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COLUMBIA FUNDS
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1999 ANNUAL REPORT
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 OREGON MUNICIPAL BOND FUND
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COLUMBIA HIGH YIELD FUND
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COLUMBIA DAILY INCOME COMPANY
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DEAR COLUMBIA INVESTOR:
We are pleased to present the 1999 Columbia Funds Annual Report. Inside, you'll
find detailed financial and investment activity reports spanning the entire
year. Individual fund reviews provide a glimpse into each portfolio's investment
strategy and philosophy, while our Investment Team's "Overview of the Markets"
recaps an exciting year in the world's financial markets.
We are also pleased to report a name change for one of our Funds: Columbia
Oregon Municipal Bond Fund. Formerly called Columbia Municipal Bond Fund, the
Fund's new name reflects its concentration in Oregon municipal securities while
distinguishing it from Columbia National Municipal Bond Fund, which invests in
tax-exempt municipal securities issued throughout the country.
At Columbia, we continue to pursue opportunities for building your wealth in the
Funds while seeking to manage risk and control expenses. We encourage you to
read this report closely to enhance your evaluation of Fund performance. If you
have questions about your investments, please contact an Investor Services
Representative toll-free at 1-800-547-1707 or at (503) 222-3606 in Portland.
As always, we appreciate the confidence and trust you have placed in Columbia
Funds and look forward to helping you achieve your investment goals in the
months and years to come.
Sincerely,
/s/ Thomas L. Thomsen /s/ John A. Kemp
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 82-YEAR-OLD VISTA HOUSE, PERCHED
ATOP CROWN POINT AT THE MOUTH OF THE COLUMBIA RIVER GORGE. THE PHOTO WAS
TAKEN IN OREGON, LOOKING ACROSS TO WASHINGTON STATE.
<PAGE>
<TABLE>
<CAPTION>
TABLE OF CONTENTS
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ANNUAL REPORT, DECEMBER 31, 1999
<S> <C>
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 ..............................26
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 ..............................28
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 ..............................32
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 ..............................35
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 ..............................38
Statement of Assets and Liabilities ..................72
Statement of Operations ..............................74
Statements of Changes in Net Assets ..................76
COLUMBIA BALANCED FUND
Investment Review .....................................9
Financial Highlights .................................19
Schedule of Investments ..............................39
Statement of Assets and Liabilities ..................72
Statement of Operations ..............................74
Statements of Changes in Net Assets ..................76
COLUMBIA U.S. GOVERNMENT SECURITIES FUND
Investment Review ....................................10
Financial Highlights .................................19
Schedule of Investments ..............................46
Statement of Assets and Liabilities ..................72
Statement of Operations ..............................74
Statements of Changes in Net Assets ..................76
COLUMBIA FIXED INCOME SECURITIES FUND
Investment Review ....................................11
Financial Highlights .................................20
Schedule of Investments ..............................47
Statement of Assets and Liabilities ..................72
Statement of Operations ..............................74
Statements of Changes in Net Assets ..................76
COLUMBIA NATIONAL MUNICIPAL BOND FUND
Investment Review ....................................12
Financial Highlights .................................20
Schedule of Investments ..............................51
Statement of Assets and Liabilities ..................72
Statement of Operations ..............................74
Statements of Changes in Net Assets ..................76
COLUMBIA OREGON MUNICIPAL BOND FUND
Investment Review ....................................13
Financial Highlights .................................21
Schedule of Investments ..............................57
Statement of Assets and Liabilities ..................72
Statement of Operations ..............................74
Statements of Changes in Net Assets ..................76
COLUMBIA HIGH YIELD FUND
Investment Review ....................................14
Financial Highlights .................................21
Schedule of Investments ..............................66
Statement of Assets and Liabilities ..................72
Statement of Operations ..............................74
Statements of Changes in Net Assets ..................76
COLUMBIA DAILY INCOME COMPANY
Investment Review ....................................15
Financial Highlights .................................22
Schedule of Investments ..............................70
Statement of Assets and Liabilities ..................72
Statement of Operations ..............................74
Statements of Changes in Net Assets ..................76
NOTES TO FINANCIAL STATEMENTS .......................... 78
</TABLE>
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 OREGON MUNICIPAL BOND FUND
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COLUMBIA HIGH YIELD FUND
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COLUMBIA DAILY INCOME COMPANY
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<PAGE>
AN OVERVIEW OF THE MARKETS
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A LOOK BACK AT 1999
In 1999, the stock market soared and the U.S. economy showed unfailing strength.
The stock market's gains were dominated by the impressive performance of the
technology and telecommunications sectors in the U.S., which drove the
technology-heavy NASDAQ Index up more than 85% for the year. A strong fourth
quarter rally brought the returns of both the S&P 500 and Russell 2000 Indices
to over 21% for 1999.
However, index returns hide a wide divergence in the performance of individual
stocks. Stellar price increases occurred among a few names, mostly technology
related. In fact, the average stock in the S&P 500, excluding technology, gained
only 2% in 1999, while the largest 30 stocks accounted for 87% of the Index's
performance for the year. In addition to technology, media, telecommunications,
retail and basic industry stocks fared well. Losers in 1999 included the food
and drug group, banks, insurance companies, transportation and electric
utilities.
In 1998, policy-makers worldwide slashed interest rates to thwart a global
downturn. Economic growth prospects seemed uncertain -- particularly in Asian
economies -- and emerging markets remained in turmoil. In just a year, however,
the landscape shifted. In the last half of 1999, economists repeatedly upgraded
GDP forecasts worldwide, leading to strong performance in international stocks;
Morgan Stanley's EAFE Index gained more than 27% for the year.
In the bond market, broad market indices lost ground in 1999. The Federal
Reserve raised the target fed funds rate a total of 0.75% in three moves during
the year, entirely reversing cuts made in 1998. Interest rates increased between
1.4% and 1.8% across maturities in 1999, and 30-year Treasury bonds suffered
returns of -15.0%, after earning more than 18.0% in 1998. The Lehman Aggregate
Bond Index finished the year down 0.82%, as earned income did not offset price
depreciation in an environment of rising interest rates. In contrast, high yield
debt saw income partially offset price declines in 1999, with the Salomon
BB Index (an index measuring the performance of high yield bonds) up 2.24%.
MARKET OUTLOOK
While the global economy should enjoy a healthy start to the year 2000, higher
domestic market volatility, as well as uncertainty about inflation and interest
rates, may continue to worry investors.
In the year 2000, opportunities may come from companies that conduct business
overseas, whether they are based in the U.S. or abroad. Additionally, signs of
market broadening suggest that selected smaller cap names in high growth
industries deserve investor attention. Equity managers will also face the
important question of how to treat the high-flying technology sector.
Although tentative signs of slowing economic growth are surfacing, a strong
stock market has buoyed consumer confidence. Retail sales and housing have
declined in recent months, but they remain at historically high levels.
Record-setting home sales have contributed to demand for furniture and
appliances, and vehicle sales remain robust. The interest rate hikes of 1999
seem to have hardly impacted economic strength. With strong consumer demand
persisting through the end of 1999, any hint of rising inflation could provoke
Fed action. This unsettled inflation outlook may keep interest rates near
present levels or trending higher early in 2000.
The shrinking unemployment rate is central to the Fed's inflation concerns.
December's 4.1% reading was the lowest since January 1970, and there are fears
that the U.S. is running out of workers. Although labor markets are becoming
tight, neither wages nor prices have moved higher. Consumer price inflation,
excluding the volatile energy and food components, is
1
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AN OVERVIEW OF THE MARKETS
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only 2.1%: near a 33-year low. One reason for the lack of inflation pressures,
despite unemployment declines, has been the technology-led rise in productivity
in recent years. In addition, the competitive nature of many world markets, even
with rising costs of inputs, may inhibit companies from raising prices to final
buyers, thereby keeping inflation contained.
UNEMPLOYMENT RATE DECLINES
<TABLE>
<CAPTION>
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
UNEMPLOYMENT RATE %
<S> <C>
Jan-70 3.9
Feb-70 4.2
Mar-70 4.4
Apr-70 4.6
May-70 4.8
Jun-70 4.9
Jul-70 5
Aug-70 5.1
Sep-70 5.4
Oct-70 5.5
Nov-70 5.9
Dec-70 6.1
Jan-71 5.9
Feb-71 5.9
Mar-71 6
Apr-71 5.9
May-71 5.9
Jun-71 5.9
Jul-71 6
Aug-71 6.1
Sep-71 6
Oct-71 5.8
Nov-71 6
Dec-71 6
Jan-72 5.8
Feb-72 5.7
Mar-72 5.8
Apr-72 5.7
May-72 5.7
Jun-72 5.7
Jul-72 5.6
Aug-72 5.6
Sep-72 5.5
Oct-72 5.6
Nov-72 5.3
Dec-72 5.2
Jan-73 4.9
Feb-73 5
Mar-73 4.9
Apr-73 5
May-73 4.9
Jun-73 4.9
Jul-73 4.8
Aug-73 4.8
Sep-73 4.8
Oct-73 4.6
Nov-73 4.8
Dec-73 4.9
Jan-74 5.1
Feb-74 5.2
Mar-74 5.1
Apr-74 5.1
May-74 5.1
Jun-74 5.4
Jul-74 5.5
Aug-74 5.5
Sep-74 5.9
Oct-74 6
Nov-74 6.6
Dec-74 7.2
Jan-75 8.1
Feb-75 8.1
Mar-75 8.6
Apr-75 8.8
May-75 9
Jun-75 8.8
Jul-75 8.6
Aug-75 8.4
Sep-75 8.4
Oct-75 8.4
Nov-75 8.3
Dec-75 8.2
Jan-76 7.9
Feb-76 7.7
Mar-76 7.6
Apr-76 7.7
May-76 7.4
Jun-76 7.6
Jul-76 7.8
Aug-76 7.8
Sep-76 7.6
Oct-76 7.7
Nov-76 7.8
Dec-76 7.8
Jan-77 7.5
Feb-77 7.6
Mar-77 7.4
Apr-77 7.2
May-77 7
Jun-77 7.2
Jul-77 6.9
Aug-77 7
Sep-77 6.8
Oct-77 6.8
Nov-77 6.8
Dec-77 6.4
Jan-78 6.4
Feb-78 6.3
Mar-78 6.3
Apr-78 6.1
May-78 6
Jun-78 5.9
Jul-78 6.2
Aug-78 5.9
Sep-78 6
Oct-78 5.8
Nov-78 5.9
Dec-78 6
Jan-79 5.9
Feb-79 5.9
Mar-79 5.8
Apr-79 5.8
May-79 5.6
Jun-79 5.7
Jul-79 5.7
Aug-79 6
Sep-79 5.9
Oct-79 6
Nov-79 5.9
Dec-79 6
Jan-80 6.3
Feb-80 6.3
Mar-80 6.3
Apr-80 6.9
May-80 7.5
Jun-80 7.6
Jul-80 7.8
Aug-80 7.7
Sep-80 7.5
Oct-80 7.5
Nov-80 7.5
Dec-80 7.2
Jan-81 7.5
Feb-81 7.4
Mar-81 7.4
Apr-81 7.2
May-81 7.5
Jun-81 7.5
Jul-81 7.2
Aug-81 7.4
Sep-81 7.6
Oct-81 7.9
Nov-81 8.3
Dec-81 8.5
Jan-82 8.6
Feb-82 8.9
Mar-82 9
Apr-82 9.3
May-82 9.4
Jun-82 9.6
Jul-82 9.8
Aug-82 9.8
Sep-82 10.1
Oct-82 10.4
Nov-82 10.8
Dec-82 10.8
Jan-83 10.4
Feb-83 10.4
Mar-83 10.3
Apr-83 10.2
May-83 10.1
Jun-83 10.1
Jul-83 9.4
Aug-83 9.5
Sep-83 9.2
Oct-83 8.8
Nov-83 8.5
Dec-83 8.3
Jan-84 8
Feb-84 7.8
Mar-84 7.8
Apr-84 7.7
May-84 7.4
Jun-84 7.2
Jul-84 7.5
Aug-84 7.5
Sep-84 7.3
Oct-84 7.4
Nov-84 7.2
Dec-84 7.3
Jan-85 7.4
Feb-85 7.2
Mar-85 7.2
Apr-85 7.3
May-85 7.2
Jun-85 7.3
Jul-85 7.4
Aug-85 7.1
Sep-85 7.1
Oct-85 7.2
Nov-85 7
Dec-85 7
Jan-86 6.7
Feb-86 7.2
Mar-86 7.1
Apr-86 7.2
May-86 7.2
Jun-86 7.2
Jul-86 7
Aug-86 6.9
Sep-86 7
Oct-86 7
Nov-86 6.9
Dec-86 6.7
Jan-87 6.6
Feb-87 6.6
Mar-87 6.5
Apr-87 6.4
May-87 6.3
Jun-87 6.2
Jul-87 6.1
Aug-87 6
Sep-87 5.9
Oct-87 6
Nov-87 5.9
Dec-87 5.8
Jan-88 5.8
Feb-88 5.7
Mar-88 5.6
Apr-88 5.5
May-88 5.6
Jun-88 5.4
Jul-88 5.4
Aug-88 5.6
Sep-88 5.4
Oct-88 5.3
Nov-88 5.4
Dec-88 5.3
Jan-89 5.4
Feb-89 5.2
Mar-89 5.1
Apr-89 5.2
May-89 5.2
Jun-89 5.4
Jul-89 5.3
Aug-89 5.2
Sep-89 5.3
Oct-89 5.3
Nov-89 5.3
Dec-89 5.3
Jan-90 5.3
Feb-90 5.3
Mar-90 5.3
Apr-90 5.4
May-90 5.3
Jun-90 5.3
Jul-90 5.5
Aug-90 5.6
Sep-90 5.7
Oct-90 5.7
Nov-90 5.9
Dec-90 6.1
Jan-91 6.2
Feb-91 6.5
Mar-91 6.7
Apr-91 6.6
May-91 6.8
Jun-91 6.9
Jul-91 6.8
Aug-91 6.8
Sep-91 6.8
Oct-91 6.9
Nov-91 6.9
Dec-91 7.1
Jan-92 7.1
Feb-92 7.3
Mar-92 7.3
Apr-92 7.3
May-92 7.4
Jun-92 7.7
Jul-92 7.6
Aug-92 7.6
Sep-92 7.5
Oct-92 7.4
Nov-92 7.3
Dec-92 7.3
Jan-93 7.3
Feb-93 7.1
Mar-93 7
Apr-93 7.1
May-93 7.1
Jun-93 7
Jul-93 6.9
Aug-93 6.8
Sep-93 6.7
Oct-93 6.8
Nov-93 6.6
Dec-93 6.5
Jan-94 6.7
Feb-94 6.6
Mar-94 6.5
Apr-94 6.4
May-94 6
Jun-94 6.1
Jul-94 6.1
Aug-94 6.1
Sep-94 5.9
Oct-94 5.8
Nov-94 5.6
Dec-94 5.4
Jan-95 5.6
Feb-95 5.5
Mar-95 5.4
Apr-95 5.7
May-95 5.6
Jun-95 5.6
Jul-95 5.7
Aug-95 5.7
Sep-95 5.7
Oct-95 5.5
Nov-95 5.6
Dec-95 5.6
Jan-96 5.7
Feb-96 5.5
Mar-96 5.5
Apr-96 5.5
May-96 5.5
Jun-96 5.3
Jul-96 5.4
Aug-96 5.2
Sep-96 5.2
Oct-96 5.2
Nov-96 5.3
Dec-96 5.3
Jan-97 5.3
Feb-97 5.3
Mar-97 5.1
Apr-97 5
May-97 4.7
Jun-97 5
Jul-97 4.7
Aug-97 4.9
Sep-97 4.7
Oct-97 4.7
Nov-97 4.6
Dec-97 4.7
Jan-98 4.5
Feb-98 4.6
Mar-98 4.6
Apr-98 4.3
May-98 4.3
Jun-98 4.5
Jul-98 4.5
Aug-98 4.5
Sep-98 4.5
Oct-98 4.5
Nov-98 4.4
Dec-98 4.3
Jan-99 4.3
Feb-99 4.4
Mar-99 4.2
Apr-99 4.3
May-99 4.2
Jun-99 4.3
Jul-99 4.3
Aug-99 4.2
Sep-99 4.2
Oct-99 4.1
Nov-99 4.1
Dec-99 4.1
</TABLE>
U.S. economic growth should moderate in 2000 as pricing pressures increase and
as higher interest rates and oil prices work through the economy. The Fed raised
rates .25% on February 2, and the market expects it to raise its target rate
further in the months ahead. Interest rates and inflation will likely trend
upward until the economic expansion moderates. Nevertheless, we believe the
economy is fundamentally sound, and that the Fed's vigilance has enhanced the
likelihood of a prolonged environment of low inflation, high employment and
improving productivity.
INVESTMENT STRATEGY
In our stock funds, we are focusing on companies with the strongest future
earnings prospects. Emphasis on the trends underlying our investment themes,
particularly Baby Boomer Spending and Technology Age, continue to influence core
stock selection. We also look for companies that could benefit from global
economic growth, higher productivity and strong competitive positions.
Opportunities remain in international and smaller cap issues.
Although interest rates may rise before trending lower, we believe bond yields
have reached attractive levels. Long-term U.S. Treasury yields are at about 6.5%
and higher yields are available in other fixed income sectors. Many high yield
securities currently offer exceptional value, and we believe this sector is
important to a diversified fixed income portfolio.
As always, Columbia's goal is to structure mutual fund portfolios that will
generate consistent, above-average performance in all types of investment
environments. To help you evaluate how the Columbia Funds performed in 1999, the
following pages contain summaries of each Fund's investment activity. You'll
find a recap of each Fund's strategy and a comparison to relevant benchmarks.
Unlike the Funds, benchmark indices are not actively managed and incur no
operating expenses, portfolio transaction costs or cash flows.
As always, we appreciate your continued confidence, and look forward to serving
your investment needs in the months and years to come.
THE INVESTMENT TEAM
COLUMBIA FUNDS
FEBRUARY 2000
2
<PAGE>
INVESTMENT REVIEW
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-- COLUMBIA COMMON STOCK FUND --
--------------------------
1999 capped the fifth consecutive year that the S&P 500 rose over 20%. Columbia
Common Stock Fund benefited from the robust market and gained 25.76% for the
year ended December 31, 1999. This compared favorably to the S&P 500's return of
21.04% for the same period.
TOP TEN HOLDINGS
<TABLE>
<CAPTION>
<S> <C>
% of Net Assets
Microsoft Corp. 4.9
General Electric Co. 3.9
Oracle Corp. 3.4
Citigroup, Inc. 3.4
Computer Sciences Corp. 2.7
Cisco Systems, Inc. 2.7
Exxon Mobil Corp. 2.7
Lucent Technologies, Inc. 2.5
Warner-Lambert Co. 2.5
MCI Worldcom, Inc. 2.4
AS OF DECEMBER 31, 1999
</TABLE>
Stock selection helped propel the Fund's results. Our stock selections in
financial services, business and consumer services, technology, and energy
contributed to the Fund's outstanding performance. Some of the leading stocks in
these sectors were BJ Services (1.0% of net assets as of December 31),
Citigroup, Cisco Systems, JDS Uniphase (1.0%), Oracle and USA Networks (1.0%).
Each of these issues was up over 60% for the year.
Sound stock selection was complemented by good sector selection. Guided by our
Technology Age theme, we overweighted the technology and media sectors, which
were clear drivers of strong performance. Investors who were not involved in
these two sectors likely had a difficult time outperforming the S&P 500 in 1999.
Strong earnings and the prospect of strong future earnings growth have been the
propellants for technology stocks. One of the two primary drivers of demand is
the Internet and the revolutionary force it is having on the world. The
development of the world's Internet infrastructure is happening at a rapid pace
as some participants seek to gain first mover advantage while others struggle
not to be left behind. As the world adjusts to this new economy, enabling
products are critical and will continue to be in high demand.
SECTORS OF EMPHASIS
<TABLE>
<CAPTION>
<S> <C>
% of Net Assets
Technology 32.5
Financial 13.0
Basic Industries &
Manufacturing 11.7
Business & Consumer
Services 9.6
Consumer Staples 9.3
AS OF DECEMBER 31, 1999
</TABLE>
The second force that has and should continue to drive technology spending is
the consistent need for and development of products that improve productivity.
Whether it's consumers checking their email by wireless phone or manufacturers
installing new inventory management software, the benefits gained by use of
these products justifies their expense. As long as this return on invested
capital dynamic holds, demand will remain strong for these innovative products.
We expect to continue emphasizing the Technology Age, World Recovery, and Baby
Boomer Spending themes. All three served us well in 1999 and we remain
comfortable with them as we move into the year 2000. As the investment
environment continues to evolve, our goal, as always, is to seek growth
opportunities while managing risk.
GROWTH OF $10,000 SINCE INCEPTION
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS
- ----------------------------
AS OF DECEMBER 31, 1999
CCSF S&P 500
<S> <C> <C>
1 Year 25.76% 21.04%
5 Years 25.75% 28.56%
Since Inception 19.97% 20.08%
</TABLE>
[EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC]
<TABLE>
<CAPTION>
COLUMBIA
COMMON
STOCK S&P
FUND 500
<S> <C> <C>
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
12/31/99 $45,310 $45,679
</TABLE>
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE RESULTS.
THE S&P 500 IS AN UNMANAGED INDEX GENERALLY
REPRESENTATIVE OF THE U.S. STOCK MARKET.
3
<PAGE>
INVESTMENT REVIEW
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-- COLUMBIA GROWTH FUND--
-------------------------
Columbia Growth Fund gained 26.02% for the year ended December 31, 1999,
outperforming the S&P 500's return of 21.04% for the same period.
TOP TEN HOLDINGS
<TABLE>
<CAPTION>
<S> <C>
% of Net Assets
Microsoft Corp. 4.9
Cisco Systems, Inc. 3.2
Computer Sciences Corp. 3.0
Lucent Technologies, Inc. 2.9
Warner-Lambert Co. 2.9
General Electric Co. 2.9
Citigroup, Inc. 2.7
Tyco International Ltd. 2.7
Oracle Corp. 2.6
Lowe's Cos., Inc. 2.3
AS OF DECEMBER 31, 1999
</TABLE>
The Fund's emphasis on the highest quality growth names during the first half of
the year benefited 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 lower priced
value stocks. In response, the portfolio was altered to take advantage of an
anticipated global economic recovery.
The third quarter was characterized by considerable volatility in the equity
markets. While a few sectors -- including technology, basic industries and
energy -- performed well during the quarter, the market suffered as a whole.
A fourth quarter rally in the markets resulted in a quarterly gain of 19.42% for
the Fund, topping the S&P 500's return of 14.88% for the same period. Many of
the Fund's stock holdings, led by technology issues, posted significant gains in
the quarter, reversing third-quarter losses. Certain key trends persisted during
the period, including above-expectation economic and earnings growth and rising
interest rates.
SECTORS OF EMPHASIS
<TABLE>
<CAPTION>
<S> <C>
% of Net Assets
Technology 37.2
Financial 12.5
Business & Consumer
Services 11.2
Consumer Cyclical 10.2
Consumer Staples 9.0
AS OF DECEMBER 31, 1999
</TABLE>
The Fund's relatively high exposure to the technology, media and
telecommunications sectors helped it outperform its benchmark during the year.
While these sectors have been -- and may continue to be -- volatile, we believe
they have long-term appeal. The Fund will maintain its focus on themes such as
Technology Age and Baby Boomer Spending to identify the best investment
opportunities.
With 73 holdings and an average market capitalization of $75.5 billion as of
December 31, Columbia Growth Fund seeks capital appreciation through stocks of
companies with long-term, above-average earnings growth.
GROWTH OF $10,000 OVER 20 YEARS
AVERAGE ANNUAL TOTAL RETURNS
- ----------------------------
AS OF DECEMBER 31, 1999
<TABLE>
<CAPTION>
CGF S&P 500
<S> <C> <C>
1 Year 26.02% 21.04%
5 Years 27.22% 28.56%
10 Years 18.44% 18.22%
20 Years 18.26% 17.85%
</TABLE>
[EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC]
<TABLE>
<CAPTION>
COLUMBIA
GROWTH FUND S&P 500
<S> <C> <C>
12/31/79 $10,000 $10,000
12/31/80 $13,988 $13,235
12/31/81 $13,514 $12,580
12/31/82 $19,806 $15,285
12/31/83 $24,056 $18,711
12/31/84 $22,714 $19,864
12/31/85 $29,998 $26,133
12/31/86 $32,074 $31,004
12/31/87 $36,802 $32,633
12/31/88 $40,780 $38,040
12/31/89 $52,643 $50,064
12/31/90 $50,900 $48,537
12/31/91 $68,339 $63,326
12/31/92 $76,417 $68,152
12/31/93 $86,358 $75,022
12/31/94 $85,814 $76,012
12/31/95 $114,116 $104,577
12/31/96 $137,852 $128,588
12/31/97 $174,135 $171,485
12/31/98 $226,967 $220,495
12/31/99 $286,151 $266,853
</TABLE>
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE RESULTS. THE S&P 500 IS AN
UNMANAGED INDEX GENERALLY REPRESENTATIVE OF THE U.S. STOCK MARKET.
4
<PAGE>
INVESTMENT REVIEW
- -------------------------------------------------------------------------------
-- COLUMBIA INTERNATIONAL STOCK FUND --
---------------------------------------
Columbia International Stock Fund gained 57.93% for the year ended December 31,
1999, significantly outperforming the 27.30% return of the MSCI EAFE Index over
the same period. In the fourth quarter, the Fund experienced its best quarter
since its October 1992 inception, posting a return of 34.96%.
TOP TEN HOLDINGS
<TABLE>
<CAPTION>
<S> <C>
% of Net Assets
Mannesmann AG 3.1
Infosys Technologies Ltd. 2.8
Equant NV 2.1
NTT Mobile Communications
Network, Inc. 2.0
Sony Corp. 2.0
WPP Group plc 1.9
Ryohin Keikaku Co., Ltd. 1.7
Compass Group plc 1.4
Hirose Electric Co., Ltd. 1.4
British Telecommunications plc 1.4
AS OF DECEMBER 31, 1999
</TABLE>
As the impact of the Asian currency crisis diminished, international markets
showed signs of recovery early in 1999 and gathered momentum during the year.
Fund performance benefited significantly from a substantial weighting in Japan,
the best performing major stock market for the year. Foreign and domestic
investors were attracted to Japan as the country addressed its economic
imbalances through a liberal fiscal policy, extremely low interest rates, bank
reform policies, and restructuring among many companies. Additionally, the Fund
benefited from strong stock selection, including issues from a number of smaller
Japanese companies with excellent profit growth. We maintained a small emphasis
in emerging markets throughout 1999, with the largest concentration in India,
where we emphasized the software sector.
COUNTRIES OF EMPHASIS
<TABLE>
<CAPTION>
<S> <C>
% of Net Assets
Japan 26.4
United Kingdom 18.9
Germany 6.8
Netherlands 6.2
France 5.7
India 4.9
Canada 3.7
AS OF DECEMBER 31, 1999
</TABLE>
In Europe, economic growth accelerated in the latter half of the year as the
policy constraints instituted to prepare for the January 1999 introduction of
the Euro, the new European single currency, were eased. The Fund benefited from
holdings in the telecommunications, finance and pharmaceutical sectors
throughout Europe, with particularly strong gains coming from the Fund's
investments in the United Kingdom. The Fund continued to expand holdings in
these sectors in the latter half of 1999.
World economic growth appears to be accelerating, and global GDP growth is
expected to top 4% in 2000. We believe that stronger growth, increased business
and consumer confidence, and rising profits should help set the stage for
continued gains in international markets.
With nearly 150 holdings across 23 international markets, the Fund is well
diversified. The main emphasis, however, remains in Japan, the United Kingdom
and continental Europe.
GROWTH OF $10,000 SINCE INCEPTION
AVERAGE ANNUAL TOTAL RETURNS
- ----------------------------
AS OF DECEMBER 31, 1999
<TABLE>
<CAPTION>
MSCI
CISF EAFE
<S> <C> <C>
1 Year 57.93% 27.30%
5 Years 19.48% 13.16%
Since Inception 17.20% 13.77%
</TABLE>
[EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC]
<TABLE>
<CAPTION>
COLUMBIA
INTERNATIONAL MSCI
STOCK FUND EAFE
<S> <C> <C>
10/1/92 $10,000 $10,000
12/31/92 $10,060 $9,623
12/31/93 $13,417 $12,794
12/31/94 $13,086 $13,825
12/31/95 $13,760 $15,422
12/31/96 $16,042 $16,403
12/31/97 $17,882 $16,740
12/31/98 $20,177 $20,144
12/31/99 $31,862 $25,646
</TABLE>
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE RESULTS. THE MSCI EAFE INDEX IS A
MARKET WEIGHTED INDEX COMPOSED OF COMPANIES REPRESENTATIVE OF THE MARKET
STRUCTURE OF 20 DEVELOPED MARKET COUNTRIES IN EUROPE, AUSTRALASIA AND THE FAR
EAST.
5
<PAGE>
INVESTMENT REVIEW
- -------------------------------------------------------------------------------
-- COLUMBIA SPECIAL FUND--
--------------------------
For the year ended December 31, 1999, Columbia Special Fund gained 36.33%,
surpassing the 14.72% gain of the S&P MidCap 400 Index and the 21.26% gain for
the Russell 2000 over the same period. A fourth quarter return of 37.43% was the
best quarterly performance for the Fund since its November 1985 inception.
TOP TEN HOLDINGS
<TABLE>
<CAPTION>
<S> <C>
% of Net Assets
BEA Systems, Inc. 4.5
Univision Communications, Inc. (Class A) 2.7
Ciena Corp. 2.4
Young & Rubicam, Inc. 2.2
Clear Channel Communications, Inc. 2.2
Cytyc Corp. 2.1
Genentech, Inc. 2.0
LSI Logic Corp. 1.8
ASM Lithography Holding N.V. 1.7
QLogic Corp. 1.7
AS OF DECEMBER 31, 1999
</TABLE>
The Fund began the year under difficult market conditions as rising interest
rates and negative earnings revisions led investors to the perceived security
and liquidity of larger cap names. Portfolio returns improved in the second
quarter as news of global economic recovery shifted the market's bias from large
cap stocks to more economically sensitive issues and aggressive growth stocks.
In addition, a substantial restructuring of the portfolio initiated in late 1998
and early 1999 began to help Fund performance. Defensive holdings, such as
grocery stores and health care, were replaced with more aggressive growth
stocks, such as technology and energy, which became two of the Fund's most
profitable sectors.
A volatile third quarter dragged performance into negative territory, although
the Fund did outperform its benchmark due to increased weightings in strong
growth issues. The technology sector buoyed performance as semiconductor stocks
continued to shine and new software positions fared well. Retail, restaurant and
health care -- with the exception of biotech stocks -- hurt third quarter
performance.
SECTORS OF EMPHASIS
<TABLE>
<CAPTION>
<S> <C>
% of Net Assets
Technology 39.9
Business & Consumer
Services 21.4
Consumer Staples 10.5
Consumer Cyclical 9.4
Utilities 8.4
AS OF DECEMBER 31, 1999
</TABLE>
In the fourth quarter, technology stocks continued to lead the market's growth,
and the Fund benefited from increased exposure to the sector. The Fund
emphasized companies generating earnings through the sale of Internet equipment
and infrastructure, such as BEA Systems, whose value increased by approximately
300% during the quarter. An emphasis on business and consumer services also
lifted Fund performance. Ad agency Young and Rubicam, Inc., for example, was up
over 60% for the quarter. Biotech stocks contributed to the Fund's fourth
quarter returns with solid performance from companies like Cytyc Corp. and
Genentech.
As of December 31, the Fund was diversified across 97 holdings with an average
market capitalization of $8.5 billion.
GROWTH OF $10,000 OVER 10 YEARS
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS
- ----------------------------
AS OF DECEMBER 31, 1999
CSF S&P MIDCAP 400 RUSSELL 2000
<S> <C> <C> <C>
1 Year 36.33% 14.72% 21.26%
5 Years 21.28% 23.05% 16.69%
10 Years 17.21% 17.32% 13.40%
</TABLE>
[EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC]
<TABLE>
<CAPTION>
COLUMBIA SPECIAL FUND S&P MIDCAP 400 RUSSELL 2000
<S> <C> <C> <C>
12/31/89 $10,000 $10,000 $10,000
12/31/90 $8,761 $9,488 $8,049
12/31/91 $13,182 $14,242 $11,760
12/31/92 $14,988 $15,940 $13,925
12/31/93 $18,237 $18,164 $16,555
12/31/94 $18,655 $17,510 $16,253
12/31/95 $24,163 $22,927 $20,877
12/31/96 $27,322 $27,327 $24,320
12/31/97 $30,775 $36,151 $29,758
12/31/98 $35,896 $43,060 $28,999
12/31/99 $48,942 $49,414 $35,170
</TABLE>
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE RESULTS. THE S&P MIDCAP 400 IS AN
UNMANAGED INDEX GENERALLY CONSIDERED REPRESENTATIVE OF THE U.S. MARKET FOR
MID-CAP STOCKS. THE S&P MIDCAP 400 WILL REPLACE THE RUSSELL 2000 AS THE SPECIAL
FUND'S BENCHMARK INDEX BECAUSE THE MIDCAP INDEX IS MORE REPRESENTATIVE OF THE
TYPES OF STOCKS HELD BY THE FUND. THE RUSSELL 2000 IS AN UNMANAGED INDEX
GENERALLY REPRESENTATIVE OF THE MARKET FOR SMALL, DOMESTIC STOCKS.
6
<PAGE>
INVESTMENT REVIEW
- -------------------------------------------------------------------------------
-- COLUMBIA SMALL CAP FUND--
----------------------------
For the year ended December 31, 1999, Columbia Small Cap Fund gained 59.15%,
significantly outperforming the Russell 2000's return of 21.26% for the same
period. The Fund's fourth quarter return of 50.27% was its best quarterly
performance since its October 1996 inception.
TOP TEN HOLDINGS
<TABLE>
<CAPTION>
<S> <C>
% of Net Assets
Documentum, Inc. 1.9
Power-One, Inc. 1.9
Integrated Device Technology, Inc. 1.8
Micros Systems, Inc. 1.8
Credence Systems Corp. 1.8
Cumulus Media, Inc. 1.7
Bindview Development Corp. 1.6
Optical Coating Laboratory, Inc. 1.6
Entercom Communications Corp. 1.6
Symantec Corp. 1.5
AS OF DECEMBER 31, 1999
</TABLE>
The Fund's performance suffered early in the year as technology stocks turned in
a mixed performance and the market favored larger cap names. With second quarter
news of world economic recovery, the market broadened as investors turned to
more aggressive issues, initiating a rebound in the small-cap market.
Economically sensitive stocks led the resurgence, and the Fund benefited from
heavier weightings in technology and energy and reduced holdings in the lagging
health care sector.
The Small Cap Fund survived a volatile third quarter, keeping ahead of its
benchmark and contributing positively to the year's total return. A narrow group
of stocks led the market: those that did particularly well were exposed to the
explosive growth of the Internet and exceeded consensus earnings and revenue
estimates. The Fund benefited from its holdings in technology and energy as well
as from merger activity.
SECTORS OF EMPHASIS
<TABLE>
<CAPTION>
<S> <C>
% of Net Assets
Technology 52.5
Business & Consumer
Services 12.2
Consumer Staples 9.0
Consumer Cyclical 7.3
Energy 5.4
AS OF DECEMBER 31, 1999
</TABLE>
The Fund's surge in the fourth quarter was attributed to strong performance by
technology stocks, which maintained their dominance. Holdings in the business
and consumer services sector also posted substantial gains, while energy stocks
offered a mixed performance. Even health care stocks, which have generally been
lackluster since 1998, fared well, particularly in the biotech area.
The recent gains in some biotech stocks held by the Fund suggest that the market
may be broadening, which would continue to propel small cap stock performance.
We believe the fundamentals of technology stocks are favorable, but we are also
seeking diversification and opportunity in other sectors, such as health care
and business and consumer services.
With an average market capitalization of $1.5
billion as of December 31, the Fund was well diversified across 139 holdings.
GROWTH OF $10,000 SINCE INCEPTION
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS
- ----------------------------
AS OF DECEMBER 31, 1999
CSCF RUSSELL 2000
<S> <C> <C>
1 Year 59.15% 21.26%
Since Inception 31.55% 14.00%
</TABLE>
[EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC]
<TABLE>
<CAPTION>
COLUMBIA SMALL CAP FUND RUSSELL 2000
<S> <C> <C>
10/1/96 $10,000 $10,000
12/31/96 $10,762 $10,520
12/31/97 $14,432 $12,872
12/31/98 $15,109 $12,544
12/31/99 $24,047 $15,211
</TABLE>
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE RESULTS. THE RUSSELL 2000 IS AN
UNMANAGED INDEX GENERALLY REPRESENTATIVE OF THE MARKET FOR SMALL, DOMESTIC
STOCKS.
7
<PAGE>
INVESTMENT REVIEW
- -------------------------------------------------------------------------------
-- COLUMBIA REAL ESTATE EQUITY FUND--
-------------------------------------
Columbia Real Estate Equity Fund returned -2.45% for the year ended December 31,
1999, comparing favorably to a -4.62% return for the NAREIT Index over the same
period.
TOP TEN HOLDINGS
<TABLE>
<CAPTION>
<S> <C>
% of Net Assets
Public Storage, Inc. 5.9
Vornado Realty Trust 5.8
Prologis Trust 5.6
Trizec Hahn Corp. 5.4
General Growth Properties, Inc. 4.8
Cousins Properties, Inc. 4.6
Equity Office Properties Trust 4.5
Spieker Properties, Inc. 4.2
Equity Residential Properties Trust 4.0
AvalonBay Communities, Inc. 3.9
AS OF DECEMBER 31, 1999
</TABLE>
After a five-year expansion, the REIT market slowed in 1997 and has suffered
negative performance in the past two years. In 1999, the struggling market
staged a resurgence in April and May, triggered by a number of factors. News of
overseas economic recovery turned investor attention away from large cap names
toward lower priced value stocks with growth potential, such as REITS. Investor
anxiety about excessive supply eased as a slowing in construction was announced
by first quarter reports. In addition, public SEC filings indicated that
acclaimed investor Warren Buffett had taken a personal stake in two REIT stocks.
During this second quarter rally, the Fund benefited from industrial holdings,
such as warehouses and light manufacturing plants, which are traditionally more
conservative investments.
The spring REIT rally was nearly obliterated in the third quarter as investor
worries were sparked by renewed fears of overbuilding and of falling future
growth rates. Both the Fund and the NAREIT Index suffered quarterly losses of
over 8%. Investor concerns persisted into the fourth quarter and were
exacerbated by tax loss selling. The Fund eked out a positive fourth quarter
return with solid performance from the residential, industrial and office
sectors. These sectors outperformed the broader REIT market, allowing the Fund
to move ahead of its benchmark for the period and the year. The retail sector
represented in the Fund, however, made a poor showing throughout the year.
[PIE CHART]
<TABLE>
<CAPTION>
PORTFOLIO COMPOSITION
<S> <C>
Apartments 15.6%
Community Centers 9.6%
Industrial 30.0%
Healthcare 0.7%
Lodging 3.3%
Office 23.6%
Shopping Malls 9.4%
Cash and Cash Equivalents 5.7%
Other 2.1%
</TABLE>
AS OF DECEMBER 31, 1999
With 32 holdings and an average market capitalization of $2.4 billion on
December 31, the Fund focuses on larger capitalization REITs with strong,
experienced management teams and good prospects for future growth. Currently,
these companies appear to be concentrated in the industrial and office sectors,
followed closely by retail and residential.
GROWTH OF $10,000 SINCE INCEPTION
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS
- ----------------------------
AS OF DECEMBER 31, 1999
CREF NAREIT
<S> <C> <C>
1 Year -2.45% -4.62%
5 Years 11.51% 8.09%
Since Inception 10.18% 6.89%
</TABLE>
[EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC]
<TABLE>
<CAPTION>
COLUMBIA REAL NATIONAL ASSOCIATION OF
ESTATE EQUITY FUND REAL ESTATE TRUSTS
<S> <C> <C>
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
12/31/99 $17,543 $14,721
</TABLE>
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE RESULTS.
THE NATIONAL ASSOCIATION OF REAL ESTATE INVESTMENT
TRUSTS INDEX (NAREIT) TRACKS PERFORMANCE OF ALL PUBLICLY
TRADED EQUITY REITS.
8
<PAGE>
INVESTMENT REVIEW
- -------------------------------------------------------------------------------
-COLUMBIA BALANCED FUND-
------------------------
Columbia Balanced Fund reported a gain of 12.70% for the year ended
December 31, 1999. The equity side of the portfolio gained from a robust market
environment, while a trend of rising interest rates hurt the fixed income side.
TOP TEN STOCK HOLDINGS
<TABLE>
<CAPTION>
<S> <C>
% of Net Assets
Microsoft Corp. 2.9
General Electric Co. 2.2
Citigroup, Inc. 2.0
Oracle Corp. 1.9
Cisco Systems, Inc. 1.7
Computer Sciences Corp. 1.7
Lucent Technologies, Inc. 1.5
Warner-Lambert Co. 1.5
Exxon Mobil Corp. 1.5
MCI Worldcom, Inc. 1.4
AS OF DECEMBER 31, 1999
</TABLE>
Stock selection helped propel the Fund's results. Our stock selections in
financial services, business and consumer services, technology, and energy
contributed to the Fund's outstanding performance. Some of the leading stocks in
these sectors were BJ Services (0.6% of net assets as of December 31),
Citigroup, Cisco Systems, JDS Uniphase (0.6%), Oracle and USA Networks (0.6%).
Each of these issues was up over 60% for the year.
Sound stock selection was complemented by good sector selection. Here, our top
down, thematic approach proved rewarding for shareholders. Guided by our
Technology Age theme, we overweighted the technology and media sectors, which
were clear drivers of strong performance. Investors who were not involved in
these two sectors likely had a difficult time outperforming the S&P 500 in 1999.
<TABLE>
<CAPTION>
PORTFOLIO COMPOSITION
<S> <C>
Common Stocks 56.2%
Fixed Income 42.7%
Cash 1.1%
</TABLE>
AS OF DECEMBER 31, 1999
Going forward we expect to continue emphasizing the World Recovery, Technology
Age and Baby Boomer Spending themes. All three served us well in 1999 and we
remain comfortable with them as we move into the year 2000.
On the bond side, a trend of rising interest rates was a drag on performance
throughout the year. The Fed raised rates a total of 0.75% in three moves,
completely reversing three rate cuts in 1998. As a result, yields rose, bond
prices fell, and earned income could not offset price depreciation. Yields on
high-grade corporate bonds and mortgage-backed securities increased less
dramatically than Treasury bond yields. These sectors appear to offer value and
are expected to benefit fixed income performance going forward.
As always, Columbia Balanced Fund seeks a high total return for shareholders by
investing in a combination of large cap stocks and investment-grade fixed income
securities.
