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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549 ----------------------------------------
OMB APPROVAL
FORM N-17f-2 ----------------------------------------
OMB NUMBER 3235-0360
Certificate of Accounting of Securities and Similar EXPIRES: JULY 31, 1994
Investments in the Custody of ESTIMATED AVERAGE BURDEN
Management Investment Companies HOURS PER RESPONSE..........0.05
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Pursuant to Rule 17f-2 [17 CFR 270.17f-2]
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1. Investment Company Act File Number: Date examination completed:
811-02357 NOVEMBER 27, 1998
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2. State identification Number:
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AL AK AZ AR CA CO
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CT DE DC FL GA HI
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ID IL IN IA KS KY
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LA ME MD MA MI MN
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MS MO MT NE NV NH
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NJ NM NY NC ND OH
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OK OR PA RI SC SD
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TN TX UT VT VA WA
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WV WI WY PUERTO RICO
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Other (specify):
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3. Exact name of investment company as specified in registration statement:
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CURRENT INCOME SHARES, INC.
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4. Address of principal executive officer (number, street, city, state, zip code)
445 SOUTH FIGUEROA STREET, LOS ANGELES, CALIFORNIA 90071
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INSTRUCTIONS
This Form must be completed by investment companies that have custody of
securities or similar investments.
INVESTMENT COMPANY
1. All items must be completed by the investment company.
2. Give this Form to the independent public accountant who, in compliance with
Rule 17f-2 under the Act and applicable state law, examines securities and
similar investments in the custody of the investment company.
ACCOUNTANT
3. Submit this Form to the Securities and Exchange Commission and appropriate
state securities administrators when filing the certificate of accounting
required by Rule 17f-2 under the Act and applicable state law. File the
original and one copy with the Securities and Exchange Commission's principal
office in Washington, D.C., one copy with the regional office for the region
in which the investment company's principal business operations are
conducted, and one copy with the appropriate state administrator(s), if
applicable.
THIS FORM MUST BE GIVEN TO YOUR INDEPENDENT PUBLIC ACCOUNTANT
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DELOITTE &
TOUCHE
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[GRAPHIC] DELOITTE & TOUCHE LLP Telephone: (415) 783-4000
50 Fremont Street Facsimile: (415) 783-4329
San Francisco, California 94105-2230
Current Income Shares, Inc.
445 S. Figueroa Street
Los Angeles, California 90071
To the Board of Directors:
We have examined management's assertion that "Current Income Shares, Inc. (the
"Fund") was in compliance with the requirements of subsections (b) and (c) of
Rule 17f-2 under the Investment Company Act of 1940 ("the Act") as of November
27, 1998 with respect to securities reflected in the investment account of the
Fund." Management is responsible for the Fund's compliance with those
requirements. Our responsibility is to express an opinion on management's
assertion about the Fund's compliance based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about the Fund's compliance with those
requirements and performing such other procedures as we considered necessary in
the circumstances. Included among our procedures were the following tests
performed as of November 27, 1998:
- Confirmation of all securities held by The Depository Trust Company, the
Federal Reserve Bank and Citibank, N.A. in book entry form without prior
notice to management
- Reconciliation of all such securities to the books and records of the Fund
and the Custodian (The Union Bank of California, N.A.)
We believe that our examination provides a reasonable basis for our opinion. Our
examination does not provide a legal determination on the Fund's compliance with
specified requirements.
In our opinion, management's assertion that the Fund was in compliance with the
requirements of subsections (b) and (c) of Rule 17f-2 of the Investment Company
Act of 1940 as of November 27, 1998 with respect to securities reflected in the
investment account of the Fund is fairly stated, in all material respects.
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DELOITTE TOUCHE
TOHMATSU
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This report is intended solely for the information and use of management of the
Fund and the Securities and Exchange Commission and is not intended to be and
should not be used by anyone other than these specified parties.
/s/ Deloitte & Touche LLP
September 24, 1999
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