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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 7)*
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)
March 8, 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
120,477
Number of Shares
8. Shared Voting Power
Beneficially
Owned by Each
9. Sole Dispositive Power
Reporting Person
120,477
With
10. Shared Dispositive Power
11. Aggregate Amount Beneficially Owned by Each Reporting Person
120,477
12. Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares* / /
13. Percent of Class Represented by Amount in Row (11)
5.51%
14. Type of Reporting Person
IA
*SEE INSTRUCTIONS BEFORE FILLING OUT!
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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 120,477 shares
of EIS on behalf of accounts that are managed by KIM ("the Accounts")
under limited powers of attorney which represents 5.51% 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 120,477 shares which
represent 5.51% 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
Share
2/23/99 -700 16.3744
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.
March 8, 1999 By: /s/ George W. Karpus, President
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Date Signature
George W. Karpus, President
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Name / Title
