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000 A000000 06/30/98
000 C000000 916900
000 D000000 N
000 E000000 NF
000 F000000 Y
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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
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013 A000001 PRICE WATERHOUSE COOPERS
013 B010001 PORTLAND
013 B020001 OR
013 B030001 97201
020 A000001 PAINE WEBBER INC
020 B000001 132638166
020 C000001 18
020 A000002 MORGAN (JP) SECURITIES
020 B000002 133224016
020 C000002 17
020 A000003 ABN AMRO CHICAGO CORP
020 B000003 133227945
020 C000003 9
020 A000004 CANTOR FIZGERALD & CO
020 B000004 951786286
020 C000004 8
020 A000005 WARBURG SG & CO
020 B000005 133340045
020 C000005 7
020 A000006 GOLDMAN SACHS & CO
020 B000006 135108880
020 C000006 7
020 A000007 FURMAN SELZ MAGER DIETZ
020 B000007 132753731
020 C000007 6
020 A000008 DONALDSON LUFKIN & JENRETTE
020 B000008 132741729
020 C000008 5
020 A000009 MORGAN STANLEY & CO INC
<PAGE> PAGE 2
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020 A000010 LEHMAN BROTHERS
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022 C000003 1613
022 D000003 0
022 A000004 MERRILL LYNCH PIERCE FENNER
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<PAGE> PAGE 6
077 A000000 N
078 000000 N
SIGNATURE J. JERRY INSKEEP, JR.
TITLE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
UNAUDITED SEMIANNUAL REPORT OF THE COLUMBIA FUNDS DATED 06/30/98, AND THE
AUDITED ANNUAL REPORT OF THE COLUMBIA FUNDS DATED 12/31/97, 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-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 143,493,863
<INVESTMENTS-AT-VALUE> 160,179,340
<RECEIVABLES> 1,454,695
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 9,955,170
<TOTAL-ASSETS> 171,589,205
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 477,168
<TOTAL-LIABILITIES> 477,168
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 154,454,082
<SHARES-COMMON-STOCK> 9,691,686
<SHARES-COMMON-PRIOR> 8,062,906
<ACCUMULATED-NII-CURRENT> 24,098
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (51,620)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 16,685,477
<NET-ASSETS> 171,112,037
<DIVIDEND-INCOME> 3,590,126
<INTEREST-INCOME> 305,258
<OTHER-INCOME> 0
<EXPENSES-NET> 783,090
<NET-INVESTMENT-INCOME> 3,112,294
<REALIZED-GAINS-CURRENT> (49,757)
<APPREC-INCREASE-CURRENT> (10,431,337)
<NET-CHANGE-FROM-OPS> (7,368,800)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,088,196
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,504,332
<NUMBER-OF-SHARES-REDEEMED> 3,029,953
<SHARES-REINVESTED> 154,401
<NET-CHANGE-IN-ASSETS> 19,557,597
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (1,863)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 606,353
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 783,090
<AVERAGE-NET-ASSETS> 164,520,745
<PER-SHARE-NAV-BEGIN> 18.80
<PER-SHARE-NII> .33
<PER-SHARE-GAIN-APPREC> (1.14)
<PER-SHARE-DIVIDEND> .33
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.66
<EXPENSE-RATIO> .95
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
