PRIMARY INCOME FUNDS INC
NSAR-A, 1996-02-28
Previous: INSURED MUNICIPAL SECURITIES TRUST 22 & NEW YORK NAV IN SE 1, 24F-2NT, 1996-02-28
Next: BRITE VOICE SYSTEMS INC, 424B1, 1996-02-28



<PAGE>      PAGE  1
000 A000000 12/31/95
000 C000000 0000852244
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 U
001 A000000 THE PRIMARY INCOME FUNDS, INC.
001 B000000 811-5831
001 C000000 4142717870
002 A000000 700 N. WATER STREET
002 B000000 MILWAUKEE
002 C000000 WI
002 D010000 53202
002 D020000 4206
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  2
007 C010100  1
007 C020100 THE PRIMARY INCOME FUND
007 C030100 N
007 C010200  2
007 C020200 THE PRIMARY U.S. GOVERNMENT FUND
007 C030200 N
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 A00AA01 ARNOLD INVESTMENT COUNSEL INCORPORATED
008 B00AA01 A
008 C00AA01 801-13754
008 D01AA01 MILWAUKEE
008 D02AA01 WI
008 D03AA01 53202
008 D04AA01 4206
012 A00AA01 FIRSTAR TRUST COMPANY
012 B00AA01 85-00410
012 C01AA01 MILWAUKEE
012 C02AA01 WI
012 C03AA01 53202
013 A00AA01 ERNST & YOUNG LLP
013 B01AA01 MILWAUKEE
<PAGE>      PAGE  2
013 B02AA01 WI
013 B03AA01 53202
015 A00AA01 FIRSTAR TRUST COMPANY
015 B00AA01 C
015 C01AA01 MILWAUKEE
015 C02AA01 WI
015 C03AA01 53202
015 E01AA01 X
018  00AA00 Y
019 A00AA00 Y
019 B00AA00    3
019 C00AA00 PRIMRYTRND
020 A000001 KALB, VOORHIS & CO.
020 B000001 13-5549000
020 C000001      2
020 A000002 STANDARD & POOR'S SECURITIES, INC.
020 B000002 13-2671951
020 C000002      1
020 A000003 PACIFIC CREST SECURITIES INC.
020 B000003 93-0625230
020 C000003      0
020 A000004 KEMPER SECURITIES GROUP, INC.
020 B000004 36-3223831
020 C000004      0
020 A000005 BUCKINGHAM RESEARCH GROUP, INC.
020 B000005 13-3134008
020 C000005      0
020 A000006 LEGG MASON WOOD WALKER, INC.
020 B000006 52-0902557
020 C000006      0
020 A000007 EVEREN SECURITIES, INC.
020 B000007 36-3223831
020 C000007      0
020 A000008 SMITH BARNEY INC.
020 B000008 13-1912900
020 C000008      0
020 A000009 PETRIE PARKMAN & CO., INC.
020 B000009 84-1108632
020 C000009      0
020 C000010      0
021  000000        4
022 A000001 FIRSTAR BANK MILWAUKEE
022 B000001 39-0281260
022 C000001      2320
022 D000001      2202
022 A000002 FIRST TENNESSEE BANK, N.A.
022 B000002 62-0201385
022 C000002       399
022 D000002       404
022 A000003 A.G. EDWARDS & SONS, INC.
022 B000003 43-0895447
<PAGE>      PAGE  3
022 C000003         0
022 D000003       205
022 A000004 SMITH BARNEY INC.
022 B000004 13-1912900
022 C000004        25
022 D000004       155
022 A000005 LEGG MASON WOOD WALKER, INC.
022 B000005 52-0902557
022 C000005       114
022 D000005         0
022 A000006 PETRIE PARKMAN & CO., INC.
022 B000006 84-1108632
022 C000006        63
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       2921
023 D000000       2966
024  00AA00 N
026 A000000 Y
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027  000000 Y
029  00AA00 N
030 A00AA00      0
030 B00AA00  0.00
030 C00AA00  0.00
034  00AA00 N
035  00AA00      0
036 B00AA00      0
037  00AA00 N
038  00AA00      0
039  00AA00 N
040  00AA00 N
049  00AA00 N
050  00AA00 N
051  00AA00 N
052  00AA00 N
053 A00AA00 Y
<PAGE>      PAGE  4
053 B00AA00 Y
053 C00AA00 N
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 Y
055 A00AA00 N
055 B00AA00 N
056  00AA00 Y
057  00AA00 N
058 A00AA00 N
059  00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061  00AA00      500
077 A000000 N
078  000000 N
028 A010100         9
028 A020100        10
028 A030100         0
028 A040100       374
028 B010100        29
028 B020100        40
