<PAGE> 1
Transamerica Income Shares, Inc.
ANNUAL REPORT
MARCH 31, 1998
LOGO
===================================================================
<PAGE> 2
REPORT TO SHAREHOLDERS:
For the sixth straight quarter, the economy in the first quarter of 1998
posted strong growth at 4.2%. Domestic demand, led by the consumer and aided by
stock market gains, was not slowed by the Asian undertow.
The bond market began the year with long rates falling three-tenths of one
percent during January. This led to a wave of mortgage refinancings and strong
consumer confidence. Since then economic growth has led long term U.S. Treasury
rates back to almost 6%, near the high end of their recent range. Through all of
this the Federal Reserve has stayed on the sideline. The Fed realizes that the
strong dollar and low inflation have pushed up real rates and does not want to
risk tightening.
Our outlook going forward is for continued economic growth, although at a
lower rate. On the inflation front, low unemployment and wage growth will be
offset by the strong dollar, lower commodity prices and cheaper imports, keeping
inflation well under control. We expect interest rates to remain in the current
range until early summer and move lower by year-end.
At March 31, 1998, the Company's total net assets were $159,926,576 or
$25.31 per share compared to $151,196,455 or $23.93 per share on March 31, 1997.
Net investment income for the year ended March 31, 1998 was $12,165,782 or $1.93
per share compared to $1.89 per share for the comparable period in 1997. The
dividend which is payable monthly, remains at $0.16 per share for a current
annual rate of $1.92.
PORTFOLIO MANAGEMENT
Management of the Fund's portfolio, as well as the day-to-day portfolio
decisions are made by the senior portfolio managers of Transamerica Investment
Services, Inc., the Fund's Investment Adviser (the "Adviser"). These managers
are: Richard N. Latzer, President of the Adviser and Senior Vice President and
Chief Investment Officer of Transamerica Corporation (the parent company of the
Adviser); Gary U. Rolle, Executive Vice President and Chief Investment Officer
of the Adviser; and Susan A. Silbert, Senior Vice President and Director of
Fixed Income of the Adviser. All of these senior portfolio managers have held
the same or similar positions with the adviser for over five years. Each also
serves the Fund as a director or officer.
<PAGE> 3
Highlights: For the year ended March 31:
<TABLE>
<CAPTION>
1998 1997
Per Share: ------ ------
<S> <C> <C>
Net investment income............. $ 1.93 $ 1.89
Income dividends paid............. 1.94 1.90
Capital gain distribution......... 0.04 0.03
Net asset value................... $25.31 $23.93
</TABLE>
Distributions: For the fiscal years ended March 31:
<TABLE>
<S> <C>
1998................................ $1.98*
1997................................ $1.93*
1996................................ $1.93
1995................................ $1.99*
1994................................ $2.01*
</TABLE>
* Includes a distribution of $0.04, $0.03, $0.06 and $0.07 from realized gains
in 1998, 1997, 1995 and 1994, respectively.
Quality: Ratings used are the highest by Moody's or Standard & Poor's for bonds
owned on March 31, 1998:
<TABLE>
<S> <C>
AAA...................................... 1.24%
AA....................................... 9.42%
A........................................ 25.30%
BBB...................................... 47.53%
Lower or non-rated....................... 16.51%
</TABLE>
<PAGE> 4
TRANSAMERICA INCOME SHARES, INC.
