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000 C000000 916900
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001 A000000 COLUMBIA REAL ESTATE EQUITY FUND, INC.
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014 A000001 DELETE
014 A000002 DELETE
014 A000003 DELETE
018 000000 Y
019 A000000 Y
019 B000000 13
019 C000000 COLUMBIAFD
020 A000001 LEHMAN BROTHERS, INC.
020 B000001 132518466
020 C000001 26
020 A000002 MONTGOMERY SECURITIES
020 B000002 941701676
020 C000002 20
020 A000003 MORGAN STANLEY & CO
020 B000003 132655998
020 C000003 17
020 A000004 GOLDMAN SACHS & CO
020 B000004 135108880
020 C000004 14
020 A000005 MORGAN (JP) SECURITIES
020 B000005 133224016
020 C000005 11
020 A000006 ROBERTSON STEPHENS & CO
020 B000006 942524501
020 C000006 10
020 A000007 GREEN STREET ADVISORS
020 B000007 330275837
020 C000007 10
020 A000008 BERNSTEIN SANFORD & CO.
<PAGE> PAGE 2
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020 C000008 9
020 A000009 FIRST BOSTON (CREDIT SUISSE)
020 B000009 135659485
020 C000009 7
020 A000010 WEEDEN & CO
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020 C000010 7
021 000000 166
022 A000001 KNIGHT SECURITIES
022 B000001 133810923
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 6
078 000000 N
080 A000000 ICI MUTUAL INSURANCE CO.
080 C000000 15000
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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
UNAUDITED SEMI-ANNUAL REPORT OF THE COLUMBIA FUNDS DATED JUNE 30, 1999, AND
THE AUDITED ANNUAL REPORT OF THE COLUMBIA FUNDS DATED DECEMBER 31, 1998,
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-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 205,588,167
<INVESTMENTS-AT-VALUE> 210,010,104
<RECEIVABLES> 2,017,362
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<OTHER-ITEMS-ASSETS> 15,006,707
<TOTAL-ASSETS> 227,034,173
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<OTHER-ITEMS-LIABILITIES> 825,928
<TOTAL-LIABILITIES> 825,928
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</TABLE>
