<Page>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-6529
---------------------------------------------
Columbia Funds Trust VI
- -------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
One Financial Center, Boston, Massachusetts 02111
- -------------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)
Vincent Pietropaolo, Esq.
Columbia Management Group, Inc.
One Financial Center
Boston, NA 02111
- -------------------------------------------------------------------------------
(Name and address of agent for service)
Registrant's telephone number, including area code: 1-617-772-3698
----------------------------
Date of fiscal year end: 8/31/04
--------------------------
Date of reporting period: 8/31/04
-------------------------
Form N-CSR is to be used by management investment companies to file reports
with the Commission not later than 10 days after the transmission to
stockholders of any report that is required to be transmitted to stockholders
under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).
The Commission may use the information provided on Form N-CSR in its
regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street,
NW, Washington, DC 20549-0609. The OMB has reviewed this collection of
information under the clearance requirements of 44 U.S.C. Section 3507.
<Page>
FORM N-CSR ITEMS -- PERIOD ENDED 8/31/04
COLUMBIA FUNDS TRUST VI
ITEM 1. REPORTS TO STOCKHOLDERS.
<Page>
[GRAPHIC]
COLUMBIA NEWPORT ASIA PACIFIC FUND
ANNUAL REPORT
AUGUST 31, 2004
[COLUMBIAFUNDS(R) LOGO]
A MEMBER OF COLUMBIA MANAGEMENT GROUP
<Page>
TABLE OF CONTENTS
<Table>
Fund Profile 1
Performance Information 2
Understanding Your Expenses 3
Economic Update 4
Portfolio Managers' Report 5
Financial Statements 7
Investment Portfolio 8
Statement of Assets and Liabilities 13
Statement of Operations 14
Statement of Changes in Net Assets 15
Notes to Financial Statements 17
Financial Highlights 23
Report of Independent Registered Public Accounting Firm 27
Trustees 28
Officers 30
Columbia Funds 31
Important Information About This Report 33
</Table>
Economic and market conditions change frequently. There is no assurance that the
trends described in this report will continue or commence.
NOT FDIC MAY LOSE VALUE
INSURED -----------------
NO BANK GUARANTEE
TO OUR FELLOW SHAREHOLDERS
COLUMBIA NEWPORT ASIA PACIFIC FUND
DEAR SHAREHOLDER:
We are pleased to let you know that FleetBoston Financial Corporation and Bank
of America Corporation have merged, effective April 1, 2004. As a result of the
merger, Columbia Management Group became part of the Bank of America family of
companies. Looking ahead, we believe this merger will be a real benefit to our
shareholders. Preserving and leveraging our strengths, the combined organization
intends to deliver additional research and management capabilities, as well as
new products to you. There are no immediate changes planned for fund names or
customer service contacts.
As you might know, on March 15, 2004, FleetBoston Financial announced an
agreement in principle between Columbia Management Advisors, Inc. and Columbia
Funds Distributor, Inc. (collectively "Columbia Management") with the staff of
the Securities and Exchange Commission ("SEC") and the New York Attorney General
("NYAG") to settle charges involving market timing in Columbia Management mutual
funds. (Bank of America came to a similar settlement in principle at the same
time.) Under the agreements Columbia Management agreed, among other things, to
pay $70 million in disgorgement and $70 million in civil penalties. In a
separate agreement with the NYAG, the Columbia Group and its affiliate Bank of
America Capital Management, LLC have agreed to collectively reduce mutual fund
fees by $160 million over a five-year period. Please rest assured that the
settlement and all associated legal fees will be paid by Columbia Management;
not by the affected funds or their shareholders. The agreement requires the
final approval of the SEC and the NYAG.
You should know that your fund's Board of Trustees has taken another important
step to strengthen its capacity to oversee your fund. Recently, the Board of
Trustees appointed Mary Joan Hoene as Chief Compliance Officer of Columbia
funds. In this role, Ms. Hoene will work with the Board of Trustees,
particularly focused on the overall compliance program of the funds and the
responsibility and performance of the funds' service providers. Ms. Hoene will
report directly to the Board of Trustees and will work closely with senior
leadership of Columbia Management, the investment arm of Bank of America, and
with Bank of America's principal compliance executives. Prior to her
appointment, Ms. Hoene was a partner in the law firm of Carter, Ledyard &
Milburn, LLP. Among the firm's clients were investment advisors and independent
directors of mutual funds. Ms. Hoene has also worked for the Securities and
Exchange Commission as associate director and deputy director for the Division
of Investment Management. She has also been an active advisor to several fund
boards in developing independent board practices. The Board is pleased that it
has appointed Ms. Hoene with her broad and extensive experience to this
important new position.
Both your fund's trustees and Columbia Management are committed to serving the
interests of our shareholders, and we will continue to work hard to help you
achieve your financial goals.
In the pages that follow, you'll find valuable information about the economic
environment during the period and the performance of your Columbia fund. These
discussions are followed by financial statements for your fund. We hope that you
will take time to read this report and discuss it with your financial advisor if
you have any questions.
As always, thank you for choosing Columbia funds. It is a privilege to play a
role in your financial future.
Sincerely,
/s/ Thomas C. Theobald /s/ J. Kevin Connaughton
Thomas C. Theobald J. Kevin Connaughton
Chairman, Board of Trustees President, Columbia Funds
J. Kevin Connaughton was named president of Columbia Funds on February 27, 2004.
<Page>
FUND PROFILE
COLUMBIA NEWPORT ASIA PACIFIC FUND
The information below gives you a snapshot of your fund at the end of the
reporting period. Your fund is actively managed and the composition of its
portfolio will change over time.
Top 5 countries as of 08/31/04 (%)
<Table>
Japan 58.4
Australia 11.4
Hong Kong 8.7
Taiwan 4.8
Singapore 4.7
</Table>
Top 5 sectors as of 08/31/04 (%)
<Table>
Financials 27.1
Consumer discretionary 26.1
Information technology 16.3
Consumer staples 8.8
Health care 5.2
</Table>
Top 10 holdings as of 08/31/04 (%)
<Table>
Toyota Motor 5.6
Mitsubishi Tokyo Financial Group 3.6
Canon 3.4
NTT DoCoMo 3.0
Denso 2.8
Millea Holdings 2.8
Sun Hung Kai Properties 2.6
Takeda Pharmaceutical 2.4
Samsung Electronics 2.3
Matsushita Electric Industrial 2.2
</Table>
Country and sector breakdowns and portfolio holdings are calculated as a
percentage of net assets.
(C)2004 Morningstar, Inc. All Rights Reserved. The information contained herein:
(1) is proprietary to Morningstar and/or its content providers; (2) may not be
copied or distributed; and (3) is not warranted to be accurate, complete or
timely. Neither Morningstar nor its content providers are responsible for any
damages or losses arising from any use of this information. Past performance is
no guarantee of future results.
The Morningstar Style Box(TM) reveals a fund's investment strategy. For equity
funds the vertical axis shows the market capitalization of the stocks owned and
the horizontal axis shows investment style (value, blend or growth). For
fixed-income funds the vertical axis shows the average credit quality of the
bonds owned, and the horizontal axis shows interest rate sensitivity as measured
by a bond's duration (short, intermediate or long). All of these numbers are
drawn from the data most recently provided by the fund and entered into
Morningstar's database as of month-end. Although the data are gathered from
reliable sources, Morningstar cannot guarantee completeness and accuracy. As of
08/31/2004.
[SIDENOTE]
SUMMARY
- - For the 12-month period ended August 31, 2004, the fund's class A shares
returned 9.05% without sales charge.
- - The fund's return was substantially lower than the return of its benchmark,
the MSCI All Country Asia Pacific Index, as well as its peer group, the
Lipper Pacific Region Funds Category.
- - The fund had less exposure to Japan than its benchmark and peer group and, as
a result, missed out on some of the strong gains from the Japanese market. We
raised exposure to Japan during the period.
[CHART]
<Table>
CLASS A SHARES 9.05%
MSCI ALL COUNTRY ASIA PACIFIC INDEX 19.99%
</Table>
OBJECTIVE
Seeks long-term growth by investing primarily in equity securities of companies
located in Asia or the Pacific Basin
TOTAL NET ASSETS
$11.3 million
MORNINGSTAR STYLE BOX
[GRAPHIC]
1
<Page>
PERFORMANCE INFORMATION
COLUMBIA NEWPORT ASIA PACIFIC FUND
[CHART]
VALUE OF A $10,000 INVESTMENT 08/19/98 - 08/31/04
<Table>
<Caption>
CLASS A SHARES WITHOUT SALES CHARGE CLASS A SHARES WITH SALES CHARGE MSCI ALL COUNTRY ASIA PACIFIC INDEX
8/19/98 $ 10,000 $ 9,425
8/31/98 $ 9,470 $ 8,925 $ 10,000
9/30/98 $ 10,200 $ 9,614 $ 10,037
10/31/98 $ 12,130 $ 11,433 $ 11,743
11/30/98 $ 12,870 $ 12,130 $ 12,384
12/31/98 $ 13,297 $ 12,533 $ 12,767
1/31/99 $ 12,914 $ 12,172 $ 12,869
2/28/99 $ 13,105 $ 12,352 $ 12,594
3/31/99 $ 14,960 $ 14,100 $ 14,168
4/30/99 $ 17,177 $ 16,189 $ 15,232
5/31/99 $ 16,299 $ 15,362 $ 14,443
6/30/99 $ 19,161 $ 18,059 $ 15,955
7/31/99 $ 20,654 $ 19,466 $ 16,949
8/31/99 $ 21,459 $ 20,225 $ 16,885
9/30/99 $ 21,702 $ 20,454 $ 17,364
10/31/99 $ 22,709 $ 21,403 $ 17,998
11/30/99 $ 26,379 $ 24,862 $ 18,963
12/31/99 $ 29,444 $ 27,751 $ 20,211
1/31/2000 $ 27,562 $ 25,977 $ 19,499
2/29/2000 $ 27,871 $ 26,268 $ 19,020
3/31/2000 $ 28,933 $ 27,269 $ 20,237
4/30/2000 $ 26,540 $ 25,014 $ 18,713
5/31/2000 $ 24,775 $ 23,351 $ 17,643
6/30/2000 $ 26,093 $ 24,593 $ 18,876
7/31/2000 $ 24,478 $ 23,071 $ 17,115
8/31/2000 $ 25,222 $ 23,772 $ 17,834
9/30/2000 $ 23,628 $ 22,270 $ 16,673
10/31/2000 $ 21,599 $ 20,357 $ 15,621
11/30/2000 $ 20,525 $ 19,345 $ 15,058
12/31/2000 $ 20,043 $ 18,890 $ 14,463
1/31/2001 $ 20,921 $ 19,718 $ 14,853
2/28/2001 $ 19,527 $ 18,404 $ 14,175
3/31/2001 $ 17,991 $ 16,956 $ 13,363
4/30/2001 $ 19,144 $ 18,043 $ 14,101
5/31/2001 $ 19,012 $ 17,918 $ 14,075
6/30/2001 $ 18,112 $ 17,071 $ 13,467
7/31/2001 $ 17,047 $ 16,067 $ 12,615
8/31/2001 $ 16,214 $ 15,281 $ 12,366
9/30/2001 $ 14,129 $ 13,316 $ 10,982
10/31/2001 $ 14,656 $ 13,813 $ 11,198
11/30/2001 $ 15,643 $ 14,744 $ 11,732
12/31/2001 $ 15,709 $ 14,806 $ 11,467
1/31/2002 $ 15,489 $ 14,599 $ 11,040
2/28/2002 $ 15,412 $ 14,526 $ 11,343
3/31/2002 $ 16,279 $ 15,343 $ 12,165
4/30/2002 $ 16,599 $ 15,644 $ 12,440
5/31/2002 $ 16,620 $ 15,664 $ 12,926
6/30/2002 $ 15,884 $ 14,971 $ 12,270
7/31/2002 $ 14,809 $ 13,957 $ 11,495
8/31/2002 $ 14,644 $ 13,802 $ 11,408
9/30/2002 $ 13,502 $ 12,726 $ 10,719
10/31/2002 $ 13,776 $ 12,984 $ 10,434
11/30/2002 $ 14,248 $ 13,429 $ 10,868
12/31/2002 $ 13,700 $ 12,912 $ 10,510
1/31/2003 $ 13,216 $ 12,456 $ 10,294
2/28/2003 $ 12,974 $ 12,228 $ 10,212
3/31/2003 $ 12,699 $ 11,969 $ 9,877
4/30/2003 $ 12,732 $ 12,000 $ 10,024
5/31/2003 $ 13,424 $ 12,652 $ 10,578
6/30/2003 $ 14,126 $ 13,314 $ 11,276
7/31/2003 $ 14,839 $ 13,986 $ 11,770
8/31/2003 $ 15,893 $ 14,979 $ 12,785
9/30/2003 $ 16,463 $ 15,517 $ 13,352
10/31/2003 $ 17,044 $ 16,064 $ 14,157
11/30/2003 $ 16,693 $ 15,734 $ 13,849
12/31/2003 $ 17,725 $ 16,706 $ 14,809
1/31/2004 $ 18,032 $ 16,995 $ 15,191
2/29/2004 $ 18,086 $ 17,046 $ 15,396
3/31/2004 $ 18,809 $ 17,728 $ 16,597
4/30/2004 $ 17,976 $ 16,942 $ 15,684
5/31/2004 $ 17,449 $ 16,446 $ 15,230
6/30/2004 $ 17,723 $ 16,704 $ 15,719
7/31/2004 $ 17,087 $ 16,104 $ 15,062
8/31/2004 $ 17,334 $ 16,337 $ 15,338
</Table>
The graph and table do not reflect the deduction of taxes that a shareholder
would pay on fund distributions or the redemption of fund shares. The Morgan
Stanley Capital International (MSCI) All Country (AC) Asia Pacific Index is an
unmanaged index that tracks the performance of stocks traded on stock exchanges
in Pacific Basin countries, including Australia, China, Hong Kong, Indonesia,
Japan, Korea, Malaysia, New Zealand, Philippines, Singapore, Taiwan, and
Thailand. Unlike mutual funds, indices are not investments, do not incur fees or
expenses and are not professionally managed. It is not possible to invest
directly in an index. Securities in the fund may not match those in an index.
Index performance is from August 31, 1998.
