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U. S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 24F-2
ANNUAL NOTICE OF SECURITIES SOLD
PURSUANT TO RULE 24F-2
Read instructions at end of Form before preparing Form.
Please print or type.
________________________________________________________________________________
1. Name and address of issuer: EXCELSIOR FUNDS, INC.
73 TREMONT STREET
BOSTON, MA O2108
________________________________________________________________________________
2. Name of each series or class of funds for which this notice is filed:
SEE SCHEDULE "A" ATTACHED
________________________________________________________________________________
3. Investment Company Act File Number: 811-4088
Securities Act File Number: 2-92665
________________________________________________________________________________
4. Last day of fiscal year for which this notice is filed: MARCH 31, 1996
________________________________________________________________________________
5. Check box if this notice is being filed more than 180 days after the close of
the issuer's fiscal year for purposes of reporting securities sold after the
close of the fiscal year but before termination of the issuer's 24f-2
declaration:
[ ]
________________________________________________________________________________
6. Date of termination of issuer's declaration under rule 24f-2(a)(1), if
applicable (see Instruction A, 6):
________________________________________________________________________________
7. Number and amount of securities of the same class or series which had been
registered under the Securities Act of 1933 other than pursuant to rule 24f-2
in a prior fiscal year, but which remained unsold at the beginning of the
fiscal year:
NONE
________________________________________________________________________________
8. Number and amount of securities registered during the fiscal year other than
pursuant to rule 24f-2:
Shares: 273,879,951 Price: 204,135,808
Registered under rule 24e-2 as of fiscal year-end March 31, 1995
________________________________________________________________________________
9. Number and aggregate sale price of securities sold during the fiscal year:
SEE SCHEDULE "B" ATTACHED
________________________________________________________________________________
1
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________________________________________________________________________________
10. Number and aggregate sale price of securities sold during the fiscal year in
reliance upon registration pursuant to rule 24f-2:
SEE SCHEDULE "B - 1" ATTACHED
________________________________________________________________________________
11. Number and aggregate sale price of securities issued during the fiscal year
in connection with dividend reinvestment plans, if applicable (see Instruction
b.7):
SEE SCHEDULE "C" ATTACHED
________________________________________________________________________________
12. Calculation of registration fee:
<TABLE>
<S> <C> <C>
(I) Aggregate sale price of securities sold during the fiscal year
in reliance on rule 24f-2 (from Item 10): $ 12,533,165,099
-------------------
(ii) Aggregate price of shares issued in connection with
dividend reinvestment plans (from Item 11, if applicable): + 15,256,332
-------------------
(iii) Aggregate price of shares redeemed or repurchased during
the fiscal year (if applicable) (SEE SCHEDULE "D" ATTACHED): - 12,939,812,101
-------------------
(iv) Aggregate price of shares redeemed or repurchased and
previously applied as a reduction to filing fees pursuant
to rule 24e-2(if aplicable): + 0
-------------------
(v) Net aggregate price of securities sold and issued during
the fiscal year in reliance on rule 24f-2 [line (I), plus line
(ii), less line (iii), plus line (iv)] if applicable: $ (391,390,670)
-------------------
(vi) Multiplier prescribed by Section 6(b) of the Securities Act
of 1933 or other applicable law or regulation (see
instruction C.6): X 1/2,900
-------------------
(vii) Fee due [line (I) or line (v) multiplied by line (vi)]: $ 0
-------------------
</TABLE>
Instruction: Issuers should complete lines (ii), (iii), (iv), and (v) only if
the form is being filed within 60 days after the close of the issuer's fiscal
year. See Instruction C.3.
________________________________________________________________________________
13. Check box if fees are being remitted to the Commission's lockbox depository
as described in section 3a of the Commission's Rules of Informal and Other
Procedures (17 CFR 202.3a).
[N/A]
Date of mailing or wire transfer of filing fees to the Commission's lockbox
depository: N/A
________________________________________________________________________________
SIGNATURES
This report has been signed below by the following persons on behalf of the
issuer and in the capacities and on the dates indicated.
By (Signature and Title)* /s/ JOHN M. CORCORAN, ASSISTANT TREASURER
-------------------------------------
JOHN M. CORCORAN, ASSISTANT TREASURER
-------------------------------------
Date 05/30/96
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*Please print the name and title of the signing officer below the signature.
