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EXCELSIOR FUNDS, INC.
INTERNATIONAL, EMERGING AMERICAS,
PACIFIC/ASIA AND PAN EUROPEAN FUNDS
SUPPLEMENT TO PROSPECTUS DATED AUGUST 1, 1996
Effective November 1, 1996, the sub-advisory arrangements between U.S. Trust
Company of New York ("U.S. Trust") and: (i) Foreign and Colonial Asset
Management with respect to the International and Pan European Funds; and (ii)
Foreign & Colonial Emerging Markets Ltd. with respect to the Emerging Americas
and Pacific/Asia Funds have been terminated. U.S. Trust will continue to serve
as investment adviser to, and will manage, the International, Emerging
Americas, Pacific/Asia and Pan European Funds pursuant to the investment
advisory agreements currently in effect for such Funds.
The section entitled "Management of the Funds--Investment Adviser and Sub-
Advisers" has been amended as follows:
1. The third, fourth, fifth and sixth paragraphs and the third and fourth
sentences in the seventh paragraph have been deleted.
2. The following paragraphs have been added after the second paragraph:
"The International, Pan European and Emerging Americas Funds' portfolio
manager, Rosemary Sagar, is the person primarily responsible for the day-
to-day management of the Funds' investment portfolios. Ms. Sagar is the
Managing Director of U.S. Trust's Global Investment Division. Prior to
joining U.S. Trust, Ms. Sagar was Senior Vice President for international
equity investments for General Electric Investments Corp. in Stamford, CT
from 1990 to 1996. Ms. Sagar has been the Funds' portfolio manager since
November 1996.
The Pacific/Asia Fund's portfolio manager, Wendy Agnew, is the person
primarily responsible for the day-to-day management of the Fund's
investment portfolio. Ms. Agnew is Senior Vice President in the Global
Investment Division where she heads the Pacific/Asia investment team. From
1988 to 1996, Ms. Agnew was Senior Vice President for international equity
investments at General Electric Investments Corp. in Stamford, CT. Ms.
Agnew has been the Fund's portfolio manager since November 1996.
The date of this Supplement is November 1, 1996.
