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[LOGO]
COLUMBIA FUNDS
1999 SEMI-ANNUAL REPORT
COLUMBIA COMMON STOCK FUND
COLUMBIA GROWTH FUND
COLUMBIA INTERNATIONAL STOCK FUND
COLUMBIA SPECIAL FUND
COLUMBIA SMALL CAP FUND
COLUMBIA REAL ESTATE EQUITY FUND
COLUMBIA BALANCED FUND
COLUMBIA U.S. GOVERNMENT SECURITIES FUND
COLUMBIA FIXED INCOME SECURITIES FUND
COLUMBIA NATIONAL MUNICIPAL BOND FUND
COLUMBIA MUNICIPAL BOND FUND
COLUMBIA HIGH YIELD FUND
COLUMBIA DAILY INCOME COMPANY
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DEAR COLUMBIA INVESTOR:
We are pleased to present the 1999 Columbia Funds Semi-Annual Shareholder
Report. Financial information and activity reports for each Fund -- including
our newest addition, Columbia National Municipal Bond Fund -- are compiled here
for the first six months of the year. Also, our "Overview of the Markets"
provides an update of economic activity for the first two quarters and discusses
Columbia's current thematic and strategic direction for the financial markets.
At Columbia, we continue to pursue rewarding returns for our shareholders while
managing risk and controlling expenses. We encourage you to review this report
closely and to use it as an opportunity to learn more about how your assets are
being managed. If you have any questions, please contact one of our Investor
Services Representatives at 1-800-547-1707 or at (503) 222-3600 in Portland, or
send an e-mail inquiry to [email protected].
As always, we appreciate the confidence and trust you have placed in Columbia
Funds, and we look forward to helping you achieve your investment goals in the
months and years to come.
Sincerely,
[SIGNATURE] [SIGNATURE]
Thomas L. Thomsen John A. Kemp
PRESIDENT AND CHIEF INVESTMENT OFFICER CHAIRMAN AND CHIEF EXECUTIVE OFFICER
COLUMBIA FUNDS MANAGEMENT COMPANY COLUMBIA FUNDS MANAGEMENT COMPANY
FRONT COVER FEATURES A PHOTOGRAPH OF THE 81-YEAR-OLD VISTA HOUSE,
PERCHED ATOP CROWN POINT AT THE MOUTH OF THE COLUMBIA RIVER GORGE.
THE PHOTO WAS TAKEN IN OREGON, LOOKING ACROSS TO WASHINGTON STATE.
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TABLE OF CONTENTS
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SEMI-ANNUAL REPORT, JUNE 30, 1999
AN OVERVIEW OF THE MARKETS.....................................................1
COLUMBIA COMMON STOCK FUND
Investment Review............................................................3
Financial Highlights........................................................16
Schedule of Investments.....................................................23
Statement of Assets and Liabilities.........................................72
Statement of Operations.....................................................74
Statements of Changes in Net Assets.........................................76
COLUMBIA GROWTH FUND
Investment Review............................................................4
Financial Highlights........................................................16
Schedule of Investments.....................................................25
Statement of Assets and Liabilities.........................................72
Statement of Operations.....................................................74
Statements of Changes in Net Assets.........................................76
COLUMBIA INTERNATIONAL STOCK FUND
Investment Review............................................................5
Financial Highlights........................................................17
Schedule of Investments.....................................................27
Statement of Assets and Liabilities.........................................72
Statement of Operations.....................................................74
Statements of Changes in Net Assets.........................................76
COLUMBIA SPECIAL FUND
Investment Review............................................................6
Financial Highlights........................................................17
Schedule of Investments.....................................................31
Statement of Assets and Liabilities.........................................72
Statement of Operations.....................................................74
Statements of Changes in Net Assets.........................................76
COLUMBIA SMALL CAP FUND
Investment Review............................................................7
Financial Highlights........................................................18
Schedule of Investments.....................................................34
Statement of Assets and Liabilities.........................................72
Statement of Operations.....................................................74
Statements of Changes in Net Assets.........................................76
COLUMBIA REAL ESTATE EQUITY FUND
Investment Review............................................................8
Financial Highlights........................................................18
Schedule of Investments.....................................................37
Statement of Assets and Liabilities.........................................73
Statement of Operations.....................................................75
Statements of Changes in Net Assets.........................................77
COLUMBIA BALANCED FUND
Investment Review............................................................9
Financial Highlights........................................................19
Schedule of Investments.....................................................38
Statement of Assets and Liabilities.........................................73
Statement of Operations.....................................................75
Statements of Changes in Net Assets.........................................77
COLUMBIA U.S. GOVERNMENT SECURITIES FUND
Investment Review...........................................................10
Financial Highlights........................................................19
Schedule of Investments.....................................................45
Statement of Assets and Liabilities.........................................73
Statement of Operations.....................................................75
Statements of Changes in Net Assets.........................................77
COLUMBIA FIXED INCOME SECURITIES FUND
Investment Review...........................................................11
Financial Highlights........................................................20
Schedule of Investments.....................................................46
Statement of Assets and Liabilities.........................................73
Statement of Operations.....................................................75
Statements of Changes in Net Assets.........................................77
COLUMBIA NATIONAL MUNICIPAL BOND FUND
Investment Review...........................................................12
Financial Highlights........................................................20
Schedule of Investments.....................................................51
Statement of Assets and Liabilities.........................................73
Statement of Operations.....................................................75
Statements of Changes in Net Assets.........................................77
COLUMBIA MUNICIPAL BOND FUND
Investment Review...........................................................13
Financial Highlights........................................................21
Schedule of Investments.....................................................55
Statement of Assets and Liabilities.........................................73
Statement of Operations.....................................................75
Statements of Changes in Net Assets.........................................77
COLUMBIA HIGH YIELD FUND
Investment Review...........................................................14
Financial Highlights........................................................21
Schedule of Investments.....................................................65
Statement of Assets and Liabilities.........................................73
Statement of Operations.....................................................75
Statements of Changes in Net Assets.........................................77
COLUMBIA DAILY INCOME COMPANY
Investment Review...........................................................15
Financial Highlights........................................................22
Schedule of Investments.....................................................69
Statement of Assets and Liabilities.........................................73
Statement of Operations.....................................................75
Statements of Changes in Net Assets.........................................77
NOTES TO FINANCIAL STATEMENTS.................................................78
COLUMBIA FUNDS
P.O. BOX 1350
PORTLAND, OR 97207-1350
1-800-547-1707
WWW.COLUMBIAFUNDS.COM
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THE COLUMBIA FAMILY
OF NO-LOAD FUNDS
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 U.S. GOVERNMENT SECURITIES FUND
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COLUMBIA FIXED INCOME SECURITIES FUND
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COLUMBIA NATIONAL MUNICIPAL BOND FUND
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COLUMBIA MUNICIPAL BOND FUND
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COLUMBIA HIGH YIELD FUND
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COLUMBIA DAILY INCOME COMPANY
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AN OVERVIEW OF THE MARKETS
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STOCKS POST STRONG GAINS
The first half of 1999 witnessed a continuance of the longest-running bull
market in history as the Dow Jones Industrial Average reached one milestone
after another. After flirting with the 10,000 point level for several weeks, the
Dow closed just over the historic mark for the first time on March 29. Driven by
investor confidence in large cap names and stronger than expected economic
growth, stocks continued to climb throughout the first half of the year.
Stocks experienced sharp price gains in the second quarter, thanks to improving
global growth prospects, strong domestic demand, limited evidence of rising
inflation and higher corporate earnings estimates. While market volatility
increased in the second quarter, the Dow finished June only slightly off the
record high level of 11,107 reached on May 13. The strong performance from the
Dow -- whose 30 names tend to be more sensitive to economic movements -- pushed
the return to over 20% for the first half of the year. In comparison, the
broader S&P 500 Index is up just 12.38% for the six months ended June 30, 1999.
Expectations that world growth is on the mend have led to broad performance
gains, and many sectors that suffered over the last few years now have an
improved outlook. For example, smaller cap stocks, represented by the Russell
2000 Index, soared in the second quarter with a return of 15.55%, and industries
that export heavily also performed well during the period. Increased spending to
prepare for the Year 2000 boosted the technology sector, and utility, energy,
broadcasting and basic industry names also performed well.
BOND MARKET ANTICIPATED FED TIGHTENING
In the midst of stock market euphoria, persistent U.S. economic strength and
solid employment growth raised bond market fears that the Federal Reserve would
increase short-term rates. Long-term bond yields reacted by moving up about 1%
in the first half of the year, and on June 30 the Federal Reserve voted to raise
its federal funds target rate by 0.25%. At the same time, the Fed changed its
bias concerning future action to neutral, signaling that it did not anticipate
further near-term increases. The supply of corporate and governmental agency
bonds was heavy in the second quarter, as issuers attempted to meet funding
needs ahead of the Year 2000 and to raise money before interest rates rose
further.
A LOOK AT RATES: 30-YEAR TREASURY BOND
VERSUS FEDERAL FUNDS RATE
6/30/98-6/30/99
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
FED FUNDS TARGET 30-YEAR TREASURY
<S> <C> <C>
6/30/98 5.50% 5.63%
7/3/98 5.50% 5.60%
7/10/98 5.50% 5.62%
7/17/98 5.50% 5.75%
7/24/98 5.50% 5.69%
7/31/98 5.50% 5.71%
8/7/98 5.50% 5.63%
8/14/98 5.50% 5.54%
8/21/98 5.50% 5.43%
8/28/98 5.50% 5.34%
9/4/98 5.50% 5.29%
9/11/98 5.50% 5.23%
9/18/98 5.50% 5.15%
9/25/98 5.50% 5.11%
10/2/98 5.25% 4.84%
10/9/98 5.25% 5.12%
10/16/98 5.00% 4.98%
10/23/98 5.00% 5.18%
10/30/98 5.00% 5.16%
11/6/98 5.00% 5.39%
11/13/98 5.00% 5.25%
11/20/98 4.75% 5.22%
11/27/98 4.75% 5.16%
12/4/98 4.75% 5.04%
12/11/98 4.75% 5.02%
12/18/98 4.75% 5.00%
12/25/98 4.75% 5.10%
1/1/99 4.75% 5.27%
1/8/99 4.75% 5.11%
1/15/99 4.75% 5.08%
1/22/99 4.75% 5.09%
1/29/99 4.75% 5.35%
2/5/99 4.75% 5.42%
2/12/99 4.75% 5.39%
2/19/99 4.75% 5.58%
2/26/99 4.75% 5.60%
3/5/99 4.75% 5.53%
3/12/99 4.75% 5.56%
3/14/99 4.75% 5.59%
3/26/99 4.75% 5.60%
4/2/99 4.75% 5.46%
4/9/99 4.75% 5.57%
4/16/99 4.75% 5.60%
4/23/99 4.75% 5.66%
4/30/99 4.75% 5.81%
5/7/99 4.75% 5.92%
5/14/99 4.75% 5.75%
5/21/99 4.75% 5.83%
5/28/99 4.75% 5.96%
6/4/99 4.75% 6.16%
6/11/99 4.75% 5.97%
6/18/99 4.75% 6.15%
6/25/99 4.75% 6.10%
6/30/99 5.00% 5.97%
</TABLE>
FAVORABLE ECONOMIC CONDITIONS INTACT
Recent economic data shows that domestic demand is buoyant and may remain that
way for some time. Retail sales continue to grow sharply, consumer confidence is
high, and the housing sector has yet to slow despite higher mortgage rates.
Strong growth in consumer income and personal wealth appears to be offsetting
the rise in interest rates. Nevertheless, generally tight labor markets and the
fact that commodity prices have stopped declining suggest that inflation could
rise if economic growth continues at its recent heady pace. Although the bond
market has priced in further Fed tightening, equity markets do not seem to have
been affected by higher long-term rates or any expectation of future Fed
increases.
1
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AN OVERVIEW OF THE MARKETS
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STRONG CONSUMER CONFIDENCE
6/30/98-6/30/99
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
CONSUMER CONFIDENCE HIGH
<S> <C>
6/30/98 137.6
7/30/98 135.4
8/30/98 133.1
9/30/98 126.0
10/30/98 117.3
11/30/98 126.0
12/30/98 126.1
1/30/99 127.6
2/29/99 132.1
3/30/99 133.9
4/30/99 134.9
5/30/99 135.8
6/30/99 138.4
</TABLE>
Unless upcoming releases of economic data reveal significantly increased
inflationary pressure, we believe that modest, if any, Fed tightening may be all
that is needed to keep growth at a sustainable pace. We expect that the current
level of interest rates will eventually curb the pace of consumer spending, and
that strong productivity should continue to check inflation pressures. As
overseas economies continue to recover, the U.S. gross domestic product should
lift as net exports increase.
Conditions in much of the world improved during the first half of the year. Most
ailing emerging markets have regained their footing, thanks to widespread
interest rate cuts last year, a massive infusion of International Monetary Fund
loans, and a receptive market in the U.S. for goods produced overseas. The
stimulative posture of the European Central Bank and the increase in global
activity point to continued growth in much of Europe. Uncertainties remain,
particularly in Japan and Latin America, but we expect that economic and
financial circumstances in much of the world will continue to improve.
INVESTMENT STRATEGY
During the second quarter, our equity focus shifted somewhat from a large cap
growth stock bias to a more balanced mix of growth and cyclical companies. This
change recognized the significantly better earnings outlook for the broad
market, which currently tends to favor more economically sensitive companies and
smaller cap names. In addition, as certain regions of the world improved, we
selectively moved into companies that are well positioned to benefit from global
growth. We remain committed to industries that can profit from the secular
trends underlying our investment themes, especially increased spending on
network infrastructures, Internet communications and the aging of America.
Substantially higher yields in 1999 and heavy new issuance -- particularly in
the corporate and government agency sectors -- have made bonds much more
attractive than in recent quarters. While uncertainties regarding the Year 2000
and Fed action may limit price gains for the remainder of the year, we believe
interest rates will eventually decrease, if our forecast for more moderate
growth comes to pass.
To help you evaluate how the Columbia Funds have performed given this economic
and financial market background, the following pages contain discussions of the
Funds' investment activity for the six months ended June 30, 1999, as well as
graphs depicting the growth of $10,000 over various time periods. Each Fund
compares its performance to one or more relevant benchmarks. Unlike the Funds,
however, these benchmark indices are not actively managed and have no operating
expenses, portfolio transaction costs or cash flows.
At Columbia, our goal is to structure portfolios that will generate consistent,
above-average performance over time while managing investment risk. We remain
committed to meeting your financial objectives, and we appreciate your continued
trust.
THE INVESTMENT TEAM
COLUMBIA FUNDS
AUGUST 1999
2
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INVESTMENT REVIEW
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-- COLUMBIA COMMON STOCK FUND --
--------------------------------
Columbia Common Stock Fund reported a total return of 13.73% for the six months
ended June 30, 1999, outperforming the S&P 500's return of 12.38% for the same
period. The Fund's exposure to stocks in the communications, utilities,
technology, basic industries and energy sectors boosted its return throughout
the period.
A broadening of the stock market highlighted the first half of 1999. As global
economies appeared to recover from two years of turmoil stemming from the Asian
currency crisis, corporate earnings in general started to benefit. Until
recently, the stock market's appreciation, driven by a search for earnings
growth, had its gains fueled primarily by relatively few large cap names. As a
result, we believe these large cap stocks are
TOP TEN HOLDINGS
<TABLE>
<CAPTION>
% of Net Assets
<S> <C>
Microsoft Corp. 4.2
Boston Scientific Corp. 3.4
General Electric Co. 3.2
Tyco International Ltd. 3.1
MCI Worldcom, Inc. 2.8
Tellabs, Inc. 2.4
Warner-Lambert Co. 2.4
Citigroup, Inc. 2.2
Computer Sciences Corp. 2.2
Intel Corp. 2.0
</TABLE>
As of June 30, 1999
nearly fully valued. To capitalize on this shift in fundamentals and valuation
dynamic, we expanded the portfolio's focus early in the year to include stocks
in the industrial, basic material, transportation and energy sectors, and we
adopted a "World Recovery" theme.
This shift in the portfolio, combined with solid stock selection and a continued
focus on the Aging of America and Technology Age themes, contributed to the
Fund's ability to outperform the S&P 500. Some holdings that increased over 30%
in the first half of the year included IBM (1.9% of net assets), Texas
Instruments (1.8% of net assets), Tellabs, Inc. (2.4% of net assets) and Tyco
International (3.1% of net assets).
SECTORS OF EMPHASIS
<TABLE>
<CAPTION>
% of Net Assets
<S> <C>
Technology 22.4
Finance 12.8
Health 12.6
Utilities/Communications 10.6
Consumer Non-Durables 10.1
</TABLE>
As of June 30, 1999
As always, we are committed to providing long-term, above-average performance
for shareholders. With 76 holdings as of June 30, the Fund is well diversified
and maintains an average market capitalization of $67 billion.
GROWTH OF $10,000 SINCE INCEPTION
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS
AS OF JUNE 30, 1999
<S> <C> <C> <C>
CCSF S&P 500
1 Year 24.16% 22.75%
5 Years 24.39% 27.87%
Since Inception 19.82% 20.35%
COLUMBIA COMMON STOCK FUND S&P 500
10/1/91 $10,000 $10,000
12/31/91 $11,025 $10,838
12/31/92 $12,126 $11,664
12/31/93 $14,120 $12,840
12/31/94 $14,411 $13,009
12/31/95 $18,855 $17,898
12/31/96 $22,760 $22,007
12/31/97 $28,534 $29,349
12/31/98 $36,033 $37,737
6/30/99 $40,976 $42,409
Past Performance is not predictive of future
results. The S&P 500 is an unmanaged index
generally representitive of the U.S. stock
market.
</TABLE>
3
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INVESTMENT REVIEW
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-- COLUMBIA GROWTH FUND --
--------------------------
For the six months ended June 30, 1999, Columbia Growth Fund returned 14.56%,
outperforming the S&P 500 at 12.38% for the same period.
The Fund's emphasis on the highest quality growth names during the period
contributed significantly to Fund performance. At the beginning of the second
quarter, however, the Fund experienced a dip in returns as the market shifted
its preference from high quality growth to lower quality growth and value stocks
(value stocks are those whose prices are depressed because they have been out of
favor with investors).
TOP TEN HOLDINGS
<TABLE>
<CAPTION>
% of Net Assets
<S> <C>
Microsoft Corp. 4.2
Tyco International Ltd. 3.9
Boston Scientific Corp. 3.5
MCI Worldcom, Inc. 2.5
Citigroup, Inc. 2.5
General Electric Co. 2.4
Tellabs, Inc. 2.3
Fannie Mae 2.2
Computer Sciences Corp. 2.2
Warner-Lambert Co. 2.1
</TABLE>
As of June 30, 1999
This shift in emphasis by investors was attributed primarily to a perception
that world economies and U.S. earnings prospects were improving. Accordingly,
stocks in more economically sensitive companies were seen as more attractive
than in past months.
As such, we altered the portfolio early in the second quarter to take advantage
of an anticipated global market recovery, increasing exposure to companies we
believed would benefit from the expected global improvements and decreasing
ownership in stocks where earnings prospects were not improving as rapidly.
Companies in position to profit from an upswing in the international environment
included Xilinx (1.8% of net assets), Allied Signal (0.4%), Mead Corp. (0.9%)
and Praxair (0.7%).
SECTORS OF EMPHASIS
<TABLE>
<CAPTION>
% of Net Assets
<S> <C>
Technology 22.5
Consumer Non-Durables 15.2
Finance 14.8
Health 13.7
Utilities/Communications 9.7
</TABLE>
As of June 30, 1999
Macroeconomic trends continued to serve as a method of identifying promising
investment opportunities for the Fund. Aging of America and Technology Age
themes in particular persisted in shaping our stock selection. The Fund also
developed a greater focus on consumer spending categories as low inflation
throughout the first two quarters encouraged healthy consumption.
With 78 holdings and an average market capitalization of $54.5 billion on June
30, Columbia Growth Fund seeks capital appreciation through stocks of companies
with long-term, above-average earnings growth.
GROWTH OF $10,000 OVER 20 YEARS
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS
AS OF JUNE 30, 1999
<S> <C> <C>
CGF S&P 500
1 Year 22.85% 22.75%
5 Years 26.16% 27.87%
10 Years 18.55% 18.78%
20 Years 18.81% 17.84%
COLUMBIA GROWTH FUND S&P 500
6/30/79 $10,000 $10,000
6/30/80 $12,565 $11,715
6/30/81 $17,355 $14,118
6/30/82 $15,671 $12,493
6/30/83 $30,522 $20,100
6/30/84 $24,927 $19,155
6/30/85 $33,584 $25,049
6/30/86 $43,310 $33,996
6/30/87 $49,897 $42,540
6/30/88 $49,438 $39,609
6/30/89 $57,304 $47,725
6/30/90 $66,948 $55,585
6/30/91 $70,831 $59,726
6/30/92 $78,290 $67,729
6/30/93 $96,414 $76,961
6/30/94 $98,284 $78,046
6/30/95 $121,499 $98,392
6/30/96 $154,268 $123,984
6/30/97 $191,246 $166,994
6/30/98 $255,695 $217,377
6/30/99 $314,187 $266,817
Past Performance is not predictive of future
results. The S&P 500 is an unmanaged index
generally representative of the U.S.
stock market.
</TABLE>
4
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INVESTMENT REVIEW
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-- COLUMBIA INTERNATIONAL STOCK FUND --
---------------------------------------
For the six months ended June 30, 1999, Columbia International Stock Fund
recorded a total return of 7.77%, surpassing the MSCI EAFE Index's return of
4.11% for the same period.
The beginning of the year brought signs of recovery among lagging international
markets. The Japanese government, for instance, took measures to rejuvenate the
stagnant economy through fiscal stimulus, banking reform and corporate
restructuring programs. The Fund's continued exposure to Japan in the first
quarter (23% of net assets on March 31) was rewarded as the Japanese market
gained 18%. Due to a weaker Japanese Yen, this translated to a gain of 12% in
U.S. dollar terms.
TOP TEN HOLDINGS
<TABLE>
<CAPTION>
% of Net Assets
<S> <C>
Equant NV 4.0
Mannesmann AG 3.3
British Telecommunications plc 2.2
Ryohin Keikaku Co., Ltd. 2.0
Infosys Technologies Ltd. 1.6
Compass Group plc 1.6
Telecom Italia S.p.A. 1.6
WPP Group plc 1.5
Vodafone Airtouch plc 1.5
Unicredito Italiano S.p.A. 1.4
</TABLE>
As of June 30, 1999
With Japan witnessing a stabilization of stock market returns in the second
quarter, economic recovery began spreading to other parts of Asia. As a result,
we maintained exposure to Japan while increasing our interest in smaller Asian
markets -- such as Thailand (1.6% of net assets) and Singapore (0.8% of net
assets) -- which have posted gains as well.
We also maintained our commitment to European markets. We placed a heavy
emphasis on telecommunications, finance and pharmaceutical sectors -- profitable
industries in previous quarters. While European markets posted positive returns,
the poor performance of the Euro took international investors by surprise. While
many economists predicted a strong Euro, the currency fell approximately 12%
against the U.S. dollar over the first six months of the year.
COUNTRIES OF EMPHASIS
<TABLE>
<CAPTION>
% of Net Assets
<S> <C>
Japan 23.9
United Kingdom 18.6
Netherlands 6.0
France 5.6
Germany 5.4
Switzerland 3.4
Italy 3.3
Canada 3.0
</TABLE>
As of June 30, 1999
Recently, we have concentrated on adding to stocks in the United Kingdom, where
interest rate cuts by the Bank of England are intended to promote growth.
Furthermore, the country's telecommunications/cable area continues to offer
strong growth opportunities.
With 112 holdings and an average market capitalization of $25 billion as of June
30, the Fund is well diversified across 18 countries and continues to seek
long-term appreciation for shareholders.
GROWTH OF $10,000 SINCE INCEPTION
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS
AS OF JUNE 30, 1999
<S> <C> <C> <C>
MSCI FT/S&P
CISF EAFE Euro-Pac
1 Year 7.54% 7.92% 9.34%
5 Years 9.75% 8.52% 7.72%
Since Inception 12.29% 11.69% 11.14%
COLUMBIA INTERNATIONAL
STOCK FUND MSCI EAFE FT/S&P EURO-PAC
10/1/92 $10,000 $10,000 $10,000
12/31/92 $10,060 $9,623 $9,628
12/31/93 $13,417 $12,794 $12,665
12/31/94 $13,086 $13,825 $13,822
12/31/95 $13,760 $15,422 $15,290
12/31/96 $16,042 $16,403 $16,180
12/31/97 $17,882 $16,740 $16,144
12/31/98 $20,177 $20,144 $19,262
6/30/99 $21,742 $20,975 $20,291
Past Performance is not predictive of
future results. The MSCI EAFE Index is
an unmanaged index representing major
stock markets in Europe, Australasia
and The Far East. The MSCI EAFE Index
will replace the FT/S&P Euro-Pac as the
International Fund's benchmark index
because the MSCI EAFE Index is a more
commonly recognized index for International
funds. The FT/S&P Euro-Pacific International
Stock Fund represents companies listed on
international stock markets weighted by market
capitalization, expressed in U.S. dollars.
</TABLE>
5
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INVESTMENT REVIEW
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-- COLUMBIA SPECIAL FUND --
---------------------------
For the six months ended June 30, 1999, Columbia Special Fund posted a total
return of 2.37%. After a difficult first quarter for small and mid cap stocks,
the Fund rebounded in the second quarter to put the Fund's performance in
positive territory for the first half of the year.
Early in the year, rising interest rates combined with negative earnings
revisions to create a renewed desire for the liquidity and perceived security of
large and super cap stocks. The phenomenal performance of Internet stocks also
attracted capital away from traditional growth stocks during the first quarter,
and this held back Fund performance.
TOP TEN HOLDINGS
<TABLE>
<CAPTION>
% of Net Assets
<S> <C>
Bed, Bath & Beyond, Inc. 2.9
Outback Steakhouse, Inc. 2.6
Kroger Co. 2.6
Resmed, Inc. 2.4
Frontier Corp. 2.1
Clear Channel Communications, Inc. 2.1
Univision Communications, Inc. (Class A) 2.1
Nike, Inc. (Class B) 2.0
Novell, Inc. 1.9
Consolidated Stores Corp. 1.8
</TABLE>
As of June 30, 1999
In the second quarter, the market's bias for large cap stocks shifted as
prospects improved for world economic recovery. In April, economically sensitive
stocks staged a strong comeback, and for the first time in nearly two years, the
quarterly returns (for the quarter ended June 30) of small and mid cap stocks
exceeded S&P 500 gains.
Throughout the first half of 1999, we reduced exposure to defensive stocks and
opted for more aggressive growth issues. Prompted by the rapid growth of the
Internet and the significant impact of technology on the nation's economy,
weightings were increased in communications and technology, while weightings in
health care and grocery stores were decreased. Stocks that performed well
included: LSI Logic Corp. (1.8% of net assets), National Semiconductor Corp.
(1.1%), Tellabs, Inc. (0.5%) and Ciena Corp. (1.4%). In addition, we increased
our holdings in energy stocks due to prospects for more spending on drilling and
production services over the next 12 to 18 months.
SECTORS OF EMPHASIS
<TABLE>
<CAPTION>
% of Net Assets
<S> <C>
Consumer Non-Durables 24.5
Technology 16.8
Business & Consumer Services 11.4
Health 8.7
Utilities/Communications 8.3
</TABLE>
As of June 30, 1999
As global recovery and expansion continues, we anticipate that depressed sectors
of the market will begin to benefit. Relative valuations of mid cap stocks are
near historic lows and, provided the world market recovery continues, these
stocks may be entering a period where they will outperform large cap stocks.
GROWTH OF $10,000 OVER 10 YEARS
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS
AS OF JUNE 30, 1999
<S> <C> <C> <C>
CSF S&P MIDCAP 400 RUSSELL 2000
1 Year 9.91% 17.19% 1.50%
5 Years 15.87% 22.28% 15.40%
10 Years 15.02% 17.87% 12.39%
COLUMBIA
SPECIAL FUND S&P MIDCAP 400 RUSSELL 2000
6/30/89 $10,000 $10,000 $10,000
6/30/90 $11,883 $11,542 $10,305
6/30/91 $11,936 $13,026 $10,432
6/30/92 $13,898 $15,444 $11,951
6/30/93 $17,920 $18,953 $15,058
6/30/94 $19,393 $18,941 $15,713
6/30/95 $23,337 $23,169 $18,873
6/30/96 $29,818 $28,169 $23,381
6/30/97 $32,367 $34,747 $27,199
6/30/98 $36,860 $44,180 $31,690
6/30/99 $40,512 $51,779 $32,163
Past Performance is not predictive of
future results. The S&P MidCap 400 is an
unmanaged index generally considered
representative of the U.S. market for
mid-cap stocks. The S&P MidCap 400 will
replace the Russell 2000 as the Special
Fund's benchmark index because the MidCap
Index is more representative of the types
of stocks held by the fund. The Russell 2000
is an unmanaged index generally
representative of the market for small,
domestic stocks.
</TABLE>
6
<PAGE>
INVESTMENT REVIEW
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[LOGO]
- ------------------------------------------------
------------------------------------------------
-- COLUMBIA SMALL CAP FUND --
-----------------------------
For the six months ended June 30, 1999, Columbia Small Cap Fund reported a total
return of 3.79%. Following a correction in small cap stocks during the first
quarter, the Fund benefited from a rebound in the broader market. For the first
time in nearly two years, the Russell 2000's performance of 15.55% in the second
quarter topped the S&P 500's return of 7.05%. The Fund, with a lower allocation
to economically sensitive stocks, lagged the Russell 2000 in April, but
outperformed the Index in May and June.
TOP TEN HOLDINGS
<TABLE>
<CAPTION>
% of Net Assets
<S> <C>
Sequent Computer Systems, Inc. 2.2
Ames Department Stores, Inc. 2.0
Nova Corp. 1.9
Hanover Compressor Co. 1.9
Profit Recovery Group International Inc. 1.8
Lattice Semiconductor Corp. 1.8
Acxiom Corp. 1.8
Radisys Corp. 1.7
Bed, Bath & Beyond, Inc. 1.5
Credence Systems Corp. 1.5
</TABLE>
As of June 30, 1999
In the first quarter, the Fund benefited from holdings in retail and media,
while its technology stock holdings offered a mixed performance. Although
several Internet IPOs did extremely well during the period, software stocks
suffered from anxiety over a Y2K-related demand slowdown and resulting earnings
disappointments. As positions in software were trimmed, the Fund increased
holdings in semiconductors and telecommunications.
The surge in the small stock sector during the second quarter was fueled by
indications of world economic recovery. Economically sensitive stocks led the
rebound. Because of technology's widening role in productivity and economic
growth, the Fund has, over the past six months, maintained a significant
weighting in this sector. We also increased our holdings in energy stocks due to
our expectations for increased spending in drilling and production services over
the next 12 to 18 months. We remained wary of health care as it continued to
lose earnings visibility after first quarter losses, which were attributed to
pricing pressures from Medicare reimbursement cuts and managed care. As a
result, weightings in this sector were scaled back.
SECTORS OF EMPHASIS
<TABLE>
<CAPTION>
% of Net Assets
<S> <C>
Technology 30.2
Consumer Non-Durables 14.3
Health 11.3
Business & Consumer Services 10.9
Energy & Energy Services 6.6
</TABLE>
As of June 30, 1999
Columbia Small Cap Fund finished the first six months of 1999 with 109 holdings
and an average market capitalization of $1.3 billion.
GROWTH OF $10,000 SINCE INCEPTION
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS
as of June 30, 1999
<S> <C> <C>
CSCF RUSSELL 2000
1 Year -0.21% 1.50%
Since Inception 18.13% 12.39%
COLUMBIA SMALL CAP FUND RUSSELL 2000
10/1/1996 $10,000 $10,000
12/31/1996 $10,762 $10,520
12/31/1997 $14,432 $12,872
12/31/1998 $15,109 $12,544
6/30/1999 $15,682 $13,709
Past Performance is not predictive of future results.
The Russell 2000 is an unmanaged index generally
representative of the market for small, domestic stocks.
</TABLE>
7
<PAGE>
INVESTMENT REVIEW
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- ------------------------------------------
------------------------------------------
-- COLUMBIA REAL ESTATE EQUITY FUND --
--------------------------------------
For the six months ended June 30, 1999, Columbia Real Estate Equity Fund posted
a total return of 5.68%. The Fund's benchmark index, the NAREIT, gained 4.78%
for the same period.
The REIT market had been struggling prior to its resurgence in April and May of
this year. After a five-year expansion launched in 1992, the REIT market slowed
in 1997 as continuing new construction raised fears of oversupply. Investors
began selling off their REIT holdings early last year, and prices dropped below
the value of the underlying property held by the REITs. As dividend rates
continued to increase, however, some investors came to believe that REITs had
been overdiscounted and offered future growth opportunities.
TOP TEN HOLDINGS
<TABLE>
<CAPTION>
% of Net Assets
<S> <C>
Public Storage, Inc. 6.9
Apartment Investment & Mgmt Co. (Class
A) 5.5
Equity Office Properties Trust 5.3
Vornado Realty Trust 4.7
Spieker Properties, Inc. 4.4
Archstone Communities Trust 4.0
Simon Property Group, Inc. 3.9
Reckson Associates Realty Corp. 3.9
Equity Residential Properties Trust 3.9
Prologis Trust 3.6
</TABLE>
As of June 30, 1999
Kicked off by a rally in April, REITs gained favor as market sentiment rotated
away from larger capitalization stocks to more reasonably priced stocks with
potential for appreciation.
Investor confidence in REITs received an extra boost when public SEC filings
indicated that acclaimed investor Warren Buffett had taken a personal stake in
two REIT stocks during the period. Furthermore, first quarter reports showed
some abatement in construction activity, lessening anxieties that real estate
supply might exceed demand.
The Fund has favored industrial REITs -- such as warehouses and light
manufacturing plants -- which traditionally are more conservative areas due to
relatively inexpensive construction and longer running leases. Holdings include
Spieker Properties, Inc. (4.4% of net assets) and Liberty Property Trust (3.1%
of net assets).
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
PORTFOLIO COMPOSITION
<S> <C>
Apartments 18.9%
Community Centers 9.8%
Industrial 30.0%
Manufactured Homes 2.0%
Office 18.3%
Shopping Malls 8.9%
Other 5.0%
Cash 7.1%
as of June 30, 1999
</TABLE>
The REIT market comeback has been encouraging because it supports our premise
that the real estate market can maintain an equilibrium, allowing investors to
earn a return commensurate with earnings growth (in the high single digits) plus
a dividend yield near 7% for an attractive overall return. With 32 holdings as
of June 30, the Fund's average market capitalization is $2.4 billion.
GROWTH OF $10,000 SINCE INCEPTION
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS
AS OF JUNE 30, 1999
<S> <C> <C>
CREF NAREIT
1 Year (3.15)% (8.98)%
5 Years 13.40% 9.69%
Since Inception 13.14% 9.68%
COLUMBIA REAL NATIONAL ASSOCIATION OF
ESTATE EQUITY FUND REAL ESTATE TRUSTS
4/1/94 $10,000 $10,000
12/31/94 $10,176 $9,978
12/31/95 $11,892 $11,502
12/31/96 $16,446 $15,558
12/31/97 $20,515 $18,712
12/31/98 $17,985 $15,435
6/30/99 $19,006 $16,171
Past Performance is not predictive of future
results. The National Association of Real
Estate Investment Trusts Index tracks
performance of all publicly traded equity
REITs.
</TABLE>
8
<PAGE>
INVESTMENT REVIEW
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- ------------------------------------------------
------------------------------------------------
-- COLUMBIA BALANCED FUND --
----------------------------
Columbia Balanced Fund returned 6.32% for the six months ended June 30, 1999.
Gains in communications, utilities, technology, basic industries and energy
stocks in the second quarter benefited the equity side of the portfolio, while
rising interest rates hurt the bond side of the portfolio.
A broadening of the stock market highlighted the first two quarters of 1999.
Corporate earnings, in general, improved as global economies appeared to emerge
from two years of turmoil stemming from the Asian currency crisis. Until
recently, the stock market's appreciation had been propelled by a demand for
earnings growth, which was primarily driven by relatively few large cap names.
We believe that these large cap stocks are nearly fully valued. To capitalize on
this shift in fundamentals and change in valuation dynamic, we expanded the
portfolio's focus to include stocks in the industrial, basic material,
transportation and energy sectors, and we adopted a new World Recovery theme to
accompany our continued focus on the Aging of America and Technology Age themes.
TOP TEN STOCK HOLDINGS
<TABLE>
<CAPTION>
% of Net Assets
<S> <C>
Microsoft Corp. 2.3
General Electric Co. 1.8
Boston Scientific Corp. 1.8
Tyco International Ltd. 1.8
MCI Worldcom, Inc. 1.5
Tellabs, Inc. 1.4
Citigroup, Inc. 1.4
Computer Sciences Corp. 1.2
Lucent Technologies, Inc. 1.2
Bristol-Myers Squibb Co. 1.1
</TABLE>
As of June 30, 1999
On the bond side of the portfolio, interest rates advanced slightly in the first
quarter and continued their upward trend as the fixed income market anticipated
interest rate hikes by the Federal Reserve Board. On June 30, the Fed followed
through on expectations, raising interest rates by 0.25%. At the same time, the
Fed adopted a neutral position on future increases, reserving the right to
change its policy should conditions warrant.
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
PORTFOLIO COMPOSITION
<S> <C>
Common Stocks 52.6%
Fixed Income 44.6%
Cash 2.8%
as of June 30, 1999
</TABLE>
Corporate bonds performed better than Treasury securities over the past six
months. In the latter part of the second quarter, a greater supply of high-grade
corporate bonds brought prices down, increasing their yield relative to
Treasuries. The attractiveness of high-grade corporate bonds was reflected in
the Fund's increased exposure to these securities.
As always, Columbia Balanced Fund seeks a high total return for shareholders by
investing in a combination of large cap stocks and investment-grade debt
securities.
GROWTH OF $10,000 SINCE INCEPTION
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS
<S> <C> <C> <C>
as of June 30, 1999
CBF S&P 500 LEHMAN AGGREGATE
1 Year 14.28% 22.75% 3.15%
5 Years 16.91% 27.87% 7.82%
Since Inception 14.26% 20.35% 7.32%
COLUMBIA LEHMAN
BALANCED FUND S&P 500 AGGREGATE
10/1/91 $10,000 $10,000 $10,000
12/31/91 $10,780 $10,838 $10,507
12/31/92 $11,738 $11,664 $11,285
12/31/93 $13,337 $12,840 $12,385
12/31/94 $13,350 $13,009 $12,023
12/31/95 $16,699 $17,898 $14,244
12/31/96 $18,666 $22,007 $14,761
12/31/97 $22,164 $29,349 $16,185
12/31/98 $26,612 $37,737 $17,592
6/30/99 $28,289 $42,409 $17,352
Past Performance is not predictive
of future results. The S&P 500
is an unmanaged index generally
representative of the U.S. stock
market.The Lehman Aggregate Bond Index
represents average market-weighted
performance of U.S Treasury and
agency securities, investment-grade
corporate bonds and mortgage-backed
securities with maturities
greater than one year.
</TABLE>
9
<PAGE>
INVESTMENT REVIEW
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- ------------------------------------- -------------------------------------
-- COLUMBIA U.S. GOVERNMENT SECURITIES FUND --
----------------------------------------------
Columbia U.S. Government Securities Fund posted a total return of 0.50% for the
six months ended June 30, 1999.
In the first quarter, market sentiment shifted away from concerns that the
worldwide economic slowdown would impede U.S. growth. This increased confidence
led investors away from the safety of Treasury investments into somewhat riskier
instruments, contributing to lower Treasury prices.
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
PORTFOLIO COMPOSITION
<S> <C>
Treasury/Agency Obligations 96.6%
Cash 3.4%
as of June 30, 1999
</TABLE>
Moving into the second quarter, continued economic strength prompted fears that
the Federal Reserve Board would increase interest rates, and bond markets
reacted by demanding higher yields. With rising interest rates, Treasury bond
prices fell to their lowest levels since late 1997.
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
PORTFOLIO COMPOSITION
<S> <C>
Treasury/Agency Obligations 96.6%
Cash 3.4%
as of June 30, 1999
</TABLE>
On June 30, the Federal Reserve Board acted as expected and voted to raise
short-term interest rates by 0.25%. It did, however, shift its bias regarding
future action to neutral, indicating that further interest rate increases could
occur should conditions warrant.
Two-year Treasuries, such as those held by the Fund, are yielding over 5.5%.
Currently, with inflation running at a rate of approximately 2%, the Fund --
with a 30-day yield of 4.76% on June 30 -- offers an attractive yield versus
inflation.
PORTFOLIO HIGHLIGHTS
<TABLE>
<S> <C>
Current Yield 4.76%
Based on the 30 days ended Dec. 31, 1998
Weighted Averages
Duration 1.74 years
Maturity 1.98 years
</TABLE>
As of June 30, 1999
As always, the Fund seeks preservation of capital and a high level of income by
investing primarily in direct obligations of the U.S. Government with maturities
of three years or less. While direct obligations of the U.S. Government are
guaranteed as to the payment of principal and interest, the U.S. Government does
not guarantee the value of the Fund's shares.
GROWTH OF $10,000 OVER 10 YEARS
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS
AS OF JUNE 30, 1999
<S> <C> <C> <C>
CUSG MERRILL 1-3
1 Year 4.24% 5.08%
5 Years 5.45% 6.32%
10 Years 6.40% 6.84%
COLUMBIA MERRILL
U.S. LYNCH CONSUMER
GOVERNMENT 1-3 PRICE
SECURITIES TREASURY INDEX
FUND INDEX (INFLATION)
6/30/89 $10,000 $10,000 $10,000
6/30/90 $10,734 $10,820 $10,470
6/30/91 $11,810 $11,929 $10,962
6/30/92 $13,145 $13,172 $11,302
6/30/93 $14,114 $14,039 $11,641
6/30/94 $14,266 $14,265 $11,932
6/30/95 $15,211 $15,367 $12,290
6/30/96 $15,906 $16,207 $12,634
6/30/97 $16,844 $17,270 $12,925
6/30/98 $17,847 $18,446 $13,144
6/30/99 $18,603 $19,381 $13,407
Past Performance is not predictive
of future results. The Merrill
Lynch 1-3 Treasury Index represents
the average return of all Treasury
notes with 1- to 3-year maturities.
</TABLE>
10
<PAGE>
INVESTMENT REVIEW
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- --------------------------------------------------------------------------------
-- COLUMBIA FIXED INCOME SECURITIES FUND --
-------------------------------------------
For the six months ended June 30, 1999, Columbia Fixed Income Securities Fund
declined 1.87%. Rising interest rates in the first two quarters of the year
lowered prices and thus offset interest earned. The increase in bond yields for
the second quarter ranged from 0.99% on 2-year Treasuries to 1.14% on 10-year
Treasuries.
