<PAGE> PAGE 1
000 B000000 12/31/96
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
018 000000 Y
019 A000000 Y
019 B000000 12
019 C000000 COLUMBIAFD
020 A000001 GREEN STREET ADVISORS
020 B000001 330275837
020 C000001 30
020 A000002 BROWN (ALEX) & SONS, INC.
020 B000002 521319768
020 C000002 12
020 A000003 MIDWEST RESEARCH
020 B000003 341824715
020 C000003 7
020 A000004 MERRILL LYNCH, PIERCE
020 B000004 135674085
020 C000004 7
020 A000005 PACIFIC CREST SECURITIES
020 B000005 930625230
020 C000005 7
020 A000006 O'NEIL (WM) & CO.
020 B000006 952269163
020 C000006 6
020 A000007 LEHMAN BROTHERS
020 B000007 132518466
020 C000007 6
020 A000008 SALOMON BROTHERS, INC.
020 B000008 133082694
020 C000008 6
020 A000009 COUNTY NATWEST GOVERNMENT
<PAGE> PAGE 2
020 B000009 133312778
020 C000009 4
020 A000010 DONALDSON, LUFKIN & JENRE
020 B000010 132741729
020 C000010 4
021 000000 114
022 A000001 MERRILL LYNCH
022 B000001 135674085
022 C000001 2383
022 D000001 0
022 A000002 SECURITY CAPITAL MARKET
022 B000002 746056896
022 C000002 1164
022 D000002 0
022 A000003 PAINE WEBBER, INC.
022 B000003 132638166
022 C000003 766
022 D000003 0
022 A000004 LEHMAN BROTHERS
022 B000004 132518466
022 C000004 705
022 D000004 0
022 A000005 RAYMOND, JAMES & ASSOCIATES
022 B000005 591237041
022 C000005 520
022 D000005 0
022 A000006 DEAN WITTER REYNOLDS, INC.
022 B000006 941671384
022 C000006 389
022 D000006 0
022 A000007 SMITH BARNEY, SHEARSON
022 B000007 131912900
022 C000007 309
022 D000007 0
022 A000008 RAGEN MACKENZIE, INC.
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022 C000008 308
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022 A000009 SEIDLER COMPANIES
022 B000009 952581813
022 C000009 210
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022 B000010 133299429
022 C000010 210
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<PAGE> PAGE 3
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070 A010000 Y
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<PAGE> PAGE 4
070 B010000 Y
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070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 Y
070 E020000 N
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070 F020000 N
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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
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070 P010000 N
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 37952
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<PAGE> PAGE 5
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073 A010000 0.5200
073 A020000 0.0000
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074 V010000 16.16
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<PAGE> PAGE 6
074 W000000 0.0000
074 X000000 2846
074 Y000000 0
075 A000000 0
075 B000000 31986
076 000000 0.00
077 A000000 Y
077 B000000 Y
080 A000000 ICI MUTUAL INSURANCE CO.
080 C000000 15000
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082 B000000 100
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085 A000000 Y
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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
AUDITED ANNUAL REPORT OF THE COLUMBIA FUNDS DATED DECEMBER 31, 1996, AND
THE AUDITED ANNUAL REPORT OF THE COLUMBIA FUNDS DATED DECEMBER 31, 1995,
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000916900
<NAME> COLUMBIA REAL ESTATE FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 45,246,073
<INVESTMENTS-AT-VALUE> 56,150,905
<RECEIVABLES> 1,752,931
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 12,032,191
<TOTAL-ASSETS> 69,936,027
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,862,806
<TOTAL-LIABILITIES> 1,862,806
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 57,209,306
<SHARES-COMMON-STOCK> 4,213,056
<SHARES-COMMON-PRIOR> 1,698,923
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (40,917)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 10,904,832
<NET-ASSETS> 68,073,221
<DIVIDEND-INCOME> 2,162,179
<INTEREST-INCOME> 169,463
<OTHER-INCOME> 0
<EXPENSES-NET> 337,626
<NET-INVESTMENT-INCOME> 1,994,016
<REALIZED-GAINS-CURRENT> 1,627,328
<APPREC-INCREASE-CURRENT> 9,368,906
<NET-CHANGE-FROM-OPS> 12,990,250
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,370,203
<DISTRIBUTIONS-OF-GAINS> 1,976,535
<DISTRIBUTIONS-OTHER> 657,602
<NUMBER-OF-SHARES-SOLD> 4,543,366
<NUMBER-OF-SHARES-REDEEMED> 2,255,778
<SHARES-REINVESTED> 226,545
<NET-CHANGE-IN-ASSETS> 37,500,111
<ACCUMULATED-NII-PRIOR> 2,476
<ACCUMULATED-GAINS-PRIOR> (50,216)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 232,413
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 337,626
<AVERAGE-NET-ASSETS> 31,986,216
<PER-SHARE-NAV-BEGIN> 12.71
<PER-SHARE-NII> .77
<PER-SHARE-GAIN-APPREC> 3.94
<PER-SHARE-DIVIDEND> .52
<PER-SHARE-DISTRIBUTIONS> .53
<RETURNS-OF-CAPITAL> .21
<PER-SHARE-NAV-END> 16.16
<EXPENSE-RATIO> 1.06
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