AVERAGE ANNUAL TOTAL RETURN AS OF 08/31/04 (%)
<Table>
<Caption>
SHARE CLASS A B C Z
- -------------------------------------------------------------------------------------
INCEPTION 08/19/98 08/19/98 08/19/98 02/01/01
- -------------------------------------------------------------------------------------
SALES CHARGE WITHOUT WITH WITHOUT WITH WITHOUT WITH WITHOUT
- -------------------------------------------------------------------------------------
1-year 9.05 2.78 8.22 3.22 8.23 7.23 9.32
5-year -4.18 -5.31 -4.87 -5.22 -4.88 -4.88 -3.98
Life 9.55 8.48 8.75 8.75 8.74 8.74 9.74
</Table>
AVERAGE ANNUAL TOTAL RETURN AS OF 06/30/04 (%)
<Table>
<Caption>
SHARE CLASS A B C Z
- -------------------------------------------------------------------------------------
SALES CHARGE WITHOUT WITH WITHOUT WITH WITHOUT WITH WITHOUT
- -------------------------------------------------------------------------------------
1-year 25.49 18.27 24.58 19.58 24.60 23.60 25.83
5-year -1.54 -2.70 -2.24 -2.61 -2.26 -2.26 -1.34
Life 10.26 9.15 9.47 9.36 9.45 9.45 10.46
</Table>
THE "WITH SALES CHARGE" RETURNS INCLUDE THE MAXIMUM INITIAL SALES CHARGE OF
5.75% FOR CLASS A SHARES, MAXIMUM CONTINGENT DEFERRED SALES CHARGE OF 5.00% FOR
CLASS B SHARES AND 1.00% FOR CLASS C SHARES FOR THE FIRST YEAR ONLY. ALL RESULTS
SHOWN ASSUME REINVESTMENT OF DISTRIBUTIONS. CLASS Z SHARES ARE SOLD AT NET ASSET
VALUE WITH NO RULE 12b-1 FEES. PERFORMANCE FOR DIFFERENT SHARE CLASSES WILL VARY
BASED ON DIFFERENCES IN SALES CHARGES AND FEES ASSOCIATED WITH EACH CLASS.
Performance results reflect any voluntary waivers or reimbursement of fund
expenses by the advisor or its affiliates. Absent these waivers or reimbursement
arrangements, performance results would have been lower.
Class Z share (newer class shares) performance includes returns of the fund's
class A shares for periods prior to the inception date of the newer class
shares. Returns are not restated to reflect any expense differential (e.g.,
12b-1 fees) between class A shares and the newer class shares. Had the expense
differential been reflected, the returns for the period prior to the inception
of class Z shares would have been higher.
[SIDENOTE]
PERFORMANCE OF A $10,000 INVESTMENT 08/19/98 - 08/31/04 ($)
<Table>
<Caption>
SALES CHARGE: WITHOUT WITH
- ---------------------------------------------
Class A 17,334 16,337
Class B 16,588 16,588
Class C 16,578 16,578
Class Z 17,521 n/a
</Table>
Performance data quoted represents past performance and current performance may
be lower or higher. Past performance is no guarantee of future results. The
investment return and principal value will fluctuate so that shares, when
redeemed, may be worth more or less than the original cost. Please visit
www.columbiafunds.com for daily and most recent month-end performance updates.
2
<Page>
UNDERSTANDING YOUR EXPENSES
COLUMBIA NEWPORT ASIA PACIFIC FUND
As a fund shareholder, you incur two types of costs. There are transaction
costs, which generally include sales charges on purchases and may include
redemption or exchange fees. There are also continuing costs, which generally
include investment advisory and/or Rule 12b-1 fees, and other fund expenses. The
information on this page is intended to help you understand your ongoing costs
of investing in the fund and to compare this cost with the continuing costs of
investing in other mutual funds.
ANALYZING YOUR FUND'S EXPENSES BY SHARE CLASS
To illustrate these ongoing costs, we have provided an example and calculated
the expenses paid by investors in each share class during the reporting period.
The information in the following table is based on an initial investment of
$1,000, which is invested at the beginning of the reporting period and held for
the entire period. Expense information is calculated two ways and each method
provides you with different information. The amount listed in the "actual"
column is calculated using the fund's actual operating expenses and total return
for the period. The amount listed in the "hypothetical" column for each share
class assumes that the return each year is 5% before expenses and includes the
fund's actual expense ratio. You should not use the hypothetical account values
and expenses to estimate either your actual account balance at the end of the
period or the expenses you paid during this reporting period.
MARCH 1, 2004 - AUGUST 31, 2004
<Table>
<Caption>
ACCOUNT VALUE AT THE ACCOUNT VALUE AT THE EXPENSES PAID FUND'S ANNUALIZED
BEGINNING OF THE PERIOD ($) END OF THE PERIOD ($) DURING THE PERIOD ($) EXPENSE RATIO (%)
ACTUAL HYPOTHETICAL ACTUAL HYPOTHETICAL ACTUAL HYPOTHETICAL
Class A 1,000.00 1,000.00 958.22 1,014.33 10.58 10.89 2.15
Class B 1,000.00 1,000.00 953.95 1,010.56 14.24 14.66 2.90
Class C 1,000.00 1,000.00 953.90 1,010.56 14.24 14.66 2.90
Class Z 1,000.00 1,000.00 959.28 1,015.58 9.36 9.63 1.90
</Table>
Expenses paid during the period are equal to the fund's annualized expense
ratio, multiplied by the average account value over the period, then multiplied
by the number of days in the fund's most recent fiscal half-year and divided by
366.
Had the Investment Advisor not waived or reimbursed a portion of expenses, total
return would have been reduced.
It is important to note that the expense amounts shown in the table are meant to
highlight only continuing costs of investing in the fund and do not reflect any
transactional costs, such as sales charges, redemption or exchange fees.
Therefore, the hypothetical examples provided will not help you determine the
relative total costs of owning different funds. If these transactional costs
were included, your costs would have been higher.
COMPARE WITH OTHER FUNDS
Since all mutual fund companies are required to include the same hypothetical
calculations about expenses in shareholder reports, you can use this information
to compare the ongoing cost of investing in the fund with other funds. To do so,
compare the 5% hypothetical example with the 5% hypothetical examples that
appear in the shareholder reports of other funds. As you compare hypothetical
examples of other fund companies, it is important to note that hypothetical
examples are meant to highlight the continuing cost of investing in a fund and
do not reflect any transactional costs, such as sales charges or redemption or
exchange fees.
[SIDENOTE]
ESTIMATING YOUR ACTUAL EXPENSES
To estimate the expenses that you paid over the period, first you will need your
account balance at the end of the period:
- - For shareholders who receive their account statements from Columbia Funds
Services, Inc., your account balance is available online at
www.columbiafunds.com or by calling Shareholder Services at 800.345.6611
- - For shareholders who receive their account statements from their brokerage
firm, contact your brokerage firm to obtain your account balance
1. Divide your ending account balance by $1,000. For example, if an account
balance was $8,600 at the end of the period, the result would be 8.6
2. In the section of the table below titled "Expenses paid during the period,"
locate the amount for your share class. You will find this number is in the
column labeled "actual." Multiply this number by the result from step 1. Your
answer is an estimate of the expenses you paid on your account during the
period
3
<Page>
ECONOMIC UPDATE
COLUMBIA NEWPORT ASIA PACIFIC FUND
During the period that began September 1, 2003 and ended August 31, 2004, the
economies of Asia and the Pacific regions experienced economic growth that was
significantly higher than elsewhere in the world. According to Morgan Stanley,
GDP for Asia outside of Japan grew at a rate of 7.0%; within Japan it was 4.6%.
The global economy grew at an estimated 4.7% over the same period.
Most Asian economies reported higher consumer and business spending, which
translated into export growth and higher domestic demand. As the period
continued, export growth slowed and industrial production slowed somewhat in key
areas, such as Korea and Taiwan, reflecting a pullback in technology shipments.
However, China and India both bucked that trend.
Robust economic activity was reflected in strong double-digit gains for the
equity markets throughout the region. The MSCI AC Asia Pacific Index gained
19.99% for the 12-month reporting period. Although most Asian markets retreated
in the final three months of the period, the smaller markets of China, India,
Korea and Malaysia reversed course and moved higher. In Korea, a surprise
interest rate cut helped stocks move sharply higher in the final month of the
period.
ECONOMIC NEWS LIFTS, RESTRAINS JAPANESE STOCKS
Japan's economy turned the corner in 2003 and economic recovery continued in
2004. However, the latest GDP figures were revised slightly downward as an
earlier improvement in consumer spending proved short-lived. Still, economic
improvement as well as private and public sector reforms, have helped buoy the
Japanese stock market. Corporate governance is much tighter, due to better
disclosure. Pension reform has taken a step forward. And profit margins are
reportedly up while leverage is down for both small and large firms. The biggest
risk to the Japanese economy, as for others in the region, is that energy prices
could remain high. Higher energy prices took a toll on the Japanese stock market
in the final three months of the period.
GROWTH SLOWS IN GREATER CHINA
Although the economies of greater China (including Hong Kong and Taiwan) grew at
a solid pace, there were indications of a softening trend late in the period.
The People's Bank of China (PBOC) took steps to temper the pace of lending for
expansion projects in order to restrain the fast pace of economic growth in
mainland China. So far, these measures appear to have been effective in
restraining growth without going overboard. China's GDP growth may well reach
9.0% in 2004, about where it was in 2003, but the International Monetary Fund
(IMF) estimates growth at 7.5% for 2005.
LOOKING AHEAD
Just as in the United States, concerns about terrorism and high energy prices
hang over Asia's stock markets. In addition, there are growing concerns about
the sustainability of US economic growth and continued consumer demand for
foreign imports, which are an important source of growth for Asian economies.
Inflation is also a factor for some Asian economies. In India, for example,
Morgan Stanley reports that inflation has risen above 8%. The Indian economy is
relatively small, yet inflation in India has historically tracked the trend in
Asia (outside of Japan). Nevertheless, Asian economic growth is expected to
remain strong in 2005, with Japan the only likely exception to that trend.
[SIDENOTE]
SUMMARY FOR THE 12-MONTH PERIOD ENDED AUGUST 31, 2004
- - The stock markets of Asia reflected robust economic growth throughout the
region. The MSCI AC Asia Pacific Index returned 19.99%.
- - Slower economic growth in mainland China has been effective in helping China
avoid a capacity bubble, which could cripple future growth.
- - In Japan, economic recovery spurred higher returns from stocks. However,
slower growth near the end of the period dampened gains.
[CHART]
<Table>
MSCI AC ASIA PACIFIC INDEX 19.99%
</Table>
The MSCI AC Asia Pacific Index is an unmanaged index that tracks the performance
of stocks traded on stock exchanges in Pacific Basin countries.
4
<Page>
PORTFOLIO MANAGERS' REPORT
COLUMBIA NEWPORT ASIA PACIFIC FUND
For the 12-month period ended August 31, 2004, class A shares of Columbia
Newport Asia Pacific Fund returned 9.05% without sales charge. That was less
than the return of the fund's benchmark, the MSCI AC Asia Pacific Index, which
was 19.99% for the same period. The fund also underperformed the 16.51% average
return of its peer group, the Lipper Pacific Region Funds Category.(1) The
fund's underweight in Japan and overweight in the rest of Asia detracted from
return. Most of the underperformance occurred in the first six months of the
period, when the fund was significantly underweight in the Japanese market. The
performance gap narrowed as the period wore on.
CAPITALIZING ON JAPAN'S ECONOMIC EXPANSION
The fund began the period with significantly less exposure to the Japanese stock
market than its index and peer group. However, we increased the fund's
allocation to more than 58% of assets during the period as we became convinced
that a solid economic recovery was underway in Japan. As the US economy
improved, Japanese exporters benefited from strong consumer spending in the
United States. Also, China has become a large export market for Japan and a
source of low-cost manufacturing. Over the past few years, Japan has outsourced
many of its lower paying jobs to China. And internal factors, such as the
revitalization of the banking system, the restructuring of the corporate sector
and the beginning of an upturn in consumer spending, have helped Japan emerge
from a decade-long economic slump. Japan's long period of deflation also appears
to be coming to an end. Most prices have stabilized or are declining marginally.
And most important, we believe that consumer spending has turned the corner.
As a result, we have reduced our allocation to technology and increased our
investment in consumption-oriented sectors, which account for approximately 60%
of the Japanese economy. The stocks we added to the portfolio included Hokuto, a
producer of gourmet mushrooms, and ITO EN, Japan's largest tea company.
We also invested in financial stocks that we believe could benefit by increased
stability in the financial sector. Thanks to government bailouts and bad loan
reductions, Japan's financial sector appears to be on a more stable footing than
it was a year ago, when the banking system was on the verge of bankruptcy. One
additional healthy sign is the proposed merger of UFJ Holdings and Mitsubishi
Tokyo Financial Group (MTFG). The fund owns both of these stocks. Over the past
few months, UFJ Holdings detracted from results, while MTFG was positive.
(1) Lipper Inc., a widely respected data provider in the industry, calculates an
average total return for mutual funds with similar investment objectives as
those of the fund.
[SIDENOTE]
NET ASSET VALUE PER SHARE AS OF 08/31/04 ($)
<Table>
Class A 15.79
Class B 15.14
Class C 15.13
Class Z 15.96
</Table>
HOLDINGS DISCUSSED IN THIS REPORT AS OF 08/31/04 (%)
<Table>
Hokuto 0.5
ITO EN 1.1
UFJ Holdings 0.8
Mitsubishi Tokyo Financial Group 3.6
</Table>
Your fund is actively managed and the composition of its portfolio will change
over time. Information provided is calculated as a percentage of net assets.
5
<Page>
A REDUCTION IN MARKETS OUTSIDE JAPAN
We trimmed the fund's allocation to Taiwan, India and China, primarily to raise
money for investment in Japan. In each country, we favored companies involved
with infrastructure development and domestic consumption.
AN OPTIMISTIC REGIONAL OUTLOOK
Looking ahead, we see both encouraging factors and potential impediments to
growth in Asia. On the encouraging side, we believe deflation has ended. The
Bank of Korea has lowered interest rates, indicating that Asian central banks
may not move in lockstep with the US Federal Reserve, which is likely to
continue raising rates. Continued economic expansion in China should also be
helpful to its neighbors. Yet higher oil prices and a slowdown in the US
economic growth rate pose potential impediments to growth in Asia. With these
factors in mind, we will continue to focus on the internal improvements we see
taking place in each of the countries in the region. We have positioned the
portfolio to take advantage of companies that serve consumers and that are
involved with the build-out of infrastructure.
[PHOTO OF JAMIE CHUI]
Jamie Chui has co-managed Columbia Newport Asia Pacific Fund since July 2002 and
has been with the advisor and its predecessors since November 2000.
/s/ Jamie Chui
[PHOTO OF ERIC SANDLUND]
Eric Sandlund has co-managed the fund since March 2004 and has been with the
advisor and its predecessors since June 2002.
/s/ Eric Sandlund
On October 13, 2004, the fund's Board of Trustees voted to liquidate the fund.
The fund will be closed to new investors as of the close of business on November
10, 2004. The fund will continue to accept certain automatic purchases and
certain retirement contributions until the fund is liquidated. The fund is
scheduled for liquidation on or about December 10, 2004.
There are specific risks involved when investing in foreign stocks, such as
currency exchange rate fluctuations, economic change, instability of emerging
countries and political developments. In addition, concentration of investments
in a single region or country may result in greater volatility.
[SIDENOTE]
WE HAVE POSITIONED THE PORTFOLIO TO TAKE ADVANTAGE OF COMPANIES THAT SERVE
CONSUMERS AND THAT ARE INVOLVED WITH THE BUILD-OUT OF INFRASTRUCTURE.