GROWTH OF $10,000 SINCE INCEPTION
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS
- ----------------------------
AS OF DECEMBER 31, 1999
CBF S&P 500 LEHMAN AGGREGATE
<S> <C> <C> <C>
1 Year 12.70% 21.04% -0.82%
5 Years 17.57% 28.56% 7.73%
Since Inception 14.15% 20.08% 6.94%
</TABLE>
[EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC]
<TABLE>
<CAPTION>
COLUMBIA BALANCED FUND S&P 500 LEHMAN AGGREGATE
<S> <C> <C> <C>
10/1/91 $10,000 $10,000 $10,000
12/31/91 $10,780 $10,838 $10,507
12/31/92 $11,738 $11,664 $11,285
12/31/93 $13,337 $12,840 $12,385
12/31/94 $13,350 $13,009 $12,023
12/31/95 $16,699 $17,898 $14,244
12/31/96 $18,666 $22,007 $14,761
12/31/97 $22,164 $29,349 $16,185
12/31/98 $26,612 $37,737 $17,592
12/31/99 $29,987 $45,679 $17,449
</TABLE>
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE RESULTS. THE S&P 500 IS AN
UNMANAGED INDEX GENERALLY REPRESENTATIVE OF THE U.S. STOCK MARKET. THE LEHMAN
AGGREGATE BOND INDEX REPRESENTS AVERAGE MARKET-WEIGHTED PERFORMANCE OF U.S
TREASURY AND AGENCY SECURITIES, INVESTMENT-GRADE CORPORATE BONDS AND
MORTGAGE-BACKED SECURITIES WITH MATURITIES GREATER THAN ONE YEAR.
9
<PAGE>
INVESTMENT REVIEW
- --------------------------------------------------------------------------------
-- COLUMBIA U.S. GOVERNMENT SECURITIES FUND --
-------------------------------------
Columbia U.S. Government Securities Fund returned 1.80% for the year ended
December 31, 1999.
Persistently strong economic growth throughout the year prompted the Federal
Reserve Board to raise interest rates a total of 0.75% in three moves. These
efforts to contain inflation completely reversed rate cuts by the Fed in 1998.
In the fourth quarter, after the Fed's third rate hike, short-term interest
rates rose approximately 0.63%, as measured by the two-year Treasury bond,
causing prices on bonds in the Fund to decline further.
<TABLE>
<CAPTION>
PORTFOLIO COMPOSITION
<S> <C>
Treasury/Agency Obligations 96.4%
Cash 3.6%
</TABLE>
AS OF DECEMBER 31, 1999
To cushion the impact of rising interest rates on the Fund's share price, the
average maturity of the portfolio was shortened, as we believe that further Fed
tightening is likely in the year 2000.
<TABLE>
<CAPTION>
PORTFOLIO HIGHLIGHTS
<S> <C>
Current Yield 5.26%
BASED ON THE 30 DAYS ENDED
DECEMBER 31, 1999
Weighted Averages
Duration 1.33 years
Maturity 1.57 years
AS OF DECEMBER 31, 1999
</TABLE>
As always, the Fund seeks preservation of capital and current 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.
<TABLE>
<CAPTION>
GROWTH OF $10,000 OVER 10 YEARS
AVERAGE ANNUAL TOTAL RETURNS
AS OF DECEMBER 31, 1999
CUSG MERRILL 1-3
<S> <C> <C>
1 Year 1.80% 3.06%
5 Years 5.57% 6.51%
10 Years 6.11% 6.59%
</TABLE>
<TABLE>
<CAPTION>
COLUMBIA MERRILL
U.S. LYNCH CONSUMER
GOVERNMENT 1-3 PRICE
SECURITIES TREASURY INDEX
FUND INDEX (INFLATION)
<S> <C> <C> <C>
12/31/89 $10,000 $10,000 $10,000
12/31/90 $10,929 $10,973 $10,610
12/31/91 $12,319 $12,255 $10,939
12/31/92 $13,035 $13,027 $11,256
12/31/93 $13,805 $13,731 $11,560
12/31/94 $13,801 $13,810 $11,872
12/31/95 $15,210 $15,329 $12,169
12/31/96 $15,796 $16,092 $12,571
12/31/97 $16,706 $17,164 $12,784
12/31/98 $17,780 $18,364 $12,989
12/31/99 $18,102 $18,925 $13,340
</TABLE>
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE RESULTS.
THE MERRILL LYNCH 1-3 TREASURY INDEX REPRESENTS
THE AVERAGE RETURN OF ALL TREASURY NOTES WITH
1- TO 3-YEAR MATURITIES.
10
<PAGE>
INVESTMENT REVIEW
- --------------------------------------------------------------------------------
-- COLUMBIA FIXED INCOME SECURITIES FUND --
-------------------------------------
Throughout the year, a trend of rising interest rates lowered bond prices. For
Columbia Fixed Income Securities Fund, most of the bond price declines -- but
not all -- were offset by interest income earned. The Fund returned -1.50% for
the year ended December 31, 1999.
<TABLE>
<CAPTION>
PORTFOLIO COMPOSITION
<S> <C>
Collateralized Mortgage Obligations 22.8%
Corporate Bonds 36.0%
Treasury/Agency Obligations 12.3%
Mortgage Pass Throughs 20.2%
Asset-Backed Securities 5.1%
Cash 3.6%
</TABLE>
AS OF DECEMBER 31, 1999
Unexpected strength in the U.S. economy throughout 1999 prompted the Federal
Reserve Board to raise interest rates a total of 0.75% in three moves. These
efforts to restrain inflation completely reversed rate cuts by the Fed in 1998.
The market anticipated further Fed actions, and interest rates on some
longer-term bonds (including those held by the Fund) increased by as much as
1.8% for the year.
Inflation rose modestly in 1999, with the consumer price index (CPI) up 2.7% for
the year. However, core inflation (the CPI excluding the volatile food and
energy components) rose 2.1%. Because the Fed has been proactive in containing
price pressures and is expected to remain vigilant, we do not expect inflation
to rise substantially in the near future.
<TABLE>
<CAPTION>
PORTFOLIO QUALITY
<S> <C>
Treasury/Agency Obligations 48.2%
Aaa 15.4%
Aa 3.9%
A 15.0%
Baa 13.4%
Ba 4.1%
</TABLE>
AS OF DECEMBER 31, 1999
AS RATED BY MOODY'S INVESTORS SERVICE, INC.
Corporate bonds and mortgage-backed securities performed better than Treasuries
during 1999, primarily during the first and fourth quarters of the year. These
securities provided greater income, and their prices declined less than
equivalent Treasuries. Looking ahead, we see value in the corporate and
mortgage-backed sectors and anticipate the Fund to benefit from overweightings
in these areas.
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. The Fund invests 90% of its
assets, under normal market conditions, in investment-grade securities.
<TABLE>
<CAPTION>
GROWTH OF $10,000 OVER 10 YEARS
AVERAGE ANNUAL TOTAL RETURN
AS OF DECEMBER 31, 1999
CFIS LEHMAN AGGREGATE
<S> <C> <C>
1 Year -1.50% -0.82%
5 Years 7.34% 7.73%
10 Years 7.59% 7.70%
</TABLE>
<TABLE>
<CAPTION>
COLUMBIA
FIXED CONSUMER
INCOME PRICE
SECURITIES LEHMAN INDEX
FUND AGGREGATE (INFLATION)
<S> <C> <C> <C>
12/31/89 $10,000 $10,000 $10,000
12/31/90 $10,830 $10,896 $10,610
12/31/91 $12,654 $12,639 $10,939
12/31/92 $13,665 $13,575 $11,256
12/31/93 $15,096 $14,898 $11,560
12/31/94 $14,588 $14,463 $11,872
12/31/95 $17,347 $17,135 $12,169
12/31/96 $17,932 $17,757 $12,571
12/31/97 $19,646 $19,470 $12,784
12/31/98 $21,107 $21,162 $12,989
12/31/99 $20,788 $20,989 $13,340
</TABLE>
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE RESULTS. THE
LEHMAN AGGREGATE BOND INDEX REPRESENTS AVERAGE MARKET-WEIGHTED PERFORMANCE
OF U.S. TREASURY AND AGENCY SECURITIES, INVESTMENT-GRADE CORPORATE BONDS AND
MORTGAGE-BACKED SECURITIES WITH MATURITIES GREATER THAN ONE YEAR.
11
<PAGE>
INVESTMENT REVIEW
- --------------------------------------------------------------------------------
-- COLUMBIA NATIONAL MUNICIPAL BOND FUND --
-------------------------------------
Columbia National Municipal Bond Fund returned -3.93% for the period February 24
through December 31, 1999. The Fund's introduction coincided with an environment
of rising interest rates, so earned income failed to offset price depreciation
in the Fund.
<TABLE>
<CAPTION>
STATES OF EMPHASIS
% of Net Assets
<S> <C>
Texas 15.4
Washington 14.1
Oregon 11.6
Illinois 7.7
Michigan 4.6
Alaska 3.6
</TABLE>
AS OF DECEMBER 31, 1999
Bond prices were bid down throughout the year as stronger than anticipated
economic growth led to fears of continued interest rate hikes by the Federal
Reserve Board. The Fed completely reversed its interest rate cuts of 1998 by
raising rates a total of 0.75% in three moves during 1999.
In the first half of the year, an oversupply of municipal bonds in the market
contributed to the Fund's poor performance. Many issuers sought to gather funds
for their projects well ahead of the year 2000, flooding the marketplace with
new issues. Although the supply of new issues slowed in following months, a
decline in demand from institutional buyers kept prices from rising. In the
fourth quarter, yields on municipal bonds rose 0.25% on average, again
depressing prices. Falling prices were also exacerbated by significant tax loss
selling prior to year-end.
<TABLE>
<CAPTION>
PORTFOLIO QUALITY
<S> <C>
Aaa 50.6%
Aa 20.2%
A 12.2%
Baa 7.4%
Not Rated 9.6%
</TABLE>
AS OF DECEMBER 31, 1999
AS RATED BY MOODY'S INVESTORS SERVICE, INC.
We believe the Fed will continue to raise interest rates in 2000 to curb
potentially accelerating inflationary pressures. We expect that higher rates
will contribute to moderating economic growth during the year. Therefore,
municipal yields appear attractive at current levels, with longer municipal
yields at 6.00%, particularly for investors in the highest tax brackets.
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.
<TABLE>
<CAPTION>
GROWTH OF $10,000 SINCE INCEPTION
TOTAL RETURNS
AS OF DECEMBER 31, 1999
LIPPER
CNMF GENERAL
<S> <C> <C>
Since Inception -3.93% -4.57%
</TABLE>
<TABLE>
<CAPTION>
COLUMBIA LIPPER GENERAL
NATIONAL MUNICIPAL BOND FUND MUNICIPAL FUNDS
<S> <C> <C>
2/24/99 $10,000 $10,000
3/31/99 $9,920 $10,005
6/30/99 $9,733 $9,803
9/30/99 $9,675 $9,678
12/31/99 $9,607 $9,543
</TABLE>
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE RESULTS. THE LIPPER GENERAL
MUNICIPAL DEBT FUNDS INDEX REPRESENTS AVERAGE PERFORMANCE OF THE LARGEST GENERAL
MUNICIPAL DEBT FUNDS TRACKED BY LIPPER ANALYTICAL SERVICES.
12
<PAGE>
INVESTMENT REVIEW
- --------------------------------------------------------------------------------
-- COLUMBIA OREGON MUNICIPAL BOND FUND--
-------------------------------------
An environment of rising interest rates and declining prices challenged
municipal bond performance throughout 1999. For the year ended December 31,
1999, Columbia Oregon Municipal Bond Fund returned -2.65%.
<TABLE>
<CAPTION>
PORTFOLIO COMPOSITION
<S> <C>
State of Oregon General Obligation Bonds 6.0%
Oregon General Obligation Bonds 15.7%
Oregon Insured General Obligation Bonds 17.0%
Oregon Revenue Bonds 29.0%
Oregon Insured Revenue Bonds 23.4%
Oregon Pre-Refunded Bonds 2.9%
Oregon Other Bonds 2.8%
Other Bonds 1.3%
Cash 1.9%
</TABLE>
AS OF DECEMBER 31, 1999
Persistent economic strength fueled fears of rising inflation and Federal
Reserve Board intervention. Inflationary pressures -- evident in tight labor
markets and rising commodity prices -- prompted the Fed to raise interest rates
a total of 0.75% in three moves during the course of the year.
As the year began, light issuance of Oregon municipal bonds helped portfolio
performance as higher demand nudged prices up. A surge of new issues in the
second quarter, however, increased supply relative to demand and hampered Fund
returns. A strong economy, higher tax receipts and a rush to finance projects
before the year 2000 encouraged municipalities to issue new bonds to help fund
infrastructure, transportation, housing, education and other projects. The
oversupply of municipal bonds resulted in lower prices, and although yields
moved higher, income earned was not sufficient enough to offset price
depreciation. While new issues slowed in the third and fourth quarters, demand
from large, institutional investors also slackened. In addition, investors
engaged in tax loss selling prior to year-end exacerbating price declines.
<TABLE>
<CAPTION>
PORTFOLIO QUALITY
<S> <C>
Aaa 44.2%
Aa 29.9%
A 15.2%
Baa 2.5%
Not Rated 8.2%
</TABLE>
AS OF DECEMBER 31, 1999
AS RATED BY MOODY'S INVESTORS SERVICE, INC.
We believe the Fed will continue to raise interest rates in 2000 to curb
potentially accelerating inflationary pressures. We expect that higher rates
will contribute to moderating economic growth during the year. Therefore,
municipal yields are attractive at current levels, with longer municipal yields
at 6.00%, particularly for investors in the highest tax brackets.
Oregon's economy appears to be robust, as Asian countries representing much of
Oregon's export business continue to recover. As always, the Fund seeks to
provide Oregon residents with a high level of income exempt from both state and
federal tax. The Fund had an average maturity of 12.8 years on December 31 and
maintains an emphasis on high credit quality.
<TABLE>
<CAPTION>
GROWTH OF $10,000 OVER 10 YEARS
AVERAGE ANNUAL TOTAL RETURNS
AS OF DECEMBER 31, 1999
LEHMAN LIPPER
CMBF G.O. OREGON
<S> <C> <C> <C>
1 Year -2.65% -1.51% -4.43%
5 Years 5.70% 6.82% 5.70%
10 Years 5.88% 6.72% 5.82%
</TABLE>
<TABLE>
<CAPTION>
COLUMBIA
OREGON LEHMAN LIPPER
MUNICIPAL GENERAL OREGON
BOND OBLIGATION MUNICIPAL
FUND BOND FUNDS
<S> <C> <C> <C>
12/31/89 $10,000 $10,000 $10,000
12/31/90 $10,689 $10,677 $10,631
12/31/91 $11,943 $11,894 $11,837
12/31/92 $12,714 $12,937 $12,773
12/31/93 $14,079 $14,455 $14,299
12/31/94 $13,420 $13,778 $13,348
12/31/95 $15,319 $16,005 $15,580
12/31/96 $15,896 $16,764 $16,079
12/31/97 $17,225 $18,239 $17,463
12/31/98 $18,186 $19,455 $18,425
12/31/99 $17,703 $19,164 $17,609
</TABLE>
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. THE LIPPER OREGON MUNICIPAL DEBT FUNDS
AVERAGE MEASURES PERFORMANCE OF ALL OREGON MUNICIPAL BOND FUNDS TRACKED BY
LIPPER ANALYTICAL SERVICES, INC.
13
<PAGE>
INVESTMENT REVIEW
- --------------------------------------------------------------------------------
-- COLUMBIA HIGH YIELD FUND --
-------------------------------------
Columbia High Yield Fund gained 2.38% for the year ended December 31, 1999.
Stronger than anticipated economic growth hampered the bond market throughout
the year. Nonetheless, high yield bonds outperformed investment-grade
alternatives in the first half of the year as investors shunned traditionally
safe Treasuries and opted for riskier, more aggressive instruments. With reports
of increasing oil prices, the fundamentals of the energy sector appeared to be
improving and we expanded our holdings in that sector during the second quarter.
<TABLE>
<CAPTION>
SECTORS OF EMPHASIS
% of Net Assets
<S> <C>
Business & Consumer Services 27.9
Consumer Cyclical 17.4
Telecommunications 11.8
Energy 10.5
Basic Industry & Manufacturing 7.6
</TABLE>
AS OF DECEMBER 31, 1999
Increased stock market volatility in the third quarter elevated nervousness
among investors, leading some back to investment-grade bonds. High yield bonds
generally underperformed in the third quarter, as prices declined due to
modestly higher yields and reduced demand. In the fourth quarter, however, high
yield bonds regained their dominance over investment-grade alternatives. Prices
on most bonds fell throughout the year as the Federal Reserve Board raised
interest rates a total of 0.75%, but high yield debt prices fell less than those
on investment-grade debt issues. As the fourth quarter progressed, we increased
weightings in the entertainment sector with the addition of Park Place
Entertainment (2.1% of net assets as of December 31). Holdings were also
expanded in the diversified media sector with the addition of Fox/Liberty
Networks (2.1%). In the telecommunications sector, we added Nextlink
Communications (2.3%) and Flag LTD (1.6%) to the Fund's holdings.
<TABLE>
<CAPTION>
PORTFOLIO QUALITY
<S> <C>
Baa 8.3%
Ba 53.4%
B 37.0%
Caa 1.3%
</TABLE>
AS OF DECEMBER 31, 1999
AS RATED BY MOODY'S INVESTORS SERVICE, INC.
Based on our outlook for a healthy -- although moderating -- economy, high yield
bonds should continue to generate attractive returns for investors seeking to
diversify their portfolios.
As always, the Fund concentrates on the upper tier of non-investment-grade
bonds, investing no more than 10% of net assets in bonds rated below B by
Moody's or by Standard & Poor's. We believe this offers shareholders access to
higher yields without assuming all the risk associated with the broader junk
bond market.
<TABLE>
<CAPTION>
GROWTH OF $10,000 SINCE INCEPTION
AVERAGE ANNUAL TOTAL RETURNS
AS OF DECEMBER 31, 1999
CHYF SALOMON LIPPER
BB HYBF
<S> <C> <C> <C>
1 Year 2.38% 2.24% 4.78%
5 Years 9.83% 10.73% 9.46%
Since Inception 7.76% 8.51% 7.62%
</TABLE>
<TABLE>
<CAPTION>
COLUMBIA LIPPER HIGH YIELD SALOMON BB
HIGH YIELD FUND BOND FUND INDEX
<S> <C> <C> <C>
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
12/31/99 $16,010 $15,886 $16,726
</TABLE>
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE RESULTS. 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. THE LIPPER HIGH YIELD BOND FUND
INDEX REPRESENTS EQUALLY WEIGHTED PERFORMANCE OF THE 30 LARGEST MUTUAL FUNDS
WITHIN ITS CATEGORY.
14
<PAGE>
INVESTMENT REVIEW
- --------------------------------------------------------------------------------
--COLUMBIA DAILY INCOME COMPANY--
-------------------------------------
Columbia Daily Income Company gained 4.71% for the year ended December 31, 1999,
comparing favorably to inflation, which rose 2.70% for the year.
<TABLE>
<CAPTION>
PORTFOLIO HIGHLIGHTS
<S> <C>
Current Yield 5.43%
Compound Yield 5.58%
BASED ON THE 7 DAYS ENDED
DECEMBER 31, 1999
Weighted Average Maturity 38 days
</TABLE>
AS OF DECEMBER 31, 1999
Sustained economic growth, rising commodity prices and tight labor markets
contributed to fears of inflation. To contain inflationary pressures and slow
economic expansion, the Federal Reserve Board increased interest rates by a
total of 0.75% in three moves during the year. Money market rates rose along
with these interest rate hikes.
The Fund's yield benefited from these rising interest rates, increasing from
4.64% to 5.43% over the course of the year. Early in 1999, the Fund's yield
slightly declined but inched back up as the second quarter progressed. As
maturing securities were replaced with higher yielding instruments in the latter
half of the year, the portfolio's overall yield improved.
INFLATION IS MEASURED BY THE CONSUMER PRICE INDEX, WHICH REPRESENTS THE
INCREASE/DECREASE IN THE COST OF GOODS AND SERVICES OVER TIME.
Inflation has remained well under control and is not anticipated to diverge
greatly from current levels in the coming year. Since U.S. economic growth
continues to be quite strong, the market expects the Fed to initiate new
interest rate hikes in 2000. In such an event, the Fund would be expected to
benefit, as it reinvests its portfolio in new issues with higher rates.
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 an average maturity of 30 to 50 days.
<TABLE>
<CAPTION>
GROWTH OF $10,000 OVER 10 YEARS
AVERAGE ANNUAL TOTAL RETURNS
AS OF DECEMBER 31, 1999
CDIC CPI
<S> <C> <C>
1 Year 4.71% 2.70%
5 Years 5.07% 2.36%
10 Years 4.82% 2.92%
</TABLE>
<TABLE>
<CAPTION>
COLUMBIA DAILY INCOME COMPANY CONSUMER PRICE INDEX (INFLATION)
<S> <C> <C>
12/31/89 $10,000 $10,000
12/31/90 $10,784 $10,610
12/31/91 $11,394 $10,939
12/31/92 $11,765 $11,256
12/31/93 $12,060 $11,560
12/31/94 $12,504 $11,872
12/31/95 $13,190 $12,169
12/31/96 $13,844 $12,571
12/31/97 $14,552 $12,784
12/31/98 $15,293 $12,989
12/31/99 $16,014 $13,340
</TABLE>
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE RESULTS. AN INVESTMENT IN THE FUND
IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY
OTHER GOVERNMENTAL AGENCY. ALTHOUGH THE FUND SEEKS TO PRESERVE THE VALUE OF YOUR
INVESTMENT AT $1 PER SHARE, IT IS POSSIBLE TO LOSE MONEY BY INVESTING IN THE
FUND.
15
<PAGE>
FINANCIAL HIGHLIGHTS
- -------------------------------------------------------------------------------
FOR A FUND SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- ------------------------ -----------------------
-- COLUMBIA COMMON STOCK FUND --
--------------------------------
<TABLE>
<CAPTION>
1999 1998 1997 1996 1995
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF YEAR $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...... 6.25 5.68 4.58 3.61 4.38
- ---------------------------------------------------------------------------------------------------------------------------
Total from investment operations.................... 6.28 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 capital gains...................... (1.75) (3.26) (1.84) (2.96) (0.95)
- ---------------------------------------------------------------------------------------------------------------------------
Total distributions................................. (1.78) (3.39) (2.11) (3.19) (1.21)
- ---------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF YEAR $28.90 $24.40 $22.02 $19.26 $18.59
- ---------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN............................................. 25.76% 26.28% 25.37% 20.71% 30.84%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of year (in thousands)................... $959,910 $797,147 $783,906 $536,760 $358,523
Ratio of expenses to average net assets.................. 0.77% 0.80% 0.77% 0.76% 0.80%
Ratio of net investment income to average net assets..... 0.09% 0.56% 1.37% 1.32% 1.68%
Portfolio turnover rate.................................. 97% 141% 90% 111% 75%
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
-- COLUMBIA GROWTH FUND --
--------------------------------
<TABLE>
<CAPTION>
1999 1998 1997 1996 1995
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF YEAR $42.51 $34.34 $30.74 $29.84 $24.84
- ---------------------------------------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss).......................... (0.03) 0.03 0.19 0.19 0.31
Net realized and unrealized gains on investments...... 11.09 10.39 7.90 6.04 7.86
- ---------------------------------------------------------------------------------------------------------------------------
Total from investment operations.................... 11.06 10.42 8.09 6.23 8.17
- ---------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS:
Dividends from net investment income.................. (0.00)* (0.08) (0.17) (0.17) (0.29)
Distributions from capital gains...................... (4.66) (2.17) (4.32) (5.16) (2.88)
- ---------------------------------------------------------------------------------------------------------------------------
Total distributions................................. (4.66) (2.25) (4.49) (5.33) (3.17)
- ---------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF YEAR $48.91 $42.51 $34.34 $30.74 $29.84
- ---------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN............................................. 26.02% 30.34% 26.32% 20.80% 32.98%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of year (in thousands)................... $2,160,739 $1,753,024 $1,324,918 $1,064,100 $848,731
Ratio of expenses to average net assets.................. 0.65% 0.68% 0.71% 0.71% 0.75%
Ratio of net investment income (loss) to average net assets (0.07%) 0.21% 0.55% 0.63% 1.14%
Portfolio turnover rate.................................. 118% 105% 96% 75% 95%
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Amount represents less than $0.01 per share.
See Accompanying Notes to Financial Statements
16
<PAGE>
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
FOR A FUND SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
-- COLUMBIA INTERNATIONAL STOCK FUND --
--------------------------------
<TABLE>
<CAPTION>
1999 1998 1997 1996 1995
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF YEAR $15.45 $13.70 $13.86 $13.07 $12.43
- ---------------------------------------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss).............................. (0.05) (0.00)* 0.03 0.03 0.02
Net realized and unrealized gains on investments
and foreign currency transactions....................... 9.00 1.76 1.56 2.13 0.62
- ---------------------------------------------------------------------------------------------------------------------------
Total from investment operations........................ 8.95 1.76 1.59 2.16 0.64
- ---------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS:
Dividends from net investment income...................... -- -- -- (0.23) --
Distributions from capital gains.......................... (1.59) (0.01) (1.75) (1.14) --
- ---------------------------------------------------------------------------------------------------------------------------
Total distributions..................................... (1.59) (0.01) (1.75) (1.37) --
- ---------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF YEAR................................. $22.81 $15.45 $13.70 $13.86 $13.07
- ---------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN 57.93% 12.83% 11.47% 16.59% 5.15%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of year (in thousands)....................... $239,223 $134,193 $146,281 $125,510 $100,873
Ratio of expenses to average net assets...................... 1.48% 1.56% 1.62% 1.54% 1.54%
Ratio of net investment income (loss) to average net assets.. (0.35%) (0.02%) 0.19% 0.22% 0.15%
Portfolio turnover rate...................................... 94% 74% 122% 129% 156%
</TABLE>
* Amount represents less than $0.01 per share.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
-- COLUMBIA SPECIAL FUND --
--------------------------------
1999 1998 1997 1996 1995
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF YEAR $23.62 $20.26 $19.85 $21.44 $18.69
- ---------------------------------------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss).............................. (0.16) (0.03) 0.01 (0.06) 0.03
Net realized and unrealized gains on investments.......... 8.74 3.40 2.50 2.85 5.45
- ---------------------------------------------------------------------------------------------------------------------------
Total from investment operations........................ 8.58 3.37 2.51 2.79 5.48
- ---------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS:
Dividends from net investment income...................... -- (0.01) -- -- (0.02)
Distributions from capital gains.......................... (2.27) (0.00)* (2.10) (4.38) (2.71)
- ---------------------------------------------------------------------------------------------------------------------------
Total distributions..................................... (2.27) (0.01) (2.10) (4.38) (2.73)
- ---------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF YEAR $29.93 $23.62 $20.26 $19.85 $21.44
- ---------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN................................................. 36.33% 16.64% 12.64% 13.07% 29.53%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of year (in thousands)....................... $918,322 $969,359 $1,249,718 $1,585,284 $1,384,415
Ratio of expenses to average net assets...................... 1.09% 1.03% 0.98% 0.94% 0.98%
Ratio of net investment income (loss) to average net assets.. (0.64%) (0.09%) 0.04% (0.29%) 0.16%
Portfolio turnover rate...................................... 135% 135% 166% 150% 183%
</TABLE>
* Amount represents less than $0.01 per share.
- --------------------------------------------------------------------------------
See Accompanying Notes to Financial Statements
17
<PAGE>
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
FOR A FUND SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
-- COLUMBIA SMALL CAP FUND --
--------------------------------
<TABLE>
<CAPTION>
1999 1998 1997 1996 1995
- ---------------------------------------------------------------------------------------------------------------------------
<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 loss....................................... (0.14) (0.09) (0.08) (0.00)*
Net realized and unrealized gains on investments.......... 10.45 0.87 4.51 0.99
- ---------------------------------------------------------------------------------------------------------------------------
Total from investment operations........................ 10.31 0.78 4.43 0.99
- ---------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS:
Distributions from capital gains.......................... (0.48) (0.00)* (0.77) --
- ---------------------------------------------------------------------------------------------------------------------------
Total distributions..................................... (0.48) (0.00) (0.77) --
- ---------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $27.26 $17.43 $16.65 $12.99
- ---------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN................................................. 59.15% 4.69% 34.10% 7.62%(2)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in thousands)..................... $290,374 $160,472 $96,431 $21,061
Ratio of expenses to average net assets...................... 1.30% 1.34% 1.46% 1.61%(3)
Ratio of net investment loss to average net assets........... (0.84%) (0.68%) (0.81%) (0.00%)(3)
Portfolio turnover rate...................................... 188% 158% 172% 33%(3)
* Amount represents less than $0.01 per share.
(1) From inception of operations on September 11, 1996.
(2) Not annualized
(3) Annualized
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
-- COLUMBIA REAL ESTATE EQUITY FUND --
--------------------------------
<TABLE>
<CAPTION>
1999 1998 1997 1996 1995
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF YEAR $15.76 $18.80 $16.16 $12.71 $11.72
- ---------------------------------------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income..................................... 0.82 0.75 0.79 0.77 0.78
Net realized and unrealized gains (losses) on investments. (1.19) (3.04) 3.15 3.94 1.12
- ---------------------------------------------------------------------------------------------------------------------------
Total from investment operations........................ (0.37) (2.29) 3.94 4.71 1.90
- ---------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS:
Dividends from net investment income...................... (0.71) (0.66) (0.62) (0.52) (0.49)
Distributions from capital gains.......................... -- -- (0.51) (0.53) (0.14)
Return of capital......................................... (0.11) (0.09) (0.17) (0.21) (0.28)
- ---------------------------------------------------------------------------------------------------------------------------
Total distributions..................................... (0.82) (0.75) (1.30) (1.26) (0.91)
- ---------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF YEAR $14.57 $15.76 $18.80 $16.16 $12.71
- ---------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN................................................. - 2.45% - 12.33% 24.74% 38.30% 16.86%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of year (in thousands)....................... $241,716 $164,172 $151,554 $68,073 $21,587
Ratio of expenses to average net assets...................... 0.99% 1.01% 1.02% 1.06% 1.18%
Ratio of net investment income to average net assets......... 5.66% 4.60% 4.87% 6.23% 6.71%
Portfolio turnover rate...................................... 29% 6% 34% 46% 54%
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
See Accompanying Notes to Financial Statements
18
<PAGE>
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
FOR A FUND SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
-- COLUMBIA BALANCED FUND --
--------------------------------
<TABLE>
<CAPTION>
1999 1998 1997 1996 1995
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF YEAR $23.17 $21.42 $20.32 $20.08 $17.28
- ---------------------------------------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income..................................... 0.69 0.72 0.84 0.76 0.73
Net realized and unrealized gains on investments.......... 2.21 3.52 2.92 1.58 3.54
- ---------------------------------------------------------------------------------------------------------------------------
Total from investment operations........................ 2.90 4.24 3.76 2.34 4.27
- ---------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS:
Dividends from net investment income...................... (0.69) (0.73) (0.83) (0.76) (0.73)
Distributions from capital gains.......................... (0.66) (1.76) (1.83) (1.34) (0.74)
- ---------------------------------------------------------------------------------------------------------------------------
Total distributions..................................... (1.35) (2.49) (2.66) (2.10) (1.47)
- ---------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF YEAR $24.72 $23.17 $21.42 $20.32 $20.08
- ---------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN................................................. 12.70% 20.07% 18.74% 11.78% 25.08%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of year (in thousands)....................... $1,040,940 $975,381 $792,378 $672,593 $486,767
Ratio of expenses to average net assets...................... 0.66% 0.67% 0.68% 0.66% 0.69%
Ratio of net investment income to average net assets......... 2.85% 3.22% 3.83% 3.82% 4.05%
Portfolio turnover rate...................................... 133% 128% 149% 133% 108%
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
-- COLUMBIA U.S. GOVERNMENT SECURITIES FUND --
--------------------------------
<TABLE>
<CAPTION>
1999 1998 1997 1996 1995
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF YEAR $8.39 $8.29 $8.24 $8.34 $7.99
- ---------------------------------------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income...................................... 0.33 0.38 0.41 0.41 0.45
Net realized and unrealized gains (losses) on investments.. (0.18) 0.14 0.05 (0.10) 0.35
- ---------------------------------------------------------------------------------------------------------------------------
Total from investment operations......................... 0.15 0.52 0.46 0.31 0.80
- ---------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS:
Dividends from net investment income....................... (0.33) (0.38) (0.41) (0.41) (0.45)
Distributions from capital gains........................... (0.01) (0.04) -- -- --
- ---------------------------------------------------------------------------------------------------------------------------
Total distributions...................................... (0.34) (0.42) (0.41) (0.41) (0.45)
- ---------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF YEAR $8.20 $8.39 $8.29 $8.24 $8.34
- ---------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN.................................................. 1.80% 6.43% 5.76% 3.85% 10.21%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of year (in thousands)........................ $38,072 $40,578 $37,837 $40,776 $41,842
Ratio of expenses to average net assets....................... 0.91% 0.89% 0.87% 0.80% 0.79%
Ratio of net investment income to average net assets.......... 4.09% 4.55% 4.99% 4.99% 5.45%
Portfolio turnover rate....................................... 211% 182% 184% 179% 253%
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
See Accompanying Notes to Financial Statements
19
<PAGE>
FINANCIAL HIGHLIGHTS
- -------------------------------------------------------------
FOR A FUND SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- -------------------------------------------------------------
-- COLUMBIA FIXED INCOME SECURITIES FUND --
--------------------------------
<TABLE>
<CAPTION>
1999 1998 1997 1996 1995
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF YEAR $13.42 $13.41 $13.08 $13.51 $12.16
- ---------------------------------------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income..................................... 0.78 0.83 0.85 0.85 0.88
Net realized and unrealized gains (losses) on investments. (0.98) 0.14 0.36 (0.43) 1.35
- ---------------------------------------------------------------------------------------------------------------------------
Total from investment operations........................ (0.20) 0.97 1.21 0.42 2.23
- ---------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS:
Dividends from net investment income...................... (0.78) (0.83) (0.85) (0.85) (0.88)
Distributions from capital gains.......................... (0.00)* (0.13) (0.03) -- --
- ---------------------------------------------------------------------------------------------------------------------------
Total distributions..................................... (0.78) (0.96) (0.88) (0.85) (0.88)
- ---------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF YEAR $12.44 $13.42 $13.41 $13.08 $13.51
- ---------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN................................................. - 1.50% 7.44% 9.56% 3.37% 18.91%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of year (in thousands)....................... $397,147 $422,330 $381,333 $356,421 $316,259
Ratio of expenses to average net assets...................... 0.64% 0.65% 0.66% 0.64% 0.65%
Ratio of net investment income to average net assets......... 6.03% 6.15% 6.43% 6.53% 6.80%
Portfolio turnover rate...................................... 155% 107% 196% 178% 137%
* Amount represents less than $0.01 per share.
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
-- COLUMBIA NATIONAL MUNICIPAL BOND FUND --
--------------------------------
<TABLE>
<CAPTION>
1999(1)
- --------------------------------------------------------------------------------
<S> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $10.00
- --------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income..................................... 0.34
Net realized and unrealized losses on investments......... (0.72)
- --------------------------------------------------------------------------------
Total from investment operations........................ (0.38)
- --------------------------------------------------------------------------------
LESS DISTRIBUTIONS:
Dividends from net investment income...................... (0.34)
- --------------------------------------------------------------------------------
Total distributions..................................... (0.34)
- --------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $9.28
- --------------------------------------------------------------------------------
TOTAL RETURN................................................. - 3.93%(2)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in thousands)..................... $10,135
Ratio of expenses to average net assets...................... 0.65%(3)
Ratio of expenses to average net assets before
reimbursment.............................................. 1.72%(3)
Ratio of net investment income to average net assets......... 4.21%(3)
Portfolio turnover rate...................................... 12%(3)
</TABLE>
(1) From inception of operations on February 10, 1999.
(2) Not annualized
(3) Annualized
- --------------------------------------------------------------------------------
See Accompanying Notes to Financial Statements
20
<PAGE>
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
FOR A FUND SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
-- COLUMBIA OREGON MUNICIPAL BOND FUND --
--------------------------------
<TABLE>
<CAPTION>
1999 1998 1997 1996 1995
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF YEAR $12.46 $12.47 $12.15 $12.37 $11.48
- ---------------------------------------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income..................................... 0.56 0.58 0.60 0.61 0.63
Net realized and unrealized gains (losses) on investments. (0.88) 0.10 0.39 (0.16) 0.96
- ---------------------------------------------------------------------------------------------------------------------------
Total from investment operations........................ (0.32) 0.68 0.99 0.45 1.59
- ---------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS:
Dividends from net investment income...................... (0.56) (0.58) (0.60) (0.61) (0.63)
Distributions from capital gains.......................... (0.02) (0.11) (0.07) (0.06) (0.07)
- ---------------------------------------------------------------------------------------------------------------------------
Total distributions..................................... (0.58) (0.69) (0.67) (0.67) (0.70)
- ---------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF YEAR $11.56 $12.46 $12.47 $12.15 $12.37
- ---------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN................................................. - 2.65% 5.58% 8.36% 3.77% 14.15%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of year (in thousands)....................... $409,919 $462,809 $409,148 $375,667 $383,796
Ratio of expenses to average net assets...................... 0.57% 0.58% 0.57% 0.56% 0.57%
Ratio of net investment income to average net assets......... 4.64% 4.60% 4.87% 5.00% 5.22%
Portfolio turnover rate...................................... 28% 17% 17% 19% 21%
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
-- COLUMBIA HIGH YIELD FUND --
--------------------------------
<TABLE>
<CAPTION>
1999 1998 1997 1996 1995
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF YEAR $9.84 $10.04 $9.94 $9.88 $9.04
- ---------------------------------------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income..................................... 0.74 0.76 0.81 0.81 0.82
Net realized and unrealized gains (losses) on investments. (0.51) (0.15) 0.40 0.07 0.84
- ---------------------------------------------------------------------------------------------------------------------------
Total from investment operations........................ 0.23 0.61 1.21 0.88 1.66
- ---------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS:
Dividends from net investment income...................... (0.74) (0.76) (0.81) (0.81) (0.82)
Distributions from capital gains.......................... (0.01) (0.05) (0.30) (0.01) --
- ---------------------------------------------------------------------------------------------------------------------------
Total distributions..................................... (0.75) (0.81) (1.11) (0.82) (0.82)
- ---------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF YEAR................................. $9.32 $9.84 $10.04 $9.94 $9.88
- ---------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN................................................. 2.38% 6.26% 12.70% 9.43% 19.12%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of year (in thousands)....................... $71,678 $57,524 $39,278 $28,818 $23,471
Ratio of expenses to average net assets...................... 0.91% 0.95% 1.00% 0.93% 1.00%
Ratio of expenses to average net assets before voluntary
reimbursement............................................. 0.91% 0.95% 1.02% 1.00% 1.06%
Ratio of net investment income to average net assets......... 7.71% 7.52% 8.05% 8.29% 8.62%
Portfolio turnover rate...................................... 49% 79% 124% 62% 52%
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
See Accompanying Notes to Financial Statements
21
<PAGE>
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
FOR A FUND SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
-- COLUMBIA DAILY INCOME COMPANY --
--------------------------------
<TABLE>
<CAPTION>
1999 1998 1997 1996 1995
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF YEAR $1.00 $1.00 $1.00 $1.00 $1.00
- ---------------------------------------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income.................................. 0.046 0.050 0.050 0.048 0.053
- ---------------------------------------------------------------------------------------------------------------------------
Total from investment operations..................... 0.046 0.050 0.050 0.048 0.053
- ---------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS:
Dividends from net investment income................... (0.046) (0.050) (0.050) (0.048) (0.053)
- ---------------------------------------------------------------------------------------------------------------------------
Total distributions.................................. (0.046) (0.050) (0.050) (0.048) (0.053)
- ---------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF YEAR $1.00 $1.00 $1.00 $1.00 $1.00
- ---------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN.............................................. 4.71% 5.09% 5.11% 4.96% 5.49%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of year (in thousands).................... $1,165,289 $1,109,141 $1,169,096 $889,800 $800,656
Ratio of expenses to average net assets................... 0.64% 0.62% 0.63% 0.62% 0.64%
Ratio of net investment income to average net assets...... 4.61% 4.97% 4.99% 4.84% 5.34%
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
See Accompanying Notes to Financial Statements
22
<PAGE>
<TABLE>
<CAPTION>
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
- --------------------- ---------------------
-- COLUMBIA COMMON STOCK FUND, INC. --
--------------------------------------
December 31, 1999
SHARES VALUE
---------- -----------
<S> <C> <C>
COMMON STOCKS (97.0%)
BASIC INDUSTRIES & MANUFACTURING (11.7%)
ELECTRICAL EQUIPMENT/DIVERSIFIED
INDUSTRIAL (6.7%)
COOPER INDUSTRIES, INC................ 115,500 $ 4,670,531
GENERAL ELECTRIC CO................... 243,600 37,697,100
HONEYWELL INTERNATIONAL, INC.......... 179,600 10,360,675
TYCO INTERNATIONAL LTD................ 304,616 11,841,947
-----------
64,570,253
-----------
MATERIALS (5.0%)
CHAMPION INTERNATIONAL CORP........... 121,500 7,525,406
DOW CHEMICAL CO....................... 25,800 3,447,525
DU PONT (E.I.) DE NEMOURS & CO........ 128,000 8,432,000
INTERNATIONAL PAPER CO................ 135,800 7,664,213
PRAXAIR, INC.......................... 123,700 6,223,656
UNION CARBIDE CORP.................... 163,900 10,940,325
WILLAMETTE INDUSTRIES, INC............ 70,800 3,287,775
-----------
47,520,900
-----------
TOTAL BASIC INDUSTRIES &
MANUFACTURING......................... 112,091,153
-----------
BUSINESS & CONSUMER SERVICES (9.6%)
BROADCASTING (6.6%)
*AT&T CORP. - LIBERTY MEDIA GROUP
(CLASS A)............................ 352,232 19,989,166
*CLEAR CHANNEL COMMUNICATIONS,
INC.................................. 179,300 16,002,525
*INFINITY BROADCASTING CORP.
(CLASS A)............................ 352,100 12,741,619
NEWS CORP. LTD. ADR................... 130,300 4,983,975
*USA NETWORKS, INC..................... 166,950 9,223,987
-----------
62,941,272
-----------
CABLE (1.8%)
*CHARTER COMMUNICATIONS, INC.