SCHEDULE OF INVESTMENTS
MARCH 31, 1998
<TABLE>
<CAPTION>
Principal Market
Amount Value
- ---------- -------------
<C> <S> <C>
BONDS & DEBENTURES -- 98.3%
BUILDING MATERIALS -- 0.7%
1,000,000 USG Corp., 9.25%, 09/15/01 $ 1,080,630
DOMESTIC & FOREIGN GOVERNMENTS -- 4.2%
4,000,000 Commonwealth of Australia,
9.625%, 02/01/06 4,819,520
1,500,000 U.S. Treasury Bond, 10.75%,
08/15/05 1,944,135
ELECTRIC & GAS UTILITIES -- 15.1%
88,000 Arkansas Power & Light Company,
10.00%, 02/01/20 93,769
Boston Edison
2,200,000 9.375%, 08/15/21 2,457,334
2,350,000 9.875%, 06/01/20 2,583,284
2,000,000 Cleveland Electric Illumination
Company, 9.50%, 05/15/05 2,189,380
2,000,000 Colorado Interstate Gas Company,
10.00%, 06/15/05 2,388,140
2,000,000 Commonwealth Edison, 9.875%,
06/15/20 2,358,120
1,000,000 Connecticut Light & Power
Company, 7.875%, 10/01/24 1,021,690
1,000,000 Detroit Edison, 8.21%, 08/01/22 1,075,610
2,500,000 Gulf States Utilities, 8.94%,
01/01/22 2,660,425
2,000,000 Hydro-Quebec, 8.00%, 02/01/13 2,243,600
Long Island Lighting
1,500,000 9.00%, 11/01/22 1,709,820
2,300,000 9.625%, 07/01/24 2,317,917
1,000,000 Virginia Electric & Power,
8.625%, 10/01/24 1,117,190
FINANCIAL -- 4.8%
2,000,000 Fleet Financial Group, Inc., 2,174,840
8.125%, 07/01/04
2,000,000 GMAC, 8.50%, 01/01/03 2,180,060
2,000,000 GEICO Corp., 9.15%, 09/15/21 2,244,020
1,000,000 Lehman Brothers Holding,
8.875%, 03/01/02 1,085,110
FOREST & PAPER PRODUCTS -- 4.8%
Georgia Pacific
3,000,000 9.625%, 03/15/22 3,328,860
3,000,000 8.25%, 03/01/23 3,116,040
1,000,000 James River Corp., 9.25%,
11/15/21 1,236,240
</TABLE>
<PAGE> 5
TRANSAMERICA INCOME SHARES, INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 1998
<TABLE>
<CAPTION>
Principal Market
Amount Value
- ---------- -------------
<C> <S> <C>
INDUSTRIALS -- 14.5%
1,000,000 Carpenter Tech., 9.00%, 03/15/22 $ 1,095,840
Caterpillar Corp.
2,500,000 9.75%, 06/01/19 2,706,150
1,000,000 9.375%, 03/15/21 1,299,410
2,000,000 Cincinnati Milacron, Inc.,
8.375%, 03/15/04 2,085,000
3,000,000 ConAgra, Inc., 9.75%, 03/01/21 3,916,620
3,750,000 General Motors A, 9.40%, 07/15/21 4,837,538
1,000,000 Lear Corp., 9.50% 07/15/06 1,110,000
4,000,000 McDonnell Douglas, 9.25%,
04/01/02 4,441,840
575,000 National Steel, 8.375%, 08/01/06 576,438
1,000,000 Textron, Inc., 8.75%, 07/01/22 1,102,410
MEDIA -- 10.3%
1,000,000 CF Cable TV, 9.125%, 07/15/07 1,103,510
1,000,000 Continental Cable, 9.50%,
08/01/13 1,205,680
3,500,000 News America Holdings, Inc.,
9.25%, 02/01/13 4,194,785
2,000,000 Roger Cable Systems, 10.00%,
03/15/05 2,215,000
Tele-Communications, Inc.