028 B030100         0
028 B040100        46
028 C010100        14
028 C020100        13
028 C030100         0
028 C040100        18
028 D010100        12
028 D020100        13
028 D030100         0
028 D040100         6
028 E010100        44
028 E020100        10
028 E030100         0
028 E040100        60
028 F010100        12
028 F020100       162
028 F030100         0
<PAGE>      PAGE  5
028 F040100       161
028 G010100       120
028 G020100       248
028 G030100         0
028 G040100       665
028 H000100         0
045  000100 Y
046  000100 N
047  000100 Y
048  000100  0.740
048 A010100        0
048 A020100 0.000
048 B010100        0
048 B020100 0.000
048 C010100        0
048 C020100 0.000
048 D010100        0
048 D020100 0.000
048 E010100        0
048 E020100 0.000
048 F010100        0
048 F020100 0.000
048 G010100        0
048 G020100 0.000
048 H010100        0
048 H020100 0.000
048 I010100        0
048 I020100 0.000
048 J010100        0
048 J020100 0.000
048 K010100        0
048 K020100 0.000
062 A000100 N
062 B000100   0.0
062 C000100   0.0
062 D000100   0.0
062 E000100   0.0
062 F000100   0.0
062 G000100   0.0
062 H000100   0.0
062 I000100   0.0
062 J000100   0.0
062 K000100   0.0
062 L000100   0.0
062 M000100   0.0
062 N000100   0.0
062 O000100   0.0
062 P000100   0.0
062 Q000100   0.0
062 R000100   0.0
063 A000100   0
<PAGE>      PAGE  6
063 B000100  0.0
066 A000100 Y
066 B000100 N
066 C000100 N
066 D000100 N
066 E000100 N
066 F000100 Y
066 G000100 N
067  000100 N
068 A000100 N
068 B000100 N
069  000100 N
070 A010100 N
070 A020100 N
070 B010100 N
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 N
070 J020100 N
070 K010100 Y
070 K020100 N
070 L010100 Y
070 L020100 Y
070 M010100 N
070 M020100 N
070 N010100 N
070 N020100 N
070 O010100 N
070 O020100 N
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100       628
071 B000100      1197
071 C000100      3717
<PAGE>      PAGE  7
071 D000100   17
072 A000100  6
072 B000100       22
072 C000100       70
072 D000100        0
072 E000100        0
072 F000100       15
072 G000100        0
072 H000100        0
072 I000100        4
072 J000100        1
072 K000100        0
072 L000100        0
072 M000100        0
072 N000100        3
072 O000100        0
072 P000100        0
072 Q000100        0
072 R000100        5
072 S000100        3
072 T000100        0
072 U000100        0
072 V000100        0
072 W000100        4
072 X000100       35
072 Y000100       19
072 Z000100       76
072AA000100      213
072BB000100       22
072CC010100       16
072CC020100        0
072DD010100       76
072DD020100        0
072EE000100      183
073 A010100   0.2334
073 A020100   0.0000
073 B000100   0.5839
073 C000100   0.0000
074 A000100        1
074 B000100        0
074 C000100      332
074 D000100      228
074 E000100      259
074 F000100     3138
074 G000100        0
074 H000100        0
074 I000100        0
074 J000100        4
074 K000100        0
074 L000100       16
074 M000100        0
<PAGE>      PAGE  8
074 N000100     3974
074 O000100        0
074 P000100       24
074 Q000100        0
074 R010100        0
074 R020100        0
074 R030100        0
074 R040100        1
074 S000100        0
074 T000100     3949
074 U010100      326
074 U020100        0
074 V010100    12.12
074 V020100     0.00
074 W000100   0.0000
074 X000100      370
074 Y000100        0
075 A000100        0
075 B000100     3987
076  000100     0.00
028 A010200         2
028 A020200         5
028 A030200         0
028 A040200        71
028 B010200        62
