<PAGE> PAGE 1
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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
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<PAGE> PAGE 2
071 B000000 4483
071 C000000 6811
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072 A000000 12
074 N000000 10883
074 T000000 10857
075 A000000 0
075 B000000 10373
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080 A000000 NATIONAL UNION FIRE INSURANCE CO. OF PA
080 C000000 1000
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SIGNATURE JACQUELINE A. STOPPLEWORTH
TITLE ASST. SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM BASCOM HILL
BALANCED FUND, INC., DECEMBER 31, 1995 FINANCIAL STATEMENTS AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH ANNUAL REPORT.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 9708
<INVESTMENTS-AT-VALUE> 10831
<RECEIVABLES> 51
<ASSETS-OTHER> 1
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 10883
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 26
<TOTAL-LIABILITIES> 26
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9722
<SHARES-COMMON-STOCK> 5
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 10857
<DIVIDEND-INCOME> 55
<INTEREST-INCOME> 435
<OTHER-INCOME> 0
<EXPENSES-NET> 141
<NET-INVESTMENT-INCOME> 349
<REALIZED-GAINS-CURRENT> 593
<APPREC-INCREASE-CURRENT> 1071
<NET-CHANGE-FROM-OPS> 1664
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 345
<DISTRIBUTIONS-OF-GAINS> 573
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 15
<NUMBER-OF-SHARES-REDEEMED> 62
<SHARES-REINVESTED> 39
<NET-CHANGE-IN-ASSETS> (150)
<ACCUMULATED-NII-PRIOR> 1
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 88
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 10373
<PER-SHARE-NAV-BEGIN> 20.16
<PER-SHARE-NII> .75
<PER-SHARE-GAIN-APPREC> 3.53
<PER-SHARE-DIVIDEND> .74
<PER-SHARE-DISTRIBUTIONS> 1.26
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 22.44
<EXPENSE-RATIO> 1.36
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WILLIAMS, YOUNG & ASSOCIATES
2901 W. Beltline Hwy.
P.O. Box 8700
Madison, WI 53708
(608) 274-1980
To The Shareholders and Board of Directors
of Bascom Hill Balanced Fund, Inc.
In planning and performing our audit of the financial statements
of Bascom Hill Balanced Fund, Inc. for the year ended December
31, 1995, we considered its internal control structure, including
procedures for 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 the internal control
structure.
The management of Bascom Hill Balanced Fund, Inc. is responsible
for establishing and maintaining an internal control structure.
In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and
related costs of internal control structure policies and
procedures. Two of the objectives of an internal control
structure are to provide management with reasonable, but not
absolute, assurance that assets are safeguarded against loss from
unauthorized use or disposition and that transactions are
executed in accordance with management's authorization and
recorded properly to permit the preparation of financial
statements in conformity with generally accepted accounting
principles.
Because of inherent limitations in any internal control
structure, errors or irregularities may occur and may not be
detected. Also, projection of any evaluation of the structure 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 the internal control structure would not
necessarily disclose all matters in the internal control
structure 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 the specific internal control structure
elements 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 the internal control structure, including
procedures for safeguarding securities, that we consider to be
material weaknesses as defined above as of December 31, 1995.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
WILLIAMS, YOUNG & ASSOCIATES, LLC
Madison, Wisconsin
January 25, 1996