6
<Page>
FINANCIAL STATEMENTS
AUGUST 31, 2004 COLUMBIA NEWPORT ASIA PACIFIC FUND
A GUIDE TO UNDERSTANDING YOUR FUND'S FINANCIAL STATEMENTS
INVESTMENT PORTFOLIO
The investment portfolio details all of the fund's holdings and their market
value as of the last day of the reporting period. Portfolio holdings are
organized by type of asset, industry, country or geographic region (if
applicable) to demonstrate areas of concentration and diversification.
STATEMENT OF ASSETS AND LIABILITIES
This statement details the fund's assets, liabilities, net assets and share
price for each share class as of the last day of the reporting period. Net
assets are calculated by subtracting all the fund's liabilities (including any
unpaid expenses) from the total of the fund's investment and non-investment
assets. The share price for each class is calculated by dividing net assets for
that class by the number of shares outstanding in that class as of the last day
of the reporting period.
STATEMENT OF OPERATIONS
This statement details income earned by the fund and the expenses accrued by the
fund during the reporting period. The Statement of Operations also shows any net
gain or loss the fund realized on the sales of its holdings during the period,
as well as any unrealized gains or losses recognized over the period. The total
of these results represents the fund's net increase or decrease in net assets
from operations.
STATEMENT OF CHANGES IN NET ASSETS
This statement demonstrates how the fund's net assets were affected by its
operating results, distributions to shareholders and shareholder transactions
(e.g., subscriptions, redemptions and dividend reinvestments) during the
reporting period. The Statement of Changes in Net Assets also details changes in
the number of shares outstanding.
NOTES TO FINANCIAL STATEMENTS
These notes disclose the organizational background of the fund, its significant
accounting policies (including those surrounding security valuation, income
recognition and distributions to shareholders), federal tax information, fees
and compensation paid to affiliates and significant risks and contingencies.
FINANCIAL HIGHLIGHTS
The financial highlights demonstrate how the fund's net asset value per share
was affected by the fund's operating results. The financial highlights table
also discloses the classes' performance and certain key ratios (e.g., class
expenses and net investment income as a percentage of average net assets).
7
<Page>
INVESTMENT PORTFOLIO
AUGUST 31, 2004 COLUMBIA NEWPORT ASIA PACIFIC FUND
<Table>
<Caption>
SHARES VALUE ($)
- -------------------------------------------- --------------------------------------------------------------------------------
COMMON STOCKS - 98.8%
CONSUMER DISCRETIONARY - 26.1%
AUTO COMPONENTS - 2.8% Denso Corp. 12,900 319,627
Auto Components Total 319,627
AUTOMOBILES - 8.4% Honda Motor Co., Ltd. 2,500 124,989
Hyundai Motor Co. 2,660 115,177
Maruti Udyog Ltd. 8,472 69,839
Toyota Motor Corp. 16,100 638,374
Automobiles Total 948,379
DISTRIBUTORS - 1.4% Li & Fung Ltd. 122,000 157,904
Distributors Total 157,904
HOTELS, RESTAURANTS & LEISURE - 0.6% Yoshinoya D&C Co., Ltd. 42 67,436
Hotels, Restaurants &
Leisure Total 67,436
HOUSEHOLD DURABLES - 5.2% Funai Electric Co., Ltd. 400 56,329
Matsushita Electric
Industrial Co., Ltd. 18,000 243,767
Nitori Co., Ltd. 1,200 76,758
Rinnai Corp. 1,400 40,615
Sekisui Chemical Co., Ltd. 14,000 105,928
Sharp Corp. 5,000 70,430
Household Durables Total 593,827
LEISURE EQUIPMENT & PRODUCTS - 1.0% Shimano, Inc. 5,100 117,107
Leisure Equipment &
Products Total 117,107
MEDIA - 1.7% Singapore Press Holdings Ltd. 73,950 187,068
Media Total 187,068
MULTILINE RETAIL - 1.5% Don Quijote Co., Ltd. 1,100 68,759
Seiyu Ltd. (a) 38,000 99,770
Multiline Retail Total 168,529
SPECIALTY RETAIL - 3.5% Aoyama Trading Co., Ltd. 3,500 84,963
Uss Co., Ltd. 2,250 165,189
Yamada Denki Co., Ltd. 3,900 141,704
Specialty Retail Total 391,856
---------------
CONSUMER DISCRETIONARY TOTAL 2,951,733
CONSUMER STAPLES - 8.8%
BEVERAGES - 3.8% Coca-Cola Amatil Ltd. 25,535 130,743
Fosters Group Ltd. 53,090 175,392
ITO EN Ltd. 2,800 121,320
Beverages Total 427,455
FOOD & STAPLES RETAILING - 2.4% Seven-Eleven Japan Co., Ltd. 3,000 92,197
Sugi Pharmacy Co., Ltd. 1,300 42,209
Woolworths Ltd. 15,512 138,730
Food & Staples Retailing
Total 273,136
FOOD PRODUCTS - 0.9% Hokuto Corp. 3,700 61,916
Thai Union Frozen Products
Public Co., Ltd. 70,000 40,406
Food Products Total 102,322
</Table>
See Accompanying Notes to Financial Statements.
8
<Page>
<Table>
<Caption>
SHARES VALUE ($)
- -------------------------------------------- --------------------------------------------------------------------------------
COMMON STOCKS - (CONTINUED)
CONSUMER STAPLES - (CONTINUED)
HOUSEHOLD PRODUCTS - 1.7% Kao Corp. 8,000 197,689
Household Products Total 197,689
---------------
CONSUMER STAPLES TOTAL 1,000,602
FINANCIALS - 27.0%
COMMERCIAL BANKS - 11.6% Bangkok Bank Public Co., Ltd.,
NVDR (a) 76,000 169,842
Bank Rakyat Indonesia 324,000 59,875
Chinatrust Financial
Holding Co., Ltd. 70,993 75,399
Hong Leong Bank Berhad 21,000 27,518
Kookmin Bank (a) 3,740 120,224
Mitsubishi Tokyo Financial
Group, Inc. 45 407,570
National Australia Bank Ltd. 3,546 66,826
St. George Bank Ltd. 8,907 135,342
UFJ Holdings, Inc. (a) 18 91,014
United Overseas Bank Ltd. 20,000 155,815
Commercial Banks Total 1,309,425
DIVERSIFIED FINANCIAL SERVICES - 2.6% Housing Development Finance
Corp., Ltd. 8,903 106,938
Macquarie Bank Ltd. 3,759 90,203
Nomura Holdings, Inc. 7,000 97,204
Diversified Financial
Services Total 294,345
INSURANCE - 3.5% Millea Holdings, Inc. 23 319,531
T&D Holdings, Inc. 1,600 73,217
Insurance Total 392,748
REAL ESTATE - 9.3% City Developments Ltd. 39,000 145,304
Henderson Land Development
Co., Ltd. 25,000 122,664
Land and Houses Public Co., Ltd. 343,500 81,882
Mitsubishi Estate Co., Ltd. 19,500 221,060
Sumitomo Realty & Development
Co., Ltd. 7,000 77,466
Sun Hung Kai Properties Ltd. 32,000 298,802
Swire Pacific Ltd., Class A 16,000 113,503
Real Estate Total 1,060,681
---------------
FINANCIALS TOTAL 3,057,199
HEALTH CARE - 5.2%
HEALTH CARE EQUIPMENT & SUPPLIES - 1.4% Cochlear Ltd. 12,195 165,900
Health Care Equipment &
Supplies Total 165,900
PHARMACEUTICALS - 3.8% Chugai Pharmaceutical Co., Ltd. 7,600 112,378
Sawai Pharmaceutical Co., Ltd. 1,100 42,577
Takeda Pharmaceutical Co., Ltd. 6,000 272,229
Pharmaceuticals Total 427,184
---------------
HEALTH CARE TOTAL 593,084
INDUSTRIALS - 4.5%
COMMERCIAL SERVICES & SUPPLIES - 1.8% Dai Nippon Printing Co., Ltd. 14,000 206,995
Commercial Services &
Supplies Total 206,995
</Table>
See Accompanying Notes to Financial Statements.
9
<Page>
<Table>
<Caption>
SHARES VALUE ($)
- -------------------------------------------- --------------------------------------------------------------------------------
COMMON STOCKS - (CONTINUED)
INDUSTRIALS - (CONTINUED)
ELECTRICAL EQUIPMENT - 1.1% Fanuc Ltd. 1,000 53,770
Nitto Denko Corp. 1,500 66,487
Electrical Equipment Total 120,257
INDUSTRIAL CONGLOMERATES - 1.6% Hutchison Whampoa Ltd. 14,000 110,369
Wesfarmers Ltd. 3,095 65,802
Industrial Conglomerates
Total 176,171
---------------
INDUSTRIALS TOTAL 503,423
INFORMATION TECHNOLOGY - 16.3%
COMPUTERS & PERIPHERALS - 0.7% Fujitsu Ltd. 12,000 74,939
Computers & Peripherals
Total 74,939
ELECTRONIC EQUIPMENT & INSTRUMENTS - 4.7% Hon Hai Precision Industry
Co., Ltd. 31,056 102,443
Hoya Corp. 1,300 126,304
Keyence Corp. 300 61,971
Kuroda Electric Co., Ltd. 1,200 48,344
MFS Technology Ltd. 91,500 40,491
Synnex Technology International
Corp. 39,600 59,272
TDK Corp. 1,400 93,465
Electronic Equipment &
Instruments Total 532,290
INTERNET SOFTWARE & SERVICES - 0.3% NCSoft Corp. (a) 560 40,636
Internet Software &
Services Total 40,636
IT SERVICES - 2.4% Infosys Technologies Ltd. 4,104 139,559
NIWS Co., Ltd. 24 70,425
TIS, Inc. 1,700 62,351
IT Services Total 272,335
OFFICE ELECTRONICS - 4.1% Brother Industries Ltd. 9,000 77,699
Canon, Inc. 8,000 384,350
Office Electronics Total 462,049
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT - 4.1% MediaTek, Inc. 1,085 7,676
Samsung Electronics Co., Ltd. 650 256,554
Taiwan Semiconductor
Manufacturing Co., Ltd. 144,793 201,251
Semiconductors &
Semiconductor Equipment
Total 465,481
---------------
INFORMATION TECHNOLOGY TOTAL 1,847,730
MATERIALS - 3.8%
CHEMICALS - 0.9% Shin-Etsu Chemical Co., Ltd. 3,000 105,378
Chemicals Total 105,378
CONTAINERS & PACKAGING - 0.8% Amcor Ltd. 17,158 88,992
Containers & Packaging Total 88,992
METALS & MINING - 2.1% BHP Billiton Ltd. 25,530 238,786
Metals & Mining Total 238,786
---------------
MATERIALS TOTAL 433,156
</Table>
See Accompanying Notes to Financial Statements.
10
<Page>
<Table>
<Caption>
SHARES VALUE ($)
- -------------------------------------------- --------------------------------------------------------------------------------
COMMON STOCKS - (CONTINUED)
TELECOMMUNICATION SERVICES - 5.4%
WIRELESS TELECOMMUNICATION SERVICES - 5.4% China Mobile Ltd. 60,500 176,818
NTT DoCoMo, Inc. 183 342,363
Taiwan Cellular Corp. 99,000 93,498
Wireless Telecommunication
Services Total 612,679
---------------
TELECOMMUNICATION SERVICES
TOTAL 612,679
UTILITIES - 1.7%
GAS UTILITIES - 1.7% Tokyo Gas Co., Ltd. 51,000 188,193
Gas Utilities Total 188,193
---------------
UTILITIES TOTAL 188,193
TOTAL COMMON STOCKS
(COST OF $9,819,984) 11,187,799
WARRANTS - 0.1%
FINANCIALS - 0.1%
REAL ESTATE - 0.1% City Developments Ltd. 3,900 8,713
Real Estate Total 8,713
---------------
FINANCIALS TOTAL 8,713
TOTAL WARRANTS
(COST OF $0) 8,713
<Caption>
PAR ($)
- -------------------------------------------- --------------------------------------------------------------------------------
SHORT-TERM OBLIGATION - 0.9%
Repurchase agreement with State
Street Bank & Trust Co., dated
08/31/04, due 09/01/04 at 1.490%
collateralized by a U.S. Treasury
Bond maturing 05/15/14, market
value $110,250 (repurchase
proceeds $102,004) 102,000 102,000
TOTAL SHORT-TERM OBLIGATION
(COST OF $102,000) 102,000
TOTAL INVESTMENTS - 99.8%
(COST OF $9,921,984) (b) 11,298,512
OTHER ASSETS & LIABILITIES,
Net - 0.2% 26,697
NET ASSETS - 100.0% 11,325,209
</Table>
NOTES TO INVESTMENT PORTFOLIO:
(a) Non-income producing security.
(b) Cost for federal income tax purposes is $9,941,257.
<Table>
<Caption>
ACRONYM NAME
- ---------------------------------------------------------
NVDR Non-Voting Depositary Receipt
</Table>
See Accompanying Notes to Financial Statements.
11
<Page>
<Table>
<Caption>
SUMMARY OF SECURITIES % OF TOTAL
BY COUNTRY (UNAUDITED) VALUE ($) INVESTMENTS
- -------------------------------------------------------
Japan 6,614,354 58.5
Australia 1,296,716 11.5
Hong Kong 980,061 8.7
Taiwan 539,539 4.8
Singapore 537,391 4.8
South Korea 532,591 4.7
India 316,335 2.8
Thailand 292,131 2.6
United States* 102,000 0.9
Indonesia 59,876 0.5
Malaysia 27,518 0.2
---------- -----
11,298,512 100.0
========== =====
</Table>
* Represents short-term obligation.
Certain securities are listed by country of underlying exposure but may trade
predominantly on other exchanges.
See Accompanying Notes to Financial Statements.
12
<Page>
STATEMENT OF ASSETS AND LIABILITIES
AUGUST 31, 2004 COLUMBIA NEWPORT ASIA PACIFIC FUND
<Table>
<Caption>
($)
- ---------------------------------------- ---------------------------------------------------------------------------------
ASSETS Investments, at cost 9,921,984
----------------
Investments, at value 11,298,512
Cash 872
Foreign currency (cost of $13,580) 13,676
Receivable for:
Investments sold 297,856
Fund shares sold 1,133
Interest 4
Dividends 23,472
Foreign tax reclaims 238
Expense reimbursement due from Investment
Advisor 12,492
Deferred Trustees' compensation plan 6,752
----------------
Total Assets 11,655,007
LIABILITIES Payable for:
Investments purchased 229,249
Fund shares repurchased 9,428
Investment advisory fee 9,387
Administration fee 129
Transfer agent fee 11,991
Pricing and bookkeeping fees 11,806
Trustees' fees 501
Audit fee 16,968
Custody fee 5,018
Reports to shareholders 16,992
Distribution and service fees 5,410
Foreign capital gains tax payable 5,100
Deferred Trustees' fees 6,752
Other liabilities 1,067
----------------
Total Liabilities 329,798
NET ASSETS 11,325,209
COMPOSITION OF NET ASSETS Paid-in capital 17,334,229
Accumulated net investment loss (27,243)
Accumulated net realized loss (7,353,106)
Net unrealized appreciation
(depreciation) on:
Investments 1,376,528
Foreign currency translations (99)
Foreign capital gains tax (5,100)
----------------
NET ASSETS 11,325,209
CLASS A Net assets 4,502,978
Shares outstanding 285,205
Net asset value per share 15.79(a)
Maximum offering price per
share ($15.79/0.9425) 16.75(b)
CLASS B Net assets 4,379,710
Shares outstanding 289,275
Net asset value and offering price
per share 15.14(a)
CLASS C Net assets 1,685,204
Shares outstanding 111,362
Net asset value and offering price
per share 15.13(a)
CLASS Z Net assets 757,317
Shares outstanding 47,460
Net asset value, offering and
redemption price per share 15.96(c)
</Table>
(a) Redemption price per share is equal to net asset value less any applicable
contingent deferred sales charge.
