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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 3)*
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)
May 6, 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
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
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
3 SEC USE ONLY
4 SOURCE OF FUNDS*
AF
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
6 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
7 SOLE VOTING POWER
115,337 Shares
NUMBER OF SHARES 8 SHARED VOTING POWER
BENE-
FICIALLY
OWNED BY EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 115,337 Shares
WITH 10 SHARED DISPOSITIVE POWER
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
115,337 Shares
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.27%
14 TYPE OF REPORTING PERSON*
IA
*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
115,337 shares of EIS on behalf of accounts that are managed
by KIM ("the Accounts") under limited powers of attorney
which represents 5.27% 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 115,337 shares which
represent 5.27% 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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Price
Date Shares Per Share
--------------------------------------------
4/6/98 2,100 16.75
4/7/98 1,000 16.6875
4/28/98 -350 16.25
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.
May 6, 1998 By: /s/ George W. Karpus
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Date Signature
George W. Karpus, President
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Name / Title
