<PAGE> PAGE 1
000 B000000 09/30/95
000 C000000 0000865277
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 ISRAEL FUND, INC.
001 B000000 811-6120
001 C000000 2122723550
002 A000000 245 PARK AVE.
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10167
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 BEA ASSOCIATES
008 B000001 A
008 C000001 801-37170
008 D010001 NEW YORK
008 D020001 NY
008 D030001 10022
008 A000002 ANALYST I.M.S.
008 B000002 S
008 C000002 801-00000
008 D010002 TEL AVIV
008 D050002 ISRAEL
008 A000003 GIZA
008 B000003 S
008 C000003 801-00000
008 D010003 TEL AVIV
008 D050003 ISRAEL
010 A000001 BEAR STEARNS FUNDS MANAGEMENT INC.
010 B000001 801-29862
010 C010001 NEW YORK
<PAGE> PAGE 2
010 C020001 NY
010 C030001 10167
010 A000002 PRUDENTIAL MUTUAL FUND MANAGEMENT,INC.
010 B000002 811-31104
010 C010002 NEW YORK
010 C020002 NY
010 C030002 10292
010 A000003 BEA ASSOCIATES
010 B000003 801-5083
010 C010003 NEW YORK
010 C020003 NY
010 C030003 10022
011 A000001 PRUDENTIAL SECURITIES INCORPORATED
011 B000001 8-27154
011 C010001 NEW YORK
011 C020001 NY
011 C030001 10292
011 A000002 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
011 B000002 8-17574
011 C010002 NEW YORK
011 C020002 NY
011 C030002 00000
011 A000003 LEHMAN BROTHERS
011 B000003 8-16817
011 C010003 NEW YORK
011 C020003 NY
011 C030003 00000
011 A000004 MERRIL LYNCH & CO.
011 B000004 8-7221
011 C010004 NEW YORK
011 C020004 NY
011 C030004 00000
012 A000001 THE FIRST NATIONAL BANK OF BOSTON
012 B000001 85-10813
012 C010001 BOSTON
012 C020001 MA
012 C030001 02102
012 A000002 PNC BANK, N.A.
012 B000002 85-1196
012 C010002 WILMINGTON
012 C020002 DE
012 C030002 19809
013 A000001 COOPERS & LYBRAND L.L.P.
013 B010001 PHILADELPHIA
013 B020001 PA
013 B030001 19103
015 A000001 BROWN BROTHERS HARRIMAN & COMPANY
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02109
<PAGE> PAGE 3
015 E010001 X
015 A000002 BANK HAPOALIM B.M.
015 B000002 S
015 C010002 TEL AVIV
015 D010002 ISRAEL
015 E040002 X
015 A000003 UNITED MIZRAHI BANK LTD.
015 B000003 S
015 C010003 TEL AVIV
015 D010003 ISRAEL
015 E040003 X
015 A000004 ISRAEL DISCOUNT BANK
015 B000004 S
015 C010004 TEL AVIV
015 D010004 ISRAEL
015 E040004 X
018 000000 Y
019 A000000 N
019 B000000 0
020 A000001 UNITED MIZRAHI BANK
020 B000001 00-0000000
020 C000001 12
020 A000002 BANK HAPOALIM B.N.
020 B000002 13-2775750
020 C000002 7
020 A000003 BEAR STEARNS & CO., INC.
020 B000003 13-3299429
020 C000003 4
020 A000004 INSTINET
020 B000004 13-3443395
020 C000004 2
020 A000005 LEHMAN BROTHERS
020 B000005 13-2518466
020 C000005 1
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 26
022 A000001 BROWN BROTHERS HARRIMAN
022 B000001 13-4973745
022 C000001 4600
022 D000001 0
022 A000002 GOLDMAN , SACHS & CO.
022 B000002 13-5108880
022 C000002 3947
022 D000002 0
022 A000003 BARCLAYS DE ZOETE WEDD INC.
022 B000003 13-3551367
022 C000003 0
<PAGE> PAGE 4
022 D000003 1981
022 A000004 DRESDNER SECURITIES
022 B000004 04-2442748
022 C000004 1974
022 D000004 0
022 A000005 BANKERS TRUST CO.
022 B000005 13-4941247
022 C000005 1000
022 D000005 0
022 C000006 0
022 D000006 0
022 C000007 0
022 D000007 0
022 C000008 0
022 D000008 0
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 11521
023 D000000 1981
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
027 000000 N
028 A010000 0
