FLAG INVESTORS TELEPHONE INCOME FUND INC
NSAR-B, 1996-02-29
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<PAGE>      PAGE  1
000 B000000 12/31/95
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001 A000000 FLAG INVESTORS TELEPHONE INCOME FUND, INC.
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002 A000000 135 E. BALTIMORE STREET
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020 A000001 BEAR, STEARNS & CO., INC.
020 B000001 13-3299429
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020 A000002 SALOMON BROTHERS INC.
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020 A000003 NATWEST SECURITIES
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020 A000004 LEHMAN BROTHERS
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020 A000005 JEFFERIES & COMPANY, INC.
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020 A000006 MORGAN (J.P.) & COMPANY
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020 A000007 LEGG MASON WOOD WALKER, INC.
020 B000007 52-0902557
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020 A000008 CAPITAL INSTITUTIONAL SERVICES
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020 A000009 FIRST BOSTON (THE)
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SIGNATURE   EDWARD J. VEILLEUX                           
TITLE       VICE PRESIDENT      
 

WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000731129
<NAME> TELEPHONE INCOME FUND
       
<S>                             <C>
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</TABLE>


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