(CLASS A)............................ 190,600 4,169,375
*MEDIAONE GROUP, INC................... 167,900 12,896,819
-----------
17,066,194
-----------
ENTERTAINMENT (1.2%)
TIME WARNER, INC...................... 163,200 11,821,800
-----------
TOTAL BUSINESS & CONSUMER
SERVICES.............................. 91,829,266
-----------
CONSUMER CYCLICAL (6.4%)
HOTELS & GAMING (0.3%)
ROYAL CARIBBEAN CRUISES LTD........... 65,400 3,225,037
-----------
RESTAURANTS (0.6%)
MCDONALD'S CORP....................... 133,400 5,377,688
-----------
RETAIL (5.5%)
*BED, BATH & BEYOND, INC............... 304,000 10,564,000
*BEST BUY CO., INC..................... 80,450 4,037,584
CIRCUIT CITY STORES, INC.............. 82,100 3,699,631
*COSTCO WHOLESALE CORP................. 160,700 14,663,875
HOME DEPOT, INC....................... 171,400 11,751,613
*STAPLES, INC.......................... 410,300 8,513,725
-----------
53,230,428
-----------
TOTAL CONSUMER CYCLICAL................. 61,833,153
-----------
CONSUMER STAPLES (9.3%)
FOOD & DRUG RETAIL (1.5%)
*SAFEWAY, INC.......................... 404,500 14,385,031
-----------
HEALTH CARE (6.0%)
BRISTOL-MYERS SQUIBB CO............... 186,800 11,990,225
PFIZER, INC........................... 285,200 9,251,175
SCHERING-PLOUGH CORP.................. 278,000 11,728,125
WARNER-LAMBERT CO..................... 294,200 24,106,013
-----------
57,075,538
-----------
MEDICAL DEVICES (1.8%)
*GUIDANT CORP.......................... 370,300 17,404,100
-----------
TOTAL CONSUMER STAPLES.................. 88,864,669
-----------
ENERGY (6.1%)
INTERNATIONAL INTEGRATED (3.6%)
EXXON MOBIL CORP...................... 321,032 25,863,140
ROYAL DUTCH PETROLEUM CO.............. 137,800 8,328,288
-----------
34,191,428
-----------
OIL SERVICES (2.5%)
*BJ SERVICES CO........................ 233,000 9,742,313
*NABORS INDUSTRIES, INC................ 284,300 8,795,531
*NOBLE DRILLING CORP................... 179,900 5,891,725
-----------
24,429,569
-----------
TOTAL ENERGY............................ 58,620,997
-----------
</TABLE>
See Accompanying Notes to Financial Statements
23
<PAGE>
<TABLE>
<CAPTION>
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
- --------------------- ---------------------
-- COLUMBIA COMMON STOCK FUND, INC. --
--------------------------------------
December 31, 1999
SHARES VALUE
---------- -----------
<S> <C> <C>
COMMON STOCKS (CONTINUED)
FINANCIAL (13.0%)
BANKS (5.0%)
BANK OF NEW YORK CO., INC............. 226,400 $9,056,000
CHASE MANHATTAN CORP.................. 92,100 7,155,019
CITIGROUP, INC........................ 581,400 32,304,037
-----------
48,515,056
-----------
BROKERS, MONEY MANAGERS (3.5%)
AMERICAN EXPRESS CO................... 123,800 20,581,750
MORGAN STANLEY, DEAN
WITTER & CO.......................... 88,600 12,647,650
-----------
33,229,400
-----------
INSURANCE - PROPERTY & CASUALTY (2.3%)
AMERICAN INTERNATIONAL
GROUP, INC........................... 176,075 19,038,109
TRAVELERS PROPERTY CASUALTY CORP.
(CLASS A)............................ 83,000 2,842,750
-----------
21,880,859
-----------
MORTGAGE/FINANCE COMPANIES (2.2%)
FANNIE MAE............................ 181,300 11,319,919
FREDDIE MAC........................... 213,600 10,052,550
-----------
21,372,469
-----------
TOTAL FINANCIAL......................... 124,997,784
-----------
TECHNOLOGY (32.5%)
COMPUTERS (1.3%)
*APPLE COMPUTER, INC................... 72,500 7,453,906
*DELL COMPUTER CORP.................... 89,500 4,564,500
-----------
12,018,406
-----------
DATA SERVICES (5.1%)
*AMERICA ONLINE, INC................... 209,800 15,826,788
*COMPUTER SCIENCES CORP................ 277,400 26,248,975
*XILINX, INC........................... 148,600 6,756,656
-----------
48,832,419
-----------
SEMICONDUCTORS (7.6%)
*ALTERA CORP........................... 176,600 8,752,737
*APPLIED MATERIALS, INC................ 138,100 17,495,544
INTEL CORP............................ 224,050 18,442,116
*JDS UNIPHASE CORP..................... 59,000 9,517,437
*MICRON TECHNOLOGY, INC................ 80,000 6,220,000
STMICROELECTRONICS N.V................ 32,300 4,891,431
TEXAS INSTRUMENTS, INC................ 81,300 7,875,938
-----------
73,195,203
-----------
SOFTWARE (9.4%)
*BMC SOFTWARE, INC..................... 135,300 10,815,544
*MICROSOFT CORP........................ 400,200 46,723,350
*ORACLE CORP........................... 294,150 32,963,184
-----------
90,502,078
-----------
TELECOMMUNICATIONS EQUIPMENT (9.1%)
*CISCO SYSTEMS, INC.................... 243,600 26,095,650
LUCENT TECHNOLOGIES, INC.............. 325,485 24,350,347
MOTOROLA, INC......................... 47,950 7,060,637
NOKIA CORP............................ 36,100 6,859,000
NORTEL NETWORKS CORP.................. 94,300 9,524,300
*TELLABS, INC.......................... 203,300 13,049,319
-----------
86,939,253
-----------
TOTAL TECHNOLOGY........................ 311,487,359
-----------
TRANSPORTATION (0.3%)
TRUCKS
UNITED PARCEL SERVICE, INC.
(CLASS B)............................ 46,200 3,187,800
-----------
UTILITIES (8.1%)
TELECOMMUNICATIONS SERVICES
ALLTEL CORP........................... 175,800 14,536,463
*EQUANT NV............................. 66,600 7,459,200
*INFONET SERVICES CORP. (CLASS B)...... 31,000 813,750
*MCI WORLDCOM, INC..................... 431,553 22,899,281
SBC COMMUNICATIONS, INC............... 213,400 10,403,250
*SPRINT CORP. (PCS GROUP).............. 103,400 10,598,500
VODAFONE AIRTOUCH PLC................. 224,500 11,112,750
-----------
TOTAL UTILITIES......................... 77,823,194
-----------
TOTAL COMMON STOCKS
(COST $599,682,888)................... 930,735,375
-----------
</TABLE>
See Accompanying Notes to Financial Statements
24
<PAGE>
<TABLE>
<CAPTION>
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
- --------------------- ---------------------
-- COLUMBIA COMMON STOCK FUND, INC. --
--------------------------------------
December 31, 1999
PRINCIPAL
AMOUNT VALUE
---------- -----------
<S> <C> <C>
REPURCHASE AGREEMENT (3.4%)
J.P. MORGAN SECURITIES, INC.
5.527% DATED 12/31/1999,
DUE 01/03/2000 IN THE AMOUNT
OF $32,769,248. COLLATERALIZED
BY U.S. TREASURY INFLATION
INDEX NOTES 3.375% to 3.875%
DUE 01/15/2007 TO 01/15/2009.
(COST $32,764,287)................... $32,764,287 $ 32,764,287
-------------
TOTAL INVESTMENTS (100.4%)
(COST $632,447,175)....................... 963,499,662
OTHER ASSETS LESS LIABILITIES(-0.4%) (3,589,719)
-------------
NET ASSETS (100.0%)......................... $959,909,943
------------
------------
</TABLE>
* Non-income producing.
See Accompanying Notes to Financial Statements
25
<PAGE>
<TABLE>
<CAPTION>
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
- --------------------- ---------------------
-- COLUMBIA GROWTH FUND, INC. --
--------------------------------------
December 31, 1999
SHARES VALUE
---------- -----------
<S> <C> <C>
COMMON STOCKS (96.3%)
BASIC INDUSTRIES & MANUFACTURING (6.5%)
ELECTRICAL EQUIPMENT/DIVERSIFIED INDUSTRIAL
GENERAL ELECTRIC CO................... 400,000 $61,900,000
HONEYWELL INTERNATIONAL, INC.......... 344,700 19,884,881
TYCO INTERNATIONAL LTD................ 1,495,700 58,145,338
------------
139,930,219
------------
BUSINESS & CONSUMER SERVICES (11.2%)
BROADCASTING (6.2%)
*AT&T CORP. - LIBERTY MEDIA GROUP
(CLASS A)............................ 837,200 47,511,100
*CLEAR CHANNEL COMMUNICATIONS,
INC.................................. 457,431 40,825,717
*INFINITY BROADCASTING CORP.
(CLASS A)............................ 683,600 24,737,775
*USA NETWORKS, INC..................... 377,300 20,845,825
------------
133,920,417
------------
CABLE (1.7%)
*CHARTER COMMUNICATIONS, INC.
(CLASS A)............................ 439,900 9,622,813
*MEDIAONE GROUP, INC................... 338,500 26,001,031
------------
35,623,844
------------
ENTERTAINMENT (1.6%)
TIME WARNER, INC....................... 483,400 35,016,287
------------
SERVICES (1.7%)
*AMDOCS LTD............................ 675,200 23,294,400
*FISERV, INC........................... 351,125 13,452,476
------------
36,746,876
------------
TOTAL BUSINESS & CONSUMER SERVICES 241,307,424
------------
CONSUMER CYCLICAL (10.2%)
HOTELS & GAMING (0.6%)
ROYAL CARIBBEAN CRUISES LTD........... 286,500 14,128,031
------------
RESTAURANTS (0.4%)
MCDONALD'S CORP....................... 209,200 8,433,375
------------
RETAIL (9.2%)
*BED, BATH & BEYOND, INC............... 649,200 22,559,700
*BEST BUY CO., INC..................... 138,900 6,971,043
CIRCUIT CITY STORES, INC.............. 611,500 27,555,719
DAYTON-HUDSON CORP.................... 139,000 10,207,813
*KOHLS CORP............................ 422,500 30,499,219
LOWE'S COS., INC...................... 848,400 50,691,900
*STAPLES, INC.......................... 1,281,200 26,584,900
TANDY CORP............................ 241,500 11,878,781
*WILLIAMS-SONOMA, INC.................. 250,000 11,500,000
------------
198,449,075
------------
TOTAL CONSUMER CYCLICAL................. 221,010,481
------------
CONSUMER STAPLES (9.0%)
FOOD & DRUG RETAIL (1.1%)
*SAFEWAY, INC.......................... 655,400 23,307,662
------------
HEALTH CARE (5.8%)
*AMGEN, INC............................ 400,000 24,025,000
BRISTOL-MYERS SQUIBB CO............... 339,300 21,778,819
SCHERING-PLOUGH CORP.................. 405,000 17,085,938
WARNER-LAMBERT CO..................... 763,200 62,534,700
------------
125,424,457
------------
MEDICAL DEVICES (2.1%)
*GUIDANT CORP.......................... 950,200 44,659,400
------------
TOTAL CONSUMER STAPLES.................. 193,391,519
------------
ENERGY (1.6%)
OIL SERVICES
*BJ SERVICES CO........................ 369,200 15,437,175
*NABORS INDUSTRIES, INC................ 320,100 9,903,094
*NOBLE DRILLING CORP................... 299,900 9,821,725
------------
35,161,994
------------
FINANCIAL (12.5%)
BANKS (2.7%)
CITIGROUP, INC........................ 1,050,350 58,360,072
------------
BROKERS, MONEY MANAGERS (5.3%)
AMERICAN EXPRESS CO................... 257,900 42,875,875
GOLDMAN SACHS GROUP, INC.............. 300,900 28,341,019
MORGAN STANLEY, DEAN
WITTER & CO........................ 300,000 42,825,000
------------
114,041,894
------------
INSURANCE - PROPERTY & CASUALTY (1.9%)
AMERICAN INTERNATIONAL GROUP,
INC.................................. 387,796 41,930,442
------------
</TABLE>
See Accompanying Notes to Financial Statements
26
<PAGE>
<TABLE>
<CAPTION>
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
- --------------------- ---------------------
-- COLUMBIA GROWTH FUND, INC. --
--------------------------------------
December 31, 1999
SHARES VALUE
---------- -----------
<S> <C> <C>
COMMON STOCKS (CONTINUED)
MORTGAGE/FINANCE COMPANIES (2.6%)
FANNIE MAE ........................... 600,000 $ 37,462,500
FREDDIE MAC .......................... 400,300 18,839,119
------------
56,301,619
------------
TOTAL FINANCIAL ........................ 270,634,027
------------
TECHNOLOGY (37.2%)
COMPUTERS (5.1%)
*APPLE COMPUTER, INC. ................. 288,750 29,687,109
*DELL COMPUTER CORP. .................. 239,400 12,209,400
*EMC CORP. ............................ 362,200 39,570,350
*SOLECTRON CORP. ...................... 300,000 28,537,500
------------
110,004,359
------------
DATA SERVICES (4.5%)
*AMERICA ONLINE, INC. ................. 294,800 22,238,975
*COMPUTER SCIENCES CORP. .............. 676,200 63,985,425
*XILINX, INC. ......................... 240,200 10,921,594
------------
97,145,994
------------
SEMICONDUCTORS (9.3%)
*ALTERA CORP. ......................... 394,800 19,567,275
*DII GROUP, INC. ...................... 50,000 3,548,437
*FLEXTRONICS INTERNATIONAL LTD. ....... 963,000 44,298,000
INTEL CORP. .......................... 498,400 41,024,550
*JDS UNIPHASE CORP. .................. . 139,000 22,422,438
*KLA-TENCOR CORP. ..................... 175,000 19,490,625
*MICRON TECHNOLOGY, INC. .............. 290,900 22,617,475
STMICROELECTRONICS N.V. .............. 73,300 11,100,369
TEXAS INSTRUMENTS, INC. .............. 180,200 17,456,875
------------
201,526,044
------------
SOFTWARE (8.7%)
*BMC SOFTWARE, INC. ................... 330,300 26,403,356
*MICROSOFT CORP. ...................... 913,800 106,686,150
*ORACLE CORP. ......................... 491,900 55,123,544
------------
188,213,050
------------
TELECOMMUNICATIONS EQUIPMENT (9.6%)
*CISCO SYSTEMS, INC. .................. 638,800 68,431,450
LUCENT TECHNOLOGIES, INC. ............ 839,860 62,832,026
MOTOROLA, INC. ....................... 108,700 16,006,075
NOKIA CORP. .......................... 80,500 15,295,000
SHARES OR
PRINCIPAL
AMOUNT VALUE
---------- -----------
NORTEL NETWORKS CORP. ................ 136,900 $13,826,900
*TELLABS, INC. ........................ 472,800 30,347,850
------------
206,739,301
------------
TOTAL TECHNOLOGY ....................... 803,628,748
------------
TRANSPORTATION (0.3%)
TRUCKS
UNITED PARCEL SERVICE, INC.
(CLASS B)............................ 106,000 7,314,000
-------------
UTILITIES (7.8%)
TELECOMMUNICATIONS SERVICES
ALLTEL CORP. ......................... 378,600 31,305,488
*EQUANT NV ............................ 143,500 16,072,000
*GLOBAL CROSSING LTD. ................. 212,100 10,605,000
*INFONET SERVICES CORP. (CLASS B) ..... 72,000 1,890,000
*MCI WORLDCOM, INC. ................... 900,000 47,756,250
SPRINT CORP. (FON GROUP) ............. 303,300 20,415,881
*SPRINT CORP. (PCS GROUP) ............. 227,700 23,339,250
VODAFONE AIRTOUCH PLC ................ 359,750 17,807,625
-------------
169,191,494
-------------
TOTAL COMMON STOCKS
(COST $1,296,888,457) ................ 2,081,569,906
-------------
REPURCHASE AGREEMENT (4.5%)
J.P. MORGAN SECURITIES, INC.
5.527% DATED 12/31/1999,
DUE 01/03/2000 IN THE
AMOUNT OF $96,524,836.
COLLATERALIZED BY
U.S. TREASURY INFLATION
INDEX NOTES 3.375% TO 3.875%
DUE 01/15/2007 TO 01/15/2009,
(COST $96,510,223) .................. $96,510,223 96,510,223
--------------
TOTAL INVESTMENTS (100.8%)
(COST $1,393,398,680) .................... 2,178,080,129
OTHER ASSETS LESS LIABILITIES (-0.8%) (17,341,609)
--------------
NET ASSETS (100.0%) ........................ $2,160,738,520
--------------
--------------
</TABLE>
* Non-income producing.
See Accompanying Notes to Financial Statements
27
<PAGE>
<TABLE>
<CAPTION>
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
- --------------------- --------------------
-- COLUMBIA INTERNATIONAL FUND, INC. --
---------------------------------------
December 31, 1999
SHARES VALUE
------------ --------------
<S> <C> <C>
COMMON STOCKS (91.5%)
ARGENTINA (0.3%)
*EL SITIO, INC. (BUSINESS SERVICES).... 17,500 $ 643,125
--------------
AUSTRALIA (2.2%)
BROKEN HILL PROPRIETARY CO., LTD.
(MINING-METAL/MINERALS) ............. 72,000 942,167
*CABLE & WIRELESS OPTUS LTD.
(UTILITIES/COMMUNICATION) ........... 350,000 1,165,546
JOHN FAIRFAX HOLDINGS LTD.
(MEDIA) ............................. 177,500 534,195
*TELSTRA CORP., LTD.
(INSTALLMENT RECEIPTS) (UTILITIES/
COMMUNICATION) ...................... 202,700 712,150
WMC LTD. (MINING-METALS/
MINERALS) ........................... 334,000 1,835,564
--------------
5,189,622
--------------
BRAZIL (0.5%)
ARACRUZ CELULOSE SA, ADR
(FORESTRY/PAPER PRODUCTS) ........... 47,000 1,233,750
CIA TECIDOS DO NORTE DE MINAS SA
(TEXTILES) .......................... 1,973,067 109,676
--------------
1,343,426
--------------
CANADA (3.7%)
ABITIBI-CONSOLIDATED, INC.
(FORESTRY/PAPER PRODUCTS) ........... 136,000 1,585,869
ALCAN ALUMINIUM LTD.
(MINING-METAL/MINERALS) ............. 44,000 1,803,353
*ANDERSON EXPLORATION LTD. (OIL) ...... 117,000 1,392,569
*INCO LTD. (MINING-METAL/
MINERALS) ........................... 42,000 978,059
NORTEL NETWORKS CORP.
(OFFICE EQUIP./COMP./COMM.) ......... 18,000 1,811,426
SHAW COMMUNICATIONS, INC.
(CLASS B) (MEDIA) ................... 38,000 1,249,362
--------------
8,820,638
--------------
FINLAND (2.0%)
NOKIA CORP., ADR
(UTILITIES/COMMUNICATION) ........... 4,000 760,000
SONERA OYJ
(UTILITIES/COMMUNICATION) ........... 34,000 2,330,937
STORA ENSO OYJ
(FORESTRY/PAPER PRODUCTS) ........... 97,000 1,691,579
--------------
4,782,516
--------------
FRANCE (5.7%)
ACCOR SA (ENTERTAINMENT/LEISURE) ..... 20,500 990,711
AXA SA (INSURANCE) ................... 9,000 1,254,880
BANQUE NATIONALE DE PARIS
(BANKS) ............................. 10,300 950,509
CAP GEMINI SA (BUSINESS SERVICES) .... 6,800 1,726,366
FRANCE TELECOM SA, ADR
(UTILITIES/COMMUNICATION) ........... 10,000 1,335,000
LAFARGE SA (CONSTRUCTION/
BUILDING MATERIALS) ................. 12,200 1,420,827
LVMH MOET HENNESSY LOUIS
VUITTON SA (TEXTILES) ............... 2,900 1,299,238
SCHNEIDER ELECTRIC SA
(ELECTRICAL EQUIPMENT) .............. 13,000 1,020,900
TOTAL FINA SA (CLASS B) (OIL) ........ 11,300 1,508,405
VIVENDI (UTILITIES) .................. 22,800 2,059,248
--------------
13,566,084
--------------
GERMANY (6.4%)
BAYERISCHE HYPO-UND
VEREINSBANK AG (BANKS) .............. 13,400 917,989
CE CONSUMER ELECTRONIC AG
(ELECTRONICS) ....................... 5,000 654,843
DEUTSCHE BANK AG (BANKS) ............. 12,000 1,012,366
EM.TV & MERCHANDISING AG
(MEDIA) ............................. 19,600 1,232,152
*EPCOS AG (ELECTRONICS) ............... 38,400 2,901,456
MANNESMANN AG
(MACHINERY/CAPITAL SPENDING) ........ 30,400 7,411,609
SIEMENS AG (ELECTRONICS) ............. 9,600 1,228,283
--------------
15,358,698
--------------
HONG KONG (0.3%)
*I-CABLE COMMUNICATIONS LTD.
(MEDIA) ............................. 500,000 678,544
--------------
INDIA (4.9%)
BHARAT HEAVY ELECTRICALS LTD.
(HEAVY ENG./SHIPBUILDING) ........... 240,000 1,157,290
</TABLE>
See Accompanying Notes to Financial Statements
28
<PAGE>
<TABLE>
<CAPTION>
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
- --------------------- --------------------
-- COLUMBIA INTERNATIONAL FUND, INC. --
---------------------------------------
December 31, 1999
SHARES VALUE
------------- --------------
<S> <C> <C>
COMMON STOCKS (continued)
CASTROL (INDIA) LTD. (CHEMICALS) ..... 155,000 $ 1,086,068
INDIAN HOTELS CO., LTD.
(ENTERTAINMENT/LEISURE) ............. 105,500 767,933
INFOSYS TECHNOLOGIES LTD.
(BUSINESS SERVICES) ................. 20,400 6,799,805
*SATYAM INFOWAY LTD., ADR
(BUSINESS SERVICES) ................. 12,000 1,860,000
--------------
11,671,096
--------------
IRELAND (0.7%)
BANK OF IRELAND PLC (BANKS) .......... 130,000 1,034,651
CRH PLC (CONSTRUCTION/BUILDING
MATERIALS) .......................... 35,500 761,784
--------------
1,796,435
--------------
ITALY (0.7%)
ASSICURAZIONI GENERALI S.P.A
(INSURANCE) ......................... 17,600 581,581
CLASS EDITORI S.P.A (MEDIA) .......... 61,500 1,071,876
--------------
1,653,457
--------------
JAPAN (26.4%)
ALPHA SYSTEMS, INC. (OFFICE EQUIP./
COMP./COMM.) ........................ 3,000 630,869
ARGOTECHNOS 21 CORP.
(BUSINESS SERVICES) ................. 7,500 475,352
ASAHI BANK LTD. (BANKS) .............. 250,000 1,540,493
CITIZEN ELECTRONICS CO., LTD.
(ELECTRONICS) ....................... 7,500 1,357,101
DAIMEI TELECOM ENGINEERING CORP.
(ENGINEERING) ....................... 110,000 1,118,936
DRAKE BEAM MORIN-JAPAN, INC.
(BUSINESS SERVICES) ................. 5,000 1,628,521
FANCL CORP. (HEALTH/PERSONAL
CARE) ............................... 4,400 1,179,186
FUJI BANK LTD. (BANKS) ............... 190,000 1,845,364
FUJI MACHINE MANUFACTURING
CO., LTD.
(MACHINERY/CAPITAL SPENDING) ........ 20,000 1,611,894
FUJITSU LTD.
(OFFICE EQUIP./COMP./COMM.) ......... 50,000 2,278,951
HIROSE ELECTRIC CO., LTD.
(ELECTRONICS) ....................... 15,000 3,361,209
*INTERNET INITIATIVE JAPAN, INC.,
ADR (BUSINESS SERVICES) ............. 10,000 971,875
JAPAN LIFELINE CO., LTD.
(HEALTH/PERSONAL CARE) .............. 37,000 651,408
KATOKICHI CO., LTD.
(FOOD/BEVERAGES) .................... 23,000 498,288
KEYENCE CORP. (ELECTRONICS) .......... 4,600 1,867,175
KYOCERA CORP. (ELECTRONICS) .......... 7,500 1,943,955
MATSUSHITA ELECTRIC INDUSTRIAL
CO., LTD. (ELECTRONICS) ............. 40,000 1,107,199
MURATA MANUFACTURING CO., LTD.
(ELECTRONICS) ....................... 7,000 1,643,192
NEC CORP. (ELECTRONICS) .............. 45,000 1,071,743
NIKKO SECURITIES CO., LTD.
(FINANCIAL SERVICES) ................ 135,000 1,707,306
NIPPON KANZAI CO., LTD.
(CONSTRUCTION/
BUILDING MATERIALS) ................. 40,000 1,267,606
NIPPON TELEGRAPH &
TELEPHONE CORP.
(UTILITIES/COMMUNICATION) ........... 81 1,386,444
NTT DATA CORP.
(BUSINESS SERVICES) ................. 60 1,379,108
NTT MOBILE COMMUNICATIONS
NETWORK, INC.
(UTILITIES/COMMUNICATION) ........... 125 4,804,871
OBIC CO., LTD. (BUSINESS SERVICES) ... 2,400 1,699,531
OJI PAPER CO., LTD.
(FORESTRY/PAPER PRODUCTS) ........... 130,000 781,984
RYOHIN KEIKAKU CO., LTD. (RETAIL) .... 20,000 4,012,128
SAIZERIYA CO., LTD. (RESTAURANTS) .... 19,000 1,291,569
SANWA BANK LTD., THE (BANKS) ......... 140,000 1,702,074
SEVEN-ELEVEN JAPAN CO., LTD.
(RETAIL) ............................ 10,000 1,584,507
SHIMAMURA CO., LTD. (RETAIL) ......... 20,000 3,169,014
SONY CORP. (ELECTRONICS) ............. 16,000 4,741,784
TAIYO INK MANUFACTURING CO., LTD.
(ELECTRONICS) ....................... 6,000 704,225
TAKEDA CHEMICAL INDS., LTD.
(PHARMACEUTICALS) ................... 25,000 1,234,840
THK CO., LTD.
(MACHINERY/CAPITAL SPENDING) ........ 50,000 2,019,757
TRANS COSMOS, INC.
(BUSINESS SERVICES) ................. 3,600 1,535,211
*TREND MICRO, INC.
(BUSINESS SERVICES) ................. 2,000 504,695
</TABLE>
See Accompanying Notes to Financial Statements
29
<PAGE>
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
- ------------------- ------------------
--COLUMBIA INTERNATIONAL STOCK FUND, INC.--
-------------------------------------------
December 31, 1999
<TABLE>
<CAPTION>
SHARES VALUE
---------- --------------
<S> <C> <C>
COMMON STOCKS (CONTINUED)
YAMADA DENKI CO., LTD. (RETAIL) ....... 7,000 $ 759,977
-------------
63,069,342
-------------
KOREA (1.5%)
KOREA TELECOM CORP., ADR
(UTILITIES/COMMUNICATION) ............ 21,000 1,569,750
POHANG IRON & STEEL CO., LTD., ADR
(STEEL) .............................. 30,000 1,050,000
SAMSUNG ELECTRONICS, GDR
(ELECTRONICS) ........................ 14,000 1,106,000
-------------
3,725,750
-------------
MALAYSIA (0.5%)
STAR CRUISES PLC
(ENTERTAINMENT/LEISURE) .............. 125,000 1,275,000
-------------
NETHERLANDS (6.2%)
AEGON NV (INSURANCE) .................. 8,000 772,916
*ASM LITHOGRAPHY HOLDING NV
(ELECTRONICS) ........................ 13,400 1,524,250
*EQUANT NV (BUSINESS SERVICES) ......... 45,600 5,107,200
ING GROEP NV (INSURANCE) .............. 15,000 905,798
KONINKLIJKE PHILIPS ELECTRONICS
NV (ELECTRONICS) ..................... 8,000 1,088,046
*KPNQWEST NV
(UTILITIES/COMMUNICATION) ............ 24,100 1,536,375
STMICROELECTRONICS NV
(ELECTRONICS) ........................ 8,500 1,287,219
*UNITED PAN-EUROPE
COMMUNICATIONS NV, ADR
(MEDIA) .............................. 20,500 2,613,750
-------------
14,835,554
-------------
PORTUGAL (0.6%)
*PT MULTIMEDIA - SERVICOS DE
TELECOMMUNICACOES ES.G.P.S. SA
(MEDIA) .............................. 25,000 1,422,268
-------------
SINGAPORE (1.8%)
DATACRAFT ASIA LTD.
(OFFICE EQUIP./COMP./COMM.) .......... 350,000 2,905,000
GES INTERNATIONAL LTD.
(OFFICE EQUIP./COMP./COMM.) .......... 1,048,000 1,132,191
OVERSEA-CHINESE BANKING CORP.,
LTD. (BANKS) ......................... 37,800 347,112
-------------
4,384,303
-------------
SPAIN (2.2%)
ACERINOX SA (STEEL) ................... 22,700 905,617
*SOGECABLE SA (MEDIA) .................. 31,000 1,980,042
*TELEFONICA SA, ADR
(UTILITIES/COMMUNICATION) ............ 30,241 2,383,369
-------------
5,269,028
-------------
SWEDEN (1.1%)
SKANDIA INSURANCE CO., LTD.
(INSURANCE) .......................... 88,000 2,660,862
-------------
SWITZERLAND (1.4%)
JULIUS BAER HOLDING LTD.
(BEARER) (BANKS) ..................... 250 754,723
ROCHE HOLDING AG (GENUSSSHEINE)
(PHARMACEUTICALS) .................... 140 1,660,704
ZURICH ALLIED AG (REGISTERED)
(INSURANCE) .......................... 1,600 911,818
-------------
3,327,245
-------------
THAILAND (0.4%)
*NATIONAL PETROCHEMICAL PUBLIC
CO., LTD. (FOREIGN) (CHEMICALS) ...... 795,100 866,421
-------------
UNITED KINGDOM (18.9%)
*ARM HOLDINGS PLC (ELECTRONICS) ........ 10,000 674,460
*BALTIMORE TECHNOLOGIES PLC
(BUSINESS SERVICES) .................. 9,000 728,795
BARCLAYS PLC (BANKS) .................. 54,139 1,557,793
BILLITON PLC (MINING-METAL/
MINERALS) ............................ 200,000 1,179,539
BP AMOCO PLC, ADR (OIL) ............... 28,000 1,660,750
BPB PLC (CONSTRUCTION/
BUILDING MATERIALS) .................. 151,000 875,313
BRITISH TELECOMMUNICATIONS
PLC (UTILITIES/COMMUNICATION) ........ 132,300 3,232,144
*COLT TELECOM GROUP PLC
(UTILITIES/COMMUNICATION) ............ 57,000 2,916,681
COMPASS GROUP PLC
(ENTERTAINMENT/LEISURE) .............. 250,000 3,431,238
CORUS GROUP PLC (STEEL) ............... 417,300 1,084,841
GLAXO WELLCOME PLC
(PHARMACEUTICALS) .................... 33,500 946,618
See Accompanying Notes to Financial Statements
30
<PAGE>
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
- ------------------- ------------------
--COLUMBIA INTERNATIONAL STOCK FUND, INC.--
-------------------------------------------
December 31, 1999
<CAPTION>
SHARES VALUE
---------- --------------
<S> <C> <C>
COMMON STOCKS (CONTINUED)
GRANADA GROUP PLC
(ENTERTAINMENT/LEISURE) .............. 243,254 $ 2,464,709
HAYS PLC (BUSINESS SERVICES) .......... 100,000 1,592,094
HSBC HOLDINGS PLC (BANKS) ............. 99,000 1,379,551
*JAZZTEL PLC (BUSINESS SERVICES) ....... 20,000 1,309,685
NATIONAL WESTMINSTER BANK
PLC (BANKS) .......................... 55,000 1,181,153
NEXT PLC (RETAIL) ..................... 138,000 1,323,602
*ORANGE PLC
(UTILITIES/COMMUNICATION) ............ 33,300 1,123,783
PEARSON PLC (MEDIA) ................... 70,000 2,265,102
PSION PLC
(OFFICE EQUIP./COMP./COMM.) .......... 25,000 1,089,923
SHELL TRANSPORT & TRADING CO.
PLC (OIL) ............................ 93,000 772,610
SHELL TRANSPORT & TRADING CO.,
ADR (OIL) ............................ 23,000 1,132,750
SMITHKLINE BEECHAM PLC
(PHARMACEUTICALS) .................... 121,762 1,553,212
*TELEWEST COMMUNICATIONS PLC
(MEDIA) .............................. 300,000 1,599,764
TESCO PLC (FOOD/BEVERAGES) ............ 280,000 851,109
*THUS PLC (BUSINESS SERVICES) .......... 102,000 643,975
VODAFONE AIRTOUCH PLC
(UTILITIES/COMMUNICATION) ............ 401,540 1,988,865
WPP GROUP PLC (MEDIA) ................. 291,000 4,609,501
-------------
45,169,560
-------------
UNITED STATES (3.1%)
*INFONET SERVICES CORP.
(CLASS B) (BUSINESS SERVICES) ........ 46,500 1,220,625
*NTL, INC. (MEDIA) ..................... 21,500 2,682,125
*OPENTV CORP. (BUSINESS SERVICES) ...... 14,000 1,123,500
SCHLUMBERGER LTD. (OIL) ............... 29,400 1,653,750
*STARMEDIA NETWORK, INC.
(BUSINESS SERVICES) .................. 15,000 600,937
TRANSOCEAN SEDCO FOREX, INC.
(OIL) ................................ 5,703 192,120
-------------
7,473,057
-------------
TOTAL COMMON STOCKS
(COST $131,228,182) ................... 218,982,031
-------------
<CAPTION>
SHARES OR
PRINCIPAL
AMOUNT VALUE
---------- --------------
<S> <C> <C>
PREFERRED STOCKS (0.5%)
BRAZIL (0.1%)
DIXIE TOGA SA (DIVERSIFIED
CONSUMER GOODS/SERVICES) ........... 437,500 $ 121,595
-------------
GERMANY (0.4%)
PORSCHE AG (AUTOMOBILES) .............. 400 1,055,808
-------------
TOTAL PREFERRED STOCKS
(COST $750,144) ....................... 1,177,403
-------------
REPURCHASE AGREEMENTS (8.0%)
J.P. MORGAN SECURITIES, INC.
5.527% DATED 12/31/1999, DUE 01/03/2000
IN THE AMOUNT OF $10,217,201.
COLLATERALIZED BY U.S. TREASURY
INFLATION INDEX NOTES 3.375%
TO 3.875% DUE 01/15/2007
TO 01/15/2009. ....................... $10,215,654 10,215,654
MERRILL LYNCH
5.475% DATED 12/31/1999, DUE
01/03/2000 IN THE AMOUNT
OF $9,001,350. COLLATERALIZED BY
U.S. TREASURY BILLS DUE 03/30/2000
TO 09/14/2000. ....................... 9,000,000 9,000,000
-------------
TOTAL REPURCHASE AGREEMENTS
(COST $19,215,654) .................... 19,215,654
-------------
TOTAL INVESTMENTS (100.0%)
(COST $151,193,980) ....................... 239,375,088
OTHER ASSETS LESS LIABILITIES (-0.0%) ....... (152,169)
-------------
NET ASSETS (100.0%) ......................... $239,222,919
-------------
-------------
</TABLE>
* Non-income producing.
See Accompanying Notes to Financial Statements
31
<PAGE>
SCHEDULE OF INVESTMENTS
- -------------------------------------------------------------------------------
- ------------------------- -----------------------
--COLUMBIA SPECIAL FUND, INC.--
-------------------------------
December 31, 1999
<TABLE>
<CAPTION>
SHARES VALUE
---------- --------------
<S> <C> <C>
COMMON STOCKS (96.9%)
BASIC INDUSTRIES & MANUFACTURING (2.1%)
MATERIALS (1.4%)
CONSOLIDATED PAPERS, INC. ............. 257,800 $ 8,201,263
SOUTHDOWN, INC. ....................... 80,000 4,130,000
------------
12,331,263
------------
PACKAGING (0.7%)
LONGVIEW FIBRE CO. .................... 465,000 6,626,250
------------
TOTAL BASIC INDUSTRIES &
MANUFACTURING ......................... 18,957,513
------------
BUSINESS & CONSUMER SERVICES (21.4%)
BROADCASTING (9.0%)
*ADELPHIA COMMUNICATIONS CORP.
(CLASS A) ............................ 120,000 7,875,000
*AT&T CORP. - LIBERTY MEDIA GROUP
(CLASS A) ............................ 160,000 9,080,000
*CLEAR CHANNEL COMMUNICATIONS,
INC. ................................. 231,463 20,658,073
*INFINITY BROADCASTING CORP.
(CLASS A) ............................ 220,000 7,961,250
*SPANISH BROADCASTING SYSTEM,
INC. (CLASS A) ....................... 320,000 12,880,000
*UNIVISION COMMUNICATIONS, INC.
(CLASS A) ............................ 240,000 24,525,000
------------
82,979,323
------------
ENTERTAINMENT (0.5%)
*INSIGHT COMMUNICATIONS,
INC. ................................. 150,000 4,443,750
------------
POLLUTION CONTROL (0.4%)
*CUNO, INC. ............................ 210,000 4,347,656
------------
PUBLISHING & ADVERTISING (2.6%)
READER'S DIGEST ASSOCIATION, INC.
(CLASS A) ............................ 100,000 2,925,000
YOUNG & RUBICAM, INC. ................. 292,000 20,659,000
------------
23,584,000
------------
SERVICES (8.9%)
*AMDOCS LTD. ........................... 434,100 14,976,450
*APOLLO GROUP, INC. .................... 200,800 4,028,550
*CENDANT CORP. ......................... 400,000 10,625,000
*CONCORD EFS, INC. ..................... 430,000 11,072,500
*CSG SYSTEMS INTERNATIONAL, INC. ....... 171,286 6,830,029
*FISERV, INC. .......................... 347,300 13,305,931
*KEANE, INC. ........................... 187,000 5,937,250
*VERIO, INC. ........................... 315,000 14,549,063
------------
81,324,773
------------
TOTAL BUSINESS &
CONSUMER SERVICES ..................... 196,679,502
------------
CONSUMER CYCLICAL (9.4%)
HOTELS & GAMING (0.8%)
*HARRAH'S ENTERTAINMENT, INC. .......... 265,500 7,019,156
------------
RESTAURANTS (1.4%)
*OUTBACK STEAKHOUSE, INC. .............. 508,200 13,181,438
------------
RETAIL (7.2%)
*ANNTAYLOR STORES CORP. ................ 166,000 5,716,625
*BED, BATH & BEYOND, INC. .............. 383,100 13,312,725
*BEST BUY CO., INC. .................... 77,750 3,902,078
*DOLLAR TREE STORES, INC. .............. 205,000 9,929,688
*JONES APPAREL GROUP, INC. ............. 118,500 3,214,312
LIMITED, INC. ......................... 225,930 9,785,593
MILLER (HERMAN), INC. ................. 50,000 1,150,000
*STAPLES, INC. ......................... 196,800 4,083,600
TANDY CORP. ........................... 45,300 2,228,194
*WILLIAMS-SONOMA, INC. ................. 286,500 13,179,000
------------
66,501,815
------------
TOTAL CONSUMER CYCLICAL ................. 86,702,409
------------
CONSUMER STAPLES (10.5%)
FOOD & DRUG RETAIL (0.3%)
*WEBVAN GROUP, INC. .................... 190,400 3,141,600
------------
HEALTH CARE (6.1%)
*ALZA CORP. ............................ 134,100 4,643,212
*ELAN CORP. PLC ADR .................... 100,000 2,950,000
*GENENTECH, INC. ....................... 134,000 18,023,000
PE CORP-PE BIOSYSTEMS GROUP ........... 75,000 9,023,438
*SEROLOGICALS CORP. .................... 366,800 2,200,800
*SHIRE PHARMACEUTICALS
GROUP PLC ADR ........................ 235,000 6,844,375
*TENET HEALTHCARE CORP. ................ 289,100 6,793,850
*TRANSKARYOTIC THERAPIES, INC. ......... 151,200 5,821,200
------------
56,299,875
------------
MEDICAL DEVICES (4.1%)
*CHIRON CORP. .......................... 180,000 7,627,500
*CYTYC CORP. ........................... 315,500 19,265,219
See Accompanying Notes to Financial Statements
32
<PAGE>
SCHEDULE OF INVESTMENTS
- -------------------------------------------------------------------------------
- ------------------------- -----------------------
--COLUMBIA SPECIAL FUND, INC.--
-------------------------------
December 31, 1999
<CAPTION>
SHARES VALUE
---------- --------------
<S> <C> <C>
COMMON STOCKS (CONTINUED)
*RESMED, INC. .......................... 250,000 $10,437,500
------------
37,330,219
------------
TOTAL CONSUMER STAPLES .................. 96,771,694
------------
ENERGY (4.8%)
EXPLORATION & PRODUCTION (1.8%)
APACHE CORP. .......................... 270,400 9,987,900
DEVON ENERGY CORP. .................... 200,000 6,575,000
------------
16,562,900
------------
OIL SERVICES (3.0%)
*BJ SERVICES CO. ....................... 112,200 4,691,363
*NABORS INDUSTRIES, INC. ............... 486,700 15,057,281
*NOBLE DRILLING CORP. .................. 230,600 7,552,150
------------
27,300,794
------------
TOTAL ENERGY 43,863,694
------------
FINANCIAL (0.4%)
BANKS
FIRST SECURITY CORP. .................. 145,000 3,702,031
------------
TECHNOLOGY (39.9%)
COMPUTERS (4.4%)
*AMERICAN POWER CONVERSION
CORP. ................................ 500,000 13,187,500
*EXTREME NETWORKS, INC. ................ 75,000 6,262,500
*SANDISK CORP. ......................... 85,000 8,181,250
*SEAGATE TECHNOLOGY, INC. .............. 152,300 7,091,469
*SYCAMORE NETWORKS, INC. ............... 17,200 5,297,600
------------
40,020,319
------------
DATA SERVICES (0.1%)
*JUNIPER NETWORKS, INC. ................ 3,500 1,190,000
------------
SEMICONDUCTORS (15.1%)
*ALTERA CORP. .......................... 146,200 7,246,037
*AMKOR TECHNOLOGY, INC. ................ 493,900 13,952,675
*ASM LITHOGRAPHY HOLDING N.V. .......... 139,100 15,822,625
*BROADCOM CORP. ........................ 25,000 6,809,375
*CYPRESS SEMICONDUCTOR CORP. ........... 330,000 10,683,750
*FLEXTRONICS INTERNATIONAL LTD. ........ 245,400 11,288,400
*LAM RESEARCH CORP. .................... 85,000 9,482,812
*LSI LOGIC CORP. ....................... 243,300 16,422,750
*NATIONAL SEMICONDUCTOR CORP. .......... 227,300 9,731,281
*QLOGIC CORP. .......................... 98,700 15,779,663
TEKTRONIX, INC. ....................... 245,300 9,536,038
*TERADYNE, INC. ........................ 185,000 12,210,000
------------
138,965,406
------------
SOFTWARE ( 13.3%)
*BEA SYSTEMS, INC. ..................... 585,600 40,955,400
*BMC SOFTWARE, INC. .................... 25,000 1,998,438
*CITRIX SYSTEMS, INC. .................. 101,600 12,496,800
*EDWARDS, J.D. & CO. ................... 281,200 8,400,850
*LYCOS, INC. ........................... 60,000 4,773,750
*MACROMEDIA, INC. ...................... 130,000 9,506,250
*OPENTV CORP. .......................... 14,000 1,123,500
*REDBACK NETWORKS, INC. ................ 74,400 13,206,000
*SYNOPSYS, INC. ........................ 150,700 10,059,225
*VERITAS SOFTWARE CORP. ................ 52,500 7,514,062
*VIGNETTE CORP. ........................ 76,200 12,420,600
------------
122,454,875
------------
TELECOMMUNICATIONS EQUIPMENT (7.0%)
*3COM CORP. ............................ 150,000 7,050,000
*ADC TELECOMMUNICATIONS, INC. .......... 125,000 9,070,313
*ADVANCED FIBRE COMMUNICATIONS,
INC. ................................. 125,000 5,585,938
*CIENA CORP. ........................... 383,800 22,068,500
*E-TEK DYNAMICS, INC. .................. 55,100 7,417,837
*NEXT LEVEL COMMUNICATIONS,
INC. ................................. 20,000 1,497,500
SCIENTIFIC-ATLANTA, INC. .............. 128,900 7,170,062
*TELLABS, INC. ......................... 61,200 3,928,275
------------
63,788,425
------------
TOTAL TECHNOLOGY ........................ 366,419,025
------------
UTILITIES (8.4%)
ELECTRIC & NATURAL GAS (1.1%)
*AES CORP. ............................. 135,000 10,091,250
------------
TELECOMMUNICATIONS SERVICES (7.3%)
CENTURYTEL, INC. ...................... 126,800 6,007,150
*COVAD COMMUNICATIONS
GROUP, INC. .......................... 150,000 8,390,625
*GLOBAL TELESYSTEMS GROUP, INC. ........ 335,000 11,599,375
*INFONET SERVICES CORP. (CLASSB) ....... 245,000 6,431,250
See Accompanying Notes to Financial Statements
33
<PAGE>
SCHEDULE OF INVESTMENTS
- -------------------------------------------------------------------------------
- ------------------------- -----------------------
--COLUMBIA SPECIAL FUND, INC.--
-------------------------------
December 31, 1999
<CAPTION>
SHARES VALUE
---------- --------------
<S> <C> <C>
COMMON STOCKS (CONTINUED)
*MCLEODUSA, INC. (CLASS A) ............. 185,000 $ 10,891,875
*METROMEDIA FIBER NETWORK, INC. ........ 219,000 10,498,312
*VOICESTREAM WIRELESS CORP. ............ 90,400 12,865,050
------------
66,683,637
------------
TOTAL UTILITIES ......................... 76,774,887
------------
TOTAL COMMON STOCKS
(COST $562,574,458) ................... 889,870,755
------------
CONVERTIBLE PREFERRED STOCK (0.2%)
TELECOMMUNICATIONS EQUIPMENT
*NANOVATION TECHNOLOGIES, INC.