The strength of the U.S. economy, combined with concerns about tight labor
markets and escalating energy prices, raised worries that the Federal Reserve
Board would increase interest rates to manage inflation. During the past six
months, the price of oil increased from $12.05 to $19.29 per barrel and has
exerted modest upward pressure on the consumer price index, a barometer for
inflation.
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
PORTFOLIO COMPOSITION
<S> <C>
Collateralized Mortgage Obligations 31.4%
Corporate Bonds 37.4%
Treasury/Agency Obligations 10.5%
Mortgage Pass-Throughs 13.4%
Assest-Backed Securities 4.4%
Cash 2.9%
As of June 30, 1999
</TABLE>
In anticipation of the Fed's intervention, the bond market bid interest rates up
in the second quarter. As expected, the Fed voted to raise short-term rates by
0.25% on June 30. Although the Fed indicated a neutral stance on future action,
it promised to remain vigilant to ensure the continued health of the U.S.
economy.
During the past six months, corporate bonds have outperformed Treasury
securities. However, recent growth in corporate bond supply created a temporary
surplus, lowering their relative prices and increasing their yield in relation
to Treasuries. To benefit from the attractiveness of high-grade corporate bonds,
we increased our exposure to these securities in the second quarter.
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
PORTFOLIO QUALITY
<S> <C>
Treasury/Agency Obligations 48.9%
Aaa 15.1%
Aa 3.3%
A 14.8%
Baa 14.8%
Ba 2.8%
B 0.3%
as of June 30, 1999
as rated by Moody's Investors Service,
Inc.
</TABLE>
As always, Columbia Fixed Income Securities Fund seeks a high level of income
and conservation of capital for shareholders by investing in a broad range of
intermediate- to long-term fixed income securities.
GROWTH OF $10,000 OVER 10 YEARS
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS
AS OF JUNE 30, 1999
<S> <C> <C> <C>
CFIS LEHMAN AGGREGATE
1 Year 1.66% 3.15%
5 Years 7.42% 7.82%
10 Years 8.03% 8.15%
COLUMBIA
FIXED CONSUMER
INCOME PRICE
SECURITIES LEHMAN INDEX
FUND AGGREGATE (INFLATION)
6/30/89 $10,000 $10,000 $10,000
6/30/90 $10,722 $10,785 $10,470
6/30/91 $11,816 $11,939 $10,962
6/30/92 $13,658 $13,616 $11,302
6/30/93 $15,396 $15,222 $11,641
6/30/94 $15,136 $15,024 $11,932
6/30/95 $17,018 $16,908 $12,290
6/30/96 $17,857 $17,757 $12,634
6/30/97 $19,344 $19,204 $12,925
6/30/98 $21,294 $21,228 $13,144
6/30/99 $21,650 $21,893 $13,407
Past Performance is not predictive
of future results. The
S&P Midcap 400 is an unmanaged
index generally considered representative
of the U.S. market for mid-cap stocks.
The Lehman Aggregate Bond Index represents
average market-weighted performance
of U.S. Treasury and agency securities,
investment-grade corporate bonds and
mortgage-backed securities with
maturities greater than one year.
</TABLE>
11
<PAGE>
INVESTMENT REVIEW
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[LOGO]
- --------------------------------------- ---------------------------------------
-- COLUMBIA NATIONAL MUNICIPAL BOND FUND --
-------------------------------------------
Columbia's newest fund was introduced in February 1999 in a challenging
environment of rising interest rates. From its inception date of February 24
through June 30, Columbia National Municipal Bond Fund posted a total return of
- -2.67%.
The period was marked by stronger than anticipated economic strength, which
fanned fears that the Federal Reserve Board would raise interest rates. Bond
markets reacted by demanding higher yields and lower prices. At the same time,
the supply of national municipal bonds outpaced demand, as many issuers sought
to gather funds for their projects well ahead of the year 2000. This imbalance
further contributed to underperformance. As prices dropped, municipal bond
yields reached their highest levels in 18 months. Yields on
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
PORTFOLIO COMPOSITION
<S> <C>
Insured Revenue Bonds 29.4%
Revenue Bonds 21.2%
Insured General Obligations 18.3%
General Obligations 11.6%
Oregon Revenue Bonds 8.9%
Other Bonds 7.2%
Oregon General Obligations 0.7%
Cash & Cash Equivalents 2.7%
As of June 30, 1999
</TABLE>
Treasury bonds and municipal bonds across the yield curve increased by more than
0.50% by the end of the period. As a result, after-tax yields on municipal bonds
have become very compelling compared to taxable alternatives -- especially for
investors in the highest income tax brackets.
We expect the supply of municipal bonds to taper off as year-end approaches,
which should increase municipal bond prices going forward.
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
PORTFOLIO QUALITY
<S> <C>
Aaa 48.4%
Aa 16.8%
A 11.7%
Baa 10.2%
Not Rated 12.9%
As of June 30, 1999
As rated by Moody's Investors Service,
Inc.
</TABLE>
The Fund continues to seek a high level of after-tax returns by investing in a
diverse pool of municipal securities issued by state and local governments, and
their agencies, throughout the country.
12
<PAGE>
INVESTMENT REVIEW
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[LOGO]
- --------------------------------------------
--------------------------------------------
-- COLUMBIA MUNICIPAL BOND FUND --
----------------------------------
Columbia Municipal Bond Fund suffered through a period of rising interest rates
by posting a total return of -1.51% for the six months ended June 30, 1999.
Continued strength in the economy caused investors to believe that the Federal
Reserve Board would raise interest rates to head off higher inflation. The bond
markets reacted by demanding higher yields and lower prices. As a result, yields
on Treasury bonds and municipal securities climbed by 0.50%. As prices fell,
yields on municipal bonds reached their highest level in 18 months, presenting
the Fund with an opportunity to purchase bonds in the future at lower prices and
higher yields.
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
PORTFOLIO COMPOSITION
<S> <C>
State of Oregon General Obligation Bonds 6.6%
Oregon General Obligation Bonds 17.4%
Oregon Insured General Obligation Bonds 19.0%
Oregon Revenue Bonds 21.4%
Oregon Insured Revenue Bonds 22.9%
Oregon Pre-Refunded Bonds 3.2%
Oregon Other Bonds 2.4%
Other Bonds 5.0%
Cash 2.1%
As of June 30, 1999
</TABLE>
Supply pressures also contributed to falling municipal bond prices in the second
quarter. While a light supply of new issues helped performance in the first
quarter of 1999 -- because demand exceeded supply -- a surge in new issues in
the second quarter hurt performance. The strong economy and higher tax receipts
have encouraged municipalities to issue new bonds to help fund infrastructure,
transportation, housing, education and other projects. It also appears that
municipalities are attempting to get new issuances to the market prior to the
end of the third quarter of 1999, well before the Year 2000. We expect the
supply of new issues to taper off as year-end approaches, which should increase
municipal bond prices going forward.
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
PORTFOLIO QUALITY
<S> <C>
Aaa 53.2%
Aa 22.8%
A 15.9%
Baa 1.7%
Not Rated 6.4%
as of June 30, 1999
as rated by Moody's Investors Service,
Inc.
</TABLE>
Looking ahead, we observe that economic strength in Oregon remains fairly
robust, reflecting the diverse industries doing business in the state. Although
commodity prices remain weak, strong demand for consumer products and high
technology capital goods, combined with slowing losses from foreign trade to the
Pacific Rim, have lifted economic prospects in the region.
As always, the Fund seeks to provide Oregon residents with a high level of
income exempt from both federal and state tax. The Fund maintains an average
maturity of 7 to 10 years with an emphasis on high credit quality.
GROWTH OF $10,000 OVER 10 YEARS
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS
AS OF JUNE 30, 1999
<S> <C> <C> <C>
CMBF LEHMAN G.O.
1 Year 1.85% 2.91%
5 Years 5.86% 6.79%
10 Years 6.26% 7.21%
COLUMBIA LEHMAN CONSUMER
MUNICIPAL GENERAL PRICE
BOND OBLIGATION INDEX
FUND BOND (INFLATION)
6/30/89 $10,000 $10,000 $10,000
6/30/90 $10,503 $10,669 $10,470
6/30/91 $11,433 $11,552 $10,962
6/30/92 $12,522 $12,854 $11,302
6/30/93 $13,883 $14,354 $11,641
6/30/94 $13,805 $14,439 $11,932
6/30/95 $14,798 $15,626 $12,290
6/30/96 $15,627 $16,634 $12,634
6/30/97 $16,738 $18,011 $12,925
6/30/98 $18,022 $19,488 $13,144
6/30/99 $18,353 $20,059 $13,407
Past Performance is not predictive of future results.
The Lehman General Obligation Bond Index represents
average market-weighted performance of general
obligation securities that have been issued in the
last five years with maturities greater than one
year.
</TABLE>
13
<PAGE>
INVESTMENT REVIEW
- --------------------------------------------------------------------------------
[LOGO]
- -----------------------------------------------
-----------------------------------------------
-- COLUMBIA HIGH YIELD FUND --
------------------------------
Columbia High Yield Fund posted a total return of 0.95% for the six months ended
June 30, 1999.
Early in the year, high yield bonds were among the best performing of all fixed
income assets, as stronger than expected economic growth steered investors'
attention away from U.S. Treasuries into riskier, more aggressive securities
such as junk bonds. As demand for Treasuries decreased, prices fell and yields
on long-term Treasuries rose approximately 0.50% during the first quarter,
narrowing the yield differential between Treasuries and high yield bonds.
SECTORS OF EMPHASIS
<TABLE>
<CAPTION>
% of Net Assets
<S> <C>
Business & Consumer Services 29.1%
Consumer Cyclical 11.2%
Consumer Staples 11.1%
Energy 9.5%
Telecommunications 9.3%
</TABLE>
As of December 31, 1998
In the second quarter, high yield bonds continued to outperform the
investment-grade market due to sustained economic growth. Rising Treasury yields
during this period narrowed the yield difference between high yield bonds and
Treasuries, impacting high yield bond performance. However, the yield
differential that currently exists between Treasuries and high yield bonds is
close to its historical average, and we believe this continues to make high
yield bonds attractive for investors seeking higher yields on their bond
investments.
With the recent increase in oil prices, we believe that the fundamentals of the
energy sector are improving and we increased the portfolio's weighting from 6%
to 9.5% during the second quarter as a result. Several potentially rewarding
issues in energy were found, and the Fund added new names in the second quarter,
including Pride International, Inc. (1.1% of net assets), Santa Fe Snyder Corp.
(1.8% of net assets) and Western Gas Resources, Inc. (1.8% of net assets).
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
PORTFOLIO QUALITY
<S> <C>
Baa 4.8%
Ba 49.9%
B 44.8%
Caa 0.5%
as of June 30, 1999
as rated by Moody's Investors Service,
Inc.
</TABLE>
As always, the Fund concentrates on the upper quality tier of junk bonds,
investing no more than 10% of net assets in bonds rated below B by Moody's or by
S&P. We believe this offers shareholders access to higher yields without
assuming the risk associated with the broader junk bond market.
GROWTH OF $10,000 SINCE INCEPTION
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS
AS OF JUNE 30, 1999
<S> <C> <C> <C>
CHYF SALOMON BB LIPPER HYBF
1 Year 2.71% 4.13% (0.97%)
5 Years 9.91% 10.86% 8.97%
Since Inception 8.34% 9.15% 8.29%
COLUMBIA LIPPER HIGH YIELD SALOMON BB
HIGH YIELD FUND BOND FUND INDEX
10/1/93 $10,000 $10,000 $10,000
12/31/93 $10,112 $10,498 $10,185
12/31/94 $10,019 $10,113 $10,048
12/31/95 $11,935 $11,870 $12,321
12/31/96 $13,060 $13,410 $13,429
12/31/97 $14,719 $15,177 $15,142
12/31/98 $15,640 $15,165 $16,361
6/30/99 $15,788 $15,747 $16,475
Past Performance is not predictive
of future results. The Lipper High
Yield Bond Fund Index represents
equally weighted performance of
the 30 largest mutual funds within
its category. The Salomon BB Index
measures the total return of bonds
with a maturity of at least one year
and includes bonds rated BB+, BB or
BB- by Standard & Poor's or
bonds rated Ba1, Ba2 or Ba3 by
Moody's Investors Service.
</TABLE>
14
<PAGE>
INVESTMENT REVIEW
- --------------------------------------------------------------------------------
[LOGO]
- --------------------------------------------
--------------------------------------------
-- COLUMBIA DAILY INCOME COMPANY --
-----------------------------------
For the six months ended June 30, 1999, Columbia Daily Income Company returned
2.20%, comparing well with inflation, which increased by 1.1% in the first half
of the year.
The first quarter's strong economy, coupled with escalating energy prices and
anxieties about tight labor markets, aroused concerns that the Federal Reserve
Board would raise interest rates to stave off inflation. The bond market
anticipated intervention by the Fed and began discounting bond prices while
pushing up interest rates. On June 30, the Fed voted to raise short-term
interest rates by 0.25%, but it changed its bias from "tightening" to "neutral"
regarding future interference.
PORTFOLIO HIGHLIGHTS
<TABLE>
<S> <C>
Current Yield 4.38%
Compound Yield 4.48%
Based on the 7 days ended June 30, 1999
Weighted Average Maturity 37.0 days
As of June 30, 1999
</TABLE>
After declining in the first quarter, the yield on Columbia Daily Income Company
rose slightly in the second quarter, from 4.35% to 4.38%. As securities in the
portfolio mature and are replaced by higher yielding instruments, the
portfolio's yield should continue to improve in the third and fourth quarters of
1999.
INFLATION IS MEASURED BY THE CONSUMER PRICE INDEX, WHICH
REPRESENTS THE INCREASE/DECREASE IN THE COST OF GOODS AND
SERVICES OVER TIME.
[LOGO]
Columbia Daily Income Company continues to seek a level of income consistent
with the maintenance of liquidity and preservation of capital by investing in
high quality money market instruments with maturities of less than one year.
GROWTH OF $10,000 OVER 10 YEARS
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS
AS OF JUNE 30, 1999
<S> <C> <C>
CDIC CPI
1 Year 4.76% 2.00%
5 Years 5.02% 2.36%
10 Years 5.00% 2.98%
COLUMBIA CONSUMER
DAILY PRICE
INCOME INDEX
COMPANY (INFLATION)
6/30/1989 $10,000 $10,000
6/30/1990 $10,823 $10,470
6/30/1991 $11,580 $10,962
6/30/1992 $12,090 $11,302
6/30/1993 $12,411 $11,641
6/30/1994 $12,748 $11,932
6/30/1995 $13,388 $12,290
6/30/1996 $14,079 $12,634
6/30/1997 $14,781 $12,925
6/30/1998 $15,547 $13,144
6/30/1999 $16,288 $13,407
Past Performance is not predictive of future results. An investment
in the Fund is not insured or guaranteed by the Federal Deposit
Insurance Corporation or any other governmental agency. Although the
Fund seeks to preserve the value of your investment at $1 per share,
it is possible to lose money by investing in the Fund.
</TABLE>
15
<PAGE>
FINANCIAL HIGHLIGHTS
-----------------------------------------------------------------
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
[LOGO]
- ---- ----
-- COLUMBIA COMMON STOCK FUND, INC. --
--------------------------------------
<TABLE>
<CAPTION>
SIX MONTHS ENDED
JUNE 30, 1999
(UNAUDITED)(1) 1998 1997 1996 1995
----- ----- ----- -----
<S> <C> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD $24.40 $22.02 $19.26 $18.59 $15.16
- --------------------------------------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income................ 0.03 0.09 0.29 0.25 0.26
Net realized and unrealized gains on
investments........................ 3.32 5.68 4.58 3.61 4.38
- --------------------------------------------------------------------------------------------------------------------------
Total from investment operations... 3.35 5.77 4.87 3.86 4.64
- --------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS:
Dividends from net investment
income............................. (0.03) (0.13) (0.27) (0.23) (0.26)
Distributions from net realized
gains.............................. -- (3.26) (1.84) (2.96) (0.95)
- --------------------------------------------------------------------------------------------------------------------------
Total distributions................ (0.03) (3.39) (2.11) (3.19) (1.21)
- --------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $27.72 $24.40 $22.02 $19.26 $18.59
- --------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN........................... 13.73%(2) 26.28% 25.37% 20.71% 30.84%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in
thousands)........................... $885,157 $797,147 $783,906 $536,760 $358,523
Ratio of expenses to average net
assets............................... 0.76% 0.80% 0.77% 0.76% 0.80%
Ratio of net investment income to
average net assets................... 0.18% 0.56% 1.37% 1.32% 1.68%
Portfolio turnover rate................ 110% 141% 90% 111% 75%
<CAPTION>
1994
-----
<S> <C>
- ---------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD $15.29
- ---------------------------------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income................ 0.27
Net realized and unrealized gains on
investments........................ 0.04
- ---------------------------------------
Total from investment operations... 0.31
- ---------------------------------------
LESS DISTRIBUTIONS:
Dividends from net investment
income............................. (0.25)
Distributions from net realized
gains.............................. (0.19)
- ---------------------------------------
Total distributions................ (0.44)
- ---------------------------------------
NET ASSET VALUE, END OF PERIOD $15.16
- ---------------------------------------
TOTAL RETURN........................... 2.06%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in
thousands)........................... $124,263
Ratio of expenses to average net
assets............................... 0.84%
Ratio of net investment income to
average net assets................... 1.82%
Portfolio turnover rate................ 64%
</TABLE>
(1) Ratios and portfolio turnover rate are annualized.
(2) Not Annualized.
- --------------------------------------------------------------------------------
[LOGO]
- ---- ----
-- COLUMBIA GROWTH FUND, INC. --
--------------------------------
<TABLE>
<CAPTION>
SIX MONTHS ENDED
JUNE 30, 1999
(UNAUDITED)(1) 1998 1997 1996 1995
----- ----- ----- -----
<S> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD $42.51 $34.34 $30.74 $29.84 $24.84
- ------------------------------------------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income................ -- 0.03 0.19 0.19 0.31
Net realized and unrealized gains
(losses) on investments............ 6.19 10.39 7.90 6.04 7.86
- ------------------------------------------------------------------------------------------------------------------------------
Total from investment operations... 6.19 10.42 8.09 6.23 8.17
- ------------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS:
Dividends from net investment
income............................. -- (0.08) (0.17) (0.17) (0.29)
Distributions from net realized
gains.............................. -- (2.17) (4.32) (5.16) (2.88)
- ------------------------------------------------------------------------------------------------------------------------------
Total distributions................ -- (2.25) (4.49) (5.33) (3.17)
- ------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $48.70 $42.51 $34.34 $30.74 $29.84
- ------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN........................... 14.56%(2) 30.34% 26.32% 20.80% 32.98%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in
thousands)........................... $2,042,733 $1,753,024 $1,324,918 $1,064,100 $848,731
Ratio of expenses to average net
assets............................... 0.66% 0.68% 0.71% 0.71% 0.75%
Ratio of net investment income to
average net assets................... (0.01%) 0.21% 0.55% 0.63% 1.14%
Portfolio turnover rate................ 120% 105% 96% 75% 95%
<CAPTION>
1994
-----
<S> <C>
- ---------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD $26.38
- ---------------------------------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income................ 0.29
Net realized and unrealized gains
(losses) on investments............ (0.46)
- ---------------------------------------
Total from investment operations... (0.17)
- ---------------------------------------
LESS DISTRIBUTIONS:
Dividends from net investment
income............................. (0.26)
Distributions from net realized
gains.............................. (1.11)
- ---------------------------------------
Total distributions................ (1.37)
- ---------------------------------------
NET ASSET VALUE, END OF PERIOD $24.84
- ---------------------------------------
TOTAL RETURN........................... -0.63%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in
thousands)........................... $591,694
Ratio of expenses to average net
assets............................... 0.81%
Ratio of net investment income to
average net assets................... 1.12%
Portfolio turnover rate................ 79%
</TABLE>
(1) Ratios and portfolio turnover rate are annualized.
(2) Not annualized.
- --------------------------------------------------------------------------------
See Accompanying Notes to Financial Statements
16
<PAGE>
FINANCIAL HIGHLIGHTS
-----------------------------------------------------------------
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
[LOGO]
- ---- ----
-- COLUMBIA INTERNATIONAL STOCK FUND, INC. --
---------------------------------------------
<TABLE>
<CAPTION>
SIX MONTHS ENDED
JUNE 30, 1999
(UNAUDITED)(1) 1998 1997 1996 1995
----- ----- ----- -----
<S> <C> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD $15.45 $13.70 $13.86 $13.07 $12.43
- --------------------------------------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss)......... (0.01) 0.00* 0.03 0.03 0.02
Net realized and unrealized gains
(losses) on investments............ 1.21 1.76 1.56 2.13 0.62
- --------------------------------------------------------------------------------------------------------------------------
Total from investment operations... 1.20 1.76 1.59 2.16 0.64
- --------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS:
Dividends from net investment
income............................. -- -- -- (0.23) --
Distributions from net realized
gains.............................. -- (0.01) (1.75) (1.14) --
- --------------------------------------------------------------------------------------------------------------------------
Total distributions................ -- (0.01) (1.75) (1.37) --
- --------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $16.65 $15.45 $13.70 $13.86 $13.07
- --------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN........................... 7.77%(2) 12.83% 11.47% 16.59% 5.15%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in
thousands)........................... $154,648 $134,193 $146,281 $125,510 $100,873
Ratio of expenses to average net
assets............................... 1.53% 1.56% 1.62% 1.54% 1.54%
Ratio of net investment income to
average net assets................... (0.08%) (0.02%) 0.19% 0.22% 0.15%
Portfolio turnover rate................ 72% 74% 122% 129% 156%
<CAPTION>
1994
-----
<S> <C>
- ---------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD $12.96
- ---------------------------------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss)......... (0.02)
Net realized and unrealized gains
(losses) on investments............ (0.30)
- ---------------------------------------
Total from investment operations... (0.32)
- ---------------------------------------
LESS DISTRIBUTIONS:
Dividends from net investment
income............................. --
Distributions from net realized
gains.............................. (0.21)
- ---------------------------------------
Total distributions................ (0.21)
- ---------------------------------------
NET ASSET VALUE, END OF PERIOD $12.43
- ---------------------------------------
TOTAL RETURN........................... -2.47%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in
thousands)........................... $118,484
Ratio of expenses to average net
assets............................... 1.52%
Ratio of net investment income to
average net assets................... (0.21%)
Portfolio turnover rate................ 139%
</TABLE>
* Amount represents less than $0.01 per share.
(1) Ratios and portfolio turnover rate are annualized.
(2) Not annualized.
- --------------------------------------------------------------------------------
[LOGO]
- ---- ----
-- COLUMBIA SPECIAL FUND, INC. --
---------------------------------
<TABLE>
<CAPTION>
SIX MONTHS ENDED
JUNE 30, 1999
(UNAUDITED)(1) 1998 1997 1996 1995
----- ----- ----- -----
<S> <C> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD $23.62 $20.26 $19.85 $21.44 $18.69
- --------------------------------------------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss)......... (0.05) (0.03) 0.01 (0.06) 0.03
Net realized and unrealized gains on
investments........................ 0.61 3.40 2.50 2.85 5.45
- --------------------------------------------------------------------------------------------------------------------------------
Total from investment operations..... 0.56 3.37 2.51 2.79 5.48
- --------------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS:
Dividends from net investment
income............................. -- (0.01) -- -- (0.02)
Distributions from net realized
gains.............................. -- 0.00* (2.10) (4.38) (2.71)
- --------------------------------------------------------------------------------------------------------------------------------
Total distributions................ -- (0.01) (2.10) (4.38) (2.73)
- --------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $24.18 $23.62 $20.26 $19.85 $21.44
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN........................... 2.37%(2) 16.64% 12.64% 13.07% 29.53%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in
thousands)........................... $759,738 $969,359 $1,249,718 $1,585,284 $1,384,415
Ratio of expenses to average net
assets............................... 1.08% 1.03% 0.98% 0.94% 0.98%
Ratio of net investment income to
average net assets................... (0.60%) (0.09%) 0.04% (0.29%) 0.16%
Portfolio turnover rate................ 123% 135% 166% 150% 183%
<CAPTION>
1994
-----
<S> <C>
- ---------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD $19.51
- ---------------------------------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss)......... 0.08
Net realized and unrealized gains on
investments........................ 0.36
- ---------------------------------------
Total from investment operations..... 0.44
- ---------------------------------------
LESS DISTRIBUTIONS:
Dividends from net investment
income............................. (0.07)
Distributions from net realized
gains.............................. (1.19)
- ---------------------------------------
Total distributions................ (1.26)
- ---------------------------------------
NET ASSET VALUE, END OF PERIOD $18.69
- ---------------------------------------
TOTAL RETURN........................... 2.29%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in
thousands)........................... $889,526
Ratio of expenses to average net
assets............................... 1.05%
Ratio of net investment income to
average net assets................... 0.40%
Portfolio turnover rate................ 179%
</TABLE>
* Amount represents less than $0.01 per share.
(1) Ratios and portfolio turnover rate are annualized.
(2) Not annualized.
- --------------------------------------------------------------------------------
See Accompanying Notes to Financial Statements
17
<PAGE>
FINANCIAL HIGHLIGHTS
-----------------------------------------------------------------
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
[LOGO]
- ---- ----
-- COLUMBIA SMALL CAP FUND, INC. --
-----------------------------------
<TABLE>
<CAPTION>
SIX MONTHS ENDED
JUNE 30, 1999
(UNAUDITED)(1) 1998 1997 1996(1)(2)
----- ----- ----------
<S> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD $17.43 $16.65 $12.99 $12.00
- -------------------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss)......... (0.07) (0.09) (0.08) 0.00*
Net realized and unrealized gains on
investments........................ 0.73 0.87 4.51 0.99
- -------------------------------------------------------------------------------------------------------
Total from investment operations... 0.66 0.78 4.43 0.99
- -------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS:
Distributions from net realized
gains.............................. -- 0.00* (0.77) --
- -------------------------------------------------------------------------------------------------------
Total distributions................ -- -- (0.77) --
- -------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $18.09 $17.43 $16.65 $12.99
- -------------------------------------------------------------------------------------------------------
TOTAL RETURN........................... 3.79%(3) 4.69% 34.10% 7.62%(3)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in
thousands)........................... $167,508 $160,472 $96,431 $21,061
Ratio of expenses to average net
assets............................... 1.31% 1.34% 1.46% 1.61%
Ratio of net investment income to
average net assets................... (0.90%) (0.68%) (0.81%) 0.00%
Portfolio turnover rate................ 190% 158% 172% 33%
</TABLE>
* Amount represents less than $0.01 per share.
(1) Ratios and portfolio turnover rates are annualized.
(2) From inception of operations on September 11, 1996.
(3) Not annualized.
- --------------------------------------------------------------------------------
[LOGO]
- ---- ----
-- COLUMBIA REAL ESTATE EQUITY FUND, INC. --
--------------------------------------------
<TABLE>
<CAPTION>
SIX MONTHS ENDED
JUNE 30, 1999
(UNAUDITED)(1) 1998 1997 1996 1995
----- ----- ----- -----
<S> <C> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD $15.76 $18.80 $16.16 $12.71 $11.72
- -------------------------------------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income................ 0.38 0.75 0.79 0.77 0.78
Net realized and unrealized gains
(losses) on investments............ 0.50 (3.04) 3.15 3.94 1.12
- -------------------------------------------------------------------------------------------------------------------------
Total from investment operations... 0.88 (2.29) 3.94 4.71 1.90
- -------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS:
Dividends from net investment
income............................. (0.36) (0.66) (0.62) (0.52) (0.49)
Distributions from net realized
gains.............................. -- -- (0.51) (0.53) (0.14)
Return of capital.................... -- (0.09) (0.17) (0.21) (0.28)
- -------------------------------------------------------------------------------------------------------------------------
Total distributions................ (0.36) (0.75) (1.30) (1.26) (0.91)
- -------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $16.28 $15.76 $18.80 $16.16 $12.71
- -------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN........................... 5.68%(3) -12.33% 24.74% 38.30% 16.86%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in
thousands)........................... $226,208 $164,172 $151,554 $68,073 $21,587
Ratio of expenses to average net
assets............................... 1.00% 1.01% 1.02% 1.06% 1.18%
Ratio of net investment income to
average net assets................... 5.02% 4.60% 4.87% 6.23% 6.71%
Portfolio turnover rate................ 13% 6% 34% 46% 54%
<CAPTION>
1994(1)(2)
----------
<S> <C>
- ---------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD $12.00
- ---------------------------------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income................ 0.49
Net realized and unrealized gains
(losses) on investments............ (0.27)
- ---------------------------------------
Total from investment operations... 0.22
- ---------------------------------------
LESS DISTRIBUTIONS:
Dividends from net investment
income............................. (0.32)
Distributions from net realized
gains.............................. --
Return of capital.................... (0.18)
- ---------------------------------------
Total distributions................ (0.50)
- ---------------------------------------
NET ASSET VALUE, END OF PERIOD $11.72
- ---------------------------------------
TOTAL RETURN........................... 1.76%(3)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in
thousands)........................... $17,402
Ratio of expenses to average net
assets............................... 1.14%
Ratio of net investment income to
average net assets................... 6.28%
Portfolio turnover rate................ 8%
</TABLE>
(1) Ratios and portfolio turnover rates are annualized.
(2) From inception of operations on March 16, 1994.
(3) Not annualized.
- --------------------------------------------------------------------------------
See Accompanying Notes to Financial Statements
18
<PAGE>
FINANCIAL HIGHLIGHTS
-----------------------------------------------------------------
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
[LOGO]
- ---- ----
-- COLUMBIA BALANCED FUND, INC. --
----------------------------------
<TABLE>
<CAPTION>
SIX MONTHS ENDED
JUNE 30, 1999
(UNAUDITED)(1) 1998 1997 1996 1995
----- ----- ----- -----
<S> <C> <C> <C> <C> <C>
- ----------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD $23.17 $21.42 $20.32 $20.08 $17.28
- ----------------------------------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income................ 0.35 0.72 0.84 0.76 0.73
Net realized and unrealized gains
(losses) on investments............ 1.11 3.52 2.92 1.58 3.54
- ----------------------------------------------------------------------------------------------------------------------
Total from investment operations... 1.46 4.24 3.76 2.34 4.27
- ----------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS:
Dividends from net investment
income............................. (0.34) (0.73) (0.83) (0.76) (0.73)
Distributions from net realized
gains.............................. -- (1.76) (1.83) (1.34) (0.74)
- ----------------------------------------------------------------------------------------------------------------------
Total distributions................ (0.34) (2.49) (2.66) (2.10) (1.47)
- ----------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $24.29 $23.17 $21.42 $20.32 $20.08
- ----------------------------------------------------------------------------------------------------------------------
TOTAL RETURN........................... 6.32%(2) 20.07% 18.74% 11.78% 25.08%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in
thousands)........................... $1,018,942 $975,381 $792,378 $672,593 $486,767
Ratio of expenses to average net
assets............................... 0.67% 0.67% 0.68% 0.66% 0.69%
Ratio of net investment income to
average net assets................... 2.88% 3.22% 3.83% 3.82% 4.05%
Portfolio turnover rate................ 160% 128% 149% 133% 108%
<CAPTION>
1994
-----
<S> <C>
- ---------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD $17.91
- ---------------------------------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income................ 0.65
Net realized and unrealized gains
(losses) on investments............ (0.64)
- ---------------------------------------
Total from investment operations... 0.01
- ---------------------------------------
LESS DISTRIBUTIONS:
Dividends from net investment
income............................. (0.64)
Distributions from net realized
gains.............................. --
- ---------------------------------------
Total distributions................ (0.64)
- ---------------------------------------
NET ASSET VALUE, END OF PERIOD $17.28
- ---------------------------------------
TOTAL RETURN........................... 0.10%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in
thousands)........................... $249,670
Ratio of expenses to average net
assets............................... 0.72%
Ratio of net investment income to
average net assets................... 3.82%
Portfolio turnover rate................ 98%
</TABLE>
(1) Ratios and portfolio turnover rate are annualized.
(2) Not annualized.
- --------------------------------------------------------------------------------
[LOGO]
- ---- ----
-- COLUMBIA U.S. GOVERNMENT SECURITIES FUND, INC. --
----------------------------------------------------
<TABLE>
<CAPTION>
SIX MONTHS ENDED
JUNE 30, 1999
(UNAUDITED)(1) 1998 1997 1996 1995 1994
----- ----- ----- ----- -----
<S> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD $8.39 $8.29 $8.24 $8.34 $7.99 $8.36
- ------------------------------------------------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income................ 0.16 0.38 0.41 0.41 0.45 0.37
Net realized and unrealized gains
(losses) on investments............ (0.12) 0.14 0.05 (0.10) 0.35 (0.37)
- ------------------------------------------------------------------------------------------------------------------------------------
Total from investment operations... 0.04 0.52 0.46 0.31 0.80 --
- ------------------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS:
Dividends from net investment
income............................. (0.16) (0.38) (0.41) (0.41) (0.45) (0.37)
Distributions from net realized
gains.............................. -- (0.04) -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Total distributions................ (0.16) (0.42) (0.41) (0.41) (0.45) (0.37)
- ------------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $8.27 $8.39 $8.29 $8.24 $8.34 $7.99
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN........................... 0.50%(2) 6.43% 5.76% 3.85% 10.21% -0.03%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in
thousands)........................... $39,237 $40,578 $37,837 $40,776 $41,842 $33,512
Ratio of expenses to average net
assets............................... 0.89% 0.89% 0.87% 0.80% 0.79% 0.81%
Ratio of net investment income to
average net assets................... 3.90% 4.55% 4.99% 4.99% 5.45% 4.51%
Portfolio turnover rate................ 146% 182% 184% 179% 253% 254%
</TABLE>
(1) Ratios and portfolio turnover rate are annualized.
(2) Not annualized.
- --------------------------------------------------------------------------------
See Accompanying Notes to Financial Statements
19
<PAGE>
FINANCIAL HIGHLIGHTS
-----------------------------------------------------------------
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
[LOGO]
- ---- ----
-- COLUMBIA FIXED INCOME SECURITIES FUND, INC. --
-------------------------------------------------
<TABLE>
<CAPTION>
SIX MONTHS
ENDED
JUNE 30, 1999
(UNAUDITED)(1) 1998 1997 1996 1995 1994
----- ----- ----- ----- -----
<S> <C> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD $13.42 $13.41 $13.08 $13.51 $12.16 $13.44
- -----------------------------------------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income................ 0.38 0.83 0.85 0.85 0.88 0.83
Net realized and unrealized gains
(losses) on investments............ (0.63) 0.14 0.36 (0.43) 1.35 (1.28)
- -----------------------------------------------------------------------------------------------------------------------------
Total from investment operations... (0.25) 0.97 1.21 0.42 2.23 (0.45)
- -----------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS:
Dividends from net investment
income............................. (0.38) (0.83) (0.85) (0.85) (0.88) (0.83)
Distributions from net realized
gains.............................. -- (0.13) (0.03) -- -- --
- -----------------------------------------------------------------------------------------------------------------------------
Total distributions................ (0.38) (0.96) (0.88) (0.85) (0.88) (0.83)
- -----------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $12.79 $13.42 $13.41 $13.08 $13.51 $12.16
- -----------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN........................... -1.87%(2) 7.44% 9.56% 3.37% 18.91% -3.36%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in
thousands)........................... $428,968 $422,330 $381,333 $356,421 $316,259 $252,090
Ratio of expenses to average net
assets............................... 0.66% 0.65% 0.66% 0.64% 0.65% 0.66%
Ratio of net investment income to
average net assets................... 5.91% 6.15% 6.43% 6.53% 6.80% 6.53%
Portfolio turnover rate................ 176% 107% 196% 178% 137% 140%
</TABLE>
(1) Ratios and portfolio turnover rate are annualized.
(2) Not annualized.
- --------------------------------------------------------------------------------
[LOGO]
- ---- ----
-- COLUMBIA NATIONAL MUNICIPAL BOND FUND, INC. --
-------------------------------------------------
<TABLE>
<CAPTION>
FEBRUARY 10,
TO
JUNE 30, 1999
(UNAUDITED)(1)
<S> <C>
- -------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD $10.00
- -------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income................ 0.13
Net realized and unrealized losses on
investments........................ (0.39)
- -------------------------------------------------------
Total from investment operations... (0.26)
- -------------------------------------------------------
LESS DISTRIBUTIONS:
Dividends from net investment
income............................. (0.13)
- -------------------------------------------------------
Total distributions................ (0.13)
- -------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $9.61
- -------------------------------------------------------
TOTAL RETURN........................... -2.67%(2)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in
thousands)........................... $7,026
Ratio of expenses to average net
assets............................... 0.65%
Ratios of expenses to average net
assets before voluntary
reimbursement........................ 2.57%
Ratio of net investment income to
average net assets................... 3.45%
Portfolio turnover rate................ 9%
</TABLE>
(1) From inception of operations. Ratios and portfolio turnover rate are
annualized.
(2) Not annualized.
- --------------------------------------------------------------------------------
See Accompanying Notes to Financial Statements
20
<PAGE>
FINANCIAL HIGHLIGHTS
-----------------------------------------------------------------
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
[LOGO]
- ---- ----
-- COLUMBIA MUNICIPAL BOND FUND, INC. --
----------------------------------------
<TABLE>
<CAPTION>
SIX MONTHS ENDED
JUNE 30, 1999
(UNAUDITED)(1) 1998 1997 1996 1995
----- ----- ----- -----
<S> <C> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD $12.46 $12.47 $12.15 $12.37 $11.48
- --------------------------------------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income................ 0.28 0.58 0.60 0.61 0.63
Net realized and unrealized gains
(losses) on investments............ (0.46) 0.10 0.39 (0.16) 0.96
- --------------------------------------------------------------------------------------------------------------------------
Total from investment operations... (0.18) 0.68 0.99 0.45 1.59
- --------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS:
Dividends from net investment
income............................. (0.28) (0.58) (0.60) (0.61) (0.63)
Distributions from net realized
gains.............................. -- (0.11) (0.07) (0.06) (0.07)
- --------------------------------------------------------------------------------------------------------------------------
Total distributions................ (0.28) (0.69) (0.67) (0.67) (0.70)
- --------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $12.00 $12.46 $12.47 $12.15 $12.37
- --------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN........................... -1.51%(2) 5.58% 8.36% 3.77% 14.15%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in
thousands)........................... $451,586 $462,809 $409,148 $375,667 $383,796
Ratio of expenses to average net
assets............................... 0.59% 0.58% 0.57% 0.56% 0.57%
Ratio of net investment income to
average net assets................... 4.51% 4.60% 4.87% 5.00% 5.22%
Portfolio turnover rate................ 21% 17% 17% 19% 21%
<CAPTION>
1994
-----
<S> <C>
- ---------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD $12.71
- ---------------------------------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income................ 0.64
Net realized and unrealized gains
(losses) on investments............ (1.23)
- ---------------------------------------
Total from investment operations... (0.59)
- ---------------------------------------
LESS DISTRIBUTIONS:
Dividends from net investment
income............................. (0.64)
Distributions from net realized
gains.............................. --
- ---------------------------------------
Total distributions................ (0.64)
- ---------------------------------------
NET ASSET VALUE, END OF PERIOD $11.48
- ---------------------------------------
TOTAL RETURN........................... -4.68%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in
thousands)........................... $339,817
Ratio of expenses to average net
assets............................... 0.57%
Ratio of net investment income to
average net assets................... 5.36%
Portfolio turnover rate................ 19%
</TABLE>
(1) Ratios and portfolio turnover rate are annualized.
(2) Not annualized.
- --------------------------------------------------------------------------------
[LOGO]
- ---- ----
-- COLUMBIA HIGH YIELD FUND, INC. --
------------------------------------
<TABLE>
<CAPTION>
SIX MONTHS ENDED
JUNE 30, 1999
(UNAUDITED)(1) 1998 1997 1996 1995
----- ----- ----- -----
<S> <C> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD $9.84 $10.04 $9.94 $9.88 $9.04
- --------------------------------------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income................ 0.37 0.76 0.81 0.81 0.82
Net realized and unrealized gains
(losses) on investments............ (0.27) (0.15) 0.40 0.07 0.84
- --------------------------------------------------------------------------------------------------------------------------
Total from investment operations... 0.10 0.61 1.21 0.88 1.66
- --------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS:
Dividends from net investment
income............................. (0.37) (0.76) (0.81) (0.81) (0.82)
Distributions from net realized
gains.............................. -- (0.05) (0.30) (0.01) --
- --------------------------------------------------------------------------------------------------------------------------
Total distributions................ (0.37) (0.81) (1.11) (0.82) (0.82)
- --------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $9.57 $9.84 $10.04 $9.94 $9.88
- --------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN........................... 0.95%(2) 6.26% 12.70% 9.43% 19.12%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in
thousands)........................... $69,481 $57,524 $39,278 $28,818 $23,471
Ratio of expenses to average net
assets............................... 0.93% 0.95% 1.00% 0.93% 1.00%
Ratio of expenses to average net assets
before voluntary reimbursement....... 0.93% 0.95% 1.02% 1.00% 1.06%
Ratio of net investment income to
average net assets................... 7.55% 7.52% 8.05% 8.29% 8.62%
Portfolio turnover rate................ 49% 79% 124% 62% 52%
<CAPTION>
1994
-----
<S> <C>
- ---------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD $9.94
- ---------------------------------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income................ 0.80
Net realized and unrealized gains
(losses) on investments............ (0.90)
- ---------------------------------------
Total from investment operations... (0.10)
- ---------------------------------------
LESS DISTRIBUTIONS:
Dividends from net investment
income............................. (0.80)
Distributions from net realized
gains.............................. --
- ---------------------------------------
Total distributions................ (0.80)
- ---------------------------------------
NET ASSET VALUE, END OF PERIOD $9.04
- ---------------------------------------
TOTAL RETURN........................... -0.92%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in
thousands)........................... $12,834
Ratio of expenses to average net
assets............................... 1.00%
Ratio of expenses to average net assets
before voluntary reimbursement....... 1.19%
Ratio of net investment income to
average net assets................... 8.69%
Portfolio turnover rate................ 37%
</TABLE>
(1) Ratios and portfolio turnover rate are annualized.
(2) Not annualized.
