
Hayes Wheels International, Inc. (144A)
Senior Subordinated Notes
9.125% 07/15/2007................................................................. $ 800,000 $ 800,000
Mark IV Industries, Inc.
Senior Subordinated Notes
7.750% 04/01/2006................................................................. 500,000 496,785
Polymer Group, Inc. (144A)
Senior Subordinated Notes
9.000% 07/01/2007................................................................. 500,000 491,955
Rohr, Inc.
Senior Note
11.625% 05/15/2003................................................................. 600,000 669,000
Silgan Holdings, Inc. (144A)
Senior Subordinated Debentures
9.000% 06/01/2009................................................................. 750,000 757,500
Titan Wheel International, Inc.
Senior Subordinated Notes
8.750% 04/01/2007................................................................. 700,000 714,000
Tracor, Inc.
Senior Subordinated Notes
8.500% 03/01/2007................................................................. 800,000 810,000
--------------
Total Manufacturing .................................................................. 4,739,240
--------------
MEDIA (22.0%)
Chancellor Radio Broadcasting Co.
Senior Subordinated Notes
9.375% 10/01/2004................................................................. 250,000 256,250
Cinemark USA, Inc.
Series B Senior Subordinated Notes
9.625% 08/01/2008................................................................. 600,000 618,000
Heritage Media Corp.
Senior Subordinated Notes
8.750% 02/15/2006................................................................. 750,000 768,750
Hollinger International Publishing, Inc.
Senior Notes
8.625% 03/15/2005................................................................. 700,000 708,750
Jacor Communications Co. (144A)
Senior Subordinated Notes
8.750% 06/15/2007................................................................. 750,000 738,750
Jones Intercable, Inc.
Senior Notes
8.875% 04/01/2007................................................................. 700,000 714,000
Lamar Advertising Co.
Senior Subordinated Notes
9.625% 12/01/2006................................................................. 750,000 765,000
<CAPTION>
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
<S> <C> <C>
Lenfest Communications, Inc.
Senior Secured Notes
8.375% 11/01/2005................................................................. $ 500,000 $ 492,500
Outdoor Systems, Inc.
Senior Subordinated Notes
9.375% 10/15/2006................................................................. 750,000 753,750
SFX Broadcasting, Inc.
Series B Senior Subordinated Notes
10.750% 05/15/2006................................................................. 750,000 810,000
Viacom, Inc.
Subordinated Debenture
8.000% 07/07/2006................................................................. 650,000 630,500
Young Broadcasting, Inc.
Guaranteed Senior Subordinated Notes
11.750% 11/15/2004................................................................. 500,000 552,500
--------------
Total Media .......................................................................... 7,808,750
--------------
RETAIL (3.1%)
Ethan Allen, Inc.
Senior Notes
8.750% 03/15/2001................................................................. 600,000 618,000
Specialty Retailers, Inc. (144A)
Senior Notes
8.500% 07/15/2005................................................................. 500,000 500,000
--------------
Total Retail ......................................................................... 1,118,000
--------------
TRANSPORTATION (2.1%)
Teekay Shipping Corp.
Guaranteed 1st Preferred Ship
Mortgage Notes
8.320% 02/01/2008................................................................. 750,000 753,750
--------------
UTILITY (9.3%)
ELECTRICS (5.0%)
AES Corp.
Senior Subordinated Notes
10.250% 07/15/2006................................................................. 800,000 870,000
California Energy, Inc.
Senior Secured Note
9.875% 06/30/2003................................................................. 850,000 904,544
--------------
1,774,544
--------------
TELECOMMUNICATIONS (4.3%)
MFS Communications, Inc.
Senior Discount Notes
Step-up Coupon
0.000% to 01/15/2001, then 8.875% to 01/15/2006................................... 1,000,000 791,790
</TABLE>
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- ------------------------ ------------------------
-- COLUMBIA HIGH YIELD FUND, INC. --
------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
</TABLE>
CORPORATE BONDS (CONTINUED)
<TABLE>
<S> <C> <C>
Paging Network, Inc.
Senior Subordinated Notes
10.000% 10/15/2008................................................................. $ 750,000 $ 728,438
--------------
1,520,228
--------------
Total Utilities ...................................................................... 3,294,772
--------------
YANKEE (4.7%)
Argentina Republic
Unsubordinated Global Bond
11.000% 10/09/2006................................................................. 750,000 834,375
Mexico-United Mexican States
Global Bonds
11.375% 09/15/2016................................................................. 750,000 844,125
--------------
Total Yankee ......................................................................... 1,678,500
--------------
Total investments, excluding temporary cash investment
(Cost $33,468,049) .................................................................. 34,245,472
--------------
<CAPTION>
PRINCIPAL
AMOUNT VALUE(1)
------------- --------------
<S> <C> <C>
<S> <C> <C>
REPURCHASE AGREEMENT (2.2%)
Goldman Sachs Corp.
5.891% dated 06/30/1997,
due 07/01/1997 in the
amount of $769,953.
Collateralized by U.S. Treasury Bond
6.250% due 08/15/2023,
U.S. Treasury Note
5.750% due 08/15/2003.
(Cost $769,828)...................................................................... $ 769,828 $ 769,828
--------------
TOTAL INVESTMENTS (98.5%)
(Cost $34,237,877)....................................................................... 35,015,300
RECEIVABLES LESS LIABILITIES (1.5%)....................................................... 546,368
--------------
NET ASSETS (100.0%)....................................................................... $ 35,561,668
--------------
--------------
</TABLE>
(1) See Note 1 of Notes to Financial Statements.
The accompanying notes are an integral part
of the financial statements.
-
60
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-----------------------------------------------------------------
<TABLE>
<CAPTION>
COLUMBIA COLUMBIA COLUMBIA COLUMBIA
June 30, 1997 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............................ $491,243,573 $ 910,273,825 $125,339,177 $1,237,360,211(2)
- ------------------------------------------------------------ ------------ -------------- ------------------- --------------
Investments at value (Notes 1 and 2)...................... $611,938,013 $1,165,655,384 $156,691,701 $1,363,819,640(2)
Temporary cash investments, at cost (Note 1).............. 71,289,433 40,839,060 11,633,460 116,792,100
Cash...................................................... 952,754
Cash denominated in foreign currencies (cost $144,242)
(Note 1)................................................. 143,790
Receivable for:
Interest................................................ 230,132 174,881 56,739 434,956
Dividends............................................... 693,331 1,259,534 312,115 539,867
Investments sold........................................ 6,813,212 11,457,122 4,292,031 12,461,377
Capital stock sold...................................... 208,408 623,579 767,078 914,043
------------ -------------- ------------------- --------------
Total assets.............................................. 691,172,529 1,220,009,560 174,849,668 1,494,961,983
------------ -------------- ------------------- --------------
LIABILITIES:
Payable for:
Capital stock redeemed.................................. 2,948,610 1,854,089 355,472 6,178,126
Dividends and distributions............................. 30,150
Investments purchased................................... 13,668,282 5,072,589 16,370,800
Investment management fee (Note 4)...................... 328,468 568,280 134,082 1,011,447
Accrued expenses........................................ 125,056 196,123 57,160 246,927
------------ -------------- ------------------- --------------
Total liabilities......................................... 17,100,566 2,618,492 5,619,303 23,807,300
------------ -------------- ------------------- --------------
NET ASSETS APPLICABLE TO OUTSTANDING SHARES................. $674,071,963 $1,217,391,068 $169,230,365 $1,471,154,683
------------ -------------- ------------------- --------------
------------ -------------- ------------------- --------------
Net assets consist of:
Undistributed net investment income....................... $ 1,399,513 $ 5,411,763 $ 362,144 $ 576,070
Unrealized appreciation (depreciation) on:
Investments............................................. 120,694,440 255,381,559 31,352,524 126,459,429
Translation of assets and liabilities in foreign
currencies............................................. (20,785)
Undistributed net realized gain (loss) from:
Investments............................................. 28,559,478 78,609,578 8,295,759 63,553,874
Foreign currency transactions........................... (33,851)
Capital shares (Note 3)................................... 344,892 689,777
Capital paid in (Note 3).................................. 523,418,532 877,643,276 129,274,574 1,279,875,533
------------ -------------- ------------------- --------------
$674,071,963 $1,217,391,068 $169,230,365 $1,471,154,683
------------ -------------- ------------------- --------------
------------ -------------- ------------------- --------------
SHARES OF CAPITAL STOCK OUTSTANDING (NOTE 3)................ 30,249,024 34,489,204 10,374,021 68,977,673
------------ -------------- ------------------- --------------
------------ -------------- ------------------- --------------
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
(1)........................................................ $ 22.28 $ 35.30 $ 16.31 $ 21.33
------------ -------------- ------------------- --------------
------------ -------------- ------------------- --------------
</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) Including $65,719,076 of investments at identified cost and $75,240,875 of
investments at value of affiliated issuers (Note 1).
