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<PAGE> PAGE 6
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SIGNATURE J. JERRY INSKEEP, JR.
TITLE 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, 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> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 113,044,943
<INVESTMENTS-AT-VALUE> 140,161,757
<RECEIVABLES> 4,125,322
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 11,040,866
<TOTAL-ASSETS> 155,327,945
<PAYABLE-FOR-SECURITIES> 2,016,928
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,756,577
<TOTAL-LIABILITIES> 3,773,505
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 124,439,489
<SHARES-COMMON-STOCK> 8,062,906
<SHARES-COMMON-PRIOR> 4,213,056
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,863)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 27,116,814
<NET-ASSETS> 151,554,440
<DIVIDEND-INCOME> 6,230,108
<INTEREST-INCOME> 522,739
<OTHER-INCOME> 0
<EXPENSES-NET> 1,174,469
<NET-INVESTMENT-INCOME> 5,578,378
<REALIZED-GAINS-CURRENT> 3,597,873
<APPREC-INCREASE-CURRENT> 16,211,982
<NET-CHANGE-FROM-OPS> 25,388,233
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,230,674
<DISTRIBUTIONS-OF-GAINS> 3,841,615
<DISTRIBUTIONS-OTHER> 1,252,467
<NUMBER-OF-SHARES-SOLD> 9,713,082
<NUMBER-OF-SHARES-REDEEMED> 6,308,136
<SHARES-REINVESTED> 444,904
<NET-CHANGE-IN-ASSETS> 83,481,219
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (40,917)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 864,343
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,174,469
<AVERAGE-NET-ASSETS> 114,597,788
<PER-SHARE-NAV-BEGIN> 16.16
<PER-SHARE-NII> .79
<PER-SHARE-GAIN-APPREC> 3.15
<PER-SHARE-DIVIDEND> .62
<PER-SHARE-DISTRIBUTIONS> .51
<RETURNS-OF-CAPITAL> .17
<PER-SHARE-NAV-END> 18.80
<EXPENSE-RATIO> 1.02
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and Board of Directors of Columbia Real
Estate Equity Fund, Inc.:
In planning and performing our audit of the financial statements
of Columbia Real Estate Equity Fund, Inc. for the year ended
December 31, 1997, we considered its internal control, including
controls over safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of
Form N-SAR, not to provide assurance on internal control.
The management of Columbia Real Estate Equity Fund, Inc. is
responsible for establishing and maintaining internal control.
In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and
related costs of controls. Generally, controls that are relevant
to an audit pertain to the entity's objective of preparing
financial statements for external purposes that are fairly
presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets
against unauthorized acquisition, use, or disposition.
Because of inherent limitations in internal control, errors or
irregularities may occur and may not be detected. Also,
projection of any evaluation of internal control to future
periods is subject to the risk that it may become inadequate
because of changes in conditions or that the effectiveness of the
design and operation may deteriorate.
Our consideration of internal control would not necessarily
disclose all matters in internal control that might be material
weaknesses under standards established by the American Institute
of Certified Public Accountants. A material weakness is a
condition in which the design or operation of any specific
internal control component does not reduce to a relatively low
level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements being
audited may occur and not be detected within a timely period by
employees in the normal course of performing their assigned
functions. However, we noted no matters involving internal
control, including controls over safeguarding securities, that we
consider to be material weaknesses as defined above as of
December 31, 1997.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
COOPERS & LYBRAND L.L.P.
Portland, Oregon
February 12, 1998
EXHIBIT 77.C
COLUMBIA REAL ESTATE EQUITY FUND, INC.
77.C MATTERS SUBMITTED TO A VOTE OF SECURITY HOLDERS
(a) Meeting Date: 12/04/97
This was a special meeting.
(c) Matters voted upon at the meeting with the number of affirmative votes and
the number of negative votes cast with respect to a new investment advisory
contract caused by the change in control of the Advisor resulting from the
acquisition of the Advisor by Fleet Financial Group, Inc.
Approval of Investment Advisory Contract
Affirmative Votes: 4,826,934
Negative Votes: 70,141
Abstentions: 52,743
Page 4 of 5
EXHIBIT 77.H
77.H CHANGES IN CONTROL OF REGISTRANT
(a) Columbia Funds Management Company ("CFMC"), as the
investment adviser to the Registrant, may be deemed to have
control of the Registrant. On December 10, 1997, CFMC became
an indirect wholly-owned subsidiary of Fleet Financial Group,
Inc., a publicly owned multibank holding company registered
under the Bank Holding Company Act of 1956.
Page 5 of 5