- --------------------------------------------------------------------------------
See Accompanying Notes to Financial Statements
21
<PAGE>
FINANCIAL HIGHLIGHTS
-----------------------------------------------------------------
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
[LOGO]
- ---- ----
-- COLUMBIA DAILY INCOME COMPANY --
-----------------------------------
<TABLE>
<CAPTION>
SIX MONTHS ENDED
JUNE 30, 1999
(UNAUDITED)(1) 1998 1997 1996 1995
----- ----- ----- -----
<S> <C> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD $1.00 $1.00 $1.00 $1.00 $1.00
- --------------------------------------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income................ 0.022 0.050 0.050 0.048 0.053
- --------------------------------------------------------------------------------------------------------------------------
Total from investment operations... 0.022 0.050 0.050 0.048 0.053
- --------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS:
Dividends from net investment
income............................. (0.022) (0.050) (0.050) (0.048) (0.053)
- --------------------------------------------------------------------------------------------------------------------------
Total distributions................ (0.022) (0.050) (0.050) (0.048) (0.053)
- --------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $1.00 $1.00 $1.00 $1.00 $1.00
- --------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN........................... 2.20%(2) 5.09% 5.11% 4.96% 5.49%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in
thousands)........................... $1,088,971 $1,109,141 $1,169,096 $889,800 $800,656
Ratio of expenses to average net
assets............................... 0.63% 0.62% 0.63% 0.62% 0.64%
Ratio of net investment income to
average net assets................... 4.47% 4.97% 4.99% 4.84% 5.34%
<CAPTION>
1994
-----
<S> <C>
- ---------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD $1.00
- ---------------------------------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income................ 0.036
- ---------------------------------------
Total from investment operations... 0.036
- ---------------------------------------
LESS DISTRIBUTIONS:
Dividends from net investment
income............................. (0.036)
- ---------------------------------------
Total distributions................ (0.036)
- ---------------------------------------
NET ASSET VALUE, END OF PERIOD $1.00
- ---------------------------------------
TOTAL RETURN........................... 3.68%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in
thousands)........................... $730,067
Ratio of expenses to average net
assets............................... 0.70%
Ratio of net investment income to
average net assets................... 3.68%
</TABLE>
(1) Ratios are annualized.
(2) Not annualized.
- --------------------------------------------------------------------------------
See Accompanying Notes to Financial Statements
22
<PAGE>
SCHEDULE OF INVESTMENTS
-----------------------------------------------------------------
[LOGO]
- --------------------- ---------------------
-- COLUMBIA COMMON STOCK FUND, INC. --
------
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
SHARES VALUE
------------ -------------
<S> <C> <C>
COMMON STOCKS (98.0%)
BASIC INDUSTRIES & MANUFACTURING (11.3%)
BUILDING & FORESTRY PRODUCTS (1.2%)
CHAMPION INTERNATIONAL CORP...... 91,100 $ 4,361,413
WILLAMETTE INDUSTRIES, INC....... 133,800 6,163,162
-------------
10,524,575
-------------
CHEMICALS (2.3%)
DOW CHEMICAL CO.................. 44,300 5,620,562
DU PONT (E.I.) DE NEMOURS & CO... 94,600 6,462,362
PRAXAIR, INC..................... 170,200 8,329,163
-------------
20,412,087
-------------
MACHINERY CAPITAL SPENDING (7.8%)
ALLIEDSIGNAL, INC................ 135,300 8,523,900
COOPER INDUSTRIES, INC........... 87,600 4,555,200
GENERAL ELECTRIC CO.............. 252,300 28,509,900
TYCO INTERNATIONAL LTD........... 294,108 27,866,733
-------------
69,455,733
-------------
TOTAL BASIC INDUSTRIES &
MANUFACTURING..................... 100,392,395
-------------
BUSINESS & CONSUMER SERVICES (7.7%)
MEDIA & ENTERTAINMENT
*AT&T CORP.-LIBERTY MEDIA GROUP
(CLASS A)....................... 344,232 12,650,526
*CLEAR CHANNEL COMMUNICATIONS,
INC............................. 195,500 13,477,281
COMCAST CORP. (CLASS A SPECIAL).. 215,500 8,283,281
*INFINITY BROADCASTING CORP.
(CLASS A)....................... 392,100 11,664,975
NEWS CORP LTD. ADR............... 184,800 6,525,750
TIME WARNER, INC................. 171,200 12,326,400
*USA NETWORKS, INC................ 68,900 2,764,613
-------------
TOTAL BUSINESS & CONSUMER
SERVICES.......................... 67,692,826
-------------
CONSUMER CYCLICAL (10.1%)
CONSUMER NON-DURABLE
*BED, BATH & BEYOND, INC.......... 324,700 12,500,950
CARNIVAL CORP.................... 199,300 9,666,050
*CONSOLIDATED STORES CORP......... 427,900 11,553,300
COSTCO COMPANIES, INC............ 18,600 1,489,162
HOME DEPOT, INC.................. 116,500 7,506,969
LOWE'S COS., INC................. 246,400 13,967,800
<CAPTION>
SHARES VALUE
------------ -------------
<S> <C> <C>
MATTEL, INC...................... 171,800 $ 4,541,963
NIKE, INC. (CLASS B)............. 235,700 14,922,756
*OFFICE DEPOT, INC................ 358,850 7,917,128
ROYAL CARIBBEAN CRUISES LTD...... 126,600 5,538,750
-------------
TOTAL CONSUMER CYCLICAL............ 89,604,828
-------------
CONSUMER STAPLES (16.5%)
FOOD & HOUSEHOLD PRODUCTS (3.9%)
AVON PRODUCTS, INC............... 206,000 11,433,000
COLGATE-PALMOLIVE CO............. 45,600 4,503,000
GILLETTE CO...................... 250,900 10,286,900
*SAFEWAY, INC..................... 162,000 8,019,000
-------------
34,241,900
-------------
HEALTH (12.6%)
AMERICAN HOME PRODUCTS CORP...... 178,200 10,246,500
*BOSTON SCIENTIFIC CORP........... 685,200 30,105,975
BRISTOL-MYERS SQUIBB CO.......... 241,700 17,024,744
*GUIDANT CORP..................... 174,600 8,980,987
PFIZER, INC...................... 88,300 9,690,925
SCHERING-PLOUGH CORP............. 278,000 14,734,000
WARNER-LAMBERT CO................ 306,000 21,228,750
-------------
112,011,881
-------------
TOTAL CONSUMER STAPLES............. 146,253,781
-------------
ENERGY (5.6%)
DOMESTIC & INTERNATIONAL INTEGRATED (4.4%)
EXXON CORP....................... 140,700 10,851,488
MOBIL CORP....................... 136,600 13,523,400
ROYAL DUTCH PETROLEUM CO......... 137,800 8,302,450
TEXACO, INC...................... 101,100 6,318,750
-------------
38,996,088
-------------
ENERGY SERVICES (1.2%)
BAKER HUGHES, INC................ 203,000 6,800,500
*BJ SERVICES CO................... 139,100 4,094,756
-------------
10,895,256
-------------
TOTAL ENERGY....................... 49,891,344
-------------
FINANCIAL (12.8%)
AMERICAN EXPRESS CO.............. 100,900 13,129,612
AMERICAN INTERNATIONAL GROUP,
INC............................. 111,900 13,099,294
BANK OF AMERICA CORP............. 181,300 13,291,556
</TABLE>
See Accompanying Notes to Financial Statements
23
<PAGE>
SCHEDULE OF INVESTMENTS
-----------------------------------------------------------------
[LOGO]
- --------------------- ---------------------
-- COLUMBIA COMMON STOCK FUND, INC. --
------
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
SHARES VALUE
------------ -------------
<S> <C> <C>
COMMON STOCKS (CONTINUED)
BANK ONE CORP.................... 139,928 $ 8,334,461
CHASE MANHATTAN CORP............. 100,900 8,740,463
CITIGROUP, INC................... 417,900 19,850,250
FANNIE MAE....................... 181,300 12,396,388
*GOLDMAN SACHS GROUP, INC......... 5,600 404,600
KANSAS CITY SOUTHERN INDUSTRIES,
INC............................. 53,400 3,407,588
MORGAN STANLEY, DEAN WITTER &
CO.............................. 85,000 8,712,500
TRAVELERS PROPERTY CASUALTY CORP.
(CLASS A)....................... 121,800 4,765,425
U.S. BANCORP..................... 201,132 6,838,488
-------------
TOTAL FINANCIAL.................... 112,970,625
-------------
TECHNOLOGY (22.4%)
*AMERICA ONLINE, INC.............. 84,600 9,348,300
*APPLIED MATERIALS, INC........... 56,900 4,203,487
*CISCO SYSTEMS, INC............... 243,600 15,666,525
*COMPUTER SCIENCES CORP........... 277,400 19,192,613
*GATEWAY, INC..................... 115,900 6,838,100
INTEL CORP....................... 290,800 17,302,600
INTERNATIONAL BUSINESS MACHINES
CORP............................ 128,800 16,647,400
LUCENT TECHNOLOGIES, INC......... 251,885 16,986,495
*MICROSOFT CORP................... 417,100 37,617,206
*ORACLE CORP...................... 127,350 4,727,869
*TELLABS, INC..................... 314,800 21,268,675
TEXAS INSTRUMENTS, INC........... 107,900 15,645,500
*XILINX, INC...................... 226,300 12,955,675
-------------
TOTAL TECHNOLOGY................... 198,400,445
-------------
TRANSPORTATION (1.0%)
CANADIAN NATIONAL RAILWAY CO..... 128,000 8,576,000
-------------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL
AMOUNT VALUE
------------ -------------
<S> <C> <C>
UTILITIES (10.6%)
COMMUNICATIONS (10.6%)
ALLTEL CORP...................... 175,800 $ 12,569,700
AMERITECH CORP................... 122,200 8,981,700
FRONTIER CORP.................... 237,700 14,024,300
*MCI WORLDCOM, INC................ 287,702 24,814,298
SBC COMMUNICATIONS, INC.......... 158,200 9,175,600
SPRINT CORP. (FON GROUP)......... 150,200 7,932,437
VODAFONE AIRTOUCH PLC............ 81,100 15,976,700
-------------
TOTAL UTILITIES.................... 93,474,735
-------------
TOTAL COMMON STOCKS
(COST $606,412,151)............... 867,256,979
-------------
REPURCHASE AGREEMENT (3.0%)
J.P. MORGAN SECURITIES, INC.
5.019% DATED 06/30/1999,
DUE 07/01/1999 IN THE
AMOUNT OF $26,337,352.
COLLATERALIZED BY
U.S. TREASURY BONDS
7.250% TO 8.750%
DUE 05/15/2016 TO 05/15/2017
U.S. TREASURY NOTES
5.625% TO 7.750%
DUE 12/31/1999 TO 02/15/2005.
(COST $26,333,731)................ $26,333,731 26,333,731
-------------
TOTAL INVESTMENTS (101.0%)
(COST $632,745,882)................... 893,590,710
OTHER ASSETS LESS LIABILITIES
(-1.0%)............................... (8,434,172)
-------------
NET ASSETS (100.0%).................... $ 885,156,538
-------------
-------------
</TABLE>
* Non-income producing.
See Accompanying Notes to Financial Statements
24
<PAGE>
SCHEDULE OF INVESTMENTS
-----------------------------------------------------------------
[LOGO]
- ------------------------- -------------------------
-- COLUMBIA GROWTH FUND, INC. --
------
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
SHARES VALUE
------------ ---------------
<S> <C> <C>
COMMON STOCKS (99.8%)
BASIC INDUSTRIES & MANUFACTURING (8.7%)
BUILDING & FORESTRY PRODUCTS (0.9%)
LOUISIANA-PACIFIC CORP........... 44,100 $ 1,047,375
MEAD CORP........................ 423,600 17,685,300
---------------
18,732,675
---------------
CHEMICAL (1.0%)
DOW CHEMICAL CO.................. 50,100 6,356,437
PRAXAIR, INC..................... 290,100 14,196,769
---------------
20,553,206
---------------
MACHINERY CAPITAL SPENDING (6.8%)
ALLIEDSIGNAL, INC................ 144,700 9,116,100
GENERAL ELECTRIC CO.............. 442,800 50,036,400
TYCO INTERNATIONAL LTD........... 840,900 79,675,275
---------------
138,827,775
---------------
TOTAL BASIC INDUSTRIES &
MANUFACTURING..................... 178,113,656
---------------
BUSINESS & CONSUMER SERVICES (9.5%)
SERVICES & PUBLISHING (1.7%)
*CERIDIAN CORP.................... 650,000 21,246,875
*FISERV, INC...................... 451,125 14,125,852
---------------
35,372,727
---------------
MEDIA & ENTERTAINMENT (7.8%)
*AT&T CORP. - LIBERTY MEDIA GROUP
(CLASS A)....................... 828,500 30,447,375
*CABLEVISION SYSTEMS CORP. (CLASS
A).............................. 7,400 518,000
*CLEAR CHANNEL COMMUNICATIONS,
INC............................. 465,731 32,106,331
COMCAST CORP. (CLASS A
SPECIAL)........................ 641,600 24,661,500
*INFINITY BROADCASTING CORP.
(CLASS A)....................... 876,600 26,078,850
NEWS CORP LTD. ADR............... 277,400 9,795,687
TIME WARNER, INC................. 396,900 28,576,800
*USA NETWORKS, INC................ 152,900 6,135,113
---------------
158,319,656
---------------
TOTAL BUSINESS & CONSUMER
SERVICES.......................... 193,692,383
---------------
<CAPTION>
SHARES VALUE
------------ ---------------
<S> <C> <C>
CONSUMER CYCLICAL (15.2%)
CONSUMER NON-DURABLE
*ABERCROMBIE & FITCH CO........... 817,668 $ 39,248,064
*BED, BATH & BEYOND, INC.......... 699,000 26,911,500
CARNIVAL CORP.................... 455,000 22,067,500
CIRCUIT CITY STORES, INC......... 181,000 16,833,000
*CONSOLIDATED STORES CORP......... 1,041,300 28,115,100
*KOHLS CORP....................... 436,500 33,692,344
LOWE'S COS., INC................. 523,100 29,653,231
MATTEL, INC...................... 801,900 21,200,231
NIKE, INC. (CLASS B)............. 584,400 36,999,825
*OFFICE DEPOT, INC................ 630,850 13,918,128
*PARK PLACE ENTERTAINMENT CORP.... 600,000 5,812,500
ROYAL CARIBBEAN CRUISES LTD...... 500,000 21,875,000
*WILLIAMS-SONOMA, INC............. 400,000 13,925,000
---------------
TOTAL CONSUMER CYCLICAL............ 310,251,423
---------------
CONSUMER STAPLES (18.4%)
FOOD & HOUSEHOLD PRODUCTS (4.7%)
AVON PRODUCTS, INC............... 416,400 23,110,200
COLGATE-PALMOLIVE CO............. 164,600 16,254,250
GILLETTE CO...................... 293,900 12,049,900
PEPSI BOTTLING GROUP, INC........ 515,000 11,877,188
*SAFEWAY, INC..................... 655,400 32,442,300
---------------
95,733,838
---------------
HEALTH (13.7%)
AMERICAN HOME PRODUCTS CORP...... 637,800 36,673,500
*BOSTON SCIENTIFIC CORP........... 1,642,900 72,184,919
BRISTOL-MYERS SQUIBB CO.......... 598,000 42,121,625
CARDINAL HEALTH, INC............. 313,500 20,103,187
*GUIDANT CORP..................... 475,600 24,463,675
MEDTRONIC, INC................... 300,000 23,362,500
SCHERING-PLOUGH CORP............. 373,600 19,800,800
WARNER-LAMBERT CO................ 608,400 42,207,750
---------------
280,917,956
---------------
TOTAL CONSUMER STAPLES............. 376,651,794
---------------
FINANCIAL (14.8%)
AMERICAN EXPRESS CO.............. 174,100 22,654,762
AMERICAN INTERNATIONAL GROUP,
INC............................. 310,237 36,317,119
BANK OF AMERICA CORP............. 563,712 41,327,136
</TABLE>
See Accompanying Notes to Financial Statements
25
<PAGE>
SCHEDULE OF INVESTMENTS
-----------------------------------------------------------------
[LOGO]
- ------------------------- -------------------------
-- COLUMBIA GROWTH FUND, INC. --
------
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
SHARES VALUE
------------ ---------------
<S> <C> <C>
COMMON STOCKS (CONTINUED)
CIT GROUP, INC. (CLASS A)........ 550,000 $ 15,881,250
CITIGROUP, INC................... 1,083,250 51,454,375
FANNIE MAE....................... 667,700 45,653,988
FREDDIE MAC...................... 250,700 14,540,600
*GOLDMAN SACHS GROUP, INC......... 220,900 15,960,025
KANSAS CITY SOUTHERN INDUSTRIES,
INC............................. 84,100 5,366,631
MELLON BANK CORP................. 600,400 21,839,550
MORGAN STANLEY, DEAN WITTER &
CO.............................. 300,000 30,750,000
---------------
TOTAL FINANCIAL.................... 301,745,436
---------------
TECHNOLOGY (22.5%)
*AMDOCS LTD....................... 442,200 10,060,050
*AMERICA ONLINE, INC.............. 189,300 20,917,650
*CISCO SYSTEMS, INC............... 638,800 41,082,825
*COMPUTER SCIENCES CORP........... 651,200 45,054,900
*GATEWAY, INC..................... 261,800 15,446,200
INTEL CORP....................... 280,200 16,671,900
INTERNATIONAL BUSINESS MACHINES
CORP............................ 307,500 39,744,375
*KLA-TENCOR CORP.................. 160,000 10,380,000
LUCENT TECHNOLOGIES, INC......... 468,010 31,561,424
*MICROSOFT CORP................... 953,800 86,020,838
*ORACLE CORP...................... 373,600 13,869,900
*SOLECTRON CORP................... 200,000 13,337,500
*TELLABS, INC..................... 707,400 47,793,712
TEXAS INSTRUMENTS, INC........... 211,900 30,725,500
*XILINX, INC...................... 641,500 36,725,875
---------------
TOTAL TECHNOLOGY................... 459,392,649
---------------
TRANSPORTATION (1.0%)
CANADIAN NATIONAL RAILWAY CO..... 293,000 19,631,000
---------------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL
AMOUNT VALUE
------------ ---------------
<S> <C> <C>
UTILITIES (9.7%)
COMMUNICATIONS
ALLTEL CORP...................... 381,100 $ 27,248,650
AMERITECH CORP................... 283,200 20,815,200
FRONTIER CORP.................... 583,900 34,450,100
*GLOBAL TELESYSTEMS GROUP, INC.... 50,000 4,050,000
*MCI WORLDCOM, INC................ 600,000 51,750,000
QWEST COMMUNICATIONS, INT'L...... 291,100 9,624,494
SPRINT CORP. (FON GROUP)......... 323,800 17,100,687
VODAFONE AIRTOUCH PLC............ 171,050 33,696,850
---------------
TOTAL UTILITIES.................... 198,735,981
---------------
TOTAL COMMON STOCKS
(COST $1,385,837,047)............. 2,038,214,322
---------------
REPURCHASE AGREEMENT (0.9%)
J.P. MORGAN SECURITIES, INC
5.019% DATED 06/30/1999,
DUE 07/01/1999 IN THE
AMOUNT OF $18,152,879.
COLLATERALIZED BY
U.S. TREASURY BONDS
7.250% TO 8.750%
DUE 05/15/2016 TO 05/15/2017.
U.S. TREASURY NOTES 5.625% TO
7.750%
DUE 12/31/1999 TO 02/15/2005
(COST $18,150,383)................ $18,150,383 18,150,383
---------------
TOTAL INVESTMENTS (100.7%)
(COST $1,403,987,430)................. 2,056,364,705
OTHER ASSETS LESS LIABILITIES
(-0.7%)............................... (13,632,022)
---------------
NET ASSETS (100.0%).................... $ 2,042,732,683
---------------
---------------
</TABLE>
* Non-income producing.
See Accompanying Notes to Financial Statements
26
<PAGE>
SCHEDULE OF INVESTMENTS
-----------------------------------------------------------------
[LOGO]
- ------------------ ------------------
-- COLUMBIA INTERNATIONAL STOCK FUND, INC. --
------
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
SHARES VALUE
----------- -------------
<S> <C> <C>
COMMON STOCKS (81.4%)
AUSTRALIA (1.4%)
*CABLE & WIRELESS OPTUS LTD.
(COMMUNICATION/UTILITIES)......... 350,000 $ 796,954
PASMINCO LTD. (MINING-METAL/
MINERALS)......................... 601,000 663,555
RIO TINTO LTD. (MINING-METAL/
MINERALS)......................... 40,000 655,885
-------------
2,116,394
-------------
BRAZIL (0.1%)
CIA TECIDOS DO NORTE DE MINAS SA
(TEXTILES)........................ 1,973,067 100,047
-------------
CANADA (3.0%)
*ANDERSON EXPLORATION LTD. (OIL).... 58,500 764,823
NORTEL NETWORK CORP. (OFFICE
EQUIP/COMP/COMM).................. 9,000 771,056
*ROGERS COMMUNICATIONS, INC. (CLASS
B) (MEDIA)........................ 52,000 830,919
SHAW COMMUNICATIONS, INC. (CLASS B)
(MEDIA)........................... 38,000 1,496,843
*ST. LAURENT PAPERBOARD, INC.
(FORESTRY/PAPER PRODUCTS)......... 63,000 795,988
-------------
4,659,629
-------------
FINLAND (1.1%)
STORA ENSO OYJ (FORESTRY/PAPER
PRODUCTS)......................... 97,000 1,040,348
TIETO CORP. (CLASS B) (BUSINESS
SERVICES)......................... 16,200 674,948
-------------
1,715,296
-------------
FRANCE (5.2%)
*ALSTOM SA (ELECTRICAL EQUIPMENT)... 20,000 629,077
AXA SA (INSURANCE)................. 9,000 1,097,997
BANQUE NATIONALE DE PARIS
(BANKS)........................... 8,000 666,615
CAP GEMINI SA (BUSINESS
SERVICES)......................... 8,500 1,335,912
FRANCE TELECOM SA, ADR (UTILITIES/
COMMUNICATION).................... 13,500 1,039,500
LAFARGE SA (CONSTRUCTION/ BUILDING
MATERIALS)........................ 7,200 684,600
PARIBAS SA (BANKS)................. 6,000 672,596
SODEXHO ALLIANCE SA (BUSINESS
SERVICES)......................... 4,000 688,891
<CAPTION>
SHARES VALUE
----------- -------------
<S> <C> <C>
VIVENDI (UTILITIES)................ 14,100 $ 1,142,192
-------------
7,957,380
-------------
GERMANY (4.3%)
MANNESMANN AG (MACHINERY/ CAPITAL
SPENDING)......................... 34,000 5,073,659
RWE AG (DIVERSIFIED INDS./
MANUFACTURING).................... 12,000 555,526
VOLKSWAGEN AG (AUTOMOBILES)........ 16,150 1,034,280
-------------
6,663,465
-------------
INDIA (1.6%)
BANK OF BARODA LTD. (BANKS)........ 100 150
INFOSYS TECHNOLOGIES LTD. (BUSINESS
SERVICES)......................... 30,400 2,542,466
-------------
2,542,616
-------------
IRELAND (1.5%)
BANK OF IRELAND PLC (BANKS)........ 65,000 1,092,634
CRH PLC (CONSTRUCTION/BUILDING
MATERIALS)........................ 35,500 629,695
IRISH LIFE & PERMANENT PLC
(INSURANCE)....................... 53,243 562,808
-------------
2,285,137
-------------
ITALY (3.3%)
ASSICURAZIONI GENERALI S.P.A
(INSURANCE)....................... 17,600 609,854
*TELECOM ITALIA S.P.A, ADR
(UTILITIES/COMMUNICATION)......... 22,800 2,398,275
UNICREDITO ITALIANO S.P.A
(BANKS)........................... 488,500 2,146,090
-------------
5,154,219
-------------
JAPAN (23.9%)
ASAHI BANK LTD. (BANKS)............ 300,000 1,437,587
DAIMEI TELECOM ENGINEERING CORP.
(ELECTRONICS)..................... 40,000 332,132
DON QUIJOTE CO., LTD. (RETAIL)..... 10,000 2,497,188
FANCL CORP. (HEALTH/PERSONAL
CARE)............................. 3,100 563,468
FUJITSU LTD. (OFFICE EQUIP.)....... 57,000 1,146,723
HAPPINET CORP. (RETAIL)............ 18,000 892,295
HIROSE ELECTRIC CO., LTD.
(ELECTRONICS)..................... 15,000 1,556,560
KEYENCE CORP. (ELECTRONICS)........ 4,600 804,950
</TABLE>
See Accompanying Notes to Financial Statements
27
<PAGE>
SCHEDULE OF INVESTMENTS
-----------------------------------------------------------------
[LOGO]
- ------------------ ------------------
-- COLUMBIA INTERNATIONAL STOCK FUND, INC. --
------
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
SHARES VALUE
----------- -------------
<S> <C> <C>
COMMON STOCKS (CONTINUED)
MATSUSHITA ELECTRIC INDUSTRIAL CO.,
LTD. (ELECTRONICS)................ 80,000 $ 1,553,255
NIDEC CORP. (ELECTRICAL
EQUIPMENT)........................ 5,500 827,480
NIPPON KANZAI CO., LTD.
(CONSTRUCTION/BUILDING
MATERIALS)........................ 40,000 865,857
NIPPON TELEGRAPH & TELEPHONE CORP.
(UTILITIES/COMMUNICATION)......... 161 1,875,555
NOMURA SECURITIES CO., LTD., THE
(FINANCIAL SERVICES).............. 75,000 878,043
NTT MOBILE COMMUNICATION NETWORK,
INC. (UTILITIES/ COMMUNICATION)... 200 2,683,496
OBIC CO., LTD. (BUSINESS
SERVICES)......................... 2,000 546,944
OJI PAPER CO., LTD. (FORESTRY/PAPER
PRODUCTS)......................... 130,000 751,841
OLYMPUS OPTICAL CO., LTD.
(ELECTRONICS)..................... 80,000 1,182,457
RYOHIN KEIKAKU CO., LTD.
(RETAIL).......................... 12,000 3,018,933
SAIZERIYA CO., LTD.
(RESTAURANTS)..................... 15,000 1,078,190
SEKISUI HOUSE LTD.
(CONSTRUCTION/BUILDING
MATERIALS)........................ 112,000 1,208,498
SHIMAMURA CO., LTD. (RETAIL)....... 23,000 1,947,765
SONY CORP. (ELECTRONICS)........... 16,000 1,725,104
SUMITOMO BANK LTD., THE (BANKS).... 100,000 1,240,125
SUMITOMO REALTY & DEVELOPMENT CO.,
LTD. (REAL ESTATE)................ 190,000 712,680
TAIYO INK MFG. CO., LTD.
(ELECTRONICS)..................... 6,000 560,163
TAKEDA CHEMICAL INDS., LTD.
(PHARMACEUTICALS)................. 25,000 1,158,745
TOSHIBA CORP. (ELECTRONICS)........ 190,000 1,354,719
TOYOTA MOTOR CORP. (AUTOMOBILES)... 50,000 1,582,172
WORLD CO., LTD. (TEXTILES)......... 13,000 945,172
-------------
36,928,097
-------------
MEXICO (0.4%)
TELEFONOS DE MEXICO SA, ADR
(UTILITIES/COMMUNICATION)......... 8,000 646,500
-------------
<CAPTION>
SHARES VALUE
----------- -------------
<S> <C> <C>
NETHERLANDS (6.0%)
AEGON NV (INSURANCE)............... 8,000 $ 580,401
*EQUANT NV (BUSINESS SERVICES)...... 65,000 6,118,125
LAURUS NV (RETAIL)................. 27,224 631,696
*UNITED PAN-EUROPE COMMUNICATIONS
NV, ADR (MEDIA)................... 30,000 1,657,500
VENDEX NV (RETAIL)................. 13,178 351,984
-------------
9,339,706
-------------
SINGAPORE (0.8%)
DATACRAFT ASIA LTD. (OFFICE EQUIP/
COMP/COMM)........................ 200,000 872,000
OVERSEA-CHINESE BANKING CORP., LTD.
(FOREIGN) (BANKS)................. 36,000 300,270
-------------
1,172,270
-------------
SPAIN (2.4%)
GRUPO DRAGADOS SA
(CONSTRUCTION/BUILDING
MATERIALS)........................ 75,000 879,418
*GRUPO FERROVIAL SA
(CONSTRUCTION/BUILDING
MATERIALS)........................ 26,000 630,108
TELEFONICA SA, ADR (UTILITIES/
COMMUNICATION).................... 10,667 1,569,383
*TELEPIZZA SA (RESTAURANTS)......... 130,000 673,009
-------------
3,751,918
-------------
SWEDEN (2.8%)
ASSA ABLOY AB (CLASS B)
(DIVERSIFIED
INDS./MANUFACTURING).............. 92,000 995,560
ERICSSON (LM) TEL-SP ADR (OFFICE
EQUIP/COMP/COMM).................. 12,000 395,250
MUNTERS AB (DIVERSIFIED CONSUMER
MANUFACTURING).................... 100,000 1,023,319
SKANDIA INSURANCE CO., LTD.
(INSURANCE)....................... 101,000 1,888,907
-------------
4,303,036
-------------
SWITZERLAND (3.4%)
GRETAG IMAGING GROUP (REGISTERED)
(MACHINERY/CAPITAL SPENDING)...... 7,000 676,545
NOVARTIS AG (REGISTERED)
(PHARMACEUTICALS)................. 700 1,022,135
</TABLE>
See Accompanying Notes to Financial Statements
28
<PAGE>
SCHEDULE OF INVESTMENTS
-----------------------------------------------------------------
[LOGO]
- ------------------ ------------------
-- COLUMBIA INTERNATIONAL STOCK FUND, INC. --
------
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
SHARES VALUE
----------- -------------
<S> <C> <C>
COMMON STOCKS (CONTINUED)
ROCHE HOLDING AG (GENUSSSHEINE)
(PHARMACEUTICALS)................. 205 $ 2,107,245
ZURICH ALLIED AG (REGISTERED)
(INSURANCE)....................... 2,500 1,421,598
-------------
5,227,523
-------------
THAILAND (1.6%)
*BANGKOK BANK PUBLIC CO., LTD.
(FOREIGN) (BANKS)................. 160,000 598,798
*COGENERATION PUBLIC CO., LTD.
(FOREIGN) (UTILITIES/ELECTRIC &
GAS).............................. 465,000 308,959
*NATIONAL PETROCHEMICAL PUBLIC CO.,
LTD. (FOREIGN) (CHEMICALS)........ 800,000 710,530
SIAM MAKRO PUBLIC CO., LTD.
(FOREIGN) (WHOLESALE TRADE)....... 200,000 363,401
*THAI FARMERS BANK PUBLIC CO., LTD.
(FOREIGN) (BANKS)................. 175,000 541,033
-------------
2,522,721
-------------
UNITED KINGDOM (18.6%)
BARCLAYS PLC (BANKS)............... 50,639 1,473,519
BP AMOCO PLC ADR (OIL)............. 7,000 759,500
BRITISH TELECOMMUNICATIONS PLC
(UTILITIES/COMMUNICATION)......... 200,000 3,351,214
*COLT TELECOM GROUP PLC
(UTILITIES/COMMUNICATION)......... 38,000 797,261
COMPASS GROUP PLC
(ENTERTAINMENT/LEISURE)........... 250,000 2,478,732
GLAXO WELLCOME PLC
(PHARMACEUTICALS)................. 46,000 1,278,348
GRANADA GROUP PLC
(ENTERTAINMENT/LEISURE)........... 82,627 1,532,983
HAYS PLC (BUSINESS SERVICES)....... 100,000 1,053,757
<CAPTION>
SHARES VALUE
----------- -------------
<S> <C> <C>
HSBC HOLDINGS PLC (BANKS).......... 33,000 $ 1,168,842
NATIONAL WESTMINSTER BANK PLC
(BANKS)........................... 55,000 1,166,068
NEXT PLC (RETAIL).................. 80,000 971,631
*ORANGE PLC (UTILITIES/
COMMUNICATION).................... 70,500 1,033,501
PEARSON PLC (MEDIA)................ 70,000 1,422,295
*SELECT APPOINTMENTS HOLDINGS PLC
(BUSINESS SERVICES)............... 81,000 966,540
SHELL TRANSPORT & TRADING CO. PLC
(OIL)............................. 93,000 697,430
SHELL TRANSPORT & TRADING CO., ADR
(OIL)............................. 23,000 1,066,625
SMITHKLINE BEECHAM PLC
(PHARMACEUTICALS)................. 164,762 2,141,345
*TELEWEST COMMUNICATIONS PLC
(MEDIA)........................... 150,000 672,686
VODAFONE AIRTOUCH PLC
(UTILITIES/COMMUNICATION)......... 120,308 2,370,519
WPP GROUP PLC (MEDIA).............. 283,000 2,393,288
-------------
28,796,084
-------------
TOTAL COMMON STOCKS
(COST $89,492,241)................ 125,882,038
-------------
PREFERRED STOCKS (1.1%)
BRAZIL (0.0%)
DIXIE TOGA SA (DIVERSIFIED CONSUMER
GOODS/SERVICES)................... 437,500 83,900
-------------
GERMANY (1.1%)
PORSCHE AG (AUTOMOBILES)........... 700 1,645,912
-------------
TOTAL PREFERRED STOCKS
(COST $1,091,140)................. 1,729,812
-------------
</TABLE>
See Accompanying Notes to Financial Statements
29
<PAGE>
SCHEDULE OF INVESTMENTS
-----------------------------------------------------------------
[LOGO]
- ------------------ ------------------
-- COLUMBIA INTERNATIONAL STOCK FUND, INC. --
------
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL
AMOUNT VALUE
----------- -------------
<S> <C> <C>
RIGHTS (0.0%)
SPAIN
*METROVACESA SA (7/26/1999) (REAL
ESTATE)........................... 32,000 $ 31,021
-------------
SWEDEN
*ASSA ABLOY AB (CLASS B) (6/29/1999)
(DIVERSIFIED INDS./
MANUFACTURING).................... 92,000 19,478
-------------
TOTAL RIGHTS
(COST $0)......................... 50,499
-------------
WARRANT (0.4%)
FRANCE
*VIVENDI (05/02/2001) (UTILITIES)
(COST $129,829)................... 220,000 589,889
-------------
TOTAL INVESTMENTS, EXCLUDING
TEMPORARY CASH INVESTMENTS
(COST $90,713,210)................ 128,252,238
-------------
U.S. TREASURY BILL (4.8%)
4.200% 07/22/1999
(COST $7,481,625)................. $7,500,000 7,481,625
-------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
----------- -------------
<S> <C> <C>
REPURCHASE AGREEMENTS (9.8%)
J.P. MORGAN SECURITIES, INC.
5.019% DATED 06/30/1999,
DUE 07/01/1999 IN THE
AMOUNT OF $7,629,519.
COLLATERALIZED BY
U.S. TREASURY BONDS
7.250% TO 8.750%
DUE 05/15/2016 TO 05/15/2017.
U.S. TREASURY NOTES
5.625% TO 7.750%
DUE 12/31/1999 TO 02/15/2005...... $7,628,470 $ 7,628,470
MERRILL LYNCH
5.019% DATED 6/30/1999,
DUE 07/01/1999 IN THE
AMOUNT OF $7,501,031.
COLLATERALIZED BY
U.S. TREASURY BILL
DUE 07/15/1999.................... 7,500,000 7,500,000
-------------
TOTAL REPURCHASE AGREEMENTS
(COST $15,128,470)................ 15,128,470
-------------
TOTAL INVESTMENTS (97.5%)
(COST $113,323,305)................... 150,862,333
OTHER ASSETS LESS LIABILITIES (2.5%)... 3,785,669
-------------
NET ASSETS (100%)...................... $ 154,648,002
-------------
-------------
</TABLE>
* Non-income producing
See Accompanying Notes to Financial Statements
30
<PAGE>
SCHEDULE OF INVESTMENTS
-----------------------------------------------------------------
[LOGO]
- -------------------------- --------------------------
-- COLUMBIA SPECIAL FUND, INC. --
------
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
SHARES VALUE
------------ -------------
<S> <C> <C>
COMMON STOCKS (98.8%)
BASIC INDUSTRIES & MANUFACTURING (5.8%)
BUILDING & FORESTRY PRODUCTS (3.2%)
LONGVIEW FIBRE CO................ 565,000 $ 8,828,125
MEAD CORP........................ 134,800 5,627,900
*SMURFIT-STONE CONTAINER CORP..... 225,000 4,626,563
SOUTHDOWN, INC................... 80,000 5,140,000
-------------
24,222,588
-------------
CHEMICALS (0.8%)
ENGELHARD CORP................... 90,500 2,047,562
LYONDELL CHEMICAL CO............. 200,000 4,125,000
-------------
6,172,562
-------------
MACHINERY CAPITAL SPENDING (1.8%)
THOMAS & BETTS CORP............ 61,800 2,920,050
TYCO INTERNATIONAL LTD......... 113,000 10,706,750
-------------
13,626,800
-------------
TOTAL BASIC INDUSTRIES &
MANUFACTURING..................... 44,021,950
-------------
BUSINESS & CONSUMER SERVICES (21.9%)
SERVICES & PUBLISHING (11.4%)
*APOLLO GROUP, INC................ 435,800 11,575,938
*CERIDIAN CORP.................... 372,000 12,159,750
CINTAS CORP...................... 120,631 8,104,895
*CONCORD EFS, INC................. 185,000 7,827,813
*CSG SYSTEMS INTERNATIONAL,
INC............................. 267,186 6,996,933
ECOLAB, INC...................... 275,000 11,996,875
*FISERV, INC...................... 300,000 9,393,750
*SUNGARD DATA SYSTEMS, INC........ 210,000 7,245,000
*YOUNG & RUBICAM, INC............. 250,000 11,359,375
-------------
86,660,329
-------------
MEDIA & ENTERTAINMENT (8.2%)
*ADELPHIA COMMUNICATIONS CORP.
(CLASS A)....................... 50,000 3,181,250
*AT&T CORP. LIBERTY MEDIA GROUP
(CLASS A )...................... 115,000 4,226,250
*CLEAR CHANNEL COMMUNICATIONS,
INC............................. 231,463 15,956,480
*INFINITY BROADCASTING CORP.
(CLASS A)....................... 300,000 8,925,000
<CAPTION>
SHARES VALUE
------------ -------------
<S> <C> <C>
*MEDIAONE GROUP, INC.............. 100,000 $ 7,437,500
*SFX ENTERTAINMENT, INC. (CLASS
A).............................. 100,000 6,656,250
*UNIVISION COMMUNICATIONS, INC.
(CLASS A)....................... 240,000 15,840,000
-------------
62,222,730
-------------
POLLUTION CONTROL (2.3%)
*CUNO, INC........................ 300,000 5,737,500
WASTE MANAGEMENT, INC............ 220,000 11,825,000
-------------
17,562,500
-------------
TOTAL BUSINESS & CONSUMER
SERVICES.......................... 166,445,559
-------------
CONSUMER CYCLICAL (24.8%)
CONSUMER DURABLE (0.3%)
MILLER (HERMAN), INC............. 100,000 2,100,000
-------------
CONSUMER NON-DURABLE (24.5%)
*ABERCROMBIE & FITCH CO........... 274,600 13,180,800
*ANNTAYLOR STORES CORP............ 299,000 13,455,000
*BED, BATH & BEYOND, INC.......... 580,000 22,330,000
*CONSOLIDATED STORES CORP......... 520,300 14,048,100
*DOLLAR TREE STORES, INC.......... 120,000 5,280,000
*HARRAH'S ENTERTAINMENT, INC...... 500,000 11,000,000
*HELEN OF TROY LTD................ 184,000 3,300,500
*JONES APPAREL GROUP, INC......... 230,000 7,891,875
LIMITED, INC..................... 225,930 10,251,574
NIKE, INC. (CLASS B)............. 234,500 14,846,781
*OFFICE DEPOT, INC................ 314,350 6,935,347
*OUTBACK STEAKHOUSE, INC.......... 508,200 19,978,613
*PAPA JOHN'S INTERNATIONAL,
INC............................. 140,000 6,256,250
*PARK PLACE ENTERTAINMENT CORP.... 400,000 3,875,000
ROSS STORES, INC................. 98,000 4,936,750
TANDY CORP....................... 130,400 6,373,300
*WESTPOINT STEVENS, INC........... 350,000 10,434,375
*WILLIAMS-SONOMA, INC............. 336,500 11,714,406
-------------
186,088,671
-------------
TOTAL CONSUMER CYCLICAL 188,188,671
-------------
CONSUMER STAPLES (13.7%)
FOOD & HOUSEHOLD PRODUCTS (5.0%)
HANNAFORD BROTHERS CO............ 120,000 6,420,000
</TABLE>
See Accompanying Notes to Financial Statements
31
<PAGE>
SCHEDULE OF INVESTMENTS
-----------------------------------------------------------------
[LOGO]
- -------------------------- --------------------------
-- COLUMBIA SPECIAL FUND, INC. --
------
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
SHARES VALUE
------------ -------------
<S> <C> <C>
COMMON STOCKS (CONTINUED)
KROGER CO........................ 700,000 $ 19,556,250
*SAFEWAY, INC..................... 150,000 7,425,000
*WHOLE FOODS MARKET, INC.......... 97,400 4,681,287
-------------
38,082,537
-------------
HEALTH (8.7%)
CARDINAL HEALTH, INC............. 140,000 8,977,500
*CYTYC CORP....................... 510,000 9,945,000
*HEALTHSOUTH CORP................. 594,900 8,886,319
*MINIMED, INC..................... 50,000 3,846,875
*RESMED, INC...................... 550,000 18,253,125
*SEROLOGICALS CORP................ 460,000 3,737,500
*SHIRE PHARMACEUTICALS GROUP PLC
ADR............................. 235,000 6,110,000
*TRANSKARYOTIC THERAPIES, INC..... 180,700 5,963,100
-------------
65,719,419
-------------
TOTAL CONSUMER STAPLES............. 103,801,956
-------------
ENERGY (5.4%)
DOMESTIC & INTERNATIONAL INTEGRATED (1.2%)
APACHE CORP...................... 240,400 9,375,600
-------------
ENERGY SERVICES (4.2%)
BAKER HUGHES, INC................ 385,700 12,920,950
*BJ SERVICES CO................... 195,600 5,757,975
HALLIBURTON CO................... 180,700 8,176,675
NABORS INDUSTRIES, INC........... 193,800 4,735,988
-------------
31,591,588
-------------
TOTAL ENERGY....................... 40,967,188
-------------
FINANCIAL (1.3%)
CIT GROUP, INC. (CLASS A)........ 300,000 8,662,500
*DONALDSON, LUFKIN AND JENRETTE,
INC.
