<PAGE> PAGE 1
000 B000000 12/31/1999
000 C000000 0000026261
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 U
001 A000000 CURRENT INCOME SHARES, INC.
001 B000000 811-0000
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
008 A000001 HIGHMARK CAPITAL MANAGEMENT, INC.
008 B000001 A
008 C000001 801-0000
008 D010001 SAN FRANCISCO
008 D020001 CA
008 D030001 94111
013 A000001 DELOITTE & TOUCHE LLP
013 B010001 SAN FRANCISCO
013 B020001 CA
013 B030001 94105
018 000000 Y
019 A000000 N
019 B000000 0
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
<PAGE> PAGE 2
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 PRUDENTIAL FUNDING CORP
022 B000001 22-2231168
022 C000001 1198
022 D000001 2099
022 A000002 EVEREN SECURITIES
022 C000002 1853
022 D000002 1240
022 A000003 LEHMAN BROTHERS
022 B000003 13-2927667
022 C000003 1993
022 D000003 0
022 A000004 MORGAN STANLEY & CO
022 B000004 13-2655998
022 C000004 882
022 D000004 1043
022 A000005 HSBC
022 B000005 13-1964616
022 C000005 1031
022 D000005 594
022 A000006 PRUDENTIAL SECURITIES
022 B000006 22-2347736
022 C000006 1028
022 D000006 0
022 A000007 GENERAL ELECTRIC CAP CORP
022 B000007 06-1109503
022 C000007 745
022 D000007 0
022 A000008 A.G. EDWARDS-EXEC
022 C000008 551
022 D000008 0
022 A000009 MERRILL LYNCH
022 C000009 0
022 D000009 27
022 C000010 0
022 D000010 0
023 C000000 17484
023 D000000 13422
024 000000 Y
025 A000001 LEHMAN
025 C000001 D
025 D000001 1030
025 A000002 PRUDENTIAL HOME MORT
025 C000002 D
025 D000002 899
025 D000003 0
025 D000004 0
<PAGE> PAGE 3
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
027 000000 N
028 A010000 0
028 A020000 0
028 A030000 0
028 A040000 0
028 B010000 0
028 B020000 0
028 B030000 0
028 B040000 0
028 C010000 0
028 C020000 0
028 C030000 0
028 C040000 0
028 D010000 0
028 D020000 0
028 D030000 0
028 D040000 0
028 E010000 0
028 E020000 0
028 E030000 0
028 E040000 0
028 F010000 0
028 F020000 0
028 F030000 0
028 F040000 0
028 G010000 0
028 G020000 0
028 G030000 0
028 G040000 0
028 H000000 0
030 A000000 0
030 B000000 0.00
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 0
033 000000 0
035 000000 0
036 B000000 0
038 000000 0
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
<PAGE> PAGE 4
042 H000000 0
043 000000 0
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.500
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 N
054 A000000 Y
054 B000000 Y
054 C000000 Y
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
054 H000000 N
054 I000000 N
054 J000000 N
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
054 O000000 N
055 A000000 N
055 B000000 N
<PAGE> PAGE 5
056 000000 Y
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 0
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 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 1.0
062 M000000 2.4
062 N000000 6.7
062 O000000 0.0
062 P000000 88.1
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 13.3
064 A000000 N
064 B000000 N
066 A000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 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
<PAGE> PAGE 6
070 I020000 N
070 J010000 Y
070 J020000 N
070 K010000 Y
070 K020000 Y
070 L010000 Y
070 L020000 Y
070 M010000 N
070 M020000 N
070 N010000 Y
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 8534
071 B000000 8807
071 C000000 45339
071 D000000 19
072 A000000 12
072 B000000 3454
072 C000000 0
072 D000000 0
072 E000000 0
072 F000000 235
072 G000000 0
072 H000000 0
072 I000000 55
072 J000000 5
072 K000000 0
072 L000000 38
072 M000000 30
072 N000000 5
072 O000000 9
072 P000000 0
072 Q000000 0
072 R000000 24
072 S000000 24
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 10
072 X000000 435
072 Y000000 0
072 Z000000 3019
072AA000000 0
072BB000000 206
<PAGE> PAGE 7
072CC010000 0
072CC020000 4380
072DD010000 3012
072DD020000 0
072EE000000 0
073 A010000 0.8200
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 7
074 B000000 0
074 C000000 0
074 D000000 43657
074 E000000 0
074 F000000 0
074 G000000 0
074 H000000 0
074 I000000 456
074 J000000 0
074 K000000 0
074 L000000 861
074 M000000 20
074 N000000 45001
074 O000000 0
074 P000000 0
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 73
074 S000000 0
074 T000000 44928
074 U010000 3673
074 U020000 0
074 V010000 12.23
074 V020000 0.00
074 W000000 0.0000
074 X000000 0
074 Y000000 0
075 A000000 0
075 B000000 46968
076 000000 10.00
077 A000000 Y