The accompanying notes are an integral part of the financial statements.
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61
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-----------------------------------------------------------------
<TABLE>
<CAPTION>
COLUMBIA COLUMBIA REAL COLUMBIA COLUMBIA
June 30, 1997 SMALL CAP ESTATE EQUITY BALANCED DAILY INCOME
(Unaudited) FUND, INC. FUND, INC. FUND, INC. COMPANY
----------- ------------- ------------ ------------
<S> <C> <C> <C> <C>
ASSETS:
Investments at identified cost............................ $37,284,985 $ 82,512,362 $644,681,728 $870,210,086
- ------------------------------------------------------------ ----------- ------------- ------------ ------------
Investments at value (Notes 1 and 2)...................... $43,642,003 $ 96,647,382 $751,273,559 $870,210,086
Temporary cash investments, at cost (Note 1).............. 1,035,675 10,289,790 14,247,434
Cash...................................................... 300,000
Receivable for:
Interest................................................ 8,365 44,489 4,812,052 7,983
Dividends............................................... 11,689 516,455 466,457
Investments sold........................................ 997,897(2) 1,441,261 33,569,343
Capital stock sold...................................... 134,223 664,040 524,282 962,151
----------- ------------- ------------ ------------
Total assets.............................................. 45,829,852 109,603,417 804,893,127 871,480,220
----------- ------------- ------------ ------------
LIABILITIES:
Payable for:
Capital stock redeemed.................................. 48,646 293,791 463,265 9,593,716
Dividends and distributions............................. 124,954 95,291
Investments purchased................................... 479,940 41,272,736
Securities sold short, at market (Proceeds $1,785,039)
(Note 1)............................................... 1,872,222
Investment management fee (Note 4)...................... 34,016 65,381 311,584 343,759
Accrued expenses........................................ 15,427 21,151 162,038 169,018
----------- ------------- ------------ ------------
Total liabilities......................................... 2,450,251 505,277 42,304,914 10,106,493
----------- ------------- ------------ ------------
NET ASSETS APPLICABLE TO OUTSTANDING SHARES................. $43,379,601 $109,098,140 $762,588,213 $861,373,727
----------- ------------- ------------ ------------
----------- ------------- ------------ ------------
Net assets consist of:
Undistributed net investment income (loss)................ $ (83,916) $ 17,098 $ 1,133,453
Unrealized appreciation on investments.................... 6,269,835 14,135,020 106,591,831
Undistributed net realized gain (loss) from investments... (353,196) 2,259,880 9,016,577
Capital shares (Note 3)................................... $ 861,374
Capital paid in (Note 3).................................. 37,546,878 92,686,142 645,846,352 860,512,353
----------- ------------- ------------ ------------
$43,379,601 $109,098,140 $762,588,213 $861,373,727
----------- ------------- ------------ ------------
----------- ------------- ------------ ------------
SHARES OF CAPITAL STOCK OUTSTANDING (NOTE 3)................ 2,935,845 6,350,557 34,504,657 861,373,727
----------- ------------- ------------ ------------
----------- ------------- ------------ ------------
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
(1)........................................................ $ 14.78 $ 17.18 $ 22.10 $ 1.00
----------- ------------- ------------ ------------
----------- ------------- ------------ ------------
</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) Including receivable from broker for securites sold short of $349,518.
The accompanying notes are an integral part of the financial statements.
-
62
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-----------------------------------------------------------------
<TABLE>
<CAPTION>
COLUMBIA U.S. COLUMBIA FIXED COLUMBIA
June 30, 1997 GOVERNMENT SECURITIES INCOME SECURITIES MUNICIPAL BOND
(Unaudited) FUND, INC. FUND, INC. FUND, INC.
--------------------- ----------------- --------------
<S> <C> <C> <C>
ASSETS:
Investments at identified cost............................ $38,152,679 $344,554,201 $365,079,709
- ------------------------------------------------------------ --------------------- ----------------- --------------
Investments at value (Notes 1 and 2)...................... $38,113,474 $346,392,354 $379,660,404
Temporary cash investments, at cost (Note 1).............. 882,798 20,169,006 5,792,640
Receivable for:
Interest................................................ 778,777 3,972,989 5,103,230
Investments sold........................................ 35,792,841
Capital stock sold...................................... 575 658,458 4,463
--------------------- ----------------- --------------
Total assets.............................................. 39,775,624 406,985,648 390,560,737
--------------------- ----------------- --------------
LIABILITIES:
Payable for:
Capital stock redeemed.................................. 260,742 362,399 365,247
Dividends and distributions............................. 13,958 391,257 318,146
Investments purchased................................... 38,289,807
Investment management fee (Note 4)...................... 16,260 150,412 159,830
Accrued expenses........................................ 19,702 89,253 44,269
--------------------- ----------------- --------------
Total liabilities......................................... 310,662 39,283,128 887,492
--------------------- ----------------- --------------
NET ASSETS APPLICABLE TO OUTSTANDING SHARES................. $39,464,962 $367,702,520 $389,673,245
--------------------- ----------------- --------------
--------------------- ----------------- --------------
Net assets consist of:
Unrealized appreciation (depreciation) on investments..... $ (39,205) $ 1,838,153 $ 14,580,695
Undistributed net realized gain (loss) from investments... (410,518) (1,850,141) 716,972
Capital shares (Note 3)................................... 47,954 281,292 319,809
Capital paid in (Note 3).................................. 39,866,731 367,433,216 374,055,769
--------------------- ----------------- --------------
$39,464,962 $367,702,520 $389,673,245
--------------------- ----------------- --------------
--------------------- ----------------- --------------
SHARES OF CAPITAL STOCK OUTSTANDING (NOTE 3)................ 4,795,408 28,129,175 31,980,870
--------------------- ----------------- --------------
--------------------- ----------------- --------------
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
(1)........................................................ $ 8.23 $ 13.07 $ 12.18
--------------------- ----------------- --------------
--------------------- ----------------- --------------
<CAPTION>
COLUMBIA
June 30, 1997 HIGH YIELD
(Unaudited) FUND, INC.
-----------
<S> <C>
ASSETS:
Investments at identified cost............................ $33,468,049
- ------------------------------------------------------------ -----------
Investments at value (Notes 1 and 2)...................... $34,245,472
Temporary cash investments, at cost (Note 1).............. 769,828
Receivable for:
Interest................................................ 702,095
Investments sold........................................ 420,500
Capital stock sold...................................... 22,656
-----------
Total assets.............................................. 36,160,551
-----------
LIABILITIES:
Payable for:
Capital stock redeemed.................................. 41,954
Dividends and distributions............................. 31,029
Investments purchased................................... 491,955
Investment management fee (Note 4)...................... 17,591
Accrued expenses........................................ 16,354
-----------
Total liabilities......................................... 598,883
-----------
NET ASSETS APPLICABLE TO OUTSTANDING SHARES................. $35,561,668
-----------
-----------
Net assets consist of:
Unrealized appreciation (depreciation) on investments..... $ 777,423
Undistributed net realized gain (loss) from investments... 688,964
Capital shares (Note 3)...................................
Capital paid in (Note 3).................................. 34,095,281
-----------
$35,561,668
-----------
-----------
SHARES OF CAPITAL STOCK OUTSTANDING (NOTE 3)................ 3,518,965
-----------
-----------
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
(1)........................................................ $ 10.11
-----------
-----------
</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.
-
63
<PAGE>
STATEMENTS OF OPERATIONS
-----------------------------------------------------------------
<TABLE>
<CAPTION>
COLUMBIA
COLUMBIA COLUMBIA INTERNATIONAL COLUMBIA
Six Months Ended June 30, 1997 COMMON STOCK GROWTH STOCK SPECIAL
(Unaudited) FUND, INC. FUND, INC. FUND, INC. FUND, INC.
