SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 23)
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)
August 7, 2000
(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 )
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 135,277 shares
of EIS on behalf of accounts that are managed by KIM ("the Accounts")
under limited powers of attorney which represents 6.24% 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 135,277 shares which represent
6.24% of the outstanding Shares. Karpus Investment Management Profit
Sharing Plan presently owns 300 shares purchased on June 29, 1995
at $16.125 (100 shares) and 400 shares at $16.125 on June 30, 1995.
On April 19, 2000, 200 shares were sold at $14.50 per share. 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.
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
6/19/00
-4000
14.8125
7/3/00
-200
14.9375
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.
August 7, 2000 By: ______________________
Date Signature
George W. Karpus, President
Name / Title