DLJDIRECT....................... 50,000 1,475,000
-------------
TOTAL FINANCIAL.................... 10,137,500
-------------
TECHNOLOGY (16.8%)
*ALTERA CORP...................... 350,000 12,884,375
*AMDOCS LTD....................... 263,800 6,001,450
*AMERICAN POWER CONVERSION
CORP............................ 106,600 2,145,325
*ASM LITHOGRAPHY HOLDING N.V...... 139,100 8,259,062
<CAPTION>
SHARES VALUE
------------ -------------
<S> <C> <C>
*CIENA CORP....................... 363,800 $ 10,982,213
*FLEXTRONICS INTERNATIONAL LTD.... 163,300 9,063,150
*JUNIPER NETWORKS, INC............ 33,500 4,991,500
*LSI LOGIC CORP................... 304,100 14,026,613
LUCENT TECHNOLOGIES, INC......... 167,805 11,316,350
*NATIONAL SEMICONDUCTOR CORP...... 320,000 8,100,000
*NOVELL, INC...................... 550,000 14,575,000
*STERLING COMMERCE, INC........... 226,900 8,281,850
*SYNOPSYS, INC.................... 110,200 6,081,662
*TELLABS, INC..................... 61,200 4,134,825
*TERADYNE, INC.................... 98,000 7,031,500
-------------
TOTAL TECHNOLOGY................... 127,874,875
-------------
UTILITIES (9.1%)
COMMUNICATIONS (8.3%)
CENTURYTEL, INC.................. 180,800 7,186,800
COMSAT CORP...................... 275,500 8,953,750
COVAD COMMUNICATIONS GROUP,
INC............................. 77,000 4,105,062
*CROWN CASTLE INTERNATIONAL
CORP............................ 180,000 3,746,250
FRONTIER CORP.................... 274,900 16,219,100
*GLOBAL TELESYSTEMS GROUP, INC.... 140,000 11,340,000
*MCI WORLDCOM, INC................ 65,000 5,606,250
*MCLEODUSA, INC. (CLASS A)........ 100,000 5,500,000
-------------
62,657,212
-------------
ELECTRIC & GAS (0.8%)
UNITED WATER RESOURCES, INC...... 279,700 6,345,694
-------------
TOTAL UTILITIES.................... 69,002,906
-------------
TOTAL COMMON STOCKS
(COST $539,177,313)............... 750,440,605
-------------
WARRANT (0.0%)
*AQUA ALLIANCE, INC. (03/11/2001)
(COST $272,842)................... 300,140 75,035
-------------
TOTAL INVESTMENTS, EXCLUDING
TEMPORARY CASH INVESTMENT
(COST $539,450,155)............... 750,515,640
-------------
</TABLE>
See Accompanying Notes to Financial Statements
32
<PAGE>
SCHEDULE OF INVESTMENTS
-----------------------------------------------------------------
[LOGO]
- -------------------------- --------------------------
-- COLUMBIA SPECIAL FUND, INC. --
------
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------------ -------------
<S> <C> <C>
REPURCHASE AGREEMENT (3.0%)
J.P. MORGAN SECURITIES, INC.
5.019% DATED 06/30/1999,
DUE 07/01/1999 IN THE
AMOUNT OF $22,736,080.
COLLATERALIZED BY
U.S. TREASURY BONDS
7.250% TO 8.750%
DUE 05/15/2016 TO 05/15/2017
U.S. TREASURY NOTES
5.625% TO 7.750%
DUE 12/31/1999 TO 02/15/2005.
(COST $22,732,954)................ $22,732,954 $ 22,732,954
-------------
TOTAL INVESTMENTS (101.8%)
(COST $562,183,109)................... 773,248,594
OTHER ASSETS LESS LIABILITIES
(-1.8%)............................... (13,510,388)
-------------
NET ASSETS (100.0%).................... $ 759,738,206
-------------
-------------
</TABLE>
* Non-income producing.
See Accompanying Notes to Financial Statements
33
<PAGE>
SCHEDULE OF INVESTMENTS
-----------------------------------------------------------------
[LOGO]
- ------------------------ ------------------------
-- COLUMBIA SMALL CAP FUND, INC. --
------
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
SHARES VALUE
----------- -------------
<S> <C> <C>
COMMON STOCKS (92.2%)
BASIC INDUSTRIES & MANUFACTURING (5.1%)
BUILDING & FORESTRY PRODUCTS (1.0%)
*IVEX PACKAGING CORP.............. 24,400 $ 536,800
SOUTHDOWN, INC................... 17,100 1,098,675
-------------
1,635,475
-------------
CHEMICALS (1.8%)
*AIRGAS, INC...................... 85,000 1,041,250
MINERALS TECHNOLOGIES, INC....... 14,600 814,862
SOLUTIA, INC..................... 59,500 1,268,094
-------------
3,124,206
-------------
MACHINERY CAPITAL SPENDING (2.3%)
APPLIED POWER, INC............... 51,900 1,417,519
JLG INDUSTRIES, INC.............. 35,700 727,387
*TEREX CORP....................... 55,800 1,698,413
-------------
3,843,319
-------------
TOTAL BASIC INDUSTRIES &
MANUFACTURING..................... 8,603,000
-------------
BUSINESS & CONSUMER SERVICES (16.3%)
SERVICES & PUBLISHING (10.9%)
*APOLLO GROUP, INC................ 82,400 2,188,750
*CSG SYSTEMS INTERNATIONAL,
INC............................. 55,864 1,462,938
G & K SERVICES, INC. (CLASS A)... 30,700 1,607,913
*ITT EDUCATIONAL SERVICES, INC.... 46,000 1,198,875
NATIONAL DATA CORP............... 54,700 2,338,425
*NCO GROUP, INC................... 41,200 1,565,600
*NOVA CORP........................ 126,075 3,151,875
*PROFESSIONAL DETAILING, INC...... 39,870 936,945
PROFIT RECOVERY GROUP
INTERNATIONAL, INC.............. 64,500 3,051,656
*RENT-WAY, INC.................... 32,200 792,925
-------------
18,295,902
-------------
MEDIA & ENTERTAINMENT (4.5%)
*CITADEL COMMUNICATIONS CORP...... 59,200 2,142,300
*ENTERCOM COMMUNICATIONS CORP..... 32,630 1,394,933
HOUGHTON MIFFLIN CO.............. 36,000 1,694,250
*RADIO ONE, INC................... 31,780 1,477,770
<CAPTION>
SHARES VALUE
----------- -------------
<S> <C> <C>
*SINCLAIR BROADCAST GROUP, INC.
(CLASS A)....................... 48,500 $ 794,187
-------------
7,503,440
-------------
POLLUTION CONTROL (0.9%)
*TETRA TECH, INC.................. 91,750 1,513,875
-------------
TOTAL BUSINESS & CONSUMER
SERVICES.......................... 27,313,217
-------------
CONSUMER CYCLICAL (18.2%)
CONSUMER DURABLE (3.9%)
ETHAN ALLEN INTERIORS, INC....... 34,850 1,258,956
*FURNITURE BRANDS INTERNATIONAL,
INC............................. 58,700 1,636,263
HON INDUSTRIES, INC.............. 25,900 755,956
*MODTECH HOLDINGS, INC............ 56,656 644,462
*TOWER AUTOMOTIVE, INC............ 90,900 2,312,269
-------------
6,607,906
-------------
CONSUMER NON-DURABLE (14.3%)
*ACTION PERFORMANCE COS.,INC...... 19,900 656,700
*AMES DEPARTMENT STORES, INC...... 72,200 3,294,125
*BED, BATH & BEYOND, INC.......... 66,100 2,544,850
CBRL GROUP, INC.................. 17,600 304,700
*CHEESECAKE FACTORY, INC. (THE)... 69,900 2,131,950
*COST PLUS, INC................... 20,600 937,300
*FOODMAKER, INC................... 53,200 1,509,550
GENERAL NUTRITION COS., INC...... 71,300 1,662,181
*HELEN OF TROY LTD................ 112,600 2,019,762
*HOLLYWOOD ENTERTAINMENT CORP..... 118,900 2,325,981
*MICHAELS STORES, INC............. 68,600 2,100,875
*STARBUCKS CORP................... 21,400 803,837
*TACO CABANA, INC. (CLASS A)...... 84,800 863,900
*WET SEAL, INC. (CLASS A)......... 25,500 729,938
*WILLIAMS-SONOMA, INC............. 59,000 2,053,938
-------------
23,939,587
-------------
TOTAL CONSUMER CYCLICAL............ 30,547,493
-------------
CONSUMER STAPLES (13.3%)
FOOD & HOUSEHOLD PRODUCTS (2.0%)
*U.S. FOODSERVICE, INC............ 43,700 1,862,712
</TABLE>
See Accompanying Notes to Financial Statements
34
<PAGE>
SCHEDULE OF INVESTMENTS
-----------------------------------------------------------------
[LOGO]
- ------------------------ ------------------------
-- COLUMBIA SMALL CAP FUND, INC. --
------
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
SHARES VALUE
----------- -------------
<S> <C> <C>
COMMON STOCKS (CONTINUED)
*WHOLE FOODS MARKET, INC.......... 32,300 $ 1,552,419
-------------
3,415,131
-------------
HEALTH (11.3%)
*ANESTA CORP...................... 70,900 1,449,019
*BIOVAIL CORP., INT'L............. 30,000 1,531,875
*IDEXX LABORATORIES, INC.......... 93,600 2,182,050
*INTELLIGENT POLYMERS LTD. (UNITS
- EACH UNIT CONSISTS OF 1 SHARE
& 1 WARRANT).................... 33,000 1,381,875
JONES PHARMA, INC................ 45,600 1,795,500
*LIGAND PHARMACEUTICALS, INC.
(CLASS B)....................... 78,997 878,842
*MEDQUIST, INC.................... 40,800 1,785,000
*OXFORD HEALTH PLANS, INC......... 123,100 1,915,744
*PROTEIN DESIGN LABS, INC......... 35,100 778,781
*RESMED, INC...................... 30,900 1,025,494
*SHIRE PHARMACEUTICALS GROUP PLC
ADR............................. 40,400 1,050,400
*SPIROS DEVELOPMENT CORP. II, INC.
(UNITS - 1 CALLABLE COMMON SHARE
OF SPIROS & 1 WARRANT OF DURABLE
PHARMACEUTICALS)................ 30,000 262,500
*TLC THE LASER CENTER, INC........ 5,600 268,800
*TRANSKARYOTIC THERAPIES, INC..... 33,400 1,102,200
*UNIVERSAL HEALTH SERVICES, INC.
(CLASS B)....................... 30,900 1,475,475
-------------
18,883,555
-------------
TOTAL CONSUMER STAPLES............. 22,298,686
-------------
ENERGY (6.6%)
DOMESTIC & INTERNATIONAL INTEGRATED (2.3%)
*OCEAN ENERGY, INC................ 163,300 1,571,763
*TESORO PETROLEUM CORP............ 61,100 973,781
WESTERN GAS RESOURCES, INC....... 85,500 1,368,000
-------------
3,913,544
-------------
ENERGY SERVICES (4.3%)
GLOBAL INDUSTRIES LTD............ 30,400 389,500
*HANOVER COMPRESSOR CO............ 96,500 3,100,063
*MARINE DRILLING COS., INC........ 33,400 457,162
*NEWPARK RESOURCES, INC........... 95,500 847,562
<CAPTION>
SHARES VALUE
----------- -------------
<S> <C> <C>
*NOBLE DRILLING CORP.............. 36,500 $ 718,594
*PATTERSON ENERGY, INC............ 41,900 413,762
*PRECISION DRILLING CORP.......... 43,000 819,688
*R & B FALCON CORP................ 44,200 414,375
-------------
7,160,706
-------------
TOTAL ENERGY....................... 11,074,250
-------------
TECHNOLOGY (30.2%)
*ACXIOM CORP...................... 118,500 2,955,094
*AMDOCS LTD....................... 81,500 1,854,125
*AMERICAN MANAGEMENT SYSTEMS,
INC............................. 54,700 1,753,819
*ARIBA, INC....................... 5,000 486,250
*ARTESYN TECHNOLOGIES, INC........ 56,900 1,262,469
*ASK JEEVES, INC.................. 4,000 56,000
*ATMEL CORP....................... 90,400 2,367,350
*CAREINSITE, INC.................. 13,200 623,700
CERNER CORP...................... 39,800 834,556
*COMMSCOPE, INC................... 64,400 1,980,300
*CREDENCE SYSTEMS CORP............ 67,600 2,509,650
*DRKOOP.COM, INC.................. 7,600 121,125
*E-TEK DYNAMICS, INC.............. 37,100 1,764,569
*ELECTRO SCIENTIFIC INDUSTRIES,
INC............................. 39,900 1,667,072
*ETEC SYSTEMS, INC................ 39,000 1,296,750
*FLEXTRONICS INTERNATIONAL LTD.... 24,600 1,365,300
*HARMONIC, INC.................... 30,100 1,728,869
*LATTICE SEMICONDUCTOR CORP....... 48,400 3,012,900
*MARIMBA, INC..................... 3,000 158,062
*MICROS SYSTEMS, INC.............. 51,900 1,764,600
*PAIRGAIN TECHNOLOGIES, INC....... 34,800 400,200
*POWERWAVE TECHNOLOGIES, INC...... 74,200 2,392,950
*PROXICOM, INC.................... 8,148 209,302
*QLOGIC CORP...................... 11,100 1,465,200
*RADISYS CORP..................... 73,200 2,845,650
*SEQUENT COMPUTER SYSTEMS, INC.... 208,200 3,695,550
*STERLING COMMERCE, INC........... 48,000 1,752,000
*SYKES ENTERPRISES, INC........... 25,400 847,725
*SYMANTEC CORP.................... 63,100 1,609,050
*TERAYON COMMUNICATION SYSTEMS,
INC............................. 26,700 1,491,862
</TABLE>
See Accompanying Notes to Financial Statements
35
<PAGE>
SCHEDULE OF INVESTMENTS
-----------------------------------------------------------------
[LOGO]
- ------------------------ ------------------------
-- COLUMBIA SMALL CAP FUND, INC. --
------
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL
AMOUNT VALUE
----------- -------------
<S> <C> <C>
COMMON STOCKS (CONTINUED)
*USINTERNETWORKING, INC........... 6,500 $ 273,000
*VEECO INSTRUMENTS, INC........... 26,308 894,472
*VISIO CORP....................... 59,900 2,279,944
*WIND RIVER SYSTEMS, INC.......... 51,500 827,218
-------------
TOTAL TECHNOLOGY................... 50,546,683
-------------
TRANSPORTATION (1.1%)
C.H. ROBINSON WORLDWIDE, INC..... 29,600 1,087,800
EXPEDITORS INTERNATIONAL OF
WASHINGTON, INC................. 25,200 686,700
-------------
TOTAL TRANSPORTATION............... 1,774,500
-------------
UTILITIES (1.4%)
COMMUNICATIONS (1.4%)
COMSAT CORP...................... 70,700 2,297,750
-------------
TOTAL COMMON STOCKS
(COST $125,840,560)............... 154,455,579
-------------
REPURCHASE AGREEMENTS (7.7%)
J.P. MORGAN SECURITIES, INC.
5.019% DATED 06/30/1999,
DUE 07/01/1999 IN THE
AMOUNT OF $8,130,077.
COLLATERALIZED BY
U.S. TREASURY BONDS
7.250% TO 8.750%
DUE 05/15/2016 TO 05/15/2017
U.S. TREASURY NOTES
5.625% TO 7.750%
DUE 12/31/1999 TO 02/15/2005...... $8,128,959 8,128,959
<CAPTION>
PRINCIPAL
AMOUNT VALUE
----------- -------------
<S> <C> <C>
MERRILL LYNCH
5.019% DATED 06/30/1999,
DUE 07/01/1999 IN THE
AMOUNT OF $4,800,660.
COLLATERALIZED BY
U.S. TREASURY BILL
DUE 07/15/1999.................... $4,800,000 $ 4,800,000
-------------
TOTAL REPURCHASE AGREEMENTS
(COST $12,928,959)................ 12,928,959
-------------
TOTAL INVESTMENTS (99.9%)
(COST $138,769,519)................... 167,384,538
OTHER ASSETS LESS LIABILITIES (0.1%)... 123,815
-------------
NET ASSETS (100%)...................... $ 167,508,353
-------------
-------------
</TABLE>
* Non-income producing.
See Accompanying Notes to Financial Statements
36
<PAGE>
SCHEDULE OF INVESTMENTS
-----------------------------------------------------------------
[LOGO]
- ------------------- -------------------
-- COLUMBIA REAL ESTATE EQUITY FUND, INC. --
------
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
SHARES VALUE
------------ -------------
<S> <C> <C>
COMMON STOCKS (92.9%)
REAL ESTATE INVESTMENT TRUSTS
APARTMENTS (18.9%)
APARTMENT INVESTMENT & MANAGEMENT
CO. (CLASS A)................... 289,600 $ 12,380,400
ARCHSTONE COMMUNITIES TRUST...... 408,571 8,963,026
AVALONBAY COMMUNITIES, INC....... 221,164 8,183,068
COLONIAL PROPERTIES TRUST........ 156,100 4,409,825
EQUITY RESIDENTIAL PROPERTIES
TRUST........................... 194,303 8,755,779
-------------
42,692,098
-------------
COMMUNITY CENTERS (9.8%)
KIMCO REALTY CORP................ 114,400 4,475,900
NEW PLAN EXCEL REALTY TRUST,
INC............................. 141,420 2,545,560
PAN PACIFIC RETAIL PROPERTIES,
INC............................. 239,300 4,651,394
VORNADO REALTY TRUST............. 298,900 10,554,906
-------------
22,227,760
-------------
INDUSTRIAL (30.0%)
ALEXANDRIA REAL ESTATE EQUITIES,
INC............................. 149,500 4,671,875
CABOT INDUSTRIAL TRUST........... 219,700 4,668,625
DUKE REALTY INVESTMENTS, INC..... 215,000 4,850,938
FIRST INDUSTRIAL REALTY TRUST,
INC............................. 184,300 5,056,731
LIBERTY PROPERTY TRUST........... 283,300 7,047,088
PROLOGIS TRUST................... 406,045 8,222,411
PUBLIC STORAGE, INC.............. 555,432 15,552,096
SHURGARD STORAGE CENTERS, INC.
(CLASS A)....................... 129,000 3,499,125
SPIEKER PROPERTIES, INC.......... 257,400 10,006,425
TRINET CORPORATE REALTY TRUST,
INC............................. 150,400 4,164,200
-------------
67,739,514
-------------
MANUFACTURED HOMES (2.0%)
MANUFACTURED HOME COMMUNITIES,
INC............................. 170,400 4,430,400
-------------
OFFICE (18.3%)
BOSTON PROPERTIES, INC........... 137,000 4,914,875
EQUITY OFFICE PROPERTIES TRUST... 465,018 11,916,086
MACK-CALI REALTY CORP............ 192,300 5,949,281
PRENTISS PROPERTIES TRUST........ 226,300 5,318,050
RECKSON ASSOCIATES REALTY
CORP............................ 377,700 8,875,950
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL
AMOUNT VALUE
------------ -------------
<S> <C> <C>
TRIZEC HAHN CORP................. 216,700 $ 4,415,263
-------------
41,389,505
-------------
OTHER (5.0%)
CAPITAL AUTOMOTIVE REIT.......... 165,000 2,186,250
*CATELLUS DEVELOPMENT CORP........ 402,800 6,243,400
*SECURITY CAPITAL GROUP, INC.
(CLASS B)....................... 202,900 2,954,731
-------------
11,384,381
-------------
SHOPPING MALLS (8.9%)
GENERAL GROWTH PROPERTIES,
INC............................. 208,400 7,398,200
MACERICH CO. (THE)............... 146,100 3,835,125
SIMON PROPERTY GROUP, INC........ 351,256 8,913,121
-------------
20,146,446
-------------
TOTAL COMMON STOCKS
(COST $205,588,167)............... 210,010,104
-------------
REPURCHASE AGREEMENTS (6.6%)
J.P. MORGAN SECURITIES, INC.
5.019% DATED 06/30/1999,
DUE 07/01/1999 IN THE
AMOUNT OF $12,708,454.
COLLATERALIZED BY
U.S. TREASURY BONDS
7.250% TO 8.750%
DUE 05/15/2016 TO 05/15/2017
U.S. TREASURY NOTES
5.625% TO 7.750%
DUE 12/31/1999 TO 02/15/2005...... $12,706,707 12,706,707
MERRILL LYNCH
5.019% DATED 06/30/1999,
DUE 07/01/1999 IN THE
AMOUNT OF $2,300,316
COLLATERALIZED BY
U.S. TREASURY BILL
DUE 07/15/1999.................... 2,300,000 2,300,000
-------------
TOTAL REPURCHASE AGREEMENTS
(COST $15,006,707)................ 15,006,707
-------------
TOTAL INVESTMENTS (99.5%)
(COST $220,594,874)................... 225,016,811
OTHER ASSETS LESS LIABILITIES (0.5%)... 1,191,434
-------------
NET ASSETS (100.0%).................... $ 226,208,245
-------------
-------------
</TABLE>
* Non-income producing.
See Accompanying Notes to Financial Statements
37
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<TABLE>
<CAPTION>
SHARES VALUE
------------ ---------------
<S> <C> <C>
COMMON STOCKS (52.6%)
BASIC INDUSTRIES & MANUFACTURING (6.1%)
BUILDING & FORESTRY PRODUCTS (0.6%)
CHAMPION INTERNATIONAL CORP...... 60,100 $ 2,877,287
WILLAMETTE INDUSTRIES, INC....... 81,800 3,767,913
---------------
6,645,200
---------------
CHEMICALS (1.1%)
DOW CHEMICAL CO.................. 19,400 2,461,375
DU PONT (E.I.) DE NEMOURS &
CO.............................. 62,200 4,249,037
PRAXAIR, INC..................... 86,400 4,228,200
---------------
10,938,612
---------------
MACHINERY CAPITAL SPENDING (4.4%)
ALLIEDSIGNAL, INC................ 82,800 5,216,400
COOPER INDUSTRIES, INC........... 58,200 3,026,400
GENERAL ELECTRIC CO.............. 166,500 18,814,500
TYCO INTERNATIONAL LTD........... 189,226 17,929,164
---------------
44,986,464
---------------
TOTAL BASIC INDUSTRIES &
MANUFACTURING..................... 62,570,276
---------------
BUSINESS & CONSUMER SERVICES (4.0%)
MEDIA & ENTERTAINMENT
*AT&T CORP. -- LIBERTY MEDIA GROUP
(CLASS A)....................... 192,264 7,065,702
*CLEAR CHANNEL COMMUNICATIONS,
INC............................. 118,800 8,189,775
COMCAST CORP. (CLASS A
SPECIAL)........................ 139,200 5,350,500
*INFINITY BROADCASTING CORP.
(CLASS A)....................... 191,200 5,688,200
NEWS CORP LTD. ADR............... 121,200 4,279,875
TIME WARNER, INC................. 113,500 8,172,000
*USA NETWORKS, INC................ 42,200 1,693,275
---------------
TOTAL BUSINESS & CONSUMER
SERVICES.......................... 40,439,327
---------------
CONSUMER CYCLICAL (5.6%)
CONSUMER NON-DURABLE
*BED, BATH & BEYOND, INC.......... 217,800 8,385,300
CARNIVAL CORP.................... 135,200 6,557,200
*CONSOLIDATED STORES CORP......... 282,300 7,622,100
<CAPTION>
SHARES VALUE
------------ ---------------
<S> <C> <C>
COSTCO COMPANIES, INC............ 11,400 $ 912,712
HOME DEPOT, INC.................. 78,900 5,084,119
LOWE'S COS., INC................. 145,000 8,219,687
MATTEL, INC...................... 106,500 2,815,594
NIKE, INC. (CLASS B)............. 143,800 9,104,338
*OFFICE DEPOT, INC................ 213,050 4,700,416
ROYAL CARIBBEAN CRUISES LTD...... 83,600 3,657,500
---------------
TOTAL CONSUMER CYCLICAL............ 57,058,966
---------------
CONSUMER STAPLES (8.5%)
FOOD & HOUSEHOLD PRODUCTS (2.1%)
AVON PRODUCTS, INC............... 126,300 7,009,650
COLGATE-PALMOLIVE CO............. 28,000 2,765,000
GILLETTE CO...................... 160,500 6,580,500
*SAFEWAY, INC..................... 103,200 5,108,400
---------------
21,463,550
---------------
HEALTH (6.4%)
AMERICAN HOME PRODUCTS CORP...... 119,800 6,888,500
*BOSTON SCIENTIFIC CORP........... 416,800 18,313,150
BRISTOL-MYERS SQUIBB CO.......... 157,800 11,115,037
*GUIDANT CORP..................... 106,800 5,493,525
PFIZER, INC...................... 46,900 5,147,275
SCHERING-PLOUGH CORP............. 144,800 7,674,400
WARNER-LAMBERT CO................ 156,700 10,871,063
---------------
65,502,950
---------------
TOTAL CONSUMER STAPLES............. 86,966,500
---------------
ENERGY (2.8%)
DOMESTIC & INTERNATIONAL INTEGRATED (2.1%)
EXXON CORP....................... 93,700 7,226,612
MOBIL CORP....................... 76,800 7,603,200
ROYAL DUTCH PETROLEUM CO......... 15,000 903,750
TEXACO, INC...................... 84,100 5,256,250
---------------
20,989,812
---------------
ENERGY SERVICES (0.7%)
BAKER HUGHES, INC................ 135,500 4,539,250
*BJ SERVICES CO................... 86,200 2,537,513
---------------
7,076,763
---------------
TOTAL ENERGY....................... 28,066,575
---------------
FINANCIAL (7.4%)
AMERICAN EXPRESS CO................ 61,700 8,028,712
</TABLE>
See Accompanying Notes to Financial Statements
38
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-- COLUMBIA BALANCED FUND, INC. --
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June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
SHARES VALUE
------------ ---------------
<S> <C> <C>
COMMON STOCKS (CONT.)
AMERICAN INTERNATIONAL GROUP,
INC............................. 74,100 $ 8,674,331
BANK OF AMERICA CORP............. 122,400 8,973,450
BANK ONE CORP.................... 86,718 5,165,141
CHASE MANHATTAN CORP............. 67,600 5,855,850
CITIGROUP, INC................... 295,075 14,016,062
FREDDIE MAC...................... 156,100 9,053,800
*GOLDMAN SACHS GROUP, INC......... 3,700 267,325
KANSAS CITY SOUTHERN INDUSTRIES,
INC............................. 33,000 2,105,813
MORGAN STANLEY, DEAN WITTER &
CO.............................. 56,300 5,770,750
TRAVELERS PROPERTY CASUALTY CORP.
(CLASS A)....................... 125,500 4,910,188
U.S. BANCORP..................... 82,100 2,791,400
---------------
TOTAL FINANCIAL.................... 75,612,822
---------------
TECHNOLOGY (12.0%)
*AMERICA ONLINE, INC................ 55,800 6,165,900
*APPLIED MATERIALS, INC............. 37,600 2,777,700
*CISCO SYSTEMS, INC................. 164,550 10,582,622
*COMPUTER SCIENCES CORP............. 182,900 12,654,394
*GATEWAY, INC....................... 77,700 4,584,300
INTEL CORP......................... 175,800 10,460,100
INTERNATIONAL BUSINESS MACHINES
CORP.............................. 66,800 8,633,900
LUCENT TECHNOLOGIES, INC........... 177,865 11,994,771
*MICROSOFT CORP..................... 256,000 23,088,000
*TELLABS, INC....................... 209,200 14,134,075
TEXAS INSTRUMENTS, INC............. 62,700 9,091,500
*XILINX, INC........................ 149,300 8,547,425
---------------
TOTAL TECHNOLOGY................... 122,714,687
---------------
TRANSPORTATION (0.5%)
CANADIAN NATIONAL RAILWAY CO....... 75,000 5,025,000
---------------
UTILITIES (5.7%)
COMMUNICATIONS
ALLTEL CORP...................... 90,600 6,477,900
AMERITECH CORP................... 37,100 2,726,850
FRONTIER CORP.................... 157,800 9,310,200
*MCI WORLDCOM, INC................ 181,258 15,633,502
SBC COMMUNICATIONS, INC.......... 147,800 8,572,400
SPRINT CORP. (FON GROUP)......... 97,600 5,154,500
<CAPTION>
SHARES OR
PRINCIPAL
AMOUNT VALUE
------------ ---------------
<S> <C> <C>
VODAFONE AIRTOUCH PLC............ 50,000 $ 9,850,000
---------------
TOTAL UTILITIES.................... 57,725,352
---------------
TOTAL COMMON STOCKS
(COST $361,870,475)............... 536,179,505
---------------
BONDS (44.6%)
U.S. GOVERNMENT SECURITIES (19.9%)
U.S. TREASURY NOTES & BONDS (2.7%)
U.S. TREASURY BONDS
8.875% 08/15/2017................ $10,780,000 13,757,975
U.S. TREASURY NOTES
6.125% 12/31/2001................ 2,000,000 2,023,750
6.375% 08/15/2002................ 11,300,000 11,526,000
---------------
27,307,725
---------------
U.S. TREASURY STRIPS (1.4%)
0.000% 05/15/2011................ 29,550,000 14,181,932
---------------
U.S. AGENCY BONDS (1.7%)
FEDERAL HOME LOAN BANK
5.125% 02/26/2002.............. 13,400,000 13,190,558
FEDERAL NATIONAL MORTGAGE
ASSOCIATION
6.000% 05/15/2008.............. 4,000,000 3,879,360
---------------
17,069,918
---------------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (5.1%)
6.000% 04/15/2028 - 05/15/2029... 12,913,050 12,085,808
6.500% 04/15/2028 - 05/15/2029... 15,183,215 14,637,568
7.000% 01/15/2028 - 05/15/2029... 25,607,044 25,326,967
---------------
52,050,343
---------------
FEDERAL HOUSING ADMINISTRATION (FHA) (0.2%)
FHA INSURED PROJECT POOL #55
7.430% 04/01/2022.............. 1,612,315 1,577,556
FHA INSURED PROJECT POOL #53-43077
9.125% 07/25/2033.............. 1,092,301 1,138,724
---------------
2,716,280
---------------
AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (8.8%)
GNMA (0.9%)
GNMA GTD. REMIC PASS THRU SECS.
REMIC TR. 1997-4 CL. B
7.000% 08/20/2026.............. 3,959,939 3,957,444
</TABLE>
See Accompanying Notes to Financial Statements
39
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-- COLUMBIA BALANCED FUND, INC. --
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June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------------ ---------------
<S> <C> <C>
U.S. GOVERNMENT SECURITIES (CONTINUED)
GNMA GTD. REMIC PASS THRU SECS.
REMIC TR. 1997-4 CL. C
7.000% 03/20/2027.............. $ 3,877,000 $ 3,770,621
GNMA GTD. REMIC PASS THRU SECS.
REMIC TR. 1998-1 CL. A
7.000% 01/20/2028.............. 1,240,000 1,216,671
---------------
8,944,736
---------------
FNMA (2.2%)
FNMA GTD. REMIC PASS THRU CTF.
REMIC TR. 1998-44 CL. VC
6.500% 11/18/2015.............. 2,620,000 2,547,742
FNMA GTD. REMIC PASS THRU CTF.
REMIC TR. 1994-10 CL. UU
6.500% 01/25/2024.............. 2,195,000 2,061,719
FNMA GTD. REMIC PASS THRU CTF.
REMIC TR. 1994-43 CL. E
6.500% 02/25/2024.............. 1,782,086 1,777,275
FNMA GTD. REMIC PASS THRU CTF.
REMIC TR. 1997-63 CL. PH
7.000% 07/18/2026.............. 8,820,000 8,752,347
FNMA GTD. REMIC PASS THRU CTF.
REMIC TR. 1998-61 CL. PK
6.000% 12/25/2026.............. 4,670,000 4,387,997
FNMA GTD. REMIC PASS THRU CTF.
REMIC TR. 1997-68 CL. PJ
7.000% 10/18/2027.............. 3,000,000 2,953,860
---------------
22,480,940
---------------
FHLMC (5.6%)
FHLMC GNMA MULTICLASS MTG. PARTN.
CTFS. GTD. SERIES G40 CL. N
6.500% 05/17/2021.............. 5,792,516 5,728,059
FHLMC MULTICLASS MTG. PARTN.
CTFS. GTD. SERIES 1933 CL. VC
7.550% 03/15/2012.............. 2,950,000 3,042,129
FHLMC MULTICLASS MTG. PARTN.
CTFS. GTD. SERIES 2120 CL. PJ
6.000% 06/15/2014.............. 3,070,000 3,001,423
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------------ ---------------
<S> <C> <C>
FHLMC MULTICLASS MTG. PARTN.
CTFS. GTD. SERIES 2153 CL. CC
6.000% 08/15/2014.............. $ 2,160,000 $ 2,112,909
FHLMC MULTICLASS MTG. PARTN.
CTFS. GTD. SERIES 2116 CL. VC
6.000% 11/15/2014.............. 4,370,000 4,037,171
FHLMC MULTICLASS MTG. PARTN.
CTFS. GTD. SERIES 2065 CL. PG
6.000% 04/15/2021.............. 570,000 564,112
FHLMC MULTICLASS MTG. PARTN.
CTFS. GTD. SERIES 2104 CL. PD
6.000% 05/15/2021.............. 5,950,000 5,812,020
FHLMC MULTICLASS MTG. PARTN.
CTFS. GTD. SERIES 1543 CL. XN
7.000% 07/15/2023.............. 5,617,000 5,572,289
FHLMC MULTICLASS MTG. PARTN.
CTFS. GTD. SERIES 1763 CL. H
8.250% 07/15/2023.............. 130,000 133,208
FHLMC MULTICLASS MTG. PARTN.
CTFS. GTD. SERIES 2103 CL. TC
6.000% 11/15/2023.............. 2,700,000 2,598,750
FHLMC MULTICLASS MTG. PARTN.
CTFS. GTD. SERIES 2114 CL. PE
6.000% 11/15/2023.............. 7,817,000 7,540,189
FHLMC MULTICLASS MTG. PARTN.
CTFS. GTD. SERIES 2065 CL. PB
6.250% 01/15/2024.............. 883,000 864,614
FHLMC MULTICLASS MTG. PARTN.
CTFS. GTD. SERIES 2110 CL. PD
6.000% 11/15/2026.............. 2,940,000 2,764,983
FHLMC MULTICLASS MTG. PARTN.
CTFS. GTD. SERIES 2114 CL. PF
6.000% 04/15/2027.............. 3,000,000 2,821,203
</TABLE>
See Accompanying Notes to Financial Statements
40
<PAGE>
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-- COLUMBIA BALANCED FUND, INC. --
------
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------------ ---------------
<S> <C> <C>
U.S. GOVERNMENT SECURITIES (CONTINUED)
FHLMC MULTICLASS MTG. PARTN.
CTFS. GTD. SERIES 2113 CL. MU
6.500% 08/15/2027................ $11,400,000 $ 11,064,549
---------------
57,657,608
---------------
OTHER AGENCY CMO (0.1%)
PUERTO RICO HOUSING FINANCE CORP.
SERIES A CL. 4
9.000% 07/20/2017.............. 301,730 301,730
---------------
TOTAL AGENCY COLLATERALIZED
MORTGAGE OBLIGATIONS.............. 89,385,014
---------------
TOTAL U.S. GOVERNMENT SECURITIES
(COST $206,558,558)............... 202,711,212
---------------
CORPORATE BONDS (16.9%)
INDUSTRIAL (10.1%)
BASIC INDUSTRY & MANUFACTURING (1.1%)
ALUMINUM CO. OF AMERICA, SERIES B
6.500% 06/15/2018.............. 4,150,000 3,848,724
TYCO INTERNATIONAL GROUP S.A.
6.250% 06/15/2003.............. 4,500,000 4,427,955
UNITED TECHNOLOGIES CORP.
6.500% 06/01/2009.............. 2,500,000 2,446,400
---------------
10,723,079
---------------
BUSINESS & CONSUMER SERVICES (1.5%)
ALLIED WASTE NORTH AMERICA, INC.
7.625% 01/01/2006.............. 1,000,000 927,500
COMCAST CORP.
9.500% 01/15/2008.............. 2,140,000 2,241,094
JONES INTERCABLE, INC.
8.875% 04/01/2007.............. 1,435,000 1,564,150
LENFEST COMMUNICATIONS, INC.
8.375% 11/01/2005.............. 650,000 678,879
SERVICE CORP. INTERNATIONAL
6.300% 03/15/2003.............. 5,000,000 4,855,250
USA NETWORKS, INC.
6.750% 11/15/2005.............. 1,000,000 966,250
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------------ ---------------
<S> <C> <C>
USA WASTE SERVICES, INC.
6.125% 07/15/2001.............. $ 4,450,000 $ 4,417,648
---------------
15,650,771
---------------
CONSUMER CYCLICAL (2.1%)
FEDERATED DEPARTMENT STORES, INC.
6.300% 04/01/2009.............. 2,200,000 2,071,124
6.900% 04/01/2029.............. 1,525,000 1,398,211
FORD MOTOR CREDIT CO.
5.750% 02/23/2004.............. 3,460,000 3,334,575
HILTON HOTELS CORP.
7.375% 06/01/2002.............. 3,500,000 3,503,500
LOWE'S COS., INC. (144A)
6.500% 03/15/2029.............. 2,450,000 2,186,534
NORDSTROM, INC.
5.625% 01/15/2009.............. 3,125,000 2,839,188
TRW, INC. (144A)
6.625% 06/01/2004.............. 5,300,000 5,240,375
WAL-MART STORES, INC.
5.850% 06/01/2000.............. 1,050,000 1,051,764
---------------
21,625,271
---------------
CONSUMER STAPLES (2.4%)
AETNA SERVICES, INC.
7.625% 08/15/2026.............. 3,650,000 3,542,789
AMERICAN HOME PRODUCTS CORP.
7.700% 02/15/2000.............. 2,975,000 3,013,020
AMGEN, INC.
8.125% 04/01/2097.............. 2,550,000 2,626,077
COCA-COLA ENTERPRISES, INC.
6.750% 01/15/2038.............. 4,150,000 3,813,405
MONSANTO CO. (144A)
5.750% 12/01/2005.............. 4,850,000 4,604,541
PHILIP MORRIS COS., INC.
8.750% 06/01/2001.............. 5,300,000 5,517,512
WESTPOINT STEVENS, INC.
7.875% 06/15/2005.............. 1,575,000 1,539,563
---------------
24,656,907
---------------
ENERGY (1.7%)
COASTAL CORP.
6.500% 05/15/2006.............. 5,250,000 5,084,468
CONOCO, INC.
5.900% 04/15/2004.............. 1,000,000 975,780
</TABLE>
See Accompanying Notes to Financial Statements
41
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- ------------------------ ------------------------
-- COLUMBIA BALANCED FUND, INC. --
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June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------------ ---------------
<S> <C> <C>
CORPORATE BONDS (cont.)
EDISON MISSION ENERGY (144A)
7.730% 06/15/2009.............. $ 3,200,000 $ 3,241,696
GULF CANADA RESOURCES LTD.
9.625% 07/01/2005.............. 2,500,000 2,550,000
OCCIDENTAL PETROLEUM CORP.
6.400% 04/01/2003.............. 5,000,000 4,890,000
---------------
16,741,944
---------------
TECHNOLOGY (0.9%)
INTERNATIONAL BUSINESS MACHINES
CORP.
5.375% 02/01/2009.............. 5,000,000 4,549,650
RAYTHEON CO.
6.300% 08/15/2000.............. 4,300,000 4,312,427
---------------
8,862,077
---------------
TRANSPORTATION (0.4%)
ALLIED HOLDING, INC. SERIES B
8.625% 10/01/2007.............. 500,000 475,000
CANADIAN NATIONAL RAILWAY CO.
6.450% 07/15/2006.............. 675,000 653,096
FEDERAL EXPRESS CORP. PASS THRU
TRUST SERIES 1997-1C
7.650% 01/15/2014.............. 2,089,885 2,090,094
TEEKAY SHIPPING CORP. GTD. 1ST
PFD. SHIP. MTG. NOTES
8.320% 02/01/2008.............. 1,000,000 940,000
---------------
4,158,190
---------------
TOTAL INDUSTRIAL................... 102,418,239
---------------
FINANCIAL (3.3%)
FINANCE (1.6%)
DIAGEO CAPITAL PLC (144A)
6.625% 06/24/2004............ 6,000,000 6,007,500
HARTFORD LIFE, INC.
7.650% 06/15/2027............ 2,555,000 2,633,492
MERRILL LYNCH & CO. MEDIUM TERM
NOTES, SERIES B
5.710% 01/15/2002............ 3,725,000 3,669,348
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------------ ---------------
<S> <C> <C>
MORGAN STANLEY DEAN WITTER
DISCOVER & CO. MEDIUM TERM
NOTES
5.750% 02/15/2001............ $ 2,100,000 $ 2,086,812
TRAVELERS PROPERTY CASUALTY
CORP.
6.750% 11/15/2006............ 2,350,000 2,298,888
---------------
16,696,040
---------------
BANKS-DOMESTIC (1.1%)
FIRST SECURITY CORP.
5.875% 11/01/2003.............. 1,325,000 1,273,603
MELLON FINANCIAL CO.
5.750% 11/15/2003.............. 3,725,000 3,592,390
WACHOVIA CORP.
5.625% 12/15/2008.............. 6,600,000 5,991,744
---------------
10,857,737
---------------
BANKS-FOREIGN (0.6%)
ABBEY NATIONAL PLC
6.690% 10/17/2005.............. 3,000,000 2,950,740
ABN AMRO BANK N. V. CHICAGO
7.250% 05/31/2005.............. 3,575,000 3,612,609
---------------
6,563,349
---------------
TOTAL FINANCIAL.................... 34,117,126
---------------
UTILITIES (2.7%)
ELECTRIC (1.8%)
ARIZONA PUBLIC SERVICE CO.
5.875% 02/15/2004.............. 4,100,000 3,956,500
MIDAMERICAN FUNDING CORP. (144A)
5.850% 03/01/2001.............. 7,675,000 7,607,844
NATIONAL RURAL UTILITIES
COOPERATIVE FINANCE CORP.
6.550% 11/01/2018.............. 2,550,000 2,381,167
TXU EASTERN FUNDING CO. (144A)
6.450% 05/15/2005.............. 5,200,000 5,023,304
---------------
18,968,815
---------------
GAS PIPELINES (0.4%)
K N ENERGY, INC.
6.650% 03/01/2005.............. 4,075,000 3,872,391
---------------
</TABLE>
See Accompanying Notes to Financial Statements
42
<PAGE>
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-----------------------------------------------------------------
[LOGO]
- ------------------------ ------------------------
-- COLUMBIA BALANCED FUND, INC. --
------
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------------ ---------------
<S> <C> <C>
CORPORATE BONDS (CONTINUED)
TELECOMMUNICATIONS (0.5%)
MCI WORLDCOM, INC.
6.250% 08/15/2003.............. $ 2,100,000 $ 2,072,133
TCI COMMUNICATIONS, INC.
8.000% 08/01/2005.............. 1,900,000 2,022,550
WORLDCOM, INC.
