<PAGE> PAGE 1
000 B000000 12/31/96
000 C000000 0000026261
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
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 OF CALIFORNIA T&IG
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 6004
022 D000001 11970
022 A000002 GENERAL ELECTRIC CAPITAL CORP
022 B000002 13-1500700
022 C000002 14930
022 D000002 1600
022 A000003 AMERICAN EXPRESS CREDIT CORP
022 B000003 11-1988350
022 C000003 12750
022 D000003 0
022 A000004 SMITH BARNEY
022 B000004 13-3371860
022 C000004 5601
022 D000004 2462
022 A000005 PRUDENTIAL BACHE SECURITIES
022 B000005 22-2347336
022 C000005 3441
022 D000005 5732
022 A000006 FORD MOTOR CREDIT CORP
022 B000006 38-1612444
022 C000006 8075
022 D000006 0
022 A000007 DILLON READ
022 B000007 13-2701093
022 C000007 1983
022 D000007 3970
022 A000008 PAINE WEBBER
022 B000008 13-2638166
022 C000008 3386
022 D000008 2167
022 A000009 SALOMON BROTHERS
022 B000009 13-3082694
022 C000009 2354
022 D000009 1086
022 A000010 GRUNTAL
022 B000010 13-3179859
022 C000010 2004
022 D000010 0
023 C000000 65815
023 D000000 29823
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
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062 D000000 0.0
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062 O000000 0.0
062 P000000 78.2
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062 R000000 0.0
063 A000000 0
063 B000000 10.1
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 Y
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 30958
071 B000000 29850
071 C000000 47484
071 D000000 63
072 A000000 12
072 B000000 3497
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072 H000000 0
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072 J000000 10
072 K000000 0
072 L000000 40
072 M000000 30
072 N000000 5
072 O000000 9
072 P000000 0
072 Q000000 0
072 R000000 30
072 S000000 14
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 29
072 X000000 461
072 Y000000 0
072 Z000000 3036
072AA000000 0
072BB000000 249
072CC010000 0
072CC020000 1732
072DD010000 3029
072DD020000 0
072EE000000 204
073 A010000 0.8244
073 A020000 0.0000
073 B000000 0.0556
073 C000000 0.0000
074 A000000 36
<PAGE> PAGE 5
074 B000000 0
074 C000000 0
074 D000000 47215
074 E000000 0
074 F000000 0
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 0
074 K000000 0
074 L000000 748
074 M000000 0
074 N000000 47999
074 O000000 0
074 P000000 0
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 56
074 S000000 0
074 T000000 47943
074 U010000 3673
074 U020000 0
074 V010000 13.05
074 V020000 0.00
074 W000000 0.0000
074 X000000 1864
074 Y000000 0
075 A000000 0
075 B000000 48095
076 000000 11.38
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
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<PAGE> PAGE 6
086 B010000 0
086 B020000 0
086 C010000 0
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SIGNATURE JOHN R NICHOLSON
TITLE ASSISTANT SECRETARY
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM N-30D
SHAREHOLDER ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31, 1996 AND IS QUALIFIED
IT ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 45,677,016
<INVESTMENTS-AT-VALUE> 47,215,071
<RECEIVABLES> 747,991
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 36,148
<TOTAL-ASSETS> 47,999,210
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 56,597
<TOTAL-LIABILITIES> 56,597
<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> 2,679
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (249,282)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,538,055
<NET-ASSETS> 47,942,613
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,497,112
<OTHER-INCOME> 0
<EXPENSES-NET> 460,632
<NET-INVESTMENT-INCOME> 3,036,480
<REALIZED-GAINS-CURRENT> (249,377)
<APPREC-INCREASE-CURRENT> (1,732,180)
<NET-CHANGE-FROM-OPS> 1,054,923
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,028,296
<DISTRIBUTIONS-OF-GAINS> 204,237
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (2,177,610)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 204,331
<OVERDISTRIB-NII-PRIOR> 5,504
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 240,422
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 460,632
<AVERAGE-NET-ASSETS> 48,095,039
<PER-SHARE-NAV-BEGIN> 13.64
<PER-SHARE-NII> .83
<PER-SHARE-GAIN-APPREC> (.54)
<PER-SHARE-DIVIDEND> .824
<PER-SHARE-DISTRIBUTIONS> .056
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.05
<EXPENSE-RATIO> 1
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