(PRIVATE PLACEMENT)
(COST $2,164,275) .................... 144,285 2,164,275
------------
<CAPTION>
PRINCIPAL
AMOUNT VALUE
---------- --------------
<S> <C> <C>
REPURCHASE AGREEMENT (3.9%)
J.P. MORGAN SECURITIES, INC.
5.527% DATED 12/31/1999, DUE 01/03/2000
IN THE AMOUNT OF $35,328,213.
COLLATERALIZED BY U.S. TREASURY
INFLATION INDEX NOTES 3.375% TO
3.875% DUE 01/15/2007 TO 01/15/2009.
(COST $35,322,865) ................... $35,322,865 $ 35,322,865
------------
TOTAL INVESTMENTS (101.0%)
(COST $600,061,598) ....................... 927,357,895
OTHER ASSETS LESS LIABILITIES (-1.0%) ....... (9,035,903)
------------
TOTAL NET ASSETS (100.0%) ................... $918,321,992
------------
------------
</TABLE>
* Non-income producing
See Accompanying Notes to Financial Statements
34
<PAGE>
SCHEDULE OF INVESTMENTS
- -------------------------------------------------------------------------------
- ------------------------ ----------------------
--COLUMBIA SMALL CAP FUND, INC.--
---------------------------------
December 31, 1999
<TABLE>
<CAPTION>
SHARES VALUE
---------- --------------
<S> <C> <C>
COMMON STOCKS (93.2%)
BASIC INDUSTRIES & MANUFACTURING (3.7%)
ELECTRICAL EQUIPMENT/DIVERSIFIED INDUSTRIAL
(1.9%)
*POWER-ONE, INC. ....................... 121,000 $ 5,543,312
------------
MACHINERY (0.5%)
*TEREX CORP. ........................... 50,000 1,387,500
------------
MATERIALS (1.3%)
*AIRGAS, INC. .......................... 85,100 808,450
ELCOR CORP. ........................... 41,100 1,238,138
*NS GROUP, INC. ........................ 24,200 184,525
SOUTHDOWN, INC. ....................... 8,550 441,394
*STILLWATER MINING CO. ................. 33,100 1,055,062
------------
3,727,569
------------
TOTAL BASIC INDUSTRIES &
MANUFACTURING ......................... 10,658,381
------------
BUSINESS & CONSUMER SERVICES (12.2%)
BROADCASTING (3.2%)
*CUMULUS MEDIA, INC. ................... 96,100 4,877,075
*ENTERCOM COMMUNICATIONS
CORP. ................................ 68,330 4,509,780
------------
9,386,855
------------
ENTERTAINMENT (0.5%)
*IMAX CORP. ............................ 52,800 1,445,400
------------
POLLUTION CONTROL (0.5%)
*TETRA TECH, INC. ...................... 91,750 1,410,656
------------
PUBLISHING/ADVERTISING (0.4%)
*PROFESSIONAL DETAILING, INC. .......... 38,070 1,139,721
------------
SERVICES (7.6%)
*ACXIOM CORP. .......................... 182,900 4,389,600
*AMDOCS LTD. ........................... 115,000 3,967,500
*APOLLO GROUP, INC. .................... 79,700 1,598,981
*CSG SYSTEMS INTERNATIONAL, INC. ....... 51,264 2,044,152
*ECOLLEGE.COM, INC. .................... 20,200 220,938
*HARRIS INTERACTIVE, INC. .............. 15,063 196,760
*MANAGEMENT NETWORK GROUP,
INC. ................................. 6,600 215,325
*NETRATINGS, INC. ...................... 6,730 323,881
*NOVA CORP. ............................ 114,175 3,603,649
*OFFICIAL PAYMENTS CORP. ............... 16,000 832,000
*TRIZETTO GROUP, INC. .................. 43,000 2,004,875
*USINTERNETWORKING, INC. ............... 3,750 262,031
*WHITTMAN-HART, INC. ................... 39,000 2,091,375
*XPEDIOR, INC. ......................... 16,000 460,000
------------
22,211,067
------------
TOTAL BUSINESS &
CONSUMER SERVICES ..................... 35,593,699
------------
CONSUMER CYCLICAL (7.3%)
AUTO & HOUSING (0.1%)
*MODTECH HOLDINGS, INC. ................ 56,656 339,936
------------
HOTELS & GAMING (0.4%)
INTRAWEST CORP. ....................... 75,000 1,298,438
------------
LEISURE PRODUCTS (1.2%)
CALLAWAY GOLF CO. ..................... 193,700 3,426,069
------------
RESTAURANTS (1.6%)
*CHEESECAKE FACTORY, INC. (THE) ........ 47,500 1,662,500
*P.F. CHANGS CHINA BISTRO, INC. ........ 88,000 2,189,000
*TACO CABANA, INC. (CLASS A) ........... 84,800 689,000
------------
4,540,500
------------
RETAIL (4.0%)
*AMERICAN EAGLE OUTFITTERS, INC. ....... 27,400 1,233,000
*AMES DEPARTMENT STORES, INC. .......... 99,500 2,866,844
*HOLLYWOOD ENTERTAINMENT
CORP. ................................ 66,200 959,900
*INTERTAN, INC. ........................ 67,100 1,752,987
*MICHAELS STORES, INC. ................. 93,600 2,667,600
*TWEETER HOME ENTERTAINMENT
GROUP, INC. .......................... 26,600 944,300
*WILLIAMS-SONOMA, INC. ................. 24,900 1,145,400
------------
11,570,031
------------
TOTAL CONSUMER CYCLICAL ................. 21,174,974
------------
CONSUMER STAPLES (9.0%)
FOOD & DRUG RETAIL (0.3%)
U.S. FOODSERVICE, INC. ................ 55,500 929,625
------------
HEALTH CARE (5.5%)
*ANESTA CORP. .......................... 53,200 914,375
*BIOVAIL CORP. INT'L. .................. 16,300 1,528,125
*FIRST HEALTH GROUP CORP. .............. 87,700 2,356,937
*INTELLIGENT POLYMERS, LTD. ............ 33,000 1,105,500
*MEDICALOGIC, INC. ..................... 13,600 285,600
*OXFORD HEALTH PLANS, INC. ............. 158,100 2,005,894
See Accompanying Notes to Financial Statements
35
<PAGE>
SCHEDULE OF INVESTMENTS
- -------------------------------------------------------------------------------
- ------------------------ ----------------------
--COLUMBIA SMALL CAP FUND, INC.--
---------------------------------
December 31, 1999
<CAPTION>
SHARES VALUE
---------- --------------
<S> <C> <C>
COMMON STOCKS (CONTINUED)
*PROTEIN DESIGN LABS, INC. ............. 35,100 $ 2,457,000
*SHIRE PHARMACEUTICALS GROUP
PLC ADR .............................. 86,240 2,511,740
*SPIROS DEVELOPMENT CORP. II, INC.
(UNITS) .............................. 30,000 240,000
*TRANSKARYOTIC THERAPIES, INC. ......... 33,400 1,285,900
*UNIVERSAL HEALTH SERVICES, INC.
(CLASS B) ............................ 34,100 1,227,600
------------
15,918,671
------------
MEDICAL DEVICES (3.2%)
*ALKERMES, INC. ........................ 40,300 1,979,738
*CALIPER TECHNOLOGIES CORP. ............ 7,500 500,625
*DATA CRITICAL CORP. ................... 33,800 502,775
*MEDICAL MANAGER CORP. ................. 19,400 1,634,450
*NOVOSTE CORP. ......................... 118,600 1,956,900
*RESMED, INC. .......................... 63,000 2,630,250
------------
9,204,738
------------
TOTAL CONSUMER STAPLES .................. 26,053,034
------------
ENERGY (5.4%)
DOMESTIC INTEGRATED (0.1%)
*PENNACO ENERGY, INC. .................. 27,100 216,800
------------
EXPLORATION & PRODUCTION (2.2%)
DEVON ENERGY CORP. .................... 59,900 1,969,213
*MARINE DRILLING COS., INC. ............ 65,600 1,471,900
*PATTERSON ENERGY, INC. ................ 111,600 1,450,800
WESTERN GAS RESOURCES, INC. ........... 118,700 1,565,356
------------
6,457,269
------------
OIL SERVICES (3.1%)
*GLOBAL INDUSTRIES LTD. ................ 101,200 872,850
*HANOVER COMPRESSOR CO. ................ 74,300 2,804,825
*NOBLE DRILLING CORP. .................. 68,300 2,236,825
*PRECISION DRILLING CORP. .............. 121,200 3,113,325
------------
9,027,825
------------
TOTAL ENERGY ............................ 15,701,894
------------
TECHNOLOGY (52.5%)
COMPUTERS (12.3%)
*ADVANCED DIGITAL INFORMATION
CORP. ................................ 38,200 1,857,475
*APEX, INC. ............................ 96,400 3,108,900
*ARTESYN TECHNOLOGIES, INC. ............ 56,900 1,194,900
*BSQUARE CORP. ......................... 18,600 780,038
*C-COR.NET CORP. ....................... 42,150 3,229,744
*CONCURRENT COMPUTER CORP. ............. 82,200 1,536,112
*ELECTRO SCIENTIFIC INDUSTRIES,
INC. ................................. 28,800 2,102,400
*EMULEX CORP. .......................... 21,800 2,452,500
*MAXTOR CORP. .......................... 160,300 1,142,137
*MICROS SYSTEMS, INC. .................. 71,000 5,254,000
*MMC NETWORKS, INC. .................... 60,400 2,076,250
OPTICAL COATING LABORATORY,
INC. ................................. 16,100 4,765,600
*RADISYS CORP. ......................... 79,050 4,031,550
*SANDISK CORP. ......................... 23,800 2,290,750
------------
35,822,356
------------
DATA SERVICES (3.9%)
*DELTATHREE.COM, INC. .................. 13,300 342,475
*DOCUMENTUM, INC. ...................... 93,700 5,610,287
*INFOSPACE.COM, INC. ................... 6,700 1,433,800
*SCIQUEST.COM, INC. .................... 13,400 1,065,300
*TECHNOLOGY SOLUTIONS CO. .............. 31,200 1,021,800
*TELETECH HOLDINGS, INC. ............... 57,300 1,931,189
------------
11,404,851
------------
SEMICONDUCTORS (10.5%)
*ADVANCED ENERGY INDUSTRIES,
INC. ................................. 3,700 182,225
*ATMEL CORP. ........................... 142,000 4,197,875
*CREDENCE SYSTEMS CORP. ................ 59,500 5,146,750
*CYMER, INC. ........................... 60,900 2,801,400
*ETEC SYSTEMS, INC. .................... 54,700 2,454,663
*INTEGRATED DEVICE TECHNOLOGY,
INC. ................................ 182,200 5,283,800
*LATTICE SEMICONDUCTOR CORP. ........... 86,700 4,085,737
METHODE ELECTRONICS, INC.
(CLASS A) ............................ 89,000 2,859,125
*MIPS TECHNOLOGIES, INC. (CLASS A) ..... 51,200 2,662,400
PERKINELMER, INC. ..................... 22,900 954,644
------------
30,628,619
------------
SOFTWARE (16.0%)
*ALLAIRE CORP. ......................... 13,400 1,960,587
*APPNET, INC. .......................... 59,800 2,616,250
*ASD SYSTEMS, INC. ..................... 20,900 370,975
*BINDVIEW DEVELOPMENT CORP. ............ 96,000 4,770,000
*BRIO TECHNOLOGY, INC. ................. 37,700 1,583,400
</TABLE>
See Accompanying Notes to Financial Statements
36
<PAGE>
SCHEDULE OF INVESTMENTS
- -------------------------------------------------------------------------------
- ------------------------ ----------------------
--COLUMBIA SMALL CAP FUND, INC.--
---------------------------------
December 31, 1999
<TABLE>
<CAPTION>
SHARES VALUE
---------- -------------
<S> <C> <C>
COMMON STOCKS (CONTINUED)
*BROADBASE SOFTWARE, INC. .............. 26,500 $ 2,981,250
*HNC SOFTWARE, INC. .................... 18,700 1,977,525
*INTERACTIVE PICTURES CORP. ............ 85,800 2,000,213
*MACROMEDIA, INC. ...................... 43,900 3,210,187
*MANUGISTICS GROUP, INC. ............... 70,000 2,261,875
*MARIMBA, INC. ......................... 30,400 1,400,300
*METASOLV SOFTWARE, INC. ............... 10,500 858,375
*OPEN MARKET, INC. ..................... 75,000 3,384,375
*PRIMUS KNOWLEDGE SOLUTIONS,
INC. ................................. 5,000 226,563
*QUINTUS CORP. ......................... 18,500 848,687
*RAVISENT TECHNOLOGIES, INC. ........... 62,600 2,406,188
*REMEDY CORP. .......................... 36,600 1,743,075
*RETEK, INC. ........................... 5,200 391,300
*SANTA CRUZ OPERATION, INC. ............ 64,700 1,965,262
*SYMANTEC CORP. ........................ 76,700 4,496,538
*TIBCO SOFTWARE, INC. .................. 3,300 504,900
*VERITY, INC. .......................... 78,700 3,349,669
*VIADOR, INC. .......................... 24,600 1,042,425
-------------
46,349,919
-------------
TELECOMMUNICATIONS EQUIPMENT (9.8%)
*ADVANCED FIBRE COMMUNICATIONS,
INC. ................................. 78,200 3,494,563
*COMMSCOPE, INC. ....................... 79,400 3,200,812
*DAVOX CORP. ........................... 31,000 608,375
*DIGITAL LIGHTWAVE, INC. ............... 34,400 2,201,600
*DIGITAL MICROWAVE CORP. ............... 120,200 2,817,188
*DSET CORP. ............................ 67,300 2,515,337
*HARMONIC, INC. ........................ 42,500 4,034,844
*ORTEL CORP. ........................... 17,100 2,052,000
*POWERWAVE TECHNOLOGIES, INC. .......... 41,400 2,416,725
*PROXIM, INC. .......................... 18,500 2,035,000
*RF MICRO DEVICES, INC. ................ 19,000 1,300,312
*SPECTRIAN CORP. ....................... 52,800 1,491,600
*VIASAT, INC. .......................... 4,900 244,388
-------------
28,412,744
-------------
TOTAL TECHNOLOGY ........................ 152,618,489
-------------
TRANSPORTATION (0.2%)
AIRLINES
EXPEDITORS INTERNATIONAL OF
WASHINGTON, INC. ................... 13,300 582,706
-------------
<CAPTION>
SHARES OR
PRINCIPAL
AMOUNT VALUE
----------- -------------
<S> <C> <C>
UTILITIES (2.9%)
TELECOMMUNICATIONS SERVICES
*ADAPTIVE BROADBAND CORP. .............. 43,600 $ 3,218,225
*GRIC COMMUNICATIONS, INC. ............. 49,500 1,256,062
*INTERVOICE-BRITE, INC. ................ 120,200 2,794,650
*Z-TEL TECHNOLOGIES, INC. .............. 27,200 1,098,200
-------------
8,367,137
-------------
TOTAL COMMON STOCKS
(COST $177,109,530) ................... 270,750,314
-------------
CONVERTIBLE PREFERRED STOCK (0.2%)
TELECOMMUNICATION EQUIPMENT
*NANOVATION TECHNOLOGIES, INC.
(PRIVATE PLACEMENT)
(COST $626,715) ...................... 41,781 626,715
-------------
WARRANT (0.1%)
HEALTHCARE
BIOVAIL CORP. INT'L. (09/30/2002)
(COST $28,420) ....................... 2,842 162,705
-------------
REPURCHASE AGREEMENTS (5.3%)
J.P. MORGAN SECURITIES, INC.
5.527% DATED 12/31/1999, DUE 01/03/2000
IN THE AMOUNT OF $12,927,188
COLLATERALIZED BY U.S. TREASURY
INFLATION INDEX NOTES 3.375% TO
3.875% DUE 01/15/2007 TO 01/15/2009. . $12,925,231 12,925,231
MERRILL LYNCH
5.475% DATED 12/31/1999, DUE 01/03/2000
IN THE AMOUNT OF $2,300,345
COLLATERALIZED BY U.S. TREASURY
BILLS DUE 03/30/2000 TO 09/14/2000 ... 2,300,000 2,300,000
-------------
TOTAL REPURCHASE AGREEMENTS
(COST $15,225,231) .................... 15,225,231
-------------
TOTAL INVESTMENTS (98.8%)
(COST $192,989,896) ....................... 286,764,965
OTHER ASSETS LESS LIABILITIES (1.2%) ........ 3,609,024
-------------
NET ASSETS (100.0%) ......................... $290,373,989
-------------
-------------
</TABLE>
* Non-income producing.
See Accompanying Notes to Financial Statements
37
<PAGE>
SCHEDULE OF INVESTMENTS
- -------------------------------------------------------------------------------
- ------------------- ------------------
--COLUMBIA REAL ESTATE EQUITY FUND, INC.--
------------------------------------------
December 31, 1999
<TABLE>
<CAPTION>
SHARES VALUE
----------- -------------
<S> <C> <C>
COMMON STOCKS (94.3%)
REAL ESTATE INVESTMENT TRUSTS
APARTMENTS (15.6%)
APARTMENT INVESTMENT &
MANAGEMENT CO. (CLASS A) ........... 197,200 $ 7,851,025
ARCHSTONE COMMUNITIES TRUST ......... 309,671 6,348,255
AVALONBAY COMMUNITIES, INC. ......... 272,864 9,362,646
EQUITY RESIDENTIAL PROPERTIES
TRUST .............................. 224,603 9,587,741
POST PROPERTIES, INC. ............... 119,700 4,578,525
-------------
37,728,192
-------------
COMMUNITY CENTERS (9.6%)
KIMCO REALTY CORP. ................. 208,500 7,062,937
PAN PACIFIC RETAIL PROPERTIES,
INC. ............................... 124,300 2,027,644
VORNADO REALTY TRUST ................ 432,500 14,056,250
-------------
23,146,831
-------------
HEALTHCARE (0.7%)
NATIONWIDE HEALTH PROPERTIES,
INC. ............................... 129,800 1,784,750
-------------
INDUSTRIAL (30.0%)
ALEXANDRIA REAL ESTATE
EQUITIES, INC. ..................... 149,500 4,755,969
AMB PROPERTY CORP. .................. 265,500 5,293,406
CABOT INDUSTRIAL TRUST .............. 219,700 4,036,987
CENTERPOINT PROPERTIES CORP. ........ 62,500 2,242,188
FIRST INDUSTRIAL REALTY TRUST,
INC. ............................... 247,600 6,793,525
LIBERTY PROPERTY TRUST .............. 283,300 6,870,025
PROLOGIS TRUST ...................... 705,345 13,577,891
PUBLIC STORAGE, INC. ................ 632,132 14,341,495
SPIEKER PROPERTIES, INC. ............ 279,400 10,180,638
STARWOOD FINANCIAL, INC. ............ 256,335 4,341,674
-------------
72,433,798
-------------
LODGING (3.3%)
HOST MARRIOTT CORP. ................. 460,700 3,800,775
STARWOOD HOTELS & RESORTS
WORLDWIDE, INC. .................... 176,800 4,154,800
-------------
7,955,575
-------------
<CAPTION>
SHARES
PRINCIPAL
SHARES AMOUNT
---------- -------------
<S> <C> <C>
OFFICE (23.6%)
BOSTON PROPERTIES, INC. ............. 137,000 $ 4,264,125
COUSINS PROPERTIES, INC. ............ 327,500 11,114,531
EQUITY OFFICE PROPERTIES TRUST ...... 441,218 10,864,993
MACK-CALI REALTY CORP. .............. 167,500 4,365,469
PRENTISS PROPERTIES TRUST ........... 226,300 4,752,300
RECKSON ASSOCIATES REALTY CORP ...... 431,300 8,841,650
TRIZEC HAHN CORP. ................... 768,000 12,960,000
------------
57,163,068
------------
OTHER (2.1%)
*CATELLUS DEVELOPMENT CORP. .......... 402,800 5,160,875
------------
SHOPPING MALLS (9.4%)
GENERAL GROWTH PROPERTIES,
INC. ............................... 413,400 11,575,200
MACERICH CO. (THE) .................. 146,100 3,040,706
SIMON PROPERTY GROUP, INC. .......... 351,256 8,056,935
------------
22,672,841
------------
TOTAL COMMON STOCKS
(COST $241,297,568) ................. 228,045,930
------------
REPURCHASE AGREEMENTS (6.4%)
J.P. MORGAN SECURITIES, INC.
5.527% DATED 12/31/1999, DUE 01/03/2000
IN THE AMOUNT OF $6,338,534.
COLLATERALIZED BY U.S. TREASURY
INFLATION INDEX NOTES 3.375% TO
3.875% DUE 01/15/2007 TO 01/15/2009. $6,337,574 6,337,574
MERRILL LYNCH
5.475% DATED 12/31/1999, DUE 01/03/2000
IN THE AMOUNT OF $9,001,350.
COLLATERALIZED BY U.S. TREASURY
BILLS DUE 03/30/2000 TO 09/14/2000. 9,000,000 9,000,000
------------
TOTAL REPURCHASE AGREEMENTS
(COST $15,337,574) .................. 15,337,574
------------
TOTAL INVESTMENTS (100.7%)
(COST $256,635,142) ..................... 243,383,504
OTHER ASSETS LESS LIABILITIES(-0.7%) ...... (1,667,766)
------------
NET ASSETS (100.0%) ....................... $241,715,738
------------
------------
</TABLE>
* Non-income producing.
See Accompanying Notes to Financial Statements
38
<PAGE>
SCHEDULE OF INVESTMENTS
- -------------------------------------------------------------------------------
- ------------------------ -----------------------
--COLUMBIA BALANCED FUND, INC.--
--------------------------------
December 31, 1999
<TABLE>
<CAPTION>
SHARES VALUE
---------- -------------
<S> <C> <C>
COMMON STOCKS (56.2%)
BASIC INDUSTRIES & MANUFACTURING (6.7%)
ELECTRICAL EQUIPMENT/DIVERSIFIED INDUSTRIAL (4.0%)
COOPER INDUSTRIES, INC. ............... 72,700 $ 2,939,806
GENERAL ELECTRIC CO. .................. 150,800 23,336,300
HONEYWELL INTERNATIONAL, INC. ......... 132,300 7,632,056
TYCO INTERNATIONAL LTD. ............... 194,952 7,578,759
------------
41,486,921
------------
MATERIALS (2.7%)
CHAMPION INTERNATIONAL CORP. .......... 78,700 4,874,481
DOW CHEMICAL CO. ...................... 53,100 7,095,487
DU PONT (E.I.) DE NEMOURS & CO. ....... 82,300 5,421,513
INTERNATIONAL PAPER CO. ............... 81,300 4,588,369
PRAXAIR, INC. ......................... 80,700 4,060,219
WILLAMETTE INDUSTRIES, INC. ........... 38,800 1,801,775
------------
27,841,844
------------
TOTAL BASIC INDUSTRIES &
MANUFACTURING ......................... 69,328,765
------------
BUSINESS & CONSUMER SERVICES (5.4%)
BROADCASTING (3.6%)
*AT&T CORP.--LIBERTY MEDIA GROUP
(CLASS A) ............................ 201,964 11,461,457
*CLEAR CHANNEL
COMMUNICATIONS, INC. ................. 112,400 10,031,700
*INFINITY BROADCASTING CORP.
(CLASS A) ............................ 168,200 6,086,737
NEWS CORP. LTD. ADR ................... 112,000 4,284,000
*USA NETWORKS, INC. .................... 108,750 6,008,438
------------
37,872,332
------------
CABLE (1.1%)
*CHARTER COMMUNICATIONS, INC.
(CLASS A) ............................ 122,000 2,668,750
*MEDIAONE GROUP, INC. * ................ 108,800 8,357,200
------------
11,025,950
------------
ENTERTAINMENT (0.7%)
TIME WARNER, INC. ..................... 105,800 7,663,888
------------
TOTAL BUSINESS & CONSUMER SERVICES ...... 56,562,170
------------
CONSUMER CYCLICAL (3.8%)
HOTELS & GAMING (0.2%)
ROYAL CARIBBEAN CRUISES LTD. .......... 42,100 2,076,056
------------
RESTAURANTS (0.3%)
MCDONALD'S CORP. ...................... 86,500 $ 3,487,031
------------
RETAIL (3.3%)
*BED, BATH & BEYOND, INC. .............. 196,600 6,831,850
*BEST BUY CO., INC. .................... 40,500 2,032,594
CIRCUIT CITY STORES, INC. ............. 50,800 2,289,175
*COSTCO WHOLESALE CORP. ................ 103,700 9,462,625
HOME DEPOT, INC. ...................... 112,850 7,737,278
*STAPLES, INC. ......................... 265,500 5,509,125
------------
33,862,647
------------
TOTAL CONSUMER CYCLICAL ................. 39,425,734
------------
CONSUMER STAPLES (5.1%)
FOOD & DRUG RETAIL (0.9%)
*SAFEWAY, INC. ......................... 263,400 9,367,163
------------
HEALTH CARE (3.2%)
BRISTOL-MYERS SQUIBB CO. .............. 114,000 7,317,375
PFIZER, INC. .......................... 140,300 4,550,981
SCHERING-PLOUGH CORP. ................. 139,600 5,889,375
WARNER-LAMBERT CO. .................... 190,800 15,633,675
------------
33,391,406
------------
MEDICAL DEVICES (1.0%)
*GUIDANT CORP. ........................ 228,700 10,748,900
------------
TOTAL CONSUMER STAPLES .................. 53,507,469
------------
ENERGY (3.6%)
INTERNATIONAL INTEGRATED (1.9%)
EXXON MOBIL CORP. ..................... 188,487 15,184,984
ROYAL DUTCH PETROLEUM CO. ............. 78,500 4,744,344
------------
19,929,328
------------
OIL SERVICES (1.7%)
*BJ SERVICES CO. ....................... 150,900 6,309,506
*NABORS INDUSTRIES, INC. ............... 184,000 5,692,500
*NOBLE DRILLING CORP. .................. 160,300 5,249,825
------------
17,251,831
------------
TOTAL ENERGY ............................ 37,181,159
------------
FINANCIAL (7.7%)
BANKS (2.9%)
BANK OF NEW YORK CO., INC. ............ 145,900 5,836,000
CHASE MANHATTAN CORP. ................. 44,800 3,480,400
CITIGROUP, INC. ....................... 380,875 21,162,367
------------
30,478,767
------------
See Accompanying Notes to Financial Statements
39
<PAGE>
SCHEDULE OF INVESTMENTS
- -------------------------------------------------------------------------------
- ------------------------ -----------------------
--COLUMBIA BALANCED FUND, INC.--
--------------------------------
December 31, 1999
<CAPTION>
SHARES VALUE
---------- -------------
<S> <C> <C>
COMMON STOCKS (CONTINUED)
BROKERS, MONEY MANAGERS (2.2%)
AMERICAN EXPRESS CO. .................. 81,100 $13,482,875
MORGAN STANLEY, DEAN
WITTER & CO. ......................... 64,000 9,136,000
------------
22,618,875
------------
INSURANCE - PROPERTY & CASUALTY (1.4%)
AMERICAN INTERNATIONAL
GROUP, INC. .......................... 114,825 12,415,453
TRAVELERS PROPERTY
CASUALTY CORP. (CLASS A) ............. 58,300 1,996,775
------------
14,412,228
------------
MORTGAGE/FINANCE COMPANIES (1.2%)
FANNIE MAE ............................ 79,900 4,988,756
FREDDIE MAC ........................... 156,100 7,346,457
------------
12,335,213
------------
TOTAL FINANCIAL ......................... 79,845,083
------------
TECHNOLOGY (19.1%)
COMPUTERS (0.6%)
*APPLE COMPUTER, INC. .................. 52,200 5,366,813
*DELL COMPUTER CORP. ................... 17,500 892,500
------------
6,259,313
------------
DATA SERVICES (3.0%)
*AMERICA ONLINE, INC. .................. 129,800 9,791,788
*COMPUTER SCIENCES CORP. ............... 182,900 17,306,912
*XILINX, INC. .......................... 87,200 3,964,875
------------
31,063,575
------------
SEMICONDUCTORS (4.5%)
*ALTERA CORP. .......................... 113,000 5,600,563
*APPLIED MATERIALS, INC. ............... 86,100 10,907,794
INTEL CORP. ........................... 143,450 11,807,728
*JDS UNIPHASE CORP. .................... 38,400 6,194,400
*MICRON TECHNOLOGY, INC. ............... 50,000 3,887,500
STMICROELECTRONICS N.V. ............... 20,700 3,134,756
TEXAS INSTRUMENTS, INC. ............... 52,000 5,037,500
------------
46,570,241
------------
SOFTWARE (5.5%)
*BMC SOFTWARE, INC. .................... 87,400 6,986,537
*MICROSOFT CORP. ....................... 260,500 30,413,375
<CAPTION>
SHARES
PRINCIPAL
AMOUNT VALUE
---------- -------------
<S> <C> <C>
*ORACLE CORP. .......................... 178,800 $ 20,036,775
------------
57,436,687
------------
TELECOMMUNICATIONS EQUIPMENT (5.5%)
*CISCO SYSTEMS, INC. ................... 164,550 17,627,419
LUCENT TECHNOLOGIES, INC. ............. 211,460 15,819,851
MOTOROLA, INC. ........................ 30,700 4,520,575
NOKIA CORP. ........................... 23,100 4,389,000
NORTEL NETWORKS CORP. ................. 60,600 6,120,600
*TELLABS, INC. ......................... 145,100 9,313,606
------------
57,791,051
------------
TOTAL TECHNOLOGY ........................ 199,120,867
------------
TRANSPORTATION (0.2%)
TRUCKS
UNITED PARCEL SERVICE, INC.
(CLASS B) ............................ 29,900 2,063,100
------------
UTILITIES (4.6%)
TELECOMMUNICATIONS SERVICES
ALLTEL CORP. .......................... 103,800 8,582,962
*EQUANT NV ............................. 41,000 4,592,000
*MCI WORLDCOM, INC. .................... 271,887 14,427,004
SBC COMMUNICATIONS, INC. .............. 139,300 6,790,875
*SPRINT CORP. (PCS GROUP) .............. 67,400 6,908,500
VODAFONE AIRTOUCH PLC ................. 131,600 6,514,200
------------
TOTAL UTILITIES ......................... 47,815,541
------------
TOTAL COMMON STOCKS
(COST $370,679,226) ................... 584,849,888
------------
BONDS (42.7%)
U.S. GOVERNMENT SECURITIES (18.6%)
U.S. TREASURY NOTES & BONDS (2.9%)
U.S. TREASURY BONDS
8.875% 08/15/2017 ..................... $16,910,000 20,418,825
8.125% 08/15/2019 ..................... 400,000 455,375
U.S. TREASURY NOTES
6.125% 12/31/2001 ..................... 7,145,000 7,132,720
7.000% 07/15/2006 ..................... 1,920,000 1,965,900
------------
29,972,820
------------
U.S. TREASURY STRIPS (1.3%)
0.000% 05/15/2011 ..................... 29,550,000 13,683,423
------------
See Accompanying Notes to Financial Statements
40
<PAGE>
SCHEDULE OF INVESTMENTS
- -------------------------------------------------------------------------------
- ------------------------ -----------------------
--COLUMBIA BALANCED FUND, INC.--
--------------------------------
December 31, 1999
<CAPTION>
PRINCIPAL
AMOUNT VALUE
----------- -------------
<S> <C> <C>
BONDS (CONTINUED)
U.S. AGENCY BONDS (2.1%)
FEDERAL HOME LOAN BANK
6.000% 08/15/2002 ................... $22,225,000 $21,888,069
------------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION
(GNMA)(7.5%)
6.500% 04/15/2029 - 08/15/2029 ....... 5,544,502 5,207,501
7.000% 01/15/2028 - 12/15/2029 ....... 36,911,116 35,653,831
7.500% 09/15/2028 - 11/15/2029 ....... 37,455,539 37,051,723
------------
77,913,055
------------
FEDERAL HOUSING ADMINISTRATION (FHA) (0.2%)
FHA INSURED PROJECT POOL #55
7.430% 04/01/2022 ................... 1,596,489 1,491,292
FHA INSURED PROJECT POOL
#53-43077
9.125% 07/25/2033 ................... 1,089,982 1,128,941
------------
2,620,233
------------
AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS
(4.6%)
GNMA (0.6%)
GNMA GTD. REMIC PASS THRU SECS.
REMIC TR. 1997-4 CL. B
7.000% 08/20/2026 ................... 3,624,772 3,548,869
GNMA GTD. REMIC PASS THRU SECS.
REMIC TR. 1999-47 CL. BC
7.750% 11/20/2026 ................... 2,975,650 2,938,752
------------
6,487,621
------------
FNMA (2.5%)
FNMA GTD. REMIC PASS THRU CTF.
REMIC TR. 1998-44 CL. VC
6.500% 11/18/2015 .................... 2,620,000 2,433,338
FNMA GTD. REMIC PASS THRU CTF.
REMIC TR. 1996-59 CL. K
6.500% 07/25/2023 .................... 4,205,000 3,880,416
FNMA GTD. REMIC PASS THRU CTF.
REMIC TR. 1994-10 CL. UU
6.500% 01/25/2024 .................... 2,195,000 1,979,188
FNMA GTD. REMIC PASS THRU CTF.
REMIC TR. 1994-43 CL. E
6.500% 02/25/2024 .................... 1,432,843 1,380,000
FNMA GTD. REMIC PASS THRU CTF.
REMIC TR. 1997-63 CL. PH
7.000% 07/18/2026 .................... 9,160,000 8,799,279
FNMA GTD. REMIC PASS THRU CTF.
REMIC TR. 1998-61 CL. PK
6.000% 12/25/2026 ................... $4,670,000 4,219,018
FNMA GTD. REMIC PASS THRU CTF.
REMIC TR. 1997-68 CL. PJ
7.000% 10/18/2027 ................... 3,000,000 2,850,810
-----------
25,542,049
-----------
FHLMC (1.5%)
FHLMC MULTICLASS MTG. PARTN. CTFS.
GTD. SERIES 2153 CL. CC
6.000% 08/15/2014 ................... 2,160,000 2,066,839
FHLMC MULTICLASS MTG. PARTN. CTFS.
GTD. SERIES 2116 CL. VC
6.000% 11/15/2014 ................... 6,440,000 5,698,708
FHLMC MULTICLASS MTG. PARTN. CTFS.
GTD. SERIES 1763 CL. H
8.250% 07/15/2023 ................... 337,770 342,728
FHLMC MULTICLASS MTG. PARTN. CTFS.
GTD. SERIES 2065 CL. PB
6.250% 01/15/2024 ................... 883,000 843,053
FHLMC MULTICLASS MTG. PARTN. CTFS.
GTD. SERIES 2114 CL. PF
6.000% 04/15/2027 ................... 3,000,000 2,710,290
FHLMC MULTICLASS MTG. PARTN. CTFS.
GTD. SERIES 2186 CL. KB
6.500% 05/15/2027 ................... 4,420,000 4,084,310
-----------
15,745,928
-----------
TOTAL AGENCY COLLATERALIZED
MORTGAGE OBLIGATIONS .................. 47,775,598
-----------
TOTAL U.S. GOVERNMENT SECURITIES
(COST $200,382,433) ................... 193,853,198
-----------
CORPORATE BONDS (15.4%)
INDUSTRIAL (8.3%)
BASIC INDUSTRY & MANUFACTURING (1.2%)
ALUMINUM CO. OF AMERICA,
SERIES B
6.500% 06/15/2018 ................... 4,350,000 3,805,336
BALL CORP.
7.750% 08/01/2006 ................... 850,000 828,750
DOW CHEMICAL CO.
7.375% 11/01/2029 ................... 2,225,000 2,128,793
See Accompanying Notes to Financial Statements
41
<PAGE>
SCHEDULE OF INVESTMENTS
- -------------------------------------------------------------------------------
- ------------------------ -----------------------
--COLUMBIA BALANCED FUND, INC.--
--------------------------------
December 31, 1999
<CAPTION>
PRINCIPAL
AMOUNT VALUE
----------- -------------
<S> <C> <C>
BONDS (CONTINUED)
TYCO INTERNATIONAL GROUP S.A.
6.250% 06/15/2003 ................... $4,500,000 $ 4,320,495
WESTPOINT STEVENS, INC.
7.875% 06/15/2005 ................... 1,575,000 1,433,250
-----------
12,516,624
-----------
BUSINESS & CONSUMER SERVICES (1.9%)
ALLIED WASTE NORTH AMERICA, INC.
7.625% 01/01/2006 ................... 1,000,000 897,500
COMCAST CORP.
9.500% 01/15/2008 ................... 2,140,000 2,207,602
COX COMMUNICATIONS, INC.
7.000% 08/15/2001 ................... 2,975,000 2,968,663
CSC HOLDINGS, INC.
8.125% 08/15/2009 ................... 200,000 196,496
JONES INTERCABLE, INC.
8.875% 04/01/2007 ................... 1,425,000 1,457,832
LENFEST COMMUNICATIONS, INC.
8.375% 11/01/2005 ................... 650,000 661,654
SERVICE CORP. INTERNATIONAL
6.300% 03/15/2003 ................... 5,000,000 4,110,300
USA NETWORKS, INC.
6.750% 11/15/2005 ................... 1,000,000 954,800
USA WASTE SERVICES, INC.
6.125% 07/15/2001 ................... 6,585,000 6,267,274
-----------
19,722,121
-----------
CONSUMER CYCLICAL (2.2%)
DAIMLER CHRYSLER N.A. HOLDINGS
6.840% 10/15/2002 ................... 4,500,000 4,477,500
FEDERATED DEPARTMENT
STORES, INC.
6.300% 04/01/2009 ................... 2,200,000 2,000,174
6.900% 04/01/2029 ................... 1,525,000 1,333,144
FORD MOTOR CREDIT CO.
6.700% 07/16/2004 ................... 7,000,000 6,851,250
LOWE'S COS., INC.
6.500% 03/15/2029 ................... 2,825,000 2,373,302
NORDSTROM, INC.
5.625% 01/15/2009 ................... 3,125,000 2,710,562
PARK PLACE ENTERTAINMENT CORP.
8.500% 11/15/2006 ................... 2,725,000 2,686,618
-----------
22,432,550
-----------
CONSUMER STAPLES (1.3%)
COCA-COLA ENTERPRISES, INC.
6.750% 01/15/2038 ................... 4,150,000 3,573,113
DIAGEO CAPITAL PLC
6.625% 06/24/2004 ................... 6,000,000 5,857,500
MONSANTO CO. (144A)
5.750% 12/01/2005 ................... 4,850,000 4,511,276
-----------
13,941,889
-----------
ENERGY (0.4%)
CONOCO, INC.
5.900% 04/15/2004 ................... 1,000,000 954,670
GULF CANADA RESOURCES LTD.
9.625% 07/01/2005 ................... 2,500,000 2,562,500
-----------
3,517,170
-----------
TECHNOLOGY (0.9%)
RAYTHEON CO.
6.450% 08/15/2002 ................... 4,300,000 4,183,083
UNITED TECHNOLOGIES CORP.
6.500% 06/01/2009 ................... 5,275,000 4,933,497
-----------
9,116,580
-----------
TRANSPORTATION (0.4%)
ALLIED HOLDING, INC. SERIES B
8.625% 10/01/2007 ................... 500,000 442,500
CANADIAN NATIONAL RAILWAY CO.
6.450% 07/15/2006 ................... 675,000 628,655
FEDERAL EXPRESS CORP.
PASS THRU TRUST SERIES 1997-1C
7.650% 01/15/2014 ................... 2,081,217 1,965,731
TEEKAY SHIPPING CORP.
GTD. 1ST PFD. SHIP. MTG. NOTES
8.320% 02/01/2008 ................... 1,000,000 917,500
-----------
3,954,386
-----------
TOTAL INDUSTRIAL ........................ 85,201,320
-----------
FINANCIAL (3.0%)
FINANCE (1.2%)
LEHMAN BROTHERS, INC.
7.000% 10/01/2002 ................... 4,400,000 4,343,724
MERRILL LYNCH & CO.