2,500,000 9.80%, 02/01/12 3,122,550
2,000,000 9.25%, 01/15/23 2,199,800
2,000,000 Time Warner, Inc., 9.125%,
01/15/13 2,379,760
OTHER -- 1.4%
2,000,000 Tenet Healthcare, 9.625%,
09/01/02 2,185,000
PETROLEUM -- 5.4%
1,000,000 Noble Affiliates, 8.00%, 04/01/27 1,107,100
Occidental Petroleum
500,000 10.125%, 09/15/09 632,220
1,100,000 9.25%, 08/01/19 1,338,238
4,000,000 Phillips Petroleum, 8.49%,
01/01/23 4,407,160
1,000,000 Triton Energy, 9.25%, 04/15/05 1,087,660
</TABLE>
<PAGE> 6
TRANSAMERICA INCOME SHARES, INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 1998
<TABLE>
<CAPTION>
Principal Market
Amount Value
- ---------- -------------
<C> <S> <C>
PIPELINES -- 5.1%
1,000,000 Arkla, Inc., 8.90%, 12/15/06 $ 1,152,360
2,000,000 Northwest Pipeline Corp.,
9.00%, 08/01/22 2,169,500
2,000,000 TransCanada Pipeline, Ltd.,
8.50%, 03/20/23 2,128,080
2,500,000 Transco Energy, 9.375%, 08/15/01 2,723,525
RETAIL -- 10.4%
Dayton Hudson
1,000,000 10.00%, 01/01/11 1,275,850
2,800,000 9.25%, 08/15/11 3,418,520
1,000,000 8.50%, 12/01/22 1,071,170
May Dept. Stores
750,000 9.75%, 02/15/21 949,980
2,000,000 8.375%, 10/01/22 2,161,320
2,000,000 Fred Meyer Inc., 7.45%, 03/01/08 2,004,640
2,000,000 Shoppers Foods, 9.75%, 06/15/04 2,130,000
3,350,000 Stater Brothers, 11.00%, 03/01/01 3,651,500
TELECOMMUNICATIONS -- 8.0%
2,000,000 New York Telephone Co.,
9.375%, 07/15/31 2,262,020
3,000,000 Pacific Bell, 8.50%, 08/15/31 3,297,990
3,500,000 Valassis Communications, 9.55%,
12/01/03 3,921,295
3,000,000 Worldcom Inc., 8.875%, 01/15/06 3,269,940
TRANSPORTATION -- 13.6%
1,000,000 Burlington Northern, 9.25%,
10/01/06 1,178,040
3,000,000 CSX, 9.00%, 08/15/06 3,445,170
Delta Air Lines
2,000,000 10.375%, 02/01/11 2,621,860
2,000,000 9.75%, 05/15/21 2,558,620
2,500,000 Federal Express, 9.625%, 10/15/19 2,687,200
Kansas City Southern
Industries, Inc.
2,250,000 8.80%, 07/01/22 2,420,077
1,800,000 6.625%, 03/01/25 1,795,824
4,000,000 United Airlines, Inc., 9.75%,
08/15/21 5,097,240
</TABLE>
<PAGE> 7
TRANSAMERICA INCOME SHARES, INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 1998
<TABLE>
<CAPTION>
Principal Market
Amount Value
- ---------- -------------
<C> <S> <C>
TOTAL BONDS & DEBENTURES
(cost $142,293,252) $ 157,167,164
SHORT-TERM INVESTMENT -- 1.2%
State Street Bank Eurodollar Time
Deposit 4.75%, 04/01/98 1,879,000
------------
TOTAL INVESTMENTS
(cost $144,172,252) 159,046,164
Other assets, less liabilities -- 0.5% 880,412
------------
NET ASSETS -- 100.0% $ 159,926,576
=============
</TABLE>
Aggregate cost for Federal income tax purposes at March 31, 1998 was
$142,293,252. The aggregate gross unrealized appreciation for all securities was
as follows: excess of value over tax cost $14,970,913; excess of tax cost over
value $(97,001). Net unrealized appreciation for tax purposes is $14,873,912.
See notes to financial statements
<PAGE> 8
TRANSAMERICA INCOME SHARES, INC.
STATEMENT OF ASSETS AND LIABILITIES
MARCH 31, 1998
ASSETS
<TABLE>
<CAPTION>
<S> <C>
Investments, at value (identified cost
$144,172,252) $159,046,164
Receivable for:
Securities sold 1,498,914
Interest 2,700,880
Other assets 46,006
------------
163,291,964
------------
LIABILITIES
Payable for:
Securities purchased 2,187,958
Income dividends declared 1,011,003
Management fee 68,038
Other accrued expenses 98,389
------------
3,365,388
------------
NET ASSETS applicable to 6,318,771
capital shares outstanding, $1.00 par
value (authorized 20,000,000 shares) $159,926,576
============
NET ASSET VALUE PER SHARE $ 25.31
============
NET ASSETS CONSIST OF:
Paid-in capital $143,783,428
Capital gains retained 405,455
Undistributed net investment income 140,453
Accumulated net realized gain on
investments 723,328
Net unrealized appreciation of
investments 14,873,912
------------
NET ASSETS $159,926,576
============
</TABLE>
See notes to financial statements
<PAGE> 9
TRANSAMERICA INCOME SHARES, INC.
