<PAGE> PAGE 1
000 A000000 04/30/96
000 C000000 0000790500
000 D000000 N
000 E000000 NF
000 F000000 Y
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000 I000000 3.0.a
000 J000000 A
001 A000000 THE FIRST AUSTRALIA PRIME INCOME FUND, INC.
001 B000000 811-4611
001 C000000 2122141548
002 A000000 199 WATER STREET
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10292
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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 MUTUAL FUND MANAGEMENT, 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 LLP
013 B010001 NEW YORK
013 B020001 NY
013 B030001 10036
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
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015 A000003 CHASE AMP BANK LIMITED
015 B000003 S
015 C010003 SYDNEY
015 D010003 AUSTRALIA
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
015 B000006 C
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015 C020006 MA
015 C030006 02110
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022 A000001 STATE STREET BANK & TRUST CO
022 B000001 04-1867445
022 C000001 2145893
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022 A000002 BARCLAYS DE ZOETE WEDD SECURITIES, INC.
022 B000002 13-3551367
022 C000002 32880
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022 A000004 BANKERS TRUST COMPANY
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022 A000005 MORGAN STANLEY & CO., INC.
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022 A000006 CS FIRST BOSTON CORP.
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022 C000006 22787
022 D000006 43235
022 A000007 COMMONWEALTH BANK OF AUSTRALIA
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022 A000008 SBC WARBURG
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022 A000009 HAMBROS SECURITIES, LTD.
<PAGE> PAGE 4
022 C000009 10079
022 D000009 17707
022 A000010 ROTHSCHILD INC.
022 B000010 13-2589894
022 C000010 14830
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025 A000001 STATE STREET BANK & TRUST CO.
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025 A000002 BANKERS TRUST COMPANY
025 B000002 13-4941247
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025 A000003 COMMONWEALTH BANK OF AUSTRALIA
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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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SIGNATURE EUGENE STARK
TITLE ASSISTANT TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<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-30-1996
<INVESTMENTS-AT-COST> 1,651,986,197
<INVESTMENTS-AT-VALUE> 1,753,771,661
<RECEIVABLES> 46,358,035
<ASSETS-OTHER> 193,240,369
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,993,370,065
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 16,657,385
<TOTAL-LIABILITIES> 16,657,385
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,851,957,077
<SHARES-COMMON-STOCK> 155,647,805
<SHARES-COMMON-PRIOR> 155,079,102
<ACCUMULATED-NII-CURRENT> 10,972,622
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 5,607,568
<OVERDISTRIBUTION-GAINS> 151,184,388
<ACCUM-APPREC-OR-DEPREC> (43,008,975)
<NET-ASSETS> 1,976,712,680
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 79,025,044
<OTHER-INCOME> 0
<EXPENSES-NET> 9,748,363
<NET-INVESTMENT-INCOME> 68,852,208
<REALIZED-GAINS-CURRENT> 5,937,419
<APPREC-INCREASE-CURRENT> (21,178,425)
<NET-CHANGE-FROM-OPS> 53,611,202
<EQUALIZATION>
<DISTRIBUTIONS-OF-INCOME> (73,661,874)
<DISTRIBUTIONS-OF-GAINS> (8,031,624)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 5,241,635
<NET-CHANGE-IN-ASSETS> 49,507,570
<ACCUMULATED-NII-PRIOR> 12,065,169
<ACCUMULATED-GAINS-PRIOR> 5,217,167
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5,217,577
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 9,748,363
<AVERAGE-NET-ASSETS> 1,456,375,000
<PER-SHARE-NAV-BEGIN> 9.36
<PER-SHARE-NII> 0.81
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.47)
<PER-SHARE-DISTRIBUTIONS> (0.05)
<RETURNS-OF-CAPITAL> 0.00
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</TABLE>
For the semi-annual period ended (a)4/30/96
File number (c) 811-4611
SUB-ITEM 77C
Submission of Matters to a
Vote of
Security
Holders
An Annual Meeting of Shareholders was
called for March 14, 1996. At such meeting
the shareholders approved the following
proposals:
1) To elect five
Directors as Class II
Directors for
a three-year term expiring in 1999:
Affirmative
Votes Cast Votes Withheld
Rt. Hon. Malcolm Fraser 125,863,532 2,525,674
Harry A. Jacobs, Jr. 125,996,391 2,392,815
Howard A. Knight 125,889,903 2,499,303
Peter D. Sacks 125,880,976 2,508,230
Brian M. Sherman 125,903,037 2,486,169
2) To elect two Directors to represent
the interests of the holders of preferred
stock for the ensuing year:
Affirmative
Votes Cast Votes Withheld
David Manor 4,891 281
Marvin Yontef 4,891 281
3) To ratify the
selection of
Price
Waterhouse LLP
as
independent public accountants of the Fund for
the fiscal year ending October 31, 1996:
Affirmative Negative
Votes Cast
Votes Cast
125,602,926
889,266
4) To amend the Fund's charter
documents to decrease the liquidation value of
the shares of preferred stock, Series A-F, in
order to effect a stock split of the Fund's
shares of preferred stock, Series A-F:
Affirmative Negative
Votes Cast
Votes Cast
82,976,828
4,207,025
5) To amend the Fund's charter
documents to eliminate the
limitation of the aggregate liquidation value
of the Fund's preferred stock:
Affirmative
Negative
Votes Cast
Votes Cast
79,502,624
6,016,187
6) In their discretion on any other
business which may
properly come before the
meeting or any
adjournment
thereof.
For the six months ended (a) 04/30/96
File # 811-4611
SUB _ ITEM 77J
Reclassification of Capital Accounts
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, 1996, the
Fund increased undistributed net investment
income by $3,717,119, increased accumulated
net realized gains on investments by
$2,484,606 and decreased accumulated net
realized foreign exchange gains by $6,201,725.
Net investment income, net realized gains and
net assets were not affected by this change.