(b) On sales of $50,000 or more the offering price is reduced.
(c) Redemption price per share is equal to net asset value less any applicable
redemption fee.
See Accompanying Notes to Financial Statements.
13
<Page>
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED AUGUST 31, 2004 COLUMBIA NEWPORT ASIA PACIFIC FUND
<Table>
<Caption>
($)
- ---------------------------------------- ---------------------------------------------------------------------------------
INVESTMENT INCOME Dividends 251,925
Interest 3,133
----------------
Total Investment Income (net of foreign taxes
withheld of $18,952) 255,058
EXPENSES Investment advisory fee 128,016
Administration fee 4,923
Distribution fee:
Class B 34,282
Class C 11,944
Service fee:
Class A 15,906
Class B 11,428
Class C 3,972
Transfer agent fee 76,686
Pricing and bookkeeping fees 23,481
Trustees' fees 6,836
Custody fee 34,316
Audit fee 27,346
Registration fee 55,966
Reports to shareholders 32,729
Non-recurring costs (See Note 8) 627
Other expenses 6,724
----------------
Total Expenses 475,182
Fees and expenses waived by Investment Advisor (142,914)
Custody earnings credit (50)
Non-recurring costs assumed by Investment Advisor (See Note 8) (627)
----------------
Net Expenses 331,591
----------------
Net Investment Loss (76,533)
NET REALIZED AND UNREALIZED GAIN (LOSS) Net realized gain (loss) on:
ON INVESTMENTS, FOREIGN CURRENCY AND Investments 1,108,390
FOREIGN CAPITAL GAINS TAX Foreign currency transactions (21,060)
Foreign capital gains tax (16,205)
----------------
Net realized gain 1,071,125
Net change in unrealized appreciation/depreciation on:
Investments (3,163)
Foreign currency translations 133
Foreign capital gains tax 11,950
----------------
Net change in unrealized appreciation/depreciation 8,920
----------------
Net Gain 1,080,045
----------------
Net Increase in Net Assets from Operations 1,003,512
</Table>
See Accompanying Notes to Financial Statements.
14
<Page>
STATEMENT OF CHANGES IN NET ASSETS
COLUMBIA NEWPORT ASIA PACIFIC FUND
<Table>
<Caption>
YEAR ENDED PERIOD ENDED YEAR ENDED
AUGUST 31, AUGUST 31, JUNE 30,
INCREASE (DECREASE) IN NET ASSETS: 2004 ($) 2003 ($) (a) 2003 ($)
- ---------------------------------- ----------------------------------------------------------------------------------------------
OPERATIONS Net investment loss (76,533) (11,326) (52,546)
Net realized gain (loss) on investments,
foreign currency transactions and
foreign capital gains tax 1,071,125 (191,247) (1,097,136)
Net change in unrealized appreciation/
depreciation on investments, foreign
currency translations and foreign
capital gains tax 8,920 1,384,536 (198,991)
-----------------------------------------
Net Increase (Decrease) from
Operations 1,003,512 1,181,963 (1,348,673)
SHARE TRANSACTIONS Class A:
Subscriptions 2,940,085 310,109 28,630,724
Redemptions (4,333,817) (172,220) (30,054,165)
-----------------------------------------
Net Increase (Decrease) (1,393,732) 137,889 (1,423,441)
Class B:
Subscriptions 2,085,600 377,399 1,206,593
Redemptions (1,805,036) (232,132) (2,252,380)
-----------------------------------------
Net Increase (Decrease) 280,564 145,267 (1,045,787)
Class C:
Subscriptions 2,127,446 784,900 10,662,175
Redemptions (1,320,149) (792,425) (10,999,756)
-----------------------------------------
Net Increase (Decrease) 807,297 (7,525) (337,581)
Class Z (formerly Class S) (b):
Subscriptions 767,060 1,950 1,868,968
Proceeds received in combination
with original Class Z -- -- 13
Redemptions (799,622) (189,566) (1,271,675)
-----------------------------------------
Net Increase (Decrease) (32,562) (187,616) 597,306
Class Z (through 07/29/02):
Proceeds combined into
former Class S -- -- (13)
-----------------------------------------
Net Decrease -- -- (13)
Net Increase (Decrease) from
Share Transactions (338,433) 88,015 (2,209,516)
Redemption fees 2,459 -- --
-----------------------------------------
Total Increase (Decrease)
in Net Assets 667,538 1,269,978 (3,558,189)
NET ASSETS Beginning of period 10,657,671 9,387,693 12,945,882
End of period (including accumulated
net investment loss of $(27,243),
$(6,315) and $(12,839), respectively) 11,325,209 10,657,671 9,387,693
</Table>
See Accompanying Notes to Financial Statements.
15
<Page>
<Table>
<Caption>
YEAR ENDED PERIOD ENDED YEAR ENDED
AUGUST 31, AUGUST 31, JUNE 30,
2004 ($) 2003 ($) (a) 2003 ($)
- ---------------------------------- ----------------------------------------------------------------------------------------------
CHANGES IN SHARES Class A:
Subscriptions 187,040 22,631 2,287,361
Redemptions (270,854) (12,561) (2,398,752)
-----------------------------------------
Net Increase (Decrease) (83,814) 10,070 (111,391)
Class B:
Subscriptions 136,501 28,619 99,602
Redemptions (117,554) (17,494) (184,634)
-----------------------------------------
Net Increase (Decrease) 18,947 11,125 (85,032)
Class C:
Subscriptions 141,458 59,050 871,959
Redemptions (87,627) (58,976) (890,657)
-----------------------------------------
Net Increase (Decrease) 53,831 74 (18,698)
Class Z (formerly Class S) (b):
Subscriptions 47,013 141 147,874
Issued in combination with
original Class Z -- -- 1
Redemptions (49,521) (13,841) (99,198)
-----------------------------------------
Net Increase (Decrease) (2,508) (13,700) 48,677
Class Z (through 07/29/02):
Shares combined into
former Class S -- -- (1)
-----------------------------------------
Net Decrease -- -- (1)
</Table>
(a) The Fund changed its fiscal year end from June 30 to August 31.
(b) On July 29, 2002, the Fund's existing Class Z shares were combined into the
Fund's Class S shares, which were subsequently redesignated as Class Z
shares.
See Accompanying Notes to Financial Statements.
16
<Page>
NOTES TO FINANCIAL STATEMENTS
AUGUST 31, 2004 COLUMBIA NEWPORT ASIA PACIFIC FUND
NOTE 1. ORGANIZATION
Columbia Newport Asia Pacific Fund (the "Fund"), a series of Columbia Funds
Trust VI (the "Trust"), is a diversified portfolio. The Trust is a Massachusetts
business trust registered under the Investment Company Act of 1940, as amended,
as an open-end management investment company.
INVESTMENT GOAL
The Fund seeks long-term growth by investing primarily in equity securities of
companies located in Asia or the Pacific Basin.
FUND SHARES
The Fund may issue an unlimited number of shares and offers four classes of
shares: Class A, Class B, Class C and Class Z. Each share class has its own
sales charge and expense structure.
Class A shares are subject to a maximum front-end sales charge of 5.75% based on
the amount of initial investment. Class A shares purchased without an initial
sales charge are subject to a 1.00% contingent deferred sales charge ("CDSC") on
shares sold within eighteen months on an original purchase of $1 million to $25
million. Class B shares are subject to a maximum CDSC of 5.00% based upon the
holding period after purchase. Class B shares will convert to Class A shares in
a certain number of years after purchase, depending on the program under which
shares were purchased. Class C shares are subject to a 1.00% CDSC on shares sold
within one year after purchase. Class Z shares are offered continuously at net
asset value. There are certain restrictions on the purchase of Class Z shares,
as described in the Fund's prospectus.
Effective October 13, 2003, the Fund changed its name from Liberty Newport Asia
Pacific Fund to Columbia Newport Asia Pacific Fund. Also on that date, the Trust
changed its name from Liberty Funds Trust VI to Columbia Funds Trust VI.
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES
USE OF ESTIMATES
The preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America ("GAAP") requires management
to make estimates and assumptions that affect the reported amounts of assets and
liabilities, the disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenue and expenses during
the reporting period. Actual results could differ from those estimates. The
following is a summary of significant accounting policies consistently followed
by the Fund in the preparation of its financial statements.
SECURITY VALUATION
Equity securities are valued at the last sale price on the principal exchange on
which they trade, except for securities traded on the NASDAQ, which are valued
at the NASDAQ official close price. Unlisted securities or listed securities for
which there were no sales during the day are valued at the closing bid price on
such exchanges or over-the-counter markets.
Short-term debt obligations maturing within 60 days are valued at amortized
cost, which approximates market value.
Foreign securities are generally valued at the last sale price on the foreign
exchange or market on which they trade. If any foreign share prices are not
readily available as a result of limited share activity, the securities are
valued at the last sale price of the local shares in the principal market in
which such securities are normally traded.
Generally, trading in foreign securities is substantially completed each day at
various times prior to the close of the New York Stock Exchange ("NYSE"). The
values of such securities used in computing the net asset value of the Fund's
shares are determined as of such times. Foreign currency exchange rates are
generally determined at 2:00 p.m. Eastern (U.S.) time. Occasionally, events
affecting the values of such foreign securities and such exchange rates may
occur between the times at which they are determined and the close of the
customary trading session of the NYSE, which would not be reflected in the
computation of the Fund's net asset value. If events materially affecting the
values of such foreign securities occur and it is determined that market
quotations are not reliable, then these foreign securities will be valued at
their fair value using procedures approved by the Board of Trustees. The Fund
may use a systematic fair valuation model provided by an independent third party
to value securities principally traded in foreign markets in order to adjust for
possible stale pricing that may occur between the close of the foreign exchanges
and the time for valuation. If a security is valued at a "fair
17
<Page>
value," such value is likely to be different from the last quoted market price
for the security.
Investments for which market quotations are not readily available, or quotations
which management believes are not appropriate, are valued at fair value under
procedures approved by the Board of Trustees.
SECURITY TRANSACTIONS
Security transactions are accounted for on the trade date. Cost is determined
and gains (losses) are based upon the specific identification method for both
financial statement and federal income tax purposes.
REPURCHASE AGREEMENTS
The Fund may engage in repurchase agreement transactions with institutions that
the Fund's investment advisor has determined are creditworthy. The Fund, through
its custodian, receives delivery of underlying securities collateralizing a
repurchase agreement. Collateral is at least equal, at all times, to the value
of the repurchase obligation including interest. A repurchase agreement
transaction involves certain risks in the event of default or insolvency of the
counterparty. These risks include possible delays or restrictions upon the
Fund's ability to dispose of the underlying securities and a possible decline in
the value of the underlying securities during the period while the Fund seeks to
assert its rights.
INCOME RECOGNITION
Interest income is recorded on the accrual basis. Corporate actions and dividend
income are recorded on the ex-date, except for certain foreign securities which
are recorded as soon after ex-date as the Fund becomes aware of such, net of
non-reclaimable tax withholdings.
FOREIGN CURRENCY TRANSACTIONS
The values of all assets and liabilities quoted in foreign currencies are
translated into U.S. dollars at that day's exchange rates. Net realized and
unrealized gains (losses) on foreign currency transactions include gains
(losses) arising from the fluctuation in exchange rates between trade and
settlement dates on securities transactions, gains (losses) arising from the
disposition of foreign currency and currency gains (losses) between the accrual
and payment dates on dividends, interest income and foreign withholding taxes.
For financial statement purposes, the Fund does not distinguish that portion of
gains (losses) on investments which is due to changes in foreign exchange rates
from that which is due to changes in market prices of the investments. Such
fluctuations are included with the net realized and unrealized gains (losses) on
investments.
DETERMINATION OF CLASS NET ASSET VALUES
All income, expenses (other than class-specific expenses, as shown on the
Statement of Operations), and realized and unrealized gains (losses), are
allocated to each class of the Fund on a daily basis, based on the relative net
assets of each class, for purposes of determining the net asset value of each
class.
FEDERAL INCOME TAX STATUS
The Fund intends to qualify each year as a "regulated investment company" under
Subchapter M of the Internal Revenue Code, as amended, and will distribute
substantially all of its taxable income, if any, for its tax year, and as such
will not be subject to federal income taxes. In addition, the Fund intends to
distribute in each calendar year substantially all of its net investment income,
capital gains and certain other amounts, if any, such that the Fund should not
be subject to federal excise tax. Therefore, no federal income or excise tax
provision is recorded.
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 Fund accrues for such
foreign taxes on net realized and unrealized gains at the appropriate rate for
each jurisdiction.
DISTRIBUTIONS TO SHAREHOLDERS
Distributions to shareholders are recorded on ex-date. Net realized capital
gains, if any, are distributed at least annually.
NOTE 3. FEDERAL TAX INFORMATION
The timing and character of income and capital gain distributions are determined
in accordance with income tax regulations, which may differ from GAAP.
Reclassifications are made to the Fund's capital accounts for permanent tax
differences to reflect income and
18
<Page>
gains available for distribution (or available capital loss carryforwards) under
income tax regulations.
For the year ended August 31, 2004, permanent differences resulting primarily
from differing treatments for foreign capital gains tax and net operating loss
reclassifications were identified and reclassified among the components of the
Fund's net assets as follows:
<Table>
<Caption>
ACCUMULATED ACCUMULATED
NET INVESTMENT NET REALIZED PAID-IN
LOSS LOSS CAPITAL
- -----------------------------------------------------------------
$ 55,605 $ 37,265 $ (92,870)
</Table>
Net investment income and net realized gains (losses), as disclosed on the
Statement of Operations, and net assets were not affected by this
reclassification.
The tax character of distributions paid during the years ended August 31, 2004
and August 31, 2003 was as follows:
<Table>
<Caption>
AUGUST 31, 2004 AUGUST 31, 2003
- -----------------------------------------------------------------
Distributions paid from:
Ordinary Income* $ -- $ --
</Table>
*For tax purposes short-term capital gains distributions, if any, are considered
ordinary income distributions.