------------ ------------ --------------- ------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Income:
Interest........................................... $ 914,892 $ 1,247,007 $ 235,716 $ 2,044,659
Dividends.......................................... 5,658,723 6,230,575 1,399,555 5,696,465(1)
Foreign taxes withheld (net of reclaims)........... (167,658)
------------ ------------ --------------- ------------
Total income..................................... 6,573,615 7,477,582 1,467,613 7,741,124
------------ ------------ --------------- ------------
Expenses:
Investment management fees (Note 4)................ 1,786,129 3,243,832 692,286 6,153,546
Shareholder servicing costs (Note 4)............... 342,401 498,308 184,092 686,690
Reports to shareholders............................ 49,947 139,248 40,842 162,850
Accounting expense................................. 15,319 13,324 53,455 25,541
Financial information and subscriptions............ 4,235 9,018 5,555 12,980
Custodian fees..................................... 11,907 22,619 78,627 29,919
Bank transaction and checking fees................. 9,369 15,586 24,210 34,154
Registration fees.................................. 24,066 26,209 13,004 24,088
Legal, insurance and auditing fees................. 17,883 23,424 16,557 27,874
Other.............................................. 3,355 5,960 726 7,412
------------ ------------ --------------- ------------
Total expenses................................... 2,264,611 3,997,528 1,109,354 7,165,054
------------ ------------ --------------- ------------
Net investment income (Note 1)....................... 4,309,004 3,480,054 358,259 576,070
------------ ------------ --------------- ------------
REALIZED GAIN AND UNREALIZED APPRECIATION
(DEPRECIATION) FROM INVESTMENT AND FOREIGN CURRENCY
TRANSACTIONS:
Net realized gain from:
Investments (Note 2)............................... 28,501,091 79,555,263 8,901,175 64,383,451(2)
Foreign currency transactions (Note 1)............. 171,197
------------ ------------ --------------- ------------
Net realized gain................................ 28,501,091 79,555,263 9,072,372 64,383,451
------------ ------------ --------------- ------------
Net unrealized appreciation (depreciation) on:
Investments (Note 1)............................... 59,806,331 74,114,406 14,709,406 38,176,351
Translation of assets and liabilities in foreign
currencies (Note 1)............................... (212,452)
------------ ------------ --------------- ------------
Net unrealized appreciation during the period.... 59,806,331 74,114,406 14,496,954 38,176,351
------------ ------------ --------------- ------------
Net gain on investment and foreign currency
transactions (Note 1)............................... 88,307,422 153,669,669 23,569,326 102,559,802
------------ ------------ --------------- ------------
Net increase in net assets resulting from
operations.......................................... $92,616,426 $157,149,723 $23,927,585 $103,135,872
------------ ------------ --------------- ------------
------------ ------------ --------------- ------------
</TABLE>
(1) Including $52,500 received from affiliated issuers (Note 1).
(2) Including $8,995,835 net realized loss from transactions in affiliated
issuers (Note 1).
The accompanying notes are an integral part of the financial statements.
-
64
<PAGE>
STATEMENTS OF OPERATIONS
-----------------------------------------------------------------
<TABLE>
<CAPTION>
COLUMBIA
COLUMBIA REAL ESTATE COLUMBIA COLUMBIA
Six Months Ended June 30, 1997 SMALL CAP EQUITY FUND, BALANCED DAILY INCOME
(Unaudited) FUND, INC. INC. FUND, INC. COMPANY
------------- ---------------- ------------ ------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Income:
Interest................................................ $ 122,017 $ 307,659 $ 12,843,274 $24,074,040
Dividends............................................... 44,403 2,226,627 3,327,791
------------- ---------------- ------------ ------------
Total income.......................................... 166,420 2,534,286 16,171,065 24,074,040
------------- ---------------- ------------ ------------
Expenses:
Investment management fees (Note 4)..................... 169,318 360,494 1,766,429 2,082,803
Shareholder servicing costs (Note 4).................... 30,911 61,110 406,745 416,769
Reports to shareholders................................. 6,203 9,743 69,024 99,087
Accounting expense...................................... 13,229 9,269 19,862 21,678
Financial information and subscriptions................. 1,344 1,201 9,033 7,554
Custodian fees.......................................... 699 2,205 14,175 17,929
Bank transaction and checking fees...................... 5,404 3,643 16,895 42,999
Registration fees....................................... 13,569 26,195 21,002 26,519
Legal, insurance and auditing fees...................... 9,331 9,359 19,991 21,284
Other................................................... 202 525 3,806 4,361
------------- ---------------- ------------ ------------
Total expenses........................................ 250,210 483,744 2,346,962 2,740,983
------------- ---------------- ------------ ------------
Net investment income (loss) (Note 1)..................... (83,790) 2,050,542 13,824,103 21,333,057
------------- ---------------- ------------ ------------
REALIZED GAIN (LOSS) AND UNREALIZED APPRECIATION FROM
INVESTMENT TRANSACTIONS:
Net realized gain (loss) from investments (Note 2)........ (77,400) 2,300,797 9,093,055
Net unrealized appreciation on investments during the
period (Note 1).......................................... 4,781,082 3,230,188 50,542,463
------------- ---------------- ------------
Net gain on investments (Note 1).......................... 4,703,682 5,530,985 59,635,518
------------- ---------------- ------------ ------------
Net increase in net assets resulting from operations...... $ 4,619,892 $7,581,527 $ 73,459,621 $21,333,057
------------- ---------------- ------------ ------------
------------- ---------------- ------------ ------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
-
65
<PAGE>
STATEMENTS OF OPERATIONS
-----------------------------------------------------------------
<TABLE>
<CAPTION>
COLUMBIA U.S. COLUMBIA FIXED COLUMBIA COLUMBIA
Six Months Ended June 30, 1997 GOVERNMENT SECURITIES INCOME SECURITIES MUNICIPAL BOND HIGH YIELD
(Unaudited) FUND, INC. FUND, INC. FUND, INC. FUND, INC.
--------------------- ----------------- -------------- ----------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Income:
Interest...................................... $1,179,367 $12,648,811 $10,501,635 $1,465,939
----------- ----------------- -------------- ----------
Total income................................ 1,179,367 12,648,811 10,501,635 1,465,939
----------- ----------------- -------------- ----------
Expenses:
Investment management fees (Note 4)........... 99,056 875,709 944,657 97,613
Shareholder servicing costs (Note 4).......... 34,185 162,749 63,124 20,532
Reports to shareholders....................... 6,799 43,346 13,603 5,299
Accounting expense............................ 11,759 22,129 13,057 18,038
Financial information and subscriptions....... 766 6,653 20,803 1,674
Custodian fees................................ 785 6,950 7,609 654
Bank transaction and checking fees............ 1,274 13,314 2,176 1,561
Registration fees............................. 6,891 17,429 9,858 6,723
Legal, insurance and auditing fees............ 11,060 18,728 17,071 9,822
Other......................................... 201 1,827 6,676 174
----------- ----------------- -------------- ----------
Total expenses.............................. 172,776 1,168,834 1,098,634 162,090
----------- ----------------- -------------- ----------
Net investment income (Note 1).................. 1,006,591 11,479,977 9,403,001 1,303,849
----------- ----------------- -------------- ----------
REALIZED GAIN (LOSS) AND UNREALIZED APPRECIATION
(DEPRECIATION) FROM INVESTMENT TRANSACTIONS:
Net realized gain (loss) from investments (Note
2)............................................. (14,216) 52,426 567,823 670,284
Net unrealized appreciation (depreciation) on
investments during the period (Note 1)......... (66,392) (167,291) 673,279 (73,357 )
----------- ----------------- -------------- ----------
Net gain (loss) on investments (Note 1)......... (80,608) (114,865) 1,241,102 596,927
----------- ----------------- -------------- ----------
Net increase in net assets resulting from
operations..................................... $ 925,983 $11,365,112 $10,644,103 $1,900,776
----------- ----------------- -------------- ----------
----------- ----------------- -------------- ----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
-
66
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
-----------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months Ended June 30, 1997 (Unaudited) COLUMBIA COLUMBIA COLUMBIA
and COMMON STOCK GROWTH INTERNATIONAL STOCK
Year Ended December 31, 1996 FUND, INC. FUND, INC. FUND, INC.
