<PAGE> PAGE 1
000 A000000 04/30/95
000 C000000 0000856119
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 FRANKLIN BALANCE SHEET INVESTMENT FUND
001 B000000 811-5878
001 C000000 4153122000
002 A000000 777 MARINERS ISLAND BOULEVARD
002 B000000 SAN MATEO
002 C000000 CA
002 D010000 94404
002 D020000 1585
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 FRANKLIN ADVISERS, INC.
008 B000001 A
008 C000001 801-26292
008 D010001 SAN MATEO
008 D020001 CA
008 D030001 94403
008 D040001 7777
011 A000001 FRANKLIN/TEMPLETON DISTRIBUTORS, INC.
011 B000001 8-5889
011 C010001 SAN MATEO
011 C020001 CA
011 C030001 94403
011 C040001 7777
012 A000001 FRANKLIN/TEMPLETON INVESTOR SERVICES, INC.
012 B000001 84-1036
012 C010001 SAN MATEO
012 C020001 CA
012 C030001 94403
<PAGE> PAGE 2
012 C040001 7777
013 A000001 COOPERS & LYBRAND L.L.P.
013 B010001 SAN FRANCISCO
013 B020001 CA
013 B030001 94105
013 B040001 2119
014 A000001 FRANKLIN/TEMPLETON DISTRIBUTORS, INC.
014 B000001 8-5889
015 A000001 BANK OF AMERICA NT & SA
015 B000001 C
015 C010001 SAN FRANCISCO
015 C020001 CA
015 C030001 94104
015 C040001 1502
015 E010001 X
015 A000002 CITIBANK DELAWARE
015 B000002 C
015 C010002 NEW CASTLE
015 C020002 DE
015 C030002 19720
015 C040002 2409
015 E010002 X
015 A000003 CITIBANK, N.A.
015 B000003 S
015 C010003 BUENOS AIRES
015 D010003 ARGENTINA
015 E040003 X
015 A000004 NATIONAL AUSTRALIA BANK LTD.
015 B000004 S
015 C010004 MELBOURNE
015 D010004 AUSTRALIA
015 E040004 X
015 A000005 CREDITANSTALT-BANKVEREIN
015 B000005 S
015 C010005 VIENNA
015 D010005 AUSTRIA
015 E040005 X
015 A000006 BARCLAYS BANK PLC VIA STANDARD CHARTERED BANK
015 B000006 S
015 C010006 DHAKA
015 D010006 BANGLADESH
015 E040006 X
015 A000007 BANQUE BRUXELLES LAMBERT SA
015 B000007 S
015 C010007 BRUSSELS
015 D010007 BELGIUM
015 E040007 X
015 A000008 THE BANK OF N.T. BUTTERFIELD & SON
015 B000008 S
015 C010008 HAMILTON
015 D010008 BERMUDA
<PAGE> PAGE 3
015 E040008 X
015 A000009 THE CANADA TRUST COMPANY
015 B000009 S
015 C010009 TORONTO
015 D010009 CANADA
015 E040009 X
015 A000010 HONG KONG AND SHANGHAI BANK
015 B000010 S
015 C010010 SHANGHAI
015 D010010 CHINA
015 E040010 X
015 A000011 HONG KONG AND SHANGHAI BANK
015 B000011 S
015 C010011 SHENZHEN
015 D010011 CHINA
015 E040011 X
015 A000012 CITITRUST COLOMBIA S.A. SOCIEDAD FIDUCIARIA
015 B000012 S
015 C010012 BOGOTA
015 D010012 COLOMBIA
015 E040012 X
015 A000013 UNIBANK A/S
015 B000013 S
015 C010013 COPENHAGEN
015 D010013 DENMARK
015 E040013 X
015 A000014 KANSALLIS OSAKE PANKKI
015 B000014 S
015 C010014 HELSINKI
015 D010014 FINLAND
015 E040014 X
015 A000015 SOCIETE GENERALE
015 B000015 S
015 C010015 NANTES
015 D010015 FRANCE
015 E040015 X
015 A000016 BERLINER HANDELS-UND FRANKFURTER BANK
015 B000016 S
015 C010016 FRANKFURT
015 D010016 GERMANY
015 E040016 X
015 A000017 NATIONAL BANK OF GREECE
015 B000017 S
015 C010017 ATHENS
015 D010017 GREECE
015 E040017 X
015 A000018 BARCLAYS BANK PLC
015 B000018 S
015 C010018 HONG KONG
015 D010018 HONG KONG
015 E040018 X
<PAGE> PAGE 4
015 A000019 STANDARD CHARTERED BANK
015 B000019 S
015 C010019 BOMBAY
015 D010019 INDIA
015 E040019 X
015 A000020 HONG KONG AND SHANGHAI BANK
015 B000020 S
015 C010020 JAKARTA
015 D010020 INDONESIA
015 E040020 X
015 A000021 BANK OF IRELAND
015 B000021 S
015 C010021 DUBLIN
015 D010021 IRELAND
015 E040021 X