8.875% 01/15/2006.............. 1,000,000 1,064,620
---------------
5,159,303
---------------
TOTAL UTILITIES.................... 28,000,509
---------------
YANKEE (0.8%)
CANADIAN PROVINCE (0.5%)
QUEBEC PROVINCE
6.500% 01/17/2006.............. 3,100,000 3,047,455
7.125% 02/09/2024.............. 2,000,000 1,958,298
---------------
5,005,753
---------------
OTHER (0.3%)
KOREA DEVELOPMENT BANK
6.500% 11/15/2002.............. 775,000 742,993
7.125% 04/22/2004.............. 2,375,000 2,318,843
---------------
3,061,836
---------------
TOTAL YANKEE....................... 8,067,589
---------------
TOTAL CORPORATE BONDS
(COST $177,414,935)............... 172,603,463
---------------
OTHER SECURITIZED LOANS (7.6%)
ASSET BACKED SECURITIES (3.2%)
CITYSCAPE HOME EQUITY LOAN TRUST
SERIES 1997-B CL. A-7
7.410% 05/25/2028.............. 4,150,000 4,192,724
CITYSCAPE HOME LOAN OWNER TRUST
SERIES 1997-4 CL. A-4
7.440% 10/25/2018.............. 4,000,000 3,972,546
IMC HOME EQUITY LOAN TRUST SERIES
1997-3 CL. A-6
7.520% 08/20/2028.............. 2,310,000 2,364,285
NEW CENTURY HOME EQUITY LOAN
TRUST SERIES 1997-NC5 CL. A-4
6.780% 08/25/2025.............. 1,190,000 1,193,838
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------------ ---------------
<S> <C> <C>
NEW CENTURY HOME EQUITY LOAN
TRUST SERIES 1997-NC5 CL. A-5
7.130% 10/25/2028.............. $11,760,000 $ 11,824,621
SALOMON BROTHERS MORTGAGE
SECURITIES VII, INC. SERIES
1996-LB2 CL. A-8
7.800% 10/25/2026.............. 2,650,000 2,733,939
THE MONEY STORE RESIDENTIAL TRUST
SERIES 1997-II CL. A-4
7.385% 03/15/2029.............. 3,862,000 3,914,678
UCFC FUNDING CORP. SERIES 1997-1
CL. A-3
7.055% 09/15/2013.............. 1,790,000 1,802,980
---------------
31,999,611
---------------
COLLATERALIZED MORTGAGE OBLIGATIONS (3.2%)
BEAR STEARNS MORTGAGE SECURITIES,
INC. SERIES 1996-2 CL. A-1
5.683% 01/25/2025.............. 3,713,679 3,496,288
CMC SECURITIES CORP. IV SERIES
1997-2 CL. IA-12
7.250% 11/25/2027.............. 6,675,000 6,737,007
DLJ MORTGAGE ACCEPTANCE CORP.
SERIES 1998-2 CL. 2-A-8
6.800% 06/25/2028.............. 3,720,000 3,612,729
FIRST ALLIANCE MORTGAGE TRUST
SERIES 1996-1 CL. A-1
7.340% 06/20/2027.............. 904,610 914,644
FIRST UNION RESIDENTIAL
SECURITIZATION TRANSACTIONS,
INC. SERIES 1998-A CL. A-3
7.000% 08/25/2028.............. 1,510,000 1,468,875
HEADLANDS MORTGAGE SECURITIES,
INC. SERIES 1997-3 CL. 1-A-6
7.000% 07/25/2027.............. 5,360,000 5,370,637
MORTGAGE OBLIGATION STRUCTURED
TRUST (144A) SERIES 1993-1 CL.
B1
10.617% 10/25/2018............. 1,436,310 1,458,752
</TABLE>
See Accompanying Notes to Financial Statements
43
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-----------------------------------------------------------------
[LOGO]
- ------------------------ ------------------------
-- COLUMBIA BALANCED FUND, INC. --
------
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------------ ---------------
<S> <C> <C>
CORPORATE BONDS (cont.)
PNC MORTGAGE SECURITIES CORP.
SERIES 1997-4 CL. 2PP-2
7.500% 07/25/2027.............. $ 2,750,000 $ 2,784,979
SACO I, INC. (144A) SERIES 1995-1
CL. A
5.913% 09/25/2024.............. 2,088,658 2,021,472
SALOMON BROTHERS MORTGAGE
SECURITIES VII SERIES 1998-AQ1
CL. A-5
7.150% 06/25/2028.............. 3,000,000 3,020,078
STRUCTURED ASSET MORTGAGE
INVESTMENTS, INC. SERIES 1998-8
CL. 1-8-A
7.000% 07/25/2028.............. 1,634,000 1,608,873
---------------
32,494,334
---------------
COMMERCIAL MORTGAGE BACKED SECURITIES (1.2%)
COMMERCIAL CAPITAL ACCESS ONE,
INC. (144A) SERIES 3 CL. A-2
6.615% 11/15/2028.............. 6,460,000 6,235,192
CREDIT SUISSE FIRST BOSTON
MORTGAGE SECURITIES CORP. SERIES
1998-C1 CL. A1B
6.480% 05/17/2008.............. 2,860,000 2,793,682
NATIONSLINK FUNDING CORP. SERIES
1999-SL CL. A5
6.888% 06/10/2007.............. 2,230,000 2,210,487
NOMURA ASSET SECURITIES CORP.
SERIES 1994-MD1 CL. A-1B
7.715% 03/15/2018.............. 1,358,806 1,382,440
---------------
12,621,801
---------------
TOTAL OTHER SECURITIZED LOANS
(COST $77,669,696)................ 77,115,746
---------------
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------------ ---------------
<S> <C> <C>
CORPORATE BONDS (CONTINUED)
TAXABLE MUNICIPAL BONDS (0.2%)
CHICAGO IL. TAX INCREMENT
ALLOCATION CENTRAL LOOP B
6.375% 06/01/2003
(COST $2,327,535)............... $ 2,250,000 $ 2,252,813
---------------
TOTAL BONDS
(COST $463,970,724)............... 454,683,234
---------------
TOTAL INVESTMENTS, EXCLUDING
TEMPORARY CASH INVESTMENT
(COST $825,841,199)............... 990,862,739
---------------
REPURCHASE AGREEMENT (0.9%)
J.P. MORGAN SECURITIES, INC.
5.019% DATED 06/30/1999,
DUE 07/01/1999 IN THE
AMOUNT OF $8,707,549.
COLLATERALIZED BY
U.S. TREASURY BONDS
7.250% TO 8.750%
DUE 05/15/2016 TO 05/15/2017
U.S. TREASURY NOTES
5.625% TO 7.750%
DUE 12/31/1999 TO 02/15/2005.
(COST $8,706,352)................. 8,706,352 8,706,352
---------------
TOTAL INVESTMENTS (98.1%)
(COST $834,547,551)................... 999,569,091
OTHER ASSETS LESS LIABILITIES (1.9%)... 19,373,044
---------------
NET ASSETS (100.0%).................... $ 1,018,942,135
---------------
---------------
</TABLE>
* Non-income producing.
See Accompanying Notes to Financial Statements
44
<PAGE>
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-----------------------------------------------------------------
[LOGO]
- -------------- --------------
-- COLUMBIA U.S. GOVERNMENT SECURITIES FUND, INC. --
------
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------------ ------------
<S> <C> <C>
U.S. TREASURY NOTES (96.6%)
6.750% 04/30/2000................ $ 4,725,000 $ 4,782,588
4.000% 10/31/2000................ 5,650,000 5,547,594
4.625% 12/31/2000................ 5,950,000 5,880,274
6.625% 06/30/2001................ 9,325,000 9,511,500
6.375% 09/30/2001................ 6,525,000 6,632,049
6.125% 12/31/2001................ 5,500,000 5,565,312
------------
TOTAL U.S. TREASURY NOTES
(COST $38,395,671)................ 37,919,317
REPURCHASE AGREEMENT (3.1%)
J.P. MORGAN SECURITIES, INC.
5.019% DATED 06/30/1999,
DUE 07/01/1999 IN THE
AMOUNT OF $1,221,090.
COLLATERALIZED BY
U.S. TREASURY BONDS
7.250% TO 8.750%
DUE 05/15/2016 TO 05/15/2017
U.S. TREASURY NOTES
5.625% TO 7.750%
DUE 12/31/1999 TO 02/15/2005.
(COST $1,220,922)................. 1,220,922 1,220,922
------------
TOTAL INVESTMENTS (99.7%)
(COST $39,616,593).................... 39,140,239
OTHER ASSETS LESS LIABILITIES (0.3%)... 96,774
------------
NET ASSETS (100.0%).................... $ 39,237,013
------------
------------
</TABLE>
See Accompanying Notes to Financial Statements
45
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-----------------------------------------------------------------
[LOGO]
- ---------------- ----------------
-- COLUMBIA FIXED INCOME SECURITIES FUND, INC. --
------
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------------ -------------
<S> <C> <C>
U.S. GOVERNMENT SECURITIES (47.5%)
U.S. TREASURY NOTES & BONDS (3.6%)
U.S. TREASURY BONDS
8.875% 08/15/2017................ $ 6,050,000 $ 7,721,313
U.S. TREASURY NOTES
5.375% 07/31/2000................ 7,000,000 6,996,719
6.125% 12/31/2001................ 505,000 510,997
-------------
15,229,029
-------------
U.S. TREASURY STRIPS (3.0%)
0.000% 05/15/2011................ 26,950,000 12,934,114
-------------
U.S. AGENCY BONDS (3.9%)
FEDERAL HOME LOAN BANK
5.125% 02/26/2002................ 13,225,000 13,018,293
FEDERAL NATIONAL MORTGAGE
ASSOCIATION
6.000% 05/15/2008................ 4,000,000 3,879,360
-------------
16,897,653
-------------
GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION (GNMA) (12.7%)
6.000% 01/15/2029 - 02/15/2029... 5,309,583 4,969,438
6.500% 09/15/2028 - 06/15/2029... 30,143,711 29,060,421
7.000% 11/15/2027 - 02/15/2029... 20,397,767 20,174,667
-------------
54,204,526
-------------
FEDERAL HOUSING ADMINISTRATION (FHA) (0.7%)
FHA INSURED PROJECT POOL
#051-11078
8.350% 04/01/2030............... 2,196,607 2,290,868
FHA INSURED PROJECT POOL
#092-35499
8.450% 11/15/2031............... 783,134 808,586
-------------
3,099,454
-------------
AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (23.6%)
GNMA (3.7%)
GNMA GTD. REMIC PASS THRU SECS.
REMIC TR. 1998-20 CL. B
7.000% 3/20/2026............... 2,066,000 2,040,206
GNMA GTD. REMIC PASS THRU SECS.
REMIC TR. 1998-1 CL. A
7.000% 01/20/2028.............. 2,050,000 2,011,432
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------------ -------------
<S> <C> <C>
GNMA GTD. REMIC PASS THRU SECS.
REMIC TR. 1999-13 CL. PC
6.000% 03/20/2028.............. $ 5,080,000 $ 4,753,610
GNMA GTD. REMIC PASS THRU SECS.
REMIC TR. 1999-23 CL. VC
6.500% 06/01/2029.............. 7,478,000 7,154,950
-------------
15,960,198
-------------
FNMA (6.5%)
FNMA GTD. REMIC PASS THRU CTF.
REMIC TR. 1994-10 CL. KC
6.500% 10/25/2010................ 1,941,125 1,900,257
FNMA GTD. REMIC PASS THRU CTF.
REMIC TR. 1998-44 CL. VC
6.500% 11/18/2015................ 4,127,564 4,013,728
FNMA GTD. REMIC PASS THRU CTF.
REMIC TR. 1998-49 CL. TD
6.250% 12/18/2023................ 6,080,000 5,947,456
FNMA GTD. REMIC PASS THRU CTF.
REMIC TR. 1999-19 CL. PF
6.000% 06/25/2024................ 1,000,000 962,079
FNMA GTD. REMIC PASS THRU CTF.
REMIC TR. 1997-63 CL. PH
7.000% 07/18/2026................ 7,540,000 7,482,165
FNMA GTD. REMIC PASS THRU CTF.
REMIC TR. 1997-75 CL. B
6.500% 09/18/2026................ 3,220,660 3,133,078
FNMA GTD. REMIC PASS THRU CTF.
REMIC TR. 1998-61 CL. PK
6.000% 12/25/2026................ 2,530,000 2,377,223
FNMA GTD. REMIC PASS THRU CTF.
REMIC TR. 1997-38 CL. H
7.500% 05/17/2027................ 1,916,000 1,940,544
-------------
27,756,530
-------------
FHLMC (13.3%)
FHLMC GNMA MULTICLASS MTG. PARTN.
CTFS. GTD. SERIES G40 CL. N
6.500% 05/17/2021................ 3,791,758 3,749,565
FHLMC MULTICLASS MTG. PARTN. CTFS.
GTD. SERIES 2116 CL. VC
6.000% 11/15/2014................ 6,280,000 5,801,701
FHLMC MULTICLASS MTG. PARTN. CTFS.
GTD. SERIES 2121 CL. TD
6.000% 05/15/2015................ 2,650,000 2,573,999
</TABLE>
See Accompanying Notes to Financial Statements
46
<PAGE>
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-----------------------------------------------------------------
[LOGO]
- ---------------- ----------------
-- COLUMBIA FIXED INCOME SECURITIES FUND, INC. --
------
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------------ -------------
<S> <C> <C>
U.S. GOVERNMENT SECURITIES (CONTINUED)
FHLMC MULTICLASS MTG. PARTN. CTFS.
GTD. SERIES 2065 CL. PG
6.000% 04/15/2021................ $ 740,000 $ 732,357
FHLMC MULTICLASS MTG. PARTN. CTFS.
GTD. SERIES 2104 CL. PD
6.000% 05/15/2021................ 3,800,000 3,711,878
FHLMC MULTICLASS MTG. PARTN. CTFS.
GTD. SERIES 1558 CL. C
6.500% 07/15/2023................ 2,141,000 2,105,532
FHLMC MULTICLASS MTG. PARTN. CTFS.
GTD. SERIES 1763 CL. H
8.250% 07/15/2023................ 692,000 709,079
FHLMC MULTICLASS MTG. PARTN. CTFS.
GTD. SERIES 2103 CL. TC
6.000% 11/15/2023................ 2,455,000 2,362,937
FHLMC MULTICLASS MTG. PARTN. CTFS.
GTD. SERIES 2065 CL. PB
6.250% 01/15/2024................ 1,050,000 1,028,137
FHLMC MULTICLASS MTG. PARTN. CTFS.
GTD. SERIES 2131 CL. BD
6.000% 07/15/2024................ 2,030,000 1,957,001
FHLMC MULTICLASS MTG. PARTN. CTFS.
GTD. SERIES 2155 CL. PM
6.000% 04/15/2025................ 4,560,000 4,369,711
FHLMC MULTICLASS MTG. PARTN. CTFS.
GTD. SERIES 2068 CL. CL
6.500% 03/15/2026................ 4,016,000 3,906,429
FHLMC MULTICLASS MTG. PARTN. CTFS.
GTD. SERIES 2110 CL. PD
6.000% 11/15/2026................ 5,740,000 5,398,300
FHLMC MULTICLASS MTG. PARTN. CTFS.
GTD. SERIES 2091 CL. PF
6.000% 02/15/2027................ 4,482,000 4,217,645
FHLMC MULTICLASS MTG. PARTN. CTFS.
GTD. SERIES 2114 CL. PF
6.000% 04/15/2027................ 2,480,000 2,332,195
FHLMC MULTICLASS MTG. PARTN. CTFS.
GTD. SERIES 2118 CL. QD
6.500% 10/15/2027................ 5,290,000 5,134,772
FHLMC MULTICLASS MTG. PARTN. CTFS.
GTD. SERIES 2132 CL. PD
6.000% 11/15/2027................ 4,370,000 4,108,004
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------------ -------------
<S> <C> <C>
FHLMC MULTICLASS MTG. PARTN. CTFS.
GTD. SERIES 2131 CL. BE
6.000% 11/15/2027................ $ 3,070,000 $ 2,878,547
-------------
57,077,789
-------------
OTHER AGENCY COLLATERALIZED
MORTGAGE OBLIGATIONS (0.1%)
PUERTO RICO HOUSING FINANCE CORP.
SERIES A CL. 4
9.000% 07/20/2017................ 546,377 546,377
-------------
TOTAL U.S. GOVERNMENT SECURITIES
(COST $207,300,174)............... 203,705,670
-------------
CORPORATE BONDS (37.4%)
INDUSTRIAL (23.9%)
BASIC INDUSTRY & MANUFACTURING (5.1%)
FOSTER WHEELER CORP.
6.750% 11/15/2005.............. 3,025,000 2,681,027
GENERAL ELECTRIC CAPITAL CORP.
MEDIUM TERM NOTES
5.650% 03/31/2003.............. 5,400,000 5,268,780
ICI WILMINGTON, INC.
7.050% 09/15/2007.............. 3,805,000 3,736,700
PRECISION CASTPARTS CORP.
6.750 12/15/2007............... 1,650,000 1,563,095
TYCO INTERNATIONAL GROUP S.A.
6.125% 06/15/2001.............. 500,000 498,510
6.250% 06/15/2003.............. 5,575,000 5,485,744
UNITED TECHNOLOGIES CORP.
6.500% 06/01/2009.............. 2,500,000 2,446,400
-------------
21,680,256
-------------
BUSINESS & CONSUMER SERVICES (0.7%)
HOLLINGER INTERNATIONAL
PUBLISHING, INC.
8.625% 03/15/2005.............. 300,000 303,000
LENFEST COMMUNICATIONS, INC.
8.375% 11/01/2005.............. 1,350,000 1,409,980
NEWS CORPORATION LTD.
8.750% 02/15/2006.............. 1,250,000 1,318,750
-------------
3,031,730
-------------
</TABLE>
See Accompanying Notes to Financial Statements
47
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-----------------------------------------------------------------
[LOGO]
- ---------------- ----------------
-- COLUMBIA FIXED INCOME SECURITIES FUND, INC. --
------
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------------ -------------
<S> <C> <C>
CORPORATE BONDS (CONTINUED)
CONSUMER CYCLICAL (5.8%)
FEDERATED DEPARTMENT STORES, INC.
6.300% 04/01/2009................ $ 1,000,000 $ 941,420
6.900% 04/01/2029................ 775,000 710,566
GENERAL MOTORS ACCEPTANCE CORP.
6.850% 06/17/2004................ 3,975,000 4,006,681
HILTON HOTELS CORP.
7.375% 06/01/2002................ 4,000,000 4,004,000
KROGER CO. (144A)
6.340% 06/01/2001................ 4,350,000 4,352,567
LOWE'S COS., INC. (144A)
6.500% 03/15/2029................ 2,200,000 1,963,418
SEARS ROEBUCK ACCEPTANCE CORP.
MEDIUM TERM NOTES
6.400% 10/11/2000................ 4,525,000 4,548,621
TRW, INC. (144A)
6.625% 06/01/2004................ 4,500,000 4,449,375
-------------
24,976,648
-------------
CONSUMER STAPLES (6.9%)
AETNA SERVICES, INC.
7.625% 08/15/2026................ 2,000,000 1,941,254
ANHEUSER-BUSCH COS., INC.
5.750% 04/01/2010................ 4,800,000 4,432,656
COCA-COLA ENTERPRISES, INC.
6.750% 01/15/2038................ 3,850,000 3,537,737
DIAGEO CAPITAL PLC
6.625% 06/04/2004................ 4,550,000 4,555,688
NABISCO, INC.
6.000% 02/15/2001................ 1,875,000 1,857,487
6.700% 06/15/2002................ 3,750,000 3,733,575
PEPSI BOTTLING HOLDINGS, INC.
(144A)
5.625% 02/17/2009................ 5,000,000 4,559,200
PROCTER & GAMBLE CO.
5.250% 09/15/2003................ 3,965,000 3,809,057
TENET HEALTHCARE CORP.
8.625% 12/01/2003................ 990,000 994,950
-------------
29,421,604
-------------
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------------ -------------
<S> <C> <C>
ENERGY (3.0%)
ANADARKO PETROLEUM CORP.
6.625% 01/15/2028................ $ 3,125,000 $ 2,726,966
CONOCO, INC.
6.350% 04/15/2009................ 3,200,000 3,071,392
GULF CANADA RESOURCES LTD.
9.625% 07/01/2005................ 1,900,000 1,938,000
NOBLE AFFILIATES, INC.
7.250% 08/01/2097................ 2,825,000 2,441,601
SANTA FE SNYDER CORP.
8.050% 06/15/2004................ 2,700,000 2,683,125
-------------
12,861,084
-------------
TECHNOLOGY (1.9%)
INTERNATIONAL BUSINESS MACHINES
CORP.
5.375% 02/01/2009................ 5,000,000 4,549,650
RAYTHEON CO.
5.700% 11/01/2003................ 3,875,000 3,755,689
-------------
8,305,339
-------------
TRANSPORTATION (0.5%)
FEDERAL EXPRESS CORP. PASS THRU
TRUST SERIES 1997-1C
7.650% 01/15/2014................ 2,184,880 2,185,098
-------------
FINANCIAL (4.7%)
FINANCE (1.6%)
CIT GROUP, INC. MEDIUM TERM NOTE
5.800% 03/26/2002.............. 2,200,000 2,157,056
EQUITABLE COS., INC.
9.000% 12/15/2004.............. 905,000 989,572
GOLDMAN SACHS GROUP L.P. (144A)
7.200% 03/01/2007.............. 3,700,000 3,708,917
-------------
6,855,545
-------------
BANKS-DOMESTIC (1.5%)
AMSOUTH BANK N.A. BIRMINGHAM
6.450% 02/01/2008.............. 3,100,000 2,929,748
BANK OF AMERICA CORP.
5.875% 02/15/2009.............. 3,980,000 3,653,998
</TABLE>
See Accompanying Notes to Financial Statements
48
<PAGE>
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-----------------------------------------------------------------
[LOGO]
- ---------------- ----------------
-- COLUMBIA FIXED INCOME SECURITIES FUND, INC. --
------
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------------ -------------
<S> <C> <C>
CORPORATE BONDS (CONTINUED)
WACHOVIA CORP.
6.700% 06/21/2004.............. $ 60,000 $ 60,391
-------------
6,644,137
-------------
BANKS-FOREIGN (0.4%)
SWISS BANK CORP. N.Y.
7.250% 09/01/2006.............. 1,825,000 1,836,260
-------------
REAL ESTATE INVESTMENT TRUSTS (1.2%)
EOP OPERATING L.P.
6.376% 02/15/2002.............. 3,125,000 3,076,031
SIMON PROPERTY GROUP L.P.
6.625% 06/15/2003.............. 2,050,000 1,999,673
-------------
5,075,704
-------------
UTILITIES (5.7%)
ELECTRIC (3.0%)
CALPINE CORP.
8.750% 07/15/2007.............. 1,000,000 988,830
NATIONAL RURAL UTILITIES
COOPERATIVE FINANCE CORP.
6.550% 11/01/2018.............. 2,215,000 2,068,347
NIAGARA MOHAWK POWER CORP. SERIES
D
7.250% 10/01/2002.............. 1,950,000 1,961,232
NORTHERN INDIANA PUBLIC SERVICE
CO. MEDIUM TERM NOTES
6.750% 06/01/2000.............. 2,500,000 2,517,725
6.900% 06/01/2000.............. 1,250,000 1,260,487
TXU EASTERN FUNDING CO. (144A)
6.450% 05/15/2005.............. 4,200,000 4,057,284
-------------
12,853,905
-------------
GAS PIPELINES (0.5%)
ENRON CORP.
7.375% 05/15/2019.............. 2,220,000 2,165,029
-------------
TELECOMMUNICATIONS (2.2%)
FLAG LTD.
8.250% 01/30/2008.............. 500,000 466,250
MCI COMMUNICATIONS CORP.
6.125% 04/15/2002.............. 4,755,000 4,723,427
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------------ -------------
<S> <C> <C>
US WEST CAPITAL FUNDING, INC.
6.375% 07/15/2008.............. $ 3,275,000 $ 3,081,939
WORLDCOM, INC.
8.875% 01/15/2006.............. 900,000 958,158
-------------
9,229,774
-------------
YANKEE (3.1%)
CANADIAN PROVINCE (1.1%)
QUEBEC PROVINCE
7.000% 01/30/2007.............. 2,490,000 2,506,683
7.125% 02/09/2024.............. 2,400,000 2,349,958
-------------
4,856,641
-------------
OTHER (2.0%)
AFRICAN DEVELOPMENT BANK MEDIUM
TERM NOTES
8.625% 05/01/2001.............. 5,300,000 5,531,716
KOREA DEVELOPMENT BANK
6.500% 11/15/2002.............. 675,000 647,123
7.125% 04/22/2004.............. 2,525,000 2,465,296
-------------
8,644,135
-------------
TOTAL CORPORATE BONDS
(COST $165,134,008)............... 160,622,889
-------------
OTHER SECURITIZED LOANS (12.2%)
ASSET BACKED SECURITIES (4.4%)
CITYSCAPE HOME LOAN OWNER TRUST
SERIES 1997-4 CL. A-4
7.440% 10/25/2018................ 3,400,000 3,376,664
EMPIRE FUNDING HOME LOAN OWNER
TRUST SERIES 1997-2 CL. A-5
7.960% 09/25/2023................ 2,946,000 3,020,421
IMC HOME EQUITY LOAN TRUST SERIES
1997-3 CL. A-6
7.520% 08/20/2028................ 2,520,000 2,579,220
SALOMON BROTHERS MORTGAGE
SECURITIES VII, INC. SERIES
1996-LB2 CL. A-8
7.800% 10/25/2026................ 1,000,000 1,031,675
SAXON ASSET SECURITIES CO. SERIES
1996-1 CL. A-2
8.060% 09/25/2027................ 6,380,000 6,568,118
</TABLE>
See Accompanying Notes to Financial Statements
49
<PAGE>
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-----------------------------------------------------------------
[LOGO]
- ---------------- ----------------
-- COLUMBIA FIXED INCOME SECURITIES FUND, INC. --
------
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------------ -------------
<S> <C> <C>
OTHER SECURITIZED LOANS (CONTINUED)
STRUCTURED ASSET SECURITIES CORP.
SERIES 1997-4 CL. 2-A2
7.000% 12/25/2027................ $ 2,332,920 $ 2,341,772
-------------
18,917,870
-------------
COLLATERALIZED MORTGAGE OBLIGATIONS (5.1%)
BEAR STEARNS MORTGAGE SECURITIES,
INC. SERIES 1996-2 CL. A-1
5.683% 01/25/2025................ 3,530,082 3,323,439
CMC SECURITIES CORP. IV SERIES
1997-2 CL. IA-12
7.250% 11/25/2027................ 3,150,000 3,179,262
DLJ MORTGAGE ACCEPTANCE CORP.
(144A) SERIES 1999-B CL. A-1
6.854% 08/28/2029................ 2,300,697 2,191,473
DLJ MORTGAGE ACCEPTANCE CORP.
SERIES 1998-2 CL. 2-A-8
6.800% 06/25/2028................ 4,370,000 4,243,986
MORTGAGE OBLIGATION STRUCTURED
TRUST (144A) SERIES 1993-1 CL. B1
10.617% 10/25/2018............... 1,095,126 1,112,238
PNC MORTGAGE SECURITIES CORP.
SERVICE 1997-4 CL. 2PP-2
7.500% 07/25/2027................ 3,095,000 3,134,367
RESIDENTIAL FUNDING MORTGAGE
SECURITIES, INC. SERIES 1993-S45
CL. A-10
8.000% 12/25/2023................ 858,073 870,137
SALOMON BROTHERS MORTGAGE
SECURITIES VII SERIES 1998-AQ1 CL.
A-5
7.150% 06/25/2028................ 1,860,000 1,872,448
STRUCTURED ASSET MORTGAGE
INVESTMENTS, INC. SERIES 1998-8
CL. 1-8-A
7.000% 07/25/2028................ 2,000,000 1,969,245
-------------
21,896,595
-------------
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------------ -------------
<S> <C> <C>
COMMERCIAL MORTGAGE BACKED SECURITIES (2.7%)
COMMERCIAL CAPITAL ACCESS ONE, INC.
(144A) SERIES 3 CL. A-2
6.615% 11/15/2028................ $ 5,600,000 $ 5,405,120
CREDIT SUISSE FIRST BOSTON MORTGAGE
SECURITIES CORP. SERIES 1998-C1
CL. A1B
6.480% 05/17/2008................ 6,140,000 5,997,625
-------------
11,402,745
-------------
TOTAL OTHER SECURITIZED LOANS
(COST $52,611,279)................ 52,217,210
-------------
TOTAL INVESTMENTS, EXCLUDING
TEMPORARY CASH INVESTMENT
(COST $425,045,461)............... 416,545,769
-------------
REPURCHASE AGREEMENT (2.7%)
J.P. MORGAN SECURITIES, INC.
5.019% DATED 06/30/1999,
DUE 07/01/1999 IN THE
AMOUNT OF $11,490,975.
COLLATERALIZED BY
U.S. TREASURY BONDS
7.250% TO 8.750%
DUE 05/15/2016 TO 05/15/2017
U.S. TREASURY NOTES
5.625% TO 7.750%
DUE 12/31/1999 TO 02/15/2005.
(COST $11,489,395)................ 11,489,395 11,489,395
-------------
TOTAL INVESTMENTS (99.8%)
(COST $436,534,856)................... 428,035,164
OTHER ASSETS LESS LIABILITIES (0.2%)... 932,526
-------------
NET ASSETS (100.0%).................... $ 428,967,690
-------------
-------------
</TABLE>
See Accompanying Notes to Financial Statements
50
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- --------------- ---------------
-- COLUMBIA NATIONAL MUNICIPAL BOND FUND, INC. --
------
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
--------- -----------
<S> <C> <C>
GENERAL OBLIGATION BONDS (30.6%)
GENERAL OBLIGATION (11.6%)
CLARK COUNTY NEVADA SCHOOL DISTRICT
COMP INTEREST SERIES B
0.000% 06/01/2003................ $100,000 $ 83,875
DAVENPORT IOWA SERIES B
5.125% 06/01/2010................ 100,000 99,875
GRANDVILLE MICHIGAN PUBLIC SCHOOL
DISTRICT
4.750% 05/01/2011................ 100,000 96,500
KING COUNTY WASHINGTON SCHOOL
DISTRICT #415 KENT SERIES B
6.000% 12/01/2008................ 100,000 107,625
MILWAUKEE COUNTY WISCONSIN
CORPORATE PURPOSE-SERIES A
5.000% 10/01/2010................ 100,000 98,625
ROSEBURG OREGON URBAN SANITATION
AUTHORITY
5.400% 09/01/2002................ 100,000 102,500
TEXAS STATE REFUNDING SERIES A
6.000% 10/01/2005................ 100,000 107,750
THURSTON COUNTY WASHINGTON SCHOOL
DISTRICT #401 ROCHESTER
4.800% 12/01/2007................ 55,000 54,587
TOPPENISH WASHINGTON
4.600% 12/01/2006................ 65,000 63,050
-----------
814,387
-----------
OREGON GENERAL OBLIGATION (0.7%)
REDMOND OREGON REFUNDING CITY OF
REDMOND AIRPORT IMPROVEMENT
PROJECT
4.500% 05/01/2007................ 50,000 48,375
-----------
INSURED GENERAL OBLIGATION (18.3%)
ARLINGTON TEXAS INDEPENDENT SCHOOL
DISTRICT CAPITAL
APPRECIATION-REFUNDING
0.000% 02/15/2007................ 150,000 102,750
BATTLE CREEK MICHIGAN TAX INCREMENT
5.250% 05/01/2012................ 100,000 100,625
<CAPTION>
PRINCIPAL
AMOUNT VALUE
--------- -----------
<S> <C> <C>
BURLINGTON AREA WISCONSIN SCHOOL
DISTRICT
4.900% 04/01/2016................ $100,000 $ 94,750
CHICAGO ILLINOIS TAX INCREMENT
ALLOCATION-NEAR SOUTH
REDEVELOPEMENT PJ-A
5.000% 11/15/2012................ 200,000 195,250
DU PAGE & WILL COMMUNITY SCHOOL
DISTRICT #204 INDIAN PRAIRIE
SERIES B
5.000% 12/30/2009................ 100,000 100,000
MADISON COUNTY ILLINOIS COMMUNITY
UNIT SCHOOL DISTRICT #002 TRIAD
REFUNDING
4.900% 01/01/2013................ 100,000 96,125
OAK HILLS OHIO LOCAL SCHOOL
DISTRICT
7.200% 12/01/2009................ 100,000 117,625
OKLAHOMA COUNTY OKLAHOMA
INDEPENDENT SCHOOL DISTRICT #012
EDMOND BUILDING-SERIES B
4.700% 08/01/2005................ 100,000 101,000
ORLEANS PARISH LOUISIANA PARISHWIDE
SCHOOL DISTRICT SERIES A
5.125% 09/01/2016................ 100,000 97,750
PORT OF OLYMPIA WASHINGTON AD
VALOREM TAX SERIES B
5.000% 12/01/2005................ 100,000 101,250
UNITED INDEPENDENT SCHOOL DISTRICT
TEXAS
5.350% 08/15/2015................ 100,000 100,125
WILL COUNTY ILLINOIS FOREST
PRESERVATION DISTRICT SERIES B
0.000% 12/01/2011................ 150,000 78,375
-----------
1,285,625
-----------
TOTAL GENERAL OBLIGATION BONDS
(COST $2,186,510)................. 2,148,387
-----------
</TABLE>
See Accompanying Notes to Financial Statements
51
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- --------------- ---------------
-- COLUMBIA NATIONAL MUNICIPAL BOND FUND, INC. --
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June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
--------- -----------
<S> <C> <C>
REVENUE BONDS (59.5%)
REVENUE (21.2%)
CALIFORNIA HEALTH FACILITIES
FINANCE AUTHORITY KAISER
PERMANENTE-SERIES B
5.000% 10/01/2008................ $100,000 $ 99,000
COLORADO HOUSING FINANCIAL
AUTHORITY SINGLE FAMILY PG-SUB-B
4.875% 04/01/2007................ 100,000 99,625
IDAHO HEALTH FACILITIES AUTHORITY
BINGHAM MEMORIAL HOSPITAL PROJECT
5.850% 03/01/2019................ 100,000 97,875
INDIANA STATE EDUCATIONAL
FACILITIES AUTHORITY EDUCATIONAL
FACILITIES-UNIVERSITY INDIANAPOLIS
PROJECT
5.600% 10/01/2014................ 100,000 100,125
INDIANA TRANSPORTATION FINANCIAL
AUTHORITY AIRPORT FACILITIES LEASE
SERIES A
5.500% 11/01/2017................ 100,000 100,000
JEFFERSON COUNTY WASHINGTON PUBLIC
UTILITY DISTRICT #1 WATER & SEWER
5.250% 05/01/2016................ 50,000 47,438
JEFFERSON COUNTY WASHINGTON PUBLIC
UTILITY DISTRICT #1 WATER & SEWER
5.250% 05/01/2017................ 50,000 47,562
JONES COUNTY MISSISSIPPI HOSPITAL
REFUNDING-SOUTH CENTRAL REGIONAL
MEDICAL CENTER
4.900% 12/01/2004................ 100,000 99,000
MARYLAND STATE ECONOMIC
DEVELOPEMENT CORP. STUDENT HOUSING
COLLEGIATE HOUSING-TOWSON-SERIES A
5.750% 06/01/2029................ 100,000 99,000
<CAPTION>
PRINCIPAL
AMOUNT VALUE
--------- -----------
<S> <C> <C>
MONTGOMERY COUNTY TENNESSE HEALTH
EDUCATIONAL & HOUSING FACILITY
BOARD HOSPITAL REFUNDING &
IMPROVEMENT-CLARKSVILLE REGIONAL
5.375% 01/01/2018................ $100,000 $ 93,500
NEW YORK STATE URBAN DEVELOPMENT
CORPORATION REFUNDING-CORRECTIONAL
CAPITAL FACILITIES-A
5.450% 01/01/2007................ 100,000 103,000
REGIONAL WASTE SYSTEM INDUSTRY
MAINE SOLID WASTE RESOURCE
RECOVERY AMT-SERIES Q
5.500% 07/01/2004................ 100,000 103,875
SEATTLE WASHINGTON MUNICIPAL LIGHT
AND POWER REFUNDING
5.000% 07/01/2018................ 110,000 104,500
SHELTON WASHINGTON WATER & SEWER
5.250% 12/01/2018................ 50,000 47,563
UNIVERSITY OF WASHINGTON
EDUCATIONAL RESEARCH PROPERTIES
LEASE 4225 ROOSEVELT
PROJECT-SERIES A
5.375% 06/01/2029................ 100,000 94,408
WASHINGTON STATE PUBLIC POWER
SUPPLY SYSTEM NUCLEAR PROJECT #1
REFUNDING-SERIES A
6.000% 07/01/2005................ 100,000 106,625
WASHINGTON STATE PUBLIC POWER
SUPPLY SYSTEM NUCLEAR PROJECT #2
REFUNDING-SERIES A
5.000% 07/01/2011................ 50,000 48,937
-----------
1,492,033
-----------
OREGON REVENUE (8.9%)
BEND MUNICIPAL AIRPORT PJ SERIES B
5.375% 06/01/1999................ 100,000 99,000
</TABLE>
See Accompanying Notes to Financial Statements
52
<PAGE>
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-----------------------------------------------------------------
[LOGO]
- --------------- ---------------
-- COLUMBIA NATIONAL MUNICIPAL BOND FUND, INC. --
------
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
--------- -----------
<S> <C> <C>
OREGON REVENUE (CONTINUED)
CLACKAMAS COUNTY OREGON HOSPITAL
FACILITY AUTHORITY REFUNDING ODD
FELLOWS HOME-SERIES A
5.875% 09/15/2021................ $50,000 $ 49,049
EUGENE OREGON TROJAN NUCLEAR
PROJECT
5.900% 09/01/2009................ 20,000 20,050
HILLSBORO HOSPITAL FACILITY
AUTHORITY TUALITY HEALTHCARE
5.750% 10/01/2012................ 25,000 25,335
KLAMATH COMMUNITY COLLEGE SERVICE
DISTRICT OREGON
4.700% 04/01/2010................ 55,000 52,319
KLAMATH COMMUNITY COLLEGE SERVICE
DISTRICT OREGON
4.800% 04/01/2011................ 25,000 23,781
LEBANON OREGON URBAN RENEWAL AGENCY
5.625% 06/01/2019................ 100,000 97,875
PORT OF ST. HELENS POLLUTION
CONTROL PORTLAND GENERAL ELECTRIC
CO. SERIES B
4.800% 06/01/2010................ 105,000 102,637
SALEM OREGON HOSPITAL FACILITY
AUTHORITY REVENUE CAPITAL MANOR,
INC.
7.500% 12/01/2024................ 50,000 54,313
WASHINGTON COUNTY HOUSING AUTHORITY
AFFORDABLE HOUSING POOL SERIES A
6.000% 07/01/2020................ 100,000 99,000
-----------
623,359
-----------
INSURED REVENUE (29.4%)
AMARILLO TEXAS HEALTH FACILITIES
CORP. BAPTIST ST. ANTHONYS
HOSPITAL CORP.