As of August 31, 2004, the components of distributable earnings on a tax basis
were as follows:
<Table>
<Caption>
UNDISTRIBUTED UNDISTRIBUTED
ORDINARY LONG-TERM NET UNREALIZED
INCOME CAPITAL GAINS APPRECIATION*
- -----------------------------------------------------------------
$ -- $ -- $ 1,357,255
</Table>
*The differences between book-basis and tax-basis net unrealized appreciation
are primarily due to deferral of losses from wash sales.
Unrealized appreciation and depreciation at August 31, 2004, based on cost of
investments for federal income tax purposes and excluding any unrealized
appreciation and depreciation from changes in the value of other assets and
liabilities resulting from changes in exchange rates, was:
<Table>
Unrealized appreciation $ 2,062,626
Unrealized depreciation (705,371)
----------
Net unrealized appreciation $ 1,357,255
</Table>
The following capital loss carryforwards may be available to reduce taxable
income arising from future net realized gains on investments, if any, to the
extent permitted by the Internal Revenue Code:
<Table>
<Caption>
YEAR OF CAPITAL LOSS
EXPIRATION CARRYFORWARD
- ----------------------------------------------------------
2005 $ 1,298,952
2009 3,676,821
2010 1,404,163
2011 953,897
---------
$ 7,333,833
</Table>
Capital loss carryforwards of $1,092,175 were utilized during the year ended
August 31, 2004 for the Fund.
Under current tax rules, certain currency and capital losses realized after
October 31 may be deferred and treated as occurring on the first day of the
following fiscal year. As of August 31, 2004, post-October currency losses of
$20,678 attributed to security transactions were deferred to September 1, 2004.
NOTE 4. FEES AND COMPENSATION PAID TO AFFILIATES
Columbia Management Advisors, Inc. ("Columbia") is the investment advisor to the
Fund. Prior to April 1, 2004, Columbia was an indirect, wholly owned subsidiary
of FleetBoston Financial Corporation ("FleetBoston"). Effective April 1, 2004,
FleetBoston, including the Fund's investment advisor, transfer agent and
distributor, was acquired by Bank of America Corporation ("BOA"). The
acquisition did not change the way the Fund is managed, the investment personnel
assigned to manage the Fund or the fees paid by the Fund.
INVESTMENT ADVISORY FEE
Columbia receives a monthly investment advisory fee based on the Fund's average
daily net assets at the following annual rates:
<Table>
<Caption>
AVERAGE DAILY NET ASSETS ANNUAL FEE RATE
- -----------------------------------------------------------
First $1 billion 0.95%
Next $500 million 0.90%
Over $1.5 billion 0.85%
</Table>
Prior to November 1, 2003, Columbia was entitled to receive a monthly investment
advisory fee at the annual rate of 1.00% of the Fund's average daily net assets.
For the year ended August 31, 2004, the Fund's effective investment advisory fee
rate was 0.96%.
19
<Page>
ADMINISTRATION FEES
Columbia provides administrative and other services to the Fund. Effective
November 1, 2003, the Board of Trustees approved an administration fee reduction
for the Fund. As a result of the fee reduction, Columbia no longer receives fees
from the Fund for its administration services.
Prior to November 1, 2003, Columbia was entitled to receive a monthly
administration fee at the annual rate of 0.25% of the Fund's average daily net
assets.
For the year ended August 31, 2004, the Fund's effective administration fee
rate was 0.04%.
PRICING AND BOOKKEEPING FEES
Columbia is responsible for providing pricing and bookkeeping services to the
Fund under a pricing and bookkeeping agreement. Under a separate agreement (the
"Outsourcing Agreement"), Columbia has delegated those functions to State Street
Corporation ("State Street"). As a result, Columbia pays the total fees
collected to State Street under the Outsourcing Agreement.
Under its pricing and bookkeeping agreement with the Fund, Columbia receives
from the Fund an annual flat fee of $10,000 paid monthly, and in any month that
the Fund's average daily net assets exceed $50 million, an additional monthly
fee. The additional fee rate is calculated by taking into account the fees
payable to State Street under the Outsourcing Agreement. This rate is applied to
the average daily net assets of the Fund for that month. The Fund also pays
additional fees for pricing services based on the number of securities held by
the Fund. For the year ended August 31, 2004, the Fund's effective pricing and
bookkeeping fee rates, inclusive of out-of-pocket expenses, was 0.176%.
TRANSFER AGENT FEES
Columbia Funds Services, Inc. (the "Transfer Agent"), an affiliate of Columbia,
provides shareholder services to the Fund. For such services, the Transfer Agent
receives a fee, paid monthly, at the annual rate of $28.00 per open account. The
Transfer Agent also receives reimbursement for certain out-of-pocket expenses.
Prior to November 1, 2003, the Transfer Agent was entitled to receive a monthly
transfer agent fee, in addition to reimbursement for certain out-of-pocket
expenses, at the annual rate of 0.06% of the Fund's average daily net assets
plus flat-rate charges based on the number of shareholder accounts and
transactions. For the year ended August 31, 2004, the Fund's effective transfer
agent fee rate, inclusive of out-of-pocket expenses, was 0.57%.
Effective October 13, 2003, Liberty Funds Services, Inc. was renamed Columbia
Funds Services, Inc.
UNDERWRITING DISCOUNTS, SERVICE AND DISTRIBUTION FEES
Columbia Funds Distributor, Inc. (the "Distributor"), an affiliate of Columbia,
is the principal underwriter of the Fund. For the year ended August 31, 2004,
the Distributor has retained net underwriting discounts of $11,781 on sales of
the Fund's Class A shares and received CDSC fees of $5, $9,512 and $822 on Class
A, Class B and Class C share redemptions, respectively.
The Fund has adopted a 12b-1 plan (the "Plan") which requires the payment of a
monthly service fee to the Distributor at the annual rate of 0.25% of the
average daily net assets attributable to Class A, Class B and Class C shares of
the Fund. The Plan also requires the payment of a monthly distribution fee to
the Distributor at the annual rate of 0.75% of the average daily net assets
attributable to Class B and Class C shares only.
The CDSC and the fees received from the Plan are used principally as repayment
to the Distributor for amounts paid by the Distributor to dealers who sold such
shares.
Effective October 13, 2003, Liberty Funds Distributor, Inc. was renamed Columbia
Funds Distributor, Inc.
EXPENSE LIMITS AND FEE REIMBURSEMENTS
Columbia has voluntarily agreed to waive certain fees to the extent that total
expenses (exclusive of distribution and service fees, brokerage commissions,
interest, taxes and extraordinary expenses, if any) exceed 1.90% annually of the
Fund's average daily net assets. This arrangement may be revised or discontinued
by Columbia at any time.
CUSTODY CREDITS
The Fund has an agreement with its custodian bank under which custody fees may
be reduced by balance credits. The Fund could have invested a portion of the
assets utilized in connection with the expense offset arrangement in an
income-producing asset if it had not entered into such an agreement.
20
<Page>
FEES PAID TO OFFICERS AND TRUSTEES
The Fund pays no compensation to its officers, all of whom are employees of
Columbia or its affiliates.
The Fund's Trustees may participate in a deferred compensation plan which may be
terminated at any time. Obligations of the plan will be paid solely out of the
Fund's assets.
OTHER
Columbia provides certain services to the Fund related to Sarbanes-Oxley
compliance. For the year ended August 31, 2004, the Fund paid $1,304 to Columbia
for such services. This amount is included in "Other expenses" on the Statement
of Operations.
NOTE 4. PORTFOLIO INFORMATION
For the year ended August 31, 2004, the cost of purchases and proceeds from
sales of securities, excluding short-term obligations, were $8,806,811 and
$9,116,544, respectively.
NOTE 5. REDEMPTION FEES
The Fund imposes a 2.00% redemption fee on shareholders of Class Z shares who
redeem shares held for 60 days or less. Redemption fees, which are retained by
the Fund, are accounted for as an addition to paid-in capital and are allocated
to each class proportionately for purposes of determining the net asset value of
each class. Prior to October 9, 2003, redemption fees were recorded as a
component of paid-in capital on Class Z shares. For the year ended August 31,
2004, the redemption fees for Class Z shares of the Fund amounted to $2,459.
NOTE 6. LINE OF CREDIT
The Fund and other affiliated funds participate in a $350,000,000 credit
facility, which is used for temporary or emergency purposes to facilitate
portfolio liquidity. Interest is charged to the Fund based on its borrowings. In
addition, the Fund has agreed to pay commitment fees on its pro-rata portion of
the unutilized line of credit. The commitment fee is included in "Other
expenses" on the Statement of Operations. For the year ended August 31, 2004,
the Fund did not borrow under this arrangement.
NOTE 7. SHARES OF BENEFICIAL INTEREST
As of August 31, 2004, 5.98% of the outstanding shares of the Fund were held by
1 shareholder. Subscription and redemption activity of this shareholder may have
a material effect on the Fund.
NOTE 8. DISCLOSURE OF SIGNIFICANT RISKS AND CONTINGENCIES
GEOGRAPHIC CONCENTRATION
Because the Fund's investments are concentrated in Asia and the Pacific Basin,
events within the region will have a greater effect on the Fund than if the Fund
were more geographically diversified. In addition, events in any one country
within the region may impact the other countries or the region as a whole.
Markets in the region can experience significant volatility due to social,
regulatory and political uncertainties.
FOREIGN SECURITIES
There are certain additional risks involved when investing in foreign securities
that are not inherent with investments in domestic securities. These risks may
involve foreign currency exchange rate fluctuations, adverse political and
economic developments and the possible prevention of currency exchange or other
foreign governmental laws or restrictions. In addition, the liquidity of foreign
securities may be more limited than that of domestic securities.
Investments in emerging market countries are subject to additional risk. The
risk of foreign investments is typically increased in less developed countries.
These countries are also more likely to experience high levels of inflation,
deflation or currency devaluation which could hurt their economies and
securities markets.
INDUSTRY FOCUS
The Fund may focus its investments in certain industries, subjecting it to
greater risk than a fund that is more diversified.
LEGAL PROCEEDINGS
Columbia, the Distributor, and certain of their affiliates (collectively, "The
Columbia Group") have received information requests and subpoenas from various
regulatory and law enforcement authorities in connection with their
investigations of late trading and market timing in mutual funds as well as
other industry wide issues. The Columbia Group has not uncovered any instances
where Columbia or the
21
<Page>
Distributor were knowingly involved in late trading of mutual fund shares.
On February 24, 2004, the Securities and Exchange Commission ("SEC") filed a
civil complaint in the United States District Court for the District of
Massachusetts against Columbia and the Distributor, alleging that they had
violated certain provisions of the federal securities laws in connection with
trading activity in mutual fund shares. Also on February 24, 2004, the New York
Attorney General ("NYAG") filed a civil complaint in New York Supreme Court,
County of New York against Columbia and the Distributor alleging that Columbia
and the Distributor had violated certain New York anti-fraud statutes. If either
Columbia or the Distributor is unsuccessful in its defense of these proceedings,
it could be barred from serving as an investment advisor or distributor for any
investment company registered under the Investment Company Act of 1940, as
amended (a "registered investment company"). Such results could prevent
Columbia, the Distributor or any company that is an affiliated person of
Columbia and the Distributor from serving as an investment advisor or
distributor for any registered investment company, including your fund. Your
fund has been informed by Columbia and the Distributor that, if these results
occur, they will seek exemptive relief from the SEC to permit them to continue
to serve as your fund's investment advisor and distributor. There is no
assurance that such exemptive relief will be granted. On March 15, 2004,
Columbia and the Distributor entered into agreements in principle with the SEC
Division of Enforcement and NYAG in settlement of the charges. Under the
agreements, Columbia and the Distributor agreed, among other things, to the
following conditions: payment of $70 million in disgorgement; payment of $70
million in civil penalties; an order requiring Columbia and the Distributor to
cease and desist from violations of the antifraud provisions and other
provisions of the federal securities laws; governance changes designed to
maintain the independence of the mutual fund boards of trustees and ensure
compliance with securities laws and their fiduciary duties; and retention of an
independent consultant to review Columbia's and the Distributor's compliance
policies and procedures. The agreement requires the final approval of the SEC.
In a separate agreement with the NYAG, the Columbia Group and its affiliate Banc
of America Capital Management, LLC have agreed to collectively reduce mutual
fund fees by $160 million over a five-year period.
As a result of these matters or any adverse publicity or other developments
resulting from them, there may be increased redemptions or reduced sales of fund
shares, which could increase transaction costs or operating expenses, or have
other adverse consequences for the funds.
In connection with the events described in detail above, various parties have
filed suit against certain funds, their Boards and/or FleetBoston (and
affiliated entities). More than 300 cases (including those filed against
entities unaffiliated with the funds, their Boards and/or FleetBoston and its
affiliated entities) have been consolidated in a multi-district proceeding and
transferred to the Federal District Court in Maryland. Recently, certain
Columbia funds and affiliated entities have been named as defendants in several
derivative actions under various sections of the Investment Company Act of 1940,
as amended, alleging, among other things, that the fees and expenses paid by
those funds are excessive. The funds and the other defendants to these actions,
including Columbia and various affiliates, certain other mutual funds advised by
Columbia and its affiliates, and various directors of such funds, have denied
these allegations and are contesting the plaintiffs' claims. These suits and
certain regulatory investigations are ongoing, however, based on currently
available information, Columbia believes that these lawsuits are without merit,
that the likelihood they will have a material adverse impact on any fund is
remote, and that the lawsuits are not likely to materially affect its ability to
provide investment management services to its clients, including the funds.
For the year ended August 31, 2004, Columbia has assumed $627 of legal,
consulting services and Trustees' fees incurred by the Fund in connection with
these matters.
NOTE 9. COMPARABILITY OF FINANCIAL STATEMENTS
The fiscal year end of the Fund was changed from June 30 to August 31.
NOTE 10. SUBSEQUENT EVENT
On October 13, 2004, the Board of Trustees of the Fund voted to liquidate the
Fund. The effective date of the liquidation is expected to be on or about
December 10, 2004.