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED MARCH 31, 1998
<TABLE>
<CAPTION>
<S> <C> <C>
INVESTMENT INCOME
Interest Income $13,155,060
EXPENSES
Management fee 789,942
Transfer agent fees and
expenses 42,711
Postage 26,277
Audit 35,425
Insurance 15,165
Custodian fees 17,738
Printing 19,087
Directors' fees and
expenses 14,155
Other 28,778 989,278
----------- -----------
NET INVESTMENT INCOME 12,165,782
-----------
REALIZED AND UNREALIZED
GAIN ON INVESTMENTS:
Realized gain from
security transactions
(excluding short-term
securities):
Proceeds from sales 33,672,911
Cost of securities sold 32,543,071 1,129,840
-----------
Increase in unrealized
appreciation of
investments:
Beginning of year 6,947,203
End of year 14,873,912 7,926,709
----------- -----------
Net realized and unrealized
gain on investments 9,056,549
-----------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $21,222,331
===========
</TABLE>
See notes to financial statements
<PAGE> 10
TRANSAMERICA INCOME SHARES, INC.
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<S> <C> <C>
Year ended March 31,
----------------------
1998 1997
---- ----
INCREASE (DECREASE) IN NET
ASSETS:
Operations:
Net investment income $ 12,165,782 $ 11,941,720
Net realized gain (loss)
on investment
transactions 1,129,840 (153,986)
Increase (decrease) in
unrealized appreciation
of investments 7,926,709 (3,690,385)
------------- -------------
Net increase in net assets
resulting from operations 21,222,331 8,097,349
------------- -------------
Dividends/distributions to
shareholders:
From net investment income
($1.94 per share in 1998
and $1.90 per share in
1997) (12,239,459) (11,979,126)
From capital gains ($0.04
per share in 1998 and
$0.03 per share in 1997) (252,751) (216,102)
------------- -------------
(12,492,210) (12,195,228)
------------- -------------
Increase (decrease) in Net
Assets 8,730,121 (4,097,879)
Net Assets:
Beginning of year 151,196,455 155,294,334
------------- -------------
End of year (including
undistributed net
investment income of
$140,453 and $214,131,
respectively) $ 159,926,576 $ 151,196,455
============= =============
</TABLE>
See notes to financial statements
<PAGE> 11
TRANSAMERICA INCOME SHARES, INC.
FINANCIAL HIGHLIGHTS
For a share of the Fund outstanding throughout each year:
<TABLE>
<CAPTION>
Year ended March 31,
----------------------------------------------------
1998 1997 1996 1995 1994
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
Net Asset Value
Beginning of year $23.93 $24.58 $23.37 $24.17 $25.15
-------- -------- -------- -------- --------
Investment Operations:
Net investment income 1.93 1.89 1.94 1.93 1.95
Net realized and unrealized
gain (loss) 1.43 (0.61) 1.20 (0.74) (0.92)
-------- -------- -------- -------- --------
Total from Investment
Operations 3.36 1.28 3.14 1.19 1.03
-------- -------- -------- -------- --------
Dividends/Distributions
to Shareholders:
Net investment income (1.94) (1.90) (1.93) (1.93) (1.94)
Net realized gains (0.04) (0.03) -- (0.06) (0.07)
-------- -------- -------- -------- --------
(1.98) (1.93) (1.93) (1.99) (2.01)
-------- -------- -------- -------- --------
Net Asset Value
End of year $25.31 $23.93 $24.58 $23.37 $24.17
======== ======== ======== ======== ========
Market Value per
Share, end of year $26.000 $24.375 $24.375 $22.500 $23.375
======== ======== ======== ======== ========
Total Return(1) 15.31% 8.22% 17.08% 5.07% -4.27%
======== ======== ======== ======== ========
Ratios and
Supplemental Data
Expenses to average
net assets 0.63% 0.62% 0.62% 0.68% 0.69%
Net investment income to
average net assets 7.73% 7.77% 7.83% 8.35% 7.60%
Portfolio turnover 21% 16% 14% 15% 15%
Net assets, end of year (in
thousands) $159,927 $151,196 $155,294 $147,670 $152,699
======== ======== ======== ======== ========
The number of shares outstanding at the end of each fiscal year was 6,318,771.