015 A000022 BANK LEUMI LE-ISRAEL, B.M.
015 B000022 S
015 C010022 TEL AVIV
015 D010022 ISRAEL
015 E040022 X
015 A000023 CITIBANK, N.A.
015 B000023 S
015 C010023 MILAN
015 D010023 ITALY
015 E040023 X
015 A000024 BARCLAYS TRUST AND BANKING COMPANY LIMITED
015 B000024 S
015 C010024 TOKYO
015 D010024 JAPAN
015 E040024 X
015 A000025 HONG KONG AND SHANGHAI BANK
015 B000025 S
015 C010025 SEOUL
015 D010025 KOREA
015 E040025 X
015 A000026 CEDEL S.A.
015 B000026 S
015 C010026 LUXEMBOURG
015 D010026 LUXEMBOURG
015 E040026 X
015 A000027 UNITED MALAYSIAN BANKING CORPORATION
015 B000027 S
015 C010027 KUALA LUMPUR
015 D010027 MALAYSIA
015 E040027 X
015 A000028 BANCO NACIONAL DE MEXICO
015 B000028 S
015 C010028 MEXICO CITY
015 D010028 MEXICO
015 E040028 X
015 A000029 KAS-ASSOCIATIE N.V.
<PAGE> PAGE 5
015 B000029 S
015 C010029 AMSTERDAM
015 D010029 NETHERLANDS
015 E040029 X
015 A000030 ANZ BANKING GROUP LIMITED
015 B000030 S
015 C010030 WELLINGTON
015 D010030 NEW ZEALAND
015 E040030 X
015 A000031 CHRISTIANA BANK OG KREDITKASSE
015 B000031 S
015 C010031 BERGEN
015 D010031 NORWAY
015 E040031 X
015 A000032 STANDARD CHARTERED BANK
015 B000032 S
015 C010032 KARACHI
015 D010032 PAKISTAN
015 E040032 X
015 A000033 BANCO DE CREDITO DEL PERU
015 B000033 S
015 C010033 LIMA
015 D010033 PERU
015 E040033 X
015 A000034 HONG KONG AND SHANGHAI BANK
015 B000034 S
015 C010034 MANILA
015 D010034 PHILIPPINES
015 E040034 X
015 A000035 BANCO ESPIRITO SANTO E COMERCIAL
015 B000035 S
015 C010035 LISBON
015 D010035 PORTUGAL
015 E040035 X
015 A000036 BARCLAYS BANK PLC
015 B000036 S
015 C010036 SINGAPORE
015 D010036 SINGAPORE
015 E040036 X
015 A000037 STANDARD BANK OF SOUTH AFRICA LIMITED
015 B000037 S
015 C010037 JOHANNESBURG
015 D010037 SOUTH AFRICA
015 E040037 X
015 A000038 BANCO DE SANTANDER
015 B000038 S
015 C010038 MADRID
015 D010038 SPAIN
015 E040038 X
015 A000039 HONG KONG AND SHANGHAI BANK
015 B000039 S
<PAGE> PAGE 6
015 C010039 COLOMBO
015 D010039 SRI LANKA
015 E040039 X
015 A000040 SKANDINAVISKA ENSKILDA BANKEN
015 B000040 S
015 C010040 STOCKHOLM
015 D010040 SWEDEN
015 E040040 X
015 A000041 SWISS BANK CORPORATION
015 B000041 S
015 C010041 ZURICH
015 D010041 SWITZERLAND
015 E040041 X
015 A000042 BANGKOK BANK LIMITED
015 B000042 S
015 C010042 BANGKOK
015 D010042 THAILAND
015 E040042 X
015 A000043 YAPI VE KREDI BANKASI A.S.
015 B000043 S
015 C010043 ISTANBUL
015 D010043 TURKEY
015 E040043 X
015 A000044 BANK OF AMERICA NT & SA
015 B000044 S
015 C010044 LONDON
015 D010044 UNITED KINGDOM
015 E040044 X
015 A000045 CITIBANK, N.A.
015 B000045 S
015 C010045 CARACAS
015 D010045 VENEZUELA
015 E040045 X
015 A000046 CITIBANK BUDAPEST RT
015 B000046 S
015 C010046 BUDAPEST
015 D010046 HUNGARY
015 E040046 X
015 A000047 CITIBANK POLAND S.A.
015 B000047 S
015 C010047 WARSAW
015 D010047 POLAND
015 E040047 X
018 000000 Y
019 A000000 Y
019 B000000 184
019 C000000 FRNKTEMGRP
020 A000001 INSTINET CORP
020 B000001 13-3443395
020 C000001 69
020 A000002 KEMPER FINANCIAL SERVICES INC
<PAGE> PAGE 7
020 B000002 36-2693816
020 C000002 27
020 A000003 LAWRENCE (C J) INC, NYC
020 B000003 13-2730828
020 C000003 24
020 A000004 EDWARDS (A G) & SONS INC
020 B000004 43-0895447
020 C000004 18
020 A000005 MORGAN STANLEY & CO INC
020 B000005 13-2655998
020 C000005 17
020 A000006 CONNING & CO
020 B000006 06-1174588
020 C000006 15
020 A000007 GOLDMAN SACHS & CO