22
<Page>
FINANCIAL HIGHLIGHTS
COLUMBIA NEWPORT ASIA PACIFIC FUND
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD IS AS FOLLOWS:
<Table>
<Caption>
PERIOD
YEAR ENDED ENDED
AUGUST 31, AUGUST 31, YEAR ENDED JUNE 30,
CLASS A SHARES 2004 2003(a) 2003 2002 2001 2000
- -------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE,
BEGINNING OF PERIOD $ 14.48 $ 12.87 $ 14.47 $ 16.50 $ 24.55 $ 19.01
INCOME FROM INVESTMENT
OPERATIONS:
Net investment loss (b) (0.05) (0.01) (0.03) (0.08) (0.04) (0.16)(c)
Net realized and unrealized
gain (loss) on investments,
foreign currency and
foreign capital gains tax 1.36 1.62 (1.57) (1.95) (7.38) 7.03
----------- ----------- --------- --------- --------- ---------
Total from Investment
Operations 1.31 1.61 (1.60) (2.03) (7.42) 6.87
LESS DISTRIBUTIONS
DECLARED TO SHAREHOLDERS:
From net investment income -- -- -- -- -- (0.50)
From net realized gains -- -- -- -- (0.18) (0.83)
In excess of net realized gains -- -- -- -- (0.45) --
----------- ----------- --------- --------- --------- ---------
Total Distributions Declared
to Shareholders -- -- -- -- (0.63) (1.33)
REDEMPTION FEES:
Redemption fees added to
paid-in capital --(b)(d) -- -- -- -- --
NET ASSET VALUE, END OF PERIOD $ 15.79 $ 14.48 $ 12.87 $ 14.47 $ 16.50 $ 24.55
Total return (e)(f) 9.05% 12.51%(g) (11.06)% (12.30)% (30.60)% 36.18%
RATIOS TO AVERAGE NET ASSETS/
SUPPLEMENTAL DATA:
Operating expenses (h) 2.15% 2.15%(i) 2.15% 2.15% 2.15% 2.15%
Interest expense -- -- --%(j) --%(j) -- --
Net investment loss (h) (0.29)% (0.36)%(i) (0.24)% (0.55)% (0.22)% (0.65)%
Waiver/reimbursement 1.07% 2.16%(i) 1.40% 1.74% 1.26% 0.96%
Portfolio turnover rate 69% 8%(g) 42% 24% 43% 31%
Net assets, end of
period (000's) $ 4,503 $ 5,343 $ 4,620 $ 6,804 $ 9,222 $ 10,213
</Table>
(a) The Fund changed its fiscal year end from June 30 to August 31.
(b) Per share data was calculated using average shares outstanding during the
period.
(c) Net of fees and expenses waived or borne by the Investment
Advisor/Administrator which amounted to $0.233 per share for the year ended
June 30, 2000.
(d) Rounds to less than $0.01 per share
(e) Total return at net asset value assuming all distributions reinvested and no
initial sales charge or contingent deferred sales charge.
(f) Had the Investment Advisor/Administrator not waived a portion of expenses,
total return would have been reduced.
(g) Not annualized.
(h) The benefits derived from custody credits and directed brokerage
arrangements, if applicable, had an impact of less than 0.01%.
(i) Annualized.
(j) Rounds to less than 0.01%.
23
<Page>
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD IS AS FOLLOWS:
<Table>
<Caption>
PERIOD
YEAR ENDED ENDED
AUGUST 31, AUGUST 31, YEAR ENDED JUNE 30,
CLASS B SHARES 2004 2003(a) 2003 2002 2001 2000
- -------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE,
BEGINNING OF PERIOD $ 13.99 $ 12.45 $ 14.09 $ 16.19 $ 24.31 $ 18.90
INCOME FROM INVESTMENT
OPERATIONS:
Net investment loss (b) (0.14) (0.02) (0.11) (0.19) (0.15) (0.34)(c)
Net realized and unrealized
gain (loss) on investments,
foreign currency and
foreign capital gains tax 1.29 1.56 (1.53) (1.91) (7.34) 7.03
----------- ---------- -------- -------- -------- --------
Total from Investment
Operations 1.15 1.54 (1.64) (2.10) (7.49) 6.69
LESS DISTRIBUTIONS
DECLARED TO SHAREHOLDERS:
From net investment income -- -- -- -- -- (0.45)
From net realized gains -- -- -- -- (0.18) (0.83)
In excess of net realized gains -- -- -- -- (0.45) --
----------- ---------- -------- -------- -------- --------
Total Distributions Declared
to Shareholders -- -- -- -- (0.63) (1.28)
REDEMPTION FEES:
Redemption fees added to
paid-in capital --(b)(d) -- -- -- -- --
NET ASSET VALUE, END OF PERIOD $ 15.14 $ 13.99 $ 12.45 $ 14.09 $ 16.19 $ 24.31
Total return (e)(f) 8.22% 12.37%(g) (11.64)% (12.97)% (31.20)% 35.43%
RATIOS TO AVERAGE NET ASSETS/
SUPPLEMENTAL DATA:
Operating expenses (h) 2.90% 2.90%(i) 2.90% 2.90% 2.90% 2.90%
Interest expense -- -- --%(j) --%(j) -- --
Net investment loss (h) (0.94)% (1.10)%(i) (0.87)% (1.30)% (0.80)% (1.40)%
Waiver/reimbursement 1.07% 2.16%(i) 1.45% 1.74% 1.38% 0.96%
Portfolio turnover rate 69% 8%(g) 42% 24% 43% 31%
Net assets, end of
period (000's) $ 4,380 $ 3,781 $ 3,227 $ 4,851 $ 6,903 $ 5,836
</Table>
(a) The Fund changed its fiscal year end from June 30 to August 31.
(b) Per share data was calculated using average shares outstanding during the
period.
(c) Net of fees and expenses waived or borne by the Investment
Advisor/Administrator which amounted to $0.233 per share for the year ended
June 30, 2000.
(d) Rounds to less than $0.01 per share
(e) Total return at net asset value assuming all distributions reinvested and no
contingent deferred sales charge.
(f) Had the Investment Advisor/Administrator not waived a portion of expenses,
total return would have been reduced.
(g) Not annualized.
(h) The benefits derived from custody credits and directed brokerage
arrangements, if applicable, had an impact of less than 0.01%.
(i) Annualized.
(j) Rounds to less than 0.01%.
24
<Page>
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD IS AS FOLLOWS:
<Table>
<Caption>
PERIOD
YEAR ENDED ENDED
AUGUST 31, AUGUST 31, YEAR ENDED JUNE 30,
CLASS C SHARES 2004 2003(a) 2003 2002 2001 2000
- -------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE,
BEGINNING OF PERIOD $ 13.98 $ 12.44 $ 14.09 $ 16.18 $ 24.28 $ 18.90
INCOME FROM INVESTMENT
OPERATIONS:
Net investment loss (b) (0.14) (0.03) (0.11) (0.19) (0.18) (0.34)(c)
Net realized and unrealized
gain (loss) on investments,
foreign currency and
foreign capital gains tax 1.29 1.57 (1.54) (1.90) (7.29) 7.00
----------- ----------- --------- --------- --------- ---------
Total from Investment
Operations 1.15 1.54 (1.65) (2.09) (7.47) 6.66
LESS DISTRIBUTIONS
DECLARED TO SHAREHOLDERS:
From net investment income -- -- -- -- -- (0.45)
From net realized gains -- -- -- -- (0.18) (0.83)
In excess of net realized gains -- -- -- -- (0.45) --
----------- ----------- --------- --------- --------- ---------
Total Distributions Declared
to Shareholders -- -- -- -- (0.63) (1.28)
REDEMPTION FEES:
Redemption fees added to
paid-in capital --(b)(d) -- -- -- -- --
NET ASSET VALUE, END OF PERIOD $ 15.13 $ 13.98 $ 12.44 $ 14.09 $ 16.18 $ 24.28
Total return (e)(f) 8.23% 12.38%(g) (11.71)% (12.92)% (31.15)% 35.27%
RATIOS TO AVERAGE NET ASSETS/
SUPPLEMENTAL DATA:
Operating expenses (h) 2.90% 2.90%(i) 2.90% 2.90% 2.90% 2.90%
Interest expense -- -- --%(j) --%(j) -- --
Net investment loss (h) (0.93)% (1.14)%(i) (0.87)% (1.30)% (0.92)% (1.40)%
Waiver/reimbursement 1.07% 2.16%(i) 1.46% 1.74% 1.29% 0.96%
Portfolio turnover rate 69% 8%(g) 42% 24% 43% 31%
Net assets, end of
period (000's) $ 1,685 $ 804 $ 715 $ 1,073 $ 1,109 $ 1,383
</Table>
(a) The Fund changed its fiscal year end from June 30 to August 31.
(b) Per share data was calculated using average shares outstanding during the
period.
(c) Net of fees and expenses waived or borne by the Investment
Advisor/Administrator which amounted to $0.233 per share for the year ended
June 30, 2000.
(d) Rounds to less than $0.01 per share
(e) Total return at net asset value assuming all distributions reinvested and no
contingent deferred sales charge.
(f) Had the Investment Advisor/Administrator not waived a portion of expenses,
total return would have been reduced.
(g) Not annualized.
(h) The benefits derived from custody credits and directed brokerage
arrangements, if applicable, had an impact of less than 0.01%.
(i) Annualized.
(j) Rounds to less than 0.01%.
25
<Page>
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD IS AS FOLLOWS:
<Table>
<Caption>
PERIOD PERIOD
YEAR ENDED ENDED ENDED
AUGUST 31, AUGUST 31, YEAR ENDED JUNE 30, JUNE 30,
CLASS Z SHARES 2004 2003(a) 2003(b) 2002 2001(c)
- -------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 14.60 $ 12.97 $ 14.55 $ 16.54 $ 19.06
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) (d) (0.01) --(e) (0.01) (0.04) 0.08
Net realized and unrealized gain (loss)
on investments, foreign currency and
foreign capital gains tax 1.37 1.63 (1.57) (1.95) (2.60)
--------- --------- --------- --------- ---------
Total from Investment Operations 1.36 1.63 (1.58) (1.99) (2.52)
REDEMPTION FEES:
Redemption fees added to paid-in capital --(d)(e) -- -- -- --
NET ASSET VALUE, END OF PERIOD $ 15.96 $ 14.60 $ 12.97 $ 14.55 $ 16.54
Total return (f)(g) 9.32% 12.57%(h) (10.86)% (12.03)% (13.22)%(h)
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Operating expenses (i) 1.90% 1.90%(j) 1.90% 1.90% 1.90%(j)
Interest expense -- -- --%(k) --%(k) --
Net investment income (loss) (i) (0.07)% (0.13)%(j) (0.06)% (0.30)% 1.08%(j)
Waiver/reimbursement 1.07% 2.16%(j) 1.95% 1.74% 1.99%(j)
Portfolio turnover rate 69% 8%(h) 42% 24% 43%
Net assets, end of period (000's) $ 757 $ 729 $ 826 $ 218 $ 305
</Table>
(a) The Fund changed its fiscal year end from June 30 to August 31.
(b) On July 29, 2002, the Fund's existing Class Z shares were combined into the
Fund's Class S shares, which were subsequently redesignated as Class Z
shares.
(c) Class S shares were initially offered on February 1, 2001. Per share data
and total return reflect activity from that date.
(d) Per share data was calculated using average shares outstanding during the
period.
(e) Rounds to less than $0.01 per share.
(f) Total return at net asset value.
(g) Had the Investment Advisor/Administrator not waived or reimbursed a portion
of expenses, total return would have been reduced.
(h) Not annualized.
(i) The benefits derived from custody credits and directed brokerage
arrangements, if applicable, had an impact of less than 0.01%.
(j) Annualized.
(k) Rounds to less than 0.01%.
26
<Page>
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
COLUMBIA NEWPORT ASIA PACIFIC FUND
TO THE TRUSTEES OF COLUMBIA FUNDS TRUST VI AND THE SHAREHOLDERS OF COLUMBIA
NEWPORT ASIA PACIFIC FUND
In our opinion, the accompanying statement of assets and liabilities, including
the investment portfolio, 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 Columbia Newport Asia Pacific Fund
(the "Fund") (a series of Columbia Funds Trust VI) at August 31, 2004, and the
results of its operations, the changes in its net assets and the financial
highlights for the periods indicated, in conformity with accounting principles
generally accepted in the United States of America. These financial statements
and financial highlights (hereafter referred to as "financial statements") are
the responsibility of the Fund's 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 the standards of the
Public Company Accounting Oversight Board (United States), which require that we
plan and perform the audits 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
statement presentation. We believe that our audits, which included confirmation
of securities at August 31, 2004 by correspondence with the custodian and
brokers, provide a reasonable basis for our opinion.
The Trustees of the Fund approved a plan of liquidation for the Fund as
described in Note 10.
PricewaterhouseCoopers LLP
Boston, Massachusetts
October 18, 2004
27
<Page>
TRUSTEES
COLUMBIA NEWPORT ASIA PACIFIC FUND
Effective October 8, 2003, Patrick J. Simpson and Richard L. Woolworth were
appointed to the Board of the Trustees of the Fund. Messrs. Simpson and
Woolworth had been directors of 15 Columbia Funds and 20 funds in the CMG Fund
Trust. Also effective October 8, 2003, the incumbent trustees of the Fund were
elected as directors of the 15 Columbia Funds and as trustees of the 20 funds in
the CMG Fund Trust. The new combined Board of Trustees/Directors of the Fund now
oversees 118 funds in the Columbia Funds Complex (including the former Liberty
Funds, former Stein Roe Funds, Columbia Funds and CMG Funds). Several of these
trustees/directors also serve on the Boards of other funds in the Columbia Funds
Complex.
The Trustrees/Directors serve terms of indefinite duration. The names, addresses
and ages of the Trustees/Directors and officers of the Funds in the Columbia
Funds Complex, the year each was first elected or appointed to office, their
principal business occupations during at least the last five years, the number
of portfolios overseen by each Trustee/Director and other directorships they
hold are shown below. Each officer listed below serves as an officer of each
Fund in the Columbia Funds Complex.
<Table>
<Caption>
NAME, ADDRESS AND AGE, POSITION WITH FUNDS, YEAR PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS, NUMBER OF PORTFOLIOS IN COLUMBIA
FIRST ELECTED OR APPOINTED TO OFFICE(1) FUNDS COMPLEX OVERSEEN BY TRUSTEE/DIRECTOR, OTHER DIRECTORSHIPS HELD
DISINTERESTED TRUSTEES
DOUGLAS A. HACKER (Age 48) Executive Vice President-Strategy of United Airlines (airline) since December
P.O. Box 66100 2002 (formerly President of UAL Loyalty Services (airline) from September 2001
Chicago, IL 60666 to December 2002; Executive Vice President and Chief Financial Officer of United
Trustee (since 1996) Airlines from March 1999 to September 2001; Senior Vice President-Finance from
March 1993 to July 1999). Oversees 118, Orbitz, Inc. (on-line travel company)
JANET LANGFORD KELLY (Age 46) Adjunct Professor of Law, Northwestern University since September 2004, Private
9534 W. Gull Lake Drive Investor since March 2004 (formerly Chief Administrative Officer and Senior Vice
Richland, MI 49083-8530 President, Kmart Holding Corporation (consumer goods), from September 2003 to
Trustee (since 1996) March 2004; Executive Vice President-Corporate Development and Administration,
General Counsel and Secretary, Kellogg Company (food manufacturer), from
September 1999 to August 2003; Senior Vice President, Secretary and General
Counsel, Sara Lee Corporation (branded, packaged, consumer-products
manufacturer) from January, 1995 to September 1999). Oversees 118, None
RICHARD W. LOWRY (Age 68) Private Investor since August 1987 (formerly Chairman and Chief Executive
10701 Charleston Drive Officer, U.S. Plywood Corporation (building products manufacturer)). Oversees
Vero Beach, FL 32963 120(3), None
Trustee (since 1995)
CHARLES R. NELSON (Age 62) Professor of Economics, University of Washington, since January 1976; Ford and
Department of Economics Louisa Van Voorhis Professor of Political Economy, University of Washington,
University of Washington since September, 1993 (formerly Director, Institute for Economic Research,
Seattle, WA 98195 University of Washington from September 2001 to June 2003) Adjunct Professor of
Trustee (since 1981) Statistics, University of Washington, since September 1980; Associate Editor,
Journal of Money Credit and Banking, since September 1993; consultant on
econometric and statistical matters. Oversees 118, None
</Table>
(1) In December 2000, the boards of each of the former Liberty Funds and former
Stein Roe Funds were combined into one board of trustees responsible for
the oversight of both fund groups (collectively, the "Liberty Board"). In
October 2003, the trustees on the Liberty Board were elected to the boards
of the Columbia Funds (the "Columbia Board") and of the CMG Fund Trust (the
"CMG Funds Board"); simultaneous with that election, Patrick J. Simpson and
Richard L. Woolworth, who had been directors on the Columbia Board and
trustees on the CMG Funds Board, were appointed to serve as trustees of the
Liberty Board. The date shown is the earliest date on which a
trustee/director was elected or appointed to the board of a Fund in the
Columbia Funds Complex.