028 B020200         6
028 B030200         0
028 B040200       112
028 C010200         3
028 C020200         6
028 C030200         0
028 C040200         4
028 D010200         3
028 D020200         5
028 D030200         0
028 D040200         0
028 E010200         3
028 E020200         5
028 E030200         0
028 E040200         0
028 F010200        12
028 F020200         6
028 F030200         0
028 F040200        83
028 G010200        85
028 G020200        33
028 G030200         0
028 G040200       270
028 H000200         0
045  000200 Y
046  000200 N
<PAGE>      PAGE  9
047  000200 Y
048  000200  0.650
048 A010200        0
048 A020200 0.000
048 B010200        0
048 B020200 0.000
048 C010200        0
048 C020200 0.000
048 D010200        0
048 D020200 0.000
048 E010200        0
048 E020200 0.000
048 F010200        0
048 F020200 0.000
048 G010200        0
048 G020200 0.000
048 H010200        0
048 H020200 0.000
048 I010200        0
048 I020200 0.000
048 J010200        0
048 J020200 0.000
048 K010200        0
048 K020200 0.000
062 A000200 Y
062 B000200   0.0
062 C000200   0.0
062 D000200   0.0
062 E000200   0.0
062 F000200   0.0
062 G000200   0.0
062 H000200   0.0
062 I000200   4.9
062 J000200   0.0
062 K000200   0.0
062 L000200   0.0
062 M000200   0.0
062 N000200  86.7
062 O000200   0.0
062 P000200   8.4
062 Q000200   0.0
062 R000200   0.0
063 A000200   0
063 B000200  8.3
064 A000200 N
064 B000200 N
066 A000200 N
067  000200 N
068 A000200 N
068 B000200 N
069  000200 N
<PAGE>      PAGE  10
070 A010200 N
070 A020200 N
070 B010200 N
070 B020200 N
070 C010200 N
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 N
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 N
070 J020200 N
070 K010200 Y
070 K020200 N
070 L010200 Y
070 L020200 N
070 M010200 N
070 M020200 N
070 N010200 N
070 N020200 N
070 O010200 N
070 O020200 N
070 P010200 N
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200       399
071 B000200       554
071 C000200      1153
071 D000200   35
072 A000200  6
072 B000200       43
072 C000200        0
072 D000200        0
072 E000200        0
072 F000200        4
072 G000200        0
072 H000200        0
072 I000200        4
072 J000200        0
072 K000200        0
<PAGE>      PAGE  11
072 L000200        0
072 M000200        0
072 N000200        3
072 O000200        0
072 P000200        0
072 Q000200        0
072 R000200        5
072 S000200        3
072 T000200        0
072 U000200        0
072 V000200        0
072 W000200        2
072 X000200       21
072 Y000200       16
072 Z000200       38
072AA000200        3
072BB000200        2
072CC010200       15
072CC020200        0
072DD010200       38
072DD020200        0
072EE000200        0
073 A010200   0.3071
073 A020200   0.0000
073 B000200   0.0000
073 C000200   0.0000
074 A000200        0
074 B000200        0
074 C000200       58
074 D000200     1139
074 E000200        0
074 F000200        0
074 G000200        0
074 H000200        0
074 I000200        0
074 J000200        0
074 K000200        0
074 L000200       16
074 M000200        0
074 N000200     1213
074 O000200        0
074 P000200        3
074 Q000200        0
074 R010200        0
074 R020200        0
074 R030200        0
074 R040200        1
074 S000200        0
074 T000200     1209
074 U010200      118
074 U020200        0
<PAGE>      PAGE  12
074 V010200    10.22
074 V020200     0.00
074 W000200   0.0000
074 X000200      121
074 Y000200        0
075 A000200        0
075 B000200     1263
076  000200     0.00
SIGNATURE   JAMES R. ARNOLD, JR.                         