5.500% 01/01/2013................ 100,000 102,750
AMERICAN PUBLIC ENERGY AGENCY
NEBRASKA GAS SUPPLY PUBLIC GAS
AGENCY PROJECT SERIES A
5.250% 06/01/2011................ 100,000 101,000
<CAPTION>
PRINCIPAL
AMOUNT VALUE
--------- -----------
<S> <C> <C>
CLARK COUNTY NEVADA PASSENGER
FACILITY CHARGE LAS VEGAS MCCARRAN
INTERNATIONAL ARPT-B
6.250% 07/01/2011................ $100,000 $ 105,375
HARRIS COUNTY TEXAS HEALTH
FACILITIES DEVELOPEMENT
CORPORATION MEDICAL FACILITIES
BAYLOR COLLEGE MEDICAL
PROJECT-SERIES A
5.375% 11/15/2012................ 100,000 101,500
HAWAII STATE HARBOR CAPITAL
IMPROVEMENT
6.200% 07/01/2008................ 100,000 107,500
ILLINOIS HEALTHCARE FACILITIES
AUTHORITY REFUNDING-SOUTHERN
ILLINOIS HEALTHCARE-A
5.375% 03/01/2013................ 100,000 100,250
INDIANA STATE OFFICE BUILDING
COMMISSION CORRECTION FACILITIES
PROGRAM SERIES B-WOMENS PRISON
5.500% 07/01/2020................ 100,000 100,125
LAS CRUCES NEW MEXICO
5.450% 12/01/2028................ 110,000 113,300
LAS VEGAS NEVADA DOWNTOWN
REDEVOPMENT AGENCY TAX INCREMENT
REFUNDING-INSURED-PARITY LIEN
SERIES A
5.250% 06/01/2005................ 100,000 103,125
MANSFIELD TEXAS CERTIFICATES
OBLIGATION-SERIES B
5.100% 08/15/2011................ 140,000 139,650
MARICOPA COUNTY ARIZONA INDIVIDUAL
DEVELOPMENT AUTHORITY MULTI FAMILY
HOUSING METRO GARDENS MESA RIDGE
PJ-A
4.500% 07/01/2009................ 130,000 125,937
PALMER ALASKA HOSPITAL VALLEY
HOSPITAL ASSOCIATION
5.350% 12/01/2012................ 125,000 124,375
</TABLE>
See Accompanying Notes to Financial Statements
53
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-----------------------------------------------------------------
[LOGO]
- --------------- ---------------
-- COLUMBIA NATIONAL MUNICIPAL BOND FUND, INC. --
------
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
--------- -----------
<S> <C> <C>
INSURED REVENUE (CONTINUED)
PIEDMONT MUNICIPAL POWER AGENCY
SOUTH CAROLINA ELECTRIC UNREFUNDED
BALANCE-SERIES A
6.125% 01/01/2007................ $100,000 $ 108,250
REGIONAL TRANSPORTATION AUTHORITY
ILLINOIS SERIES A
6.400% 06/01/2012................ 100,000 111,500
SOUTH DAKOTA STATE BUILDING
AUTHORITY LEASE CAPITAL
APPRECIATION-SERIES A
0.000% 12/01/2013................ 250,000 116,563
TACOMA WASHINGTON SOLID WASTE
UTILITIES REFUNDING-SERIES B
6.000% 12/01/2009................ 100,000 108,000
TEXAS STATE UNIVERSITY SYSTEM
FINANCING SYSTEM-SERIES A
5.000% 03/15/2015................ 100,000 96,125
UTAH ASSISTED MUNICIPAL POWER
SYSTEM REFUNDING-HUNTER PROJECT
5.000% 07/01/2011................ 100,000 99,000
WYOMING MUNICIPAL POWER AGENCY
POWER SUPPLY REFUNDING-SERIES 1998
5.250% 01/01/2011................ 100,000 101,125
-----------
2,065,450
-----------
TOTAL REVENUE BONDS
(COST $4,268,370)................. 4,180,842
-----------
OTHER BONDS (7.2%)
BROADVIEW ILLINOIS TAX INCREMENT
REVENUE
4.900% 07/01/2006.................. 75,000 72,469
DAMASCUS OREGON WATER DISTRICT
CERTIFICATES OF PARTICIPATION
5.250% 03/01/2019.................. 100,000 95,875
SEDONA ARIZONA CERTIFICATES OF
PARTICIPATION
5.750% 07/01/2007.................. 100,000 104,250
<CAPTION>
PRINCIPAL
AMOUNT VALUE
--------- -----------
<S> <C> <C>
WASHINGTON STATE CERTIFICATES
PARTICIPATION DEPARTMENT GENERAL
ADMINISTRATION
5.400% 07/01/2013.................. $100,000 $ 99,625
WASHINGTON STATE CERTIFICATES
PARTICIPATION DEPARTMENT OF GENERAL
ADMINISTRATION
5.000% 07/01/2017.................. 140,000 134,050
-----------
TOTAL OTHER BONDS
(COST $510,081)................... 506,269
-----------
TOTAL INVESTMENTS, EXCLUDING
TEMPORARY CASH INVESTMENTS
(COST $6,964,961)................. 6,835,498
-----------
TAX-EXEMPT MONEY MARKET INVESTMENTS (10.6%)
SEI TAX EXEMPT TRUST............. 442,957 442,957
AIM TAX FREE CASH RESERVE........ 300,000 300,000
-----------
TOTAL TAX-EXEMPT MONEY MARKET
INVESTMENTS
(COST $742,957)................... 742,957
-----------
TOTAL INVESTMENTS (107.9%)
(COST $7,707,918)..................... 7,578,455
OTHER ASSETS LESS LIABILITIES
(-7.9%)............................... (552,115)
-----------
TOTAL NET ASSETS (100.0%).............. $ 7,026,340
-----------
-----------
</TABLE>
See Accompanying Notes to Financial Statements
54
<PAGE>
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-----------------------------------------------------------------
[LOGO]
- --------------------- ---------------------
-- COLUMBIA MUNICIPAL BOND FUND, INC. --
------
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
----------- -------------
<S> <C> <C>
GENERAL OBLIGATION BONDS (43.0%)
STATE OF OREGON GENERAL OBLIGATION (6.6%)
BOARD OF HIGHER EDUCATION
BACCALAUREATE-D
4.875% 08/01/2019................ $2,000,000 $ 1,870,000
BOARD OF HIGHER EDUCATION DEFERRED
INTEREST SERIES A
0.000% 08/01/2014................ 450,000 203,062
BOARD OF HIGHER EDUCATION REFUNDING
SERIES B
6.250% 10/15/2012................ 740,000 778,850
ELDERLY & DISABLED HOUSING
REFUNDING SERIES B
6.250% 08/01/2013................ 1,000,000 1,066,250
POLLUTION CONTROL SERIES C
5.625% 06/01/2013................ 1,095,000 1,100,475
5.900% 06/01/2014................ 2,105,000 2,123,419
VETERANS' WELFARE
11.000% 12/01/2000................ 865,000 949,337
0.000% 07/01/2001................ 1,200,000 1,105,500
9.000% 04/01/2002................ 900,000 1,009,125
6.000% 02/01/2004................ 720,000 766,800
9.000% 04/01/2004................ 280,000 333,550
9.000% 04/01/2005................ 1,130,000 1,380,013
8.250% 07/01/2005................ 520,000 620,100
9.000% 10/01/2005................ 1,640,000 2,028,122
7.250% 01/01/2007................ 1,485,000 1,713,319
9.200% 04/01/2007................ 2,390,000 3,056,213
8.250% 07/01/2007................ 540,000 660,825
9.200% 10/01/2007................ 1,250,000 1,617,187
7.300% 01/01/2008................ 255,000 298,669
8.000% 01/01/2008................ 1,235,000 1,506,700
7.300% 07/01/2008................ 1,125,000 1,327,500
8.000% 07/01/2008................ 580,000 713,400
9.200% 10/01/2008................ 275,000 363,000
5.850% 10/01/2015................ 1,015,000 1,092,394
5.200% 10/01/2018................ 2,000,000 1,952,500
-------------
29,636,310
-------------
OREGON GENERAL OBLIGATION (17.4%)
AURORA
5.600% 06/01/2024................ 1,205,000 1,206,506
<CAPTION>
PRINCIPAL
AMOUNT VALUE
----------- -------------
<S> <C> <C>
CLACKAMAS & WASHINGTON COUNTIES
SCHOOL DISTRICT #3JT WEST
LINN-WILSONVILLE
5.875% 10/01/2009................ $2,550,000 $ 2,645,625
CLACKAMAS COMMUNITY COLLEGE
DISTRICT
5.250% 12/01/2009................ 1,270,000 1,295,400
CLACKAMAS COUNTY SCHOOL DISTRICT
#7J LAKE OSWEGO SERIES A
5.300% 06/15/2005................ 1,000,000 1,033,750
5.500% 06/15/2006................ 1,000,000 1,038,750
5.700% 06/15/2010................ 2,735,000 2,834,144
DESCHUTES COUNTY ADMINISTRATIVE
SCHOOL DISTRICT #1 BEND-LAPINE
0.000% 02/01/2000................ 1,175,000 1,150,983
0.000% 02/01/2001................ 1,135,000 1,061,225
0.000% 02/01/2002................ 1,445,000 1,286,050
DESCHUTES COUNTY ADMINISTRATIVE
SCHOOL DISTRICT #1
5.000% 12/01/2017................ 1,500,000 1,434,375
EUGENE PUBLIC SAFETY FACILITIES
5.500% 06/01/2010................ 850,000 872,312
5.625% 06/01/2013................ 1,295,000 1,325,756
JACKSON COUNTY SCHOOL DISTRICT
#549C MEDFORD
5.375% 06/01/2012................ 1,200,000 1,207,500
LANE COUNTY AREA EDUCATION DISTRICT
LANE COMMUNITY COLLEGE
5.300% 06/01/2007................ 1,000,000 1,037,500
4.850% 06/01/2008................ 4,080,000 4,085,100
5.000% 06/01/2009................ 1,000,000 1,007,500
LANE COUNTY SCHOOL DISTRICT #4J
EUGENE
0.000% 01/01/2005................ 1,395,000 1,077,637
LANE COUNTY SCHOOL DISTRICT #4J
EUGENE REFUNDING SERIES A
0.000% 07/01/2001................ 2,015,000 1,853,800
0.000% 07/01/2003................ 1,480,000 1,237,650
0.000% 07/01/2005................ 2,325,000 1,755,375
</TABLE>
See Accompanying Notes to Financial Statements
55
<PAGE>
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-----------------------------------------------------------------
[LOGO]
- --------------------- ---------------------
-- COLUMBIA MUNICIPAL BOND FUND, INC. --
------
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
----------- -------------
<S> <C> <C>
OREGON GENERAL OBLIGATION (CONTINUED)
METRO OPEN SPACES PROGRAM SERIES C
5.100% 09/01/2009................ $2,375,000 $ 2,389,844
METRO WASHINGTON PARK ZOO SERIES A
5.250% 01/15/2009................ 1,040,000 1,058,200
5.300% 01/15/2011................ 1,000,000 1,011,250
MULTNOMAH-CLACKAMAS COUNTIES SCHOOL
DISTRICT #10JT GRESHAM
5.250% 06/01/2017................ 1,620,000 1,595,700
MULTNOMAH COUNTY REFUNDING
4.250% 10/01/2010................ 2,300,000 2,144,750
4.300% 10/01/2011................ 1,110,000 1,028,137
4.500% 10/01/2013................ 400,000 371,500
MULTNOMAH COUNTY CERTIFICATES OF
PARTICIPATION SERIES A
4.750% 08/01/2013................ 1,000,000 947,500
MULTNOMAH COUNTY SCHOOL DISTRICT #7
REYNOLDS
5.250% 06/01/2011................ 1,500,000 1,509,375
PORTLAND COMMUNITY COLLEGE DISTRICT
0.000% 07/01/2007................ 2,025,000 1,369,406
PORT OF PORTLAND SERIES A
0.000% 03/01/2007................ 3,000,000 2,066,250
PORTLAND PUBLIC IMPROVEMENTS SERIES
A
5.750% 06/01/2014................ 1,765,000 1,813,537
PORTLAND RECREATIONAL FACILITIES
IMPROVEMENTS SERIES A
5.750% 06/01/2012................ 1,370,000 1,424,800
5.750% 06/01/2013................ 1,345,000 1,395,438
5.750% 06/01/2015................ 1,155,000 1,192,538
PORTLAND RECREATIONAL FACILITIES
IMPROVEMENTS SERIES B
5.500% 06/01/2009................ 2,115,000 2,181,094
5.750% 06/01/2014................ 1,750,000 1,811,250
<CAPTION>
PRINCIPAL
AMOUNT VALUE
----------- -------------
<S> <C> <C>
5.750% 06/01/2015................ $2,955,000 $ 3,051,038
SALEM HOSPITAL FACILITY AUTHORITY
5.250% 8/15/2014................. 2,000,000 1,977,500
WASHINGTON & CLACKAMAS COUNTIES
SCHOOL DISTRICT #23J TIGARD
REFUNDING
5.400% 01/01/2010................ 1,720,000 1,745,800
WASHINGTON & CLACKAMAS COUNTIES
SCHOOL DISTRICT #23J TIGARD
DEFERRED INTEREST SERIES A
0.000% 06/01/2010................ 1,520,000 864,500
WASHINGTON COUNTY DEFERRED
INTEREST-OPERATIONS YARD
FACILITIES OBLIGATION
0.000% 06/01/2003................ 1,000,000 838,750
WASHINGTON COUNTY SCHOOL DISTRICT
#088J SHERWOOD
4.500% 06/15/2014................ 350,000 322,000
WASHINGTON COUNTY REFUNDING
6.200% 12/01/2007................ 1,500,000 1,561,875
WASHINGTON COUNTY REFUNDING
CRIMINAL JUSTICE FACILITIES
5.000% 12/01/2010................ 4,550,000 4,550,000
WASHINGTON COUNTY SCHOOL DISTRICT
#48J BEAVERTON SERIES C
7.800% 06/01/2003................ 1,200,000 1,345,500
WASHINGTON COUNTY SCHOOL DISTRICT
#48J BEAVERTON SERIES B
6.150% 06/01/2008................ 1,010,000 1,032,452
WASHINGTON MULTNOMAH & YAMHILL
COUNTIES SCHOOL DISTRICT #1J
5.250% 06/01/2011................ 500,000 504,375
5.000% 11/01/2011................ 1,100,000 1,086,250
5.250% 06/01/2014................ 1,595,000 1,589,019
4.800% 06/01/2016................ 1,000,000 937,500
</TABLE>
See Accompanying Notes to Financial Statements
56
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-----------------------------------------------------------------
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- --------------------- ---------------------
-- COLUMBIA MUNICIPAL BOND FUND, INC. --
------
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
----------- -------------
<S> <C> <C>
OREGON GENERAL OBLIGATION (CONTINUED)
WILSONVILLE LIMITED TAX IMPROVEMENT
5.000% 12/01/2020................ $1,325,000 $ 1,311,750
-------------
78,475,816
-------------
OREGON INSURED GENERAL OBLIGATION (19.0%)
CENTRAL OREGON COMMUNITY COLLEGE
5.800% 06/01/2007................ 760,000 794,200
CHEMEKETA COMMUNITY COLLEGE
DISTRICT REFUNDING
5.500% 06/01/2010................ 1,610,000 1,684,462
CHEMEKETA COMMUNITY COLLEGE
DISTRICT SERIES B
5.600% 06/01/2014................ 1,180,000 1,229,867
CLACKAMAS & WASHINGTON COUNTIES
SCHOOL DISTRICT #3JT
5.750% 06/01/2010................ 590,000 629,825
CLACKAMAS COUNTY SCHOOL DISTRICT
#12 NORTH CLACKAMAS
5.250% 12/01/1999................ 2,750,000 2,736,250
CLATSOP COUNTY ADMINISTRATIVE
SCHOOL DISTRICT #10
5.875% 07/01/2012................ 630,000 648,112
COLUMBIA COUNTY SCHOOL DISTRICT
#502 DEFERRED INTEREST
0.000% 06/01/2012................ 1,530,000 780,300
0.000% 06/01/2013................ 1,685,000 810,906
0.000% 06/01/2014................ 1,025,000 463,812
CROOK COUNTY SCHOOL DISTRICT
4.900% 02/01/2009................ 1,165,000 1,163,544
DESCHUTES & JEFFERSON COUNTIES
SCHOOL DISTRICT #2J REDMOND
REFUNDING
5.600% 06/01/2009................ 1,000,000 1,022,500
HOOD RIVER COUNTY SCHOOL DISTRICT
5.650% 06/01/2008................ 1,020,000 1,054,425
<CAPTION>
PRINCIPAL
AMOUNT VALUE
----------- -------------
<S> <C> <C>
JOSEPHINE COUNTY SCHOOL DISTRICT #7
GRANTS PASS
5.700% 06/01/2013................ $2,000,000 $ 2,075,000
KLAMATH COUNTY
5.100% 06/01/2008................ 1,015,000 1,032,762
5.150% 06/01/2009................ 700,000 713,125
LANE & DOUGLAS COUNTIES SCHOOL
DISTRICT #97-J
5.300% 06/15/2015................ 1,155,000 1,148,809
LANE COUNTY SCHOOL DISTRICT #19
SPRINGFIELD REFUNDING
5.250% 10/15/2006................ 1,340,000 1,388,575
LANE COUNTY SCHOOL DISTRICT #52
BETHEL
6.250% 12/01/2007................ 580,000 633,650
6.400% 12/01/2009................ 750,000 817,500
LANE COUNTY SCHOOL DISTRICT #19
SPRINGFIELD REFUNDING
6.000% 10/15/2012................ 740,000 805,675
LANE COUNTY SCHOOL DISTRICT #1
PLEASANT HILL
5.350% 12/01/2012................ 650,000 656,500
5.450% 12/01/2013................ 725,000 734,969
LANE COUNTY SCHOOL DISTRICT #19
SPRINGFIELD REFUNDING
6.000% 10/15/2014................ 1,310,000 1,422,987
LINCOLN COUNTY SCHOOL DISTRICT
6.000% 06/15/2006................ 900,000 970,875
6.000% 06/15/2007................ 1,855,000 2,005,719
6.000% 06/15/2008................ 1,450,000 1,569,625
6.000% 06/15/2009................ 3,465,000 3,759,525
5.600% 06/15/2010................ 3,480,000 3,640,950
5.250% 06/15/2012................ 3,815,000 3,843,612
MALHEUR COUNTY SCHOOL DISTRICT #26
NYSSA
5.750% 06/01/2015................ 1,910,000 1,991,175
MARION COUNTY CERTIFICATES OF
PARTICIPATION COURTHOUSE SQUARE
PROJECT-SERIES A
4.450% 6/01/2010................. 430,000 406,350
MARION COUNTY SCHOOL DISTRICT #103C
WOODBURN SERIES B
0.000% 11/01/2006................ 2,000,000 1,415,000
</TABLE>
See Accompanying Notes to Financial Statements
57
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- --------------------- ---------------------
-- COLUMBIA MUNICIPAL BOND FUND, INC. --
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June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
----------- -------------
<S> <C> <C>
OREGON INSURED GENERAL OBLIGATION (CONTINUED)
0.000% 11/01/2007................ $2,000,000 $ 1,337,500
0.000% 11/01/2009................ 2,500,000 1,496,875
0.000% 11/01/2011................ 2,210,000 1,174,062
MILWAUKIE, OR
4.650% 06/01/2009................ 405,000 396,900
4.750% 06/01/2010................ 425,000 418,094
4.850% 06/01/2011................ 340,000 334,900
MORROW COUNTY SCHOOL DISTRICT
6.000% 06/01/2006................ 880,000 949,300
MULTNOMAH COUNTY SCHOOL DISTRICT #3
PARKROSE
5.400% 12/01/2005................ 1,010,000 1,050,400
5.700% 12/01/2008................ 1,330,000 1,383,200
5.700% 12/01/2009................ 1,970,000 2,041,413
5.500% 12/01/2010................ 895,000 915,138
5.500% 12/01/2011................ 1,000,000 1,018,750
NORTHERN OREGON CORRECTIONS
5.250% 09/15/2012................ 1,000,000 1,005,000
5.300% 09/15/2013................ 1,000,000 1,007,500
PORTLAND COMMUNITY COLLEGE DISTRICT
5.000% 07/01/2011................ 2,000,000 1,987,500
SALEM PEDESTRIAN SAFETY
IMPROVEMENTS
5.400% 05/01/2009................ 1,000,000 1,026,250
STATE DEPARTMENT OF ADMINISTRATIVE
SERVICES CERTIFICATES OF
PARTICIPATION SERIES A
4.500% 05/01/2012................ 1,020,000 960,075
5.000% 05/01/2013................ 1,240,000 1,219,850
5.000% 05/01/2014................ 1,000,000 982,500
5.000% 05/01/2024................ 1,500,000 1,411,875
TILLAMOOK COUNTY
5.700% 01/15/2016................ 700,000 730,625
TILLAMOOK COUNTY REFUNDING
4.400% 01/01/2011................ 550,000 515,625
4.600% 01/01/2013................ 600,000 564,750
<CAPTION>
PRINCIPAL
AMOUNT VALUE
----------- -------------
<S> <C> <C>
UMATILLA COUNTY SCHOOL DISTRICT
#16R PENDLETON
4.650% 07/01/2010................ $1,660,000 $ 1,618,500
UMATILLA COUNTY SCHOOL DISTRICT #8R
HERMISTON
4.400% 12/01/2011................ 1,000,000 938,750
WASHINGTON COUNTY SCHOOL DISTRICT
#15
5.250% 06/01/2009................ 2,150,000 2,206,438
WASHINGTON COUNTY SCHOOL DISTRICT
#48J BEAVERTON SERIES A
5.200% 12/01/2009................ 1,740,000 1,770,450
WASHINGTON COUNTY SCHOOL DISTRICT
#15 FOREST GROVE
5.125% 06/01/2010................ 1,000,000 1,025,000
WASHINGTON COUNTY SCHOOL DISTRICT
#13
5.350% 06/01/2011................ 355,000 361,656
5.350% 06/01/2012................ 440,000 446,050
WASHINGTON COUNTY SCHOOL DISTRICT
#088J SHERWOOD
6.100% 06/01/2012................ 185,000 197,488
5.125% 06/15/2012................ 2,135,000 2,129,663
5.125% 06/15/2013................ 1,160,000 1,149,850
YAMHILL COUNTY SCHOOL DISTRICT #29J
NEWBERG
5.750% 06/01/2009................ 2,000,000 2,130,000
5.750% 06/01/2011................ 2,280,000 2,428,200
YAMHILL COUNTY SCHOOL DISTRICT #40
6.000% 06/01/2009................ 500,000 542,500
5.350% 06/01/2010................ 500,000 510,625
5.600% 06/01/2016................ 500,000 521,250
-------------
85,955,088
-------------
TOTAL GENERAL OBLIGATION BONDS
(COST $192,245,293)............... 194,067,214
-------------
REVENUE BONDS (44.3%)
OREGON REVENUE (21.4%)
ALBANY HOSPITAL FACILITY AUTHORITY
MENNONITE HOME
5.625% 10/01/2017................ 635,000 634,206
</TABLE>
See Accompanying Notes to Financial Statements
58
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- --------------------- ---------------------
-- COLUMBIA MUNICIPAL BOND FUND, INC. --
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June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
----------- -------------
<S> <C> <C>
OREGON REVENUE (CONTINUED)
BEND MUNICIPAL AIRPORT PJ SERIES B
5.375% 06/01/2013................ $ 150,000 $ 148,500
BENTON COUNTY HOSPITAL FACILITIES
AUTHORITY REFUNDING SAMARITAN
HEALTH SERVICES PROJECT
4.300% 10/01/2006................ 230,000 220,800
4.400% 10/01/2007................ 220,000 210,375
4.800% 10/01/2011................ 245,000 230,912
5.200% 10/01/2017................ 1,895,000 1,809,725
CLACKAMAS COUNTY HOSPITAL FACILITY
AUTHORITY ODD FELLOWS HOME-SERIES
A
5.500% 09/15/2008................ 1,750,000 1,743,437
CLACKAMAS COUNTY HOSPITAL FACILITY
AUTHORITY WILLAMETTE VIEW, INC.
PROJECT
6.000% 11/01/2008................ 670,000 704,337
CLACKAMAS COUNTY HOSPITAL FACILITY
AUTHORITY REVENUE LEGACY HEALTH
SYSTEM
5.500% 02/15/2014................ 1,000,000 1,015,000
CLACKAMAS COUNTY HOSPITAL FACILITY
KAISER PERMANENTE SERIES A
5.375% 04/01/2014................ 1,770,000 1,747,875
CLACKAMAS COUNTY HOSPITAL FACILITY
AUTHORITY REVENUE LEGACY HEALTH
SYSTEMS
5.000% 02/15/2015................ 1,400,000 1,344,000
CLACKAMAS COUNTY HOSPITAL FACILITY
AUTHORITY ROBISON JEWISH HOME
PROJECT
6.250% 10/01/2021................ 1,630,000 1,641,328
CLACKAMAS COUNTY HOSPITAL FACILITY
AUTHORITY GNMA COLLATERAL JENNINGS
LODGE
7.500% 10/20/2031................ 1,030,000 1,071,416
<CAPTION>
PRINCIPAL
AMOUNT VALUE
----------- -------------
<S> <C> <C>
CLACKAMAS COUNTY HOUSING AUTHORITY
MULTIFAMILY HOUSING EASTON RIDGE
SERIES A
5.800% 12/01/2016................ $2,255,000 $ 2,300,100
CLACKAMAS COUNTY OREGON HOSPITAL
FACILITY AUTHORITY REFUNDING ODD
FELLOWS HOME-SERIES A
5.875% 09/15/2021................ 2,890,000 2,835,003
DESCHUTES COUNTY HOSPITAL FACILITY
AUTHORITY
5.750% 01/01/2009................ 1,670,000 1,722,187
DESCHUTES VALLEY WATER DISTRICT
5.875% 09/01/2005................ 3,420,000 3,599,550
EUGENE ELECTRIC UTILITY REFUNDING
5.800% 08/01/2008................ 1,435,000 1,474,462
5.800% 08/01/2009................ 1,300,000 1,330,875
6.000% 08/01/2011................ 1,375,000 1,412,812
GRESHAM SEWER
5.350% 06/01/2006................ 860,000 890,100
GRESHAM STORMWATER
6.100% 10/01/2009................ 1,115,000 1,180,506
HILLSBORO HOSPITAL FACILITY
AUTHORITY QUALITY HEALTHCARE
5.750% 10/01/2012................ 4,350,000 4,408,334
LEBANON OREGON URBAN RENEWAL AGENCY
5.625% 06/01/2019................ 1,000,000 978,750
LEBANON WASTEWATER REFUNDING
5.750% 06/01/2011................ 1,225,000 1,247,969
NORTH CLACKAMAS PARKS & RECREATION
DISTRICT RECREATIONAL FACILITIES
5.700% 04/01/2013................ 2,910,000 2,971,838
NORTHERN WASCO COUNTY PEOPLE'S
UTILITY DISTRICT ELECTRIC
0.000% 02/01/2006................ 610,000 435,388
0.000% 02/01/2007................ 585,000 387,563
0.000% 02/01/2008................ 610,000 374,388
</TABLE>
See Accompanying Notes to Financial Statements
59
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- --------------------- ---------------------
-- COLUMBIA MUNICIPAL BOND FUND, INC. --
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June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
----------- -------------
<S> <C> <C>
OREGON REVENUE (CONTINUED)
0.000% 02/01/2011................ $ 500,000 $ 247,500
OREGON HEALTH, HOUSING, EDUCATIONAL
& CULTURAL FACILITIES AUTHORITY/
AQUARIUM
4.750% 10/01/2008................ 1,550,000 1,503,500
4.900% 10/01/2009................ 670,000 644,875
OREGON HEALTH, HOUSING, EDUCATIONAL
& CULTURAL FACILITIES AUTHORITY
REED COLLEGE PROJECT SERIES A
5.300% 07/01/2011................ 500,000 495,625
OREGON HEALTH, HOUSING, EDUCATIONAL
& CULTURAL FACILITIES AUTHORITY
GOODWILL INDUSTRIES LANE COUNTY,
SERIES A
6.650% 11/15/2022................ 4,300,000 4,160,250
OREGON HEALTH, HOUSING, EDUCATIONAL
& CULTURAL FACILITIES AUTHORITY
LINFIELD COLLEGE PROJECT-SERIES A
4.550% 10/01/2008................ 525,000 501,375
4.650% 10/01/2009................ 555,000 526,556
OREGON HOUSING & COMMUNITY SERVICES
DEPARTMENT HOUSING FINANCE
ASSISTED INSURED MULTI-UNIT B
6.800% 07/01/2013................ 8,270,000 8,631,813
OREGON HOUSING & COMMUNITY SERVICES
DEPARTMENT MORTGAGE SINGLE-FAMILY
MORTGAGE PROGRAM SERIES A
4.850% 07/01/2010................ 310,000 304,575
5.100% 07/01/2014................ 430,000 422,475
6.800% 07/01/2016................ 1,815,000 1,910,288
OREGON HOUSING & COMMUNITY SERVICES
DEPARTMENT MORTGAGE SINGLE-FAMILY
MORTGAGE PROGRAM SERIES D
6.700% 07/01/2013................ 1,000,000 1,033,750
<CAPTION>
PRINCIPAL
AMOUNT VALUE
----------- -------------
<S> <C> <C>
OREGON HOUSING & COMMUNITY SERVICES
DEPARTMENT MORTGAGE SINGLE-FAMILY
MORTGAGE PROGRAM SERIES E
6.750% 07/01/2016................ $ 55,000 $ 53,969
OREGON HOUSING FINANCIAL REVENUE
5.800% 07/01/2009................ 390,000 390,679
PORT OF ST. HELENS POLLUTION
CONTROL PORTLAND GENERAL ELECTRIC
CO. SERIES A
4.800% 04/01/2010................ 4,195,000 4,105,856
PORT OF ST. HELENS POLLUTION
CONTROL PORTLAND GENERAL ELECTRIC
CO. SERIES B
4.800% 06/01/2010................ 3,500,000 3,421,250
PORTLAND HOUSING AUTHORITY
MULTIFAMILY HOUSING-SENIOR
LIEN-CIVIC APARTMENTS-SERIES A
5.600% 01/01/2018................ 1,240,000 1,261,700
PORTLAND HOUSING AUTHORITY
REF-POOLED HOUSING-SERIES A
4.500% 01/01/2009................ 660,000 636,900
5.000% 01/01/2019................ 5,540,000 5,269,925
5.100% 01/01/2027................ 3,000,000 2,835,600
PORTLAND HYDROELECTRIC POWER
6.800% 10/01/2004................ 465,000 467,888
PORTLAND PARKING REFUNDING
6.375% 10/01/2012................ 1,700,000 1,727,625
PORTLAND WATER SYSTEM
5.250% 08/01/2013................ 2,000,000 2,017,500
5.000% 08/01/2017................ 3,685,000 3,556,025
PRINEVILLE SEWER FIRST LIEN
6.500% 07/01/2004................ 500,000 527,500
REEDSPORT WATER
7.000% 10/01/2014................ 520,000 569,400
SALEM HOSPITAL FACILITY AUTHORITY
5.000% 08/15/2018................ 2,000,000 1,867,500
</TABLE>
See Accompanying Notes to Financial Statements
60
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-----------------------------------------------------------------
[LOGO]
- --------------------- ---------------------
-- COLUMBIA MUNICIPAL BOND FUND, INC. --
------
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
----------- -------------
<S> <C> <C>
OREGON REVENUE (CONTINUED)
SALEM OREGON HOSPITAL FACILITY
AUTHORITY REVENUE CAPITAL MANOR,
INC.
7.500% 12/01/2024................ $ 150,000 $ 162,938
SHERIDAN WATER REVENUE REFUNDING
5.350% 04/01/2018................ 300,000 287,250
SOUTH FORK WATER BOARD FIRST LIEN
5.450% 02/01/2014................ 1,300,000 1,300,000
STATE HOUSING & COMMUNITY SERVICES
DEPARTMENT MORTGAGE SINGLE FAMILY
MORTGAGE PROJECT SERIES E
5.375% 07/01/2021................ 4,000,000 3,910,000
WASHINGTON COUNTY HOUSING AUTHORITY
AFFORDABLE HOUSING POOL SERIES A
6.000% 07/01/2020................ 2,000,000 1,980,000
-------------
96,803,823
-------------
OREGON INSURED REVENUE (22.9%)
CLACKAMAS COUNTY HEALTH FACILITY
AUTHORITY REVENUE REFUNDING
ADVENTIST HEALTH A
6.350% 03/01/2009................ 1,525,000 1,612,687
EMERALD PEOPLES UTILITIES DISTRICT
7.200% 11/01/2006................ 480,000 553,800
7.350% 11/01/2010................ 2,160,000 2,613,600
7.350% 11/01/2011................ 2,000,000 2,435,000
7.350% 11/01/2012................ 2,490,000 3,022,237
7.350% 11/01/2013................ 2,675,000 3,256,812
EUGENE ELECTRIC UTILITIES
SYSTEM-SERIES B
5.000% 08/01/2023................ 500,000 471,875
EUGENE ELECTRIC UTILITY REFUNDING
4.700% 08/01/2008................ 1,225,000 1,212,750
EUGENE ELECTRIC UTILITY
SYSTEM-SERIES B
4.550% 08/01/2010................ 600,000 579,750
4.650% 08/01/2011................ 625,000 603,125
<CAPTION>
PRINCIPAL
AMOUNT VALUE
----------- -------------
<S> <C> <C>
5.000% 08/01/2018................ $1,000,000 $ 943,750
MARION COUNTY CERTIFICATES OF
PARTICIPATION COURTHOUSE SQUARE
PROJECT-SERIES A
4.650% 6/01/2012................. 355,000 339,025
MARION COUNTY CERTIFICATES OF
PARTICIPATION COURTHOUSE SQUARE
PROJECT-SERIES A
5.000% 06/01/2023................ 1,000,000 942,500
MEDFORD HOSPITAL FACILITIES
AUTHORITY REVENUE ASANTE HEALTH
SYSTEM SERIES A
5.250% 08/15/2008................ 1,645,000 1,688,181
5.250% 08/15/2011................ 800,000 810,000
MEDFORD HOSPITAL FACILITIES
AUTHORITY REVENUE ASANTE HEALTH
SYSTEM SERIES B
5.125% 8/15/2028................. 7,000,000 6,632,500
MULTNOMAH COUNTY EDUCATIONAL
FACILITIES UNIVERSITY OF PORTLAND
PROJECT
5.000% 04/01/2018................ 1,530,000 1,453,500
ONTARIO OREGON CATHOLIC HEALTH HOLY
ROSARY MEDICAL CENTER
5.500% 11/15/2012................ 1,500,000 1,550,625
OREGON DEPARTMENT OF ADMINISTRATIVE
SERVICES CERTIFICATES
PARTICIPATION SERIES A
5.375% 11/01/2004................ 1,500,000 1,561,875
5.250% 05/01/2008................ 4,950,000 5,067,562
5.300% 05/01/2008................ 750,000 771,563
5.250% 11/01/2009................ 2,460,000 2,499,975
5.700% 05/01/2015................ 1,000,000 1,040,000
5.375% 11/01/2016................ 4,695,000 4,730,212
OREGON DEPARTMENT OF ADMINISTRATIVE
SERVICES CERTIFICATES
PARTICIPATION SERIES B
5.500% 11/01/2011................ 1,635,000 1,686,094
5.000% 11/01/2013................ 1,000,000 985,000
5.000% 11/01/2014................ 500,000 488,750
</TABLE>
See Accompanying Notes to Financial Statements
61
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[LOGO]
- --------------------- ---------------------
-- COLUMBIA MUNICIPAL BOND FUND, INC. --
------
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
----------- -------------
<S> <C> <C>
OREGON INSURED REVENUE (CONTINUED)
OREGON DEPARTMENT OF ADMINISTRATIVE
SERVICES CERTIFICATES
PARTICIPATION SERIES C
5.500% 05/01/2011................ $2,000,000 $ 2,060,000
5.750% 05/01/2017................ 2,000,000 2,085,000
OREGON DEPARTMENT OF GENERAL
SERVICES CERTIFICATES
PARTICIPATION SERIES C
5.800% 03/01/2015................ 840,000 867,300
OREGON HEALTH SCIENCES UNIVERSITY
SERIES A
0.000% 07/01/2009................ 1,530,000 931,387
0.000% 08/01/2012................ 1,315,000 672,294
0.000% 07/01/2014................ 2,495,000 1,128,987
OREGON HEALTH SCIENCES UNIVERSITY
REVENUE SERIES A
0.000% 07/01/2015................ 4,325,000 1,838,125
OREGON HEALTH SCIENCES UNIVERSITY
SERIES B
4.875% 07/01/2007................ 1,695,000 1,699,237
OREGON HEALTH, HOUSING, EDUCATIONAL
& CULTURAL FACILITIES AUTHORITY
LEWIS & CLARK COLLEGE
6.000% 10/01/2013................ 965,000 1,036,169
PORT OF PORTLAND AIRPORT
REFUNDING-PORTLAND INTERNATIONAL
AIRPORT-SERIES 12B
5.250% 07/01/2012................ 1,720,000 1,743,650
PORT OF PORTLAND AIRPORT REVENUE
PORTLAND INTERNATIONAL AIRPORT
SERIES 7-A
6.500% 07/01/2004................ 500,000 524,375
6.750% 07/01/2015................ 3,470,000 3,656,513
PORT OF PORTLAND AIRPORT REVENUE
SERIES 9-A
5.500% 07/01/2006................ 500,000 518,125
PORTLAND ARENA GAS TAX REVENUE
0.000% 06/01/2016................ 1,100,000 409,750
<CAPTION>
PRINCIPAL
AMOUNT VALUE
----------- -------------
<S> <C> <C>
0.000% 06/01/2017................ $2,320,000 $ 806,200
PORTLAND GAS TAX REVENUE SERIES A
5.800% 06/01/2016................ 1,625,000 1,696,094
PORTLAND SEWER SYSTEM REVENUE
SERIES A
5.000% 06/01/2009................ 1,075,000 1,080,375
5.125% 06/01/2012................ 2,600,000 2,606,500
4.500% 06/01/2015................ 510,000 466,650
SALEM WATER & SEWER
6.000% 06/01/2005................ 1,080,000 1,158,300
TUALATIN HILLS PARK & RECREATION
DISTRICT
5.750% 03/01/2014................ 990,000 1,048,163
TUALATIN VALLEY WATER DISTRICT
5.000% 6/01/2018................. 2,045,000 1,945,306
WASHINGTON COUNTY UNIFIED SEWER
AGENCY
5.500% 10/01/2016................ 1,500,000 1,530,000
WASHINGTON COUNTY UNIFIED SEWER
AGENCY SERIES A
0.000% 10/01/2003................ 1,975,000 1,641,719
0.000% 10/01/2005................ 5,230,000 3,915,963
0.000% 10/01/2007................ 4,835,000 3,251,538
5.750% 10/01/2009................ 3,045,000 3,242,925
5.750% 10/01/2010................ 2,000,000 2,135,000
5.750% 10/01/2011................ 1,825,000 1,952,750
5.400% 10/01/2012................ 520,000 537,550
5.750% 10/01/2012................ 2,000,000 2,142,500
WASHINGTON COUNTY UNIFIED SEWER
AGENCY UNREFUNDED SERIES A
5.900% 10/01/2006................ 1,050,000 1,109,063
WESTERN LANE HOSPITAL DISTRICT
FACILITY AUTHORITY REVENUE
REFUNDING SISTERS ST. JOSEPH PEACE
5.625% 08/01/2007................ 2,080,000 2,197,042
-------------
103,187,298
-------------
TOTAL REVENUE BONDS
(COST $199,255,093)............... 199,991,121
-------------
</TABLE>
See Accompanying Notes to Financial Statements
62
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- --------------------- ---------------------
-- COLUMBIA MUNICIPAL BOND FUND, INC. --
------
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
----------- -------------
<S> <C> <C>
PRE-REFUNDED BONDS (3.2%)
CHEMEKETA COMMUNITY COLLEGE
DISTRICT
5.950% 06/01/2016................ $1,600,000 $ 1,716,000
CLACKAMAS COUNTY HOSPITAL FACILITY
AUTHORITY ELDERLY HOUSING
WILLAMETTE VIEW INCOME PROJECT
7.000% 11/15/2011................ 470,000 507,600
CLACKAMAS COUNTY SCHOOL DISTRICT #1
6.300% 07/01/2003................ 700,000 728,000
CLACKAMAS COUNTY SCHOOL DISTRICT
#115 GLADSTONE
6.150% 06/01/2014................ 1,200,000 1,305,000
EUGENE ELECTRIC UTILITY SERIES C
5.750% 08/01/2016................ 1,055,000 1,119,619
LANE COUNTY SCHOOL DISTRICT #19
SPRINGFIELD
6.150% 10/15/2009................ 1,500,000 1,627,500
MULTNOMAH COUNTY EDUCATIONAL
FACILITIES UNIVERSITY OF PORTLAND
PROJECT
6.000% 04/01/2014................ 1,375,000 1,469,531
OREGON CITY SEWER
6.500% 10/01/2007................ 500,000 545,000
PORTLAND SEWER SYSTEM REVENUE
SERIES A
6.050% 06/01/2009................ 535,000 574,456
PRINEVILLE SEWER FIRST LIEN
6.800% 07/01/2012................ 1,050,000 1,126,125
TUALATIN HILLS PARK & RECREATION
DISTRICT
5.700% 03/01/2009................ 1,340,000 1,405,325
5.750% 03/01/2010................ 730,000 767,412
UMATILLA COUNTY SCHOOL DISTRICT #8R
HERMISTON
6.000% 12/01/2010................ 695,000 744,519
<CAPTION>
PRINCIPAL
AMOUNT VALUE
----------- -------------
<S> <C> <C>
PRE-REFUNDED BONDS (CONTINUED)
WASHINGTON COUNTY SCHOOL DISTRICT
#88J SHERWOOD
6.100% 06/01/2012................ $ 815,000 $ 877,527
-------------
TOTAL PRE-REFUNDED BONDS
(COST $13,594,770)................ 14,513,614
-------------
OREGON OTHER BONDS (2.4%)
GRANTS PASS URBAN RENEWAL AGENCY
TAX INCREMENT
6.125% 08/01/2012................ 755,000 766,325
HOOD RIVER URBAN RENEWAL AGENCY
6.250% 12/15/2011................ 1,250,000 1,323,437
LANE COUNTY SCHOOL DISTRICT #4J
EUGENE CERTIFICATES
6.900% 10/01/2000................ 500,000 518,750
LEBANON SPECIAL OBLIGATION REVENUE
REFUNDING LEASE WATER
5.400% 10/01/2013................ 755,000 757,831
MEDFORD URBAN RENEWAL AGENCY TAX
REVENUE
5.875% 09/01/2010................ 500,000 512,500
MULTNOMAH COUNTY CERTIFICATE
PARTICIPATION
4.550% 8/01/2010................. 1,725,000 1,645,219
NEWBERG CERTIFICATES PARTICIPATION
6.000% 12/01/1999................ 390,000 393,557
6.100% 12/01/2000................ 410,000 419,737
6.200% 12/01/2001................ 410,000 425,888
PORTLAND AIRPORT WAY URBAN RENEWAL
& REDEVELOPMENT TAX INCREMENT
SERIES C
5.900% 06/01/2006................ 860,000 903,000
REDEVELOPMENT REFUNDING, DOWNTOWN
WATERFRONT SERIES L
6.000% 06/01/2002................ 1,170,000 1,221,188
6.400% 06/01/2008................ 2,095,000 2,189,275
-------------
TOTAL OREGON OTHER BONDS
(COST $10,826,122)................ 11,076,707
-------------
</TABLE>
See Accompanying Notes to Financial Statements
63
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- --------------------- ---------------------
-- COLUMBIA MUNICIPAL BOND FUND, INC. --
------
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
----------- -------------
<S> <C> <C>
U.S. TERRITORIES BONDS (5.0%)
GUAM GOVERNMENT LIMITED OBLIGATION
INFRASTRUCTURE IMPROVEMENT-SERIES
A
5.000% 11/01/2017................ $3,000,000 $ 2,898,750
PUERTO RICO COMMONWEALTH AQUEDUCT &
SEWER AUTHORITY REVENUE SERIES A
9.000% 07/01/2009................ 6,405,000 7,645,969
PUERTO RICO COMMONWEALTH PUBLIC
IMPROVEMENTS
6.250% 07/01/2013................ 1,000,000 1,120,000
PUERTO RICO COMMONWEALTH PUBLIC
BUILDINGS AUTHORITY REVENUE SERIES
B
5.000% 07/01/2013................ 3,130,000 3,086,962
PUERTO RICO ELECTRIC POWER
AUTHORITY
5.000% 07/01/2010................ 2,425,000 2,455,313
PUERTO RICO HOUSING BANK & FINANCE
AGENCY SINGLE FAMILY MORTGAGE
REVENUE FHA HOMEOWNERSHIP 5TH
PORTFOLIO
7.500% 12/01/2015................ 610,000 631,466
PUERTO RICO HOUSING FINANCE CORP.
SINGLE FAMILY MORTGAGE REVENUE
PORTFOLIO 1 SERIES B
7.500% 10/15/2012................ 1,040,000 1,079,135
PUERTO RICO HOUSING FINANCE CORP.
SINGLE FAMILY MORTGAGE REVENUE
PORTFOLIO 1 SERIES C
6.750% 10/15/2013................ 710,000 740,175
<CAPTION>
PRINCIPAL
AMOUNT VALUE
----------- -------------
<S> <C> <C>
PUERTO RICO HOUSING FINANCE CORP.
MULTI FAMILY MORTGAGE REVENUE
PORTFOLIO A-1
7.500% 04/01/2022................ $1,425,000 $ 1,468,833
VIRGIN ISLANDS PUBLIC FINANCE
AUTHORITY REVENUE UNREFUNDED
BALANCE SERIES A
7.300% 10/01/2018................ 1,185,000 1,456,069
-------------
TOTAL U.S. TERRITORIES BONDS
(COST $22,159,475)................ 22,582,672
-------------
TOTAL INVESTMENTS, EXCLUDING
TEMPORARY CASH INVESTMENT
(COST $438,080,753)............... 442,231,328
-------------
TAX-EXEMPT MONEY MARKET INVESTMENT (1.3%)
SEI TAX EXEMPT TRUST
(COST $5,690,695)................ 5,690,695 5,690,695
TOTAL INVESTMENTS (99.2%)
(COST $443,771,448)................... 447,922,023
OTHER ASSETS LESS LIABILITIES (0.8%)... 3,664,258
-------------
TOTAL NET ASSETS (100.0%).............. $ 451,586,281
-------------
-------------
</TABLE>
See Accompanying Notes to Financial Statements
64
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- ------------------------ ------------------------
-- COLUMBIA HIGH YIELD FUND, INC. --
------
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
----------- ------------
<S> <C> <C>
CORPORATE BONDS (88.3%)
INDUSTRIAL (72.3%)
BASIC INDUSTRY & MANUFACTURING (5.6%)
MANUFACTURING (4.5%)
BALL CORP.
