PRIMARY INCOME FUNDS INC
NSAR-A, 1998-02-26
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<PAGE>      PAGE  1
000 A000000 12/31/97
000 C000000 0000852244
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
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
010 A00AA01 SUNSTONE FINANCIAL GROUP, INC
010 C01AA01 MILWAUKEE
010 C02AA01 WI
010 C03AA01 53202
012 A00AA01 FIRSTAR TRUST COMPANY
012 B00AA01 85-00410
012 C01AA01 MILWAUKEE
<PAGE>      PAGE  2
012 C02AA01 WI
012 C03AA01 53202
013 A00AA01 ERNST & YOUNG LLP
013 B01AA01 MILWAUKEE
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 PAINE WEBBER, INC.
020 B000001 13-2638166
020 C000001      1
020 A000002 KALB VOORHIS & CO.
020 B000002 13-5549000
020 C000002      1
020 A000003 PCS SECURITIES, INC.
020 B000003 94-3091854
020 C000003      0
020 A000004 STANDARD AND POOR'S
020 B000004 13-2671951
020 C000004      0
020 A000005 SANDS BROTHERS & CO., LTD
020 B000005 13-3777308
020 C000005      0
020 A000006 BEAR, STEARNS & CO., INC.
020 B000006 13-3299429
020 C000006      0
020 C000007      0
020 C000008      0
020 C000009      0
020 C000010      0
021  000000        2
022 A000001 FIRSTAR BANK MILWAUKEE
022 B000001 39-0281260
022 C000001      2510
022 D000001      2251
022 A000002 A.G. EDWARDS & SONS, INC.
022 B000002 43-0895447
022 C000002       347
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022 A000003 SOUTHWEST SECURITIES, INC.
022 B000003 75-1382137
022 C000003       201
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<PAGE>      PAGE  3
022 A000004 LEGG MASON WOOD WALKER, INC.
022 B000004 52-0902557
022 C000004        97
022 D000004         0
022 A000005 STANDARD & POORS
022 B000005 13-2671951
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040  00AA00 N
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050  00AA00 N
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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
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<PAGE>      PAGE  5
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<PAGE>      PAGE  6
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070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
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070 I020100 N
070 J010100 N
070 J020100 N
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<PAGE>      PAGE  7
070 K020100 N
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070 M010100 N
070 M020100 N
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070 O010100 N
070 O020100 N
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<PAGE>      PAGE  8
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<PAGE>      PAGE  9
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<PAGE>      PAGE  10
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062 K000200   0.0
062 L000200   0.0
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062 N000200  77.2
062 O000200   0.0
062 P000200   0.0
062 Q000200   0.0
062 R000200   0.0
063 A000200   0
063 B000200  4.0
064 A000200 N
064 B000200 N
066 A000200 N
067  000200 N
068 A000200 N
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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
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070 L010200 Y
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070 M010200 N
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070 O010200 N
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<PAGE>      PAGE  11
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SIGNATURE   JIM ARNOLD                                   
TITLE       ADMINISTRATOR       
 


<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000852244
<NAME> THE PRIMARY INCOME FUNDS, INC.
<SERIES>
   <NUMBER> 1
   <NAME> THE PRIMARY INCOME FUND
       
<S>                             <C>
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000852244
<NAME> THE PRIMARY INCOME FUNDS, INC.
<SERIES>
   <NUMBER> 2
   <NAME> THE PRIMARY U.S. GOVERNMENT FUND
       
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</TABLE>


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