020 B000007 13-5108880
020 C000007 14
020 A000008 JOSEPHTHAL LYON & ROSS
020 B000008 13-1850914
020 C000008 13
020 A000009 CLEARY, GULL, REILAND, MCDEVITT
020 B000009 39-1567700
020 C000009 13
020 A000010 BAIRD (ROBERT W) & CO, INC
020 B000010 39-6037917
020 C000010 12
021 000000 334
022 A000001 LEHMAN BROTHERS SECS
022 B000001 13-2518466
022 C000001 1021193
022 D000001 0
022 A000002 DAIWA SECURITIES AMERICA INC
022 B000002 13-5680329
022 C000002 843084
022 D000002 0
022 A000003 CITICORP/CITIBANK
022 B000003 13-3187336
022 C000003 305965
022 D000003 0
022 A000004 FUJI SECURITIES INC
022 B000004 13-3038090
022 C000004 127858
022 D000004 0
022 A000005 SANWA - BGK SEC CO L.P.
022 B000005 13-3154528
022 C000005 67179
022 D000005 0
022 A000006 GREENWICH SEC
022 B000006 13-2697091
022 C000006 31335
022 D000006 0
<PAGE> PAGE 8
022 A000007 DONALDSON LUFKIN & JENRETTE
022 B000007 13-2741729
022 C000007 23257
022 D000007 0
022 A000008 WHEAT FIRST SECURITIES INC
022 B000008 54-0796506
022 C000008 7332
022 D000008 0
022 A000009 HERZOG HEINE GEDULD INC
022 B000009 13-1955436
022 C000009 2727
022 D000009 1375
022 A000010 HUNTLEIGH SECURITIES
022 B000010 43-1106957
022 C000010 3991
022 D000010 0
023 C000000 2452801
023 D000000 4813
024 000000 Y
025 A000001 LEHMAN BROTHERS SECS
025 B000001 13-2518466
025 C000001 E
025 D000001 901
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 Y
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
028 A010000 10694
028 A020000 0
028 A030000 0
028 A040000 2979
028 B010000 8391
028 B020000 2228
028 B030000 0
028 B040000 2435
028 C010000 15907
028 C020000 1
028 C030000 0
<PAGE> PAGE 9
028 C040000 2602
028 D010000 22633
028 D020000 0
028 D030000 0
028 D040000 2588
028 E010000 22177
028 E020000 362
028 E030000 0
028 E040000 3180
028 F010000 17816
028 F020000 0
028 F030000 0
028 F040000 2597
028 G010000 97618
028 G020000 2591
028 G030000 0
028 G040000 16382
028 H000000 97618
029 000000 Y
030 A000000 639
030 B000000 1.50
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 639
033 000000 0
034 000000 Y
035 000000 0
036 A000000 Y
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
040 000000 Y
041 000000 Y
042 A000000 0
042 B000000 0
042 C000000 100
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 397
044 000000 171
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.000
048 A010000 100000
048 A020000 0.625
<PAGE> PAGE 10
048 B010000 150000
048 B020000 0.500
048 C010000 9750000
048 C020000 0.450
048 D010000 2500000
048 D020000 0.440
048 E010000 2500000
048 E020000 0.420
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 15000000
048 K020000 0.400
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 N
054 A000000 Y
054 B000000 Y
054 C000000 Y
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 Y
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 Y
054 M000000 Y
054 N000000 N
054 O000000 N
055 A000000 N
055 B000000 N
056 000000 N
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 N
060 B000000 N
061 000000 2500
062 A000000 N
062 B000000 0.0
<PAGE> PAGE 11
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 0.0
066 A000000 Y
066 B000000 N
066 C000000 Y
066 D000000 N
066 E000000 N
066 F000000 N
066 G000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 Y
070 B020000 Y
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 N
