<PAGE> PAGE 1
000 B000000 12/31/94
000 C000000 916900
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 COLUMBIA REAL ESTATE EQUITY FUND, INC.
001 B000000 811-8256
001 C000000 5032223600
002 A000000 1301 S.W. FIFTH AVENUE
002 B000000 PORTLAND
002 C000000 OR
002 D010000 97201
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
020 A000001 AUTRANET, INC.
020 B000001 132961507
020 C000001 14
020 A000002 FOX-PITT, KELTON, INC.
020 B000002 061058201
020 C000002 3
020 A000003 BEAR, STEARNS & CO., INC.
020 B000003 133299429
020 C000003 3
020 A000004 BROWN (ALEX) & SONS, INC.
020 B000004 521319768
020 C000004 2
020 A000005 MERRILL LYNCH, PIERCE
020 B000005 135674085
020 C000005 2
020 A000006 MONTGOMERY SECURITIES
020 B000006 941701676
020 C000006 2
020 A000007 PUNK, ZIEGEL & KNOELL
020 B000007 133573755
020 C000007 2
020 A000008 GENESIS MERCHANT GROUP
020 B000008 943082467
020 C000008 2
020 A000009 FIRST MARATHON
020 C000009 1
020 A000010 KINNARD (JOHN G.) & CO.
020 B000010 410853893
020 C000010 1
<PAGE> PAGE 2
021 000000 38
022 A000001 BANK OF AMERICA NT & SA
022 B000001 941687665
022 C000001 16384
022 D000001 1499
022 A000002 MERRILL LYNCH
022 B000002 135674085
022 C000002 5299
022 D000002 999
022 A000003 FORD MOTOR CREDIT
022 B000003 381612444
022 C000003 1549
022 D000003 0
022 A000004 GENERAL ELECTRIC CAPITAL CORP.
022 B000004 131500700
022 C000004 1449
022 D000004 0
022 A000005 FRIEDMAN, BILLINGS
022 B000005 521630477
022 C000005 580
022 D000005 0
022 A000006 ASSOCIATES CORP. OF N.A.
022 B000006 741494554
022 C000006 450
022 D000006 0
022 A000007 BENEFICIAL CORP.
022 B000007 510003820
022 C000007 450
022 D000007 0
022 A000008 NORWEST CORP.
022 B000008 410449260
022 C000008 450
022 D000008 0
022 A000009 SHEARSON, LEHMAN
022 B000009 132518466
022 C000009 430
022 D000009 0
022 A000010 MORGAN KEEGAN & CO.
022 B000010 640474907
022 C000010 416
022 D000010 0
023 C000000 29929
023 D000000 2498
024 000000 N
028 A010000 969
028 A020000 0
028 A030000 0
028 A040000 256
028 B010000 761
028 B020000 0
028 B030000 0
<PAGE> PAGE 3
028 B040000 196
028 C010000 1394
028 C020000 181
028 C030000 0
028 C040000 286
028 D010000 310
028 D020000 0
028 D030000 0
028 D040000 342
028 E010000 1219
028 E020000 0
028 E030000 0
028 E040000 411
028 F010000 879
028 F020000 327
028 F030000 0
028 F040000 368
028 G010000 5532
028 G020000 508
028 G030000 0
028 G040000 1859
028 H000000 0
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
070 A010000 Y
070 A020000 Y
070 B010000 Y
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 Y
<PAGE> PAGE 4
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 N
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 N
070 M010000 Y
070 M020000 N
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 N
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 17421
071 B000000 707
071 C000000 11656
071 D000000 6
072 A000000 9
072 B000000 59
072 C000000 700
072 D000000 0
072 E000000 0
072 F000000 77
072 G000000 0
072 H000000 0
072 I000000 11
072 J000000 3
072 K000000 4
072 L000000 1
072 M000000 0
072 N000000 9
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 8
072 S000000 3
072 T000000 0
072 U000000 0
072 V000000 0
<PAGE> PAGE 5
072 W000000 0
072 X000000 116
072 Y000000 0
072 Z000000 643
072AA000000 15
072BB000000 21
072CC010000 0
072CC020000 298
072DD010000 654
072DD020000 0
072EE000000 0
073 A010000 0.5000
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 0
074 B000000 803
074 C000000 0
074 D000000 0
074 E000000 0
074 F000000 16409
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 0
074 K000000 0
074 L000000 261
074 M000000 0
074 N000000 17473
074 O000000 0
074 P000000 11
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 60
074 S000000 0
074 T000000 17402
074 U010000 1485
074 U020000 0
074 V010000 11.72
074 V020000 0.00
074 W000000 0.0000
074 X000000 1338
074 Y000000 0
075 A000000 0
075 B000000 12834
076 000000 0.00
077 A000000 Y
077 B000000 Y
078 000000 N
<PAGE> PAGE 6
080 A000000 ICI MUTUAL INSURANCE CO.
080 C000000 10000
081 A000000 Y
081 B000000 19
082 A000000 Y
082 B000000 100
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
SIGNATURE GEORGE HANSETH
TITLE SR. VICE PRESIDENT