-------------------------- ---------------------------- --------------------------
1997 1996 1997 1996 1997 1996
------------ ------------ ------------- ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
INCREASE IN NET ASSETS:
Operations:
Net investment income................... $ 4,309,004 $ 5,885,201 $ 3,480,054 $ 6,027,740 $ 358,259 $ 254,666
Net realized gain from:
Investments (Note 2).................. 28,501,091 70,666,274 79,555,263 154,006,111 8,901,175 9,808,805
Foreign currency transactions (Note
1)................................... 171,197 1,454,573
Change in net unrealized appreciation
(depreciation) on:
Investments........................... 59,806,331 8,532,253 74,114,406 21,295,845 14,709,406 5,676,201
Translation of assets and liabilities
in foreign currencies (Note 1)....... (212,452) 185,947
------------ ------------ ------------- ------------ ------------ ------------
Net increase in net assets resulting
from operations........................ 92,616,426 85,083,728 157,149,723 181,329,696 23,927,585 17,380,192
Distributions to shareholders:
From net investment income.............. (3,810,649) (5,169,680) (5,089,302) (254,666)
In excess of net investment income...... (24,695)* (1,646,464)*
From net realized gain from investment
transactions........................... (70,666,274) (154,006,111) (9,422,995)
In excess of net realized gain from
investment transactions................ (97,665)* (469,156)*
Capital share transactions, net (Note
3)....................................... 48,506,384 169,111,664 (3,858,174) 193,603,540 19,793,189 18,580,064
------------ ------------ ------------- ------------ ------------ ------------
Net increase in net assets.............. 137,312,161 178,237,078 153,291,549 215,368,667 43,720,774 24,636,131
NET ASSETS:
Beginning of period....................... 536,759,802 358,522,724 1,064,099,519 848,730,852 125,509,591 100,873,460
------------ ------------ ------------- ------------ ------------ ------------
End of period (1)......................... $674,071,963 $536,759,802 $1,217,391,068 $1,064,099,519 $169,230,365 $125,509,591
------------ ------------ ------------- ------------ ------------ ------------
------------ ------------ ------------- ------------ ------------ ------------
- --------------------------------------------
------------ ------------ ------------- ------------ ------------ ------------
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
(1) Includes undistributed net investment
income of: $ 1,399,513 $ 901,158 $ 5,411,763 $ 1,931,709 $ 362,144 $ 3,885
* On a tax basis, there was no return of capital.
</TABLE>
The accompanying notes are an integral part of the financial statements.
-
67
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
-----------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months Ended June 30, 1997 COLUMBIA COLUMBIA COLUMBIA
(Unaudited) and SPECIAL SMALL CAP REAL ESTATE EQUITY
Year Ended December 31, 1996 FUND, INC. FUND, INC. FUND, INC.
------------------------------ ------------------------ -------------------------
1997 1996 1997 1996 (2) 1997 1996
-------------- -------------- ----------- ----------- ------------ -----------
<S> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET
ASSETS:
Operations:
Net investment income
(loss)................... $ 576,070 $ (4,487,503) $ (83,790) $ (126) $ 2,050,542 $ 1,994,016
Net realized gain (loss)
from investments (Note
2)....................... 64,383,451 295,204,950 (77,400) (275,796) 2,300,797 1,627,328
Change in net unrealized
appreciation
(depreciation) on
investments.............. 38,176,351 (112,950,905) 4,781,082 1,488,753 3,230,188 9,368,906
-------------- -------------- ----------- ----------- ------------ -----------
Net increase in net assets
resulting from
operations............... 103,135,872 177,766,542 4,619,892 1,212,831 7,581,527 12,990,250
Distributions to
shareholders:
From net investment
income................... (2,033,444) (1,370,203)
From net realized gain
from investment
transactions............. (289,460,071) (1,627,328)
In excess of net realized
gain from investment
transactions............. (349,207)*
From tax return of
capital.................. (657,602)
Capital share transactions,
net (Note 3)............... (217,265,403) 312,562,708 17,698,339 19,848,539 35,476,836 37,500,111
-------------- -------------- ----------- ----------- ------------ -----------
Net increase (decrease) in
net assets............... (114,129,531) 200,869,179 22,318,231 21,061,370 41,024,919 46,486,021
NET ASSETS:
Beginning of period......... 1,585,284,214 1,384,415,035 21,061,370 -- 68,073,221 21,587,200
-------------- -------------- ----------- ----------- ------------ -----------
End of period (1)........... $1,471,154,683 $1,585,284,214 $43,379,601 $21,061,370 $109,098,140 $68,073,221
-------------- -------------- ----------- ----------- ------------ -----------
-------------- -------------- ----------- ----------- ------------ -----------
- ------------------------------
-------------- -------------- ----------- ----------- ------------ -----------
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
(1) Includes undistributed net
investment income (loss)
of:.......................... $ 576,070 $ -- $ (83,916) $ (126) $ 17,098 $ --
(2) From inception of
operations on September 11,
1996.
* On a tax basis, there was no return of capital.
</TABLE>
The accompanying notes are an integral part of the financial statements.
-
68
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
-----------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months Ended June 30, 1997 (Unaudited) COLUMBIA COLUMBIA COLUMBIA
and BALANCED DAILY INCOME U.S. GOVERNMENT
Year Ended December 31, 1996 FUND, INC. COMPANY SECURITIES FUND, INC.
-------------------------- ---------------------------- --------------------------
1997 1996 1997 1996 1997 1996
------------ ------------ ------------- ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income................... $ 13,824,103 $ 22,231,964 $ 21,333,057 $ 40,303,114 $ 1,006,591 $ 2,058,101
Net realized gain (loss) from
investments (Note 2)................... 9,093,055 41,189,499 (14,216) 83,457
Change in net unrealized appreciation
(depreciation) on investments.......... 50,542,463 4,167,518 (66,392) (584,568)
------------ ------------ ------------- ------------ ------------ ------------
Net increase in net assets resulting
from operations........................ 73,459,621 67,588,981 21,333,057 40,303,114 925,983 1,556,990
Distributions to shareholders:
From net investment income.............. (13,230,813) (21,892,044) (21,333,057) (40,303,114) (1,006,591) (2,058,101)
In excess of net investment income...... (124,615)*
From net realized gain from investment
transactions........................... (41,189,499)
In excess of net realized gain from
investment transaction................. (97,205)*
Capital share transactions, net (Note
3)....................................... 29,766,485 181,539,809 (28,426,242) 89,144,447 (1,230,771) (564,932)
------------ ------------ ------------- ------------ ------------ ------------
Net increase (decrease) in net assets... 89,995,293 185,825,427 (28,426,242) 89,144,447 (1,311,379) (1,066,043)
NET ASSETS:
Beginning of period....................... 672,592,920 486,767,493 889,799,969 800,655,522 40,776,341 41,842,384
------------ ------------ ------------- ------------ ------------ ------------
End of period (1)......................... $762,588,213 $672,592,920 $ 861,373,727 $889,799,969 $ 39,464,962 $ 40,776,341
------------ ------------ ------------- ------------ ------------ ------------
------------ ------------ ------------- ------------ ------------ ------------
- --------------------------------------------
------------ ------------ ------------- ------------ ------------ ------------
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
(1) Includes undistributed net investment
income of: $ 1,133,453 $ 540,163
* On a tax basis, there was no return of capital.
</TABLE>
The accompanying notes are an integral part of the financial statements.
-
69
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
-----------------------------------------------------------------
<TABLE>
<CAPTION>
Six Months Ended June 30, 1997 (Unaudited) COLUMBIA COLUMBIA COLUMBIA
and FIXED INCOME SECURITIES MUNICIPAL BOND HIGH YIELD
Year Ended December 31, 1996 FUND, INC. FUND, INC. FUND, INC.
-------------------------- ---------------------------- --------------------------
1997 1996 1997 1996 1997 1996
------------ ------------ ------------- ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income................... $ 11,479,977 $ 21,823,484 $ 9,403,001 $ 18,837,582 $ 1,303,849 $ 2,084,562
Net realized gain from investments (Note
2)..................................... 52,426 1,600,093 567,823 1,991,804 670,284 237,862
Change in net unrealized appreciation
(depreciation) on investments.......... (167,291) (11,107,884) 673,279 (7,232,960) (73,357) (1,892)
------------ ------------ ------------- ------------ ------------ ------------
Net increase in net assets resulting
from operations........................ 11,365,112 12,315,693 10,644,103 13,596,426 1,900,776 2,320,532
Distributions to shareholders:
From net investment income.............. (11,479,977) (21,823,484) (9,403,001) (18,837,582) (1,303,849) (2,084,562)
In excess of net investment income...... (4,724)*
From net realized gain from investment
transactions........................... (1,842,655) (28,544)
Capital share transactions, net (Note
3)....................................... 11,396,489 49,669,884 12,769,437 (1,044,677) 6,146,508 5,139,840
------------ ------------ ------------- ------------ ------------ ------------
Net increase (decrease) in net assets... 11,281,624 40,162,093 14,005,815 (8,128,488) 6,743,435 5,347,266
NET ASSETS:
Beginning of period....................... 356,420,896 316,258,803 375,667,430 383,795,918 28,818,233 23,470,967
------------ ------------ ------------- ------------ ------------ ------------
End of period............................. $367,702,520 $356,420,896 $ 389,673,245 $375,667,430 $ 35,561,668 $ 28,818,233
------------ ------------ ------------- ------------ ------------ ------------
------------ ------------ ------------- ------------ ------------ ------------
* On a tax basis, there was no return of capital.