MEDIUM TERM NOTES, SERIES B
5.710% 01/15/2002 ................... 3,725,000 3,637,165
See Accompanying Notes to Financial Statements
42
<PAGE>
SCHEDULE OF INVESTMENTS
- -------------------------------------------------------------------------------
- ------------------------ -----------------------
--COLUMBIA BALANCED FUND, INC.--
--------------------------------
December 31, 1999
<CAPTION>
PRINCIPAL
AMOUNT VALUE
----------- -------------
<S> <C> <C>
BONDS (CONTINUED)
MORGAN STANLEY, DEAN WITTER
DISCOVER & CO. MEDIUM TERM NOTES
5.750% 02/15/2001 ................... $2,100,000 $ 2,073,582
TRAVELERS PROPERTY CASUALTY CORP.
6.750% 11/15/2006 ................... 2,350,000 2,269,771
-----------
12,324,242
-----------
BANKS-DOMESTIC (1.2%)
CHASE MANHATTAN CORP.
MEDIUM TERM NOTES, SERIES C
6.750% 12/01/2004 ................... 5,250,000 5,145,000
MELLON FINANCIAL CO.
5.750% 11/15/2003 ................... 3,725,000 3,561,584
WACHOVIA CORP.
5.625% 12/15/2008 ................... 4,350,000 3,812,862
-----------
12,519,446
-----------
BANKS-FOREIGN (0.6%)
ABBEY NATIONAL PLC
6.690% 10/17/2005 ................... 3,000,000 2,881,650
ABN AMRO BANK N. V. CHICAGO
7.250% 05/31/2005 ................... 3,575,000 3,531,417
-----------
6,413,067
-----------
TOTAL FINANCIAL ......................... 31,256,755
-----------
UTILITIES (3.4%)
ELECTRIC (2.1%)
ARIZONA PUBLIC SERVICE CO.
5.875% 02/15/2004 ................... 4,100,000 3,843,750
EDISON MISSION ENERGY (144A)
7.730% 06/15/2009 ................... 3,200,000 3,165,696
MIDAMERICAN FUNDING CORP. (144A)
5.850% 03/01/2001 ................... 7,675,000 7,559,875
NATIONAL RURAL UTILITIES
COOPERATIVE FINANCE CORP.
6.550% 11/01/2018 ................... 2,595,000 2,314,684
TXU EASTERN FUNDING CO.
6.450% 05/15/2005 ................... 5,200,000 4,894,604
-----------
21,778,609
-----------
GAS PIPELINES (0.8%)
COASTAL CORP.
6.500% 05/15/2006 ................... 5,250,000 4,937,152
K N ENERGY, INC.
6.650% 03/01/2005 ................... 4,075,000 3,884,535
-----------
8,821,687
-----------
TELECOMMUNICATIONS (0.5%)
MCI WORLDCOM, INC.
6.250% 08/15/2003 ................... 2,100,000 2,042,586
8.875% 01/15/2006 ................... 1,000,000 1,049,570
TCI COMMUNICATIONS, INC.
8.000% 08/01/2005 ................... 1,900,000 1,956,259
-----------
5,048,415
-----------
TOTAL UTILITIES ......................... 35,648,711
-----------
YANKEE (0.7%)
CANADIAN PROVINCE (0.4%)
QUEBEC PROVINCE
6.500% 01/17/2006 ................... 3,100,000 2,977,209
7.125% 02/09/2024 ................... 2,000,000 1,860,223
-----------
4,837,432
-----------
OTHER (0.3%)
KOREA DEVELOPMENT BANK
6.500% 11/15/2002 ................... 775,000 753,269
7.125% 04/22/2004 ................... 2,375,000 2,315,335
-----------
3,068,604
-----------
TOTAL YANKEE ............................ 7,906,036
-----------
TOTAL CORPORATE BONDS
(COST $168,599,601) ................... 160,012,822
-----------
OTHER SECURITIZED LOANS (8.5%)
ASSET BACKED SECURITIES (3.8%)
CITYSCAPE HOME EQUITY
LOAN TRUST SERIES 1997-B CL. A-7
7.410% 05/25/2028 ................... 4,150,000 4,070,092
CITYSCAPE HOME LOAN
OWNER TRUST SERIES 1997-4 CL. A-4
7.440% 10/25/2018 ................... 4,000,000 3,893,622
FIRST ALLIANCE MORTGAGE TRUST
SERIES 1996-1 CL. A-1
7.340% 06/20/2027 ................... 753,585 753,220
IMC HOME EQUITY LOAN TRUST
SERIES 1997-3 CL. A-6
7.520% 08/20/2028 ................... 2,310,000 2,288,586
</TABLE>
See Accompanying Notes to Financial Statements
43
<PAGE>
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
- ----------------------- -----------------------
-- COLUMBIA BALANCED FUND, INC. --
----------------------------------
December 31, 1999
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
----------- --------------
<S> <C> <C>
BONDS (CONTINUED)
IMC HOME EQUITY LOAN TRUST
SERIES 1997-5 CL. A-9
7.310% 11/20/2028 .................. $ 2,180,000 $ 2,078,932
MERIT SECURITIES CORP.
SERIES 13 CL. A4
7.880% 12/28/2033 .................. 2,310,000 2,300,401
NEW CENTURY HOME EQUITY
LOAN TRUST SERIES 1997-NC5 CL. A-4
6.780% 08/25/2025 .................. 1,340,000 1,328,174
NEW CENTURY HOME EQUITY
LOAN TRUST SERIES 1997-NC5 CL. A-5
(VARIABLE IN 10 YRS.)
7.130% 10/25/2028 .................. 11,760,000 11,540,970
SALOMON BROTHERS MORTGAGE
SECURITIES VII, INC.
SERIES 1996-LB2 CL. A-8
7.800% 10/25/2026 .................. 2,650,000 2,676,990
SALOMON BROTHERS MORTGAGE
SECURITIES VII, INC.
SERIES 1998-AQ1 CL. A-5
7.150% 06/25/2028 .................. 3,000,000 2,963,985
THE MONEY STORE RESIDENTIAL
TRUST SERIES 1997-II CL. A-4
7.385% 03/15/2029 .................. 3,862,000 3,840,817
UCFC FUNDING CORP.
SERIES 1997-1 CL. A-3
7.055% 09/15/2013 .................. 1,790,000 1,784,854
--------------
39,520,643
--------------
COLLATERALIZED MORTGAGE OBLIGATIONS (2.4%)
+BEAR STEARNS MORTGAGE
SECURITIES, INC. SERIES 1996-2 CL. A-1
5.610% 01/25/2025 .................. 3,504,786 3,143,092
CMC SECURITIES CORP. IV
SERIES 1997-2 CL. 1A-12
7.250% 11/25/2027 .................. 7,085,000 6,743,893
HEADLANDS MORTGAGE
SECURITIES, INC.
SERIES 1997-3 CL. 1-A-6
7.000% 07/25/2027 .................. 5,360,000 5,202,041
+MORTGAGE OBLIGATION STRUCTURED
TRUST (144A) SERIES 1993-1 CL. B1
10.599% 10/25/2018 ................. 598,019 600,172
PNC MORTGAGE SECURITIES
CORP. SERIES 1997-4 CL. 2PP-2
7.500% 07/25/2027 .................. $2,750,000 $ 2,674,699
+SACO I, INC. (144A)
SERIES 1995-1 CL. A
5.863% 9/25/2024 ................... 1,954,511 1,801,668
STRUCTURED ASSET SECURITIES
CORP. SERIES 1999-ALS2 CL. A2
6.750% 07/25/2029 .................. 5,020,269 4,832,482
--------------
24,998,047
--------------
COMMERCIAL MORTGAGE BACKED SECURITIES (2.3%)
COMMERCIAL CAPITAL ACCESS
ONE, INC. (144A) SERIES 3 CL. A-2
6.615% 11/15/2028 .................. 6,460,000 6,020,397
CREDIT SUISSE FIRST BOSTON
MORTGAGE SECURITIES CORP.
SERIES 1998-C1 CL. A1B
6.480% 05/17/2008 .................. 2,860,000 2,669,052
MORGAN STANLEY CAPITAL I, INC.
SERIES 1999-CAM CL. A-3
6.920% 11/15/2008 .................. 5,560,000 5,429,924
NATIONSLINK FUNDING CORP.
SERIES 1999-SL CL. A5
6.888% 06/10/2007 .................. 3,480,000 3,357,942
+NOMURA ASSET SECURITIES CORP.
SERIES 1994-MD1 CL. A-1B
7.708% 03/15/2018 .................. 1,341,799 1,350,998
PRUDENTIAL SECURITIES SECURED
FINANCING CORP.
SERIES 1999-C2 CL. A2
7.193% 04/15/2009 .................. 5,045,000 4,924,954
--------------
23,753,267
--------------
TOTAL OTHER SECURITIZED LOANS
(COST $90,990,269) ................... 88,271,957
--------------
</TABLE>
See Accompanying Notes to Financial Statements
44
<PAGE>
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
- ----------------------- -----------------------
-- COLUMBIA BALANCED FUND, INC. --
----------------------------------
December 31, 1999
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
----------- --------------
<S> <C> <C>
BONDS (CONTINUED)
TAXABLE MUNICIPAL BONDS (0.2%)
CHICAGO IL. TAX INCREMENT
TAXABLE ALLOCATION
CENTRAL LOOP B
6.375% 06/01/2003
(COST $2,327,535) .............. $ 2,250,000 $ 2,196,562
--------------
TOTAL BONDS
(COST $462,299,838) .................. 444,334,539
--------------
REPURCHASE AGREEMENT (0.9%)
J.P. MORGAN SECURITIES, INC.
5.527% DATED 12/31/1999,
DUE 01/03/2000 IN THE
AMOUNT OF $8,959,119.
COLLATERALIZED BY
U.S. TREASURY INFLATION INDEX
NOTES 3.375% TO 3.875%
DUE 01/15/2007 TO 01/15/2009.
(COST $8,957,763) ................... 8,957,763 8,957,763
--------------
TOTAL INVESTMENTS (99.8%)
(COST $841,936,827) ...................... 1,038,142,190
OTHER ASSETS LESS LIABILITIES (0.2%) ....... 2,797,649
--------------
NET ASSETS (100.0%) ........................ $1,040,939,839
--------------
--------------
</TABLE>
* Non-incoming producing.
+ Variable rate security - the rate reported is the rate in effect as of
December 31, 1999.
See Accompanying Notes to Financial Statements
45
<PAGE>
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
- -------------- --------------
-- COLUMBIA U.S. GOVERNMENT SECURITIES FUND, INC. --
----------------------------------------------------
December 31, 1999
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
----------- -----------
<S> <C> <C>
U.S. TREASURY NOTES (96.4%)
4.625% 12/31/2000 .................... $16,375,000 $16,144,726
6.625% 06/30/2001 .................... 9,325,000 9,383,281
6.125% 12/31/2001 .................... 11,200,000 11,180,751
-----------
TOTAL U.S. TREASURY NOTES
(COST $36,973,104) ................... 36,708,758
-----------
REPURCHASE AGREEMENT (4.7%)
J.P. MORGAN SECURITIES, INC.
5.527% DATED 12/31/1999,
DUE 01/03/2000 IN THE
AMOUNT OF $1,802,487.
COLLATERALIZED BY
U.S. TREASURY INFLATION
INDEX NOTES 3.375% TO 3.875%
DUE 01/15/2007 TO 01/15/2009.
(COST $1,802,214) ................... 1,802,214 1,802,214
-----------
TOTAL INVESTMENTS (101.1%)
(COST $38,775,318) ....................... 38,510,972
OTHER ASSETS LESS LIABILITIES (-1.1%) ...... (439,121)
-----------
NET ASSETS (100.0%) ........................ $38,071,851
-----------
-----------
</TABLE>
See Accompanying Notes to Financial Statements
46
<PAGE>
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
- ---------------- ---------------
-- COLUMBIA FIXED INCOME SECURITIES FUND, INC. --
-------------------------------------------------
December 31, 1999
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
----------- ------------
<S> <C> <C>
U.S. GOVERNMENT SECURITIES (46.5%)
U.S. TREASURY NOTES & BONDS (2.9%)
U.S. TREASURY BONDS
8.875% 08/15/2017 .................. $ 8,000,000 $ 9,660,000
U.S. TREASURY NOTES
5.375% 07/31/2000 .................. 2,000,000 1,994,688
7.000% 07/15/2006 .................. 75,000 76,793
------------
11,731,481
------------
U.S. TREASURY STRIPS (2.8%)
0.000% 05/15/2011 .................. 23,950,000 11,090,287
------------
U.S. AGENCY BONDS (6.6%)
FEDERAL HOME LOAN BANK
6.000% 08/15/2002 .................. 19,900,000 19,598,316
FEDERAL HOME LOAN
MORTGAGE CORP.
5.000% 01/15/2004 .................. 6,955,000 6,513,775
------------
26,112,091
------------
FEDERAL NATIONAL MORTGAGE
ASSOCIATION (FNMA) (0.8%)
7.500% 01/15/2030 * ................ 3,080,000 3,046,312
------------
GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION (GNMA) (18.7%)
6.500% 03/15/2029 - 08/15/2029 ..... 8,634,393 8,109,585
7.000% 11/15/2027 - 11/15/2029 ..... 25,781,972 24,903,773
7.500% 01/15/2029 - 12/15/2029 ..... 41,544,974 41,097,070
------------
74,110,428
------------
FEDERAL HOUSING ADMINISTRATION (FHA) (0.7%)
FHA INSURED PROJECT POOL
#051-11078
8.350% 04/01/2030 .................. 2,189,135 2,202,817
FHA INSURED PROJECT POOL
#092-35499
8.450% 11/15/2031 .................. 780,810 797,981
------------
3,000,798
------------
AGENCY COLLATERALIZED MORTGAGE OBLIGATION (14.0%)
GNMA (4.6%)
GNMA GTD. REMIC PASS THRU SECS.
REMIC TR. 1999-14 CL. VD
6.000% 03/20/2014 .................. 4,400,000 3,959,249
GNMA GTD. REMIC PASS THRU SECS.
REMIC TR. 1999-23 CL. VC
6.500% 03/20/2016 .................. $7,958,000 $ 7,346,189
GNMA GTD. REMIC PASS THRU SECS.
REMIC TR. 1998-20 CL. B
7.000% 03/20/2026 .................. 2,066,000 1,956,016
GNMA GTD. REMIC PASS THRU SECS.
REMIC TR. 1999-13 CL. PC
6.000% 03/20/2028 .................. 5,580,000 5,056,875
------------
18,318,329
------------
FNMA (5.1%)
FNMA GTD. REMIC PASS THRU CTF.
REMIC TR. 1998-44 CL. VC
6.500% 11/18/2015 .................. 4,127,564 3,833,495
FNMA GTD. REMIC PASS THRU CTF.
REMIC TR. 1998-49 CL. TD
6.250% 12/18/2023 .................. 6,410,000 6,110,012
FNMA GTD. REMIC PASS THRU CTF.
REMIC TR. 1999-19 CL. PF
6.000% 06/25/2024 .................. 1,000,000 928,430
FNMA GTD. REMIC PASS THRU CTF.
REMIC TR. 1997-63 CL. PH
7.000% 07/18/2026 .................. 7,540,000 7,243,075
FNMA GTD. REMIC PASS THRU CTF.
REMIC TR. 1998-61 CL. PK
6.000% 12/25/2026 .................. 2,530,000 2,285,678
------------
20,400,690
------------
FHLMC (4.3%)
FHLMC GNMA MULTICLASS MTG. PARTN. CTFS.
GTD. SERIES 24 CL. J
6.250% 11/25/2023 .................. 2,310,000 2,136,131
FHLMC MULTICLASS MTG. PARTN. CTFS.
GTD. SERIES 2116 CL. VC
6.000% 11/15/2014 .................. 6,280,000 5,557,125
FHLMC MULTICLASS MTG. PARTN. CTFS.
GTD. SERIES 1558 CL. C
6.500% 07/15/2023 .................. 2,141,000 2,038,760
FHLMC MULTICLASS MTG. PARTN. CTFS.
GTD. SERIES 1763 CL. H
8.250% 07/15/2023 .................. 631,720 640,994
FHLMC MULTICLASS MTG. PARTN. CTFS.
GTD. SERIES 2065 CL. PB
6.250% 01/15/2024 .................. 1,050,000 1,002,498
</TABLE>
See Accompanying Notes to Financial Statements
47
<PAGE>
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
- ---------------- ---------------
-- COLUMBIA FIXED INCOME SECURITIES FUND, INC. --
-------------------------------------------------
December 31, 1999
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
----------- ------------
<S> <C> <C>
U.S. GOVERNMENT SECURITIES (CONTINUED)
FHLMC MULTICLASS MTG. PARTN. CTFS.
GTD. SERIES 2114 CL. PF
6.000% 04/15/2027 .................. $ 2,480,000 $ 2,240,506
FHLMC MULTICLASS MTG. PARTN. CTFS.
GTD. SERIES 2186 CL. KB
6.500% 05/15/2027 .................. 3,638,330 3,362,006
------------
16,978,020
------------
TOTAL U.S. GOVERNMENT SECURITIES
(COST $190,253,579) .................. 184,788,436
------------
CORPORATE BONDS (36.0%)
INDUSTRIAL (21.2%)
BASIC INDUSTRY & MANUFACTURING (5.1%)
BALL CORP.
7.750% 08/01/2006 .................. 850,000 828,750
DOW CHEMICAL CO.
7.375% 11/01/2029 .................. 2,650,000 2,535,416
FOSTER WHEELER CORP.
6.750% 11/15/2005 .................. 3,025,000 2,539,881
GENERAL ELECTRIC CAPITAL CORP.
MEDIUM TERM NOTES
5.650% 03/31/2003 .................. 3,900,000 3,738,033
ICI WILMINGTON, INC.
7.050% 09/15/2007 .................. 3,805,000 3,632,063
PRECISION CASTPARTS CORP.
6.750% 12/15/2007 .................. 1,350,000 1,234,400
TYCO INTERNATIONAL GROUP S.A.
6.125% 06/15/2001 .................. 500,000 491,540
6.250% 06/15/2003 .................. 5,575,000 5,352,613
------------
20,352,696
------------
BUSINESS & CONSUMER SERVICES (2.0%)
USA WASTE SERVICES, INC.
6.125% 07/15/2001 .................. 5,250,000 4,996,688
HOLLINGER INTERNATIONAL
PUBLISHING, INC.
8.625% 03/15/2005 .................. 300,000 294,000
LENFEST COMMUNICATIONS, INC.
8.375% 11/01/2005 .................. 1,350,000 1,374,205
HERITAGE MEDIA CORP.
8.750% 02/15/2006 .................. 1,250,000 1,265,625
------------
7,930,518
------------
CONSUMER CYCLICAL (3.9%)
DAIMLER CHRYSLER N.A. HOLDINGS
MEDIUM TERM NOTES
6.840% 10/15/2002 .................. $3,950,000 $ 3,930,250
FEDERATED DEPARTMENT
STORES, INC.
6.300% 04/01/2009 .................. 1,000,000 909,170
6.900% 04/01/2029 .................. 775,000 677,500
FORD MOTOR CREDIT CO.
6.700% 07/16/2004 .................. 5,700,000 5,578,875
LOWE'S COS., INC.
6.500% 03/15/2029 .................. 2,200,000 1,848,235
PARK PLACE ENTERTAINMENT CORP.
8.500% 11/15/2006 .................. 2,725,000 2,686,618
------------
15,630,648
------------
CONSUMER STAPLES (5.9%)
ANHEUSER-BUSCH COS., INC.
5.750% 04/01/2010 .................. 4,800,000 4,241,184
COCA-COLA ENTERPRISES, INC.
6.750% 01/15/2038 .................. 3,850,000 3,314,815
DIAGEO CAPITAL PLC
6.625% 06/24/2004 .................. 550,000 536,938
KROGER CO., SERIES B
6.340% 06/01/2001 .................. 4,350,000 4,305,765
NABISCO, INC.
6.000% 02/15/2001 .................. 1,875,000 1,846,988
6.700% 06/15/2002 .................. 3,750,000 3,657,712
PEPSI BOTTLING HOLDINGS, INC.
(144A)
5.625% 02/17/2009 .................. 5,000,000 4,405,850
TENET HEALTHCARE CORP.
8.625% 12/01/2003 .................. 990,000 987,525
------------
23,296,777
------------
ENERGY (2.6%)
ANADARKO PETROLEUM CORP.
6.625% 01/15/2028 .................. 3,125,000 2,632,271
CONOCO, INC.
5.900% 04/15/2004 .................. 3,200,000 3,054,944
GULF CANADA RESOURCES LTD.
9.625% 07/01/2005 .................. 1,900,000 1,947,500
SANTA FE SNYDER CORP.
8.050% 06/15/2004 .................. 2,700,000 2,612,250
------------
10,246,965
------------
</TABLE>
See Accompanying Notes to Financial Statements
48
<PAGE>
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
- ---------------- ---------------
-- COLUMBIA FIXED INCOME SECURITIES FUND, INC. --
-------------------------------------------------
December 31, 1999
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
----------- ------------
<S> <C> <C>
CORPORATE BONDS (CONTINUED)
TECHNOLOGY (1.2%)
RAYTHEON CO.
5.700% 11/01/2003 .................. $3,875,000 $ 3,628,783
UNITED TECHNOLOGIES CORP.
6.500% 06/01/2009 .................. 1,410,000 1,318,716
------------
4,947,499
------------
TRANSPORTATION (0.5%)
FEDERAL EXPRESS CORP. PASS
THRU TRUST SERIES 1997-1C
7.650% 01/15/2014 .................. 2,175,818 2,055,082
------------
FINANCIAL (7.2%)
FINANCE (2.7%)
CIT GROUP, INC.
MEDIUM TERM NOTES
5.800% 03/26/2002 .................. 2,200,000 2,144,604
EQUITABLE COS., INC.
9.000% 12/15/2004 .................. 980,000 1,039,937
GOLDMAN SACHS GROUP L.P. (144A)
7.200% 03/01/2007 .................. 3,700,000 3,600,063
LEHMAN BROTHERS HOLDINGS, INC.
6.500% 10/01/2002 .................. 4,100,000 3,997,377
------------
10,781,981
------------
BANKS-DOMESTIC (2.8%)
BANK OF AMERICA CORP.
5.875% 02/15/2009 .................. 3,980,000 3,543,951
CHASE MANHATTAN CORP.
MEDIUM TERM NOTES, SERIES C
6.750% 12/01/2004 .................. 4,000,000 3,920,000
WELLS FARGO CO.
6.625% 07/15/2004 .................. 3,750,000 3,661,763
------------
11,125,714
------------
BANKS-FOREIGN (0.4%)
SWISS BANK CORP. N.Y.
7.250% 09/01/2006 .................. 1,825,000 1,790,818
------------
REAL ESTATE INVESTMENT TRUSTS (1.3%)
EOP OPERATING L.P.
6.376% 02/15/2002 .................. 3,125,000 3,051,937
SIMON PROPERTY GROUP L.P.
6.625% 06/15/2003 .................. 2,050,000 1,959,431
------------
5,011,368
------------
UTILITIES (5.6%)
ELECTRIC (2.8%)
CALPINE CORP.
8.750% 07/15/2007 .................. $1,000,000 $ 971,180
FPL GROUP CAPITAL, INC.
7.375% 06/01/2009 .................. 2,725,000 2,677,067
NATIONAL RURAL UTILITIES
COOPERATIVE FINANCE CORP.
6.550% 11/01/2018 .................. 2,215,000 1,975,732
NIAGARA MOHAWK POWER CORP.
SERIES D
7.250% 10/01/2002 .................. 1,474,391 1,469,437
TXU EASTERN FUNDING CO.
6.450% 05/15/2005 .................. 4,200,000 3,953,334
------------
11,046,750
------------
GAS PIPELINES (0.5%)
ENRON CORP.
7.375% 05/15/2019 .................. 2,220,000 2,086,294
------------
TELECOMMUNICATIONS (2.3%)
FLAG LTD.
8.250% 01/30/2008 .................. 500,000 465,000
MCI COMMUNICATIONS CORP.
6.125% 04/15/2002 .................. 4,755,000 4,677,874
MCI WORLDCOM, INC.
8.875% 01/15/2006 .................. 900,000 944,613
US WEST COMMUNICATIONS, INC.
5.625% 11/15/2008 .................. 3,400,000 2,974,524
------------
9,062,011
------------
YANKEE (2.0%)
CANADIAN PROVINCE (1.2%)
QUEBEC PROVINCE
7.000% 01/30/2007 .................. 2,490,000 2,435,469
7.125% 02/09/2024 .................. 2,400,000 2,232,267
------------
4,667,736
------------
OTHER (0.8%)
KOREA DEVELOPMENT BANK
6.500% 11/15/2002 .................. 675,000 656,073
7.125% 04/22/2004 .................. 2,525,000 2,461,567
------------
3,117,640
------------
TOTAL CORPORATE BONDS
(COST $149,769,835) .................. 143,150,497
------------
</TABLE>
See Accompanying Notes to Financial Statements
49
<PAGE>
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
- ---------------- ---------------
-- COLUMBIA FIXED INCOME SECURITIES FUND, INC. --
-------------------------------------------------
December 31, 1999
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
----------- ------------
<S> <C> <C>
OTHER SECURITIZED LOANS (13.9%)
ASSET BACKED SECURITIES (5.1%)
CITYSCAPE HOME LOAN OWNER TRUST
SERIES 1997-4 CL. A-4
7.440% 10/25/2018 .................. $3,400,000 $ 3,309,578
IMC HOME EQUITY LOAN TRUST
SERIES 1995-3 CL. A-5
7.500% 04/25/2026 .................. 760,000 758,446
IMC HOME EQUITY LOAN TRUST
SERIES 1997-3 CL. A-6
7.520% 08/20/2028 .................. 2,520,000 2,496,640
IMC HOME EQUITY LOAN TRUST
SERIES 1997-5 CL. A-9
7.310% 11/20/2028 .................. 4,465,000 4,257,997
SALOMON BROTHERS
MORTGAGE SECURITIES VII, INC.
SERIES 1996-LB2 CL. A-8
7.800% 10/25/2026 .................. 1,300,000 1,313,240
SALOMON BROTHERS
MORTGAGE SECURITIES VII, INC.
SERIES 1998-AQ1 CL. A-5
7.150% 06/25/2028 .................. 1,860,000 1,837,671
SAXON ASSET SECURITIES CO.
SERIES 1996-1 CL. A-2
8.060% 09/25/2027 .................. 6,380,000 6,445,794
------------
20,419,366
------------
COLLATERALIZED MORTGAGE OBLIGATIONS (4.3%)
+BEAR STEARNS MORTGAGE
SECURITIES, INC. SERIES 1996-2 CL. A-1
5.610% 01/25/2025 .................. 3,331,365 2,987,568
CMC SECURITIES CORP. IV
SERIES 1997-2 CL. 1A-12
7.250% 11/25/2027 .................. 3,150,000 2,998,343
+DLJ MORTGAGE ACCEPTANCE
CORP. (144A) SERIES 1999-B CL. A-1
6.782% 08/28/2029 .................. 2,505,370 2,323,230
+MORTGAGE OBLIGATION
STRUCTURED TRUST (144A)
SERIES 1993-1 CL. B1
10.599% 10/25/2018 ................. 455,965 457,606
PNC MORTGAGE SECURITIES CORP.
SERIES 1997-4 CL. 2PP-2
7.500% 07/25/2027 .................. 3,095,000 3,010,252
RESIDENTIAL FUNDING
MORTGAGE SECURITIES, INC.
SERIES 1993-S45 CL. A-10
8.000% 12/25/2023 .................. $ 708,998 $ 712,097
STRUCTURED ASSET SECURITES CORP.
SERIES 1999-ALS2 CL. A2
6.750% 07/25/2029 .................. 4,774,132 4,595,552
------------
17,084,648
------------
COMMERCIAL MORTGAGE BACKED SECURITIES (4.5%)
COMMERCIAL CAPITAL ACCESS ONE,
INC. (144A) SERIES 3 CL. A-2
6.615% 11/15/2028 .................. 5,850,000 5,451,907
CREDIT SUISSE FIRST BOSTON
MORTGAGE SECURITIES CORP.
SERIES 1998-C1 CL. A1B
6.480% 05/17/2008 .................. 6,140,000 5,730,063
MORGAN STANLEY CAPITAL I, INC.
SERIES 1999-CAM CL. A-3
6.920% 11/15/2008 .................. 4,000,000 3,906,420
PRUDENTIAL SECURITIES
SECURED FINANCING CORP.
SERIES 1999-C2 CL. A2
7.193% 04/15/2009 .................. 2,610,000 2,547,895
------------
17,636,285
------------
TOTAL OTHER SECURITIZED LOANS
(COST $56,775,453) ................... 55,140,299
------------
REPURCHASE AGREEMENT (3.3%)
J.P. MORGAN SECURITIES, INC.
5.527% DATED 12/31/1999, DUE
01/03/2000 IN THE AMOUNT OF
$13,013,664 COLLATERALIZED BY U.S.
TREASURY INFLATION INDEX NOTES
3.375% TO 3.875%
DUE 01/15/2007 TO 01/15/2009.**
(COST $13,011,694) .................. 13,011,694 13,011,694
TOTAL INVESTMENTS (99.7%)
(COST $409,810,561) ...................... 396,090,926
OTHER ASSETS LESS LIABILITIES (0.3%) ....... 1,056,028
------------
NET ASSETS (100.0%) ........................ $397,146,954
------------
------------
</TABLE>
* Security purchased on when issued basis.
** A portion of this security was segregated at the custodian to cover a
when-issued security.
+ Variable rate security - the rate reported is the rate in effect as of
December 31, 1999.
See Accompanying Notes to Financial Statements
50
<PAGE>
SCHEDULE OF INVESTMENTS
- -------------------------------------------------------------------------------
- ---------------- ----------------
--COLUMBIA NATIONAL MUNICIPAL BOND FUND, INC.--
-----------------------------------------------
December 31, 1999
PRINCIPAL
AMOUNT VALUE
------------- -------------
MUNICIPAL BONDS (94.8%)
ALASKA (3.6%)
ALASKA STATE HOUSING FINANCE
CORP. COLL. FIRST SERIES VETERANS
MTG. A-2 INSURED GENERAL
OBILIGATION (AMT)
6.000% 06/01/2015 ................... $150,000 $148,687
PALMER ALASKA
VALLEY HOSPITAL ASSOCIATION
INSURED REVENUE
5.350% 12/01/2012 ................... 125,000 119,375
ALASKA INDUSTRIAL DEVELOPMENT &
EXPORT AUTHORITY SNETTISHAM
HYDROELECTRIC SERIES 1 INSURED
REVENUE (AMT)
5.500% 01/01/2008 ................... 100,000 100,750
-------------
368,812
-------------
ARIZONA (2.2%)
MARICOPA COUNTY ARIZONA
INDIVIDUAL DEVELOPMENT
AUTHORITY MULTI FAMILY HOUSING
METRO GARDENS MESA RIDGE PJ-A
INSURED REVENUE
4.500% 07/01/2009 ................... 130,000 122,038
SEDONA ARIZONA CERTIFICATES
OF PARTICIPATION
5.750% 07/01/2007 ................... 100,000 102,250
-------------
224,288
-------------
COLORADO (3.2%)
COLORADO HOUSING FINANCIAL
AUTHORITY SINGLE FAMILY PG-SUB-B
REVENUE
4.875% 04/01/2007 ................... 100,000 97,875
INTERLOCKEN COLORADO
METROPOLITAN DISTRICT
REFUNDING AND IMPROVEMENT
INSURED GENERAL OBLIGATION
5.750% 12/15/2011 ................... 150,000 150,750
COLORADO SALES TAX
METROPOLITAN FOOTBALL STADIUM
DISTRICT CAPITAL APPRECIATION-
SERIES B INSURED REVENUE
0.000% 01/01/2006 ................... $105,000 $77,044
-------------
325,669
-------------
GEORGIA (1.4%)
GEORGIA MUNICIPAL ELECTRIC
POWER SERIES B REVENUE
5.500% 01/01/2018 ................... 150,000 139,687
-------------
HAWAII (1.0%)
HAWAII STATE HARBOR CAPITAL
IMPROVEMENT INSURED REVENUE (AMT)
6.200% 07/01/2008 ................... 100,000 105,375
-------------
IDAHO (0.8%)
IDAHO HEALTH FACILITIES
AUTHORITY BINGHAM MEMORIAL
HOSPITAL PROJECT REVENUE
5.850% 03/01/2019 ................... 100,000 85,375
-------------
ILLINOIS (7.7%)
BROADVIEW ILLINOIS TAX
INCREMENT REVENUE
4.900% 07/01/2006 ................... 75,000 71,439
CHICAGO ILLINOIS PARK DISTRICT
AQUARIUM & MUSEUM INSURED
GENERAL OBLIGATION
5.800% 01/01/2018 ................... 150,000 146,625
CHICAGO ILLINOIS TAX INCREMENT
ALLOCATION-NEAR SOUTH
REDEVELOPMENT PJ-A INSURED
GENERAL OBLIGATION
5.000% 11/15/2012 ................... 200,000 187,000
ILLINOIS HEALTHCARE FACILITIES
AUTHORITY REFUNDING-SOUTHERN
ILLINOIS HEALTHCARE-A INSURED
REVENUE
5.375% 03/01/2013 ................... 100,000 96,375
MADISON COUNTY ILLINOIS
COMMUNITY UNIT SCHOOL
DISTRICT #002 TRIAD REFUNDING
INSURED GENERAL OBLIGATION
4.900% 01/01/2013 ................... 100,000 91,750
See Accompanying Notes to Financial Statements
51
<PAGE>
SCHEDULE OF INVESTMENTS
- -------------------------------------------------------------------------------
- ---------------- ----------------
--COLUMBIA NATIONAL MUNICIPAL BOND FUND, INC.--
-----------------------------------------------
December 31, 1999
PRINCIPAL
AMOUNT VALUE
------------- -------------
MUNICIPAL BONDS (CONTINUED)
ILLINOIS
REGIONAL TRANSPORTATION
AUTHORITY ILLINOIS SERIES A
INSURED REVENUE
6.400% 06/01/2012 ................... $100,000 $108,125
WILL COUNTY ILLINOIS FOREST
PRESERVATION DISTRICT SERIES B
INSURED GENERAL OBLIGATION
0.000% 12/01/2011 ................... 150,000 76,313
-------------
777,627
-------------
INDIANA (2.8%)
INDIANA STATE EDUCATIONAL
FACILITIES AUTHORITY
UNIVERSITY INDIANAPOLIS PROJECT
REVENUE
5.600% 10/01/2014 ................... 100,000 95,875
INDIANA STATE OFFICE BUILDING
COMMISSION CORRECTION
FACILITIES PROGRAM SERIES B
WOMENS PRISON INSURED REVENUE
5.500% 07/01/2020 ................... 100,000 93,250
INDIANA TRANSPORTATION
FINANCIAL AUTHORITY AIRPORT
FACILITIES LEASE SERIES A REVENUE
5.500% 11/01/2017 ................... 100,000 94,250
-------------
283,375
-------------
IOWA (2.4)
DAVENPORT IOWA SERIES B
GENERAL OBLIGATION
5.125% 06/01/2010 ................... 100,000 97,875
IOWA FINANCE AUTHORITY SINGLE
FAMILY MORTGAGE SERIES A
INSURED REVENUE
5.800% 07/01/2016 ................... 150,000 146,062
-------------
243,937
-------------
KENTUCKY (0.6%)
LOUISVILLE & JEFFERSON COUNTY
KENTUCKY VISITORS &
CONVENTION COMMISSION
CAPITAL APPRECIATION SERIES BBB
INSURED REVENUE
0.000% 12/01/2008 ................... $100,000 $62,500
-------------
LOUISIANA (0.9%)
ORLEANS PARISH LOUISIANA
PARISHWIDE SCHOOL DISTRICT
SERIES A INSURED GENERAL
OBLIGATION
5.125% 09/01/2016 ................... 100,000 91,125
-------------
MAINE (1.0%)
REGIONAL WASTE SYSTEM INDUSTRY
MAINE SOLID WASTE RESOURCE
RECOVERY SERIES Q REVENUE (AMT)
5.500% 07/01/2004 ................... 100,000 102,250
-------------
MARYLAND (0.9%)
MARYLAND STATE ECONOMIC
DEVELOPMENT CORP. STUDENT
HOUSING COLLEGIATE HOUSING-
TOWSON-SERIES A REVENUE
5.750% 06/01/2029 ................... 100,000 87,875
-------------
MICHIGAN (4.6%)
DETROIT MICHIGAN CITY SCHOOL
DISTRICT REFUNDING SERIES C
INSURED GENERAL OBLIGATION
5.250% 05/01/2012 ................... 175,000 169,531
GRANDVILLE MICHIGAN PUBLIC
SCHOOL DISTRICT GENERAL
OBLIGATION
4.750% 05/01/2011 ................... 100,000 93,500
MICHIGAN STATE HOSPITAL FINANCE
AUTHORITY ASCENSION HEALTH
CREDIT SERIES A REVENUE
6.000% 11/15/2019 ................... 100,000 99,125
See Accompanying Notes to Financial Statements
52
<PAGE>
SCHEDULE OF INVESTMENTS
- -------------------------------------------------------------------------------
- ---------------- ----------------
--COLUMBIA NATIONAL MUNICIPAL BOND FUND, INC.--
-----------------------------------------------
December 31, 1999
PRINCIPAL
AMOUNT VALUE
------------- -------------
MUNICIPAL BONDS (CONTINUED)
MICHIGAN
MICHIGAN STATE HOSPITAL FINANCE
AUTHORITY ASCENSION HEALTH
CREDIT SERIES A REVENUE
5.375% 11/15/2033 ................... $100,000 $99,750
-------------
461,906
-------------
MISSISSIPPI (3.4%)
JONES COUNTY MISSISSIPPI HOSPITAL
REFUNDING-SOUTH CENTRAL
REGIONAL MEDICAL CENTER
REVENUE
4.900% 12/01/2004 ................... 100,000 96,000
MISSISSIPPI DEVELOPMENT BANK
SPECIAL OBLIGATION NATCHEZ
CONVENTION CENTER PROJECT
INSURED REVENUE
6.500% 07/01/2013 ................... 230,000 248,112
-------------
344,112
-------------
NEBRASKA (1.0%)
AMERICAN PUBLIC ENERGY AGENCY
NEBRASKA GAS SUPPLY PUBLIC GAS
AGENCY PROJECT SERIES A INSURED
REVENUE
5.250% 06/01/2011 ................... 100,000 96,375
-------------
NEVADA (2.9%)
CLARK COUNTY NEVADA PASSENGER
FACILITY CHARGE LAS VEGAS
MCCARRAN INTERNATIONAL
AIRPORT-B INSURED REVENUE (AMT)
6.250% 07/01/2011 ................... 100,000 103,625
CLARK COUNTY NEVADA SCHOOL
DISTRICT COMP INTEREST SERIES B
GENERAL OBLIGATION
0.000% 06/01/2003 ................... 100,000 84,500
LAS VEGAS NEVADA DOWNTOWN
REDEVELOPMENT AGENCY TAX
INCREMENT REFUNDING-INSURED-
PARITY LIEN SERIES A INSURED
REVENUE
5.250% 06/01/2005 ................... 100,000 101,625
-------------
289,750
-------------
NEW MEXICO (1.1%)
LAS CRUCES NEW MEXICO INSURED
REVENUE (AMT)
5.450% 12/01/2028 ................... $110,000 $110,962
-------------
NEW YORK (3.5%)
METROPOLITAN TRANSIT AUTHORITY
NEW YORK DEDICATED TAX FUND
SERIES A INSURED REVENUE
5.250% 04/01/2014 ................... 100,000 95,250
NEW YORK STATE URBAN
DEVELOPMENT CORPORATION
REFUNDING-CORRECTIONAL
CAPITAL FACILITIES-A REVENUE
5.450% 01/01/2007 ................... 100,000 101,000
TRIBOROUGH BRIDGE & TUNNEL
AUTHORITY NEW YORK GENERAL
PURPOSE-SERIES B REVENUE
5.750% 01/01/2012 ................... 150,000 154,312
-------------
350,562
-------------
OHIO (1.1%)
OAK HILLS OHIO LOCAL SCHOOL
DISTRICT INSURED GENERAL
OBLIGATION
7.200% 12/01/2009 ................... 100,000 114,750
-------------
OKLAHOMA (1.0%)
OKLAHOMA COUNTY OKLAHOMA
INDEPENDENT SCHOOL DISTRICT
#012 EDMOND BUILDING-SERIES B
INSURED GENERAL OBLIGATION
4.700% 08/01/2005 ................... 100,000 99,375
-------------
OREGON (11.6%)
BEND MUNICIPAL AIRPORT PJ SERIES B
REVENUE (AMT)
5.375% 06/01/2013 ................... 100,000 95,750
BENTON COUNTY OREGON HOSPITAL
FACILITIES AUTHORITY REFUNDING
SAMARITAN HEALTH SERVICES
PROJECT REVENUE
4.200% 10/01/2005 ................... 40,000 37,700
See Accompanying Notes to Financial Statements
53
<PAGE>
SCHEDULE OF INVESTMENTS
- -------------------------------------------------------------------------------
- ---------------- ----------------
--COLUMBIA NATIONAL MUNICIPAL BOND FUND, INC.--
-----------------------------------------------
December 31, 1999
PRINCIPAL
AMOUNT VALUE
------------- -------------
MUNICIPAL BONDS (CONTINUED)
OREGON
BENTON COUNTY OREGON HOSPITAL
FACILITIES AUTHORITY REFUNDING
SAMARITAN HEALTH SERVICES
PROJECT REVENUE
4.600% 10/01/2009 ................... $40,000 $36,600
CLACKAMAS COUNTY OREGON
HOSPITAL FACILITY AUTHORITY
REFUNDING ODD FELLOWS HOME
SERIES A REVENUE
5.875% 09/15/2021 ................... 50,000 43,141
DAMASCUS OREGON WATER DISTRICT
CERTIFICATES OF PARTICIPATION
5.250% 03/01/2019 ................... 100,000 89,750
EUGENE OREGON TROJAN NUCLEAR
PROJECT REVENUE
5.900% 09/01/2009 ................... 20,000 20,050
HILLSBORO OREGON HOSPITAL
FACILITY AUTHORITY TUALITY
HEALTHCARE REVENUE
5.750% 10/01/2012 ................... 25,000 23,921
5.250% 10/01/2004 ................... 50,000 49,125
KLAMATH COMMUNITY COLLEGE
SERVICE DISTRICT OREGON
REVENUE
4.700% 04/01/2010 ................... 55,000 51,081
4.800% 04/01/2011 ................... 25,000 23,188
LEBANON OREGON URBAN
RENEWAL AGENCY REVENUE
5.625% 06/01/2019 ................... 100,000 92,500
PORT OF ST. HELENS POLLUTION
CONTROL PORTLAND GENERAL
ELECTRIC CO. SERIES B REVENUE
4.800% 06/01/2010 ................... 105,000 98,831
PORTLAND OREGON URBAN
RENEWAL AND REDEVELOPMENT
REFERENCE- DOWNTOWN
WATERFRONT
5.900% 05/01/2001 ................... 130,000 132,275
REDMOND OREGON REFUNDING
CITY OF REDMOND AIRPORT
IMPROVEMENT PROJECT GENERAL
OBLIGATION
4.500% 05/01/2007 ................... 100,000 94,625
REDMOND OREGON URBAN
RENEWAL AGENCY
DOWNTOWN URBAN RENEWAL
AREA-B REVENUE
5.650% 06/01/2013 ................... $50,000 $47,500
ROSEBURG OREGON URBAN
SANITATION AUTHORITY GENERAL
OBLIGATION
5.400% 09/01/2002 ................... 100,000 101,375
SALEM OREGON HOSPITAL FACILITY
AUTHORITY REVENUE CAPITAL
MANOR, INC. REVENUE
7.500% 12/01/2024 ................... 50,000 52,125
WASHINGTON COUNTY HOUSING
AUTHORITY AFFORDABLE HOUSING
POOL SERIES A REVENUE
6.000% 07/01/2020 ................... 100,000 90,000
-------------
1,179,537
-------------
SOUTH CAROLINA (1.0%)
PIEDMONT MUNICIPAL POWER
AGENCY SOUTH CAROLINA
ELECTRIC UNREFUNDED BALANCE-
SERIES A INSURED REVENUE
6.125% 01/01/2007 ................... 100,000 105,625
-------------
SOUTH DAKOTA (1.1%)
SOUTH DAKOTA STATE BUILDING
AUTHORITY LEASE CAPITAL
APPRECIATION-SERIES A INSURED
REVENUE
0.000% 12/01/2013 ................... 250,000 111,250
-------------
TENNESSEE (0.8%)
MONTGOMERY COUNTY TENNESSEE
HEALTH EDUCATIONAL & HOUSING
FACILITY BOARD HOSPITAL
REFUNDING & IMPROVEMENT-
CLARKSVILLE REGIONAL REVENUE
5.375% 01/01/2018 ................... 100,000 83,125
-------------
See Accompanying Notes to Financial Statements
54
<PAGE>
SCHEDULE OF INVESTMENTS
- -------------------------------------------------------------------------------
- ---------------- ----------------
--COLUMBIA NATIONAL MUNICIPAL BOND FUND, INC.--
-----------------------------------------------
December 31, 1999
PRINCIPAL
AMOUNT VALUE
------------- -------------
MUNICIPAL BONDS (CONTINUED)
TEXAS (15.4%)
AMARILLO TEXAS HEALTH
FACILITIES CORP. BAPTIST ST.
