<PAGE> PAGE 1
000 A000000 04/30/95
000 C000000 000000
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 THE FIRST AUSTRALIA PRIME INCOME FUND, INC.
001 B000000 811-4611
001 C000000 2122142188
002 A000000 199 WATER STREET
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10292
003 000000 N
004 000000 N
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007 C011000 10
008 A000001 EQUITILINK AUSTRALIA LIMITED
008 B000001 S
008 C000001 801-25821
008 D010001 SYDNEY
008 D050001 AUSTRALIA
008 D060001 2000
008 A000002 EQUITILINK INTERNATIONAL MANAGEMENT LIMITED
008 B000002 A
008 C000002 801-25823
008 D010002 ST. HELIER
008 D050002 JERSEY CHANNEL ISLES
010 A000001 PRUDENTIAL SECURITIES INC.
010 B000001 8-27154
010 C010001 NEW YORK
010 C020001 NY
010 C030001 10292
011 A000001 PRUDENTIAL SECURITIES INC
011 B000001 8-27154
011 C010001 NEW YORK
<PAGE> PAGE 2
011 C020001 NY
011 C030001 10292
011 A000002 BEAR STEARNS & CO., INC.
011 B000002 8-35008
011 C010002 NEW YORK
011 C020002 NY
011 C030002 10041
011 A000003 NIKKO SECURITIES CO., INT'L, INC.
011 B000003 8-17611
011 C010003 NEW YORK
011 C020003 NY
011 C030003 00000
012 A000001 BOSTON FINANCIAL DATA SERVICES
012 B000001 85-0000
012 C010001 BOSTON
012 C020001 MA
012 C030001 02110
013 A000001 PRICE WATERHOUSE
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013 B020001 NY
013 B030001 10022
014 A000001 PRUDENTIAL SECURITIES INC.
014 B000001 8-27154
014 A000002 SBC DOMINGUEZ BARRY LIMITED
014 B000002 8-00000
015 A000001 WESTPAC BANKING CORPORATION
015 B000001 S
015 C010001 WELLINGTON
015 D010001 NEW ZEALAND
015 E040001 X
015 A000002 AUSTRALIA & NEW ZEALAND BANKING GROUP LTD.
015 B000002 S
015 C010002 MELBOURNE
015 D010002 AUSTRALIA
015 D020002 3000
015 E040002 X
015 A000003 CHASE AMP BANK LIMITED
015 B000003 S
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015 D020003 2001
015 E040003 X
015 A000004 STATE STREET LONDON LIMITED
015 B000004 S
015 C010004 LONDON
015 D010004 GREAT BRITAIN
015 E040004 X
015 A000005 BANQUE BRUXELLES LAMBERT
015 B000005 S
015 C010005 XXXXX
015 D010005 BELGIUM
<PAGE> PAGE 3
015 E040005 X
015 A000006 STATE STREET BANK & TRUST COMPANY
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 9
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SIGNATURE EUGENE S. STARK
TITLE ASST. TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000790500
<NAME> THE FIRST AUSTRALIA PRIME INCOME FUND, INC.
<SERIES>
<NUMBER> 001
<NAME> THE FIRST AUSTRALIA PRIME INCOME FUND, INC.
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-END> APR-28-1995
<INVESTMENTS-AT-COST> 1,498,779,050
<INVESTMENTS-AT-VALUE> 1,446,286,127
<RECEIVABLES> 41,631,189
<ASSETS-OTHER> 26,749,625
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,514,666,941
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 15,067,491
<TOTAL-LIABILITIES> 15,067,491
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,548,728,880
<SHARES-COMMON-STOCK> 124,355,752
<SHARES-COMMON-PRIOR> 123,475,879
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 5,513,483
<ACCUMULATED-NET-GAINS> 10,184,533
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (64,827,446)
<NET-ASSETS> 1,499,599,450
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 68,700,321
<OTHER-INCOME> 0
<EXPENSES-NET> 8,301,978
<NET-INVESTMENT-INCOME> 60,398,343
<REALIZED-GAINS-CURRENT> (26,636,581)
<APPREC-INCREASE-CURRENT> 46,320,112
<NET-CHANGE-FROM-OPS> 80,081,874
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 67,528,260
<DISTRIBUTIONS-OF-GAINS> 9,273,998
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 7,688,453
<NET-CHANGE-IN-ASSETS> 164,572,585
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 50,901,058
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,164,289
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 8,301,978
<AVERAGE-NET-ASSETS> 1,114,561,000
<PER-SHARE-NAV-BEGIN> 8.82
<PER-SHARE-NII> 0.64
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.53)
<PER-SHARE-DISTRIBUTIONS> (0.09)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 8.84
<EXPENSE-RATIO> 1.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
For the six months ended (a) 04/30/95
File number (c) 811-4611
SUB - ITEM 77J
Reclassification of Capital Accounts
The Fund accounts and reports for distributions to shareholders in accordance
with Statement of Position 93-2: Determination, Disclosure, and Financial
Statement Presentation of Income, Capital Gain, and Return of Capital
Distributions by Investment Companies. During the fiscal period ended April
30, 1995, the Fund increased undistributed net investment income by $4,805,946,
decreased accumulated net realized gains on investments by $3,328,506 and
decreased accumulated net realized foreign exchange gains by $1,477,440. Net
investment income, net realized gains and net assets were not affected by this
change. Accumulated realized and unrealized foreign exchange gains shown in
the composition of net assets at April 30, 1995 represent foreign exchange
gains for book purposes that have not yet been recognized for tax purposes.