2
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SCHEDULE "A"
------------
NAME OF EACH SERIES OR CLASS OF FUNDS FOR WHICH THIS NOTICE IS FILED:
- ---------------------------------------------------------------------
CLASS A SHARES OF COMMON STOCK, PAR VALUE $.001
CLASS B SHARES OF COMMON STOCK, PAR VALUE $.001
CLASS C SHARES OF COMMON STOCK, PAR VALUE $.001
CLASS D SHARES OF COMMON STOCK, PAR VALUE $.001
CLASS E SHARES OF COMMON STOCK, PAR VALUE $.001
CLASS F SHARES OF COMMON STOCK, PAR VALUE $.001
CLASS G SHARES OF COMMON STOCK, PAR VALUE $.001
CLASS H SHARES OF COMMON STOCK, PAR VALUE $.001
CLASS I SHARES OF COMMON STOCK, PAR VALUE $.001
CLASS J SHARES OF COMMON STOCK, PAR VALUE $.001
CLASS K SHARES OF COMMON STOCK, PAR VALUE $.001
CLASS L SHARES OF COMMON STOCK, PAR VALUE $.001
CLASS M SHARES OF COMMON STOCK, PAR VALUE $.001
CLASS N SHARES OF COMMON STOCK, PAR VALUE $.001
CLASS O SHARES OF COMMON STOCK, PAR VALUE $.001
CLASS P SHARES OF COMMON STOCK, PAR VALUE $.001
CLASS Q SHARES OF COMMON STOCK, PAR VALUE $.001
CLASS R SHARES OF COMMON STOCK, PAR VALUE $.001
CLASS S SHARES OF COMMON STOCK, PAR VALUE $.001
CLASS T SHARES OF COMMON STOCK, PAR VALUE $.001
3
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SCHEDULE "B"
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NUMBER AND AGGREGATE SALE PRICE OF SECURITIES SOLD DURING THE FISCAL YEAR:
- --------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES: PRICE:
------- ------
<S> <C> <C>
CLASS A: 5,492,501,117 5,492,501,117
CLASS B: 4,873,484,821 4,873,484,821
CLASS C: 2,335,581 53,183,756
CLASS D: 2,916,607 26,268,021
CLASS E: 2,141,034 28,620,768
CLASS F: 4,594,884 48,428,812
CLASS G: 1,701,110,327 1,701,110,327
CLASS H: 3,520,393 36,371,796
CLASS I: 1,212,809 10,257,682
CLASS J: 2,029,415 18,271,449
CLASS K: 186,141 1,314,901
CLASS L: 2,314,240 20,137,945
CLASS M: 2,119,349 22,799,291
CLASS N: 2,885,348 36,361,480
CLASS O: 4,254,985 42,316,808
CLASS P: 3,643,045 25,965,397
CLASS Q: 3,596,013 33,057,304
CLASS R: 1,870,905 16,533,992
CLASS S: 2,308,143 16,241,605
CLASS T: 4,190,183 29,937,827
-------------- --------------
Totals: 12,113,215,340 12,533,165,099
============== ==============
</TABLE>
4
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SCHEDULE "B - 1"
----------------
NUMBER AND AGGREGATE SALE PRICE OF SECURITIES SOLD DURING THE FISCAL YEAR IN
- ----------------------------------------------------------------------------
RELIANCE UPON REGISTRATION PURSUANT TO RULE 24F-2:
- --------------------------------------------------
<TABLE>
<CAPTION>
SHARES: PRICE:
------- ------
<S> <C> <C>
CLASS A: 5,492,501,117 5,492,501,117
CLASS B: 4,873,484,821 4,873,484,821
CLASS C: 2,335,581 53,183,756
CLASS D: 2,916,607 26,268,021
CLASS E: 2,141,034 28,620,768
CLASS F: 4,594,884 48,428,812
CLASS G: 1,701,110,327 1,701,110,327
CLASS H: 3,520,393 36,371,796
CLASS I: 1,212,809 10,257,682
CLASS J: 2,029,415 18,271,449
CLASS K: 186,141 1,314,901
CLASS L: 2,314,240 20,137,945
CLASS M: 2,119,349 22,799,291
CLASS N: 2,885,348 36,361,480
CLASS O: 4,254,985 42,316,808
CLASS P: 3,643,045 25,965,397
CLASS Q: 3,596,013 33,057,304
CLASS R: 1,870,905 16,533,992
CLASS S: 2,308,143 16,241,605
CLASS T: 4,190,183 29,937,827
-------------- --------------
Totals: 12,113,215,340 12,533,165,099
============== ==============
</TABLE>
5
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SCHEDULE "C"
------------
NUMBER AND AGGREGATE SALE PRICE OF SECURITIES ISSUED DURING THE FISCAL YEAR IN
- ------------------------------------------------------------------------------
CONNECTION WITH DIVIDEND REINVESTMENT PLANS, IF APPLICABLE:
- -----------------------------------------------------------
<TABLE>
<CAPTION>
SHARES: PRICE:
------- ------
