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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 11)*
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)
July 7, 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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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
NUMBER OF 146,077
SHARES --------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH --------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON 146,077
WITH --------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
146,077
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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)
6.68%
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14 TYPE OF REPORTING PERSON*
IA
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDES BOTH SIDES OF THE COVER PAGE, RESONSES TO ITEMS 1-7
(INCLUDNG 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
146,077 shares of EIS on behalf of accounts that are managed
by KIM ("the Accounts") under limited powers of attorney
which represents 6.68% 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 146,077 shares
which represent 6.68% 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
5/3/99 1700 15.875 6/1/99 3000 15.5625
5/11/99 1100 15.8125 6/2/99 2000 15.5
5/12/99 700 15.8125 6/2/99 2000 15.5625
5/13/99 -700 15.875 6/17/99 -1100 15.625
5/24/99 600 15.6875
5/25/99 2400 15.6875
5/25/99 500 15.625
5/26/99 1300 15.625
5/26/99 -1000 15.625
5/27/99 1000 15.625
5/28/99 200 15.625
*The 700 shares from 05-13-99 were transferred out of our firm.
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.
July 7, 1999 By: /s/ George W. Karpus
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Date Signature
George W. Karpus, President
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Name / Title