028 A020000 0
028 A030000 0
028 A040000 0
028 B010000 0
028 B020000 0
028 B030000 0
028 B040000 0
028 C010000 0
028 C020000 0
028 C030000 0
028 C040000 0
<PAGE> PAGE 5
028 D010000 0
028 D020000 0
028 D030000 0
028 D040000 0
028 E010000 0
028 E020000 0
028 E030000 0
028 E040000 0
028 F010000 0
028 F020000 0
028 F030000 0
028 F040000 0
028 G010000 0
028 G020000 0
028 G030000 0
028 G040000 0
028 H000000 0
030 A000000 0
030 B000000 0.00
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 0
033 000000 0
035 000000 0
036 B000000 0
038 000000 0
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 0
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 1.300
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
<PAGE> PAGE 6
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 N
054 A000000 Y
054 B000000 Y
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
054 O000000 N
055 A000000 N
055 B000000 N
056 000000 Y
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 N
060 B000000 N
061 000000 1500
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
<PAGE> PAGE 7
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 0.0
066 A000000 Y
066 B000000 N
066 C000000 Y
066 D000000 N
066 E000000 N
066 F000000 N
066 G000000 N
067 000000 N
068 A000000 N
068 B000000 Y
069 000000 N
070 A010000 Y
070 A020000 N
070 B010000 Y
070 B020000 N
070 C010000 N
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 Y
070 K020000 Y
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 Y
070 N010000 N
070 N020000 N
070 O010000 Y
070 O020000 N
<PAGE> PAGE 8
070 P010000 Y
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 12176
071 B000000 11863
071 C000000 53501
071 D000000 22
072 A000000 12
072 B000000 294
072 C000000 660
072 D000000 0
072 E000000 0
072 F000000 799
072 G000000 88
072 H000000 0
072 I000000 43
072 J000000 164
072 K000000 0
072 L000000 60
072 M000000 57
072 N000000 13
072 O000000 0
072 P000000 0
072 Q000000 65
072 R000000 73
072 S000000 28
072 T000000 0
072 U000000 64
072 V000000 0
072 W000000 20
072 X000000 1474
072 Y000000 0
072 Z000000 -520
072AA000000 1655
072BB000000 0
072CC010000 6161
072CC020000 0
072DD010000 0
072DD020000 0
072EE000000 0
073 A010000 0.0000
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 13
074 B000000 0
074 C000000 4508
074 D000000 1101
<PAGE> PAGE 9
074 E000000 1069
074 F000000 59549
074 G000000 0
074 H000000 0
074 I000000 108
074 J000000 0
074 K000000 0
074 L000000 150
074 M000000 150
074 N000000 66648
074 O000000 0
074 P000000 233
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 265
074 S000000 0
074 T000000 66150
074 U010000 5012
074 U020000 0
074 V010000 13.20
074 V020000 0.00
074 W000000 0.0000
074 X000000 709
074 Y000000 0
075 A000000 0
075 B000000 57265
076 000000 12.00
077 A000000 Y
077 B000000 Y
077 C000000 Y
077 Q010000 Y
078 000000 N
080 A000000 GULF INSURANCE COMPANY, INC.
080 C000000 4800
081 A000000 Y
081 B000000 8
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 N
085 B000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
<PAGE> PAGE 10
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
087 A010000 COMMON STOCK
087 A020000 32063L100
087 A030000 ISL
088 A000000 N
088 B000000 N
088 C000000 N
088 D000000 N
SIGNATURE MICHAEL PIGNATARO
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000865277
<NAME> THE FIRST ISRAEL FUND, INC.
