<PAGE> PAGE 1
000 B000000 12/31/95
000 C000000 0000026261
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 Y
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 CURRENT INCOME SHARES, INC.
001 B000000 811-2357
001 C000000 2132366895
002 A000000 445 SOUTH FIGUEROA STREET
002 B000000 LOS ANGELES
002 C000000 CA
002 D010000 90071
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
010 A000001 UNION BANK TRUST & INVESTMENTS GROUP
010 C010001 SAN DIEGO
010 C020001 CA
010 C030001 92101
013 A000001 ARTHUR ANDERSEN LLP
013 B010001 SAN DIEGO
013 B020001 CA
013 B030001 92101
019 B000000 0
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
<PAGE> PAGE 2
021 000000 0
022 A000001 MERRILL LYNCH
022 B000001 13-5674085
022 C000001 12917
022 D000001 9336
022 A000002 SMITH BARNEY
022 B000002 13-3371860
022 C000002 6600
022 D000002 9261
022 A000003 PAINE WEBBER
022 B000003 13-2638166
022 C000003 2643
022 D000003 12639
022 A000004 FORD MOTOR CREDIT CORP.
022 B000004 38-1612444
022 C000004 13700
022 D000004 0
022 A000005 PRUDENTIAL BACHE SECURITIES
022 B000005 22-2347336
022 C000005 5374
022 D000005 7843
022 A000006 PRUDENTIAL FUNDING
022 B000006 22-2231168
022 C000006 12035
022 D000006 0
022 A000007 GENERAL ELECRTIC CAPITAL CORP
022 B000007 13-1500700
022 C000007 10275
022 D000007 0
022 A000008 AMERICAN EXPRESS
022 B000008 11-1988350
022 C000008 7200
022 D000008 2000
022 A000009 DILLON READ
022 B000009 13-2701093
022 C000009 6598
022 D000009 2038
022 A000010 CITICORP SECURITIES
022 B000010 13-2771536
022 C000010 4018
022 D000010 4250
023 C000000 114325
023 D000000 67084
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
<PAGE> PAGE 3
025 D000008 0
055 A000000 N
055 B000000 N
062 A000000 Y
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 2.4
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 31.6
062 N000000 0.0
062 O000000 0.0
062 P000000 64.4
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 11.1
066 A000000 N
070 A010000 Y
070 A020000 N
070 B010000 N
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 N
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 N
070 K010000 N
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 N
070 M020000 N
070 N010000 Y
<PAGE> PAGE 4
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 N
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 59365
071 B000000 57662
071 C000000 48650
071 D000000 119
072 A000000 12
072 B000000 3688
072 C000000 0
072 D000000 0
072 E000000 0
072 F000000 245
072 G000000 0
072 H000000 0
072 I000000 46
072 J000000 11
072 K000000 0
072 L000000 29
072 M000000 35
072 N000000 5
072 O000000 5
072 P000000 0
072 Q000000 0
072 R000000 35
072 S000000 14
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 23
072 X000000 448
072 Y000000 0
072 Z000000 3239
072AA000000 2731
072BB000000 0
072CC010000 3836
072CC020000 0
072DD010000 3251
072DD020000 0
072EE000000 2174
073 A010000 0.8850
073 A020000 0.0000
073 B000000 0.5918
073 C000000 0.0000
074 A000000 44
<PAGE> PAGE 5
074 B000000 0
074 C000000 1200
074 D000000 48134
074 E000000 0
074 F000000 0
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 0
074 K000000 0
074 L000000 795
074 M000000 0
074 N000000 50173
074 O000000 0
074 P000000 0
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 53
074 S000000 0
074 T000000 50120
074 U010000 3673
074 U020000 0
074 V010000 13.64
074 V020000 0.00
074 W000000 0.0000
074 X000000 2028
074 Y000000 0
075 A000000 0
075 B000000 48731
076 000000 11.88
077 A000000 Y
077 B000000 Y
077 Q010000 Y
077 Q020000 N
077 Q030000 N
080 A000000 CURRENT INCOME SHARES, INC.
080 C000000 500
081 A000000 N
081 B000000 0
082 A000000 Y
082 B000000 25
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
086 A010000 0
086 A020000 0
<PAGE> PAGE 6
086 B010000 0
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
SIGNATURE JOHN R NICHOLSON
TITLE ASSISTANT SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM N30-D -
SHAREHOLDER ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31, 1995 AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 46,063,377
<INVESTMENTS-AT-VALUE> 49,333,612
<RECEIVABLES> 794,906
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 44,472
<TOTAL-ASSETS> 50,172,990
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 52,767
<TOTAL-LIABILITIES> 52,767
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 42,977,827
<SHARES-COMMON-STOCK> 3,673,334
<SHARES-COMMON-PRIOR> 3,673,334
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 5,504
<ACCUMULATED-NET-GAINS> 204,331
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,270,235
<NET-ASSETS> 50,120,223
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,687,621
<OTHER-INCOME> 0
<EXPENSES-NET> 448,206
<NET-INVESTMENT-INCOME> 3,239,415
<REALIZED-GAINS-CURRENT> 2,730,664
<APPREC-INCREASE-CURRENT> 3,836,426
<NET-CHANGE-FROM-OPS> 9,806,505
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,250,903
<DISTRIBUTIONS-OF-GAINS> 2,173,879
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 4,381,723
<ACCUMULATED-NII-PRIOR> 5,984
<ACCUMULATED-GAINS-PRIOR> (352,454)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 245,070
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 448,206
<AVERAGE-NET-ASSETS> 50,120,000
<PER-SHARE-NAV-BEGIN> 12.45
<PER-SHARE-NII> .88
<PER-SHARE-GAIN-APPREC> 1.79
<PER-SHARE-DIVIDEND> .89
<PER-SHARE-DISTRIBUTIONS> .59
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.64
<EXPENSE-RATIO> .9
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
