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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 9)*
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, 1999
(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
132,377
Number of Shares
8. Shared Voting Power
Beneficially
Owned by Each
9. Sole Dispositive Power
Reporting Person
132,377
With
10. Shared Dispositive Power
11. Aggregate Amount Beneficially Owned by Each Reporting Person
132,377
12. Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares* / /
13. Percent of Class Represented by Amount in Row (11)
6.05%
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.
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ITEM 1 Security and Issuer
Common Stock
Excelsior Income Shares, Inc. ("EIS")
114 W. 47th Street, 8th Floor
New York, NY 10036-1532
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
132,377 shares of EIS on behalf of accounts that are managed
by KIM ("the Accounts") under limited powers of attorney which
represents 6.05% 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 132,377 shares
which represent 6.05% 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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There have been no dispositions and no acquisitions,
other than by such open market purchases during such time
period.
Date Shares Price Per Date Shares Price Per
Share Share
3/19/99 -200 16.3125 4/1/99 3700 16.25
3/19/99 2300 16.3125 4/5/99 600 16.25
3/19/99 100 16.25 4/6/99 100 16.25
3/29/99 700 16.3125 4/8/99 500 16.25
4/13/99 400 16.125
4/14/99 1300 16.125
4/16/99 100 16.125
4/22/99 2200 15.875
4/30/99 100 15.875
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, 1999 By: /s/ George W. Karpus
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Date Signature
George W. Karpus, President
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Name / Title
