Form 24F-2

1.       Name and address of issuer:

         AXP Federal Income Fund, Inc.
         200 AXP Financial Center
         Minneapolis, MN 55474

2.       The memo of each series or class of securities for which this Form is
         filed (If the Form is being filed for all series and classes of
         securities of the issuer, check the box but do not list series of
         classes):

             [x]

3.       Investment Company Act File Number:

         811-4260

         Securities Act File Number:

         2-96512

4(a).    Last day of fiscal year for which this Form is filed:

         May 31, 2002

4(b).    Check box if this Form is being filed late (i.e. more than 90 calendar
         days after the end of the issuer's fiscal year).

             [  ]

4(c).    Check box if this is the last time the issuer will be filing this Form.

             [  ]

5.       Calculation of registration fee:

(i).     Aggregate sale price of securities sold
         during the fiscal year pursuant to section 24(f):    $1,621,605,199.00

(ii).    Aggregate price of securities redeemed or
         repurchased during the fiscal year:                  $1,197,118,130.00

(iii).   Aggregate price of securities redeemed or
         repurchased during any prior fiscal year ending
         no earlier than October 11, 1995 that were not
         previously used to reduce registration fees
         payable to the Commission:                           $1,111,841,220.00

(iv).    Total available redemption credits (add Items 5(ii)
         and 5(iii):                                          $2,308,959,350.00

(v).     Net sales -- if item 5(i) is greater than item 5(iv)
         [subtract item 5(iv) from item 5(i)]:                            $0.00

(vi).    Redemption credits available for use in future years
         -- if item 5(i) is less than item 5(iv) [subtract item
         5(iv) from item 5(i)]:                                ($687,354,151.00)

(vii).   Multiplier for determining registration fee                  $0.000092

(viii).  Registration fee due (multiply item 5(v) by item
         5(vii) (enter "0" if no fee is due):                             $0.00
                                                               =================


6.       Prepaid Shares

         If the response to item 5(i) was determined by deducting an amount of
         securities that were registered under the Securities Act of 1933
         pursuant to rule 24e-2 as in effect before (effective date of
         rescission of rule 24e-2), then report the amount of securities (number
         of shares or other units) deducted here: 0 . If there is a number of
         shares or other units that were registered pursuant to rule 24e-2
         remaining unsold at the end of the fiscal year for which this form is
         filed that are available for use by the issuer in future fiscal years,
         then state that number here 0 .

7.       Interest due - if this Form is being filed more than
         90 days after the end of the issuer's fiscal year:              $0.00

8.       Total of the amount of the registration fee due plus
         any interest due [line 5(viii) plus line 7]:                    $0.00

9.       Date the registration fee and any interest payment was
         sent to the Commission's lockbox depository:

         Method of Delivery:

             [  ]        Wire Transfer
             [  ]        Mail or other means

         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/ Leslie L. Ogg
                                                ------------------
                                                    Leslie L. Ogg
                                                    Vice President, General
                                                    Counsel and Secretary

         Date                                       July 26, 2002

         *  Please print the name and title of the signing  officer below the
            signature.