UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549


                                    FORM N-PX
               ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED
                         MANAGEMENT INVESTMENT COMPANY


Investment Company Act file number: 811-02273
                                    --------------------------------------------

                        TRANSAMERICA INCOME SHARES, INC.
--------------------------------------------------------------------------------
               (Exact name of registrant as specified in charter)

    570 Carillon Parkway, St. Petersburg, Florida                 33716
--------------------------------------------------------------------------------
      (Address of principal executive offices)                 (Zip code)

          Dennis P. Gallagher, Box 9012, Clearwater, Florida 33758-9771
--------------------------------------------------------------------------------
                     (Name and address of agent for service)

Registrant's telephone number, including area code: (727) 299-1800

Date of fiscal year end: March 31
                         -------------------------------------------------------

Date of reporting period: July 1, 2007 - June 30, 2008
                          ------------------------------------------------------




******************************* FORM N-Px REPORT*******************************

ICA File Number: 811-02273
Reporting Period: 07/01/2007 - 06/30/2008
Transamerica Income Shares, Inc.







============== TRANSAMERICA INCOME SHARES, INC. (CLOSED END FUND) ==============

The fund held no securities  during the period  covered by this report for which
there  was a  securityholder  vote.  Accordingly,  there  are no proxy  votes to
report.

========== END NPX REPORT




                                   SIGNATURES

Pursuant to the requirements of the Investment Company Act of 1940, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.



                                       TRANSAMERICA INCOME SHARES, INC.
                                       --------------------------------
                                                 (Registrant)



                                       By: /s/ John K. Carter
                                           ------------------------------------
                                           John K. Carter
                                           President and Chief Executive Officer

                                       Date: September 2, 2008
                                             -----------------------------------