077 B000000 Y
080 A000000 CONTINENTAL CASUALTY COMPANY
080 B000000 RELIANCE INSURANCE COMPANY
080 C000000 58000
081 A000000 Y
081 B000000 315
082 A000000 N
082 B000000 0
<PAGE> PAGE 8
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
SIGNATURE ROBERT DELLACROCE
TITLE ASSISTANT TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000026261
<NAME> CURRENT INCOME SHARES
<SERIES>
<NUMBER> 001
<NAME> CURRENT INCOME SHARES
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 45332
<INVESTMENTS-AT-VALUE> 44113
<RECEIVABLES> 881
<ASSETS-OTHER> 7
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 45001
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 73
<TOTAL-LIABILITIES> 73
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 42978
<SHARES-COMMON-STOCK> 3673
<SHARES-COMMON-PRIOR> 3673
<ACCUMULATED-NII-CURRENT> 7391
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 512
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1218
<NET-ASSETS> 44928
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3454
<OTHER-INCOME> 0
<EXPENSES-NET> (435)
<NET-INVESTMENT-INCOME> 3019
<REALIZED-GAINS-CURRENT> (206)
<APPREC-INCREASE-CURRENT> (4381)
<NET-CHANGE-FROM-OPS> (1568)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3012)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (4580)
<ACCUMULATED-NII-PRIOR> 624
<ACCUMULATED-GAINS-PRIOR> 305
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 236
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 435
<AVERAGE-NET-ASSETS> 46968
<PER-SHARE-NAV-BEGIN> 13.48
<PER-SHARE-NII> 0.82
<PER-SHARE-GAIN-APPREC> (1.25)
<PER-SHARE-DIVIDEND> (0.82)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 12.23
<EXPENSE-RATIO> 0.93
</TABLE>
INDEPENDENT AUDITORS' REPORT
The Board of Directors
of Current Income Shares, Inc.
In planning and performing our audit of the financial
statements of Current Income Shares, Inc. (the "Fund")
for the year ended December 31, 1999,(on which we have
issued our report dated February 4, 2000), we considered
its internal control, including control activities for
safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing our
opinion on the financial statements and to comply with
the requirements of Form N-SAR, and not to provide
assurance on the Fund's internal control.
The management of the Fund is responsible for
establishing and maintaining internal control. In
fulfilling this responsibility, estimates and judgments
by management are required to assess the expected benefits
andrelated costs of controls. Generally, controls that are
relevant to an audit pertain to the entity's objective of
preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted
accounting principles. Those controls include the
safeguarding of assets against unauthorized acquisition,
use or disposition.
Because of inherent limitations in any internal control,
Misstatements due to error or fraud may occur and not be
detected. Also, projections of any evaluation of internal
control to future periods are subject to the risk
that the internal control may become inadequate because
of changes in conditions, or that the degree of compliance
with policies or procedures
may deteriorate.
Our consideration of the Fund's internal control would
not necessarily disclose all matters in the internal
control that might be material weaknesses
under standards established by the American Institute
of Certified Public Accountants. A material weakness is a
condition in which the design or operation of one or more
of the internal control components does not reduce to a
relatively low level the risk that misstatements caused by
error or fraud in amounts that would be material in
relation to the financial statements being audited may
occur and not be detected within a timely period by
employees in the normal course of performing their
assigned functions. However, we noted no matters involving
the Fund's Internal control and its operation, including
controls for safeguarding securities
, that we consider to be material weaknesses as defined
above as of December 31, 1999.
This report is intended solely for the information and use
of management,the Board of Directors of Current Income
Shares, Inc., and the Securities
and Exchange Commission and is not intended to be and
should not be used by anyone other than these specified
parties.
Deloitte & Touche LLP
San Francisco, California
February 4, 2000
