<PAGE> PAGE 1
000 A000000 06/30/96
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 GREEN STREET ADVISORS
020 B000001 330275837
020 C000001 10
020 A000002 SALOMON BROTHERS, INC.
020 B000002 133082694
020 C000002 6
020 A000003 LEHMAN BROTHERS
020 B000003 132518466
020 C000003 4
020 A000004 MERRILL LYNCH, PIERCE
020 B000004 135674085
020 C000004 3
020 A000005 DONALDSON, LUFKIN & JENRE
020 B000005 132741729
020 C000005 3
020 A000006 COUNTY NATWEST GOVERNMENT
020 B000006 133312778
020 C000006 2
020 A000007 INSTINET CORP.
020 B000007 133443395
020 C000007 2
020 A000008 BROWN (ALEX) & SONS
020 B000008 521319768
020 C000008 1
020 A000009 BAIRD (ROBERT W.) & CO.
020 B000009 396037917
020 C000009 0
020 A000010 GREENWICH SECURITIES, INC.
020 B000010 132697091
<PAGE> PAGE 2
020 C000010 0
021 000000 34
022 A000001 MERRILL LYNCH
022 B000001 135674085
022 C000001 858
022 D000001 0
022 A000002 DEAN WITTER REYNOLDS, INC.
022 B000002 941671384
022 C000002 269
022 D000002 0
022 A000003 SEIDLER COMPANIES, (THE)
022 B000003 952581813
022 C000003 210
022 D000003 0
022 A000004 SMITH BARNEY, SHEARSON
022 B000004 131912900
022 C000004 189
022 D000004 0
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023 C000000 1526
023 D000000 0
024 000000 N
028 A010000 3958
028 A020000 0
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028 A040000 2401
028 B010000 2652
028 B020000 0
028 B030000 0
028 B040000 2019
028 C010000 1623
028 C020000 315
028 C030000 0
028 C040000 1297
028 D010000 3152
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028 D030000 0
028 D040000 4724
028 E010000 1557
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<PAGE> PAGE 3
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055 A000000 N
055 B000000 Y
056 000000 N
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 1000
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062 C000000 0.0
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<PAGE> PAGE 4
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072CC010000 238
072CC020000 0
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073 A010000 0.3700
073 A020000 0.0000
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<PAGE> PAGE 5
074 R030000 0
074 R040000 500
074 S000000 0
074 T000000 24720
074 U010000 1872
074 U020000 0
074 V010000 13.20
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SIGNATURE GEORGE HANSETH
TITLE SR. VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
UNAUDITED SEMI-ANNUAL REPORT OF THE COLUMBIA FUNDS DATED 6/30/96, AND THE
AUDITED ANNUAL REPORT OF THE COLUMBIA FUNDS DATED 12/31/95, AND IS
QUALIFIED IN ITS ENTIRETY BE REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000916900
<NAME> COLUMIBA REAL ESTATE EQUITY FUND, INC.
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 21,788,363
<INVESTMENTS-AT-VALUE> 23,561,825
<RECEIVABLES> 531,279
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 1,142,380
<TOTAL-ASSETS> 25,235,484
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 515,230
<TOTAL-LIABILITIES> 515,230
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 22,442,814
<SHARES-COMMON-STOCK> 1,872,226
<SHARES-COMMON-PRIOR> 1,698,923
<ACCUMULATED-NII-CURRENT> 12,418
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 491,560
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,773,462
<NET-ASSETS> 24,720,254
<DIVIDEND-INCOME> 780,048
<INTEREST-INCOME> 50,521
<OTHER-INCOME> 0
<EXPENSES-NET> (127,482)
<NET-INVESTMENT-INCOME> 703,087
<REALIZED-GAINS-CURRENT> 541,776
<APPREC-INCREASE-CURRENT> 237,536
<NET-CHANGE-FROM-OPS> 1,482,399
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (693,145)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,222,761
<NUMBER-OF-SHARES-REDEEMED> (1,100,901)
<SHARES-REINVESTED> 51,443
<NET-CHANGE-IN-ASSETS> 3,133,054
<ACCUMULATED-NII-PRIOR> 2,476
<ACCUMULATED-GAINS-PRIOR> (50,216)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 87,859
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 127,482
<AVERAGE-NET-ASSETS> 23,555,827
<PER-SHARE-NAV-BEGIN> 12.71
<PER-SHARE-NII> .38
<PER-SHARE-GAIN-APPREC> .48
<PER-SHARE-DIVIDEND> .37
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.20
<EXPENSE-RATIO> 1.08
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>