28
<Page>
<Table>
<Caption>
NAME, ADDRESS AND AGE, POSITION WITH FUNDS, YEAR PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS, NUMBER OF PORTFOLIOS IN COLUMBIA
FIRST ELECTED OR APPOINTED TO OFFICE(1) FUNDS COMPLEX OVERSEEN BY TRUSTEE/DIRECTOR, OTHER DIRECTORSHIPS HELD
DISINTERESTED TRUSTEES
JOHN J. NEUHAUSER (Age 61) Academic Vice President and Dean of Faculties since August 1999, Boston College
84 College Road (formerly Dean, Boston College School of Management from September 1977 to
Chestnut Hill, MA 02467-3838 September 1999). Oversees 121(3), (4), Saucony, Inc. (athletic footwear)
Trustee (since 1985)
PATRICK J. SIMPSON (Age 60) Partner, Perkins Coie L.L.P. (law firm). Oversees 118, None
1120 N.W. Couch Street
Tenth Floor
Portland, OR 97209-4128
Trustee (since 2000)
THOMAS E. STITZEL (Age 68) Business Consultant since 1999 (formerly Professor of Finance from 1975 to 1999,
2208 Tawny Woods Place College of Business, Boise State University); Chartered Financial Analyst.
Boise, ID 83706 Oversees 118, None.
Trustee (since 1998)
THOMAS C. THEOBALD (Age 67) Partner and Senior Advisor, Chicago Growth Partners (private equity investing)
303 W. Madison since September 2004 (formerly Managing Director, William Blair Capital Partners
Suite 2500 (private equity investing) from September 1994 to September 2004). Oversees 118,
Chicago, IL 60606 Anixter International (network support equipment distributor); Ventas, Inc.
Trustee and Chairman of the Board(5) (real estate investment trust); Jones Lang LaSalle (real estate management
(since 1996) services) and MONY Group (life insurance)
ANNE-LEE VERVILLE (Age 59) Retired since 1997 (formerly General Manager, Global Education Industry, IBM
359 Stickney Hill Road Corporation (computer and technology) from 1994 to 1997). Oversees 119(4),
Hopkinton, NH 03229 Chairman of the Board of Directors, Enesco Group, Inc. (designer, importer and
Trustee (since 1998) distributor of giftware and collectibles)
RICHARD L. WOOLWORTH (Age 63) Retired since December 2003 (formerly Chairman and Chief Executive Officer, The
100 S.W. Market Street #1500 Regence Group (regional health insurer); Chairman and Chief Executive Officer,
Portland, OR 97207 BlueCross BlueShield of Oregon; Certified Public Accountant, Arthur Young &
Trustee (since 1991) Company). Oversees 118, Northwest Natural Gas Co. (natural gas service provider)
INTERESTED TRUSTEE
WILLIAM E. MAYER(2) (Age 64) Managing Partner, Park Avenue Equity Partners (private equity) since February
399 Park Avenue 1999 (formerly Founding Partner, Development Capital LLC from November 1996 to
Suite 3204 February 1999). Oversees 120(3), Lee Enterprises (print media), WR Hambrecht + Co.
New York, NY 10022 (financial service provider); First Health (healthcare); Reader's Digest
Trustee (since 1994) (publishing); OPENFIELD Solutions (retail industry technology provider)
</Table>
(2) Mr. Mayer is an "interested person" (as defined in the Investment Company
Act of 1940 (1940 Act)) by reason of his affiliation with WR Hambrecht +
Co.
(3) Messrs. Lowry, Neuhauser and Mayer also serve as directors/trustees of the
Liberty All-Star Funds, currently consisting of 2 funds, which are advised
by an affiliate of the Advisor.
(4) Mr. Neuhauser and Ms. Verville also serve as disinterested directors of
Columbia Management Multi-Strategy Hedge Fund, LLC, which is advised by the
Advisor.
(5) Mr. Theobald was appointed as Chairman of the Board effective December 10,
2003.
29
<Page>
OFFICERS
COLUMBIA NEWPORT ASIA PACIFIC FUND
<Table>
<Caption>
NAME, ADDRESS AND AGE, POSITION WITH COLUMBIA
FUNDS, YEAR FIRST ELECTED OR APPOINTED TO OFFICE PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS
CHRISTOPHER L. WILSON (Age 47) President of the Columbia Funds since October 2004 (formerly President and Chief
One Financial Center Executive Officer, CDC IXIS Asset Management Services, Inc. from September, 1998
Boston, MA 02111 to August 2004).
President (since 2004)
J. KEVIN CONNAUGHTON (Age 40) Treasurer of the Columbia Funds and of the Liberty All-Star Funds since December
One Financial Center 2000; Vice President of the Advisor since April 2003 (formerly President of the
Boston, MA 02111 Columbia Funds from February 2004 to October 2004; Chief Accounting Officer and
Treasurer (since 2000) Controller of the Liberty Funds and of the Liberty All-Star Funds from February
1998 to October 2000); Treasurer of the Galaxy Funds since September 2002;
Treasurer, Columbia Management Multi-Strategy Hedge Fund, LLC since December
2002 (formerly Vice President of Colonial Management Associates, Inc. from
February 1998 to October, 2000).
MARY JOAN HOENE (Age 54) Senior Vice President and Chief Compliance Officer of the Columbia Funds since
40 West 57th Street August 2004; Chief Compliance Officer of the Liberty All-Star Funds since August
New York, NY 10019 2004 (formerly Partner, Carter, Ledyard & Milburn LLP from January 2001 to
Senior Vice President and August, 2004; Counsel, Carter, Ledyard & Milburn LLP from November 1999 to
Chief Compliance Officer December 2000; Vice President and Counsel, Equitable Life Assurance Society of
(since 2004) the United States from April 1998 to November 1999).
MICHAEL G. CLARKE (Age 34) Chief Accounting Officer of the Columbia Funds and of the Liberty All-Star Funds
One Financial Center since October 2004 (formerly Controller of the Columbia Funds and of the Liberty
Boston, MA 02111 All-Star Funds from May 2004 to October 2004; Assistant Treasurer from June 2002
Chief Accounting Officer to May 2004; Vice President, Product Strategy & Development of the Liberty Funds
(since 2004) Group from February 2001 to June 2002; Assistant Treasurer of the Liberty Funds
and of the Liberty All-Star Funds from August 1999 to February, 2001; Audit
Manager, Deloitte & Toche LLP from May 1997 to August 1999).
JEFFREY R. COLEMAN (Age 34) Controller of the Columbia Funds and of the Liberty All-Star Funds since October
One Financial Center 2004 (formerly Vice President of CDC IXIS Asset Management Services, Inc. and
Boston, MA 02111 Deputy Treasurer of the CDC Nvest Funds and Loomis Sayles Funds from February
Controller (since 2004) 2003 to September 2004; Assistant Vice President of CDC IXIS Asset Management
Services, Inc. and Assistant Treasurer of the CDC Nvest Funds from August 2000
to February 2003; Tax Manager of PFPC, Inc. from November 1996 to August 2000).
DAVID A. ROZENSON (Age 50) Secretary of the Columbia Funds and of the Liberty All-Star Funds since December
One Financial Center 2003; Senior Counsel, Bank of America Corporation (formerly FleetBoston
Boston, MA 02111 Financial Corporation) since January 1996; Associate General Counsel, Columbia
Secretary (since 2003) Management Group since November 2002.
</Table>
30
<Page>
COLUMBIA FUNDS
COLUMBIA NEWPORT ASIA PACIFIC FUND
LARGE GROWTH Columbia Common Stock
Columbia Growth
Columbia Growth Stock
Columbia Large Cap Growth
Columbia Tax-Managed Growth
Columbia Tax-Managed Growth II
Columbia Young Investor
LARGE VALUE Columbia Disciplined Value
Columbia Growth & Income
Columbia Large Cap Core
Columbia Tax-Managed Value
MIDCAP GROWTH Columbia Acorn Select
Columbia Mid Cap Growth
Columbia Tax-Managed Aggressive Growth
MIDCAP VALUE Columbia Dividend Income
Columbia Mid Cap
Columbia Strategic Investor
SMALL GROWTH Columbia Acorn
Columbia Acorn USA
Columbia Small Company Equity
SMALL VALUE Columbia Small Cap
Columbia Small Cap Value
BALANCED Columbia Asset Allocation
Columbia Balanced
Columbia Liberty Fund
SPECIALTY Columbia Real Estate Equity
Columbia Technology
Columbia Utilities
TAXABLE FIXED-INCOME Columbia Contrarian Income
Columbia Corporate Bond
Columbia Federal Securities
Columbia Fixed Income Securities
Columbia High Yield
Columbia High Yield Opportunities
Columbia Income
Columbia Intermediate Bond
Columbia Intermediate Government Income
Columbia Quality Plus Bond
Columbia Short Term Bond
Columbia Strategic Income
TAX EXEMPT Columbia High Yield Municipal
Columbia Intermediate Tax-Exempt Bond
Columbia Managed Municipals
Columbia National Municipal Bond
Columbia Tax-Exempt
Columbia Tax-Exempt Insured
31
<Page>
SINGLE STATE TAX EXEMPT Columbia California Tax-Exempt
Columbia Connecticut Intermediate Municipal Bond
Columbia Connecticut Tax-Exempt
Columbia Florida Intermediate Municipal Bond
Columbia Massachusetts Intermediate Municipal Bond
Columbia Massachusetts Tax-Exempt
Columbia New Jersey Intermediate Municipal Bond
Columbia New York Intermediate Municipal Bond
Columbia New York Tax-Exempt
Columbia Oregon Municipal Bond
Columbia Pennsylvania Intermediate Municipal Bond
Columbia Rhode Island Intermediate Municipal Bond
MONEY MARKET Columbia Money Market
Columbia Municipal Money Market
INTERNATIONAL/GLOBAL Columbia Acorn International
Columbia Acorn International Select
Columbia Europe
Columbia Global Equity
Columbia International Equity
Columbia International Stock
Columbia Newport Asia Pacific
Columbia Newport Greater China
Columbia Newport Tiger
INDEX Columbia Large Company Index
Columbia Small Company Index
Columbia U.S. Treasury Index
Please consider the investment objectives, risks, charges and expenses of a
mutual fund carefully before investing. Contact us at 800-345-6611 for a
prospectus which contains this and other important information about the fund.
Read it carefully before you invest.
For complete product information on any Columbia fund, visit our website at
www.columbiafunds.com.
Columbia Management Group and Columbia Management refer collectively to the
various investment advisory subsidiaries of Columbia Management Group, including
Columbia Management Advisors, Inc., the registered investment advisor, and
Columbia Funds Distributor, Inc.
32
<Page>
IMPORTANT INFORMATION ABOUT THIS REPORT
COLUMBIA NEWPORT ASIA PACIFIC FUND
TRANSFER AGENT
Columbia Funds Services, Inc.
P.O. Box 8081
Boston MA 02266-8081
800.345.6611
DISTRIBUTOR
Columbia Funds Distributor, Inc.
One Financial Center
Boston MA 02111
INVESTMENT ADVISOR
Columbia Management Advisors, Inc.
100 Federal Street
Boston MA 02110
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
PricewaterhouseCoopers LLP
125 High Street
Boston, MA 02110
The fund mails one shareholder report to each shareholder address. If you would
like more than one report, please call shareholder services at 800-345-6611 and
additional reports will be sent to you.
This report has been prepared for shareholders of Columbia Newport Asia Pacific
Fund. This report may also be used as sales literature when preceded or
accompanied by the current prospectus which provides details of sales charges,
investment objectives and operating policies of the fund and with the most
recent copy of the Columbia Funds Performance Update.
A description of the policies and procedures that the fund uses to determine how
to vote proxies relating to their portfolio securities and a copy of the fund's
voting record are available (i) at www.columbiamanagement.com; (ii) on the
Securities and Exchange Commission's website at www.sec.gov and (iii) without
charge, upon request, by calling 800-368-0346.
33
<Page>
[GRAPHIC]
Help your fund reduce printing and postage costs! Elect to get your shareholder
reports by electronic delivery. With Columbia's eDelivery program, you receive
an e-mail message when your shareholder report becomes available online. If your
fund account is registered with Columbia Funds, you can sign up quickly and
easily on our website at www.columbiafunds.com.
Please note -- if you own your fund shares through a financial institution,
contact the institution to see if it offers electronic delivery. If you own your
fund shares through a retirement plan, electronic delivery may not be available
to you.
COLUMBIA NEWPORT ASIA PACIFIC FUND ANNUAL REPORT, AUGUST 31, 2004 PRSRT STD
U.S. POSTAGE
PAID
HOLLISTON, MA
PERMIT NO. 20
[COLUMBIAFUNDS(R) LOGO]
A MEMBER OF COLUMBIA MANAGEMENT GROUP
(C) 2004 COLUMBIA FUNDS DISTRIBUTOR, INC.
ONE FINANCIAL CENTER, BOSTON, MA 02111-2621
800.345.6611 www.columbiafunds.com
737-02/773S-0904 (10/04) 04/3002
<Page>
ITEM 2. CODE OF ETHICS.
(a) The registrant has, as of the end of the period covered by this
report, adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal
accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party.
(b) During the period covered by this report, there were not any
amendments to a provision of the code of ethics adopted in 2(a) above.
(c) During the period covered by this report, there were not any waivers
or implicit waivers to a provision of the code of ethics adopted in
2(a) above.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
The registrant's Board of Trustees has determined that Douglas A. Hacker, Thomas
E. Stitzel, Anne-Lee Verville and Richard L. Woolworth, each of whom are members
of the registrant's Board of Trustees and Audit Committee, each qualify as an
audit committee financial expert. Mr. Hacker, Mr. Stitzel, Ms. Verville and Mr.
Woolworth are each independent trustees, as defined in paragraph (a)(2) of this
item's instructions and collectively constitute the entire Audit Committee.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Fee information below is disclosed in aggregate for the series of the registrant
whose reports to stockholders are included in this annual filing. Effective
August 31, 2003, this series of the registrant changed its fiscal year-end from
June 30. Fee information for the fiscal year ended June 30, 2003 is also
included below.
