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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 5)*
Excelsior Income Shares, Inc.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
300723103
(CUSIP Number)
George W. Karpus, President
Karpus Management Inc., d/b/a
Karpus Investment Management
14 Tobey Village Office Park
Pittsford, New York 14534
(716) 586-4680
(Name, Address, and Telephone Number of Person Authorized
to Receive Notices and Communications)
September 10, 1998
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G
to report the acquisition which is subject of this Schedule 13D, and is
filing this schedule because of Rule 13d-1 (b) (3) or (4),
check the following box. [x]
(Page 1 of 4 )
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SCHEDULE 13D
CUSIP No. 300723103 Page 2 of 4 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
KARPUS MANAGEMENT, INC. d/b/a/ Karpus Investment Management
I.D. # 16-1290558
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
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7 SOLE VOTING POWER
116,677 Shares
NUMBER OF SHARES -----------------------------------------------------------
BENE- 8 SHARED VOTING POWER
FICIALLY
OWNED BY EACH
REPORTING -----------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
116,677 Shares
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10 SHARED DISPOSITIVE POWER
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
116,677 Shares
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.19%
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14 TYPE OF REPORTING PERSON*
IA
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
2 OF 7
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ITEM 1 Security and Issuer
Common Stock
Excelsior Income Shares, Inc. ("EIS")
73 Tremont Street
Boston, Massachusetts 02108-3913
ITEM 2 Identity and Background
a) Karpus Management, Inc. d/b/a/ Karpus Investment
Management ("KIM")
George W. Karpus, President, Director, and
controlling stockholder
JoAnn Van DeGriff, Vice President and Director
Sophie Karpus, Director
b) 14 Tobey Village Office Park
Pittsford, New York 14534
c) Principal business and occupation - Investment Management
for individuals, pension and profit sharing plans,
corporations, endowments, trusts and others, specializing
in conservative asset management ( i.e. fixed income
investments ).
d) None of George W. Karpus, JoAnn Van DeGriff or Sophie
Karpus ( the "Principals") or KIM has been convicted in
the past 5 years of any criminal proceeding as a result
of which any of them is subject to a judgment, decree or
final order enjoining future violations of or prohibiting
or mandating activities subject to, federal or state
securities laws or finding any violation with respect to
such laws.
e) Each of the Principals is a United States Citizen. KIM is
a New York corporation.
ITEM 3 Source and Amount of Funds or Other Considerations
KIM, an independent investment advisor, has accumulated
113,477 shares of EIS on behalf of accounts that are managed
by KIM ("the Accounts") under limited powers of attorney
which represents 5.19% of the outstanding shares.
All funds that have been utilized in making such
purchases are from such accounts.
ITEM 4 Purpose of Transaction
KIM has purchased Shares for investment purposes. Being
primarily a conservative, fixed income manager, with a
specialty focus in the closed end fund sector, the profile of
EIS ( being a conservative investment grade fund) fit the
investment guidelines for various Accounts.
ITEM 5 Interest in Securities of the Issuer
a) As of the date of this Report, KIM owns 116,677 shares
which represent 5.34% of the outstanding Shares. Karpus
Investment Management Profit Sharing Plan purchased 100
shares at $16.125 on June 29, 1995 and 400 shares at
$16.125 on June 30, 1995. None of the Principals presently
own shares.
b) KIM has the sole power to dispose of and to vote all such
Shares under limited powers of attorney.
c) Open market purchases or sales in the last 60 days for the
Accounts.
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Date Shares Price Per
Share
7/13/98 -1,300 16.625
7/14/98 -600 16.625
8/28/98 1,100 16.6875
8/31/98 2,100 16.6875
There have been no dispositions and no acquisitions, other
than by such open market purchases or sales, during such
period. The Accounts have the right to receive all dividends
from, and any proceeds from the sale of, the Shares. None of
the Accounts has an interest in Shares constituting more than
5% of the Shares outstanding.
ITEM 6 Contracts, Arrangements, Understandings, or Relationships
with Respect to Securities of the Issuer.
Except as described above, there are no contracts,
arrangements, understandings or relationships of any kind
among the Principals and KIM and between any of them and any
other person with respect to any of the EIS Securities.
ITEM 7 Materials to be Filed as Exhibits
Not applicable.
Signature
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Karpus Management, Inc.
September 10, 1998 By: /s/ George W. Karpus
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Date Signature
George W. Karpus, President
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Name / Title