</TABLE>
- ---------------------------
1 Based on the market price of the Fund's shares and including the reinvestment
of dividends and distributions at prices obtained by the Fund's dividend
reinvestment plan.
See notes to financial statements
<PAGE> 12
TRANSAMERICA INCOME SHARES, INC.
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1998
1. SIGNIFICANT ACCOUNTING POLICIES -- Transamerica Income Shares, Inc. (the
"Company") is registered under the Investment Company Act of 1940 as a
diversified, closed-end management investment company. The Company's investment
objective is to seek as high a level of current income consistent with prudent
investment, with capital appreciation as only a secondary objective. The Company
consistently follows the following accounting policies in the preparation of its
financial statements:
(A) Valuation of Securities -- Debt securities with a maturity of 61 days or
more are valued on the basis of valuations obtained from a commercial pricing
service or dealer supplied quotations. Debt securities with a maturity of 60
days or less are valued at amortized cost, which approximates market value.
(B) Securities Transactions, Investment Income and Expenses -- Security
transactions are recorded on the trade date. Gains and losses on sales of
investments are determined on the identified cost basis for both financial
statement and Federal income tax purposes. Interest income and operating
expenses are recorded on an accrual basis. Distributions from net investment
income are determined and paid monthly.
(C) Federal Income Taxes -- It is the Company's policy to comply with the
requirements of the Internal Revenue Code applicable to regulated investment
companies and to distribute substantially all of its taxable income to its
shareholders. Therefore, no Federal income or excise tax provision is required.
(D) Use of Estimates -- The preparation of financial statements in conformity
with generally accepted accounting principles requires management to make
estimates and assumptions that affect the amounts reported in the financial
statements and accompanying notes. Actual results could differ from those
estimates.
<PAGE> 13
2. INVESTMENT ADVISORY FEES AND TRANSACTIONS WITH AFFILIATES -- The Company has
entered into a Management and Investment Advisory Agreement with Transamerica
Investment Services, Inc., (the "Adviser") a wholly owned subsidiary of
Transamerica Corporation. For its services to the Company, the Adviser receives
a fee of 0.50% of the average weekly net assets of the Company. This fee is paid
to the Adviser monthly. The Adviser has agreed to reimburse the Company if the
Company's total operating expenses (exclusive of brokerage commissions, interest
and taxes) exceed 1.50% of the average daily net assets of the Company up to $30
million and 1.00% of the average net assets of the Company in excess of $30
million. No such reimbursements were necessary during the year ended March 31,
1998.
Officers and certain directors of the Adviser or its affiliates are also
officers and directors of the Company; however, they receive no compensation
from the Company. An officer of the Company is also a partner of the legal
counsel for the Company.
As of March 31, 1998, affiliates of Transamerica Corporation held 7.6% of the
outstanding shares of the Company.
3. SECURITY TRANSACTIONS -- The aggregate cost of securities purchased and the
proceeds from securities sold (excluding short-term investments) were
$33,015,210 and $33,672,911, respectively, for the year ended March 31, 1998.
4. YEAR 2000 ISSUE (UNAUDITED) -- Like other financial and business
organizations and individuals around the world, the Company could be adversely
affected if the computer systems used by the Company's Investment Adviser,
Custodian, Transfer Agent and other service providers do not properly process
and calculate date- related information and data from and after January 1, 2000.
This is commonly known as the "Year 2000 Issue." The Investment Adviser is
addressing this issue by testing the computer systems it uses to ensure that
those systems will operate properly after January 1, 2000. The Investment
Adviser is also seeking assurances from the Custodian, Transfer Agent and other
service providers it uses that their computer systems will be adapted to address
the Year 2000 Issue in time to prevent adverse consequences on and after January
1, 2000.