</TABLE>
The accompanying notes are an integral part of the financial statements.
-
70
<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 Small Cap Fund, Inc.
(CSCF), Columbia Real Estate Equity Fund, Inc. (CREF), Columbia Balanced Fund,
Inc. (CBF), Columbia Daily Income Company (CDIC), Columbia U.S. Government
Securities Fund, Inc. (CUSG), Columbia Fixed Income Securities Fund, Inc.
(CFIS), Columbia Municipal Bond Fund, Inc. (CMBF), and Columbia High Yield Fund,
Inc. (CHYF). All Funds are open-end investment companies registered under the
Investment Company Act of 1940, as amended, and are diversified except CMBF,
which is non-diversified. The policies described below are consistently followed
by the Funds in the preparation of their financial statements in conformity with
generally accepted accounting principles.
INVESTMENT VALUATION. The values of CCSF, CGF, CISF, CSF, CSCF, CREF and CBF
equity investments are based on the last sale prices reported by the principal
securities exchanges on which the investments are traded, or, in the absence of
recorded sales, at the closing bid prices on such exchanges or over-the-counter
markets. Temporary cash investments in short-term securities (principally
repurchase agreements) are valued at cost, which approximates market.
CDIC investments are carried at values deemed best to reflect their fair values
as determined in good faith by or under the supervision of officers of CDIC,
specifically so authorized by its Directors. These values are based on cost
adjusted for amortization of discount or premium and accrued interest, unless
unusual circumstances indicate that another method of determining fair value
should be considered.
CBF, CUSG, CFIS, CMBF and CHYF fixed income investments are carried at values
deemed best to reflect their fair values as determined in good faith by or under
the supervision of officers of CBF, CUSG, CFIS, CMBF and CHYF, specifically so
authorized by their Directors. These values are based on market value as quoted
by dealers who are market makers in these securities or by an independent
pricing service unless unusual circumstances indicate that another method of
determining fair value should be considered. Market values for CBF, CUSG, CFIS
and CHYF fixed income investments are based on the average of bid and ask prices
and market value for CMBF is based on bid prices, or by reference to other
securities with comparable ratings, interest rates and maturities. Temporary
cash investments in short-term securities (principally repurchase agreements)
are valued at cost, which approximates market.
SHORT SALES AGAINST THE BOX. Certain Funds may hedge their investments against
changes in value by engaging in short sales against the box. In a short sale
against the box, the Fund sells a borrowed security that it also owns or has a
right to own without additional cash consideration. The Fund covers its
obiligation to pay back the borrowed shares by depositing the identical
securities sold short in a segregated account at the Fund's custodian bank until
the short sale transaction is closed and the borrowed shares repaid. A short
sale against the box is not a speculative transaction and does not involve the
use of leverage. This type of short sale may be used by a Fund when it desires
to protect a profit or prevent a loss in a security position without selling the
security directly. CSCF sold certain securities short against the box during the
period because it was undesirable under certain provisions of the Internal
Revenue Code that apply to investment companies to sell those securities
directly and realize a taxable gain during the period. The market value of
segregated securities to cover short positions was $1,872,222 at June 30, 1997.
As of June 30, 1997, CSCF had entered into the following short sales against the
box resulting in net unrealized depreciation of $87,183.
-
71
<PAGE>
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
-- 1. SIGNIFICANT ACCOUNTING POLICIES, CONTINUED --
<TABLE>
<CAPTION>
COMMON STOCK SHARES VALUE
- ----------------------------------------------------------------------------- --------- ---------
Ascend Communications, Inc................................................... 5,000 $ 196,875
<S> <C> <C>
FORE Systems, Inc............................................................ 10,000 136,250
Great Plains Software, Inc................................................... 2,000 54,000
LHS Group, Inc............................................................... 1,350 59,147
PETsMART, Inc................................................................ 14,000 161,000
Qwest Communications International, Inc...................................... 12,000 327,000
RF Micro Devices, Inc........................................................ 41,000 784,125
Rambus, Inc.................................................................. 1,050 48,825
Suburban Lodges of America, Inc.............................................. 5,000 105,000
---------
Total value of securities sold short against the box................................ $1,872,222
---------
---------
</TABLE>
AFFILIATED ISSUERS. Under the Investment Company Act of 1940, as amended, an
issuer is an "affiliated issuer" of a Fund if the Fund holds 5% or more of that
issuer's outstanding voting securities. CSF had investments in such affiliated
issuers at June 30, 1997 as follows:
<TABLE>
<CAPTION>
DIVIDEND
INCOME
BALANCE OF GROSS BALANCE OF JANUARY 1,
SHARES HELD PURCHASES GROSS SHARES HELD VALUE 1997-
DECEMBER 31, & SALES & JUNE 30, JUNE 30, JUNE 30,
NAME OF ISSUER 1996 ADDITIONS REDUCTIONS 1997 1997 1997
- ----------------------------------- ------------ --------- ---------- ----------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C>
Abercrombie & Fitch Co............. -- 725,000 725,000 $13,412,500
Celadon Group, Inc................. 580,000 580,000 6,670,000
Gadzooks, Inc...................... -- 589,500 589,500 11,495,250
Harmonic Lightwaves, Inc........... 540,000 540,000 --
Resmed, Inc........................ 605,000 605,000 14,671,250
Schnitzer Steel Industries......... 500,000 50,000 550,000 16,362,500 $ 52,500
United Dental Care................. 487,500 487,500 --
Vans, Inc.......................... -- 835,000 835,000 12,629,375
----------- ----------
Total affiliated issuers............................................................ $75,240,875 $ 52,500
----------- ----------
----------- ----------
</TABLE>
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS. CISF enters into forward foreign
currency exchange contracts to hedge certain portfolio securities denominated in
foreign currencies. Forward contracts are recorded at market value. CISF could
be exposed to risks if counterparties to the forward contracts are unable to
meet the terms of their contracts or if the value of the foreign currency
changes unfavorably. The effect of any change in the value of a hedged foreign
currency would be offset by the increase (resulting from a change in exchange
rates) in value of the securities denominated in that currency. Net realized
gains arising from forward contracts amounted to $241,528 and are included in
net realized gain from foreign currency transactions. CISF had no outstanding
forward contracts on June 30, 1997.
-
72
<PAGE>
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
-- 1. SIGNIFICANT ACCOUNTING POLICIES, CONTINUED --
FOREIGN CURRENCY TRANSLATIONS. The books and records of CISF are maintained in
U.S. dollars. Foreign currency transactions are translated into U.S. dollars on
the following basis:
(i) market value of investment securities, other assets, and liabilities at the
daily rates of exchange, and
(ii) purchases and sales of investment securities, dividend and interest income
and certain expenses at the rates of exchange prevailing on the respective
dates of such transactions.
CISF does not isolate that portion of the results of operations resulting from
changes in foreign exchange rates on investments from the fluctuations arising
from changes in market prices of securities held. Such changes are included with
the net realized and unrealized gain or loss from investments.
Reported net realized foreign exchange gains or losses arise from sales and
maturities of short-term securities, sales of foreign currencies, currency gains
or losses realized between the trade and settlement dates on securities
transactions, and the difference between the amounts of dividends, interest, and
foreign withholding taxes recorded on CISF's books and the U.S. dollar
equivalent of the amounts actually received or paid. Net unrealized foreign
exchange gains and losses arise from changes in the value of assets and
liabilities, other than investments in securities, resulting from changes in the
exchange rates.
INTEREST AND DIVIDEND INCOME. Interest income is recorded on the accrual basis
and dividend income is recorded on the ex-dividend date. The majority of
dividend income recorded by CREF is from Real Estate Investment Trusts (REITs).
For tax purposes, a portion of these dividends consist of capital gains and
return of capital. For financial reporting purposes, these dividends are
recorded as dividend income.
SHAREHOLDER DISTRIBUTIONS. CCSF, CREF and CBF distribute net investment income
quarterly and any net realized gains from investment transactions annually. CGF,
CISF, CSF and CCSF distribute net investment income and any net realized gains
annually. CDIC distributes its net investment income daily -- including any
realized investment gains or losses. CUSG, CFIS, CMBF and CHYF distribute their
net investment income monthly and any net realized gains annually. Distributions
to shareholders are recorded on the record date.
