  We describe a class of topological field theories called ``balanced
topological field theories.'' These theories are associated to moduli problems
with vanishing virtual dimension and calculate the Euler character of various
moduli spaces. We show that these theories are closely related to the geometry
and equivariant cohomology of ``iterated superspaces'' that carry two
differentials. We find the most general action for these theories, which turns
out to define Morse theory on field space. We illustrate the constructions with
numerous examples. Finally, we relate these theories to topological
sigma-models twisted using an isometry of the target space.
