<PAGE> PAGE 1
000 B000000 09/30/96
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 2122722892
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 GROUP
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 BEA ASSOCIATES
010 B000002 801-5083
010 C010002 NEW YORK
010 C020002 NY
010 C030002 10022
010 A000003 DELETE
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 DELETE
013 A000001 COOPERS & LYBRAND L.L.P.
013 B010001 PHILADELPHIA
013 B020001 PA
013 B030001 19103
015 A000001 BROWN BROTHERS HARRIMAN & CO.
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02109
015 E040001 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
<PAGE> PAGE 3
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 BANK HAPOALIM LTD.
020 B000001 13-2775750
020 C000001 13
020 A000002 BEAR STEARNS & CO. INC.
020 B000002 13-3299429
020 C000002 2
020 A000003 INSTINET CORPORATION
020 B000003 13-3443395
020 C000003 6
020 A000004 MERRILL LYNCH PIERCE FENNER SMITH
020 B000004 13-5674085
020 C000004 3
020 A000005 UNITED MIZRAHI BANK
020 B000005 00-0000000
020 C000005 2
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 26
022 A000001 BEAR STEARNS & CO. INC.
022 B000001 13-3299429
022 C000001 381
022 D000001 1744
022 A000002 LEHMAN BROTHERS INC.
022 B000002 13-2518466
022 C000002 1005
022 D000002 777
022 A000003 GOLDMAN SACHS & CO.
022 B000003 13-5108880
022 C000003 500
022 D000003 0
022 A000004 HERZOG HEINE GEDULD INC.
022 B000004 13-1955436
022 C000004 300
022 D000004 456
022 A000005 BROWN BROTHERS HARRIMAN & CO.
022 B000005 13-4973745
022 C000005 746
<PAGE> PAGE 4
022 D000005 7243
022 A000006 CRUTTENDEN & CO.
022 B000006 00-0000000
022 C000006 665
022 D000006 0
022 A000007 GRUSS (OSCAR) & SON INC.
022 B000007 00-0000000
022 C000007 0
022 D000007 33
022 A000008 MERRILL LYNCH PIERCE FENNER SMITH
022 B000008 13-5674085
022 C000008 709
022 D000008 773
022 A000009 PRYCE SECURITIES
022 B000009 00-0000000
022 C000009 945
022 D000009 0
022 A000010 SMITH BARNEY
022 B000010 00-0000000
022 C000010 0
022 D000010 699
023 C000000 5872
023 D000000 11725
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 Y
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 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
<PAGE> PAGE 5
028 C020000 0
028 C030000 0
028 C040000 0
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 1.400
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
<PAGE> PAGE 6
048 D020000 0.000
048 E010000 0
048 E020000 0.000
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
<PAGE> PAGE 7
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
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
<PAGE> PAGE 8
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 13504
071 B000000 15702
071 C000000 62277
071 D000000 22
072 A000000 12
072 B000000 282
072 C000000 744
072 D000000 0
072 E000000 0
072 F000000 927
072 G000000 77
072 H000000 0
072 I000000 22
072 J000000 101
072 K000000 0
072 L000000 60
072 M000000 34
072 N000000 0
072 O000000 0
072 P000000 0
072 Q000000 61
072 R000000 63
072 S000000 32
072 T000000 0
072 U000000 64
072 V000000 0
072 W000000 36
072 X000000 1477
072 Y000000 0
072 Z000000 -451
072AA000000 6924
072BB000000 0
072CC010000 0
072CC020000 6974
072DD010000 0
072DD020000 0
072EE000000 0
073 A010000 0.0000
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 5822
<PAGE> PAGE 9
074 B000000 0
074 C000000 0
074 D000000 1108
074 E000000 1485
074 F000000 57754
074 G000000 0
074 H000000 0
074 I000000 203
074 J000000 9
074 K000000 0
074 L000000 697
074 M000000 92
074 N000000 67170
074 O000000 94
074 P000000 223
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 1204
074 S000000 0
074 T000000 65649
074 U010000 5012
074 U020000 0
074 V010000 13.10
074 V020000 0.00
074 W000000 0.0000
074 X000000 757
074 Y000000 0
075 A000000 0
075 B000000 66182
076 000000 11.25
077 A000000 Y
077 B000000 Y
077 Q010000 Y
078 000000 N
080 A000000 GULF INSURANCE COMPANY, INC.
080 C000000 6000
081 A000000 Y
081 B000000 10
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
<PAGE> PAGE 10
086 B020000 0
086 C010000 0
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 CFO
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000865277
<NAME> THE FIRST ISRAEL FUND, INC.
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 68481017
<INVESTMENTS-AT-VALUE> 60549909
<RECEIVABLES> 705697
<ASSETS-OTHER> 91959
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 67170000
<PAYABLE-FOR-SECURITIES> 94023
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1426936
<TOTAL-LIABILITIES> 1520959
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 67482588
<SHARES-COMMON-STOCK> 5012295
<SHARES-COMMON-PRIOR> 5012295
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6188039
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (8021586)
<NET-ASSETS> 65649041
<DIVIDEND-INCOME> 744143
<INTEREST-INCOME> 282138
<OTHER-INCOME> 0
<EXPENSES-NET> 1476950
<NET-INVESTMENT-INCOME> (450669)
<REALIZED-GAINS-CURRENT> 6923616
<APPREC-INCREASE-CURRENT> (6974241)
<NET-CHANGE-FROM-OPS> (501294)
<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> (501294)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (285713)
<GROSS-ADVISORY-FEES> 926652
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1476950
<AVERAGE-NET-ASSETS> 66181877
<PER-SHARE-NAV-BEGIN> 13.20
<PER-SHARE-NII> (0.09)
<PER-SHARE-GAIN-APPREC> (0.01)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.10
<EXPENSE-RATIO> 2.23
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</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. for the
year ended September 30, 1996, 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 First Israel Fund, Inc. 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 any evaluation 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 material weaknesses under standards
established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the
design or operation of the specific internal control structure
elements does 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, 1996.
This report is intended solely for the information and use of
management and the Board of Directors of The First Israel Fund,
Inc. and the Securities and Exchange Commission.
COOPERS & LYBRAND L.L.P.
2400 Eleven Penn Center
Philadelphia, Pennsylvania
November 15, 1996
