<PAGE> PAGE 1
000 A000000 06/30/97
000 C000000 876613
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 COLUMBIA BALANCED FUND, INC.
001 B000000 811-6338
001 C000000 5032223600
002 A000000 1301 SW FIFTH AVENUE
002 B000000 PORTLAND
002 C000000 OR
002 D010000 97201
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
020 A000001 GOLDMAN SACHS & CO.
020 B000001 135108880
020 C000001 44
020 A000002 MERRILL LYNCH, PIERCE
020 B000002 135674085
020 C000002 23
020 A000003 MORGAN STANLEY & CO.
020 B000003 132655998
020 C000003 19
020 A000004 MONTGOMERY SECURITIES
020 B000004 941701676
020 C000004 17
020 A000005 DONALDSON, LUFKIN & JENRETTE
020 B000005 132741729
020 C000005 13
020 A000006 BEAR, STEARS & CO., INC.
020 B000006 133299429
020 C000006 11
020 A000007 SMITH BARNEY, SHEARSON
020 B000007 131912900
020 C000007 10
020 A000008 LEHMAN BROTHERS
020 B000008 132518466
020 C000008 7
020 A000009 FIRST BOSTON CORP.
020 B000009 135659485
020 C000009 7
020 A000010 FURMAN SELZ MAGER DIETZT
020 B000010 132753731
<PAGE> PAGE 2
020 C000010 5
021 000000 203
022 A000001 SALOMON BROTHERS, INC.
022 B000001 133082694
022 C000001 84292
022 D000001 74216
022 A000002 GREENWICH CAPITAL
022 B000002 133172275
022 C000002 84431
022 D000002 66589
022 A000003 UBS SECURITIES, INC.
022 B000003 132932996
022 C000003 39755
022 D000003 71265
022 A000004 GOLDMAN SACHS & CO.
022 B000004 135108880
022 C000004 42324
022 D000004 42150
022 A000005 LEHMAN BROTHERS
022 B000005 132518466
022 C000005 43019
022 D000005 26384
022 A000006 BEAR STEARNS & CO.
022 B000006 133299429
022 C000006 39110
022 D000006 29470
022 A000007 DEUTSCHE BANK SECURITIES
022 B000007 132730828
022 C000007 40233
022 D000007 12705
022 A000008 MORGAN STANLEY & CO., INC.
022 B000008 132655998
022 C000008 14858
022 D000008 36777
022 A000009 SMITH BARNEY, SHEARSON
022 B000009 131912900
022 C000009 18397
022 D000009 22948
022 A000010 MORGAN (J.P.) SECURITIES
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022 C000010 28022
022 D000010 11740
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025 A000001 MORGAN (J.P.) & CO.
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025 A000002 BEAR STEARNS & CO., INC.
025 B000002 132994298
<PAGE> PAGE 3
025 C000002 D
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025 B000003 132655998
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025 A000004 GOLDMAN SACHS & CO.
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025 B000005 132518466
025 C000005 D
025 D000005 2339
025 A000006 MORGAN STANLEY & CO., INC.
025 B000006 132655998
025 C000006 D
025 D000006 2036
025 A000007 SALOMON BROTHERS
025 B000007 133082694
025 C000007 D
025 D000007 2908
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<PAGE> PAGE 4
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<PAGE> PAGE 5
072CC010000 50542
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SIGNATURE GEORGE HANSETH
TITLE SR. VICE 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 06/30/97, AND THE
AUDITED ANNUAL REPORT OF THE COLUMBIA FUNDS DATED 12/31/96, AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000876613
<NAME> COLUMBIA BALANCED FUND, INC.
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 644,681,728
<INVESTMENTS-AT-VALUE> 751,273,559
<RECEIVABLES> 39,372,134
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 14,247,434
<TOTAL-ASSETS> 804,893,127
<PAYABLE-FOR-SECURITIES> 41,272,736
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,032,178
<TOTAL-LIABILITIES> 42,304,914
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 645,846,352
<SHARES-COMMON-STOCK> 34,504,657
<SHARES-COMMON-PRIOR> 33,105,142
<ACCUMULATED-NII-CURRENT> 1,133,453
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 9,016,577
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 106,591,831
<NET-ASSETS> 762,588,213
<DIVIDEND-INCOME> 3,327,791
<INTEREST-INCOME> 12,843,274
<OTHER-INCOME> 0
<EXPENSES-NET> 2,346,962
<NET-INVESTMENT-INCOME> 13,824,103
<REALIZED-GAINS-CURRENT> 9,093,055
<APPREC-INCREASE-CURRENT> 50,542,463
<NET-CHANGE-FROM-OPS> 73,459,621
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 13,230,813
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,247,284
<NUMBER-OF-SHARES-REDEEMED> 4,457,417
<SHARES-REINVESTED> 609,648
<NET-CHANGE-IN-ASSETS> 89,995,293
<ACCUMULATED-NII-PRIOR> 540,163
<ACCUMULATED-GAINS-PRIOR> (76,478)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,766,429
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,346,962
<AVERAGE-NET-ASSETS> 710,515,021
<PER-SHARE-NAV-BEGIN> 20.32
<PER-SHARE-NII> .41
<PER-SHARE-GAIN-APPREC> 1.76
<PER-SHARE-DIVIDEND> .39
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 22.10
<EXPENSE-RATIO> .66
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