Income and capital gain distributions are determined in accordance with income
tax regulations, which may differ from generally accepted accounting principles.
These differences are primarily due to differing treatments for foreign currency
transactions, net operating losses, deferral of losses from wash sales and
return of capital received from REITS.
USE OF ESTIMATES. The preparation of the financial statements in accordance
with generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosures of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those estimates.
FEDERAL INCOME TAXES. The Funds have made no provision for federal income taxes
on net investment income or net realized gains from sales of securities, since
it is the intention of the Funds to comply with the provisions of the Internal
Revenue Code available to certain investment companies, and to make
distributions of income and security profits sufficient to relieve them from
substantially all federal income taxes.
OTHER. Investment transactions are accounted for on the date the investments
are purchased or sold. The cost of investments sold is determined by the use of
the specific identification method for both financial reporting and income tax
purposes. Realized gains and losses from investment transactions and unrealized
appreciation or depreciation of investments are reported on the basis of
identified costs. The Funds, through their custodians, receive delivery of
underlying securities collateralizing repurchase agreements (included in
temporary cash investments). Market values of these securities are required to
be at least 100% of the cost of the repurchase agreements. The Funds' investment
advisor determines that the value of the underlying securities is at all times
at least equal to the resale price. In the event of default or bankruptcy by the
other party to the agreement, realization and/or retention of the collateral may
be subject to legal proceedings.
-
73
<PAGE>
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
-- 1. SIGNIFICANT ACCOUNTING POLICIES, CONTINUED --
CHYF invests in lower rated debt securities, which may be more susceptible to
adverse economic conditions than investment grade holdings. These securities are
often subordinated to the prior claims of other senior lenders, and
uncertainties exist as to an issuer's ability to meet principal and interest
payments. At June 30, 1997, 100% of the Fund's portfolio was invested in
securities rated Baa (2%), Ba (41%) or B (57%) by Moody's Investor Services,
Inc.
-- 2. INVESTMENT TRANSACTIONS --
Aggregate purchases, sales and maturities, net realized gain and unrealized
appreciation (depreciation) of investments, including temporary cash investments
for CDIC and excluding temporary cash investments for all other Funds, as of and
for the period ended June 30, 1997, were as follows:
<TABLE>
<CAPTION>
COLUMBIA
COLUMBIA COLUMBIA COLUMBIA SPECIAL
COMMON STOCK GROWTH INTERNATIONAL STOCK FUND, INC.
FUND, INC. (CCSF) FUND, INC. (CGF) FUND, INC. (CISF) (CSF)
----------------- ---------------- ------------------- --------------
PURCHASES:
<S> <C> <C> <C> <C>
Investment securities other than U.S.
Government obligations............... $241,874,289 $477,928,237 $95,027,290 $1,338,275,453
----------------- ---------------- ------------------- --------------
----------------- ---------------- ------------------- --------------
SALES AND MATURITIES:
Investment securities other than U.S.
Government obligations............... $228,139,098 $517,218,456 $79,151,532 $1,564,831,224
----------------- ---------------- ------------------- --------------
----------------- ---------------- ------------------- --------------
NET REALIZED GAIN:
Investment securities other than U.S.
Government obligations............... $ 28,501,091 $ 79,555,263 $ 8,901,175 $ 64,383,451
----------------- ---------------- ------------------- --------------
----------------- ---------------- ------------------- --------------
UNREALIZED APPRECIATION (DEPRECIATION)
AS OF JUNE 30, 1997:
Appreciation.......................... $130,584,617 $286,722,979 $33,363,356 $ 177,969,695
Depreciation.......................... (9,890,177) (31,341,420) (2,010,832) (51,510,266 )
----------------- ---------------- ------------------- --------------
Net unrealized appreciation......... $120,694,440 $255,381,559 $31,352,524 $ 126,459,429
----------------- ---------------- ------------------- --------------
----------------- ---------------- ------------------- --------------
UNREALIZED APPRECIATION (DEPRECIATION)
FOR FEDERAL INCOME TAX PURPOSES AS OF
JUNE 30, 1997:
Appreciation.......................... $131,642,755 $288,179,940 $33,070,879 $ 177,841,326
Depreciation.......................... (10,143,423) (32,416,636) (2,397,852) (51,694,085 )
----------------- ---------------- ------------------- --------------
Net unrealized appreciation......... $121,499,332 $255,763,304 $30,673,027 $ 126,147,241
----------------- ---------------- ------------------- --------------
----------------- ---------------- ------------------- --------------
For federal income tax purposes, the
cost of investments owned at June 30,
1997................................... $490,438,681 $909,892,080 $126,018,674 $1,237,672,399
----------------- ---------------- ------------------- --------------
----------------- ---------------- ------------------- --------------
</TABLE>
The net realized gain for CCSF, CGF, & CSF includes proceeds of $2,242,
$111,514, & $110,007, respectively, from shareholder class action suits related
to securities held by those Funds.
-
74
<PAGE>
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
-- 2. INVESTMENT TRANSACTIONS, CONTINUED --
<TABLE>
<CAPTION>
COLUMBIA
COLUMBIA REAL ESTATE COLUMBIA COLUMBIA
SMALL CAP EQUITY FUND, INC. BALANCED DAILY INCOME
FUND, INC. (CSCF) (CREF) FUND, INC. (CBF) COMPANY (CDIC)
----------------- ----------------- ---------------- --------------
PURCHASES:
<S> <C> <C> <C> <C>
Investment securities other than U.S.
Government obligations............... $51,595,998 $49,171,959 $188,231,101 $4,313,388,201
U.S. Government obligations........... 433,552,765 33,659,217
----------------- ----------------- ---------------- --------------
Total purchases..................... $51,595,998 $49,171,959 $621,783,866 $4,347,047,418
----------------- ----------------- ---------------- --------------
----------------- ----------------- ---------------- --------------
SALES AND MATURITIES:
Investment securities other than U.S.
Government obligations............... $31,955,331 $14,206,467 $177,389,003 $4,355,411,250
U.S. Government obligations........... 385,911,110 23,797,717
----------------- ----------------- ---------------- --------------
Total sales and maturities.......... $31,955,331 $14,206,467 $563,300,113 $4,379,208,967
----------------- ----------------- ---------------- --------------
----------------- ----------------- ---------------- --------------
NET REALIZED GAIN (LOSS):
Investment securities other than U.S.
Government obligations............... $ (77,400) $ 2,300,797 $ 9,087,867
U.S. Government obligations........... 5,188
----------------- ----------------- ----------------
Total net realized gain (loss)...... $ (77,400) $ 2,300,797 $ 9,093,055
----------------- ----------------- ----------------
----------------- ----------------- ----------------
UNREALIZED APPRECIATION (DEPRECIATION)
AS OF JUNE 30, 1997:
Appreciation.......................... $ 6,563,716 $14,135,020 $112,527,436
Depreciation.......................... (293,881) (5,935,605)
----------------- ----------------- ----------------
Net unrealized appreciation......... $ 6,269,835 $14,135,020 $106,591,831
----------------- ----------------- ----------------
----------------- ----------------- ----------------
UNREALIZED APPRECIATION (DEPRECIATION)
FOR FEDERAL INCOME TAX PURPOSES AS OF
JUNE 30, 1997:
Appreciation.......................... $ 6,518,222 $15,378,543 $113,092,510
Depreciation.......................... (365,081) (6,338,981)
----------------- ----------------- ----------------
Net unrealized appreciation......... $ 6,153,141 $15,378,543 $106,753,529
----------------- ----------------- ----------------
----------------- ----------------- ----------------
For federal income tax purposes, the
cost of investments owned at June 30,
1997................................... $37,401,679 $81,268,839 $644,520,030 $ 870,210,086
----------------- ----------------- ---------------- --------------
----------------- ----------------- ---------------- --------------
</TABLE>
The net realized gain for CBF includes proceeds of $2,236, from shareholder
class action suits related to securities held by the Fund.
-
75
<PAGE>
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
-- 2. INVESTMENT TRANSACTIONS, CONTINUED --
<TABLE>
<CAPTION>
COLUMBIA U.S. COLUMBIA FIXED COLUMBIA COLUMBIA
GOVERNMENT SECURITIES INCOME SECURITIES MUNICIPAL BOND HIGH YIELD
FUND, INC. (CUSG) FUND, INC. (CFIS) FUND, INC. (CMBF) FUND, INC. (CHYF)
--------------------- ----------------- ----------------- -----------------
PURCHASES:
<S> <C> <C> <C> <C>
Investment securities other than U.S.