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 N
070 K010000 Y
070 K020000 N
<PAGE> PAGE 12
070 L010000 Y
070 L020000 N
070 M010000 Y
070 M020000 N
070 N010000 Y
070 N020000 N
070 O010000 N
070 O020000 N
070 P010000 Y
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 Y
070 R020000 N
071 A000000 93139
071 B000000 24869
071 C000000 153511
071 D000000 16
072 A000000 6
072 B000000 559
072 C000000 1721
072 D000000 0
072 E000000 0
072 F000000 488
072 G000000 0
072 H000000 0
072 I000000 38
072 J000000 8
072 K000000 16
072 L000000 22
072 M000000 7
072 N000000 61
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 7
072 S000000 7
072 T000000 397
072 U000000 3
072 V000000 0
072 W000000 5
072 X000000 1059
072 Y000000 0
072 Z000000 1221
072AA000000 9183
072BB000000 1085
072CC010000 10422
072CC020000 0
072DD010000 812
072DD020000 0
072EE000000 2227
<PAGE> PAGE 13
073 A010000 0.1100
073 A020000 0.0000
073 B000000 0.3460
073 C000000 0.0000
074 A000000 764
074 B000000 28164
074 C000000 0
074 D000000 0
074 E000000 0
074 F000000 208619
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 2062
074 K000000 0
074 L000000 1994
074 M000000 3
074 N000000 241606
074 O000000 6190
074 P000000 277
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 132
074 R040000 224
074 S000000 0
074 T000000 234783
074 U010000 9589
074 U020000 0
074 V010000 24.48
074 V020000 0.00
074 W000000 0.0000
074 X000000 16681
074 Y000000 26
075 A000000 0
075 B000000 169907
076 000000 0.00
077 A000000 N
SIGNATURE DIOMEDES LOO-TAM
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN BALANCE SHEET INVESTMENT FUND APRIL 30, 1995 SEMI-ANNUAL REPORT
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-END> APR-30-1995
<INVESTMENTS-AT-COST> 195,284,419
<INVESTMENTS-AT-VALUE> 208,618,913
<RECEIVABLES> 32,220,273
<ASSETS-OTHER> 766,965
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 241,606,151
<PAYABLE-FOR-SECURITIES> 6,190,358
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 633,003
<TOTAL-LIABILITIES> 6,823,361
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 212,872,226
<SHARES-COMMON-STOCK> 9,588,897
<SHARES-COMMON-PRIOR> 5,920,637
<ACCUMULATED-NII-CURRENT> 410,114
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 8,094,488
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 13,405,962
<NET-ASSETS> 234,782,790
<DIVIDEND-INCOME> 1,721,105
<INTEREST-INCOME> 559,017
<OTHER-INCOME> 0
<EXPENSES-NET> (1,058,905)
<NET-INVESTMENT-INCOME> 1,221,217
<REALIZED-GAINS-CURRENT> 8,097,528
<APPREC-INCREASE-CURRENT> 10,421,645
<NET-CHANGE-FROM-OPS> 19,740,390
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (812,041)
<DISTRIBUTIONS-OF-GAINS> (2,227,267)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,270,996
<NUMBER-OF-SHARES-REDEEMED> (722,302)
<SHARES-REINVESTED> 119,566
<NET-CHANGE-IN-ASSETS> 100,527,933
<ACCUMULATED-NII-PRIOR> 938
<ACCUMULATED-GAINS-PRIOR> 2,224,227
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (488,080)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1,058,905)
<AVERAGE-NET-ASSETS> 169,907,101
<PER-SHARE-NAV-BEGIN> 22.68
<PER-SHARE-NII> .040
<PER-SHARE-GAIN-APPREC> 2.220
<PER-SHARE-DIVIDEND> (.110)
<PER-SHARE-DISTRIBUTIONS> (.350)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 24.48
<EXPENSE-RATIO> 1.250
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>