TITLE       SECRETARY-TREASURER 
 


<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000852244
<NAME> THE PRIMARY INCOME FUNDS, INC.
<SERIES>
   <NUMBER> 1
   <NAME> THE PRIMARY INCOME FUND
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          JUN-30-1996
<PERIOD-END>                               DEC-31-1995
<INVESTMENTS-AT-COST>                          3566381
<INVESTMENTS-AT-VALUE>                         3957303
<RECEIVABLES>                                    15553
<ASSETS-OTHER>                                    1240
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                 3974096
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        25490
<TOTAL-LIABILITIES>                              25490
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                       3522597
<SHARES-COMMON-STOCK>                           325804
<SHARES-COMMON-PRIOR>                           349717
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                          35087
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                        390922
<NET-ASSETS>                                   3948606
<DIVIDEND-INCOME>                                70437
<INTEREST-INCOME>                                22086
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   16845
<NET-INVESTMENT-INCOME>                          75678
<REALIZED-GAINS-CURRENT>                        191466
<APPREC-INCREASE-CURRENT>                        15630
<NET-CHANGE-FROM-OPS>                           282774
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                        75678
<DISTRIBUTIONS-OF-GAINS>                        183159
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                           9796
<NUMBER-OF-SHARES-REDEEMED>                      54141
<SHARES-REINVESTED>                              20432
<NET-CHANGE-IN-ASSETS>                        (272840)
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                        26780
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            14840
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                  35659
<AVERAGE-NET-ASSETS>                           3986626
<PER-SHARE-NAV-BEGIN>                            12.07
<PER-SHARE-NII>                                    .23
<PER-SHARE-GAIN-APPREC>                            .63
<PER-SHARE-DIVIDEND>                               .23
<PER-SHARE-DISTRIBUTIONS>                          .58
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              12.12
<EXPENSE-RATIO>                                    .84
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000852244
<NAME> THE PRIMARY INCOME FUNDS, INC.
<SERIES>
   <NUMBER> 2
   <NAME> THE PRIMARY US GOVERNMENT FUND
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          JUN-30-1996
<PERIOD-END>                               DEC-31-1995
<INVESTMENTS-AT-COST>                          1155063
<INVESTMENTS-AT-VALUE>                         1196806
<RECEIVABLES>                                    16478
<ASSETS-OTHER>                                      47
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                 1213331
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                         4309
<TOTAL-LIABILITIES>                               4309
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                       1206313
<SHARES-COMMON-STOCK>                           118280
<SHARES-COMMON-PRIOR>                           133397
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        (39034)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                         41743
<NET-ASSETS>                                   1209022
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                                43068
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                    4768
<NET-INVESTMENT-INCOME>                          38300
<REALIZED-GAINS-CURRENT>                          1145
<APPREC-INCREASE-CURRENT>                        14663
<NET-CHANGE-FROM-OPS>                            54108
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                        38300
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                           8461
<NUMBER-OF-SHARES-REDEEMED>                      26877
<SHARES-REINVESTED>                               3299
<NET-CHANGE-IN-ASSETS>                        (136296)
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                      (40179)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                             4132
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                  20678
<AVERAGE-NET-ASSETS>                           1262855
<PER-SHARE-NAV-BEGIN>                            10.09
<PER-SHARE-NII>                                    .31
<PER-SHARE-GAIN-APPREC>                            .13
<PER-SHARE-DIVIDEND>                               .31
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              10.22
<EXPENSE-RATIO>                                    .75
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


© 2022 IncJournal is not affiliated with or endorsed by the U.S. Securities and Exchange Commission