SENIOR NOTES
7.750% 08/01/2006.............. $1,200,000 $ 1,176,000
OWENS-ILLINOIS, INC.
SENIOR NOTES
7.150% 05/15/2005.............. 1,500,000 1,442,070
SILGAN HOLDINGS, INC.
SENIOR SUBORDINATED DEBENTURES
9.000% 06/01/2009.............. 500,000 495,000
------------
3,113,070
------------
METALS/MINING (1.1%)
RYERSON TULL, INC.
NOTES
8.500% 07/15/2001.............. 750,000 763,125
------------
TOTAL BASIC INDUSTRY &
MANUFACTURING..................... 3,876,195
------------
BUSINESS & CONSUMER SERVICES (30.8%)
SERVICES & PUBLISHING (14.4%)
ALLIED WASTE NORTH AMERICA, INC.
SENIOR NOTES, SERIES B
7.625% 01/01/2006.............. 1,200,000 1,113,000
AVIATION SALES CO.
SENIOR SUBORDINATED NOTES
8.125% 02/15/2008.............. 1,300,000 1,222,000
HOLLINGER INTERNATIONAL
PUBLISHING, INC.
SENIOR NOTES
8.625% 03/15/2005.............. 1,500,000 1,515,000
IRON MOUNTAIN, INC.
SENIOR SUBORDINATED NOTES
10.125% 10/01/2006............. 1,250,000 1,306,250
PIERCE LEAHY COMMAND CORP.
SENIOR NOTES
8.125% 05/15/2008.............. 1,000,000 940,000
<CAPTION>
PRINCIPAL
AMOUNT VALUE
----------- ------------
<S> <C> <C>
PROTECTION ONE ALARM MONITORING,
INC.
SENIOR NOTES
7.375% 08/15/2005.............. $1,000,000 $ 950,000
RENTAL SERVICE CORP.
SENIOR SUBORDINATED NOTES
9.000% 05/15/2008.............. 1,250,000 1,325,000
UNITED STATIONERS SUPPLY CO.
SENIOR SUBORDINATED NOTES
8.375% 04/15/2008.............. 735,000 698,250
WORLD COLOR PRESS, INC.
SENIOR SUBORDINATED NOTES
8.375% 11/15/2008.............. 1,000,000 975,000
------------
10,044,500
------------
ENTERTAINMENT & MEDIA (16.4%)
ADELPHIA COMMUNICATIONS CORP.
SENIOR NOTES, SERIES B
10.500% 07/15/2004............. 1,000,000 1,067,500
CAPSTAR BROADCASTING CORP.
SENIOR SUBORDINATED NOTES,
SERIES B
10.750% 05/15/2006............. 531,000 577,462
CINEMARK USA, INC.
SENIOR SUBORDINATED NOTES,
SERIES B
9.625% 08/01/2008.............. 1,000,000 985,000
COMCAST CORP.
SENIOR SUBORDINATED DEBENTURES
9.500% 01/15/2008.............. 1,000,000 1,047,240
JACOR COMMUNICATIONS CO.
SENIOR SUBORDINATED NOTES,
SERIES B
8.750% 06/15/2007.............. 1,000,000 1,062,500
JONES INTERCABLE, INC.
SENIOR NOTES
8.875% 04/01/2007.............. 700,000 763,000
7.625% 04/15/2008.............. 300,000 300,000
LAMAR ADVERTISING CO.
SENIOR SUBORDINATED NOTES
9.625% 12/01/2006.............. 1,250,000 1,275,000
</TABLE>
See Accompanying Notes to Financial Statements
65
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-----------------------------------------------------------------
[LOGO]
- ------------------------ ------------------------
-- COLUMBIA HIGH YIELD FUND, INC. --
------
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
----------- ------------
<S> <C> <C>
CORPORATE BONDS (CONTINUED)
LENFEST COMMUNICATIONS, INC.
SENIOR NOTES
8.375% 11/01/2005.............. $1,450,000 $ 1,514,424
NEWS CORPORATION LTD.
SENIOR SUBORDINATED NOTES
8.750% 02/15/2006.............. 750,000 791,250
OUTDOOR SYSTEMS, INC.
SENIOR SUBORDINATED NOTES
9.375% 10/15/2006.............. 1,185,000 1,262,025
SINCLAIR BROADCAST GROUP, INC.
SENIOR SUBORDINATED NOTES
8.750% 12/15/2007.............. 750,000 735,000
------------
11,380,401
------------
TOTAL BUSINESS & CONSUMER
SERVICES.......................... 21,424,901
------------
CONSUMER CYCLICAL (11.2%)
AUTO & AUTO PARTS (2.8%)
AMERICAN AXLE & MANUFACTURING,
INC.
SENIOR SUBORDINATED NOTES
9.750% 03/01/2009.............. 1,000,000 1,000,000
FEDERAL MOGUL CORP.
NOTES
7.750% 07/01/2006.............. 1,000,000 957,510
------------
1,957,510
------------
HOTEL & GAMING (3.2%)
HARRAHS OPERATING, INC.
GUARANTEED SENIOR NOTES
7.500% 01/15/2009............ 1,250,000 1,211,425
INTERNATIONAL GAME TECHNOLOGY
(144A)
SENIOR NOTES
7.875% 05/15/2004............ 1,000,000 980,000
------------
2,191,425
------------
<CAPTION>
PRINCIPAL
AMOUNT VALUE
----------- ------------
<S> <C> <C>
HOUSING RELATED (1.4%)
WEBB (DEL) CORP.
SENIOR SUBORDINATED DEBENTURES
9.375% 05/01/2009.............. $1,000,000 $ 961,250
------------
RETAIL (3.8%)
AMES DEPARTMENT STORES (144A)
SENIOR NOTES
10.000% 04/15/2006............. 950,000 928,625
MAXIM GROUP, INC.
SENIOR SUBORDINATED NOTES,
SERIES B
9.250% 10/15/2007.............. 1,000,000 980,000
ZALE CORP.
SENIOR NOTES, SERIES B
8.500% 10/01/2007.............. 750,000 759,375
------------
2,668,000
------------
TOTAL CONSUMER CYCLICAL............ 7,778,185
------------
CONSUMER STAPLES (11.2%)
FOOD/BEVERAGE/TOBACCO (2.6%)
PURINA MILLS, INC.
SENIOR SUBORDINATED NOTES
9.000% 03/15/2010.............. 450,000 342,000
TRICON GLOBAL RESTAURANTS, INC.
SENIOR NOTES
7.450% 05/15/2005.............. 1,500,000 1,488,750
------------
1,830,750
------------
HEALTH CARE (4.6%)
CONMED CORP.
SENIOR SUBORDINATED NOTES
9.000% 03/15/2008.............. 1,000,000 1,000,000
HEALTHSOUTH CORP.
SENIOR SUBORDINATED NOTES
9.500% 04/01/2001.............. 1,000,000 1,024,610
TENET HEALTHCARE CORP., SERIES B
SENIOR SUBORDINATED NOTES
8.125% 12/01/2008.............. 1,250,000 1,181,250
------------
3,205,860
------------
</TABLE>
See Accompanying Notes to Financial Statements
66
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- ------------------------ ------------------------
-- COLUMBIA HIGH YIELD FUND, INC. --
------
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
----------- ------------
<S> <C> <C>
CORPORATE BONDS (CONTINUED)
HOUSEHOLD PRODUCTS (1.9%)
THE SCOTTS CO. (144A)
SENIOR SUBORDINATED NOTES
8.625% 01/15/2009.............. $1,250,000 $ 1,231,250
------------
OTHER (2.1%)
WESTPOINT STEVENS, INC.
SENIOR NOTES
7.875% 06/15/2005.............. 1,500,000 1,466,250
------------
TOTAL CONSUMER STAPLES............. 7,734,110
------------
ENERGY (9.5%)
GULF CANADA RESOURCES LTD.
SENIOR SUBORDINATED DEBENTURES
9.625% 07/01/2005................ 1,350,000 1,377,000
NEWPARK RESOURCES, INC.
SENIOR SUBORDINATED NOTES, SERIES
B
8.625% 12/15/2007................ 1,000,000 950,000
PRIDE INTERNATIONAL, INC.
SENIOR NOTES
10.000% 06/01/2009............... 750,000 765,000
SANTA FE SNYDER CORP.
SENIOR NOTES
8.050% 06/15/2004................ 1,250,000 1,242,188
VINTAGE PETROLEUM, INC.
SENIOR SUBORDINATED NOTES
9.750% 06/30/2009................ 1,000,000 1,022,500
WESTERN GAS RESOURCES, INC. (144A)
SENIOR SUBORDINATED NOTES
10.000% 06/15/2009............... 1,250,000 1,275,000
------------
TOTAL ENERGY....................... 6,631,688
------------
TECHNOLOGY (2.2%)
UNISYS CORP.
SENIOR NOTES
11.750% 10/15/2004............... 1,400,000 1,554,000
------------
TRANSPORTATION (1.8%)
OTHER (1.8%)
ALLIED HOLDING, INC.
SENIOR NOTES, SERIES B
8.625% 10/01/2007.............. 500,000 475,000
<CAPTION>
PRINCIPAL
AMOUNT VALUE
----------- ------------
<S> <C> <C>
TEEKAY SHIPPING CORP.
GTD. 1ST PFD. SHIP. MTG. NOTES
8.320% 02/01/2008.............. $ 850,000 $ 799,000
------------
TOTAL TRANSPORTATION............... 1,274,000
------------
TOTAL INDUSTRIAL................... 50,273,079
------------
UTILITIES (14.6%)
ELECTRIC (5.3%)
AES CORP.
SENIOR SUBORDINATED NOTES
10.250% 07/15/2006............... 800,000 822,000
AES CORP.
SENIOR SUBORDINATED EXCHANGE NOTES
8.375% 08/15/2007............... 500,000 470,000
CALPINE CORP.
SENIOR NOTES
7.625% 04/15/2006............... 1,500,000 1,452,735
CMS ENERGY X-TRAS (144A)
PASS THRU TRUST I
SENIOR UNSECURED NOTES
7.000% 01/15/2005............... 1,000,000 955,600
------------
3,700,335
------------
TELECOMMUNICATIONS (9.3%)
CROWN CASTLE INTERNATIONAL CORP.
SENIOR NOTES
9.000% 05/15/2011................ 950,000 931,000
FLAG LTD.
SENIOR NOTES
8.250% 01/30/2008................ 1,250,000 1,165,625
LEVEL 3 COMMUNICATIONS, INC.
SENIOR DISCOUNT NOTES
0.000% 12/01/2008
0.000% TO 12/01/2003 THEN
10.500% TO 12/01/2008............ 2,050,000 1,260,750
MCLEODUSA, INC.(144A)
SENIOR NOTES
8.125% 02/15/2009................ 1,000,000 937,500
METROMEDIA FIBER NETWORK, INC.
SENIOR NOTES, SERIES B
10.000% 11/15/2008............... 1,000,000 1,027,500
</TABLE>
See Accompanying Notes to Financial Statements
67
<PAGE>
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-----------------------------------------------------------------
[LOGO]
- ------------------------ ------------------------
-- COLUMBIA HIGH YIELD FUND, INC. --
------
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
----------- ------------
<S> <C> <C>
CORPORATE BONDS (CONTINUED)
NEXTLINK COMMUNICATIONS, INC.
SENIOR DISCOUNT NOTES
0.000% 04/15/2008 0.000% TO
04/15/2003 THEN 9.450% TO
04/15/2008....................... $1,000,000 $ 600,000
NEXTLINK COMMUNICATIONS, INC.
(144A)
SENIOR NOTES
10.750% 11/15/2008............... 500,000 510,000
------------
6,432,375
------------
TOTAL UTILITIES.................... 10,132,710
------------
YANKEE (1.4%)
OTHER
KOREA DEVELOPMENT BANK BONDS
6.500% 11/15/2002.............. 1,000,000 958,700
------------
TOTAL CORPORATE BONDS
(COST $62,719,772)................ 61,364,489
------------
REPURCHASE AGREEMENTS (10.0%)
J.P. MORGAN SECURITIES, INC.
5.019% DATED 06/30/1999,
DUE 07/01/1999 IN THE
AMOUNT OF $4,710,524.
COLLATERALIZED BY
U.S. TREASURY BONDS
7.250% TO 8.750%
DUE 05/15/2016 TO 05/15/2017
U.S. TREASURY NOTES
5.625% TO 7.750%
DUE 12/31/1999 TO 02/15/2005........ 4,709,876 4,709,876
<CAPTION>
PRINCIPAL
AMOUNT VALUE
----------- ------------
<S> <C> <C>
MERRILL LYNCH
5.019% DATED 06/30/1999,
DUE 07/01/1999 IN THE
AMOUNT OF $2,200,303.
COLLATERALIZED BY
U.S. TREASURY BILL
DUE 07/15/1999...................... $2,200,000 $ 2,200,000
------------
TOTAL REPURCHASE AGREEMENTS
(COST $6,909,876)................. 6,909,876
------------
TOTAL INVESTMENTS (98.3%)
(COST $69,629,648).................... 68,274,365
OTHER ASSETS LESS LIABILITIES (1.7%)... 1,206,862
------------
NET ASSETS (100%)...................... $ 69,481,227
------------
------------
</TABLE>
See Accompanying Notes to Financial Statements
68
<PAGE>
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[LOGO]
- ----------------------- -----------------------
-- COLUMBIA DAILY INCOME COMPANY --
------
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------------ ---------------
<S> <C> <C>
U.S. GOVERNMENT SECURITIES (5.3%)
FEDERAL HOME LOAN BANK
4.910% 10/13/1999................ $ 10,000,000 $ 10,000,279
FANNIE MAE FLOATER
4.974% 03/23/2000................ 15,000,000 14,992,455
SALLIE MAE FLOATER
5.539% 12/03/1999................ 19,150,000 19,149,690
5.539% 01/20/2000................ 13,300,000 13,299,730
---------------
TOTAL U.S. GOVERNMENT SECURITIES
(COST $57,442,154)................ 57,442,154
---------------
COMMERCIAL PAPER (95.0%)
ALUMINUM CO. OF AMERICA
5.000% 07/14/1999................ 15,000,000 14,970,833
4.800% 07/29/1999................ 20,000,000 19,922,667
AMERICAN EXPRESS CREDIT CORP.
4.800% 07/08/1999................ 15,000,000 14,984,000
4.800% 07/12/1999................ 11,000,000 10,982,400
4.800% 07/14/1999................ 15,000,000 14,972,000
AMERICAN GENERAL FINANCE CORP.
4.810% 07/15/1999................ 8,000,000 7,983,967
5.020% 08/11/1999................ 15,000,000 14,912,150
5.020% 08/19/1999................ 8,000,000 7,944,222
ASSOCIATES CORP.
4.870% 08/04/1999................ 13,000,000 12,938,449
5.000% 08/16/1999................ 7,000,000 6,954,305
BANK OF AMERICA, FSB
4.920% 08/18/1999................ 15,000,000 14,899,550
BANK ONE CORP.
4.800% 09/02/1999................ 8,000,000 7,931,733
BANKAMERICA CORP.
4.790% 08/05/1999................ 15,000,000 14,928,150
4.810% 09/10/1999................ 10,000,000 9,903,800
BARCLAYS U.S. FUNDING CORP.
4.950% 09/09/1999................ 10,000,000 9,902,375
4.940% 09/10/1999................ 16,000,000 15,841,920
CATERPILLAR FINANCIAL SERVICES
CORP.
4.800% 07/06/1999................ 6,855,000 6,849,516
4.900% 09/09/1999................ 11,000,000 10,893,697
CHEVRON TRANSPORT CORP.
4.850% 07/07/1999................ 15,000,000 14,985,854
4.800% 07/20/1999................ 15,000,000 14,960,000
4.800% 08/24/1999................ 11,000,000 10,919,333
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------------ ---------------
<S> <C> <C>
CIT GROUP HOLDINGS, INC.
4.810% 07/19/1999................ $ 15,500,000 $ 15,460,651
CLOROX CO.
5.030% 07/19/1999................ 7,800,000 7,779,293
COMMERCIAL CREDIT CO.
4.860% 07/13/1999................ 10,000,000 9,982,450
CONSOLIDATED NATURAL GAS CO.
5.040% 08/03/1999................ 10,000,000 9,952,400
DEERE, JOHN & CO.
5.000% 07/28/1999................ 8,200,000 8,168,111
4.810% 08/06/1999................ 13,000,000 12,935,867
4.910% 09/07/1999................ 20,000,000 19,811,783
DUPONT (E.I.) DE NEMOURS CO.
4.890% 08/17/1999................ 8,000,000 7,947,840
EASTMAN KODAK CO.
4.800% 07/22/1999................ 10,000,000 9,970,667
4.790% 08/17/1999................ 11,000,000 10,929,747
4.800% 09/21/1999................ 12,000,000 11,867,200
4.820% 09/23/1999................ 8,000,000 7,908,955
EXXON ASSET MANAGEMENT
5.750% 07/01/1999................ 14,200,000 14,197,732
FORD MOTOR CREDIT CO.
4.800% 07/08/1999................ 3,900,000 3,895,840
4.790% 07/09/1999................ 10,000,000 9,988,025
4.800% 07/16/1999................ 10,800,000 10,776,960
4.960% 07/27/1999................ 15,000,000 14,944,200
GENERAL ELECTRIC CAPITAL CORP.
4.810% 07/13/1999................ 6,400,000 6,388,884
4.820% 09/13/1999................ 12,500,000 12,374,479
GENERAL ELECTRIC CAPITAL SERVICES
4.860% 08/03/1999................ 8,200,000 8,162,362
5.010% 10/25/1999................ 11,500,000 11,312,751
GENERAL MOTORS ACCEPTANCE CORP.
4.810% 07/27/1999................ 10,000,000 9,963,925
4.940% 08/13/1999................ 13,000,000 12,921,509
4.910% 08/16/1999................ 15,000,000 14,903,846
GRAINGER (WW), INC.
4.880% 07/06/1999................ 13,000,000 12,989,427
5.220% 07/20/1999................ 14,500,000 14,457,950
GTE FUNDING, INC.
4.950% 07/06/1999................ 10,400,000 10,391,420
HEINZ (H.J.) CO.
4.900% 08/09/1999................ 10,300,000 10,243,922
</TABLE>
See Accompanying Notes to Financial Statements
69
<PAGE>
SCHEDULE OF INVESTMENTS
-----------------------------------------------------------------
[LOGO]
- ----------------------- -----------------------
-- COLUMBIA DAILY INCOME COMPANY --
------
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------------ ---------------
<S> <C> <C>
COMMERCIAL PAPER (CONTINUED)
HOUSEHOLD FINANCE CORP.
4.790% 07/26/1999................ $ 14,000,000 $ 13,951,568
4.830% 07/28/1999................ 15,000,000 14,943,650
4.830% 08/20/1999................ 8,000,000 7,945,260
JOHN HANCOCK CAPITAL CORP.
5.400% 07/07/1999................ 6,000,000 5,993,700
MCGRAW HILL, INC.
4.830% 08/24/1999................ 8,500,000 8,437,277
4.920% 08/31/1999................ 4,875,000 4,833,692
4.970% 09/13/1999................ 13,000,000 12,865,396
MERRILL LYNCH & CO., INC.
4.800% 07/02/1999................ 14,000,000 13,996,267
4.810% 07/13/1999................ 10,000,000 9,982,630
4.800% 08/02/1999................ 13,000,000 12,942,800
METLIFE FUNDING, INC.
4.980% 07/12/1999................ 5,000,000 4,991,700
MONSANTO CO.
4.840% 07/20/1999................ 5,500,000 5,485,211
4.850% 07/22/1999................ 16,000,000 15,952,578
4.860% 08/19/1999................ 9,500,000 9,435,875
4.810% 09/23/1999................ 10,000,000 9,886,431
MORGAN JP & CO., INC.
4.800% 07/15/1999................ 11,500,000 11,477,000
4.800% 07/19/1999................ 4,000,000 3,989,867
4.810% 09/08/1999................ 13,000,000 12,878,414
5.100% 09/21/1999................ 7,000,000 6,917,692
MORGAN STANLEY GROUP, INC.
4.800% 08/10/1999................ 15,000,000 14,918,000
4.980% 08/13/1999................ 5,000,000 4,969,567
MOTOROLA CREDIT CORP.
4.790% 07/23/1999................ 12,000,000 11,963,277
MOTOROLA, INC.
4.780% 07/29/1999................ 2,200,000 2,191,529
4.980% 07/30/1999................ 3,100,000 3,087,135
4.790% 07/30/1999................ 15,000,000 14,940,125
NALCO CHEMICAL CO.
4.840% 07/21/1999................ 5,000,000 4,985,883
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------------ ---------------
<S> <C> <C>
4.860% 08/05/1999................ $ 10,000,000 $ 9,951,400
4.880% 08/12/1999................ 10,000,000 9,941,711
NATIONAL RURAL UTILITIES
COOPERATIVE FINANCE CORP.
4.780% 07/21/1999................ 12,800,000 12,764,309
4.822% 08/20/1999................ 14,000,000 13,904,364
5.070% 10/04/1999................ 7,500,000 7,398,600
NORWEST FINANCIAL, INC.
5.010% 07/26/1999................ 13,400,000 13,351,514
5.010% 07/29/1999................ 7,400,000 7,370,135
5.100% 08/06/1999................ 11,700,000 11,638,673
4.930% 09/02/1999................ 6,000,000 5,947,413
PRIVATE EXPORT FUNDING CORP.
4.800% 07/09/1999................ 11,811,000 11,796,827
4.800% 07/12/1999................ 7,000,000 6,988,800
PRUDENTIAL FUNDING CORP.
4.800% 07/16/1999................ 17,000,000 16,963,733
4.850% 07/23/1999................ 12,000,000 11,962,817
4.810% 09/03/1999................ 12,000,000 11,895,783
U.S. BANCORP
4.990% 08/13/1999................ 5,000,000 4,969,506
UBS FINANCE
5.430% 07/01/1999................ 7,000,000 6,998,944
4.860% 08/09/1999................ 12,000,000 11,935,200
4.860% 09/20/1999................ 16,000,000 15,822,880
USAA CAPITAL CORP.
4.890% 08/04/1999................ 5,000,000 4,976,229
5.020% 08/17/1999................ 5,100,000 5,065,864
4.840% 08/23/1999................ 10,000,000 9,927,400
4.990% 08/26/1999................ 10,500,000 10,417,041
---------------
TOTAL COMMERCIAL PAPER
(COST $1,035,160,784)............. 1,035,160,784
---------------
TOTAL INVESTMENTS, EXCLUDING TEMPORARY
CASH INVESTMENT
(COST $1,092,602,938)................. 1,092,602,938
</TABLE>
See Accompanying Notes to Financial Statements
70
<PAGE>
SCHEDULE OF INVESTMENTS
-----------------------------------------------------------------
[LOGO]
- ----------------------- -----------------------
-- COLUMBIA DAILY INCOME COMPANY --
------
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------------ ---------------
<S> <C> <C>
REPURCHASE AGREEMENT (0.2%)
J.P. MORGAN SECURITIES, INC.
5.019% DATED 06/30/1999,
DUE 07/01/1999 IN THE
AMOUNT OF $2,044,447.
COLLATERALIZED BY U.S. TREASURY
BONDS
7.250% TO 8.750%
DUE 05/15/2016 TO 05/15/2017.
U.S. TREASURY NOTES
5.625% TO 7.750%
DUE 12/31/1999 TO 02/15/2005
(COST $2,044,166)................. $ 2,044,166 $ 2,044,166
---------------
TOTAL INVESTMENTS (100.5%)
(COST $1,094,647,104, INCLUDING
$6,680,346 ACCRUED INTEREST
RECEIVABLE)........................... 1,094,647,104
OTHER ASSETS LESS LIABILITIES (-0.5%).. (5,676,469)
---------------
NET ASSETS (100.0%).................... $ 1,088,970,635
---------------
---------------
</TABLE>
See Accompanying Notes to Financial Statements
71
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES
-----------------------------------------------------------------
COLUMBIA FUNDS
June 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
COMMON INTERNATIONAL
STOCK GROWTH STOCK SPECIAL SMALL CAP
FUND FUND FUND FUND FUND
------------- --------------- ------------- ------------- -------------
ASSETS:
<S> <C> <C> <C> <C> <C>
Investments at identified cost........ $ 606,412,151 $ 1,385,837,047 $ 90,713,210 $ 539,450,155 $ 125,840,560
Investments at identified cost --
federal income tax purposes......... $ 608,445,261 $ 1,388,686,181 $ 90,718,972 $ 539,642,485 $ 127,102,216
- ---------------------------------------- ------------- --------------- ------------- ------------- -------------
Investments at value.................. $ 867,256,979 $ 2,038,214,322 $ 128,252,238 $ 750,515,640 $ 154,455,579
Temporary cash investments, at
value............................... 26,333,731 18,150,383 22,610,095 22,732,954 12,928,959
Cash.................................. -- -- 3,939,361 -- --
Cash denominated in foreign currencies
(cost $2,178,278)................... -- -- 2,166,064 -- --
Receivable for:
Investments sold.................... -- 11,385,220 1,278,651 6,711,172 4,032,453
Capital stock sold.................. 1,277,808 883,459 615,942 149,125 107,382
Interest............................ 163,237 150,624 82,043 69,970 32,587
Dividends........................... 316,955 527,046 270,510 183,207 8,954
Expense reimbursement............... -- -- -- -- --
------------- --------------- ------------- ------------- -------------
Total assets.......................... 895,348,710 2,069,311,054 159,214,904 780,362,068 171,565,914
------------- --------------- ------------- ------------- -------------
LIABILITIES:
Payable for:
Investments purchased............... 8,782,657 21,901,623 4,167,401 4,029,675 3,660,747
Capital stock redeemed.............. 871,981 3,462,919 174,237 15,803,046 202,264
Dividends........................... 4,517 -- -- -- --
Investment management fee........... 421,134 874,153 120,931 566,107 128,238
Accrued expenses.................... 111,883 339,676 104,333 225,034 66,312
------------- --------------- ------------- ------------- -------------
Total liabilities..................... 10,192,172 26,578,371 4,566,902 20,623,862 4,057,561
------------- --------------- ------------- ------------- -------------
NET ASSETS.............................. $ 885,156,538 $ 2,042,732,683 $ 154,648,002 $ 759,738,206 $ 167,508,353
------------- --------------- ------------- ------------- -------------
------------- --------------- ------------- ------------- -------------
NET ASSETS consist of:
Undistributed net investment income
(loss).............................. $ (71,170) $ (17,552) $ (53,441) $ (2,403,535) $ (672,288)
Unrealized appreciation (depreciation)
on:
Investments......................... 260,844,828 652,377,275 37,539,028 211,065,485 28,615,019
Translation of assets and
liabilities in foreign
currencies........................ -- -- (29,584) -- --
Undistributed net realized gain (loss)
from:
Investment transactions............. 73,481,454 225,408,140 6,088,322 85,089,080 (7,371,538)
Foreign currency transactions....... -- -- (363,846) -- --
Capital shares........................ -- 419,444 -- 314,265 --
Capital paid in....................... 550,901,426 1,164,545,376 111,467,523 465,672,911 146,937,160
------------- --------------- ------------- ------------- -------------
NET ASSETS.............................. $ 885,156,538 $ 2,042,732,683 $ 154,648,002 $ 759,738,206 $ 167,508,353
------------- --------------- ------------- ------------- -------------
------------- --------------- ------------- ------------- -------------
SHARES OF CAPITAL STOCK OUTSTANDING..... 31,931,859 41,944,366 9,289,907 31,426,479 9,261,462
------------- --------------- ------------- ------------- -------------
------------- --------------- ------------- ------------- -------------
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE....................... $ 27.72 $ 48.70 $ 16.65 $ 24.18 $ 18.09
------------- --------------- ------------- ------------- -------------
------------- --------------- ------------- ------------- -------------
</TABLE>
See Accompanying Notes to Financial Statements
72
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES
-----------------------------------------------------------------
<TABLE>
<CAPTION>
U.S. FIXED NATIONAL
REAL ESTATE GOVERNMENT INCOME MUNICIPAL
EQUITY BALANCED SECURITIES SECURITIES BOND
FUND FUND FUND FUND FUND
------------- --------------- ------------ ------------- ---------------
ASSETS:
<S> <C> <C> <C> <C> <C>
Investments at identified cost........ $205,588,167 $ 825,841,199 $38,395,671 $ 425,045,461 $ 6,964,961
Investments at identified cost --
federal income tax purposes......... $202,262,341 $ 827,009,331 $38,395,679 $ 425,047,637 $ 6,964,961
- ---------------------------------------- ------------- --------------- ------------ ------------- ---------------
Investments at value.................. $210,010,104 $ 990,862,739 $37,919,317 $ 416,545,769 $ 6,835,498
Temporary cash investments, at
value............................... 15,006,707 8,706,352 1,220,922 11,489,395 742,957
Cash.................................. -- -- -- -- --
Cash denominated in foreign currencies
(cost $2,178,278)................... -- -- -- -- --
Receivable for:
Investments sold.................... -- 21,985,030 -- 3,013,095 --
Capital stock sold.................. 483,911 10,573,692 1,192 501,157 2,195
Interest............................ 74,583 5,797,400 202,556 4,615,391 83,198
Dividends........................... 1,458,868 182,033 -- -- --
Expense reimbursement............... -- -- -- -- 24,929
------------- --------------- ------------ ------------- ---------------
Total assets.......................... 227,034,173 1,038,107,246 39,343,987 436,164,807 7,688,777
------------- --------------- ------------ ------------- ---------------
LIABILITIES:
Payable for:
Investments purchased............... -- 14,558,443 -- 3,394,713 641,518
Capital stock redeemed.............. 490,958 3,506,361 64,429 3,106,547 --
Dividends........................... 128,334 111,921 6,661 370,472 1,258
Investment management fee........... 138,650 405,255 15,908 176,141 2,501
Accrued expenses.................... 67,986 583,131 19,976 149,244 17,160
------------- --------------- ------------ ------------- ---------------
Total liabilities..................... 825,928 19,165,111 106,974 7,197,117 662,437
------------- --------------- ------------ ------------- ---------------
NET ASSETS.............................. $226,208,245 $ 1,018,942,135 $39,237,013 $ 428,967,690 $ 7,026,340
------------- --------------- ------------ ------------- ---------------
------------- --------------- ------------ ------------- ---------------
NET ASSETS consist of:
Undistributed net investment income
(loss).............................. $ 213,868 $ 444,717 $ -- $ -- $ --
Unrealized appreciation (depreciation)
on:
Investments......................... 4,421,937 165,021,540 (476,354) (8,499,692) (129,463)
Translation of assets and
liabilities in foreign
currencies........................ -- -- -- -- --
Undistributed net realized gain (loss)
from:
Investment transactions............. (839,347) 43,935,811 183,397 (2,764,561) (1,807)
Foreign currency transactions....... -- -- -- -- --
Capital shares........................ -- -- 47,470 335,264 --
Capital paid in....................... 222,411,787 809,540,067 39,482,500 439,896,679 7,157,610
------------- --------------- ------------ ------------- ---------------
NET ASSETS.............................. $226,208,245 $ 1,018,942,135 $39,237,013 $ 428,967,690 $ 7,026,340
------------- --------------- ------------ ------------- ---------------
------------- --------------- ------------ ------------- ---------------
SHARES OF CAPITAL STOCK OUTSTANDING..... 13,893,149 41,941,645 4,746,992 33,526,415 731,299
------------- --------------- ------------ ------------- ---------------
------------- --------------- ------------ ------------- ---------------
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE....................... $ 16.28 $ 24.29 $ 8.27 $ 12.79 $ 9.61
------------- --------------- ------------ ------------- ---------------
------------- --------------- ------------ ------------- ---------------
<CAPTION>
MUNICIPAL COLUMBIA
BOND HIGH YIELD DAILY INCOME
FUND FUND COMPANY
------------- ------------ ---------------
ASSETS:
<S> <C> <C> <C>
Investments at identified cost........ $ 438,080,753 $ 62,719,772 $ 1,092,602,938
Investments at identified cost --
federal income tax purposes......... $ 438,101,108 $ 62,755,184 $ 1,092,602,938
- ---------------------------------------- ------------- ------------ ---------------
Investments at value.................. $ 442,231,328 $ 61,364,489 $ 1,092,602,938
Temporary cash investments, at
value............................... 5,690,695 6,909,876 2,044,166
Cash.................................. -- -- 300,000
Cash denominated in foreign currencies
(cost $2,178,278)................... -- -- --
Receivable for:
Investments sold.................... -- -- --
Capital stock sold.................. 50,012 89,866 1,022,953
Interest............................ 5,614,415 1,331,811 342,840
Dividends........................... -- -- --
Expense reimbursement............... -- -- --
------------- ------------ ---------------
Total assets.......................... 453,586,450 69,696,042 1,096,312,897
------------- ------------ ---------------
LIABILITIES:
Payable for:
Investments purchased............... 1,148,809 -- --
Capital stock redeemed.............. 232,752 92,553 6,763,968
Dividends........................... 346,793 51,335 --
Investment management fee........... 185,837 33,630 423,446
Accrued expenses.................... 85,978 37,297 154,848
------------- ------------ ---------------
Total liabilities..................... 2,000,169 214,815 7,342,262
------------- ------------ ---------------
NET ASSETS.............................. $ 451,586,281 $ 69,481,227 $ 1,088,970,635
------------- ------------ ---------------
------------- ------------ ---------------
NET ASSETS consist of:
Undistributed net investment income
(loss).............................. $ -- $ -- $ --
Unrealized appreciation (depreciation)
on:
Investments......................... 4,150,575 (1,355,283) --
Translation of assets and
liabilities in foreign
currencies........................ -- -- --
Undistributed net realized gain (loss)
from:
Investment transactions............. 2,436,371 (432,066) --
Foreign currency transactions....... -- -- --
Capital shares........................ 376,423 -- 1,088,971
Capital paid in....................... 444,622,912 71,268,576 1,087,881,664
------------- ------------ ---------------
NET ASSETS.............................. $ 451,586,281 $ 69,481,227 $ 1,088,970,635
------------- ------------ ---------------
------------- ------------ ---------------
SHARES OF CAPITAL STOCK OUTSTANDING..... 37,642,335 7,260,784 1,088,970,635
------------- ------------ ---------------
------------- ------------ ---------------
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE....................... $ 12.00 $ 9.57 $ 1.00
------------- ------------ ---------------
------------- ------------ ---------------
</TABLE>
See Accompanying Notes to Financial Statements
73
<PAGE>
STATEMENTS OF OPERATIONS
-----------------------------------------------------------------
COLUMBIA FUNDS
For the six months ended June 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
COMMON INTERNATIONAL
STOCK GROWTH STOCK SPECIAL SMALL CAP
FUND FUND FUND FUND FUND
------------ ------------ ------------- ------------ ------------
INVESTMENT INCOME:
<S> <C> <C> <C> <C> <C>
Interest............................ $ 733,946 $ 841,822 $ 241,142 $ 871,058 $ 235,136
Dividends........................... 3,183,589 5,270,919 869,600 1,095,672 76,830
Foreign taxes withheld, net of
reclaim........................... -- -- (102,421) -- --
------------ ------------ ------------- ------------ ------------
Total income...................... 3,917,535 6,112,741 1,008,321 1,966,730 311,966
------------ ------------ ------------- ------------ ------------
Expenses:
Investment management fees.......... 2,522,203 5,112,938 692,568 3,616,918 735,834
Transfer agent fees................. 282,781 566,684 156,076 371,474 104,343
Shareholder servicing fees.......... 279,797 152,524 84,760 178,057 69,349
Postage, printing, and other........ 39,316 214,694 48,551 134,778 24,150
Custodian fees...................... 26,851 45,253 51,263 25,935 22,696
Legal, insurance, and audit fees.... 22,091 28,321 19,425 24,231 17,945
Registration and filing fees........ 8,073 32,032 8,419 15,433 9,178
Director fees....................... 4,006 9,246 700 3,439 759
Expense reimbursements.............. -- -- -- -- --
------------ ------------ ------------- ------------ ------------
Total expenses.................... 3,185,118 6,161,692 1,061,762 4,370,265 984,254
------------ ------------ ------------- ------------ ------------
Net investment income (loss).......... 732,417 (48,951) (53,441) (2,403,535) (672,288)
------------ ------------ ------------- ------------ ------------
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Net realized gain (loss) from:
Investment transactions............. 76,370,539 229,847,100 7,683,949 86,417,491 2,873,496
Foreign currency transactions....... -- -- (363,846) -- --
------------ ------------ ------------- ------------ ------------
Net realized gain (loss).......... 76,370,539 229,847,100 7,320,103 86,417,491 2,873,496
------------ ------------ ------------- ------------ ------------
Net unrealized appreciation
(depreciation) on:
Investments......................... 33,011,262 26,487,114 3,025,102 (77,527,074) 2,866,409
Translation of assets and
liabilities in foreign
currencies........................ -- -- (33,830) -- --
------------ ------------ ------------- ------------ ------------
Net unrealized appreciation
(depreciation).................. 33,011,262 26,487,114 2,991,272 (77,527,074) 2,866,409
------------ ------------ ------------- ------------ ------------
Net realized and unrealized gain
(loss) on
investments................... 109,381,801 256,334,214 10,311,375 8,890,417 5,739,905
------------ ------------ ------------- ------------ ------------
NET INCREASE (DECREASE) RESULTING FROM
OPERATIONS............................ $110,114,218 $256,285,263 $ 10,257,934 $ 6,486,882 $ 5,067,617
------------ ------------ ------------- ------------ ------------
------------ ------------ ------------- ------------ ------------
</TABLE>
* For the period February 10 through June 30, 1999.
See Accompanying Notes to Financial Statements
74
<PAGE>
STATEMENTS OF OPERATIONS
-----------------------------------------------------------------
<TABLE>
<CAPTION>
U.S. FIXED
REAL ESTATE GOVERNMENT INCOME
EQUITY BALANCED SECURITIES SECURITIES
FUND FUND FUND FUND
------------ ----------- ----------- -----------
INVESTMENT INCOME:
<S> <C> <C> <C> <C>
Interest............................ $ 451,107 $16,123,617 $ 944,265 $14,195,639
Dividends........................... 5,292,897 2,018,827 -- --
Foreign taxes withheld, net of
reclaim........................... -- -- -- --
------------ ----------- ----------- -----------
Total income...................... 5,744,004 18,142,444 944,265 14,195,639
------------ ----------- ----------- -----------
Expenses:
Investment management fees.......... 716,333 2,560,443 98,290 1,084,022
Transfer agent fees................. 81,595 306,154 25,088 134,472
Shareholder servicing fees.......... 76,151 328,603 27,481 77,356
Postage, printing, and other........ 18,531 134,668 7,421 61,979
Custodian fees...................... 8,330 34,516 1,357 16,468
Legal, insurance, and audit fees.... 14,789 24,891 11,790 19,477
Registration and filing fees........ 36,322 9,328 4,645 26,134
Director fees....................... 1,024 4,612 178 1,942
Expense reimbursements.............. -- -- -- --
------------ ----------- ----------- -----------
Total expenses.................... 953,075 3,403,215 176,250 1,421,850
------------ ----------- ----------- -----------
Net investment income (loss).......... 4,790,929 14,739,229 768,015 12,773,789
------------ ----------- ----------- -----------
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Net realized gain (loss) from:
Investment transactions............. (838,648) 44,830,569 161,998 (2,887,942)
Foreign currency transactions....... -- -- -- --
------------ ----------- ----------- -----------
Net realized gain (loss).......... (838,648) 44,830,569 161,998 (2,887,942)
------------ ----------- ----------- -----------
Net unrealized appreciation
(depreciation) on:
Investments......................... 6,741,099 2,253,882 (749,099) (17,816,552)
Translation of assets and
liabilities in foreign
currencies........................ -- -- -- --
------------ ----------- ----------- -----------
Net unrealized appreciation
(depreciation).................. 6,741,099 2,253,882 (749,099) (17,816,552)
------------ ----------- ----------- -----------
Net realized and unrealized gain
(loss) on
investments................... 5,902,451 47,084,451 (587,101) (20,704,494)
------------ ----------- ----------- -----------
NET INCREASE (DECREASE) RESULTING FROM
OPERATIONS............................ $10,693,380 $61,823,680 $ 180,914 $(7,930,705)
------------ ----------- ----------- -----------
------------ ----------- ----------- -----------
<CAPTION>
NATIONAL
MUNICIPAL MUNICIPAL COLUMBIA
BOND BOND HIGH YIELD DAILY INCOME
FUND* FUND FUND COMPANY
------------ ------------ ------------ ------------
INVESTMENT INCOME:
<S> <C> <C> <C> <C>
Interest............................ $ 58,179 $ 11,704,354 $ 2,732,224 $ 27,257,367
Dividends........................... -- -- -- --
Foreign taxes withheld, net of
reclaim........................... -- -- -- --
------------ ------------ ------------ ------------
Total income...................... 58,179 11,704,354 2,732,224 27,257,367
------------ ------------ ------------ ------------
Expenses:
Investment management fees.......... 6,555 1,148,118 193,496 2,546,318
Transfer agent fees................. 411 60,751 29,523 363,432
Shareholder servicing fees.......... 8,596 37,239 30,081 124,622
Postage, printing, and other........ 1,532 68,185 15,284 92,253
Custodian fees...................... 1,396 11,183 4,663 189,981
Legal, insurance, and audit fees.... 10,358 21,375 12,998 24,095
Registration and filing fees........ 4,820 5,973 14,019 19,849
Director fees....................... 28 2,044 315 4,928
Expense reimbursements.............. (25,175) -- -- --
------------ ------------ ------------ ------------
Total expenses.................... 8,521 1,354,868 300,379 3,365,478
------------ ------------ ------------ ------------
Net investment income (loss).......... 49,658 10,349,486 2,431,845 23,891,889
------------ ------------ ------------ ------------
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Net realized gain (loss) from:
Investment transactions............. (1,807) 2,428,342 (450,528) --
Foreign currency transactions....... -- -- -- --
------------ ------------ ------------ ------------
Net realized gain (loss).......... (1,807) 2,428,342 (450,528) --
------------ ------------ ------------ ------------
Net unrealized appreciation
(depreciation) on:
Investments......................... (129,463) (19,649,109) (1,517,923) --
Translation of assets and
liabilities in foreign
currencies........................ -- -- -- --
------------ ------------ ------------ ------------
Net unrealized appreciation
(depreciation).................. (129,463) (19,649,109) (1,517,923) --
------------ ------------ ------------ ------------
Net realized and unrealized gain
(loss) on
investments................... (131,270) (17,220,767) (1,968,451) --
------------ ------------ ------------ ------------
NET INCREASE (DECREASE) RESULTING FROM
OPERATIONS............................ $ (81,612) $ (6,871,281) $ 463,394 $ 23,891,889
------------ ------------ ------------ ------------
------------ ------------ ------------ ------------
</TABLE>
* For the period February 10 through June 30, 1999.
