<PAGE> PAGE 1
000 A000000 06/30/96
000 C000000 0000799899
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 BASCOM HILL BALANCED FUND, INC.
001 B000000 811-4825
001 C000000 6082740300
002 A000000 6411 MINERAL POINT ROAD
002 B000000 MADISON
002 C000000 WI
002 D010000 53705
003 000000 N
004 000000 N
005 000000 N
006 000000 N
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007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 MADISON INVESTMENT ADVISORS, INC.
008 B000001 A
008 C000001 801-9840
008 D010001 MADISON
008 D020001 WI
008 D030001 53705
012 A000001 FIRSTAR TRUST COMPANY
012 B000001 85-00410
012 C010001 MILWAUKEE
012 C020001 WI
012 C030001 53202
013 A000001 WILLIAMS, YOUNG & ASSOCIATES
013 B010001 MADISON
013 B020001 WI
013 B030001 53708
015 A000001 FIRSTAR TRUST COMPANY
015 B000001 C
015 C010001 MILWAUKEE
015 C020001 WI
<PAGE> PAGE 2
015 C030001 53202
015 E010001 X
018 000000 Y
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020 A000001 PERSHING
020 B000001 23-1707341
020 C000001 6
020 A000002 DONALDSON, LUFKIN & JENRETTE
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020 C000002 1
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022 C000002 0
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022 C000003 161
022 D000003 674
022 A000004 GX CLARKE
022 B000004 14-2969143
022 C000004 439
022 D000004 165
022 A000005 CAPITAL INSTITUTIONAL SERVICES
022 B000005 75-1565705
022 C000005 276
022 D000005 0
022 A000006 PAINE WEBBER
022 B000006 13-2638166
022 C000006 266
022 D000006 222
022 A000007 PRUDENTIAL SECURITIES
022 B000007 22-2347336
022 C000007 233
022 D000007 0
022 A000008 MORGAN STANLEY
022 B000008 13-2655998
022 C000008 135
<PAGE> PAGE 3
022 D000008 0
022 A000009 CLEARY GULL
022 B000009 39-1567700
022 C000009 46
022 D000009 0
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022 D000010 0
023 C000000 3429
023 D000000 3170
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<PAGE> PAGE 4
028 F040000 0
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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SIGNATURE JACQUELINE A. GARTNER
TITLE ASST. SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM BASCOM HILL
BALANCED FUND SEMI-ANNUAL REPORT DATED 6-30-96 AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH SEMI-ANNUAL REPORT.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 9523
<INVESTMENTS-AT-VALUE> 10377
<RECEIVABLES> 54
<ASSETS-OTHER> 2
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 10433
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 22
<TOTAL-LIABILITIES> 22
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 8760
<SHARES-COMMON-STOCK> 442
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 55
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 733
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1124
<NET-ASSETS> 10411
<DIVIDEND-INCOME> 29
<INTEREST-INCOME> 157
<OTHER-INCOME> 0
<EXPENSES-NET> 76
<NET-INVESTMENT-INCOME> 110
<REALIZED-GAINS-CURRENT> 733
<APPREC-INCREASE-CURRENT> (270)
<NET-CHANGE-FROM-OPS> 573
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 55
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4
<NUMBER-OF-SHARES-REDEEMED> 49
<SHARES-REINVESTED> 2
<NET-CHANGE-IN-ASSETS> (446)
<ACCUMULATED-NII-PRIOR> 3
<ACCUMULATED-GAINS-PRIOR> 4
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 45
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 10667
<PER-SHARE-NAV-BEGIN> 22.44
<PER-SHARE-NII> .25
<PER-SHARE-GAIN-APPREC> 1.66
<PER-SHARE-DIVIDEND> 1.91
<PER-SHARE-DISTRIBUTIONS> .12
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 23.56
<EXPENSE-RATIO> .71
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
