<PAGE> PAGE 1
000 A000000 06/30/97
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 GOLDMAN, SACHS & CO.
020 B000001 135108880
020 C000001 15
020 A000002 MONTGOMERY SECURITIES
020 B000002 941701676
020 C000002 12
020 A000003 MERRILL LYNCH, PIERCE
020 B000003 135674085
020 C000003 12
020 A000004 GREEN STREET ADVISORS
020 B000004 330275837
020 C000004 11
020 A000005 LEHMAN BROTHERS
020 B000005 132518466
020 C000005 11
020 A000006 MORGAN (J.P.) SECURITIES
020 B000006 133224016
020 C000006 10
020 A000007 AUTRANET, INC.
020 B000007 132961507
020 C000007 8
020 A000008 PAINE WEBBER, INC.
020 B000008 132638166
020 C000008 6
020 A000009 FIDELITY CAPITAL MARKETS
020 B000009 042785576
020 C000009 5
020 A000010 WHEAT, FIRST SECURITIES
020 B000010 540796506
<PAGE> PAGE 2
020 C000010 5
021 000000 112
022 A000001 PRUDENTIAL-BACH SECURITIES
022 B000001 222347336
022 C000001 3680
022 D000001 0
022 A000002 MERRILL LYNCH, PIERCE
022 B000002 135674085
022 C000002 1792
022 D000002 0
022 A000003 GOLDMAN, SACHS & CO.
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022 C000003 1593
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022 A000004 DONALDSON, LUFKIN & JENRE
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022 C000004 1541
022 D000004 0
022 A000005 LEHMAN BROTHERS
022 B000005 132518466
022 C000005 935
022 D000005 0
022 A000006 PAINE WEBBER, INC.
022 B000006 132638166
022 C000006 860
022 D000006 0
022 A000007 DEAN WITTER REYNOLDS, INC.
022 B000007 941671384
022 C000007 690
022 D000007 0
022 A000008 WHEAT, FIRST SECURITIES
022 B000008 540796506
022 C000008 436
022 D000008 0
022 A000009 ROBERTSON, STEPHENS & CO.
022 B000009 942524501
022 C000009 378
022 D000009 0
022 A000010 KEMPER FINANCIAL SERVICE
022 B000010 362693816
022 C000010 300
022 D000010 0
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
074 M000000 0
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SIGNATURE GEORGE HANSETH
TITLE SR. VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRATED FROM THE
UNAUDITED SEMI-ANNUAL REPORT OF THE COLUMBIA FUNDS DATED JUNE 30, 1997,
AND THE AUDITED ANNUAL REPORT OF THE COLUMBIA FUNDS DATED DECEMBER 31,
1996, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<CIK> 0000916900
<NAME> COLUMBIA REAL ESTATE EQUITY FUND, INC.
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 82,512,362
<INVESTMENTS-AT-VALUE> 96,647,382
<RECEIVABLES> 2,666,245
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 10,289,790
<TOTAL-ASSETS> 109,603,417
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 505,277
<TOTAL-LIABILITIES> 505,277
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 92,686,142
<SHARES-COMMON-STOCK> 6,350,557
<SHARES-COMMON-PRIOR> 4,213,056
<ACCUMULATED-NII-CURRENT> 17,098
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,259,880
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 14,135,020
<NET-ASSETS> 109,098,140
<DIVIDEND-INCOME> 2,226,627
<INTEREST-INCOME> 307,659
<OTHER-INCOME> 0
<EXPENSES-NET> 483,744
<NET-INVESTMENT-INCOME> 2,050,542
<REALIZED-GAINS-CURRENT> 2,300,797
<APPREC-INCREASE-CURRENT> 3,230,188
<NET-CHANGE-FROM-OPS> 7,581,527
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,033,444
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,768,200
<NUMBER-OF-SHARES-REDEEMED> 3,733,623
<SHARES-REINVESTED> 102,924
<NET-CHANGE-IN-ASSETS> 41,024,919
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (40,917)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 360,494
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 483,744
<AVERAGE-NET-ASSETS> 95,350,072
<PER-SHARE-NAV-BEGIN> 16.16
<PER-SHARE-NII> .32
<PER-SHARE-GAIN-APPREC> 1.02
<PER-SHARE-DIVIDEND> .32
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<PER-SHARE-NAV-END> 17.18
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</TABLE>
