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<PAGE> PAGE 2
011 C020001 NY
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011 C020002 NY
011 C030002 10041
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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SIGNATURE EUGENE STARK
TITLE ASSISTANT TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000790500
<NAME> THE FIRST AUSTRALIA PRIME INCOME FUND, INC.
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Oct-31-1997
<PERIOD-END> Apr-30-1997
<INVESTMENTS-AT-COST> 2,296,323,655
<INVESTMENTS-AT-VALUE> 2,401,544,311
<RECEIVABLES> 59,001,115
<ASSETS-OTHER> 7,552,574
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,468,098,000
<PAYABLE-FOR-SECURITIES> 6,246,096
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 20,284,356
<TOTAL-LIABILITIES> 26,530,452
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,274,262,985
<SHARES-COMMON-STOCK> 194,559,756
<SHARES-COMMON-PRIOR> 194,559,756
<ACCUMULATED-NII-CURRENT> 15,313,312
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 108,530,305
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 43,460,946
<NET-ASSETS> 2,441,567,548
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 96,598,068
<OTHER-INCOME> 0
<EXPENSES-NET> 11,908,101
<NET-INVESTMENT-INCOME> 84,689,967
<REALIZED-GAINS-CURRENT> 5,072,745
<APPREC-INCREASE-CURRENT> (82,401,838)
<NET-CHANGE-FROM-OPS> 7,360,874
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (97,687,506)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (90,326,632)
<ACCUMULATED-NII-PRIOR> 21,750,150
<ACCUMULATED-GAINS-PRIOR> 152,874,030
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 6,305,177
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 11,908,101
<AVERAGE-NET-ASSETS> 1,891,928,000
<PER-SHARE-NAV-BEGIN> 9.93
<PER-SHARE-NII> 0.44
<PER-SHARE-GAIN-APPREC> (0.40)
<PER-SHARE-DIVIDEND> (0.50)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.47
<EXPENSE-RATIO> 1.25
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
For the semi-annual period ended 4/30/97
File number: 811-4611
SUB-ITEM 77C
Submission of Matters to a Vote of Security Holders
An Annual Meeting of Shareholders for
The First Australia Prime Income Fund, Inc.
was called for March 13, 1997. At such
meeting the shareholders approved the
following proposals:
A) Approval that Sir Roden Cutler,
David Lindsay Elsum, Laurence S.
Freedman, Michael R. Horsburgh, and
William J. Potter are duly elected to
serve as Class III Directors of the
Common Stock of the Fund for a period of
three years and that David Manor and
Martin Yontef are duly elected to serve
as Directors of the Preferred Stock for
a term expiring at the next Annual
Meeting of Shareholders.
B) Approval of the selection of Price
Waterhouse LLP as independent
accountants for the Fund conditioned
upon the right by vote of a majority of
such Fund's outstanding voting shares at
any meeting called for the purpose to
terminate such employment forthwith
without penalties.
C) Approval of the proposed amendment
to the Fund's charter to increase the
number of authorized share of common
stock, as described in the Fund's proxy
statement.
For Against
Abstain
152,925,498.2057
14,269,387.9389 3,825,283.2026
D) In their discretion on any other
business which may properly come before
the meeting or any adjournment thereof.
- -wpdocs/n-sar/ausprim/6-97.77c
For the semi-annual period ended 4/30/97
File number: 811-4611
SUB-ITEM 77 I
Terms of New or Amended Securities
On March 13, 1997, the Shareholders
approved an amendment to the Fund's Charter
documents, authorizing the issuance of an
additional 400,000,000 shares of Common
Stock of the Fund.