ANTHONYS HOSPITAL CORP.
INSURED REVENUE
5.500% 01/01/2013 ................... $100,000 $98,500
ARLINGTON TEXAS INDEPENDENT
SCHOOL DISTRICT CAPITAL
APPRECIATION-REFUNDING INSURED
GENERAL OBLIGATION
0.000% 02/15/2007 ................... 150,000 102,938
DALLAS TEXAS CIVIC CENTER
REFUNDING & IMPROVEMENT
INSURED REVENUE
5.000% 08/15/2016 ................... 150,000 133,313
HARRIS COUNTY TEXAS HEALTH
FACILITIES DEVELOPMENT
CORPORATION MEDICAL
FACILITIES BAYLOR COLLEGE
MEDICAL PROJECT-SERIES A INSURED
REVENUE
5.375% 11/15/2012 ................... 100,000 97,875
HARRIS COUNTY TEXAS
HEALTH FACILITIES
DE TECO PROJECT-SERIES B INSURED
REVENUE
5.700% 02/15/2015 ................... 150,000 146,625
LUBBOCK TEXAS HEALTH
FACILITY DEVELOPMENT
ST. JOSEPHS HEALTH SYSTEM
REVENUE
5.250% 07/01/2012 ................... 150,000 142,875
MANSFIELD TEXAS CERTIFICATES
OBLIGATION-SERIES B INSURED
REVENUE
5.100% 08/15/2011 ................... 140,000 135,450
MIDLOTHIAN TEXAS INDEPENDENT
SCHOOL DISTRICT INSURED
GENERAL OBLIGATION
6.000% 02/15/2030 ................... 150,000 146,812
RICHARDSON TEXAS INDEPENDENT
SCHOOL DISTRICT SERIES B INSURED
GENERAL OBLIGATION
5.000% 02/15/2018 ................... 145,000 127,056
TEXAS STATE REFUNDING SERIES A
GENERAL OBLIGATION
6.000% 10/01/2005 ................... $100,000 $105,625
TEXAS STATE UNIVERSITY SYSTEM
FINANCING SYSTEM-SERIES A
INSURED REVENUE
5.000% 03/15/2015 ................... 100,000 89,875
UNITED INDEPENDENT SCHOOL
DISTRICT TEXAS INSURED GENERAL
OBLIGATION
5.350% 08/15/2015 ................... 100,000 96,000
WEST HARRIS COUNTY TEXAS
MUNICIPAL UTILITY DISTRICT #7
CAPITAL APPRECIATION REFUNDING
INSURED GENERAL OBLIGATION
0.000% 03/01/2009 ................... 225,000 135,000
-------------
1,557,944
-------------
UTAH (0.9%)
UTAH ASSISTED MUNICIPAL POWER
SYSTEM REFUNDING-HUNTER
PROJECT INSURED REVENUE
5.000% 07/01/2011 ................... 100,000 95,625
-------------
WASHINGTON (14.1%)
JEFFERSON COUNTY WASHINGTON
PUBLIC UTILITY DISTRICT #1
WATER & SEWER REVENUE
5.250% 05/01/2016 ................... 50,000 45,000
5.250% 05/01/2017 ................... 50,000 44,750
KING COUNTY WASHINGTON SCHOOL
DISTRICT #415 KENT SERIES B
GENERAL OBLIGATION
6.000% 12/01/2008 ................... 100,000 105,250
PORT OF GRAYS HARBOR
WASHINGTON REVENUE (AMT)
6.375% 12/01/2014 ................... 150,000 154,125
PORT OF OLYMPIA WASHINGTON
AD VALOREM TAX SERIES B INSURED
GENERAL OBLIGATION (AMT)
5.000% 12/01/2005 ................... 100,000 99,125
See Accompanying Notes to Financial Statements
55
<PAGE>
SCHEDULE OF INVESTMENTS
- -------------------------------------------------------------------------------
- ---------------- ----------------
--COLUMBIA NATIONAL MUNICIPAL BOND FUND, INC.--
-----------------------------------------------
December 31, 1999
PRINCIPAL
AMOUNT VALUE
------------- -------------
MUNICIPAL BONDS (CONTINUED)
WASHINGTON
SEATTLE WASHINGTON MUNICIPAL
LIGHT AND POWER REFUNDING
REVENUE
5.000% 07/01/2018 ................... $110,000 $95,288
6.000% 10/01/2016 ................... 150,000 150,000
SHELTON WASHINGTON WATER
& SEWER REVENUE
5.250% 12/01/2018 ................... 50,000 44,875
TACOMA WASHINGTON SOLID
WASTE UTILITIES REFUNDING-
SERIES B INSURED REVENUE
6.000% 12/01/2009 ................... 100,000 105,375
THURSTON COUNTY WASHINGTON
SCHOOL DISTRICT #401
ROCHESTER GENERAL
OBLIGATION
4.800% 12/01/2007 ................... 55,000 53,488
TOPPENISH WASHINGTON GENERAL
OBLIGATION
4.600% 12/01/2006 ................... 65,000 61,994
UNIVERSITY OF WASHINGTON
EDUCATIONAL RESEARCH
PROPERTIES LEASE 4225 ROOSEVELT
PROJECT-SERIES A REVENUE
5.375% 06/01/2029 .................. 100,000 87,556
WASHINGTON STATE DEPARTMENT OF
GENERAL ADMINISTRATION
CERTIFICATES OF PARTICIPATION
5.000% 07/01/2017 ................... 140,000 125,650
5.400% 07/01/2013 ................... 100,000 96,750
WASHINGTON STATE PUBLIC POWER
SUPPLY SYSTEM NUCLEAR PROJECT
#1 REFUNDING-SERIES A REVENUE
6.000% 07/01/2005 ................... 100,000 104,250
WASHINGTON STATE PUBLIC POWER
SUPPLY SYSTEM NUCLEAR PROJECT
#2 REFUNDING-SERIES A REVENUE
5.000% 07/01/2011 ................... $ 50,000 $47,063
YAKIMA COUNTY WASHINGTON
SCHOOL DISTRICT #119 SELAH
INSURED GENERAL OBLIGATION
5.000% 12/01/2006 ................... 10,000 9,962
-------------
1,430,501
-------------
WISCONSIN (1.8%)
BURLINGTON AREA WISCONSIN
SCHOOL DISTRICT INSURED
GENERAL OBLIGATION
4.900% 04/01/2016 ................... 100,000 88,500
MILWAUKEE COUNTY WISCONSIN
CORPORATE PURPOSE-SERIES A
GENERAL OBLIGATION
5.000% 10/01/2010 ................... 100,000 97,125
-------------
185,625
-------------
WYOMING (1.0%)
WYOMING MUNICIPAL
AGENCY POWER SUPPLY
REFUNDING-SERIES 1998 INSURED
REVENUE
5.250% 01/01/2011 ................... 100,000 98,625
-------------
TOTAL BONDS
(COST $10,014,187) ..................... 9,613,544
-------------
TAX-EXEMPT MONEY MARKET INVESTMENT (5.1%)
SEI TAX EXEMPT TRUST
(COST $515,709) ..................... 515,709 515,709
-------------
TOTAL INVESTMENTS (99.9%)
(COST $10,529,896) ....................... 10,129,253
OTHER ASSETS LESS LIABILITIES (0.1%) ....... 5,669
-------------
TOTAL NET ASSETS (100.0%) .................. $10,134,922
-------------
-------------
See Accompanying Notes to Financial Statements
56
<PAGE>
SCHEDULE OF INVESTMENTS
- -------------------------------------------------------------------------------
- ------------------ ----------------
--COLUMBIA OREGON MUNICIPAL BOND FUND, INC.--
---------------------------------------------
December 31, 1999
PRINCIPAL
AMOUNT VALUE
------------- -------------
GENERAL OBLIGATION BONDS (38.7%)
STATE OF OREGON GENERAL OBLIGATION (6.0%)
BOARD OF HIGHER EDUCATION
REFUNDING SERIES B
6.250% 10/15/2012 ................... $ 740,000 $ 756,650
BOARD OF HIGHER EDUCATION
DEFERRED INTEREST SERIES A
0.000% 08/01/2014 ................... 450,000 194,625
ELDERLY & DISABLED HOUSING
REFUNDING SERIES B
6.250% 08/01/2013 ................... 1,000,000 1,033,750
POLLUTION CONTROL SERIES C
5.625% 06/01/2013 ................... 810,000 808,987
5.900% 06/01/2014 ................... 1,690,000 1,690,000
VETERAN'S WELFARE
11.000% 12/01/2000 .................. 865,000 917,298
0.000% 07/01/2001 ................... 1,200,000 1,120,500
9.000% 04/01/2002 ................... 900,000 983,250
6.000% 02/01/2004 ................... 720,000 753,300
9.000% 04/01/2004 ................... 280,000 324,450
9.000% 04/01/2005 ................... 1,130,000 1,340,463
8.250% 07/01/2005 ................... 520,000 603,200
9.000% 10/01/2005 ................... 1,640,000 1,970,591
7.250% 01/01/2007 ................... 1,485,000 1,672,481
9.200% 04/01/2007 ................... 2,390,000 2,972,563
8.250% 07/01/2007 ................... 540,000 643,950
9.200% 10/01/2007 ................... 1,250,000 1,571,875
7.300% 01/01/2008 ................... 355,000 406,031
8.000% 01/01/2008 ................... 1,235,000 1,468,106
7.300% 07/01/2008 ................... 1,125,000 1,295,156
8.000% 07/01/2008 ................... 580,000 695,275
9.200% 10/01/2008 ................... 275,000 353,031
5.850% 10/01/2015 ................... 930,000 940,463
-------------
24,515,995
-------------
OREGON GENERAL OBLIGATION (15.7%)
AURORA
5.600% 06/01/2024 ................... 1,205,000 1,125,169
CLACKAMAS & WASHINGTON
COUNTIES SCHOOL DISTRICT #3JT
WEST LINN-WILSONVILLE
5.875% 10/01/2009 ................... 2,550,000 2,616,937
CLACKAMAS COUNTY SCHOOL
DISTRICT #7J LAKE OSWEGO SERIES A
5.300% 06/15/2005 ................... 1,000,000 1,016,250
5.500% 06/15/2006 ................... $ 1,000,000 $ 1,022,500
5.700% 06/15/2010 ................... 2,735,000 2,789,700
DESCHUTES COUNTY
ADMINISTRATIVE SCHOOL
DISTRICT #1 BEND-LAPINE
0.000% 02/01/2001 ................... 1,135,000 1,079,283
0.000% 02/01/2002 ................... 1,445,000 1,304,112
5.000% 12/01/2017 ................... 1,500,000 1,329,375
EUGENE PUBLIC SAFETY FACILITIES
5.500% 06/01/2010 ................... 850,000 858,500
5.625% 06/01/2013 ................... 1,295,000 1,299,856
JACKSON COUNTY SCHOOL
DISTRICT #549C MEDFORD
5.375% 06/01/2012 ................... 1,200,000 1,183,500
LANE COUNTY AREA EDUCATION
DISTRICT LANE COMMUNITY
COLLEGE
5.300% 06/01/2007 ................... 1,000,000 1,017,500
4.850% 06/01/2008 ................... 3,080,000 3,029,950
LANE COUNTY SCHOOL DISTRICT
#4J EUGENE REFUNDING SERIES A
0.000% 07/01/2001 ................... 2,015,000 1,881,506
0.000% 07/01/2005 ................... 2,325,000 1,761,187
LANE COUNTY SCHOOL DISTRICT
#4J EUGENE
0.000% 01/01/2005 ................... 1,395,000 1,084,612
METRO OPEN SPACES PROGRAM
SERIES C
5.100% 09/01/2009 ................... 2,375,000 2,351,250
METRO WASHINGTON PARK ZOO
SERIES A
5.250% 01/15/2009 ................... 1,040,000 1,041,300
5.300% 01/15/2011 ................... 1,000,000 995,000
MULTNOMAH-CLACKAMAS COUNTIES
SCHOOL DISTRICT #10JT GRESHAM
5.250% 06/01/2017 ................... 1,620,000 1,500,525
MULTNOMAH COUNTY REFUNDING
4.250% 10/01/2010 ................... 1,800,000 1,631,250
4.300% 10/01/2011 ................... 1,110,000 997,612
4.500% 10/01/2013 ................... 400,000 351,500
MULTNOMAH COUNTY CERTIFICATES
OF PARTICIPATION SERIES A
4.750% 08/01/2013 ................... 1,000,000 907,500
See Accompanying Notes to Financial Statements
57
<PAGE>
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
- ---------------- -----------------
-- COLUMBIA OREGON MUNICIPAL BOND FUND, INC. --
-----------------------------------------------
December 31, 1999
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
---------- -----------
<S> <C> <C>
GENERAL OBLIGATION BONDS (CONTINUED)
MULTNOMAH COUNTY SCHOOL
DISTRICT #7 REYNOLDS
5.250% 06/01/2011 ................... $1,500,000 $1,477,500
PORT OF PORTLAND SERIES A
0.000% 03/01/2007 ................... 3,000,000 2,070,000
PORTLAND COMMUNITY COLLEGE
DISTRICT
0.000% 07/01/2007 ................... 2,025,000 1,371,938
PORTLAND PUBLIC IMPROVEMENTS
SERIES A
5.750% 06/01/2014 ................... 1,610,000 1,618,050
PORTLAND RECREATIONAL FACILITIES
IMPROVEMENTS SERIES B
5.500% 06/01/2009 ................... 1,115,000 1,133,119
5.750% 06/01/2014 ................... 1,750,000 1,765,313
5.750% 06/01/2015 ................... 2,955,000 2,966,081
PORTLAND RECREATIONAL FACILITIES
IMPROVEMENTS SERIES A
5.750% 06/01/2012 ................... 1,370,000 1,392,263
5.750% 06/01/2013 ................... 1,345,000 1,361,813
5.750% 06/01/2015 ................... 1,155,000 1,159,331
PORTLAND SERIES A
4.875% 06/01/2018 ................... 850,000 732,148
WASHINGTON & CLACKAMAS
COUNTIES SCHOOL DISTRICT
#23J TIGARD REFUNDING
5.400% 01/01/2010 ................... 1,720,000 1,724,300
WASHINGTON & CLACKAMAS
COUNTIES SCHOOL DISTRICT #23J
TIGARD DEFERRED INTEREST
SERIES A
0.000% 06/01/2010 ................... 1,520,000 853,100
WASHINGTON COUNTY DEFERRED
INTEREST - OPERATIONS YARD
FACILITIES OBLIGATION
0.000% 06/01/2003 ................... 1,000,000 847,500
WASHINGTON COUNTY SCHOOL
DISTRICT #088J SHERWOOD
4.500% 06/15/2014 ................... 350,000 307,125
WASHINGTON COUNTY REFUNDING
6.200% 12/01/2007 ................... 1,500,000 1,541,250
WASHINGTON COUNTY REFUNDING
CRIMINAL JUSTICE FACILITIES
5.000% 12/01/2010 ................... 1,400,000 1,370,250
WASHINGTON COUNTY SCHOOL
DISTRICT #48J BEAVERTON SERIES C
7.800% 06/01/2003 ................... $1,200,000 $ 1,314,000
WASHINGTON COUNTY SCHOOL
DISTRICT #48J BEAVERTON SERIES B
6.150% 06/01/2008 ................... 1,010,000 1,016,252
WASHINGTON MULTNOMAH &
YAMHILL COUNTIES SCHOOL
DISTRICT #1J
5.000% 11/01/2011 ................... 1,100,000 1,057,375
5.250% 06/01/2011 ................... 500,000 492,500
5.250% 06/01/2014 ................... 1,595,000 1,523,225
WILSONVILLE LIMITED TAX
IMPROVEMENT
5.000% 12/01/2020 ................... 1,165,000 1,128,594
-----------
64,398,901
-----------
OREGON INSURED GENERAL OBLIGATION (17.0%)
CENTRAL OREGON COMMUNITY
COLLEGE
5.800% 06/01/2007 ................... 760,000 780,900
CHEMEKETA COMMUNITY COLLEGE
DISTRICT SERIES B
5.600% 06/01/2014 ................... 1,180,000 1,187,104
CLACKAMAS & WASHINGTON
COUNTIES SCHOOL DISTRICT #3JT
5.750% 06/01/2010 ................... 590,000 611,387
CLACKAMAS COUNTY SCHOOL
DISTRICT #12 NORTH CLACKAMAS
5.250% 06/01/2015 ................... 2,750,000 2,571,250
4.800% 06/01/2018 ................... 2,000,000 1,707,500
CLATSOP COUNTY ADMINISTRATIVE
SCHOOL DISTRICT #10
5.875% 07/01/2012 ................... 630,000 639,450
COLUMBIA COUNTY SCHOOL
DISTRICT #502 DEFERRED INTEREST
0.000% 06/01/2012 ................... 1,530,000 766,912
0.000% 06/01/2013 ................... 1,685,000 787,737
0.000% 06/01/2014 ................... 1,025,000 447,156
DESCHUTES & JEFFERSON COUNTIES
SCHOOL DISTRICT #2J REDMOND
REFUNDING
5.600% 06/01/2009 ................... 1,000,000 1,010,000
</TABLE>
See Accompanying Notes to Financial Statements
58
<PAGE>
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
- ---------------- -----------------
-- COLUMBIA OREGON MUNICIPAL BOND FUND, INC. --
-----------------------------------------------
December 31, 1999
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
---------- -----------
<S> <C> <C>
GENERAL OBLIGATION BONDS (CONTINUED)
HOOD RIVER COUNTY SCHOOL
DISTRICT
5.650% 06/01/2008 ................... $ 1,020,000 $ 1,037,850
JOSEPHINE COUNTY SCHOOL
DISTRICT #7 GRANTS PASS
5.700% 06/01/2013 ................... 2,000,000 2,017,500
KLAMATH COUNTY
5.100% 06/01/2008 ................... 1,015,000 1,009,925
5.150% 06/01/2009 ................... 700,000 696,500
LANE & DOUGLAS COUNTIES SCHOOL
DISTRICT #97-J
5.300% 06/15/2015 ................... 1,155,000 1,100,137
LANE COUNTY SCHOOL DISTRICT #52
BETHEL
6.250% 12/01/2007 ................... 580,000 619,150
6.400% 12/01/2009 ................... 750,000 799,687
LANE COUNTY SCHOOL DISTRICT #19
SPRINGFIELD REFUNDING
6.000% 10/15/2012 ................... 740,000 777,925
6.000% 10/15/2014 ................... 1,310,000 1,365,675
LINCOLN COUNTY SCHOOL DISTRICT
6.000% 06/15/2006 ................... 900,000 950,625
6.000% 06/15/2007 ................... 1,855,000 1,961,662
6.000% 06/15/2008 ................... 1,450,000 1,531,563
6.000% 06/15/2009 ................... 3,465,000 3,664,238
5.600% 06/15/2010 ................... 3,480,000 3,558,300
5.250% 06/15/2012 ................... 3,815,000 3,705,319
MARION COUNTY CERTIFICATES OF
PARTICIPATION COURTHOUSE
SQUARE PROJECT-SERIES A
4.450% 06/01/2010 ................... 430,000 391,300
MARION COUNTY SCHOOL DISTRICT
#103C WOODBURN SERIES B
0.000% 11/01/2006 ................... 2,000,000 1,410,000
0.000% 11/01/2007 ................... 2,000,000 1,332,500
0.000% 11/01/2009 ................... 2,500,000 1,481,250
0.000% 11/01/2011 ................... 2,210,000 1,154,725
MORROW COUNTY SCHOOL DISTRICT
6.000% 06/01/2006 ................... 880,000 929,500
MULTNOMAH COUNTY SCHOOL
DISTRICT #3 PARKROSE
5.400% 12/01/2005 ................... 1,010,000 1,032,725
5.700% 12/01/2008 ................... 1,330,000 1,359,925
5.700% 12/01/2009 ................... $1,970,000 $2,009,400
5.500% 12/01/2010 ................... 895,000 901,713
5.500% 12/01/2011 1,000,000 1,002,500
NORTHERN OREGON CORRECTIONS
5.250% 09/15/2012 ................... 1,000,000 971,250
5.300% 09/15/2013 ................... 1,000,000 977,500
PORTLAND COMMUNITY COLLEGE
DISTRICT
5.000% 07/01/2011 ................... 1,000,000 968,750
SALEM PEDESTRIAN SAFETY
IMPROVEMENTS
5.400% 05/01/2009 ................... 1,000,000 1,007,500
SALEM/KEIZER SCHOOL DISTRICT #24J
5.000% 06/01/2015 ................... 1,000,000 913,750
STATE DEPARTMENT ADMINISTRATIVE
SERVICES CERTIFICATES OF
PARTICIPATION REFUNDING SERIES A
4.500% 05/01/2012 ................... 1,020,000 916,725
5.000% 05/01/2013 ................... 4,240,000 4,001,500
5.000% 05/01/2014 ................... 1,000,000 932,500
5.000% 05/01/2024 ................... 1,500,000 1,290,000
TILLAMOOK COUNTY
5.700% 01/15/2016 ................... 700,000 702,625
TILLAMOOK COUNTY REFUNDING
4.400% 01/01/2011 ................... 550,000 503,938
4.600% 01/01/2013 ................... 600,000 545,250
UMATILLA COUNTY SCHOOL
DISTRICT #16R PENDLETON
4.650% 07/01/2010 ................... 1,660,000 1,568,700
WASHINGTON COUNTY SCHOOL
DISTRICT #15 FOREST GROVE
5.125% 06/01/2010 ................... 1,000,000 997,500
WASHINGTON COUNTY SCHOOL
DISTRICT #88J SHERWOOD
6.100% 06/01/2012 ................... 185,000 192,863
WASHINGTON COUNTY SCHOOL
DISTRICT #48J
5.250% 08/01/2010 ................... 1,150,000 1,144,250
YAMHILL COUNTY SCHOOL
DISTRICT #29J NEWBERG
5.750% 06/01/2009 ................... 2,000,000 2,077,500
</TABLE>
See Accompanying Notes to Financial Statements
59
<PAGE>
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
- ---------------- -----------------
-- COLUMBIA OREGON MUNICIPAL BOND FUND, INC. --
-----------------------------------------------
December 31, 1999
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
---------- --------------
<S> <C> <C>
GENERAL OBLIGATION BONDS (CONTINUED)
YAMHILL COUNTY SCHOOL
DISTRICT #40
6.000% 06/01/2009 ................... $ 500,000 $ 528,750
5.350% 06/01/2010 ................... 500,000 500,625
5.600% 06/01/2016 ................... 500,000 498,750
--------------
69,551,216
--------------
TOTAL GENERAL OBLIGATION BONDS
(COST $160,248,425) ................. 158,466,112
--------------
REVENUE BONDS (52.4%)
OREGON REVENUE (29.0%)
ALBANY HOSPITAL FACILITY
AUTHORITY MENNONITE HOME
5.625% 10/01/2017 ................... 635,000 557,212
BEND MUNICIPAL AIRPORT PJ
SERIES B (AMT)
5.375% 06/01/2013 ................... 150,000 143,625
BENTON COUNTY HOSPITAL
FACILITIES AUTHORITY
REFUNDING SAMARITAN HEALTH
SERVICES PROJECT
4.300% 10/01/2006 ................... 230,000 215,050
4.400% 10/01/2007 ................... 220,000 204,050
4.800% 10/01/2011 ................... 245,000 222,337
5.200% 10/01/2017 ................... 1,895,000 1,677,075
CLACKAMAS COUNTY HOSPITAL
FACILITY AUTHORITY ODD FELLOWS
HOME-SERIES A
5.500% 09/15/2008 ................... 1,690,000 1,573,812
CLACKAMAS COUNTY HOSPITAL
FACILITY AUTHORITY WILLAMETTE
VIEW, INC. PROJECT
6.000% 11/01/2008 ................... 670,000 656,600
CLACKAMAS COUNTY HOSPITAL
FACILITY AUTHORITY LEGACY
HEALTH SYSTEM
5.500% 02/15/2014 ................... 1,000,000 967,500
5.000% 02/15/2015 ................... 1,400,000 1,268,750
5.000% 02/15/2016 ................... 1,000,000 895,000
CLACKAMAS COUNTY HOSPITAL
FACILITY KAISER PERMANENTE
SERIES A
5.375% 04/01/2014 ................... 4,270,000 3,928,400
CLACKAMAS COUNTY HOSPITAL
FACILITY AUTHORITY WILLAMETTE
FALLS HOSPITAL PROJECT
5.750% 04/01/2014 ................... $1,005,000 $ 930,881
6.000% 04/01/2019 ................... 1,000,000 917,500
CLACKAMAS COUNTY HOSPITAL
FACILITY AUTHORITY ROBINSON
JEWISH HOME PROJECT
6.250% 10/01/2021 ................... 1,630,000 1,638,313
CLACKAMAS COUNTY HOSPITAL
FACILITY AUTHORITY GNMA
COLLATERAL JENNINGS LODGE
7.500% 10/20/2031 ................... 1,030,000 1,056,399
CLACKAMAS COUNTY HOUSING
AUTHORITY MULTIFAMILY
HOUSING EASTON RIDGE SERIES A
5.800% 12/01/2016 ................... 2,255,000 2,229,631
CLACKAMAS COUNTY OREGON
HOSPITAL FACILITY AUTHORITY
REFUNDING ODD FELLOWS
HOME-SERIES A
5.875% 09/15/2021 ................... 2,890,000 2,493,550
CLACKAMAS COUNTY OREGON
HOSPITAL AUTHORITY SENIOR
LIVING FACILITY-MARYS WOODS-A
6.375% 05/15/2020 ................... 1,405,000 1,306,650
CLACKAMAS COUNTY OREGON
HOSPITAL FACILITY AUTHORITY
WILLAMETTE VIEW INC. PJ-SERIES A
6.850% 11/01/2015 ................... 1,580,000 1,530,625
DESCHUTES COUNTY HOSPITAL
FACILITY AUTHORITY
5.750% 01/01/2009 ................... 1,670,000 1,686,700
DESCHUTES VALLEY WATER DISTRICT
5.875% 09/01/2005 ................... 3,420,000 3,514,050
EUGENE ELECTRIC UTILITY
REFUNDING
5.800% 08/01/2008 ................... 1,435,000 1,458,319
5.800% 08/01/2009 ................... 1,300,000 1,316,250
6.000% 08/01/2011 ................... 1,375,000 1,395,625
GRESHAM SEWER
5.350% 06/01/2006 ................... 860,000 873,975
GRESHAM STORMWATER
6.100% 10/01/2009 ................... 1,115,000 1,156,812
</TABLE>
See Accompanying Notes to Financial Statements
60
<PAGE>
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
- ---------------- -----------------
-- COLUMBIA OREGON MUNICIPAL BOND FUND, INC. --
-----------------------------------------------
December 31, 1999
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
---------- ------------
<S> <C> <C>
REVENUE BONDS (CONTINUED)
HILLSBORO HOSPITAL FACILITY
AUTHORITY TUALITY HEALTHCARE
5.750% 10/01/2012 ................... $4,350,000 $4,162,341
LEBANON OREGON URBAN
RENEWAL AGENCY
5.625% 06/01/2019 ................... 1,000,000 925,000
LEBANON WASTEWATER REFUNDING
5.750% 06/01/2011 ................... 1,225,000 1,229,594
NORTH CLACKAMAS PARKS &
RECREATION DISTRICT
RECREATIONAL FACILITIES
5.700% 04/01/2013 ................... 2,910,000 2,924,550
NORTHERN WASCO COUNTY PEOPLE'S
UTILITY DISTRICT ELECTRIC
0.000% 02/01/2006 ................... 610,000 438,437
0.000% 02/01/2007 ................... 585,000 390,487
0.000% 02/01/2008 ................... 610,000 378,963
0.000% 02/01/2011 ................... 500,000 250,000
OREGON HEALTH, HOUSING,
EDUCATIONAL & CULTURAL
FACILITIES AUTHORITY/AQUARIUM
4.750% 10/01/2008 ................... 1,550,000 1,426,000
4.900% 10/01/2009 ................... 670,000 609,700
OREGON HEALTH, HOUSING,
EDUCATIONAL & CULTURAL
FACILITIES AUTHORITY REED
COLLEGE PROJECT SERIES A
5.300% 07/01/2011 ................... 500,000 481,250
OREGON HEALTH, HOUSING,
EDUCATIONAL & CULTURAL
FACILITIES AUTHORITY GOODWILL
INDUSTRIES LANE COUNTY SERIES A
6.650% 11/15/2022 ................... 4,225,000 3,797,219
OREGON HEALTH, HOUSING,
EDUCATIONAL & CULTURAL
FACILITIES AUTHORITY LINFIELD
COLLEGE PROJECT-SERIES A
4.550% 10/01/2008 ................... 525,000 488,250
4.650% 10/01/2009 ................... 555,000 511,294
OREGON HOUSING & COMMUNITY
SERVICES DEPARTMENT MORTGAGE
SINGLE-FAMILY MORTGAGE PROGRAM
SERIES A
4.850% 07/01/2010 ................... 310,000 291,013
5.100% 07/01/2014 ................... $ 425,000 $ 394,719
6.800% 07/01/2016 ................... 50,000 51,750
OREGON HOUSING & COMMUNITY
SERVICES DEPARTMENT HOUSING
FINANCE ASSISTED INSURED
MULTI-UNIT B
6.800% 07/01/2013 ................... 8,360,000 8,621,250
OREGON HOUSING & COMMUNITY
SERVICES DEPARTMENT MORTGAGE
SINGLE-FAMILY MORTGAGE
PROGRAM SERIES D
6.700% 07/01/2013 ................... 1,000,000 1,032,500
OREGON HOUSING FINANCIAL
5.800% 07/01/2009 ................... 350,000 350,326
OREGON STATE DEPARTMENT
ADMINISTRATIVE SERVICES LOTTERY
EDUCATION PROJECT SERIES A
5.250% 04/01/2013 ................... 1,500,000 1,456,875
OREGON STATE ECONOMIC
DEVELOPMENT DOVE LEWIS
EMERGENCY ANIMAL
7.000% 12/01/2019.................... 1,545,000 1,523,756
OREGON STATE HOUSING AND
COMMUNITY SERVICES DEPARTMENT
MULTI-FAMILY HOUSING-
SERIES B (AMT)
6.000% 07/01/2031 ................... 6,935,000 6,614,256
OREGON STATE HOUSING &
COMMUNITY SERVICES DEPARTMENT
MEETING SERIES M (AMT)
5.800% 07/01/2012 ................... 875,000 873,906
OREGON STATE HOUSING &
COMMUNITY SERVICES DEPARTMENT
MEETING SINGLE FAMILY MEETING
PROGRAM SERIES L
6.050% 07/01/2020 ................... 2,575,000 2,578,219
OREGON STATE HOUSING &
COMMUNITY SERVICES DEPARTMENT
MEETING SINGLE-FAMILY PROGRAM-
SERIES A (AMT)
6.200% 07/01/2027 ................... 3,700,000 3,667,625
PORT OF ST. HELENS OREGON
5.750% 08/01/2019 ................... 425,000 392,594
</TABLE>
See Accompanying Notes to Financial Statements
61
<PAGE>
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
- ---------------- -----------------
-- COLUMBIA OREGON MUNICIPAL BOND FUND, INC. --
-----------------------------------------------
December 31, 1999
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
---------- ------------
<S> <C> <C>
REVENUE BONDS (CONTINUED)
PORT OF ST. HELENS POLLUTION
CONTROL PORTLAND GENERAL
ELECTRIC CO. SERIES A
4.800% 04/01/2010 ................... $5,195,000 $4,889,794
PORT OF ST. HELENS POLLUTION
CONTROL PORTLAND GENERAL
ELECTRIC CO. SERIES B
4.800% 06/01/2010 ................... 3,500,000 3,294,375
PORT OF ST. HELENS
5.600% 08/01/2014 ................... 315,000 294,131
PORTLAND HOUSING AUTHORITY
REF-POOLED HOUSING-SERIES A
4.500% 01/01/2009 ................... 660,000 613,800
5.000% 01/01/2019 ................... 5,540,000 4,902,900
5.100% 01/01/2027 ................... 3,000,000 2,562,660
PORTLAND HOUSING AUTHORITY
MULTIFAMILY HOUSING-SENIOR
LIEN-CIVIC APARTMENTS-SERIES A
5.600% 01/01/2018 ................... 1,240,000 1,209,000
PORTLAND HYDROELECTRIC POWER
6.800% 10/01/2004 ................... 465,000 467,553
PORTLAND PARKING REFUNDING
6.375% 10/01/2012 ................... 1,700,000 1,711,917
PORTLAND WATER SYSTEM
5.000% 08/01/2017 ................... 1,185,000 1,073,906
PRINEVILLE SEWER FIRST LIEN
6.500% 07/01/2004 ................... 500,000 518,750
REDMOND OREGON
URBAN RENEWAL AGENCY
DOWNTOWN URBAN
RENEWAL AREA-B
5.650% 06/01/2013 ................... 720,000 681,300
5.850% 06/01/2019 ................... 785,000 733,975
REDMOND URBAN RENEWAL
AGENCY REFUNDING SOUTH
AIRPORT INDUSTRIAL AREA A
5.700% 06/01/2019 ................... 650,000 606,938
REEDSPORT WATER
7.000% 10/01/2014 ................... 520,000 551,200
SALEM HOSPITAL FACILITY
AUTHORITY
5.250% 08/15/2014 ................... $2,900,000 $2,718,750
5.000% 08/15/2018 ................... 2,000,000 1,737,500
SALEM OREGON HOSPITAL
FACILITY AUTHORITY
CAPITAL MANOR, INC.