See Accompanying Notes to Financial Statements
75
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
-----------------------------------------------------------------
COLUMBIA FUNDS
For the six months ended June 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
COMMON INTERNATIONAL
STOCK GROWTH STOCK SPECIAL SMALL CAP
FUND FUND FUND FUND FUND
------------ -------------- ------------- -------------- ------------
<S> <C> <C> <C> <C> <C>
Net investment income (loss)........ $ 732,417 $ (48,951) $ (53,441) $ (2,403,535) $ (672,288)
Net realized gain (loss) from:
Investment transactions........... 76,370,539 229,847,100 7,683,949 86,417,491 2,873,496
Foreign currency transactions..... -- -- (363,846) -- --
Net unrealized appreciation
(depreciation) on:
Investments....................... 33,011,262 26,487,114 3,025,102 (77,527,074) 2,866,409
Translation of assets and
liabilities in foreign
currencies...................... -- -- (33,830) -- --
------------ -------------- ------------- -------------- ------------
Net increase (decrease) resulting
from operations................... 110,114,218 256,285,263 10,257,934 6,486,882 5,067,617
Distributions to shareholders:
From net investment income.......... (958,992) -- -- -- --
From net realized gain from
investment transactions and
foreign currency transactions..... -- -- -- -- --
Net capital share transactions........ (21,145,253) 33,423,879 10,197,068 (216,107,567) 1,968,529
------------ -------------- ------------- -------------- ------------
Net increase (decrease) in net assets... 88,009,973 289,709,142 20,455,002 (209,620,685) 7,036,146
NET ASSETS:
Beginning of period................... 797,146,565 1,753,023,541 134,193,000 969,358,891 160,472,207
------------ -------------- ------------- -------------- ------------
End of period......................... $885,156,538 $2,042,732,683 $ 154,648,002 $ 759,738,206 $167,508,353
------------ -------------- ------------- -------------- ------------
------------ -------------- ------------- -------------- ------------
Undistributed net investment income
(loss) at end of period............... $ (71,170) $ (17,552) $ (53,441) $ (2,403,535) $ (672,288)
------------ -------------- ------------- -------------- ------------
------------ -------------- ------------- -------------- ------------
* For the period February 10, through
June 30, 1999.
- --------------------------------------------------------------------------------------------------------------------
For the year ended December 31, 1998
Net investment income (loss)........ $ 4,672,736 $ 3,156,064 $ (22,112) $ (927,264) $ (840,887)
Net realized gain (loss) from:
Investment transactions........... 89,973,443 77,263,496 (1,586,408) (544,655) (10,185,536)
Foreign currency transactions..... -- -- (1,099,734) -- --
Net unrealized appreciation
(depreciation) on:
Investments....................... 89,964,455 322,622,139 19,606,801 150,392,854 16,364,251
Translation of assets and
liabilities in foreign
currencies...................... -- -- (120,200) -- --
------------ -------------- ------------- -------------- ------------
Net increase (decrease) resulting
from operations................... 184,610,634 403,041,699 16,778,347 148,920,935 5,337,828
Distributions to shareholders:
From net investment income.......... (4,552,680) (3,081,414) -- (254,898) --
In excess of net investment
income............................ (69,472) (50,967) -- (230,229) (12,878)
From net realized gain from
investment transactions and
foreign currency transactions..... (91,091,522) (79,945,012) (65,195) -- --
In excess of net realized gain from
investment transactions........... (4,001,636) (5,463,435) -- -- --
From return of capital.............. -- -- -- -- --
Net capital share transactions........ (71,654,578) 113,604,981 (28,800,687) (428,794,714) 58,715,948
------------ -------------- ------------- -------------- ------------
Net increase (decrease) in net assets... 13,240,746 428,105,852 (12,087,535) (280,358,906) 64,040,898
NET ASSETS:
Beginning of year..................... 783,905,819 1,324,917,689 146,280,535 1,249,717,797 96,431,309
------------ -------------- ------------- -------------- ------------
End of year........................... $797,146,565 $1,753,023,541 $ 134,193,000 $ 969,358,891 $160,472,207
------------ -------------- ------------- -------------- ------------
------------ -------------- ------------- -------------- ------------
Undistributed net investment income at
end of year........................... $ 155,405 $ 31,399 -- -- --
------------ -------------- ------------- -------------- ------------
------------ -------------- ------------- -------------- ------------
</TABLE>
See Accompanying Notes to Financial Statements
76
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
-----------------------------------------------------------------
<TABLE>
<CAPTION>
U.S. FIXED
REAL ESTATE GOVERNMENT INCOME
EQUITY BALANCED SECURITIES SECURITIES
FUND FUND FUND FUND
------------- --------------- ------------- -------------
<S> <C> <C> <C> <C>
Net investment income (loss)........ $ 4,790,929 $ 14,739,229 $ 768,015 $ 12,773,789
Net realized gain (loss) from:
Investment transactions........... (838,648) 44,830,569 161,998 (2,887,942)
Foreign currency transactions..... -- -- -- --
Net unrealized appreciation
(depreciation) on:
Investments....................... 6,741,099 2,253,882 (749,099) (17,816,552)
Translation of assets and
liabilities in foreign
currencies...................... -- -- -- --
------------- --------------- ------------- -------------
Net increase (decrease) resulting
from operations................... 10,693,380 61,823,680 180,914 (7,930,705)
Distributions to shareholders:
From net investment income.......... (4,577,061) (14,500,361) (768,015) (12,773,789)
From net realized gain from
investment transactions and
foreign currency transactions..... -- (23,677) -- --
Net capital share transactions........ 55,919,572 (3,738,265) (753,752) 27,342,053
------------- --------------- ------------- -------------
Net increase (decrease) in net assets... 62,035,891 43,561,377 (1,340,853) 6,637,559
NET ASSETS:
Beginning of period................... 164,172,354 975,380,758 40,577,866 422,330,131
------------- --------------- ------------- -------------
End of period......................... $226,208,245 $ 1,018,942,135 $ 39,237,013 $ 428,967,690
------------- --------------- ------------- -------------
------------- --------------- ------------- -------------
Undistributed net investment income
(loss) at end of period............... $ 213,868 $ 444,717 -- --
------------- --------------- ------------- -------------
------------- --------------- ------------- -------------
* For the period February 10, through
June 30, 1999.
- ---------------------------------------------------------------------------------------------------------..
---------------------------------------------------------------
For the year ended December 31, 1998
Net investment income (loss)........ $ 7,511,435 $ 28,903,882 $ 1,773,959 $ 25,231,753
Net realized gain (loss) from:
Investment transactions........... (225,330) 65,831,341 463,379 4,181,058
Foreign currency transactions..... -- -- -- --
Net unrealized appreciation
(depreciation) on:
Investments....................... (29,435,976) 68,447,300 181,795 (283,034)
Translation of assets and
liabilities in foreign
currencies...................... -- -- -- --
- ---------------------------------------- ------------- --------------- ------------- -------------
Net increase (decrease) resulting
from operations................... (22,149,871) 163,182,523 2,419,133 29,129,777
Distributions to shareholders:
From net investment income.......... (6,572,683) (28,733,052) (1,773,959) (25,231,753)
In excess of net investment
income............................ (2,387) (66,826,702) (192,702) (4,065,757)
From net realized gain from
investment transactions and
foreign currency transactions..... -- -- -- --
In excess of net realized gain from
investment transactions........... -- (1,501,528) -- --
From return of capital.............. (940,385) -- -- --
Net capital share transactions........ 42,283,240 116,881,261 2,288,719 41,165,110
- ---------------------------------------- ------------- --------------- ------------- -------------
Net increase (decrease) in net assets... 12,617,914 183,002,502 2,741,191 40,997,377
NET ASSETS:
Beginning of year..................... 151,554,440 792,378,256 37,836,675 381,332,754
- ---------------------------------------- ------------- --------------- ------------- -------------
End of year........................... $164,172,354 $ 975,380,758 $ 40,577,866 $ 422,330,131
- ---------------------------------------- ------------- --------------- ------------- -------------
- ---------------------------------------- ------------- --------------- ------------- -------------
Undistributed net investment income at
end of year........................... -- $ 205,849 -- --
- ---------------------------------------- ------------- --------------- ------------- -------------
- ---------------------------------------- ------------- --------------- ------------- -------------
<CAPTION>
NATIONAL
MUNICIPAL MUNICIPAL COLUMBIA DAILY
BOND BOND HIGH YIELD INCOME
FUND (*) FUND FUND COMPANY
------------- ------------- ------------- ---------------
<S> <C> <C> <C> <C>
Net investment income (loss)........ $ 49,658 $ 10,349,486 $ 2,431,845 $ 23,891,889
Net realized gain (loss) from:
Investment transactions........... (1,807) 2,428,342 (450,528) --
Foreign currency transactions..... -- -- -- --
Net unrealized appreciation
(depreciation) on:
Investments....................... (129,463) (19,649,109) (1,517,923) --
Translation of assets and
liabilities in foreign
currencies...................... -- -- -- --
------------- ------------- ------------- ---------------
Net increase (decrease) resulting
from operations................... (81,612) (6,871,281) 463,394 23,891,889
Distributions to shareholders:
From net investment income.......... (49,658) (10,349,486) (2,431,845) (23,891,889)
From net realized gain from
investment transactions and
foreign currency transactions..... -- -- -- --
Net capital share transactions........ 7,157,610 5,998,325 13,925,845 (20,170,576)
------------- ------------- ------------- ---------------
Net increase (decrease) in net assets... 7,026,340 (11,222,442) 11,957,394 (20,170,576)
NET ASSETS:
Beginning of period................... -- 462,808,723 57,523,833 1,109,141,211
------------- ------------- ------------- ---------------
End of period......................... $ 7,026,340 $ 451,586,281 $ 69,481,227 $ 1,088,970,635
------------- ------------- ------------- ---------------
------------- ------------- ------------- ---------------
Undistributed net investment income
(loss) at end of period............... -- -- -- --
------------- ------------- ------------- ---------------
------------- ------------- ------------- ---------------
* For the period February 10, through
June 30, 1999.
- ---------------------------------------------------------------------------------------------------------..
---------------------------------------------------------------
For the year ended December 31, 1998
Net investment income (loss)........ $ 19,830,150 $ 3,697,029 $ 52,842,216
Net realized gain (loss) from:
Investment transactions........... 3,856,207 277,970 --
Foreign currency transactions..... -- -- --
Net unrealized appreciation
(depreciation) on:
Investments....................... (263,686) (968,024) --
Translation of assets and
liabilities in foreign
currencies...................... -- -- --
- ---------------------------------------- ------------- ------------- ---------------
Net increase (decrease) resulting
from operations................... 23,422,671 3,006,975 52,842,216
Distributions to shareholders:
From net investment income.......... (19,830,150) (3,697,029) (52,842,216)
In excess of net investment
income............................ (10,701) -- --
From net realized gain from
investment transactions and
foreign currency transactions..... (4,149,947) (290,221) --
In excess of net realized gain from
investment transactions........... -- -- --
From return of capital.............. -- -- --
Net capital share transactions........ 54,228,675 19,225,699 (59,954,357)
- ---------------------------------------- ------------- ------------- ---------------
Net increase (decrease) in net assets... 53,660,548 18,245,424 (59,954,357)
NET ASSETS:
Beginning of year..................... 409,148,175 39,278,409 1,169,095,568
- ---------------------------------------- ------------- ------------- ---------------
End of year........................... $ 462,808,723 $ 57,523,833 $ 1,109,141,211
- ---------------------------------------- ------------- ------------- ---------------
- ---------------------------------------- ------------- ------------- ---------------
Undistributed net investment income at
end of year........................... -- -- --
- ---------------------------------------- ------------- ------------- ---------------
- ---------------------------------------- ------------- ------------- ---------------
</TABLE>
See Accompanying Notes to Financial Statements
77
<PAGE>
NOTES TO FINANCIAL STATEMENTS
-----------------------------------------------------------------
(Unaudited)
-- 1. SIGNIFICANT ACCOUNTING POLICIES: --
The Columbia Funds (the "Funds") consist of the following:
Columbia Common Stock Fund, Inc.
Columbia Growth Fund, Inc.
Columbia International Stock Fund, Inc.
Columbia Special Fund, Inc.
Columbia Small Cap Fund, Inc.
Columbia Real Estate Equity Fund, Inc.
Columbia Balanced Fund, Inc.
Columbia U.S. Government Securities Fund, Inc.
Columbia Fixed Income Securities Fund, Inc.
Columbia National Municipal Bond Fund, Inc.
Columbia Municipal Bond Fund, Inc.
Columbia High Yield Fund, Inc.
Columbia Daily Income Company
All Funds are open-end investment companies registered under the Investment
Company Act of 1940, as amended, and are diversified except the Municipal Bond
Fund, which is non-diversified.
Following is a summary of significant accounting policies, in conformity with
generally accepted accounting principles, which are consistently followed by
each Fund in the preparation of its financial statements.
INVESTMENT VALUATION. The value of equity investments are based on the last
sales prices reported by the principal securities exchanges on which the
investments are traded or, in the absence of recorded sales, at the closing bid
prices on such exchanges or over-the-counter markets. Fixed income investment
values are based on market value as quoted by dealers who are market makers in
these securities or by independent pricing services. Market values for fixed
income securities, except for municipal securities, are based on the average of
bid and ask prices, or by reference to the price of other securities with
comparable ratings, interest rates and maturities. Market value for municipal
securities are based on bid prices. Investment securities with less than 60 days
to maturity when purchased and all securities held by Columbia Daily Income
Company are valued at amortized cost, which approximates market value.
Securities for which market quotations are not readily available will be valued
at fair market value as determined in good faith under procedures established by
and under the general supervision of the Board of Directors of each Fund.
REPURCHASE AGREEMENTS. The Funds may engage in repurchase agreement
transactions. The Funds, through their custodians, receive delivery of
underlying securities collateralizing repurchase agreements (included in
temporary cash investments). The Funds' investment advisor determines that the
value of the underlying securities is at all times at least equal to the resale
price. In the event of default or bankruptcy by the other party to the
agreement, realization and/or retention of the collateral may be subject to
legal proceedings.
AFFILIATED ISSUERS. Under the Investment Company Act of 1940, as amended, an
issuer is an "affiliated issuer" of a Fund if the Fund holds 5% or more of that
issuer's outstanding voting securities or is held under common control. As of
June 30, 1999, the Funds did not hold any investments in such affiliated
issuers. The Special Fund, as of December 31, 1998, held the following
affiliated issuers which were subsequently sold to less than 5% during the six
months ended June 30, 1999: 800,000 shares of Abercrombie & Fitch Co., 1,240,000
shares of AnnTaylor Stores Corp., 500,000 shares of Resmed, Inc., and 860,000
shares of Vans, Inc.
78
<PAGE>
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
-- 1. SIGNIFICANT ACCOUNTING POLICIES, --
CONTINUED
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS. The International Stock Fund, and
to a limited extent certain other funds, may enter into forward currency
contracts in connection with planned purchases or sales of securities or to
hedge the U.S. dollar value of the portfolio securities denominated in a foreign
currency. Contracts are valued at the prevailing forward exchange rate of the
underlying currencies. The gain or loss arising from the difference between the
original contract price and the closing price of such contract is included in
the net realized gains or losses from foreign currency transactions.
Fluctuations in the value of forward currency contracts are recorded for
financial reporting purposes as unrealized gains or losses. The Fund could be
exposed to risks if counterparties to the forward contracts are unable to meet
the terms of their contracts or if the value of the foreign currency changes
unfavorably. The effect of any changes in the value of a hedged foreign currency
would be offset by the corresponding change (resulting from a change in exchange
rates) in value of the securities denominated in that currency. During the six
months ending June 30, 1999, the Funds did not enter into any such forward
contracts.
FOREIGN CURRENCY TRANSLATIONS. The books and records of the International Stock
Fund are maintained in U.S. dollars. Foreign currency transactions are
translated into U.S. dollars on the market value of investment securities, other
assets, and liabilities at the daily rates of exchange on the valuation date,
and purchases and sales of investment securities, dividend and interest income
and certain expenses at the rates of exchange prevailing on the respective dates
of such transactions.
The International Stock Fund does not isolate that portion of the results of
operations resulting from changes in foreign exchange rates on investments from
the fluctuations arising from changes in market prices on investments held. Such
fluctuations are included with the net realized and unrealized gain or loss from
investments.
Reported net realized foreign currency gains or losses arise from the sales of
foreign currencies, currency gains or losses realized between the trade and
settlement dates on securities transactions, and the difference between the
amounts of dividends, interest, and foreign withholding taxes recorded on the
Fund's books and the U.S. dollar equivalents of the amounts actually received or
paid. Net unrealized foreign exchange gains or losses arise from changes in the
value of assets and liabilities, other than investments in securities, resulting
from changes in the exchange rate.
INTEREST AND DIVIDEND INCOME. Interest income is recorded on the accrual basis
and dividend income is recorded on the ex-dividend date. Amortization of
discounts or accretion of premiums is recorded over the life of the instrument.
The majority of dividend income recorded by the Real Estate Equity Fund is from
Real Estate Investment Trusts (REITS). For tax purposes, a portion of these
dividends consist of capital gains and return of capital. For financial
reporting purposes, these dividends are recorded as dividend income.
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS. Dividends from net investment
income of the Common Stock, Real Estate Equity and Balanced Funds are declared
and paid quarterly. Dividends from net investment income of the Growth,
International Stock, Special, and Small Cap Funds are declared and paid
annually. Dividends from net investment income of the U.S. Government
Securities, Fixed Income Securities, National Municipal Bond, Municipal Bond,
and High Yield Funds are declared daily and paid monthly. Dividends from net
investment income of the Columbia Daily Income Company are declared and paid
daily. Distributions from any net realized gains are declared and paid annually.
Distributions to shareholders are recorded on the ex-dividend date.
79
<PAGE>
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
-- 1. SIGNIFICANT ACCOUNTING POLICIES, --
CONTINUED
Income and capital gain distributions are determined in accordance with income
tax regulations, which may differ from generally accepted accounting principles.
These differences are primarily due to differing treatments for foreign currency
transactions, net operating losses, deferral of losses from wash sales, passive
foreign investment company income and return of capital received from Real
Estate Investment Trusts (REITS).
USE OF ESTIMATES. The preparation of the financial statements in accordance
with generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosures of contingent assets and liabilities at the date of
the financial statements and the reported amounts of income and expenses during
the reporting period. Actual results could differ from those estimates.
FEDERAL INCOME AND EXCISE TAXES. Each Fund intends to comply with the
requirements of the Internal Revenue Code applicable to regulated investment
companies by distributing substantially all taxable net investment income and
realized gains to their shareholders in a manner which results in no tax to the
Funds. Therefore, no federal income or excise tax provision is required.
OTHER. Investment transactions are accounted for on the date the investments
are purchased or sold. The cost of investments sold is determined by the use of
the specific identification method for both financial reporting and income tax
purposes.
The High Yield Fund invests in lower rated debt securities, which may be more
susceptible to adverse economic conditions than investment grade holdings. These
securities are often subordinated to the prior claims of other senior lenders,
and uncertainties exist as to an issuer's ability to meet principal and interest
payments. At June 30, 1999, 5% of the Fund's debt securities were rated Baa, 50%
were rated Ba, and 45% were rated B, by Moody's Investor Services, Inc.
80
<PAGE>
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
-- 2. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES: --
The amounts of fees and expenses described below are shown on each Fund's
statement of operations.
Columbia Funds Management Company (CFMC) manages each Fund and Columbia Trust
Company (CTC), a majority owned subsidiary of CFMC, is the transfer and
shareholder servicing agent. CFMC is an indirect subsidiary of Fleet Financial
Group, Inc. (Fleet), a publicly owned multi-bank holding company registered
under the Bank Holding Company Act of 1956.
Investment management fees were paid by each Fund monthly to CFMC. The fees are
based on the following annual rates of average daily net assets:
<TABLE>
<CAPTION>
FEES ON FEES ON FEES ON FEES ON
NET ASSETS NET ASSETS NET ASSETS NET ASSETS
FIRST NEXT NEXT EXCEEDING
$200 MILLION $300 MILLION $500 MILLION $1 BILLION
----------------- ----------------- ----------------- -----------------
<S> <C> <C> <C> <C>
Common Stock Fund....................... 0.60 of 1% 0.60 of 1% 0.60 of 1% 0.60 of 1%
Growth Fund............................. 0.75 of 1% 0.625 of 1% 0.50 of 1% 0.50 of 1%
International Stock Fund................ 1.00 of 1% 1.00 of 1% 1.00 of 1% 1.00 of 1%
Special Fund............................ 1.00 of 1% 1.00 of 1% 0.75 of 1% 0.75 of 1%
Small Cap Fund.......................... 1.00 of 1% 1.00 of 1% 1.00 of 1% 1.00 of 1%
Real Estate Equity Fund................. 0.75 of 1% 0.75 of 1% 0.75 of 1% 0.75 of 1%
Balanced Fund........................... 0.50 of 1% 0.50 of 1% 0.50 of 1% 0.50 of 1%
U.S. Government Securities Fund......... 0.50 of 1% 0.50 of 1% 0.50 of 1% 0.50 of 1%
Fixed Income Securities Fund............ 0.50 of 1% 0.50 of 1% 0.50 of 1% 0.50 of 1%
National Municipal Bond Fund............ 0.50 of 1% 0.50 of 1% 0.50 of 1% 0.50 of 1%
Municipal Bond Fund..................... 0.50 of 1% 0.50 of 1% 0.50 of 1% 0.50 of 1%
High Yield Fund......................... 0.60 of 1% 0.60 of 1% 0.60 of 1% 0.60 of 1%
Columbia Daily Income Company........... 0.50 of 1% 0.50 of 1% 0.45 of 1% 0.40 of 1%
</TABLE>
Directors' fees and expenses were paid directly by each Fund to directors having
no affiliation with the Funds other than in their capacity as directors. Other
officers and directors received no compensation from the Funds.
Transfer agent fees were paid by each Fund to CTC for services incidental to
issuance and transfer of shares, maintaining shareholder lists, and issuing and
mailing distributions and reports. The authorized monthly transfer agent fee is
$1.67 per account.
CFMC has voluntarily agreed to reimburse expenses in excess of 0.65% of 1% for
the National Municipal Bond Fund.
81
<PAGE>
NOTES TO FINANCIAL STATEMENTS
-----------------------------------------------------------------
-- 3. INVESTMENT TRANSACTIONS: --
Aggregate purchases, sales and maturities, net realized gain (loss) and
unrealized appreciation (depreciation) of investments, excluding short-term
investments, as of and for the six months ended June 30, 1999, were as follows:
<TABLE>
<CAPTION>
COMMON INTERNATIONAL
STOCK GROWTH STOCK SPECIAL SMALL CAP
FUND FUND FUND FUND FUND
------------- --------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
PURCHASES:
Investment securities other
than U.S. Government obligations.............. $ 448,434,190 $ 1,175,086,434 $ 45,718,535 $ 481,256,820 $ 134,738,066
U.S. Government obligations..................... -- -- -- -- --
------------- --------------- ------------- ------------- -------------
Total purchases............................... $ 448,434,190 $ 1,175,086,434 $ 45,718,535 $ 481,256,820 $ 134,738,066
------------- --------------- ------------- ------------- -------------
------------- --------------- ------------- ------------- -------------
SALES AND MATURITIES:
Investment securities other
than U.S. Government obligations.............. $ 477,208,414 $ 1,122,827,225 $ 56,050,640 $ 687,159,977 $ 168,395,817
U.S. Government obligations..................... -- -- -- -- --
------------- --------------- ------------- ------------- -------------
Total sales and maturities.................... $ 477,208,414 $ 1,122,827,225 $ 56,050,640 $ 687,159,977 $ 168,395,817
------------- --------------- ------------- ------------- -------------
------------- --------------- ------------- ------------- -------------
NET REALIZED GAIN (LOSS):
Investment securities other
than U.S. Government obligations.............. $ 76,370,539 $ 229,847,100 $ 7,683,949 $ 86,417,491 $ 2,873,496
U.S. Government obligations..................... -- -- -- -- --
------------- --------------- ------------- ------------- -------------
Total net realized gain (loss)................ $ 76,370,539 $ 229,847,100 $ 7,683,949 $ 86,417,491 $ 2,873,496
------------- --------------- ------------- ------------- -------------
------------- --------------- ------------- ------------- -------------
UNREALIZED APPRECIATION (DEPRECIATION)
FOR FEDERAL INCOME TAX PURPOSES:
Appreciation.................................... $ 265,770,856 $ 659,260,707 $ 40,768,356 $ 218,708,240 $ 31,847,076
Depreciation.................................... (6,959,138) (9,732,566) (3,235,090) (7,835,085) (4,493,713)
------------- --------------- ------------- ------------- -------------
Net unrealized appreciation (depreciation).... $ 258,811,718 $ 649,528,141 $ 37,533,266 $ 210,873,155 $ 27,353,363
------------- --------------- ------------- ------------- -------------
------------- --------------- ------------- ------------- -------------
*For the period February 10 to June 30, 1999.
</TABLE>
82
<PAGE>
NOTES TO FINANCIAL STATEMENTS
-----------------------------------------------------------------
-- 3. INVESTMENT TRANSACTIONS, CONTINUED --
<TABLE>
<CAPTION>
U.S. FIXED
REAL ESTATE GOVERNMENT INCOME
EQUITY BALANCED SECURITIES SECURITIES
FUND FUND FUND FUND
------------ ------------- ------------ -------------
<S> <C> <C> <C> <C>
PURCHASES:
Investment securities other
than U.S. Government
obligations...................... $60,451,187 $ 406,477,718 $ -- $ 101,323,626
U.S. Government obligations........ -- 395,811,468 28,080,182 285,730,023
------------ ------------- ------------ -------------
Total purchases.................. $60,451,187 $ 802,289,186 $28,080,182 $ 387,053,649
------------ ------------- ------------ -------------
------------ ------------- ------------ -------------
SALES AND MATURITIES:
Investment securities other
than U.S. Government
obligations...................... $11,279,457 $ 420,474,314 $ -- $ 74,275,412
U.S. Government obligations........ -- 398,616,742 28,850,647 290,877,028
------------ ------------- ------------ -------------
Total sales and maturities....... $11,279,457 $ 819,091,056 $28,850,647 $ 365,152,440
------------ ------------- ------------ -------------
------------ ------------- ------------ -------------
NET REALIZED GAIN (LOSS):
Investment securities other
than U.S. Government
obligations...................... $ (838,648) $ 49,527,300 $ -- $ (522,470)
U.S. Government obligations........ -- (4,696,731) 161,998 (2,365,472)
------------ ------------- ------------ -------------
Total net realized gain (loss)... $ (838,648) $ 44,830,569 $ 161,998 $ (2,887,942)
------------ ------------- ------------ -------------
------------ ------------- ------------ -------------
UNREALIZED APPRECIATION (DEPRECIATION)
FOR FEDERAL INCOME TAX PURPOSES:
APPRECIATION....................... $17,064,260 $ 179,459,956 $ 1,422 $ 1,682,761
Depreciation....................... (9,316,497) (15,606,548) (477,784) (10,184,629)
------------ ------------- ------------ -------------
Net unrealized appreciation
(depreciation)................. $ 7,747,763 $ 163,853,408 $ (476,362) $ (8,501,868)
------------ ------------- ------------ -------------
------------ ------------- ------------ -------------
<CAPTION>
NATIONAL
MUNICIPAL MUNICIPAL
BOND BOND HIGH YIELD
FUND* FUND* FUND
----------- ------------ ------------
<S> <C> <C> <C>
PURCHASES:
Investment securities other
than U.S. Government
obligations...................... $ 7,128,308 $ 55,403,142 $25,502,985
U.S. Government obligations........ -- -- --
----------- ------------ ------------
Total purchases.................. $ 7,128,308 $ 55,403,142 $25,502,985
----------- ------------ ------------
----------- ------------ ------------
SALES AND MATURITIES:
Investment securities other
than U.S. Government
obligations...................... $ 159,021 $ 47,700,258 $13,793,301
U.S. Government obligations........ -- -- --
----------- ------------ ------------
Total sales and maturities....... $ 159,021 $ 47,700,258 $13,793,301
----------- ------------ ------------
----------- ------------ ------------
NET REALIZED GAIN (LOSS):
Investment securities other
than U.S. Government
obligations...................... $ (1,807) $ 2,428,342 $ (450,528)
U.S. Government obligations........ -- -- --
----------- ------------ ------------
Total net realized gain (loss)... $ (1,807) $ 2,428,342 $ (450,528)
----------- ------------ ------------
----------- ------------ ------------
UNREALIZED APPRECIATION (DEPRECIATION
FOR FEDERAL INCOME TAX PURPOSES:
APPRECIATION....................... $ 10,601 $ 9,966,442 $ 467,197
Depreciation....................... (140,064) (5,836,223) (1,857,893)
----------- ------------ ------------
Net unrealized appreciation
(depreciation)................. $ (129,463) $ 4,130,219 $(1,390,696)
----------- ------------ ------------
----------- ------------ ------------
*For the period February 10 to June 30, 1999.
</TABLE>
83
<PAGE>
NOTES TO FINANCIAL STATEMENTS
-----------------------------------------------------------------
-- 4. CAPITAL STOCK ACTIVITY: --
<TABLE>
<CAPTION>
COMMON STOCK FUND GROWTH FUND
------------------------------------- -------------------------------------
SIX MONTHS SIX MONTHS
ENDED JUNE 30, ENDED JUNE 30,
------------------ ------------------
1999 1998 1999 1998
------------------ ---------------- ------------------ ----------------
<S> <C> <C> <C> <C>
SHARES:
Shares sold....................... 7,000,951 13,269,125 5,908,736 12,502,270
Shares issued for reinvestment of
dividends....................... 35,450 3,761,670 -- 1,958,431
------------------ ---------------- ------------------ ----------------
7,036,401 17,030,795 5,908,736 14,460,701
Shares redeemed................... (7,775,267) (19,963,393) (5,203,190) (11,802,719)
------------------ ---------------- ------------------ ----------------
Net increase (decrease)........... (738,866) (2,932,598) 705,546 2,657,982
------------------ ---------------- ------------------ ----------------
------------------ ---------------- ------------------ ----------------
AMOUNTS:
Sales............................. $ 179,103,360 $ 313,993,826 $ 268,650,689 $ 483,570,772
Reinvestment of dividends......... 945,310 91,734,934 -- 83,252,983
------------------ ---------------- ------------------ ----------------
180,048,670 405,728,760 268,650,689 566,823,755
Less redemptions.................. (201,193,923) (477,383,338) (235,226,810) (453,218,774)
------------------ ---------------- ------------------ ----------------
Net increase (decrease)........... $ (21,145,253) $ (71,654,578) $ 33,423,879 $ 113,604,981
------------------ ---------------- ------------------ ----------------
------------------ ---------------- ------------------ ----------------
Capital stock authorized
(shares)........................ 100,000,000 100,000,000
Par value......................... no par $ 0.01
<CAPTION>
INTERNATIONAL STOCK FUND
-------------------------------------
SIX MONTHS
ENDED JUNE 30,
------------------
1999 1998
------------------ ----------------
<S> <C> <C>
SHARES:
Shares sold....................... 3,406,913 6,757,057
Shares issued for reinvestment of
dividends....................... -- 4,073
------------------ ----------------
3,406,913 6,761,130
Shares redeemed................... (2,800,075) (8,752,521)
------------------ ----------------
Net increase (decrease)........... 606,838 (1,991,391)
------------------ ----------------
------------------ ----------------
AMOUNTS:
Sales............................. $ 54,904,714 $ 96,626,658
Reinvestment of dividends......... -- 62,933
------------------ ----------------
54,904,714 96,689,591
Less redemptions.................. (44,707,646) (125,490,278)
------------------ ----------------
Net increase (decrease)........... $ 10,197,068 $ (28,800,687)
------------------ ----------------
------------------ ----------------
Capital stock authorized
(shares)........................ 100,000,000
Par value......................... no par
</TABLE>
<TABLE>
<CAPTION>
U.S. GOVERNMENT FIXED INCOME
SECURITIES FUND SECURITIES FUND
------------------------------------- -------------------------------------
SIX MONTHS SIX MONTHS
ENDED JUNE 30, ENDED JUNE 30,
------------------ ------------------
1999 1998 1999 1998
------------------ ---------------- ------------------ ----------------
<S> <C> <C> <C> <C>
SHARES:
Shares sold......................... 932,397 2,328,032 7,066,731 12,025,253
Shares issued for reinvestment of
dividends......................... 86,454 220,206 801,847 1,746,053
------------------ ---------------- ------------------ ----------------
1,018,851 2,548,238 7,868,578 13,771,306
Shares redeemed..................... (1,108,306) (2,273,646) (5,820,416) (10,720,493)
------------------ ---------------- ------------------ ----------------
Net increase (decrease)............. (89,455) 274,592 2,048,162 3,050,813
------------------ ---------------- ------------------ ----------------
------------------ ---------------- ------------------ ----------------
AMOUNTS:
Sales............................... $ 7,757,611 $ 19,453,757 $ 93,169,799 $ 162,360,726
Reinvestment of dividends........... 718,821 1,841,909 10,495,403 23,546,526
------------------ ---------------- ------------------ ----------------
8,476,432 21,295,666 103,665,202 185,907,252
Less redemptions.................... (9,230,184) (19,006,947) (76,323,149) (144,742,142)
------------------ ---------------- ------------------ ----------------
Net increase (decrease)............. $ (753,752) $ 2,288,719 $ 27,342,053 $ 41,165,110
------------------ ---------------- ------------------ ----------------
------------------ ---------------- ------------------ ----------------
Capital stock authorized (shares)... 100,000,000 200,000,000
Par value........................... $ 0.01 $ 0.01
<CAPTION>
NATIONAL MUNICIPAL
BOND FUND
-----------------------------------
FEBRUARY 10
TO JUNE 30,
----------------
1999
----------------
<S> <C> <C>
SHARES:
Shares sold......................... 729,507
Shares issued for reinvestment of
dividends......................... 4,703
----------------
734,210
Shares redeemed..................... (2,911)
----------------
Net increase (decrease)............. 731,299
----------------
----------------
AMOUNTS:
Sales............................... $ 7,140,513
Reinvestment of dividends........... 45,898
----------------
7,186,411
Less redemptions.................... (28,801)
----------------
Net increase (decrease)............. $ 7,157,610
----------------
----------------
Capital stock authorized (shares)... 100,000,000
Par value........................... no par
</TABLE>
84
<PAGE>
NOTES TO FINANCIAL STATEMENTS
-----------------------------------------------------------------
-- 4. CAPITAL STOCK ACTIVITY, CONTINUED --
<TABLE>
<CAPTION>
SPECIAL FUND SMALL CAP FUND
------------------------------------- -------------------------------------
SIX MONTHS SIX MONTHS
ENDED JUNE 30, ENDED JUNE 30,
------------------ ------------------
1999 1998 1999 1998
------------------ ---------------- ------------------ ----------------
<S> <C> <C> <C> <C>
SHARES:
Shares sold....................... 5,595,658 15,749,843 4,036,803 8,487,025
Shares issued for reinvestment of
dividends....................... -- 19,697 -- 684
------------------ ---------------- ------------------ ----------------
5,595,658 15,769,540 4,036,803 8,487,709
Shares redeemed................... (15,207,637) (36,402,850) (3,981,440) (5,074,580)
------------------ ---------------- ------------------ ----------------
Net increase (decrease)........... (9,611,979) (20,633,310) 55,363 3,413,129
------------------ ---------------- ------------------ ----------------
------------------ ---------------- ------------------ ----------------
AMOUNTS:
Sales............................. $ 125,186,276 $ 326,466,750 $ 67,115,559 $ 142,918,397
Reinvestment of dividends......... -- 465,243 -- 11,916
------------------ ---------------- ------------------ ----------------
125,186,276 326,931,993 67,115,559 142,930,313
Less redemptions.................. (341,293,843) (755,726,707) (65,147,030) (84,214,365)
------------------ ---------------- ------------------ ----------------
Net increase (decrease)........... $ (216,107,567) $ (428,794,714) $ 1,968,529 $ 58,715,948
------------------ ---------------- ------------------ ----------------
------------------ ---------------- ------------------ ----------------
Capital stock authorized
(shares)........................ 100,000,000 100,000,000
Par value......................... $ 0.01 no par
<CAPTION>
REAL ESTATE EQUITY FUND BALANCED FUND
------------------------------------- -------------------------------------
SIX MONTHS SIX MONTHS
ENDED JUNE 30, ENDED JUNE 30,
------------------ ------------------
1999 1998 1999 1998
------------------ ---------------- ------------------ ----------------
<S> <C> <C> <C> <C>
SHARES:
Shares sold....................... 7,408,131 9,988,402 12,301,980 13,507,447
Shares issued for reinvestment of
dividends....................... 276,499 416,553 592,800 4,168,672
------------------ ---------------- ------------------ ----------------
7,684,630 10,404,955 12,894,780 17,676,119
Shares redeemed................... (4,210,675) (8,048,667) (13,048,062) (12,580,813)
------------------ ---------------- ------------------ ----------------
Net increase (decrease)........... 3,473,955 2,356,288 (153,282) 5,095,306
------------------ ---------------- ------------------ ----------------
------------------ ---------------- ------------------ ----------------
AMOUNTS:
Sales............................. $ 118,531,524 $ 171,289,503 $ 290,778,345 $ 307,811,840
Reinvestment of dividends......... 4,356,006 6,951,254 14,285,558 96,330,655
------------------ ---------------- ------------------ ----------------
122,887,530 178,240,757 305,063,903 404,142,495
Less redemptions.................. (66,967,958) (135,957,517) (308,802,168) (287,261,234)
------------------ ---------------- ------------------ ----------------
Net increase (decrease)........... $ 55,919,572 $ 42,283,240 $ (3,738,265) $ 116,881,261
------------------ ---------------- ------------------ ----------------
------------------ ---------------- ------------------ ----------------
Capital stock authorized
(shares)........................ 100,000,000 100,000,000
Par value......................... no par no par
</TABLE>
<TABLE>
<CAPTION>
MUNICIPAL BOND FUND HIGH YIELD FUND
------------------------------------- -------------------------------------
SIX MONTHS SIX MONTHS
ENDED JUNE 30, ENDED JUNE 30,
------------------ ------------------
1999 1998 1999 1998
------------------ ---------------- ------------------ ----------------
<S> <C> <C> <C> <C>
SHARES:
Shares sold......................... 4,833,525 10,282,298 2,882,144 5,050,748
Shares issued for reinvestment of
dividends......................... 672,264 1,535,194 216,384 350,237
------------------ ---------------- ------------------ ----------------
5,505,789 11,817,492 3,098,528 5,400,985
Shares redeemed..................... (5,016,293) (7,484,819) (1,681,965) (3,469,996)
------------------ ---------------- ------------------ ----------------
Net increase (decrease)............. 489,496 4,332,673 1,416,563 1,930,989
------------------ ---------------- ------------------ ----------------
------------------ ---------------- ------------------ ----------------
AMOUNTS:
Sales............................... $ 59,769,174 $ 128,573,968 $ 28,297,094 $ 50,292,553
Reinvestment of dividends........... 8,288,342 19,177,222 2,112,097 3,493,216
------------------ ---------------- ------------------ ----------------
68,057,516 147,751,190 30,409,191 53,785,769
Less redemptions.................... (62,059,191) (93,522,515) (16,483,346) (34,560,070)
------------------ ---------------- ------------------ ----------------
Net increase (decrease)............. $ 5,998,325 $ 54,228,675 $ 13,925,845 $ 19,225,699
------------------ ---------------- ------------------ ----------------
------------------ ---------------- ------------------ ----------------
Capital stock authorized (shares)... 100,000,000 100,000,000
Par value........................... $ 0.01 no par
<CAPTION>
COLUMBIA DAILY
INCOME COMPANY
---------------------------------------
SIX MONTHS
ENDED JUNE 30,
------------------
1999 1998
------------------ ------------------
<S> <C> <C>
SHARES:
Shares sold......................... 846,806,871 1,712,535,787
Shares issued for reinvestment of
dividends......................... 23,877,175 52,814,144
------------------ ------------------
870,684,046 1,765,349,931
Shares redeemed..................... (890,854,622) (1,825,304,288)
------------------ ------------------
Net increase (decrease)............. (20,170,576) (59,954,357)
------------------ ------------------
------------------ ------------------
AMOUNTS:
Sales............................... $ 846,806,871 $ 1,712,535,787
Reinvestment of dividends........... 23,877,175 52,814,144
------------------ ------------------
870,684,046 1,765,349,931
Less redemptions.................... (890,854,622) (1,825,304,288)
------------------ ------------------
Net increase (decrease)............. $ (20,170,576) $ (59,954,357)
------------------ ------------------
------------------ ------------------
Capital stock authorized (shares)... 2,000,000,000
Par value........................... $ 0.001
</TABLE>
85
<PAGE>
NOTES
<PAGE>
MUTUAL FUND SHARES ARE NOT INSURED BY THE FDIC OR ANY OTHER GOVERNMENTAL ENTITY;
ARE NOT DEPOSITS OR OTHER OBLIGATIONS OF, OR GUARANTEED BY, ANY BANK; AND
INVOLVE RISKS, INCLUDING POSSIBLE LOSS OF PRINCIPAL.
<PAGE>
[LOGO]
COLUMBIA FUNDS
- 1301 S.W. FIFTH AVENUE, PORTLAND, OREGON 97201 -
- DIRECTORS -
__________________________________________________
JAMES C. GEORGE
J. JERRY INSKEEP, JR.
THOMAS R. MACKENZIE
RICHARD L. WOOLWORTH
- INVESTMENT ADVISOR -
__________________________________________________
COLUMBIA FUNDS MANAGEMENT COMPANY
1300 S.W. SIXTH AVENUE
PORTLAND, OREGON 97201
- LEGAL COUNSEL -
__________________________________________________
STOEL RIVES LLP
900 S.W. FIFTH AVENUE, SUITE 2300
PORTLAND, OREGON 97204-1268
- TRANSFER AGENT -
__________________________________________________
COLUMBIA TRUST COMPANY
1301 S.W. FIFTH AVENUE
PORTLAND, OREGON 97201
THIS INFORMATION MUST BE PRECEDED OR ACCOMPANIED BY A CURRENT PROSPECTUS.
THE MANAGERS' VIEWS CONTAINED IN THIS REPORT ARE SUBJECT TO CHANGE AT ANY TIME,
BASED ON MARKET AND OTHER CONSIDERATIONS. PORTFOLIO CHANGES SHOULD NOT BE
CONSIDERED RECOMMENDATIONS FOR ACTION BY INDIVIDUAL INVESTORS.
FUNDS DISTRIBUTED BY PROVIDENT DISTRIBUTORS, INC.