Government obligations............... $ 77,143,805 $ 34,635,866 $31,283,515
U.S. Government obligations........... $38,552,492 356,733,289 747,188
--------------------- ----------------- ----------------- -----------------
Total purchases..................... $38,552,492 $433,877,094 $ 34,635,866 $32,030,703
--------------------- ----------------- ----------------- -----------------
--------------------- ----------------- ----------------- -----------------
SALES AND MATURITIES:
Investment securities other than U.S.
Government obligations............... $ 90,405,868 $ 23,946,989 $24,281,199
U.S. Government obligations........... $40,709,012 336,922,192 1,240,234
--------------------- ----------------- ----------------- -----------------
Total sales and maturities.......... $40,709,012 $427,328,060 $ 23,946,989 $25,521,433
--------------------- ----------------- ----------------- -----------------
--------------------- ----------------- ----------------- -----------------
NET REALIZED GAIN (LOSS):
Investment securities other than U.S.
Government obligations............... $ (566,351) $ 567,823 $ 687,589
U.S. Government obligations........... $ (14,216) 618,777 (17,305)
--------------------- ----------------- ----------------- -----------------
Total net realized gain (loss)...... $ (14,216) $ 52,426 $ 567,823 $ 670,284
--------------------- ----------------- ----------------- -----------------
--------------------- ----------------- ----------------- -----------------
UNREALIZED APPRECIATION (DEPRECIATION)
AS OF JUNE 30, 1997:
Appreciation.......................... $ 52,794 $ 3,058,092 $ 14,803,427 $ 842,874
Depreciation.......................... (91,999) (1,219,939) (222,732) (65,451)
--------------------- ----------------- ----------------- -----------------
Net unrealized appreciation
(depreciation)..................... $ (39,205) $ 1,838,153 $ 14,580,695 $ 777,423
--------------------- ----------------- ----------------- -----------------
--------------------- ----------------- ----------------- -----------------
UNREALIZED APPRECIATION (DEPRECIATION)
FOR FEDERAL INCOME TAX PURPOSES AS OF
JUNE 30, 1997:
Appreciation.......................... $ 52,058 $ 2,948,656 $ 14,803,427 $ 842,874
Depreciation.......................... (98,858) (1,263,968) (222,732) (65,451)
--------------------- ----------------- ----------------- -----------------
Net unrealized appreciation
(depreciation)..................... $ (46,800) $ 1,684,688 $ 14,580,695 $ 777,423
--------------------- ----------------- ----------------- -----------------
--------------------- ----------------- ----------------- -----------------
For federal income tax purposes, the
cost of investments owned at June 30,
1997................................... $38,160,274 $344,707,666 $365,079,709 $33,468,049
--------------------- ----------------- ----------------- -----------------
--------------------- ----------------- ----------------- -----------------
</TABLE>
-
76
<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)
------------------------- ---------------------------- --------------------------
1997 1996 1997 1996 1997 1996
----------- ------------ ------------- ------------- ------------ ------------
SHARES:
<S> <C> <C> <C> <C> <C> <C>
Shares sold...................... 5,252,800 9,187,403 4,882,106 9,588,118 3,240,138 4,458,919
Shares issued for reinvestment of
dividends....................... 177,025 3,836,536 4,993,329 808,789
----------- ------------ ------------- ------------- ------------ ------------
5,429,825 13,023,939 4,882,106 14,581,447 3,240,138 5,267,708
Less shares redeemed............. (3,044,180) (4,449,235) (5,005,354) (8,408,189) (1,919,034) (3,930,959)
----------- ------------ ------------- ------------- ------------ ------------
Net increase (decrease) in
shares.......................... 2,385,645 8,574,704 (123,248) 6,173,258 1,321,104 1,336,749
----------- ------------ ------------- ------------- ------------ ------------
----------- ------------ ------------- ------------- ------------ ------------
AMOUNTS:
Sales............................ $107,221,494 $183,843,205 $ 156,765,028 $ 309,798,468 $ 47,951,898 $ 62,941,735
Reinvestment of dividends........ 3,736,335 74,699,264 154,190,774 11,145,109
----------- ------------ ------------- ------------- ------------ ------------
110,957,829 258,542,469 156,765,028 463,989,242 47,951,898 74,086,844
Less redemptions................. (62,451,445) (89,430,805) (160,623,202) (270,385,702) (28,158,709) (55,506,780)
----------- ------------ ------------- ------------- ------------ ------------
Net increase (decrease).......... $48,506,384 $169,111,664 $ (3,858,174) $ 193,603,540 $ 19,793,189 $ 18,580,064
----------- ------------ ------------- ------------- ------------ ------------
----------- ------------ ------------- ------------- ------------ ------------
Capital stock authorized
(shares)........................ 100,000,000 100,000,000 100,000,000
Par Value........................ no par $.01 no par
</TABLE>
<TABLE>
<CAPTION>
COLUMBIA COLUMBIA COLUMBIA
SPECIAL SMALL CAP REAL ESTATE EQUITY
FUND, INC. (CSF) FUND, INC. (CSCF) FUND, INC. (CREF)
---------------------------- -------------------------- --------------------------
1997 1996 1997 1996 (1) 1997 1996
------------- ------------- ------------- ----------- ------------ ------------
SHARES:
<S> <C> <C> <C> <C> <C> <C>
Shares sold....................... 9,102,051 25,624,116 1,953,460 1,756,650 5,768,200 4,543,366
Shares issued for reinvestment of
dividends........................ 13,826,136 102,924 226,545
------------- ------------- ------------- ----------- ------------ ------------
9,102,051 39,450,252 1,953,460 1,756,650 5,871,124 4,769,911
Less shares redeemed.............. (19,985,674) (24,162,690) (638,396) (135,869) (3,733,623) (2,255,778)
------------- ------------- ------------- ----------- ------------ ------------
Net increase (decrease) in
shares........................... (10,883,623) 15,287,562 1,315,064 1,620,781 2,137,501 2,514,133
------------- ------------- ------------- ----------- ------------ ------------
------------- ------------- ------------- ----------- ------------ ------------
AMOUNTS:
Sales............................. $ 181,592,640 $ 593,195,434 $ 26,122,699 $21,545,009 $ 95,431,833 $ 65,389,802
Reinvestment of dividends......... 273,619,242 1,746,845 3,428,343
------------- ------------- ------------- ----------- ------------ ------------
181,592,640 866,814,676 26,122,699 21,545,009 97,178,678 68,818,145
Less redemptions.................. (398,858,043) (554,251,968) (8,424,360) (1,696,470) (61,701,842) (31,318,034)
------------- ------------- ------------- ----------- ------------ ------------
Net increase (decrease)........... $(217,265,403) $ 312,562,708 $ 17,698,339 $19,848,539 $ 35,476,836 $ 37,500,111
------------- ------------- ------------- ----------- ------------ ------------
------------- ------------- ------------- ----------- ------------ ------------
Capital stock authorized
(shares)......................... 100,000,000 100,000,000 100,000,000
Par Value......................... $.01 no par no par
(1) From inception of operations
on September 11, 1996.
</TABLE>
-
77
<PAGE>
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
-- 3. CAPITAL STOCK, CONTINUED --
<TABLE>
<CAPTION>
COLUMBIA COLUMBIA COLUMBIA U.S.