(a) Aggregate Audit Fees billed by the principal accountant for professional
services rendered during the fiscal years/periods ended August 31, 2004, August
31, 2003 and June 30, 2003 are approximately as follows:
<Table>
<Caption>
2004 AUGUST 2003 JUNE 2003
$ 15,100 $ 8,200 $ 16,300
</Table>
<Page>
Audit Fees include amounts related to the audit of the registrant's annual
financial statements or services that are normally provided by the accountant in
connection with statutory and regulatory filings or engagements for those fiscal
years.
(b) Aggregate Audit-Related Fees billed by the principal accountant for
professional services rendered during the fiscal years/periods ended August 31,
2004, August 31, 2003 and June 30, 2003 are approximately as follows:
<Table>
<Caption>
2004 AUGUST 2003 JUNE 2003
$ 3,500 $ 0 $ 6,000
</Table>
Audit-Related Fees include amounts for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported in Audit Fees
above. In both fiscal years/periods August 31, 2004 and June 30, 2003,
Audit-Related Fees include certain agreed-upon procedures performed for
semi-annual shareholder reports. Fiscal year June 30, 2003 also includes fees
for agreed-upon procedures conducted during the conversion of the fund's
accounting system.
The "de minimis" exception under paragraph (c)(7)(i)(C) of Rule 2-01 of
Regulation S-X became effective on May 6, 2003. For the registrant, the
percentage of Audit-Related services that were approved under the "de minimis"
exception during the fiscal years/periods ended August 31, 2004, August 31, 2003
and June 30, 2003 was zero.
The pre-approval requirements for services to the investment adviser (not
including any sub-adviser whose role is primarily portfolio management and is
subcontracted with or overseen by another investment adviser) and any entity
controlling, controlled by, or under common control with the adviser that
provides ongoing services to the registrant under paragraph (c)(7)(ii) of Rule
2-01 of Regulation S-X became effective on May 6, 2003. During the fiscal
years/periods ended August 31, 2004, August 31, 2003 and June 30, 2003, there
were no Audit-Related Fees that were approved pursuant to paragraph (c)(7)(ii)
of Rule 2-01 of Regulation S-X.
The percentage of Audit-Related fees required to be approved under paragraph
(c)(7)(ii) of Rule 2-01 of Regulation S-X that were approved under the "de
minimis" exception during the fiscal years/periods ended August 31, 2004, August
31, 2003 and June 30, 2003 was zero.
(c) Aggregate Tax Fees billed by the principal accountant for professional
services rendered during the fiscal years/periods ended August 31, 2004, August
31, 2003 and June 30, 2003 are approximately as follows:
<Table>
<Caption>
2004 AUGUST 2003 JUNE 2003
$ 5,100 $ 0 $ 4,100
</Table>
<Page>
Tax Fees include amounts for professional services by the principal accountant
for tax compliance, tax advice and tax planning. Tax Fees during the fiscal year
ended August 31, 2004 primarily consist of the review of annual tax returns for
two fiscal periods. Tax fees for the fiscal year-ended June 30, 2003 include the
review of annual tax returns and consultation and assistance with foreign tax
filings.
The "de minimis" exception under paragraph (c)(7)(i)(C) of Rule 2-01 of
Regulation S-X became effective on May 6, 2003. For the registrant, the
percentage of Tax Fees that were approved under the "de minimis" exception
during the fiscal years/periods ended during the fiscal years ended August 31,
2004, August 31, 2003 and June 30, 2003 was zero.
The pre-approval requirements for services to the investment adviser (not
including any sub-adviser whose role is primarily portfolio management and is
subcontracted with or overseen by another investment adviser) and any entity
controlling, controlled by, or under common control with the adviser that
provides ongoing services to the registrant under paragraph (c)(7)(ii) of Rule
2-01 of Regulation S-X became effective on May 6, 2003. During the fiscal years
ended during the fiscal years/periods ended August 31, 2004, August 31, 2003 and
June 30, 2003, there were no Tax Fees that were approved pursuant to paragraph
(c)(7)(ii) of Rule 2-01 of Regulation S-X.
The percentage of Tax fees required to be approved under paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X that were approved under the "de minimis" exception
during the fiscal years ended during the fiscal years/periods ended August 31,
2004, August 31, 2003 and June 30, 2003 was zero.
(d) Aggregate All Other Fees billed by the principal accountant for professional
services rendered during the fiscal years ended during the fiscal years/periods
ended August 31, 2004, August 31, 2003 and June 30, 2003 are as follows:
<Table>
<Caption>
2004 AUGUST 2003 JUNE 2003
$ 0 $ 0 $ 0
</Table>
All Other Fees include amounts for products and services provided by the
principal accountant, other than the services reported in (a)-(c) above.
The "de minimis" exception under paragraph (c)(7)(i)(C) of Rule 2-01 of
Regulation S-X became effective on May 6, 2003. For the registrant, the
percentage of All Other Fees that were approved under the "de minimis" exception
during the fiscal years ended during the fiscal years/periods ended August 31,
2004, August 31, 2003 and June 30, 2003 was zero.
The pre-approval requirements for services to the investment adviser (not
including any sub-adviser whose role is primarily portfolio management and is
subcontracted with or overseen by another investment adviser) and any entity
controlling, controlled by, or under common control with the adviser that
provides ongoing services to the registrant
<Page>
under paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X became effective on
May 6, 2003. During the fiscal years/periods ended August 31, 2004 and August
31, 2003, All Other Fees that were approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X were approximately $95,000 and $0, respectively.
During the fiscal year ended June 30, 2003, All Other Fees that would have been
subject to pre-approval had paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X
been applicable at the time the services were provided, were approximately
$95,000. For both fiscal years/periods August 31, 2004 and June 30, 2003, All
Other Fees relate to internal controls reviews of the registrant's transfer
agent.
The percentage of All Other Fees required to be approved under paragraph
(c)(7)(ii) of Rule 2-01 of Regulation S-X that were approved under the "de
minimis" exception during the fiscal years/periods ended August 31, 2004, August
31, 2003 and June 30, 2003 was zero.
(e)(1) AUDIT COMMITTEE PRE-APPROVAL POLICIES AND PROCEDURES
I. GENERAL OVERVIEW
The Audit Committee of the registrant has adopted a formal policy (the "Policy")
which sets forth the procedures and the conditions pursuant to which the Audit
Committee will pre-approve (i) all audit and non-audit (including audit related,
tax and all other) services provided by the registrant's independent auditor to
the registrant and individual funds (collectively "Fund Services"), and (ii) all
non-audit services provided by the registrant's independent auditor to the
funds' adviser or a control affiliate of the adviser, that relate directly to
the funds' operations and financial reporting (collectively "Fund-related
Adviser Services"). A "control affiliate" is an entity controlling, controlled
by, or under common control with the adviser that provides ongoing services to
the funds, and the term "adviser" is deemed to exclude any unaffiliated
sub-adviser whose role is primarily portfolio management and is sub-contracted
or overseen by another investment adviser. The adviser and control affiliates
are collectively referred to as "Adviser Entities."
The Audit Committee uses a combination of specific (on a case-by-case basis as
potential services are contemplated) and general (pre-determined list of
permitted services) pre-approvals. Unless a type of service has received general
pre-approval, it will require specific pre-approval by the Audit Committee if it
is to be provided by the independent auditor.
The Policy does not delegate the Audit Committee's responsibilities to
pre-approve services performed by the independent auditor to management.
II. GENERAL PROCEDURES
On an annual basis, the Fund Treasurer and/or Director of Trustee Administration
shall submit to the Audit Committee a schedule of the types of Fund Services and
Fund-related Adviser Services that are subject to general pre-approval.
<Page>
These schedules will provide a description of each type of service that is
subject to general pre-approval and, where possible, will provide estimated fees
for each instance of providing each service. This general pre-approval and
related fees (where provided) will generally cover a one-year period (for
example, from July 1 through June 30 of the following year). The Audit Committee
will review and approve the types of services and review the projected fees for
the next one-year period and may add to, or subtract from, the list of general
pre-approved services from time to time, based on subsequent determinations.
This approval acknowledges that the Audit Committee is in agreement with the
specific types of services that the independent auditor will be permitted to
perform. The fee amounts will be updated to the extent necessary at other
regularly scheduled meetings of the Audit Committee.
In addition to the fees for each individual service, the Audit Committee has the
authority to implement a fee cap on the aggregate amount of non-audit services
provided to an individual fund.
If, subsequent to general pre-approval, a fund, its investment adviser or a
control affiliate determines that it would like to engage the independent
auditor to perform a service that requires pre-approval and that is not included
in the general pre-approval list, the specific pre-approval procedure shall be
as follows:
- A brief written request shall be prepared by management detailing the
proposed engagement with explanation as to why the work is proposed to
be performed by the independent auditor;
- The request should be addressed to the Audit Committee with copies to
the Fund Treasurer and/or Director of Trustee Administration;
- The Fund Treasurer and/or Director of Trustee Administration will
arrange for a discussion of the service to be included on the agenda
for the next regularly scheduled Audit Committee meeting, when the
Committee will discuss the proposed engagement and approve or deny the
request.
- If the timing of the project is critical and the project needs to
commence before the next regularly scheduled meeting, the Chairperson
of the Audit Committee may approve or deny the request on behalf of
the Audit Committee, or, in the Chairperson's discretion, determine to
call a special meeting of the Audit Committee for the purpose of
considering the proposal. Should the Chairperson of the Audit
Committee be unavailable, any other member of the Audit Committee may
serve as an alternate for the purpose of approving or denying the
request. Discussion with the Chairperson (or alternate, if necessary)
will be arranged by the Fund Treasurer and/or Director of Trustee
Administration. The independent auditor will not commence any such
project unless and until specific approval has been given.
<Page>
III. CERTAIN OTHER SERVICES PROVIDED TO ADVISER ENTITIES
The Audit Committee recognizes that there are cases where services proposed to
be provided by the independent auditor to the adviser or control affiliates are
not Fund-related Adviser Services within the meaning of the Policy, but
nonetheless may be relevant to the Audit Committee's ongoing evaluation of the
auditor's independence and objectivity with respect to its audit services to the
funds. As a result, in all cases where an Adviser Entity engages the independent
auditor to provide audit or non-audit services that are not Fund Services or
Fund-related Adviser Services, were not subject to pre-approval by the Audit
Committee, and the projected fees for any such engagement (or the aggregate of
all such engagements during the period covered by the Policy) exceeds a
pre-determined threshold established by the Audit Committee; the independent
auditor, Fund Treasurer and/or Director of Trustee Administration will notify
the Audit Committee not later than its next meeting. Such notification shall
include a general description of the services provided, the entity that is to be
the recipient of such services, the timing of the engagement, the entity's
reasons for selecting the independent auditor, and the projected fees. Such
information will allow the Audit Committee to consider whether non-audit
services provided to the adviser and Adviser Entities, which were not subject to
Audit Committee pre-approval, are compatible with maintaining the auditor's
independence with respect to the Funds.
IV. REPORTING TO THE AUDIT COMMITTEE
The Fund Treasurer or Director of Trustee Administration shall report to the
Audit Committee at each of its regular meetings regarding all Fund Services or
Fund-related Adviser Services initiated since the last such report was rendered,
including:
- A general description of the services, and
- Actual billed and projected fees, and
- The means by which such Fund Services or Fund-related Adviser Services
were pre-approved by the Audit Committee.
In addition, the independent auditor shall report to the Audit Committee
annually, and no more than 90 days prior to the filing of audit reports with the
SEC, all non-audit services provided to entities in the funds' "investment
company complex," as defined by SEC rules, that did not require pre-approval
under the Policy.
V. AMENDMENTS; ANNUAL APPROVAL BY AUDIT COMMITTEE
The Policy may be amended from time to time by the Audit Committee. Prompt
notice of any amendments will be provided to the independent auditor, Fund
Treasurer and Director of Trustee Administration. The Policy shall be reviewed
and approved at least annually by the Audit Committee.
*****
(e)(2) This information has been included in items (b)-(d) above.
<Page>
(f) Not applicable.
(g) All non-audit fees billed by the registrant's accountant for services
rendered to the registrant for the fiscal years/periods ended August 31, 2004,
August 31, 2003 and June 30, 2003 are disclosed in (b)-(d) above.
All non-audit fees billed by the registrant's accountant for services rendered
to the registrant's investment adviser (not including any sub-adviser whose role
is primarily portfolio management and is subcontracted with or overseen by
another investment adviser) and any entity controlling, controlled by, or under
common control with the adviser that provides ongoing services to the registrant
for the fiscal years/periods ended August 31, 2004, August 31, 2003 and June 30,
2003 are also disclosed in (b)-(d) above. Such fees were approximately $95,000,
$0 and $95,000, respectively.
(h) The registrant's Audit Committee of the Board of Directors has considered
whether the provision of non-audit services that were rendered to the
registrant's adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the investment adviser that provides ongoing services to the registrant
that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of
Regulation S-X, is compatible with maintaining the principal accountant's
independence. The Audit Committee determined that the provision of such services
is compatible with maintaining the principal accountant's independence.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEM 6. SCHEDULE OF INVESTMENTS
The registrant's "Schedule I -- Investments in securities of unaffiliated
issuers" (as set forth in 17 CFR 210.12-12) is included in Item 1 of this Form
N-CSR.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
<Page>
There have not been any material changes to the procedures by which shareholders
may recommend nominees to the registrant's board of directors, since those
procedures were last disclosed in response to the requirements of Item
7(d)(2)(ii)(G) of Schedule 14A or this Item.
ITEM 10. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive officer and principal financial
officers, based on their evaluation of the registrant's disclosure
controls and procedures as of a date within 90 days of the filing of
this report, have concluded that such controls and procedures are
adequately designed to ensure that information required to be disclosed
by the registrant in Form N-CSR is accumulated and communicated to the
registrant's management, including the principal executive officer and
principal financial officer, or persons performing similar functions,
as appropriate to allow timely decisions regarding required disclosure.
(b) There were no changes in the registrant's internal control over
financial reporting that occurred during the registrant's last fiscal
half-year (the registrant's second fiscal half-year in the case of an
annual report) that has materially affected, or is reasonably likely to
materially affect, the registrant's internal control over financial
reporting.
ITEM 11. EXHIBITS.
(a)(1) Code of ethics required to be disclosed under Item 2 of Form N-CSR
attached hereto as Exhibit 99.CODE ETH.
(a)(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act
of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.
(a)(3) Not applicable.
(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of
1940 (17 CFR 270.30a-2(b)) attached hereto as Exhibit 99.906CERT.
<Page>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(registrant) Columbia Funds Trust VI
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By (Signature and Title) /s/ Christopher L. Wilson
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Christopher L. Wilson, President
Date October 28, 2004
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title) /s/ Christopher L. Wilson
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Christopher L. Wilson, President
Date October 28, 2004
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By (Signature and Title) /s/ J. Kevin Connaughton
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J. Kevin Connaughton, Treasurer
Date October 28, 2004
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