7.500% 12/01/2024 ................... 150,000 156,375
SHERIDAN WATER
REFUNDING
5.350% 04/01/2018 ................... 300,000 274,125
SOUTH FORK WATER BOARD
FIRST LIEN
5.450% 02/01/2014 ................... 1,300,000 1,249,625
STATE HEALTH HOUSING
EDUCATIONAL & CULTURAL
FACILITIES AUTHORITY
LINFIELD COLLEGE
PROJECT SERIES A
5.500% 10/1/2018 .................... 1,000,000 915,000
OREGON HOUSING & COMMUNITY
SERVICES DEPARTMENT
MORTGAGE SINGLE FAMILY
MORTGAGE PROJECT
SERIES E
5.375% 07/01/2021 ................... 4,000,000 3,670,000
TRI-COUNTY METROPOLITAN
TRANSPORTATION DISTRICT
SERIES A
4.700% 08/01/2010 ................... 480,000 452,400
WASHINGTON COUNTY HOUSING
AUTHORITY AFFORDABLE
HOUSING POOL SERIES A
6.000% 07/01/2020 ................... 2,000,000 1,800,000
------------
118,762,539
------------
OREGON INSURED REVENUE (23.4%)
CLACKAMAS COUNTY HEALTH
FACILITY AUTHORITY
REFUNDING ADVENTIST HEALTH A
6.350% 03/01/2009 ................... 1,525,000 1,586,000
</TABLE>
See Accompanying Notes to Financial Statements
62
<PAGE>
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
- ---------------- -----------------
-- COLUMBIA OREGON MUNICIPAL BOND FUND, INC. --
-----------------------------------------------
December 31, 1999
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
---------- ------------
<S> <C> <C>
REVENUE BONDS (CONTINUED)
EMERALD PEOPLES UTILITIES
DISTRICT
7.200% 11/01/2006 ................... $ 480,000 $ 541,200
7.350% 11/01/2010 ................... 2,160,000 2,519,100
7.350% 11/01/2011 ................... 2,000,000 2,342,500
7.350% 11/01/2012 ................... 2,490,000 2,910,188
7.350% 11/01/2013 ................... 2,675,000 3,116,375
EUGENE ELECTRIC UTILITY
SYSTEM-SERIES B
4.550% 08/01/2010 ................... 600,000 557,250
4.650% 08/01/2011 ................... 625,000 576,562
5.000% 08/01/2018 ................... 1,000,000 877,500
5.000% 08/01/2023 ................... 500,000 431,875
MARION COUNTY CERTIFICATES
OF PARTICIPATION COURTHOUSE
SQUARE PROJECT SERIES A
4.650% 06/01/2012 ................... 355,000 323,494
5.000% 06/01/2023 ................... 1,000,000 863,750
MEDFORD HOSPITAL FACILITIES
AUTHORITY ASSANTE
HEALTH SYSTEM SERIES A
5.250% 08/15/2008 ................... 1,645,000 1,640,887
5.250% 08/15/2011 ................... 800,000 782,000
MULTNOMAH COUNTY
EDUCATIONAL FACILITIES
UNIVERSITY OF PORTLAND
PROJECT
5.000% 04/01/2018 ................... 1,530,000 1,344,487
ONTARIO OREGON CATHOLIC
HEALTH HOLY ROSARY
MEDICAL CENTER
5.500% 11/15/2012 ................... 1,500,000 1,500,000
OREGON DEPARTMENT OF
ADMINISTRATIVE SERVICES
CERTIFICATES PARTICIPATION
SERIES A
5.375% 11/01/2004 ................... 1,500,000 1,535,625
5.250% 05/01/2008 ................... 4,950,000 4,956,187
5.300% 05/01/2008 ................... 750,000 753,750
5.250% 11/01/2009 ................... 2,460,000 2,447,700
5.700% 05/01/2015 ................... 1,000,000 1,001,250
OREGON DEPARTMENT OF
ADMINISTRATIVE SERVICES
CERTIFICATES PARTICIPATION
SERIES B
5.500% 11/01/2011 ................... $1,635,000 $1,641,131
5.000% 11/01/2013 ................... 1,000,000 942,500
5.000% 11/01/2014 ................... 500,000 465,625
OREGON DEPARTMENT OF
ADMINISTRATIVE SERVICES
CERTIFICATES PARTICIPATION
SERIES C
5.500% 05/01/2011 ................... 2,000,000 2,007,500
5.750% 05/01/2017 ................... 2,000,000 1,977,500
OREGON DEPARTMENT OF
GENERAL SERVICES
CERTIFICATES PARTICIPATION
SERIES C
5.800% 03/01/2015 ................... 840,000 845,250
OREGON HEALTH SCIENCES
UNIVERSITY SERIES A
0.000% 07/01/2009 ................... 1,530,000 919,912
0.000% 08/01/2012 ................... 1,315,000 650,925
0.000% 07/01/2014 ................... 2,495,000 1,075,969
0.000% 07/01/2015 ................... 4,325,000 1,730,000
OREGON HEALTH SCIENCES
UNIVERSITY CAPITAL
APPRECIATION INSURED
SERIES A
0.000% 07/01/2021 ................... 8,815,000 2,342,763
OREGON HEALTH, HOUSING,
EDUCATIONAL & CULTURAL
FACILITIES AUTHORITY
LEWIS & CLARK COLLEGE
6.000% 10/01/2013 ................... 965,000 987,919
PORT OF PORTLAND AIRPORT
SERIES 9-A
5.500% 07/01/2006 ................... 500,000 511,250
PORT OF PORTLAND AIRPORT
REFUNDING-PORTLAND
INTERNATIONAL AIRPORT
SERIES 12B
5.250% 07/01/2012 ................... 1,000,000 978,750
</TABLE>
See Accompanying Notes to Financial Statements
63
<PAGE>
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
- ---------------- -----------------
-- COLUMBIA OREGON MUNICIPAL BOND FUND, INC. --
-----------------------------------------------
December 31, 1999
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
---------- -------------
<S> <C> <C>
REVENUE BONDS (CONTINUED)
PORTLAND ARENA
GAS TAX
0.000% 06/01/2016 ................... $1,100,000 $ 405,625
0.000% 06/01/2017 ................... 2,320,000 800,400
PORTLAND GAS TAX
SERIES A
5.800% 06/01/2016 ................... 1,625,000 1,629,063
PORTLAND SEWER SYSTEM
SERIES A
4.500% 06/01/2015 ................... 510,000 437,325
5.000% 06/01/2015 ................... 2,100,000 1,926,750
4.500% 06/01/2018 ................... 2,300,000 1,882,297
SALEM WATER & SEWER
6.000% 06/01/2005 ................... 1,080,000 1,136,700
OREGON HOUSING & COMMUNITY
SERVICES DEPARTMENT
SINGLE FAMILY MORTGAGE
PROJECT SERIES J (AMT)
5.750% 07/01/2029 ................... 9,000,000 8,370,000
TRI-COUNTY METROPOLITAN
TRANSPORTATION DISTRICT
SERIES ONE
5.400% 06/01/2019 ................... 4,200,000 3,935,274
TUALATIN HILLS PARK &
RECREATION DISTRICT
5.750% 03/01/2014 ................... 990,000 1,007,325
TUALATIN VALLEY WATER
DISTRICT
5.000% 06/01/2018 ................... 2,045,000 1,817,494
WASHINGTON COUNTY UNIFIED
SEWER AGENCY SERIES A
0.000% 10/01/2003 ................... 1,975,000 1,649,125
0.000% 10/01/2005 ................... 5,230,000 3,915,963
5.900% 10/01/2006 ................... 1,050,000 1,090,688
0.000% 10/01/2007 ................... 4,835,000 3,239,450
5.750% 10/01/2009 ................... 3,045,000 3,155,381
5.750% 10/01/2010 ................... 2,000,000 2,065,000
5.750% 10/01/2011 ................... 1,825,000 1,882,031
5.400% 10/01/2012 ................... 520,000 519,350
5.750% 10/01/2012 ................... 2,000,000 2,067,500
5.500% 10/01/2016 ................... 1,500,000 1,447,500
WESTERN LANE HOSPITAL
DISTRICT FACILITY AUTHORITY
REVENUE REFUNDING SISTERS
ST. JOSEPH PEACE
5.625% 08/01/2007 ................... $2,080,000 $ 2,147,018
-------------
96,211,933
-------------
TOTAL REVENUE BONDS
(COST $223,269,095) ................. 214,974,472
-------------
PRE-REFUNDED BONDS (2.9%)
CLACKAMAS COUNTY HOSPITAL
FACILITY AUTHORITY ELDERLY
HOUSING WILLAMETTE VIEW
INCOME PROJECT
7.000% 11/15/2011 ................... 470,000 498,787
CLACKAMAS COUNTY SCHOOL
DISTRICT #1
6.300% 07/01/2003 ................... 700,000 717,500
CLACKAMAS COUNTY SCHOOL
DISTRICT #115 GLADSTONE
6.150% 06/01/2014 ................... 1,200,000 1,284,000
EUGENE ELECTRIC UTILITY
SERIES C
5.750% 08/01/2016 ................... 1,055,000 1,102,475
LANE COUNTY SCHOOL DISTRICT
#19 SPRINGFIELD
6.150% 10/15/2009 ................... 1,500,000 1,597,500
MULTNOMAH COUNTY
EDUCATIONAL FACILITIES
UNIVERSITY OF
PORTLAND PROJECT
6.000% 04/01/2014 ................... 1,375,000 1,447,187
OREGON CITY SEWER
6.500% 10/01/2007 ................... 500,000 529,375
PORTLAND SEWER SYSTEM
SERIES A
6.050% 06/01/2009 ................... 535,000 564,425
PRINEVILLE SEWER FIRST LIEN
6.800% 07/01/2012 ................... 1,050,000 1,132,688
TUALATIN HILLS PARK &
RECREATION DISTRICT
5.700% 03/01/2009 ................... 1,340,000 1,381,875
5.750% 03/01/2010 ................... 730,000 754,638
</TABLE>
See Accompanying Notes to Financial Statements
64
<PAGE>
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
- ------------------ -----------------
--COLUMBIA OREGON MUNICIPAL BOND FUND, INC.--
---------------------------------------------
December 31, 1999
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
--------- ---------
<S> <C> <C>
PRE-REFUNDED BONDS (CONTINUED)
UMATILLA COUNTY SCHOOL
DISTRICT #8R HERMISTON
6.000% 12/01/2010 ................... $ 695,000 $ 731,488
-------------
TOTAL PRE-REFUNDED BONDS
(COST $11,159,313) .................. 11,741,938
-------------
OREGON OTHER BONDS (2.8%)
GRANTS PASS URBAN RENEWAL
AGENCY TAX INCREMENT
6.125% 08/01/2012 ................... 755,000 759,719
HOOD RIVER URBAN RENEWAL
AGENCY
6.250% 12/15/2011 ................... 1,250,000 1,300,000
LANE COUNTY SCHOOL DISTRICT
#4J EUGENE CERTIFICATES
6.900% 10/01/2000 ................... 500,000 510,045
LEBANON SPECIAL OBLIGATION
REVENUE REFUNDING
LEASE WATER
5.400% 10/01/2013 ................... 755,000 729,519
MEDFORD URBAN RENEWAL
AGENCY TAX REVENUE
5.875% 09/01/2010 ................... 500,000 503,125
MULTNOMAH COUNTY
CERTIFICATE PARTICIPATION
4.550% 08/01/2010 ................... 1,725,000 1,608,562
NEWBERG CERTIFICATES
PARTICIPATION
6.100% 12/01/2000 ................... 410,000 415,047
6.200% 12/01/2001 ................... 410,000 418,712
PORTLAND AIRPORT WAY URBAN
RENEWAL & REDEVELOPMENT
TAX INCREMENT SERIES C
5.900% 06/01/2006 ................... 860,000 890,100
PORTLAND URBAN RENEWAL &
REDEVELOPMENT REFUNDING,
DOWNTOWN WATERFRONT
SERIES L
6.000% 06/01/2002 ................... 1,170,000 1,203,638
6.400% 06/01/2008 ................... 3,095,000 3,199,456
PORTLAND URBAN RENEWAL & REDEVELOPMENT
DOWNTOWN WATERFRONT
5.900% 05/01/2001 ................... $ 200,000 $ 203,500
-------------
TOTAL OREGON OTHER BONDS
(COST $11,673,222) .................. 11,741,423
-------------
U.S. TERRITORIES BONDS (1.3%)
PUERTO RICO HOUSING BANK &
FINANCE AGENCY SINGLE FAMILY
MORTGAGE REVENUE FHA
HOMEOWNERSHIP 5TH PORTFOLIO
7.500% 12/1/2015 .................... 610,000 618,577
PUERTO RICO HOUSING FINANCE
CORP. SINGLE FAMILY MORTGAGE
REVENUE PORTFOLIO 1 SERIES B
7.500% 10/15/2012 ................... 1,040,000 1,070,066
PUERTO RICO HOUSING FINANCE
CORP. SINGLE FAMILY MORTGAGE
REVENUE PORTFOLIO 1 SERIES C
6.750% 10/15/2013 ................... 710,000 731,300
PUERTO RICO HOUSING FINANCE
CORP. MULTI FAMILY MORTGAGE
REVENUE PORTFOLIO A-1
7.500% 04/01/2022 ................... 1,425,000 1,457,704
VIRGIN ISLANDS PUBLIC FINANCE
AUTHORITY REVENUE UNREFUNDED
BALANCE SERIES A
7.300% 10/01/2018 ................... 1,185,000 1,382,006
-------------
TOTAL U.S. TERRITORIES BONDS
(COST $5,204,317) 5,259,653
-------------
TAX EXEMPT MONEY MARKET INVESTMENT (0.9%)
SEI TAX EXEMPT TRUST
(COST $3,707,532) ................... 3,707,532 3,707,532
-------------
TOTAL INVESTMENTS (99.0%)
(COST $415,261,904) ........................ 405,891,130
OTHER ASSETS LESS LIABILITIES (1.0%) ....... 4,027,411
-------------
TOTAL NET ASSETS (100%)..................... $409,918,541
-------------
-------------
</TABLE>
See Accompanying Notes to Financial Statements
65
<PAGE>
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
- ------------------ -----------------
--COLUMBIA HIGH YIELD FUND, INC.--
----------------------------------
December 31, 1999
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
--------- ---------
<S> <C> <C>
CORPORATE BONDS (92.5%)
INDUSTRIAL (74.2%)
BASIC INDUSTRY & MANUFACTURING (7.6%)
MANUFACTURING (6.5%)
BALL CORP.
SENIOR NOTES
7.750% 08/01/2006 .................. $1,500,000 $1,462,500
OWENS-ILLINOIS, INC.
SENIOR NOTES
7.150% 05/15/2005 .................. 1,500,000 1,386,885
SILGAN HOLDINGS, INC.
SENIOR SUBORDINATED
DEBENTURES
9.000% 06/01/2009 .................. 500,000 480,000
WESTPOINT STEVENS, INC.
SENIOR NOTES
7.875% 06/15/2005 .................. 1,500,000 1,365,000
-------------
4,694,385
-------------
METALS/MINING (1.1%)
RYERSON TULL, INC.
NOTES
8.500% 07/15/2001 .................. 750,000 761,609
-------------
TOTAL BASIC INDUSTRY &
MANUFACTURING ........................ 5,455,994
-------------
BUSINESS & CONSUMER SERVICES (27.9%)
SERVICES & PUBLISHING (8.9%)
ALLIED WASTE NORTH AMERICA, INC.
SENIOR NOTES, SERIES B
7.625% 01/01/2006 .................. 1,200,000 1,077,000
IRON MOUNTAIN, INC.
SENIOR SUBORDINATED NOTES
10.125% 10/01/2006 ................. 1,500,000 1,533,750
PIERCE LEAHY COMMAND CORP.
SENIOR NOTES
8.125% 05/15/2008 .................. 1,500,000 1,383,750
UNITED STATIONERS SUPPLY CO.
SENIOR SUBORDINATED NOTES
12.750% 05/01/2005 ................. 250,000 268,750
UNITED STATIONERS SUPPLY CO.
SENIOR SUBORDINATED NOTES
8.375% 04/15/2008 .................. 1,235,000 1,130,025
USA WASTE SERVICES, INC.
NOTES
6.125% 07/15/2001 .................. $1,000,000 $ 951,750
-------------
6,345,025
-------------
ENTERTAINMENT & MEDIA (19.0%)
ADELPHIA COMMUNICATIONS CORP.
SENIOR NOTES, SERIES B
10.500% 07/15/2004 ................. 1,500,000 1,563,750
CINEMARK USA, INC.
SENIOR SUBORDINATED NOTES,
SERIES B
9.625% 08/01/2008 .................. 1,000,000 920,000
CSC HOLDINGS, INC.
SENIOR DEBENTURES, SERIES B
8.125% 08/15/2009 .................. 1,400,000 1,375,472
FOX/LIBERTY NETWORKS L.L.C.
SENIOR NOTES
8.875% 08/15/2007 .................. 1,500,000 1,526,250
HOLLINGER INTERNATIONAL
PUBLISHING, INC.
SENIOR NOTES
8.625% 03/15/2005 .................. 1,500,000 1,470,000
JONES INTERCABLE, INC.
SENIOR NOTES
8.875% 04/01/2007 .................. 700,000 716,128
7.625% 04/15/2008 .................. 300,000 287,319
LAMAR MEDIA CORP.
SENIOR SUBORDINATED NOTES
9.625% 12/01/2006 .................. 1,250,000 1,287,500
LENFEST COMMUNICATIONS, INC.
SENIOR NOTES
8.375% 11/01/2005 .................. 1,450,000 1,475,998
HERITAGE MEDIA CORP.
SENIOR SUBORDINATED NOTES
8.750% 02/15/2006 .................. 750,000 759,375
OUTDOOR SYSTEMS, INC.
SENIOR SUBORDINATED NOTES
9.375% 10/15/2006 .................. 1,185,000 1,217,588
ROGERS COMMUNICATIONS, INC.
SENIOR NOTES
8.875% 07/15/2007 .................. 1,000,000 1,007,500
-------------
13,606,880
-------------
TOTAL BUSINESS & CONSUMER
SERVICES ............................. 19,951,905
-------------
</TABLE>
See Accompanying Notes to Financial Statements
66
<PAGE>
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
- ------------------ -----------------
--COLUMBIA HIGH YIELD FUND, INC.--
----------------------------------
December 31, 1999
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
--------- ---------
<S> <C> <C>
CORPORATE BONDS (CONTINUED)
CONSUMER CYCLICAL (17.4%)
AUTO & AUTO PARTS (3.4%)
AMERICAN AXLE & MANUFACTURING,
INC.
SENIOR SUBORDINATED NOTES
9.750% 03/01/2009 .................. $1,000,000 $ 1,007,500
LEAR CORP. (144A)
SENIOR NOTES
7.960% 05/15/2005 .................. 1,500,000 1,438,125
-------------
2,445,625
-------------
HOTELS & GAMING (6.2%)
HARRAHS OPERATING, INC.
SENIOR SUBORDINATED NOTES
7.875% 12/15/2005 .................. 1,250,000 1,203,125
INTERNATIONAL GAME TECHNOLOGY
SENIOR NOTES
7.875% 05/15/2004 .................. 1,000,000 965,000
PARK PLACE ENTERTAINMENT CORP.
SENIOR NOTES
8.500% 11/15/2006 .................. 1,500,000 1,478,873
STATION CASINOS, INC.
SENIOR SUBORDINATED NOTES
9.750% 04/15/2007 .................. 750,000 757,500
-------------
4,404,498
-------------
HOUSING RELATED/REAL ESTATE (3.1%)
HEALTH CARE PROPERTY INVESTORS,
INC.
NOTES
6.875% 06/08/2005 .................. 1,500,000 1,313,130
WEBB (DEL) CORP.
SENIOR SUBORDINATED DEBENTURES
9.375% 05/01/2009 .................. 1,000,000 917,500
-------------
2,230,630
-------------
RETAIL (2.7%)
MAXIM GROUP, INC.
SENIOR SUBORDINATED NOTES,
SERIES B (PRIVATE PLACEMENT)
9.250% 10/15/2007 .................. 1,000,000 882,500
ZALE CORP.
SENIOR NOTES, SERIES B
8.500% 10/01/2007 .................. $1,110,000 $ 1,076,700
-------------
1,959,200
-------------
OTHER (2.0%)
TRICON GLOBAL RESTAURANTS, INC.
SENIOR NOTES
7.450% 05/15/2005 .................. 1,500,000 1,426,875
-------------
TOTAL CONSUMER CYCLICAL ................ 12,466,828
-------------
CONSUMER STAPLES (6.0%)
HEALTH CARE (4.3%)
CONMED CORP.
SENIOR SUBORDINATED NOTES
9.000% 03/15/2008 .................. 1,000,000 906,250
HEALTHSOUTH CORP.
SENIOR SUBORDINATED NOTES
9.500% 04/01/2001 .................. 1,000,000 997,500
TENET HEALTHCARE CORP.
SENIOR SUBORDINATED NOTES,
SERIES B
8.125% 12/01/2008 .................. 1,250,000 1,165,625
-------------
3,069,375
-------------
HOUSEHOLD PRODUCTS (1.7%)
THE SCOTTS CO. (144A)
SENIOR SUBORDINATED NOTES
8.625% 01/15/2009 .................. 1,250,000 1,225,000
-------------
TOTAL CONSUMER STAPLES ................. 4,294,375
-------------
ENERGY (10.5%)
GULF CANADA RESOURCES LTD.
SENIOR SUBORDINATED DEBENTURES
9.625% 07/01/2005 .................. 1,350,000 1,383,750
NEWPARK RESOURCES, INC.
SENIOR SUBORDINATED NOTES,
SERIES B
8.625% 12/15/2007 .................. 1,000,000 900,000
PRIDE INTERNATIONAL, INC.
SENIOR NOTES
10.000% 06/01/2009 ................. 1,000,000 1,020,000
R&B FALCON CORP.
SENIOR NOTES, SERIES B
6.500% 04/15/2003 .................. 500,000 461,250
</TABLE>
See Accompanying Notes to Financial Statements
67
<PAGE>
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
- ------------------ -----------------
--COLUMBIA HIGH YIELD FUND, INC.--
----------------------------------
December 31, 1999
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
--------- ---------
<S> <C> <C>
CORPORATE BONDS (CONTINUED)
RBF FINANCE CO.
SENIOR SECURED NOTES
11.000% 03/15/2006 ................. $1,000,000 $ 1,067,500
SANTA FE SNYDER CORP.
SENIOR NOTES
8.050% 06/15/2004 .................. 1,750,000 1,693,125
VINTAGE PETROLEUM, INC.
SENIOR SUBORDINATED NOTES
9.750% 06/30/2009 .................. 1,000,000 1,032,500
-------------
TOTAL ENERGY ........................... 7,558,125
-------------
TECHNOLOGY (2.5%)
UNISYS CORP.
SENIOR NOTES
11.750% 10/15/2004 ................. 1,650,000 1,815,000
-------------
TRANSPORTATION (2.3%)
OTHER
ALLIED HOLDING, INC.
SENIOR NOTES, SERIES B
8.625% 10/01/2007 .................. 1,000,000 885,000
TEEKAY SHIPPING CORP.
GTD. 1ST PFD. SHIP. MTG. NOTES
8.320% 02/01/2008 .................. 850,000 779,875
-------------
TOTAL TRANSPORTATION ................... 1,664,875
-------------
TOTAL INDUSTRIAL ....................... 53,207,102
-------------
UTILITIES (16.9%)
ELECTRIC (5.1%)
AES CORP.
SENIOR SUBORDINATED NOTES
10.250% 07/15/2006 ................. 800,000 812,000
AES CORP.
SENIOR SUBORDINATED EXCHANGE
NOTES
8.375% 08/15/2007 .................. 500,000 463,750
CALPINE CORP.
SENIOR NOTES
7.625% 04/15/2006 .................. 1,500,000 1,416,825
CMS ENERGY X-TRAS (144A)
PASS THRU TRUST I
SENIOR UNSECURED NOTES
7.000% 01/15/2005 .................. 1,000,000 930,100
-------------
3,622,675
-------------
TELECOMMUNICATIONS (11.8%)
CROWN CASTLE INTERNATIONAL
CORP.
SENIOR NOTES
9.000% 05/15/2011 .................. $1,450,000 $ 1,421,000
FLAG LTD.
SENIOR NOTES
8.250% 01/30/2008 .................. 1,250,000 1,162,500
LEVEL 3 COMMUNICATIONS, INC.
SENIOR NOTES
9.125% 05/01/2008 .................. 500,000 472,500
LEVEL 3 COMMUNICATIONS, INC.
SENIOR DISCOUNT NOTES
0.000% 12/01/2008 STEP UP COUPON
0.000% TO 12/01/2003 THEN
10.500% TO 12/01/2008 .............. 2,050,000 1,240,250
MCLEODUSA, INC.
SENIOR NOTES
9.500% 11/01/2008 .................. 1,500,000 1,503,750
METROMEDIA FIBER NETWORK, INC.
SENIOR NOTES, SERIES B
10.000% 11/15/2008 ................. 1,000,000 1,022,500
NEXTLINK COMMUNICATIONS, INC.
SENIOR DISCOUNT NOTES
0.000% 04/15/2008 STEP UP COUPON
0.000% TO 04/15/2003 THEN 9.450% TO
04/15/2008 ......................... 1,000,000 635,000
NEXTLINK COMMUNICATIONS, INC.
SENIOR NOTES
10.750% 11/15/2008 ................. 1,000,000 1,030,000
-------------
8,487,500
-------------
TOTAL UTILITIES ........................ 12,110,175
-------------
YANKEE(1.4%)
OTHER
KOREA DEVELOPMENT BANK
BONDS
6.500% 11/15/2002 .................. 1,000,000 971,960
-------------
TOTAL CORPORATE BONDS
(COST $68,758,134) ................... 66,289,237
-------------
</TABLE>
See Accompanying Notes to Financial Statements
68
<PAGE>
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
- ------------------ -----------------
--COLUMBIA HIGH YIELD FUND, INC.--
----------------------------------
December 31, 1999
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
--------- ---------
<S> <C> <C>
REPURCHASE AGREEMENTS (5.8%)
J.P. MORGAN SECURITIES, INC.
5.527% DATED 12/31/1999,
DUE 01/03/2000 IN THE
AMOUNT OF $3,867,926.
COLLATERALIZED BY U.S. TREASURY
INFLATION INDEX NOTES
3.375% TO 3.875% DUE 01/15/2007
TO 01/15/2009, ...................... $3,867,340 $ 3,867,340
MERRILL LYNCH
5.475% DATED 12/31/1999,
DUE 01/03/2000 IN THE
AMOUNT OF $300,045.
COLLATERALIZED BY
U.S. TREASURY BILLS
DUE 03/30/2000 TO 09/14/2000 ........ 300,000 300,000
-------------
TOTAL REPURCHASE AGREEMENTS
(COST $4,167,340) .................... 4,167,340
-------------
TOTAL INVESTMENTS (98.3%)
(COST $72,925,474) ................... 70,456,577
OTHER ASSETS LESS LIABILITIES (1.7%) 1,221,250
-------------
NET ASSETS (100.0%) .................... $71,677,827
-------------
-------------
</TABLE>
See Accompanying Notes to Financial Statements
69
<PAGE>
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
- ------------------ -----------------
--COLUMBIA DAILY INCOME COMPANY--
---------------------------------
December 31, 1999
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
--------- ---------
<S> <C> <C>
U.S. GOVERNMENT SECURITIES (8.1%)
FANNIE MAE FLOATING RATE NOTES
5.970% 03/23/2000 ................... $15,000,000 $ 14,992,455
SALLIE MAE FLOATING RATE NOTES
6.113% 01/20/2000 ................... 13,300,000 13,299,974
6.113% 02/22/2000 ................... 9,000,000 9,001,101
FMC DISCOUNT NOTES
5.750% 02/24/2000 ................... 13,000,000 12,885,799
5.450% 02/25/2000 ................... 15,000,000 14,872,833
5.540% 02/29/2000 ................... 9,500,000 9,412,283
5.550% 03/16/2000 ................... 20,000,000 19,765,667
-------------
TOTAL U.S. GOVERNMENT SECURITIES
(COST $94,230,112) .................. 94,230,112
-------------
COMMERCIAL PAPER (91.8%)
ALABAMA POWER CO.
4.700% 01/06/2000 ................... 6,300,000 6,295,065
ALLIEDSIGNAL, INC.
5.820% 02/10/2000 ................... 8,000,000 7,946,973
5.850% 02/15/2000 ................... 15,500,000 15,384,137
AMERICAN EXPRESS CREDIT CORP.
6.300% 01/06/2000 ................... 13,000,000 12,986,350
6.350% 01/06/2000 ................... 9,700,000 9,689,734
5.500% 02/07/2000 ................... 5,000,000 4,970,972
6.030% 02/14/2000 ................... 14,000,000 13,894,475
AMERICAN GENERAL CORP.
5.900% 02/17/2000 ................... 12,000,000 11,905,600
AMERICAN GENERAL FINANCE CORP.
6.050% 01/10/2000 ................... 8,000,000 7,986,556
5.940% 02/16/2000 ................... 13,000,000 12,899,185
ARCHER DANIELS MIDLAND CO.
5.780% 04/04/2000 ................... 20,000,000 19,694,944
ASSOCIATES CORP. NA
5.900% 03/31/2000 ................... 13,000,000 12,806,119
BANK OF AMERICA CORP.
5.880% 01/24/2000 ................... 15,000,000 14,941,200
5.770% 01/27/2000 ................... 12,000,000 11,948,070
5.970% 02/04/2000 ................... 15,000,000 14,912,937
BANK ONE CORP.
5.990% 03/15/2000 ................... 20,000,000 19,750,417
BARCLAYS U.S. FUNDING CORP.
11.000% 01/03/2000 .................. $10,000,000 $ 9,990,833
CATERPILLAR FINANCIAL SERVICES CORP.
6.050% 01/13/2000 ................... 10,100,000 10,077,934
5.850% 02/17/2000 ................... 9,500,000 9,425,900
CHEVRON TRANSPORT CORP.
6.350% 01/05/2000 ................... 18,000,000 17,984,125
5.980% 02/11/2000 ................... 12,000,000 11,916,280
CHEVRON U.K. INVESTMENT PLC
6.040% 01/18/2000 ................... 12,000,000 11,963,760
CIT GROUP HOLDINGS, INC.
5.880% 02/02/2000 ................... 19,000,000 18,897,590
5.950% 02/04/2000 ................... 5,000,000 4,971,076
CITICORP
6.440% 01/24/2000 ................... 8,000,000 7,965,653
5.950% 01/26/2000 ................... 17,000,000 16,926,947
5.950% 02/03/2000 ................... 14,000,000 13,921,328
CONSOLIDATED NATURAL GAS CO.
6.050% 01/20/2000 ................... 10,000,000 9,966,389
6.090% 01/31/2000 ................... 10,000,000 9,947,558
6.070% 02/10/2000 ................... 17,000,000 16,882,478
EASTMAN KODAK CO.
6.500% 01/14/2000 ................... 7,800,000 7,780,283
6.500% 01/18/2000 ................... 11,000,000 10,964,250
FORD MOTOR CREDIT CO.
6.280% 01/07/2000 ................... 12,500,000 12,484,736
GENERAL ELECTRIC CAPITAL CORP.
6.280% 02/09/2000 ................... 7,000,000 6,951,156
5.800% 03/01/2000 ................... 12,000,000 11,882,067
5.920% 03/13/2000 ................... 10,000,000 9,879,956
GENERAL ELECTRIC CAPITAL SERVICES
5.840% 02/24/2000 ................... 10,000,000 9,910,778
GENERAL MOTORS ACCEPTANCE CORP.
6.610% 01/12/2000 ................... 6,000,000 5,986,780
5.900% 01/21/2000 ................... 17,000,000 16,941,492
GOLDMAN SACHS & CO.
6.460% 01/28/2000 ................... 10,000,000 9,949,756
6.460% 01/31/2000 ................... 6,000,000 5,966,623
5.980% 02/02/2000 ................... 6,000,000 5,967,110
5.980% 02/11/2000 ................... 10,000,000 9,930,233
6.080% 02/29/2000 ................... 7,500,000 7,424,000
</TABLE>
See Accompanying Notes to Financial Statements
70
<PAGE>
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
- ------------------ -----------------
--COLUMBIA DAILY INCOME COMPANY--
---------------------------------
December 31, 1999
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
--------- ---------
<S> <C> <C>
COMMERCIAL PAPER (CONTINUED)
GTE FUNDING, INC.
5.890% 01/19/2000 ................... $18,000,000 $ 17,944,045
5.850% 01/26/2000 ................... 14,000,000 13,940,850
6.020% 03/10/2000 ................... 10,000,000 9,882,944
HOUSEHOLD FINANCE CORP.
5.820% 02/09/2000 ................... 14,000,000 13,909,467
5.800% 02/22/2000 ................... 14,000,000 13,880,456
JOHN DEERE CAPITAL CORP.
5.970% 02/08/2000 ................... 12,800,000 12,717,216
5.900% 02/16/2000 ................... 17,000,000 16,869,053
5.910% 02/24/2000 ................... 11,000,000 10,900,679
LUBRIZOL CORP.
6.620% 01/04/2000 ................... 13,000,000 12,990,438
6.500% 01/11/2000 ................... 15,000,000 14,970,208
MCGRAW-HILL COS.
5.500% 02/04/2000 ................... 6,600,000 6,564,708
MERRILL LYNCH & CO., INC.
5.340% 02/08/2000 ................... 12,000,000 11,930,580
5.930% 02/18/2000 ................... 17,500,000 17,358,751
5.360% 02/29/2000 ................... 10,000,000 9,910,667
METLIFE FUNDING, INC.
5.840% 01/21/2000 ................... 6,300,000 6,278,538
5.830% 01/27/2000 ................... 21,000,000 20,908,177
5.810% 02/03/2000 ................... 11,000,000 10,939,641
MONSANTO CO.
5.930% 01/10/2000 ................... 11,000,000 10,981,881
5.850% 02/23/2000 ................... 10,000,000 9,912,250
5.790% 03/24/2000 ................... 17,000,000 16,770,330
MORGAN JP & CO., INC.
5.400% 01/18/2000 ................... 10,000,000 9,973,000
6.020% 01/19/2000 ................... 10,000,000 9,968,228
5.860% 02/28/2000 ................... 21,000,000 20,798,318
MORGAN STANLEY DEAN WITTER & CO.
6.030% 01/11/2000 ................... 11,000,000 10,979,732
6.030% 01/13/2000 ................... 14,000,000 13,969,515
6.060% 01/14/2000 ................... 9,500,000 9,477,612
6.060% 01/24/2000 ................... 6,000,000 5,975,760
MOTOROLA, INC.
6.050% 03/22/2000 ................... 10,500,000 10,355,304
NATIONAL RURAL UTILITIES
COOPERATIVE FINANCE CORP.
5.780% 01/25/2000 ................... 12,000,000 11,951,833
5.840% 01/25/2000 ................... 15,000,000 14,939,167
5.750% 02/18/2000 ................... 10,500,000 10,417,823
NORWEST FINANCIAL, INC.
6.020% 02/14/2000 ................... $17,000,000 $ 16,872,075
5.920% 03/03/2000 ................... 12,000,000 11,875,680
PACIFICORP
5.670% 01/28/2000 ................... 10,000,000 9,955,900
5.750% 02/07/2000 ................... 12,000,000 11,927,167
PPG INDUSTRIES, INC.
5.890% 01/14/2000 ................... 15,000,000 14,965,642
5.880% 01/28/2000 ................... 10,000,000 9,954,267
PRIVATE EXPORT FUNDING CORP.
5.860% 02/25/2000 ................... 10,000,000 9,908,844
6.000% 03/29/2000 ................... 13,000,000 12,807,167
PRUDENTIAL FUNDING CORP.
6.030% 01/12/2000 ................... 16,000,000 15,967,840
5.850% 01/31/2000 ................... 11,000,000 10,944,588
5.790% 04/05/2000 ................... 12,000,000 11,814,720
ROCKWELL INT'L.
5.750% 02/01/2000 ................... 11,000,000 10,943,778
USAA CAPITAL CORP.
6.200% 01/21/2000 ................... 10,500,000 10,462,025
WELLS FARGO & CO.
5.950% 01/07/2000 ................... 13,000,000 12,984,960
WEYERHAUSER CO.
6.400% 01/12/2000 ................... 9,000,000 8,980,800
-------------
TOTAL COMMERCIAL PAPER
(COST $1,069,602,429) ................ 1,069,602,429
-------------
REPURCHASE AGREEMENT (0.5%)
J.P. MORGAN SECURITIES, INC.
5.527% DATED 12/31/1999, DUE
01/03/2000 IN THE AMOUNT OF
$5,902,816. COLLATERALIZED BY U.S.
TREASURY INFLATION INDEX NOTES
3.375% TO 3.875%, DUE 01/15/2007 TO
01/15/2009.
(COST $5,900,136) ................... 5,900,136 5,900,136
-------------
TOTAL INVESTMENTS (100.4%)
(COST $1,169,732,677) .................... 1,169,732,677
OTHER ASSETS LESS LIABILITIES (-0.4%) ...... (4,443,265)
-------------
NET ASSETS (100.0%) ........................ $1,165,289,412
--------------
--------------
</TABLE>
See Accompanying Notes to Financial Statements
71
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES
- --------------------------------------------------------------------------------
COLUMBIA FUNDS
December 31, 1999
<TABLE>
<CAPTION>
COMMON INTERNATIONAL
STOCK GROWTH STOCK SPECIAL
FUND FUND FUND FUND
------------- -------------- ------------ ------------
<S> <C> <C> <C> <C>
ASSETS:
Investments at cost .......................................... $632,447,175 $1,393,398,680 $151,193,980 $600,061,598
Investments at cost -- federal income tax purposes ........... $634,761,523 $1,400,757,244 $151,199,742 $601,668,445
- ------------------------------------------------------------------- ------------- -------------- ------------ ------------
Investments at value ......................................... $963,499,662 $2,178,080,129 $239,375,088 $927,357,895
Cash ......................................................... -- -- 79,140 --
Cash denominated in foreign currencies (cost $18,237) ........ -- -- 18,202 --
Receivable for:
Investments sold ......................................... 6,864,797 3,918,224 -- 5,602,915
Capital stock sold ....................................... 1,756,096 2,200,630 1,010,498 1,299,131
Interest ................................................. 225,567 476,220 41,390 203,516
Dividends ................................................ 280,998 395,854 205,412 104,524
Expense reimbursement .................................... -- -- -- --
------------- -------------- ------------ ------------
Total assets ................................................. 972,627,120 2,185,071,057 240,729,730 934,567,981
------------- -------------- ------------ ------------
LIABILITIES:
Payable for:
Investments purchased .................................... 5,786,972 9,192,767 -- 11,705,368
Capital stock redeemed ................................... 5,831,955 6,168,560 738,272 1,896,705
Dividends and distributions .............................. 394,177 7,471,957 246,518 1,716,199
Investment management fees ............................... 476,932 961,927 186,948 658,229
Accrued expenses ......................................... 227,141 537,326 114,535 269,488
Foreign capital gains tax ................................ -- -- 220,538 --
------------- -------------- ------------ ------------
Total liabilities ............................................ 12,717,177 24,332,537 1,506,811 16,245,989
------------- -------------- ------------ ------------
NET ASSETS ........................................................ $959,909,943 $2,160,738,520 $239,222,919 $918,321,992
------------- -------------- ------------ ------------
NET ASSETS consist of:
Paid-in capital .............................................. $603,766,409 $1,307,169,087 $140,320,707 $483,906,950
Undistributed net investment income .......................... -- -- -- --
Undistributed net realized gain (accumulated losses) from: ...
Investment transactions .................................. 25,091,047 68,887,984 11,019,070 107,118,745
Foreign currency transactions ............................ -- -- (73,111) --
Unrealized appreciation (depreciation) on: ...................
Investments .............................................. 331,052,487 784,681,449 87,960,569 327,296,297
Translation of other assets and liabilities in
foreign currencies ..................................... -- -- (4,316) --
------------- -------------- ------------ ------------
NET ASSETS ........................................................ $959,909,943 $2,160,738,520 $239,222,919 $918,321,992
------------- -------------- ------------ ------------
------------- -------------- ------------ ------------
SHARES OF CAPITAL STOCK OUTSTANDING ............................... 33,210,523 44,176,432 10,487,005 30,686,574
------------- -------------- ------------ ------------
------------- -------------- ------------ ------------
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE .......... $28.90 $48.91 $22.81 $29.93
------------- -------------- ------------ ------------
------------- -------------- ------------ ------------
<CAPTION>
U.S.
REAL ESTATE GOVERNMENT
SMALL CAP EQUITY BALANCED SECURITIES
FUND FUND FUND FUND
------------ ------------ -------------- ------------
<S> <C> <C> <C> <C>
ASSETS:
Investments at cost .......................................... $192,989,896 $256,635,142 $841,936,827 $38,775,318
Investments at cost -- federal income tax purposes ........... $193,783,612 $253,378,092 $843,516,364 $38,935,916
- ------------------------------------------------------------------- ------------ ------------ -------------- ------------
Investments at value ......................................... $286,764,965 $243,383,504 $1,038,142,190 $38,510,972
Cash ......................................................... -- -- -- --
Cash denominated in foreign currencies (cost $18,237) ........ -- -- -- --
Receivable for:
Investments sold ......................................... 3,314,765 -- 4,629,557 --
Capital stock sold ....................................... 3,159,488 1,150,444 408,490 16,956
Interest ................................................. 62,466 35,828 5,635,681 9,359
Dividends ................................................ 5,935 2,099,691 206,378 --
Expense reimbursement .................................... -- -- -- --
------------ ------------ -------------- ------------
Total assets ................................................. 293,307,619 246,669,467 1,049,022,296 38,537,287
------------ ------------ -------------- ------------
LIABILITIES:
Payable for:
Investments purchased .................................... 1,737,250 3,307,913 1,996,671 --
Capital stock redeemed ................................... 800,895 1,276,996 5,119,889 407,582
Dividends and distributions .............................. 99,099 150,025 236,374 8,265
Investment management fees ............................... 222,613 136,527 438,941 16,109
Accrued expenses ......................................... 73,773 82,268 290,582 33,480
Foreign capital gains tax ................................ -- -- -- --
------------ ------------ -------------- ------------
Total liabilities ............................................ 2,933,630 4,953,729 8,082,457 465,436
------------ ------------ -------------- ------------
NET ASSETS ........................................................ $290,373,989 $241,715,738 $1,040,939,839 $38,071,851
------------ ------------ -------------- ------------
NET ASSETS consist of:
Paid-in capital .............................................. $177,710,759 $262,301,485 $824,580,205 $38,672,759
Undistributed net investment income .......................... -- -- 299,287 --
Undistributed net realized gain (accumulated losses) from: ...
Investment transactions .................................. 18,888,161 (7,334,109) 19,854,984 (336,562)
Foreign currency transactions ............................ -- -- -- --
Unrealized appreciation (depreciation) on: ...................
Investments .............................................. 93,775,069 (13,251,638) 196,205,363 (264,346)
Translation of other assets and liabilities in
foreign currencies ..................................... -- -- -- --
------------ ------------ -------------- ------------
NET ASSETS ........................................................ $290,373,989 $241,715,738 $1,040,939,839 $38,071,851
------------ ------------ -------------- ------------
------------ ------------ -------------- ------------
SHARES OF CAPITAL STOCK OUTSTANDING ............................... 10,650,762 16,590,328 42,111,104 4,643,555
------------ ------------ -------------- ------------
------------ ------------ -------------- ------------
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE .......... $27.26 $14.57 $24.72 $8.20
------------ ------------ -------------- ------------
------------ ------------ -------------- ------------
See Accompanying Notes to Financial Statements
72
<PAGE>
<CAPTION>
FIXED NATIONAL OREGON
INCOME MUNICIPAL MUNICIPAL
SECURITIES BOND BOND
FUND FUND FUND
------------- ------------ ------------
<S> <C> <C> <C>
ASSETS:
Investments at cost .......................................... $409,810,561 $10,529,896 $415,261,904
Investments at cost -- federal income tax purposes ........... $409,933,091 $10,529,896 $415,270,847
- ------------------------------------------------------------------- ------------- ------------ ------------
Investments at value ......................................... $396,090,926 $10,129,253 $405,891,130
Cash ......................................................... -- -- --
Cash denominated in foreign currencies (cost $18,237) ........ -- -- --
Receivable for:
Investments sold ......................................... -- -- --
Capital stock sold ....................................... 266,847 95,676 158,618
Interest ................................................. 4,906,563 156,064 5,233,453
Dividends ................................................ -- -- --
Expense reimbursement .................................... -- 30,437 --
------------- ------------ ------------
Total assets ................................................. 401,264,336 10,411,430 411,283,201
------------- ------------ ------------
LIABILITIES:
Payable for:
Investments purchased .................................... 3,054,494 245,476 --
Capital stock redeemed ................................... 490,306 -- 706,747
Dividends and distributions .............................. 286,774 1,859 415,890
Investment management fees ............................... 168,880 4,152 177,927
Accrued expenses ......................................... 116,928 25,021 64,096
Foreign capital gains tax ................................ -- -- --
------------- ------------ ------------
Total liabilities ............................................ 4,117,382 276,508 1,364,660
------------- ------------ ------------
NET ASSETS ........................................................ $397,146,954 $10,134,922 $409,918,541
------------- ------------ ------------
NET ASSETS consist of:
Paid-in capital .............................................. $420,115,617 $10,539,803 $419,361,936
Undistributed net investment income .......................... -- -- --
Undistributed net realized gain (accumulated losses) from: ...
Investment transactions .................................. (9,249,028) (4,238) (72,621)
Foreign currency transactions ............................ -- -- --
Unrealized appreciation (depreciation) on: ...................
Investments .............................................. (13,719,635) (400,643) (9,370,774)
Translation of other assets and liabilities in
foreign currencies ..................................... -- -- --
------------- ------------ ------------
NET ASSETS ........................................................ $397,146,954 $10,134,922 $409,918,541
------------- ------------ ------------
------------- ------------ ------------
SHARES OF CAPITAL STOCK OUTSTANDING ............................... 31,934,837 1,092,204 35,458,152
------------- ------------ ------------
------------- ------------ ------------
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE .......... $12.44 $9.28 $11.56
------------- ------------ ------------
------------- ------------ ------------
<CAPTION>
COLUMBIA
HIGH YIELD DAILY INCOME
FUND COMPANY
------------ --------------
<S> <C> <C>
ASSETS:
Investments at cost .......................................... $72,925,474 $1,169,732,677
Investments at cost -- federal income tax purposes ........... $72,965,787 $1,169,732,677
- ------------------------------------------------------------------- ------------ --------------
Investments at value ......................................... $70,456,577 $1,169,732,677
Cash ......................................................... -- 4,000,000
Cash denominated in foreign currencies (cost $18,237) ........ -- --
Receivable for:
Investments sold ......................................... -- --
Capital stock sold ....................................... 88,271 4,300,743
Interest ................................................. 1,400,780 244,960
Dividends ................................................ -- --
Expense reimbursement .................................... -- --
------------ --------------
Total assets ................................................. 71,945,628 1,178,278,380
------------ --------------
LIABILITIES:
Payable for:
Investments purchased .................................... -- --
Capital stock redeemed ................................... 135,064 11,998,110
Dividends and distributions .............................. 52,566 51,023
Investment management fees ............................... 37,647 460,118
Accrued expenses ......................................... 42,524 479,717
Foreign capital gains tax ................................ -- --
------------ --------------
Total liabilities ............................................ 267,801 12,988,968
------------ --------------
NET ASSETS ........................................................ $71,677,827 $1,165,289,412
------------ --------------
NET ASSETS consist of:
Paid-in capital .............................................. $75,272,815 $1,165,289,412
Undistributed net investment income .......................... -- --
Undistributed net realized gain (accumulated losses) from: ...
Investment transactions .................................. (1,126,091) --
Foreign currency transactions ............................ -- --
Unrealized appreciation (depreciation) on: ...................