BALANCED DAILY INCOME GOVERNMENT SECURITIES
FUND, INC. (CBF) COMPANY (CDIC) FUND, INC. (CUSG)
---------------------------- ------------------------- --------------------------
1997 1996 1997 1996 1997 1996
------------- ------------- ------------ ----------- ------------ ------------
SHARES:
<S> <C> <C> <C> <C> <C> <C>
Shares sold.................... 5,247,284 12,203,107 691,744,941 1,425,767,034 820,450 1,751,071
Shares issued for reinvestment
of dividends.................. 609,648 3,066,051 21,321,436 40,287,100 110,957 230,872
------------- ------------- ------------ ----------- ------------ ------------
5,856,932 15,269,158 713,066,377 1,466,054,134 931,407 1,981,943
Less shares redeemed........... (4,457,417) (6,405,495) (741,492,619) (1,376,909,687) (1,082,607) (2,051,336)
------------- ------------- ------------ ----------- ------------ ------------
Net increase (decrease) in
shares........................ 1,399,515 8,863,663 (28,426,242) 89,144,447 (151,200) (69,393)
------------- ------------- ------------ ----------- ------------ ------------
------------- ------------- ------------ ----------- ------------ ------------
AMOUNTS:
Sales.......................... $ 110,443,682 $ 251,516,248 $691,744,941 $1,425,767,034 $ 6,737,949 $ 14,407,264
Reinvestment of dividends...... 13,044,933 62,884,919 21,321,436 40,287,100 910,903 1,898,935
------------- ------------- ------------ ----------- ------------ ------------
123,488,615 314,401,167 713,066,377 1,466,054,134 7,648,852 16,306,199
Less redemptions............... (93,722,130) (132,861,358) (741,492,619) (1,376,909,687) (8,879,623) (16,871,131)
------------- ------------- ------------ ----------- ------------ ------------
Net increase (decrease)........ $ 29,766,485 $ 181,539,809 $(28,426,242) $89,144,447 $ (1,230,771) $ (564,932)
------------- ------------- ------------ ----------- ------------ ------------
------------- ------------- ------------ ----------- ------------ ------------
Capital stock authorized
(shares)...................... 100,000,000 2,000,000,000 100,000,000
Par Value...................... no par $.001 $.01
</TABLE>
<TABLE>
<CAPTION>
COLUMBIA FIXED COLUMBIA COLUMBIA
INCOME SECURITIES MUNICIPAL BOND HIGH YIELD
FUND, INC. (CFIS) FUND, INC. (CMBF) FUND, INC. (CHYF)
------------------------- ------------------------ --------------------------------
1997 1996 1997 1996 1997 1996
----------- ------------ ----------- ----------- --------------- ---------------
SHARES:
<S> <C> <C> <C> <C> <C> <C>
Shares sold........................ 4,326,480 9,571,457 3,555,418 4,732,337 1,070,379 1,058,203
Shares issued for reinvestment of
dividends......................... 711,457 1,427,852 618,979 1,395,611 116,090 197,255
----------- ------------ ----------- ----------- --------------- ---------------
5,037,937 10,999,309 4,174,397 6,127,948 1,186,469 1,255,458
Less shares redeemed............... (4,158,174) (7,165,704) (3,125,256) (6,210,439) (567,538) (730,964)
----------- ------------ ----------- ----------- --------------- ---------------
Net increase (decrease) in
shares............................ 879,763 3,833,605 1,049,141 (82,491) 618,931 524,494
----------- ------------ ----------- ----------- --------------- ---------------
----------- ------------ ----------- ----------- --------------- ---------------
AMOUNTS:
Sales.............................. $56,183,311 $124,564,521 $43,075,000 $57,398,891 $ 10,659,174 $ 10,345,832
Reinvestment of dividends.......... 9,237,806 18,580,087 7,492,772 16,930,817 1,158,424 1,925,766
----------- ------------ ----------- ----------- --------------- ---------------
65,421,117 143,144,608 50,567,772 74,329,708 11,817,598 12,271,598
Less redemptions................... (54,024,628) (93,474,724) (37,798,335) (75,374,385) (5,671,090) (7,131,758)
----------- ------------ ----------- ----------- --------------- ---------------
Net increase (decrease)............ $11,396,489 $ 49,669,884 $12,769,437 $(1,044,677) $ 6,146,508 $ 5,139,840
----------- ------------ ----------- ----------- --------------- ---------------
----------- ------------ ----------- ----------- --------------- ---------------
Capital stock authorized
(shares).......................... 200,000,000 100,000,000 100,000,000
Par Value.......................... $.01 $.01 no par
</TABLE>
-
78
<PAGE>
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
-- 4. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES --
<TABLE>
<CAPTION>
COLUMBIA
COLUMBIA COLUMBIA COLUMBIA SPECIAL
COMMON STOCK GROWTH INTERNATIONAL STOCK FUND, INC.
FUND, INC. (CCSF) FUND, INC. (CGF) FUND, INC. (CISF) (CSF)
----------------- --------------------- ------------------- ----------
<S> <C> <C> <C> <C>
Investment management fees incurred............... $1,786,129 $3,243,832 $692,286 $6,153,546
Investment management fee computation basis
(percentage of daily net assets per annum)....... .60 of 1% .75 of 1% to 1% 1% to
$200,000,000 daily $500,000,000
net assets; .625 of daily net
1% assets;
between $200,000,000 .75 of
and $500,000,000; and 1% in
.50 of 1% in excess excess of
of $500,000,000 $500,000,000
Transfer agent fee (included in shareholder
servicing costs)................................. $200,192 $421,730 $151,188 $502,358
Fees earned by directors not affiliated with each
Fund's invest-
ment advisor, transfer agent, or Columbia
Management Co.................................... $3,355 $5,960 $726 $7,412
Value of investments held at June 30, 1997 by:
Columbia Management Co.......................... $457,970 $106,363 $73,540 $2,129,719
Columbia Funds Management Company............... $88,745 $43,720 $18,650 $808,439
</TABLE>
<TABLE>
<CAPTION>
COLUMBIA COLUMBIA COLUMBIA COLUMBIA
SMALL CAP REAL ESTATE EQUITY BALANCED DAILY INCOME
FUND, INC. (CSCF) FUND, INC. (CREF) FUND, INC. (CBF) COMPANY (CDIC)
----------------- ------------------ ---------------- ------------------
Investment management fees incurred............... $169,318 $360,494 $1,766,429 $2,082,803
<S> <C> <C> <C> <C>
Investment management fee computation basis
(percentage of daily net assets per annum)....... 1% .75 of 1% .50 of 1% .50 of 1% to
$500,000,000 daily
net assets; .45 of
1% between
$500,000,000 and
$1,000,000,000;
and .40 of 1% in
excess of
$1,000,000,000
Transfer agent fee (included in shareholder
servicing costs)................................. $26,114 $55,458 $249,623 $325,848
Fees earned by directors not affiliated with each
Fund's investment advisor, transfer agent, or
Columbia Management Co........................... $202 $525 $3,806 $4,361
Value of investments held at June 30, 1997 by:
Columbia Management Co.......................... $99,232 $14,390,255
Columbia Funds Management Company............... $9,125 $18,428 $5,559,479
</TABLE>
-
79
<PAGE>
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
-- 4. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES, CONTINUED --
<TABLE>
<CAPTION>
COLUMBIA U.S. COLUMBIA FIXED COLUMBIA COLUMBIA
GOVERNMENT SECURITIES INCOME SECURITIES MUNICIPAL BOND HIGH YIELD
FUND, INC. (CUSG) FUND, INC. (CFIS) FUND, INC. (CMBF) FUND, INC. (CHYF)
--------------------- ----------------- ----------------- -----------------
<S> <C> <C> <C> <C>
Investment management fees incurred..... $99,056 $875,709 $944,657 $97,613
Investment management fee computation
basis (percentage of daily net assets
per annum)............................. .50 of 1% .50 of 1% .50 of 1% .60 of 1%
Transfer agent fee (included in
shareholder servicing costs)........... $23,286 $126,306 $56,975 $17,988
Fees earned by directors not affiliated
with each Fund's investment advisor,
transfer agent, or Columbia Management
Co..................................... $201 $1,827 $1,952 $174
Value of investments held at June 30,
1997 by:
Columbia Management Co................ $462,108 $956,846 $1,920,700 $345,498
Columbia Funds Management Company..... $71,563 $281,692 $272,940 $294,398
</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, 1997, CCSF and CBF had investments
in securities of U.S. Bancorp which provides primarily custodial services for
these funds.
-
80
<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
PORTLAND, OREGON 97201
-LEGAL COUNSEL-
-------------------------------------------
STOEL RIVES L.L.P.
900 S.W. FIFTH AVENUE, SUITE 2300
PORTLAND, OREGON 97204-1268
-AUDITORS-
-------------------------------------------
COOPERS & LYBRAND L.L.P.
1300 S.W. FIFTH AVENUE, SUITE 2700
PORTLAND, OREGON 97201
-TRANSFER AGENT-
-------------------------------------------
COLUMBIA TRUST COMPANY
1301 S.W. FIFTH AVENUE
PORTLAND, OREGON 97201
THIS INFORMATION MUST BE PRECEDED OR ACCOMPANIED BY A CURRENT PROSPECTUS.
THE MANAGERS' VIEWS CONTAINED IN THIS REPORT ARE SUBJECT TO CHANGE AT ANY
TIME, BASED ON MARKET AND OTHER CONSIDERATIONS.
PORTFOLIO CHANGES SHOULD NOT BE CONSIDERED RECOMMENDATIONS FOR ACTION BY
INDIVIDUAL INVESTORS.
FUNDS DISTRIBUTED BY COLUMBIA FINANCIAL CENTER INCORPORATED, MEMBER NASD.
