<PAGE> PAGE 1
000 B000000 12/31/93
000 C000000 0000731129
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 U
001 A000000 FLAG INVESTORS TELEPHONE INCOME FUND, INC.
001 B000000 811-3883
001 C000000 4107271700
002 A000000 135 E. BALTIMORE STREET
002 B000000 BALTIMORE
002 C000000 MD
002 D010000 21202
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 1
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 10
019 C00AA00 FLAGINVEST
031 A00AA00 451
031 B00AA00 0
032 00AA00 2748
033 00AA00 726
062 A00AA00 N
062 B00AA00 0.0
062 C00AA00 0.0
062 D00AA00 0.0
062 E00AA00 0.0
062 F00AA00 0.0
062 G00AA00 0.0
062 H00AA00 0.0
062 I00AA00 0.0
062 J00AA00 0.0
062 K00AA00 0.0
062 L00AA00 0.0
062 M00AA00 0.0
062 N00AA00 0.0
062 O00AA00 0.0
062 P00AA00 0.0
062 Q00AA00 0.0
062 R00AA00 0.0
071 A00AA00 165056
071 B00AA00 49746
071 C00AA00 38107
<PAGE> PAGE 2
071 D00AA00 13
072 A00AA00 12
072 B00AA00 3721
072 C00AA00 12272
072 D00AA00 0
072 E00AA00 0
072 F00AA00 2132
072 G00AA00 0
072 H00AA00 0
072 Y00AA00 239
072 Z00AA00 12327
072AA00AA00 10809
072BB00AA00 197
072CC01AA00 36369
072CC02AA00 0
072DD01AA00 12478
072DD02AA00 0
072EE00AA00 9830
073 A01AA00 0.4200
073 A02AA00 0.3100
073 B00AA00 0.2840
073 C00AA00 0.0000
074 N00AA00 494954
074 O00AA00 0
074 P00AA00 527
074 Q00AA00 0
074 R01AA00 0
074 R02AA00 0
074 R03AA00 0
074 R04AA00 1783
074 S00AA00 0
074 T00AA00 492644
074 U01AA00 34246
074 U02AA00 1717290
074 V01AA00 1370.00
074 V02AA00 13.67
074 W00AA00 0.0000
074 X00AA00 28700
074 Y00AA00 0
075 A00AA00 0
075 B00AA00 484668
077 A000000 Y
080 A00AA00 ICI MUTUAL INSURANCE COMPANY
080 C00AA00 7750
081 A00AA00 Y
081 B00AA00 11
082 A00AA00 Y
082 B00AA00 100
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
<PAGE> PAGE 3
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
SIGNATURE EDWARD J. VEILLEUX
TITLE VICE PRESIDENT