<PAGE> 14
REPORT OF INDEPENDENT AUDITORS
To the Board of Directors and Shareholders
Transamerica Income Shares, Inc.
We have audited the accompanying statement of assets and liabilities of
Transamerica Income Shares, Inc. (the "Fund"), including the schedule of
investments, as of March 31, 1998 and the related statement of operations for
the year then ended and the statement of changes in net assets for each of the
two years in the period then ended, and the financial highlights for each of the
five years in the period then ended. These financial statements and financial
highlights are the responsibility of the Fund's management. Our responsibility
is to express an opinion on these financial statements and financial highlights
based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of March
31, 1998, by correspondence with the custodian. An audit also includes assessing
the accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Transamerica Income Shares, Inc. as of March 31, 1998, the results of its
operations for the year then ended, the changes in its net assets for each of
the two years in the period then ended, and the financial highlights for each of
the five years in the period then ended, in conformity with generally accepted
accounting principles.
/s/ ERNST & YOUNG LLP
Los Angeles, California
April 23, 1998
<PAGE> 15
AUTOMATIC REINVESTMENT PLAN
Holders of 50 shares or more of the Fund's common stock are offered the
opportunity to reinvest dividends and other distributions in shares of the
common stock of the Fund through participation in the Automatic Reinvestment
Plan. Under the Plan, ChaseMellon Shareholder Services, LLC, as administrator
(the "Administrator"), automatically invests dividends and other distributions
in shares of the Fund's common stock by making purchases in the open market.
Plan participants may also deposit cash in amounts between $25 and $2,500 with
the Administrator for the purchase of additional shares. Dividends,
distributions and cash deposits are invested in, and each participant's account
credited with, full and fractional shares.
The price at which the Administrator is deemed to have acquired shares for a
participant's account is the average price (including brokerage commissions and
any other costs of purchase) of all shares purchased by it for all participants
in the Plan.
Your dividends and distributions, even though automatically reinvested, continue
to be taxable as though received in cash.
A newer feature of the Plan is the "Optional Cash Only" feature. You can make
additional investments only, without reinvesting your monthly dividend. If you
own 50 shares or more, registered in your name and currently in your Plan
account, and desire to periodically send additional contributions between $25
and $2,500 for investment, you may do so. The shares you own and the new shares
acquired through this feature will not participate in automatic reinvestment of
dividends and distributions. Rather, the shares you acquire if you participate
in the "Optional Cash Only" feature of the Plan will be held for safekeeping in
your Plan account. Each investment will be made on or near the next dividend
payment date. All other procedures for the purchase and sale of shares described
above will apply.
The Administrator charges a service fee of $1.75 for each investment, including
both dividend reinvestment and optional cash investment.
Shareholders interested in obtaining a copy of the Plan should contact the
Administrator:
ChaseMellon Shareholder Services, LLC
Shareholder Investment Services
Overpeck Centre
85 Challenger Road
Ridgefield Park, NJ 07660
(800) 288-9541
<PAGE> 16
OFFICERS AND DIRECTORS
THOMAS M. ADAMS, Secretary
DONALD E. CANTLAY, Director
SUSAN R. HUGHES, Treasurer
RICHARD N. LATZER, Director
JON C. STRAUSS, Director
GARY U. ROLLE, President & Chairman
SUSAN A. SILBERT, Vice President
PETER J. SODINI, Director
- ----------------------------------------------------------
INVESTMENT ADVISER
Transamerica Investment Services, Inc.
1150 S. Olive Street, 27th Floor
Los Angeles, CA 90015
TRANSFER AGENT
ChaseMellon Shareholder Services, L.L.C.
Overpeck Centre
85 Challenger Road
Ridgefield Park, NJ 07660
1-800-288-9541
For hearing and speech impaired (TDD)
1-800-231-5469
www.chasemellon.com
CUSTODIAN
State Street Bank and Trust Company
225 Franklin Street
Boston, MA 02110
LISTED
New York Stock Exchange
Symbol: TAI
- ----------------------------------------------------------
Transamerica Income Shares, Inc. is a closed-end investment company which
invests primarily in debt securities. Its objective is to provide a high level
of current income.
===================================================================
