-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, U2qOqA1JXyGUQbn0YbEWWgQT6/ebxHV8z3vwX+wWhlvXP2gVlNFN436c1qjJCe75 DZPfy7mwKOCRwJs6t8zgXg== 0000889812-98-000948.txt : 19980416 0000889812-98-000948.hdr.sgml : 19980416 ACCESSION NUMBER: 0000889812-98-000948 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19980415 SROS: NYSE SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: EXCELSIOR INCOME SHARES INC CENTRAL INDEX KEY: 0000033934 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 132727013 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: SEC FILE NUMBER: 005-41021 FILM NUMBER: 98594141 BUSINESS ADDRESS: STREET 1: 114 W 47TH ST CITY: NEW YORK STATE: NY ZIP: 10036 BUSINESS PHONE: 2128523732 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: KARPUS MANAGEMENT INC CENTRAL INDEX KEY: 0001048703 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 161290558 STATE OF INCORPORATION: NY FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 14 TOBEY VILLAGE OFFICE PARK CITY: PITTSFORD STATE: NY ZIP: 14534 BUSINESS PHONE: 7165864680 SC 13D/A 1 AMENDMENT NO. 2 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No.2)* 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 April 7, 1998 (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) 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 113,227 Shares NUMBER OF SHARES 8 SHARED VOTING POWER BENE- FICIALLY OWNED BY EACH 9 SOLE DISPOSITIVE POWER REPORTING PERSON 113,227 Shares WITH 10 SHARED DISPOSITIVE POWER 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 113,227 Shares 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 5.17% 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. ITEM 1 Security and Issuer Common Stock Excelsior Income Shares, Inc. ("EIS") 73 Tremont Street Boston, Massachusetts 02108-3913 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 113,227 shares of EIS on behalf of accounts that are managed by KIM ("the Accounts") under limited powers of attorney which represents 5.17% 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 113,227 shares which represent 5.17% 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 150 days for the Accounts. Price Date Shares Per Share - ----------------------------------------- 11-11-97 2,500 $16.25 12-08-97 2,500 16.625 12-15-97 ( 300) 16.75 12-22-97 (2,300) 16.875 03-05-98 ( 150) 17.25 03-25-98 (1,600) 16.875 There have been no dispositions and no acquisitions, other than by such open market purchases or sales, during such period. 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. April 7, 1998 By: /s/ George W. Karpus Pres - ------------- -------------------------------- Date Signature George W. Karpus, President --------------------------- Name/Title -----END PRIVACY-ENHANCED MESSAGE-----