<S> <C> <C>
CLASS A: 1,645,902 1,645,902
CLASS B: 1,809,066 1,809,066
CLASS C: 305,329 6,724,708
CLASS D: 159,018 1,426,218
CLASS E: 67,047 859,603
CLASS F: 11,746 124,300
CLASS G: 1,034,118 1,034,118
CLASS H: 41,814 408,622
CLASS I: 820 6,920
CLASS J: 16,492 143,555
CLASS L: 717 6,037
CLASS M: 29,026 316,412
CLASS N: 8,050 103,087
CLASS O: 1,393 13,702
CLASS P: 4,539 31,637
CLASS Q: 7,394 67,403
CLASS R: 12,177 104,293
CLASS S: 15,812 111,089
CLASS T: 44,834 319,660
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Totals: 5,215,294 15,256,332
========= ==========
</TABLE>
6
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SCHEDULE "D"
------------
AGGREGATE PRICE OF SHARES REDEEMED OR REPURCHASED DURING THE FISCAL YEAR, IF
- ----------------------------------------------------------------------------
APPLICABLE:
- -----------
<TABLE>
<CAPTION>
PRICE:
------
<S> <C>
CLASS A: 5,924,408,321
CLASS B: 5,139,596,498
CLASS C: 30,587,413
CLASS D: 29,304,376
CLASS E: 24,372,374
CLASS F: 22,716,436
CLASS G: 1,640,886,788
CLASS H: 12,475,517
CLASS I: 6,756,240
CLASS J: 9,148,291
CLASS K: 2,674,660
CLASS L: 5,224,382
CLASS M: 7,460,709
CLASS N: 5,855,224
CLASS O: 6,356,442
CLASS P: 17,051,306
CLASS Q: 13,034,766
CLASS R: 13,664,173
CLASS S: 16,748,551
CLASS T: 11,489,634
--------------
Total: 12,939,812,101
</TABLE> ==============
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May 30, 1996
Excelsior Funds, Inc.
73 Tremont Street
Boston, Massachusetts 02110
Re: Rule 24f-2 Notice for Excelsior Funds, Inc. (formerly
UST Master Funds, Inc.)
(Registration Nos. 2-92665; 811-4088)
---------------------------------------------
Gentlemen:
We have acted as counsel for Excelsior Funds, Inc. (formerly UST Master
Funds, Inc.), a Maryland corporation (the "Company"), in connection with the
registration under the Securities Act of 1933, as amended, of shares of the
Company's Class A Common Stock, Class B Common Stock, Class C Common Stock,
Class D Common Stock, Class E Common Stock, Class F Common Stock, Class G Common
Stock, Class H Common Stock, Class I Common Stock, Class J Common Stock, Class K
Common Stock, Class L Common Stock, Class M Common Stock, Class N Common Stock,
Class O Common Stock, Class P Common Stock, Class Q Common Stock, Class R Common
Stock, Class S Common Stock and Class T Common Stock made definite in number by
the Company's May 30, 1996 Rule 24f-2 Notice accompanying this opinion
(collectively, the "Shares").
In giving the opinion stated below, we have reviewed the Company's Charter,
its Bylaws, resolutions adopted by its Board of Directors and such other
documents and legal and factual matters as we have deemed appropriate; and we
have relied upon a certificate of the Company's transfer agent and sub-transfer
agent as to certain matters including whether at any time during the Company's
fiscal year ended March 31, 1996 the number of issued and outstanding Shares of
any class or series of the Company's Common Stock exceeded the number of such
shares that the Company was then authorized to issue. We express no opinion
concerning the laws of any jurisdiction other than the Maryland General
Corporation Law and the Federal law of the United States of America.
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Excelsior Funds, Inc.
May 30, 1996
Page 2
Based on the foregoing, we are of the opinion that the Shares were, when
issued for payment as described in the Company's prospectuses pertaining to the
Shares, legally issued, fully paid and non-assessable by the Company.
We hereby consent to the filing of this opinion with the Securities and
Exchange Commission as part of the Company's Rule 24f-2 Notice.
Very truly yours,
/s/ DRINKER BIDDLE & REATH
DRINKER BIDDLE & REATH