Investments .............................................. (2,468,897) --
Translation of other assets and liabilities in
foreign currencies ..................................... -- --
------------ --------------
NET ASSETS ........................................................ $71,677,827 $1,165,289,412
------------ --------------
------------ --------------
SHARES OF CAPITAL STOCK OUTSTANDING ............................... 7,690,495 1,165,289,412
------------ --------------
------------ --------------
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE .......... $9.32 $1.00
------------ --------------
------------ --------------
</TABLE>
See Accompanying Notes to Financial Statements
73
<PAGE>
STATEMENTS OF OPERATIONS
- -------------------------------------------------------------------------------
COLUMBIA FUNDS
For the year ended December 31, 1999
<TABLE>
<CAPTION>
COMMON INTERNATIONAL
STOCK GROWTH STOCK SPECIAL
FUND FUND FUND FUND
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
NET INVESTMENT INCOME:
Income:
Interest ................................................. $1,471,507 $1,765,725 $552,790 $1,641,320
Dividends ................................................ 5,954,726 9,512,389 1,405,332 1,867,507
Foreign withholding tax on dividend income ............... -- -- (157,950) --
----------- ----------- ----------- -----------
Total income ........................................ 7,426,233 11,278,114 1,800,172 3,508,827
----------- ----------- ----------- -----------
Expenses:
Investment management fees ............................... 5,181,352 10,562,644 1,592,405 7,081,977
Transfer agent fees and expense .......................... 807,328 1,384,392 474,023 904,070
Postage, printing, and other ............................. 205,275 258,576 93,996 231,084
Shareholder servicing fees ............................... 299,349 102,027 5,263 143,430
Custodian fees ........................................... 58,326 110,507 129,329 55,232
Legal, insurance, and audit fees ......................... 45,095 58,513 40,376 47,624
Registration and filing fees ............................. 25,729 75,950 22,885 25,219
Directors fees ........................................... 7,918 17,852 1,440 7,251
----------- ----------- ----------- -----------
Total expenses ...................................... 6,630,372 12,570,461 2,359,717 8,495,887
Fees paid indirectly/expense reimbursements .............. (3,080) (5,901) (2,232) (6,715)
----------- ----------- ----------- -----------
Net expenses ........................................ 6,627,292 12,564,560 2,357,485 8,489,172
----------- ----------- ----------- -----------
Net investment income (loss) ................................. 798,941 (1,286,446) (557,313) (4,980,345)
----------- ----------- ----------- -----------
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Net realized gain (loss) from:
Investment transactions ...................................... 97,974,252 293,681,987 31,646,061 202,258,383
Foreign currency transactions ................................ -- -- (447,670) --
----------- ----------- ----------- -----------
Net realized gain (loss) ................................. 97,974,252 293,681,987 31,198,391 202,258,383
----------- ----------- ----------- -----------
Change in net unrealized appreciation or depreciation on:
Investments .............................................. 103,218,921 158,791,288 53,446,643 38,703,738
Translation of assets and liabilities in foreign currencies -- -- (8,562) --
----------- ----------- ----------- -----------
Change in net unrealized appreciation or depreciation 103,218,921 158,791,288 53,438,081 38,703,738
----------- ----------- ----------- -----------
Net realized and unrealized gain (loss) on investments.. 201,193,173 452,473,275 84,636,472 240,962,121
----------- ----------- ----------- -----------
NET INCREASE (DECREASE) RESULTING FROM
OPERATIONS ........................................................ $201,992,114 $451,186,829 $84,079,159 $235,981,776
----------- ----------- ----------- -----------
----------- ----------- ----------- -----------
<CAPTION>
REAL ESTATE
SMALL CAP EQUITY BALANCED
FUND FUND FUND
------------ ----------- ------------
<S> <C> <C> <C>
NET INVESTMENT INCOME:
Income:
Interest ................................................. $653,322 $726,543 $32,047,190
Dividends ................................................ 143,304 13,023,948 3,737,035
Foreign withholding tax on dividend income ............... -- -- --
------------ ----------- ------------
Total income ........................................ 796,626 13,750,491 35,784,225
------------ ----------- ------------
Expenses:
Investment management fees ............................... 1,745,238 1,549,192 5,094,253
Transfer agent fees and expense .......................... 308,568 231,345 900,945
Postage, printing, and other ............................. 37,584 30,917 234,837
Shareholder servicing fees ............................... 51,870 124,792 317,884
Custodian fees ........................................... 48,157 24,129 70,056
Legal, insurance, and audit fees ......................... 37,212 30,677 51,236
Registration and filing fees ............................. 32,352 58,920 29,626
Directors fees ........................................... 1,578 1,903 9,468
------------ ----------- ------------
Total expenses ...................................... 2,262,559 2,051,875 6,708,305
Fees paid indirectly/expense reimbursements .............. (3,189) (2,826) (4,226)
------------ ----------- ------------
Net expenses ........................................ 2,259,370 2,049,049 6,704,079
------------ ----------- ------------
Net investment income (loss) ................................. (1,462,744) 11,701,442 29,080,146
------------ ----------- ------------
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Net realized gain (loss) from:
Investment transactions ...................................... 35,579,689 (7,830,003) 58,919,954
Foreign currency transactions ................................ -- -- --
------------ ----------- ------------
Net realized gain (loss) ................................. 35,579,689 (7,830,003) 58,919,954
------------ ----------- ------------
Change in net unrealized appreciation or depreciation on:
Investments .............................................. 68,026,459 (10,932,476) 33,437,705
Translation of assets and liabilities in foreign currencies -- -- --
------------ ----------- ------------
Change in net unrealized appreciation or depreciation 68,026,459 (10,932,476) 33,437,705
---------- ----------- ------------
Net realized and unrealized gain (loss) on investments.. 103,606,148 (18,762,479) 92,357,659
------------ ----------- ------------
NET INCREASE (DECREASE) RESULTING FROM
OPERATIONS ........................................................ $102,143,404 ($7,061,037) $121,437,805
------------ ----------- ------------
------------ ----------- ------------
See Accompanying Notes to Financial Statements
74
<PAGE>
<CAPTION>
U.S. FIXED NATIONAL
GOVERNMENT INCOME MUNICIPAL
SECURITIES SECURITIES BOND
FUND FUND FUND
----------- ----------- ---------
<S> <C> <C> <C>
NET INVESTMENT INCOME:
Income:
Interest ................................................. $1,917,826 $28,093,930 $263,208
Dividends ................................................ -- -- --
Foreign withholding tax on dividend income ............... -- -- --
----------- ----------- ---------
Total income ........................................ 1,917,826 28,093,930 263,208
----------- ----------- ---------
Expenses:
Investment management fees ............................... 194,635 2,105,357 27,095
Transfer agent fees and expense .......................... 98,723 373,761 27,113
Postage, printing, and other ............................. 21,641 71,275 6,224
Shareholder servicing fees ............................... 1,145 47,601 --
Custodian fees ........................................... 4,100 35,437 2,079
Legal, insurance, and audit fees ......................... 24,771 39,759 23,085
Registration and filing fees ............................. 9,040 26,678 7,583
Directors fees ........................................... 365 3,944 50
----------- ----------- ---------
Total expenses ...................................... 354,420 2,703,812 93,229
Fees paid indirectly/expense reimbursements .............. (1,118) (3,885) (58,005)
----------- ----------- ---------
Net expenses ........................................ 353,302 2,699,927 35,224
----------- ----------- ---------
Net investment income (loss) ................................. 1,564,524 25,394,003 227,984
----------- ----------- ---------
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Net realized gain (loss) from:
Investment transactions ...................................... (336,562) (9,249,028) (4,238)
Foreign currency transactions ................................ -- -- --
----------- ----------- ---------
Net realized gain (loss) ................................. (336,562) (9,249,028) (4,238)
----------- ----------- ---------
Change in net unrealized appreciation or depreciation on:
Investments .............................................. (537,091) (23,036,495) (400,643)
Translation of assets and liabilities in foreign currencies -- -- --
----------- ----------- ---------
Change in net unrealized appreciation or depreciation (537,091) (23,036,495) (400,643)
----------- ----------- ---------
Net realized and unrealized gain (loss) on investments.. (873,653) (32,285,523) (404,881)
----------- ----------- ---------
NET INCREASE (DECREASE) RESULTING FROM
OPERATIONS ........................................................ $690,871 ($6,891,520) ($176,897)
----------- ----------- ---------
----------- ----------- ---------
<CAPTION>
OREGON
MUNICIPAL COLUMBIA
BOND HIGH YIELD DAILY INCOME
FUND FUND COMPANY
------------ ----------- ------------
<S> <C> <C> <C>
NET INVESTMENT INCOME:
Income:
Interest ................................................. $23,417,844 $5,824,281 $58,656,221
Dividends ................................................ -- -- --
Foreign withholding tax on dividend income ............... -- -- --
------------ ----------- ------------
Total income ........................................ 23,417,844 5,824,281 58,656,221
------------ ----------- ------------
Expenses:
Investment management fees ............................... 2,246,866 405,284 5,232,688
Transfer agent fees and expense .......................... 171,378 106,273 972,451
Postage, printing, and other ............................. 75,429 23,590 363,493
Shareholder servicing fees ............................... 9,933 19,230 --
Custodian fees ........................................... 23,915 11,002 454,084
Legal, insurance, and audit fees ......................... 43,424 27,200 49,122
Registration and filing fees ............................. 5,675 22,893 36,599
Directors fees ........................................... 4,224 625 10,382
------------ ----------- ------------
Total expenses ...................................... 2,580,844 616,097 7,118,819
Fees paid indirectly/expense reimbursements .............. (1,199) (2,346) (80,128)
------------ ----------- ------------
Net expenses ........................................ 2,579,645 613,751 7,038,691
------------ ----------- ------------
Net investment income (loss) ................................. 20,838,199 5,210,530 51,617,530
------------ ----------- ------------
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Net realized gain (loss) from:
Investment transactions ...................................... 583,400 (1,090,679) --
Foreign currency transactions ................................ -- -- --
------------ ----------- ------------
Net realized gain (loss) ................................. 583,400 (1,090,679) --
------------ ----------- ------------
Change in net unrealized appreciation or depreciation on:
Investments .............................................. (33,170,458) (2,631,537) --
Translation of assets and liabilities in foreign currencies -- -- --
------------ ----------- ------------
Change in net unrealized appreciation or depreciation (33,170,458) (2,631,537) -
------------ ----------- ------------
Net realized and unrealized gain (loss) on investments.. (32,587,058) (3,722,216) --
------------ ----------- ------------
NET INCREASE (DECREASE) RESULTING FROM
OPERATIONS ........................................................ ($11,748,859) $1,488,314 $51,617,530
------------ ----------- ------------
------------ ----------- ------------
</TABLE>
See Accompanying Notes to Financial Statements
75
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
- -------------------------------------------------------------------------------
COLUMBIA FUNDS
For the years ended December 31,
<TABLE>
<CAPTION>
COMMON STOCK FUND GROWTH FUND
---------------------------- -------------------------------
1999 1998 1999 1998
------------- ------------- -------------- ---------------
<S> <C> <C> <C> <C>
Operations:
Net investment income (loss) ............................... $ 798,941 $ 4,672,736 $ (1,286,446) $ 3,156,064
Net realized gain (loss) from:
Investment transactions ............................... 97,974,252 89,973,443 293,681,987 77,263,496
Foreign currency transactions ......................... -- -- -- --
Change in net unrealized appreciation or depreciation on:
Investments ........................................... 103,218,921 89,964,455 158,791,288 322,622,139
Translation of assets and liabilities in foreign
currencies ......................................... -- -- -- --
------------- ------------- -------------- ---------------
Net increase (decrease) resulting from operations .......... 201,992,114 184,610,634 451,186,829 403,041,699
Distributions to shareholders:
From net investment income ................................. (954,346) (4,552,680) (31,399) (3,081,14)
In excess of net investment income ......................... -- (69,472) -- (50,967)
From net realized gain from investment transactions and
foreign currency transactions ........................... (54,980,735) (91,091,522) (188,737,105) (79,945,012)
In excess of net realized gain from investment transactions -- (4,001,636) -- (5,463,435)
From return of capital ..................................... -- -- -- --
Net capital share transactions ................................. 16,706,345 (71,654,578) 145,296,654 113,604,981
------------- ------------- -------------- ---------------
Net increase (decrease) in net assets ............................... 162,763,378 13,240,746 407,714,979 428,105,852
NET ASSETS:
Beginning of year .............................................. 797,146,565 783,905,819 1,753,023,541 1,324,917,689
------------- ------------- -------------- ---------------
End of year .................................................... $ 959,909,943 $ 797,146,565 $2,160,738,520 $ 1,753,023,541
------------- ------------- -------------- ---------------
------------- ------------- -------------- ---------------
Undistributed net investment income at end of year .................. $ -- $ 155,405 $ -- $ 31,399
------------- ------------- -------------- ---------------
------------- ------------- -------------- ---------------
<CAPTION>
NATIONAL
U.S. GOVERNMENT FIXED INCOME MUNICIPAL
SECURITIES FUND SECURITIES FUND BOND FUND
------------------------ --------------------------- -------------
1999 1998 1999 1998 1999 (*)
----------- ----------- ------------- ------------ ------------
<S> <C> <C> <C> <C> <C>
Operations:
Net investment income ................................... $1,564,524 $1,773,959 $25,394,003 $25,231,753 $227,984
Net realized gain (loss) from investment transactions ... (336,562) 463,379 (9,249,028) 4,181,058 (4,238)
Change in net unrealized appreciation or depreciation
on investments ..................................... (537,091) 181,795 (23,036,495) (283,034) (400,643)
----------- ----------- ------------- ------------ ------------
Net increase (decrease) resulting from operations ....... 690,871 2,419,133 (6,891,520) 29,129,777 (176,897)
Distributions to shareholders:
From net investment income .............................. (1,564,524) (1,773,959) (25,394,003) (25,231,753) (227,984)
In excess of net investment income ...................... -- -- -- -- --
From net realized gain from investment transactions (21,399) (192,702) (123,381) (4,065,757) --
Net capital share transactions ............................ (1,610,963) 2,288,719 7,225,727 41,165,110 10,539,803
----------- ----------- ------------- ------------ ------------
Net increase (decrease) in net assets ....................... (2,506,015) 2,741,191 (25,183,177) 40,997,377 10,134,922
NET ASSETS:
Beginning of year ....................................... 40,577,866 37,836,675 422,330,131 381,332,754 --
----------- ----------- ------------- ------------ ------------
End of year ............................................. $38,071,851 $40,577,866 $397,146,954 $422,330,131 $10,134,922
----------- ----------- ------------- ------------ ------------
----------- ----------- ------------- ------------ ------------
See Accompanying Notes to Financial Statements
76
<PAGE>
<CAPTION>
INTERNATIONAL STOCK FUND SPECIAL FUND
-------------------------- ----------------------------
1999 1998 1999 1998
------------- ------------ ------------- -------------
<S> <C> <C> <C> <C>
Operations:
Net investment income (loss) ............................... $ (557,313) $ (22,112) $ (4,980,345) $ (927,264)
Net realized gain (loss) from:
Investment transactions ............................... 31,646,061 (1,586,408) 202,258,383 (544,655)
Foreign currency transactions ......................... (447,670) (1,099,734) -- --
Change in net unrealized appreciation or depreciation on:
Investments ........................................... 53,446,643 19,606,801 38,703,738 150,392,854
Translation of assets and liabilities in foreign
currencies ......................................... (8,562) (120,200) -- --
------------- ------------ ------------- -------------
Net increase (decrease) resulting from operations .......... 84,079,159 16,778,347 235,981,776 148,920,935
Distributions to shareholders:
From net investment income ................................. -- -- -- (254,898)
In excess of net investment income ......................... -- -- -- (230,229)
From net realized gain from investment transactions and
foreign currency transactions ........................... (15,581,514) (65,195) (64,905,812) --
In excess of net realized gain from investment transactions -- -- -- --
From return of capital ..................................... -- -- -- --
Net capital share transactions ................................. 36,532,274 (28,800,687) (222,112,863) (428,794,714)
------------- ------------ ------------- -------------
Net increase (decrease) in net assets ............................... 105,029,919 (12,087,535) (51,036,899) (280,358,906)
NET ASSETS:
Beginning of year .............................................. 134,193,000 146,280,535 969,358,891 1,249,717,797
------------- ------------ ------------- -------------
End of year .................................................... $ 239,222,919 $134,193,000 $ 918,321,992 $ 969,358,891
------------- ------------ ------------- -------------
------------- ------------ ------------- -------------
Undistributed net investment income at end of year .................. $ -- $ -- $ -- $ --
------------- ------------ ------------- -------------
------------- ------------ ------------- -------------
<CAPTION>
OREGON MUNICIPAL
BOND FUND HIGH YIELD FUND
------------------------------ --------------------------
1999 1998 1999 1998
------------- ------------ ------------ ------------
<S> <C> <C> <C> <C>
Operations:
Net investment income ................................... $20,838,199 $19,830,150 $5,210,530 $3,697,029
Net realized gain (loss) from investment transactions ... 583,400 3,856,207 (1,090,679) 277,970
Change in net unrealized appreciation or depreciation
on investments ..................................... (33,170,458) (263,686) (2,631,537) (968,024)
------------- ------------ ------------ ------------
Net increase (decrease) resulting from operations ....... (11,748,859) 23,422,671 1,488,314 3,006,975
Distributions to shareholders:
From net investment income .............................. (20,838,199) (19,830,150) (5,210,530) (3,697,029)
In excess of net investment income ...................... -- (10,701) -- --
From net realized gain from investment transactions (664,050) (4,149,947) (53,874) (290,221)
Net capital share transactions ............................ (19,639,074) 54,228,675 17,930,084 19,225,699
------------- ------------ ------------ ------------
Net increase (decrease) in net assets ....................... (52,890,182) 53,660,548 14,153,994 18,245,424
NET ASSETS:
Beginning of year ....................................... 462,808,723 409,148,175 57,523,833 39,278,409
------------- ------------ ------------ ------------
End of year ............................................. $409,918,541 $462,808,723 $71,677,827 $57,523,833
------------- ------------ ------------ ------------
------------- ------------ ------------ ------------
<CAPTION>
SMALL CAP FUND REAL ESTATE EQUITY FUND
--------------------------- -------------------------------
1999 1998 1999 1998
------------ ------------- -------------- --------------
<S> <C> <C> <C> <C>
Operations:
Net investment income (loss) ............................... $ (1,462,744) $ (840,887) $ 11,701,442 $ 7,511,435
Net realized gain (loss) from:
Investment transactions ............................... 35,579,689 (10,185,536) (7,830,003) (225,330)
Foreign currency transactions ......................... -- -- -- --
Change in net unrealized appreciation or depreciation on:
Investments ........................................... 68,026,459 16,364,251 (10,932,476) (29,435,976)
Translation of assets and liabilities in foreign
currencies ......................................... -- -- -- --
------------ ------------- -------------- --------------
Net increase (decrease) resulting from operations .......... 102,143,404 5,337,828 (7,061,037) (22,149,871)
Distributions to shareholders:
From net investment income ................................. -- -- (10,095,164) (6,572,683)
In excess of net investment income ......................... -- (12,878) -- (2,387)
From net realized gain from investment transactions and
foreign currency transactions ........................... (4,983,750) -- -- --
In excess of net realized gain from investment transactions -- -- -- --
From return of capital ..................................... -- -- (1,606,278) (940,385)
Net capital share transactions ................................. 32,742,128 58,715,948 96,305,863 42,283,240
------------ ------------- -------------- --------------
Net increase (decrease) in net assets ............................... 129,901,782 64,040,898 77,543,384 12,617,914
NET ASSETS:
Beginning of year .............................................. 160,472,207 96,431,309 164,172,354 151,554,440
------------ ------------- -------------- --------------
End of year .................................................... $290,373,989 $ 160,472,207 $ 241,715,738 $ 164,172,354
------------ ------------- -------------- --------------
------------ ------------- -------------- --------------
Undistributed net investment income at end of year .................. $ -- $ -- $ -- $ --
------------ ------------- -------------- --------------
------------ ------------- -------------- --------------
<CAPTION>
COLUMBIA DAILY
INCOME COMPANY
-------------------------------------
1999 1998
--------------- ---------------
<S> <C> <C>
Operations:
Net investment income ................................... $51,617,530 $52,842,216
Net realized gain (loss) from investment transactions ... -- --
Change in net unrealized appreciation or depreciation
on investments ..................................... -- --
--------------- ---------------
Net increase (decrease) resulting from operations ....... 51,617,530 52,842,216
Distributions to shareholders:
From net investment income .............................. (51,617,530) (52,842,216)
In excess of net investment income ...................... -- --
From net realized gain from investment transactions -- --
Net capital share transactions ............................ 56,148,201 (59,954,357)
--------------- ---------------
Net increase (decrease) in net assets ....................... 56,148,201 (59,954,357)
NET ASSETS:
Beginning of year ....................................... 1,109,141,211 1,169,095,568
--------------- ---------------
End of year ............................................. $1,165,289,412 $1,109,141,211
--------------- ---------------
--------------- ---------------
<CAPTION>
BALANCED FUND
---------------------------------
1999 1998
-------------- -------------
<S> <C> <C>
Operations:
Net investment income (loss) ............................... $ 29,080,146 $ 28,903,882
Net realized gain (loss) from:
Investment transactions ............................... 58,919,954 65,831,341
Foreign currency transactions ......................... -- --
Change in net unrealized appreciation or depreciation on:
Investments ........................................... 33,437,705 68,447,300
Translation of assets and liabilities in foreign
currencies ......................................... -- --
-------------- --------------
Net increase (decrease) resulting from operations .......... 121,437,805 163,182,523
Distributions to shareholders:
From net investment income ................................. (28,986,708) (28,733,052)
In excess of net investment income ......................... -- --
From net realized gain from investment transactions and
foreign currency transactions ........................... (27,016,924) (66,826,702)
In excess of net realized gain from investment transactions -- (1,501,528)
From return of capital ..................................... -- --
Net capital share transactions ................................. 124,908 116,881,261
-------------- --------------
Net increase (decrease) in net assets ............................... 65,559,081 183,002,502
NET ASSETS:
Beginning of year .............................................. 975,380,758 792,378,256
-------------- --------------
End of year .................................................... $1,040,939,839 $ 975,380,758
-------------- --------------
-------------- --------------
Undistributed net investment income at end of year .................. $ 299,287 $ 205,849
-------------- --------------
-------------- --------------
</TABLE>
See Accompanying Notes to Financial Statements
77
<PAGE>
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
-- 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 Oregon 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 Oregon 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. Equity securities are valued 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 securities are valued
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 other securities with comparable ratings,
interest rates and maturities. Market value for municipal securities is 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. 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.
INVESTMENT TRANSACTIONS. Investment transactions are accounted for as of the
date the investments are purchased or sold. Net realized gains and losses are
determined on the identified cost basis, which is also used for federal income
tax purposes. Securities purchased on a when-issued or forward-delivery basis
may settle a month or more after trade date; interest income is not accrued
until settlement date. Each Fund instructs the custodian to segregate liquid
assets of the Fund with a current value at least equal to the amount of its
when-issued purchase commitments.
INVESTMENT INCOME AND EXPENSES. Dividend income less foreign taxes withheld (if
any) is recorded on the ex-dividend date. Certain dividends from foreign
securities will be recorded as soon as the fund is informed of the dividend, if
such information is obtained subsequent to the ex-dividend date. Interest income
is recorded on the accrual basis and includes amortization of discounts or
accretion of premiums. Expenses are recorded on the accrual basis and each Fund
bears expenses incurred specifically on its behalf as well as a portion of
general expenses incurred on behalf of all Funds. Expenses for "fees paid
indirectly" reflect earnings credits on uninvested cash balances used to reduce
the Fund's custodian charges.
FORWARD CURRENCY EXCHANGE CONTRACTS. Certain Funds may enter into forward
currency contracts in connection
78
<PAGE>
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
-- 1. SIGNIFICANT ACCOUNTING POLICIES --
CONTINUED
with planned purchases or sales of securities or to hedge the U.S. dollar value
of that Fund's 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. A 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 change 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 year ended December 31, 1999, the Funds
did not enter into any such forward currency contracts.
FOREIGN CURRENCY TRANSLATIONS. The books and records of the International Stock
Fund are maintained in U.S. dollars. Foreign currencies, investments and other
assets and liabilities of the funds are translated into U.S. dollars at the
daily rates of exchange on the valuation date. Purchases and sales of investment
securities, dividend and interest income and certain expenses are translated 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.
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.
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, Oregon 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 generally declared and paid
annually. Distributions to shareholders are recorded on the ex-dividend date. A
portion of the dividends paid to shareholders in the Real Estate Equity Fund
include return of capital received from Real Estate Investment Trust securities
held in the Fund's portfolio. Additional distributions of net investment income
and capital gains for each Fund may be made at the discretion of the Board of
Directors in accordance with federal income tax regulations.
FEDERAL INCOME 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 net realized
gains to its shareholders in a manner which results in no tax to the Fund.
Therefore, no federal income or excise tax provision is required.
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 companies (PFIC), post-October losses, and non-taxable
dividends. For the year ended December 31, 1999, the Common Stock, Growth,
International Stock, Special, and Balanced Funds utilized earnings and profits
distributed to shareholders on redemption of shares as a part of the dividends
paid deduction for income tax purposes.
As of December 31, 1999, the Real Estate Equity, U.S. Government Securities,
Fixed Income Securities, National Municipal Bond, and High Yield Funds had
$4,833,568, $7,041, $6,446,288, $4,238, and $1,036,178, respectively, in capital
loss carryovers available to offset future capital gains distributions. These
capital loss carryovers expire in the year 2007. Also, the Real Estate Equity,
U.S. Government Securities, Fixed Income Securities, Oregon Municipal Bond, and
High Yield Funds had $2,270,349, $168,923, $2,680,210, $62,999, and $49,600,
respectively, in post-October losses that are deferred to January 1, 2000.
During the year ended December 31, 1999, the International Stock, Special, and
Small Cap Funds utilized $1,410,029, $1,021,462, and $9,350,313, respectively,
in capital loss carryovers from prior years.
During the year ended December 31, 1999, the following distributions were
designated as long-term gains: Common Stock Fund--$47,329,900, Growth
Fund--$164,345,847, International Stock Fund--$15,671,563, Special
Fund--$72,890,550, Balanced Fund--$21,667,447, and Oregon Municipal Bond
Fund--$607,603.
FOREIGN CAPITAL GAINS TAXES. Realized gains in certain countries may be subject
to foreign taxes at the Fund level, at rates ranging from approximately 10% to
30%. The Funds provide for such foreign taxes on net realized and unrealized
gains at the appropriate rate for each jurisdiction.
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
December 31, 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 during the year ended December
31, 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. During the year ended December 31, 1999, there were no further
purchases or additions of affiliated issuers.
OTHER. 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. As of December 31, 1999, 8% of the Fund's debt securities
were rated Baa, 53% were rated Ba, 37% were rated B, and 1% were rated Caa, as
rated by Moody's Investors Service, 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) is the Funds' transfer and shareholder servicing agent. CFMC and
CTC are wholly-owned subsidiaries of Fleet Boston Corporation, a publicly owned
multi-bank holding company registered under the Bank Holding Company Act of
1956.
Investment management fees were paid by each Fund 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%
Oregon 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 Funds also reimburse CTC for certain
direct shareholder servicing and accounting costs.
For the year ended December 31, 1999, CFMC contractually 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 year ended December 31, 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.......... $807,253,170 $2,243,717,335 $145,006,605 $1,018,386,841 $326,425,718
U.S. Government obligations................. -- -- -- -- --
------------ -------------- ------------ -------------- ------------
Total purchases........................... $807,253,170 $2,243,717,335 $145,006,605 $1,018,386,841 $326,425,718
------------ -------------- ------------ -------------- ------------
------------ -------------- ------------ -------------- ------------
SALES AND MATURITIES:
Investment securities other
than U.S. Government obligations.......... $864,305,178 $2,344,196,623 $138,035,706 $1,314,583,624 $310,879,324
U.S. Government obligations................. -- -- -- -- --
------------ -------------- ------------ -------------- ------------
Total sales and maturities................ $864,305,178 $2,344,196,623 $138,035,706 $1,314,583,624 $310,879,324
------------ -------------- ------------ -------------- ------------
------------ -------------- ------------ -------------- ------------
NET REALIZED GAIN (LOSS):
Investment securities other
than U.S. Government obligations.......... $ 97,974,252 $ 293,681,987 $ 31,646,061 $ 202,258,383 $ 35,579,689
U.S. Government obligations................. -- -- -- -- --
------------ -------------- ------------ -------------- ------------
Total net realized gain (loss)............ $ 97,974,252 $ 293,681,987 $ 31,198,391 $ 202,258,383 $ 35,579,689
------------ -------------- ------------ -------------- ------------
------------ -------------- ------------ -------------- ------------
UNREALIZED APPRECIATION (DEPRECIATION)
FOR FEDERAL INCOME TAX PURPOSES:
Appreciation................................ $337,392,798 $ 797,273,562 $ 92,284,712 $ 333,133,983 $ 99,333,895
Depreciation................................ (8,654,659) (19,950,677) (4,109,366) (7,444,533) (6,352,542)
------------ -------------- ------------ -------------- ------------
Net unrealized appreciation (depreciation) $328,738,139 $ 777,322,885 $ 88,175,346 $ 325,689,450 $ 92,981,353
------------ -------------- ------------ -------------- ------------
------------ -------------- ------------ -------------- ------------
</TABLE>
* For the period February 10 through December 31, 1999.
82
<PAGE>
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
-- 3. INVESTMENT TRANSACTIONS, CONTINUED --
<TABLE>
<CAPTION>
U.S. FIXED NATIONAL
REAL ESTATE GOVERNMENT INCOME MUNICIPAL
EQUITY BALANCED SECURITIES SECURITIES BOND
FUND FUND FUND FUND FUND*
------------ -------------- ----------- ------------ -----------
<S> <C> <C> <C> <C> <C>
PURCHASES:
Investment securities other
than U.S. Government obligations.......... $147,568,209 $ 716,184,074 $ -- $173,381,669 $10,649,238
U.S. Government obligations................. -- 573,259,502 63,878,961 434,576,598 --
------------ -------------- ----------- ------------ -----------
Total purchases........................... $147,568,209 $1,289,443,576 $63,878,961 $607,958,267 $10,649,238
------------ -------------- ----------- ------------ -----------
------------ -------------- ----------- ------------ -----------
SALES AND MATURITIES:
Investment securities other
than U.S. Government obligations.......... $ 55,695,722 $ 734,008,248 $ -- $153,203,446 $ 706,931
U.S. Government obligations................. -- 572,233,853 64,898,519 452,718,099 --
------------ -------------- ----------- ------------ -----------
Total sales and maturities................ $ 55,695,722 $1,306,242,101 $64,898,519 $605,921,545 $ 706,931
------------ -------------- ----------- ------------ -----------
------------ -------------- ----------- ------------ -----------
NET REALIZED GAIN (LOSS):
Investment securities other
than U.S. Government obligations.......... $ (7,830,003) $ 67,175,002 $ -- $ (2,807,613) $ (4,238)
U.S. Government obligations................. -- (8,255,048) (336,562) (6,441,415) --
------------ -------------- ----------- ------------ -----------
Total net realized gain (loss)............ $ (7,830,003) $ 58,919,954 $ (336,562) $ (9,249,028) $ (4,238)
------------ -------------- ----------- ------------ -----------
------------ -------------- ----------- ------------ -----------
UNREALIZED APPRECIATION (DEPRECIATION)
FOR FEDERAL INCOME TAX PURPOSES:
Appreciation................................ $ 9,579,641 $ 218,095,250 $ 53 $ 255,183 $ 13,436
Depreciation................................ (19,574,229) (23,469,424) (424,997) (14,097,348) (414,079)
------------ -------------- ----------- ------------ -----------
Net unrealized appreciation (depreciation) $ (9,994,588) $ 194,625,826 $ (424,944) $(13,842,165) $ (400,643)
------------ -------------- ----------- ------------ -----------
------------ -------------- ----------- ------------ -----------
<CAPTION>
OREGON
MUNICIPAL
BOND HIGH YIELD
FUND FUND
------------ -----------
<S> <C> <C>
PURCHASES:
Investment securities other
than U.S. Government obligations.......... $121,595,431 $46,928,360
U.S. Government obligations................. -- --
------------ -----------
Total purchases........................... $121,595,431 $46,928,360
------------ -----------
------------ -----------
SALES AND MATURITIES:
Investment securities other
than U.S. Government obligations.......... $139,074,410 $28,664,636
U.S. Government obligations................. -- --
------------ -----------
Total sales and maturities................ $139,074,410 $28,664,636
------------ -----------
------------ -----------
NET REALIZED GAIN (LOSS):
Investment securities other
than U.S. Government obligations.......... $ 583,400 $(1,090,679)
U.S. Government obligations................. -- --
------------ -----------
Total net realized gain (loss)............ $ 583,400 $(1,090,679)
------------ -----------
------------ -----------
UNREALIZED APPRECIATION (DEPRECIATION)
FOR FEDERAL INCOME TAX PURPOSES:
Appreciation................................ $ 4,399,250 $ 214,733
Depreciation................................ (13,778,967) (2,723,943)
------------ -----------
Net unrealized appreciation (depreciation) $ (9,379,717) $(2,509,210)
------------ -----------
------------ -----------
</TABLE>
83
<PAGE>
NOTES TO FINANCIAL STATEMENTS
- -------------------------------------------------------------------------------
-- 4. CAPITAL STOCK ACTIVITY --
<TABLE>
<CAPTION>
COMMON STOCK FUND GROWTH FUND INTERNATIONAL STOCK FUND
----------------------------- ----------------------------- -----------------------------
1999 1998 1999 1998 1999 1998
------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
SHARES:
Shares sold................... 11,517,632 13,269,125 9,878,594 12,502,270 6,568,847 6,757,057
Shares reinvested for
dividends and distributions.. 1,925,063 3,761,670 3,704,725 1,958,431 672,171 4,073
------------- ------------- ------------- ------------- ------------- -------------
13,442,695 17,030,795 13,583,319 14,460,701 7,241,018 6,761,130
Shares redeemed............... (12,902,897) (19,963,393) (10,645,707) (11,802,719) (5,437,082) (8,752,521)
------------- ------------- ------------- ------------- ------------- -------------
Net increase (decrease)....... 539,798 (2,932,598) 2,937,612 2,657,982 1,803,936 (1,991,391)
------------- ------------- ------------- ------------- ------------- -------------
------------- ------------- ------------- ------------- ------------- -------------
AMOUNTS:
Sales......................... $ 303,390,022 $ 313,993,826 $ 458,631,367 $ 483,570,772 $ 115,830,456 $ 96,626,658
Reinvestment of dividends
and distributions............ 55,517,942 91,734,934 181,198,091 83,252,983 15,332,212 62,933
------------- ------------- ------------- ------------- ------------- -------------
358,907,964 405,728,760 639,829,458 566,823,755 131,162,668 96,689,591
Less redemptions.............. (342,201,619) (477,383,338) (494,532,804) (453,218,774) (94,630,394) (125,490,278)
------------- ------------- ------------- ------------- ------------- -------------
Net increase (decrease)....... $ 16,706,345 $ (71,654,578) $ 145,296,654 $ 113,604,981 $ 36,532,274 $ (28,800,687)
------------- ------------- ------------- ------------- ------------- -------------
------------- ------------- ------------- ------------- ------------- -------------
Capital stock authorized...... 100,000,000 100,000,000 100,000,000
Par value..................... no par $ 0.01 no par
U.S. GOVERNMENT FIXED INCOME NATIONAL MUNICIPAL
SECURITIES FUND SECURITIES FUND BOND FUND
--------------------------- ----------------------------- --------------------------
1999 1998 1999 1998 1999*
------------ ------------ ------------- ------------- ------------
<S> <C> <C> <C> <C> <C>
SHARES:
Shares sold................... 1,622,111 2,328,032 11,566,401 12,025,253 1,167,112
Shares reinvested for
dividends and distributions.. 179,825 220,206 1,654,141 1,746,053 22,266
------------ ------------ ------------- ------------- ------------
1,801,936 2,548,238 13,220,542 13,771,306 1,189,378
Shares redeemed............... (1,994,828) (2,273,646) (12,763,958) (10,720,493) (97,174)
------------ ------------ ------------- ------------- ------------
Net increase (decrease)....... (192,892) 274,592 456,584 3,050,813 1,092,204
------------ ------------ ------------- ------------- ------------
------------ ------------ ------------- ------------- ------------
AMOUNTS:
Sales......................... $ 13,439,970 $ 19,453,757 $ 149,896,177 $ 162,360,726 $ 11,243,302
Reinvestment of dividends
and distributions............ 1,487,740 1,841,909 21,208,934 23,546,526 210,997
------------ ------------ ------------- ------------- ------------
14,927,710 21,295,666 171,105,111 185,907,252 11,454,299
Less redemptions.............. (16,538,673) (19,006,947) (163,879,384) (144,742,142) (914,496)
------------ ------------ ------------- ------------- ------------
Net increase (decrease)....... $ (1,610,963) $ 2,288,719 $ 7,225,727 $ 41,165,110 $ 10,539,803
------------ ------------ ------------- ------------- ------------
------------ ------------ ------------- ------------- ------------
Capital stock authorized...... 100,000,000 200,000,000 100,000,000
Par value..................... $ 0.01 $ 0.01 $ 0.01
</TABLE>
* For the period February 10 through December 31, 1999.
84
<PAGE>
NOTES TO FINANCIAL STATEMENTS
- -------------------------------------------------------------------------------
-- 4. CAPITAL STOCK ACTIVITY, CONTINUED --
<TABLE>
<CAPTION>
SPECIAL FUND SMALL CAP FUND REAL ESTATE EQUITY FUND
----------------------------- ----------------------------- -----------------------------
1999 1998 1999 1998 1999 1998
------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
SHARES:
Shares sold................... 8,091,686 15,749,843 9,154,142 8,487,025 14,484,357 9,988,402
Shares reinvested for
dividends and distributions.. 2,110,467 19,697 179,125 684 741,606 416,553
------------- ------------- ------------- ------------- ------------- -------------
10,202,153 15,769,540 9,333,267 8,487,709 15,225,963 10,404,955
Shares redeemed............... (20,554,037) (36,402,850) (7,888,604) (5,074,580) (9,054,829) (8,048,667)
------------- ------------- ------------- ------------- ------------- -------------
Net increase (decrease)....... (10,351,884) (20,633,310) 1,444,663 3,413,129 6,171,134 2,356,288
------------- ------------- ------------- ------------- ------------- -------------
------------- ------------- ------------- ------------- ------------- -------------
AMOUNTS:
Sales......................... $ 189,699,087 $ 326,466,750 $ 173,956,372 $ 142,918,397 $ 223,469,596 $ 171,289,503
Reinvestment of dividends
and distributions............ 63,166,278 465,243 4,882,952 11,916 11,170,622 6,951,254
------------- ------------- ------------- ------------- ------------- -------------
252,865,365 326,931,993 178,839,324 142,930,313 234,640,218 178,240,757
Less redemptions.............. (474,978,228) (755,726,707) (146,097,196) (84,214,365) (138,334,355) (135,957,517)
------------- ------------- ------------- ------------- ------------- -------------
Net increase (decrease)....... $(222,112,863) $(428,794,714) $ 32,742,128 $ 58,715,948 $ 96,305,863 $ 42,283,240
------------- ------------- ------------- ------------- ------------- -------------
------------- ------------- ------------- ------------- ------------- -------------
Capital stock authorized...... 100,000,000 100,000,000 100,000,000
Par value..................... $ 0.01 no par no par
<CAPTION>
BALANCED FUND
-----------------------------
1999 1998
------------- -------------
<S> <C> <C>
SHARES:
Shares sold................... 17,873,300 13,507,447
Shares reinvested for
dividends and distributions.. 2,275,603 4,168,672
------------- -------------
20,148,903 17,676,119
Shares redeemed............... (20,132,726) (12,580,813)
------------- -------------
Net increase (decrease)....... 16,177 5,095,306
------------- -------------
------------- -------------
AMOUNTS:
Sales......................... $ 423,883,086 $ 307,811,840
Reinvestment of dividends
and distributions............ 55,413,297 96,330,655
------------- -------------
479,296,383 404,142,495
Less redemptions.............. (479,171,475) (287,261,234)
------------- -------------
Net increase (decrease)....... $ 124,908 $ 116,881,261
------------- -------------
------------- -------------
Capital stock authorized...... 100,000,000
Par value..................... no par
<CAPTION>
OREGON MUNICIPAL COLUMBIA DAILY
BOND FUND HIGH YIELD FUND INCOME COMPANY
---------------------------- --------------------------- ---------------------------------
1999 1998 1999 1998 1999 1998
------------- ------------ ------------ ------------ --------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
SHARES:
Shares sold................... 7,638,760 10,282,298 5,482,451 5,050,748 1,662,164,367 1,712,535,787
Shares reinvested for
dividends and distributions.. 1,429,175 1,535,194 481,404 350,237 51,589,441 52,814,144
------------- ------------ ------------ ------------ --------------- ---------------
9,067,935 11,817,492 5,963,855 5,400,985 1,713,753,808 1,765,349,931
Shares redeemed............... (10,762,622) (7,484,819) (4,117,581) (3,469,996) (1,657,605,607) (1,825,304,288)
------------- ------------ ------------ ------------ --------------- ---------------
Net increase (decrease)....... (1,694,687) 4,332,673 1,846,274 1,930,989 56,148,201 (59,954,357)
------------- ------------ ------------ ------------ --------------- ---------------
------------- ------------ ------------ ------------ --------------- ---------------
AMOUNTS:
Sales......................... $ 92,826,600 $128,573,968 $ 52,700,054 $ 50,292,553 $ 1,662,164,367 $ 1,712,535,787
Reinvestment of dividends
and distributions............ 17,180,278 19,177,222 4,589,655 3,493,216 51,589,441 52,814,144
------------- ------------ ------------ ------------ --------------- ---------------
110,006,878 147,751,190 57,289,709 53,785,769 1,713,753,808 1,765,349,931
Less redemptions.............. (129,645,952) (93,522,515) (39,359,625) (34,560,070) (1,657,605,607) (1,825,304,288)
------------- ------------ ------------ ------------ --------------- ---------------
Net increase (decrease)....... $ (19,639,074) $ 54,228,675 $ 17,930,084 $ 19,225,699 $ 56,148,201 $ (59,954,357)
------------- ------------ ------------ ------------ --------------- ---------------
------------- ------------ ------------ ------------ --------------- ---------------
Capital stock authorized...... 100,000,000 100,000,000 2,000,000,000
Par value..................... no par no par $ 0.001
</TABLE>
85
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
- --------------------------------------------------------------------------------
TO THE BOARD OF DIRECTORS AND SHAREHOLDERS OF:
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 Oregon Municipal Bond Fund, Inc.
Columbia High Yield Fund, Inc.
Columbia Daily Income Company
In our opinion, the accompanying statements of assets and liabilities, including
the schedules of investments, and the related statements of operations and of
changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of each of the 13 funds comprising the
Columbia Funds (the Funds) at December 31, 1999, the results of their operations
for the year then ended, the changes in their net assets for each of the two
years in the period then ended, except for the Columbia National Municipal Bond
Fund, Inc., for which the period is February 10, 1999 (commencement of
operations) through December 31, 1999, and the financial highlights for the
periods presented therein, in conformity with accounting principles generally
accepted in the United States. These financial statements and financial
highlights (hereafter referred to as financial statements) are the
responsibility of the Funds' management; our responsibility is to express an
opinion on these financial statements based on our audits. We conducted our
audits of these financial statements in accordance with auditing standards
generally accepted in the United States, which require that we plan and perform
the audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements,
assessing the accounting principles used and significant estimates made by
management, and evaluating the overall financial statements presentation. We
believe that our audits, which included confirmation of securities at December
31, 1999 by correspondence with the custodian and brokers, provide a reasonable
basis for the opinion expressed above.
PRICEWATERHOUSECOOPERS LLP
Portland, Oregon
February 4, 2000
86
<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
-- INDEPENDENT ACCOUNTANTS --
-----------------------------------------------------
PRICEWATERHOUSECOOPERS LLP
1300 S.W. FIFTH AVENUE, SUITE 3100
PORTLAND, OREGON 97201
-- TRANSFER AGENT --
-----------------------------------------------------
COLUMBIA TRUST COMPANY
1301 S.W. FIFTH AVENUE
PORTLAND, OREGON 97201
THIS INFORMATION MUST BE PRECEDED OR ACCOMPANIED BY A CURRENT PROSPECTUS.
THE MANAGERS' VIEWS CONTAINED IN THIS REPORT ARE SUBJECT TO CHANGE AT ANY TIME,
BASED ON MARKET AND OTHER CONSIDERATIONS.
PORTFOLIO CHANGES SHOULD NOT BE CONSIDERED RECOMMENDATIONS FOR ACTION
BY INDIVIDUAL INVESTORS.
FUNDS DISTRIBUTED BY PROVIDENT DISTRIBUTORS, INC.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
