U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 24F-2
ANNUAL NOTICE OF SECURITIES SOLD
PURSUANT TO RULE 24F-2
READ INSTRUCTIONS AT END OF FORM BEFORE PREPARING FORM. PLEASE PRINT OR TYPE.
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1. Name and address of issuer: State Bond Income Funds, Inc.
100 North Minnesota Street
P.O. Box 69
New Ulm, Minnesota 56073
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2. Name of each series or class of funds for which this notice is filed:
State Bond U.S. Government and Agency Securities Fund
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3. Investment Company Act File Number: 811-4445
Securities Act File Number: 33-1176
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4. Last day of fiscal year for which this notice is filed:
10/31/96
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5. Check box if this notice is being filed more than 180 days after the
close of the issuer's fiscal year for purposes of reporting securities
sold after the close of the fiscal year but before termination of the
issuer's 24f-2 declaration: [ ]
_____________________________________________________________________________
6. Date of termination of Issuer's declaration under rule 24f-2(a)(1), if
applicable (see instruction A.6):
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7. Number and amount of securities of the same class or series which had
been registered under the Securities Act of 1933 other than pursuant
to rule 24f-2 in a prior fiscal year, but which remained unsold at
the beginning of the fiscal year:
_____________________________________________________________________________
8. Number and amount of securities registered during the fiscal year other
than pursuant to rule 24f-2:
0
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9. Number and aggregate sale price of securities sold during the fiscal
year:
247,429 shares; $1,255,122
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10. Number and aggregate sale price of securities sold during the fiscal
year in reliance upon registration pursuant to rule 24f-2:
247,429 shares; $1,255,122
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11. Number and aggregate sale price of securities issued during the fiscal
year in connection with dividend reinvestment plans, if applicable
(see Instruction B.7):
_____________________________________________________________________________
12. Calculation of registration fee:
(i) Aggregate sale price of securities $ 1,255,122
sold during the fiscal year in reliance _____________________
on rule 24f-2 (from Item 10):
(ii) Aggregate price of shares issued in +
connection with dividend reinvestment _____________________
plans (from Item 11, if applicable):
(iii) Aggregate price of shares redeemed or - 1,907,292
repurchased during the fiscal year _____________________
(if applicable):
(iv) Aggregate price of shares redeemed or +
repurchased and previously applied as _____________________
a reduction to filing fees pursuant to
rule 24e-2 (if applicable):
(v) Net aggregate price of securities sold -652,170
and issued during the fiscal year in _____________________
reliance on rule 24f-2 [line (i), plus
line (ii), less line (iii), plus line
(iv)] (if applicable):
(vi) Multiplier prescribed by Section 6(b) x 1/2900
of the Securities Act of 1933 or other ______________________
applicable law or regulation (see
Instruction C.6):
(vii) Fee due [line (i) or line (v) multiplied 0
by line (vi)]: ______________________
INSTRUCTION: ISSUERS SHOULD COMPLETE LINES (II), (III), (IV), AND (V) ONLY
IF THE FORM IS BEING FILED WITHIN 60 DAYS AFTER THE CLOSE OF THE ISSUER'S
FISCAL YEAR. SEE INSTRUCTION C.3.
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13. Check box if fees are being remitted to the Commission's lockbox
depository as described in section 3a of the Commission's Rules of
Informal and Other Procedures (17 CFR 202.3a). [ ]
Date of mailing or wire transfer of filing fees to the Commission's
lockbox depository:
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SIGNATURES
This report has been signed below by the following persons on behalf
of the issuer and in the capacities and on the dates indicated.
By (Signature and Title)*/s/Kevin L. Howard, Vice President and Secretary
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Kevin L. Howard, Vice President and Secretary
Date 12/12/96
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*PLEASE PRINT THE NAME AND TITLE OF THE SIGNING OFFICER BELOW THE SIGNATURE.
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