EXCELSIOR INCOME SHARES INC, N-23C-1, 1999-12-20

EXCELSIOR INCOME SHARES INC
N-23C-1, 1999-12-20
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                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  FORM N-23C-1

                       STATEMENT BY REGISTERED CLOSED-END
            INVESTMENT COMPANY WITH RESPECT TO PURCHASES OF ITS OWN
       SECURITIES PURSUANT TO RULE N-23C-1 DURING THE LAST CALENDAR MONTH

  (See rules and instructions on the back of this form. If acknowledgement is
          desired, file this form with the Commission in triplicate.)

                REPORT FOR THE CALENDAR MONTH ENDED OCTOBER 1999

                         Excelsior Income Shares, Inc.
               (Name of registered closed-end investment company)

<TABLE>
<CAPTION>

                                                 Approximate Asset
                                                 Value or Approximate   Name of
Date of                      Number of   Price   Asset Coverage Per     Seller or
Each         Identification    Shares     Per    Share at the Time      of Seller's
Transaction   of Security    Purchased   Share   of Purchase            Broker
<S>          <C>             <C>         <C>     <C>                    <C>
10/22/99        Common          1,000    14.758       17.76             Execution Services, Inc.

</TABLE>

REMARKS:                                     Excelsior Income Shares, Inc.
                                                 (Name of Registrant)

                                             By: /s/ Robert R. Johnson
                                                          (Name)

Date of Statement: December 14, 1999     Assistant Secretary-Assistant Treasurer
                                                         (Title)