FLAG INVESTORS TELEPHONE INCOME FUND INC
NSAR-A, 1995-08-31
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<PAGE>      PAGE  1
000 A000000 06/30/95
000 C000000 0000731129
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 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
013 A00AA01 COOPERS & LYBRAND LLP
013 B01AA01 PHILADELPHIA
013 B02AA01 PA
013 B03AA01 19103
020 A000001 COUNTY NATWEST SECURITIES
020 B000001 13-3341706
020 C000001     26
020 A000002 LEHMAN BROTHERS
020 B000002 13-2518466
020 C000002     25
020 A000003 SALOMON BORTHERS
020 B000003 13-3082694
020 C000003     22
020 A000004 JEFFERIES & CO. INC.
020 B000004 95-2622900
020 C000004     20
020 A000005 JP MORGAN.
020 B000005 13-3224016
020 C000005     15
020 A000006 CAPITAL INSTITUTIONAL SERVICES
020 B000006 75-1565705
020 C000006     12
020 A000007 FIRST BOSTON CORP.
020 B000007 13-5659485
020 C000007     11
020 A000008 FURMAN SELZ INC.
020 B000008 13-2753731
020 C000008     11
020 A000009 BROWN BROTHER HARRIMAN
<PAGE>      PAGE  2
020 B000009 13-2753731
020 C000009     11
020 A000010 PAINE WEBBER
020 B000010 13-2638166
020 C000010     10
021  000000      259
022 A000001 GOLDMAN, SACHS & CO.
022 B000001 13-5108880
022 C000001   1533485
022 D000001         0
022 A000002 MERILL LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000002 13-5674085
022 C000002         0
022 D000002     12551
022 A000003 LEHMAN BROTHERS.
022 B000003 13-2518466
022 C000003      2274
022 D000003      6583
022 A000004 DONALDSON, LUFKIN, JENRETTE
022 B000004 13-2741729
022 C000004      4900
022 D000004         0
022 A000005 JEFFERIES & COMPANY, INC.
022 B000005 95-2622900
022 C000005      1857
022 D000005      2013
022 A000006 GRUNTAL & COMPANY INC.
022 B000006 13-3179859
022 C000006         0
022 D000006      3124
022 A000007 DEAN WITTER REYNOLDS INC
022 C000007         0
022 D000007      3063
022 A000008 UBS SECURITIES INC
022 B000008 13-2932996
022 C000008         0
022 D000008      3011
022 A000009 SALOMON BROTHERS
022 B000009 13-3082694
022 C000009         0
022 D000009      2694
022 A000010 COUNTY NATWEST SECURITIES
022 B000010 13-3341706
022 C000010         0
022 D000010      2400
023 C000000    1545790
023 D000000      38822
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028 A02AA00       954
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028 A04AA00      6829
<PAGE>      PAGE  3
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028 H00AA00      9979
029  00AA00 Y
030 A00AA00    397
030 B00AA00  4.50
030 C00AA00  0.00
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031 B00AA00      0
032  00AA00    287
033  00AA00     76
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042 B00AA00   0
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043  00AA00    658
044  00AA00      0
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<PAGE>      PAGE  5
074 A00AA00       19
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074 U02AA00   252170
074 V01AA00    13.71
074 V02AA00    13.65
074 W00AA00   0.0000
074 X00AA00    29300
074 Y00AA00        0
075 A00AA00        0
075 B00AA00   448081
076  00AA00     0.00
077 A000000 Y
080 A00AA00 ICI MUTUAL INSURANCE COMPANY
080 C00AA00     9000
081 A00AA00 Y
081 B00AA00  13
082 A00AA00 Y
082 B00AA00      100
SIGNATURE   EDWARD J. VEILLEUX                           
TITLE       VICE PRESIDENT      
 


<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000731129
<NAME> FLAG INVESTORS TELEPHONE INCOME FUND,INC.
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-END>                               JUN-30-1995
<INVESTMENTS-AT-COST>                        362683325
<INVESTMENTS-AT-VALUE>                       486724755
<RECEIVABLES>                                  2902077
<ASSETS-OTHER>                                   68415
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                               489695247
<PAYABLE-FOR-SECURITIES>                        483980
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       174188
<TOTAL-LIABILITIES>                            2225168
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                     349087937
<SHARES-COMMON-STOCK>                         35566972
<SHARES-COMMON-PRIOR>                         38008885
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                       14340712
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     124041430
<NET-ASSETS>                                 487470079
<DIVIDEND-INCOME>                              7856057
<INTEREST-INCOME>                              1585646
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                 2229422
<NET-INVESTMENT-INCOME>                        7212281
<REALIZED-GAINS-CURRENT>                      13373052
<APPREC-INCREASE-CURRENT>                     38060398
<NET-CHANGE-FROM-OPS>                         58645731
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                      6581596
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        1703578
<NUMBER-OF-SHARES-REDEEMED>                    4585894
<SHARES-REINVESTED>                             440403
<NET-CHANGE-IN-ASSETS>                        19969092
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                       336975
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          1248040
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                2426150
<AVERAGE-NET-ASSETS>                         481488841
<PER-SHARE-NAV-BEGIN>                            12.30
<PER-SHARE-NII>                                    .20
<PER-SHARE-GAIN-APPREC>                           1.39
<PER-SHARE-DIVIDEND>                               .18
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              13.71
<EXPENSE-RATIO>                                    .92
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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