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-START> OCT-01-1994
<PERIOD-END> SEP-30-1995
<INVESTMENTS-AT-COST> 67382850
<INVESTMENTS-AT-VALUE> 66334630
<RECEIVABLES> 150012
<ASSETS-OTHER> 163457
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 66648099
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 497764
<TOTAL-LIABILITIES> 497764
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 67477122
<SHARES-COMMON-STOCK> 5012295
<SHARES-COMMON-PRIOR> 5012295
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (285713)
<ACCUM-APPREC-OR-DEPREC> (1046086)
<NET-ASSETS> 66150335
<DIVIDEND-INCOME> 659861
<INTEREST-INCOME> 293748
<OTHER-INCOME> 0
<EXPENSES-NET> 1474062
<NET-INVESTMENT-INCOME> (520453)
<REALIZED-GAINS-CURRENT> 1655141
<APPREC-INCREASE-CURRENT> 6160580
<NET-CHANGE-FROM-OPS> 7295268
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 7295268
<ACCUMULATED-NII-PRIOR> (43255)
<ACCUMULATED-GAINS-PRIOR> (1026653)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (360602)
<GROSS-ADVISORY-FEES> 798799
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1474062
<AVERAGE-NET-ASSETS> 57265379
<PER-SHARE-NAV-BEGIN> 11.74
<PER-SHARE-NII> (0.10)
<PER-SHARE-GAIN-APPREC> 1.56
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.20
<EXPENSE-RATIO> 2.57
<AVG-DEBT-OUTSTANDING> 00
<AVG-DEBT-PER-SHARE> 00
</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors of
The First Israel Fund, Inc.:
In planning and performing our audit of the financial statements
and financial highlights of The First Israel Fund, Inc. ("the Fund")
for the year ended September 30, 1995, we considered its internal
control structure, including procedures for safeguarding securities,
in order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and financial
highlights and to comply with the requirements of Form N-SAR,
not to provide assurance on the internal control structure.
The management of the Fund is responsible for establishing and
maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs of internal
control structure policies and procedures. Two of the objectives of
an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are safeguarded
against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's
authorization and recorded properly to permit preparation of
financial statements in conformity with generally accepted
accounting principles.
Because of inherent limitations in any internal control structure,
errors or irregularities may occur and not be detected. Also,
projection of anyevaluation of the structure to future periods is
subject to the risk that it may become inadequate because of
changes in conditions or that the effectiveness of the design
and operation may deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control structure
that might be materialweaknesses under standards established by
the American Institute of Certified Public Accountants. A
material weakness is a condition inwhich the design or operation
of the specific internal control structure elements do not reduce
to a relatively low level the risk that errors or irregularities
in amounts that would be material in relation to the financial
statements and financial highlights being audited may occur
and not be detected within a timely period by employees in the
normal course of performing their assigned functions. However,
we noted no matters involving the internal control structure,
including procedures for safeguarding securities, that we
consider to be material weaknesses, as defined above, as of
September 30, 1995.
This report is intended solely for the information and use of
management and Board of Directors of The First Israel Fund,
Inc. and the Securitiesand Exchange Commission.
COOPERS & LYBRAND L.L.P.
2400 Eleven Penn Center
Philadelphia, Pennsylvania
November 10, 1995
For period ending: September 30, 1995 Sub ( Item 77C
File Number: 811( 6120
SUBMISSION OF MATTERS TO A VOTE OF SEC. HOLDERS
On January 10, 1995, the annual meeting of shareholders for The First
Israel Fund, Inc. (the "Fund") was held and the following matters were
voted upon:
(1) To re-elect three directors to the Board of Directors of the Fund.
Name of Votes Votes
Director Votes For Against Withheld Non-Votes
Zeev Holtzman 3,451,682 ( 41,266 1,519,347
George Landau 3,451,820 ( 41,128 1,519,347
Daniel Sigg 3,450,072 ( 42,876 1,519,347
In addition to the directors elected at the meeting, Emilio Bassini,
Peter Gordon, Jonathan Lubell and Steven Rappaport continue to serve as
directors of the Fund.
(2) To ratify the selection of Coopers & Lybrand L.L.P. as independent
public accountants for the Fund for the fiscal year ending September 30,
1995.
Votes For Votes Against Votes Withheld Non-Vote
3,446,043 24,442 22,463 1,519,347
For period ending: September 30, 1995 Sub ( Item 77Q1
File Number: 811( 6120
ADVISORY FEE STRUCTURE
BEA Associates serves as The First Israel Fund's investment
adviser. As compensation for its advisory services, BEA
receives from the Fund an annual fee calculated in the
following manner:
1.30% of the Fund's average net assets invested in listed
securities (including securities traded over-the-counter in
the United States) and 2.00% of the amount invested in
unlisted Israeli securities.
