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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 13
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<PAGE> PAGE 15
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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<PAGE> PAGE 44
048 K021200 0.000
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<PAGE> PAGE 45
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<PAGE> PAGE 46
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<PAGE> PAGE 47
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<PAGE> PAGE 48
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<PAGE> PAGE 49
049 001400 N
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<PAGE> PAGE 50
070 F011400 Y
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<PAGE> PAGE 51
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<PAGE> PAGE 52
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<PAGE> PAGE 53
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<PAGE> PAGE 54
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<PAGE> PAGE 55
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<PAGE> PAGE 56
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<PAGE> PAGE 57
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<PAGE> PAGE 58
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<PAGE> PAGE 59
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<PAGE> PAGE 60
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<PAGE> PAGE 61
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<PAGE> PAGE 62
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<PAGE> PAGE 63
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<PAGE> PAGE 64
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<PAGE> PAGE 65
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<PAGE> PAGE 66
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<PAGE> PAGE 67
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<PAGE> PAGE 68
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<PAGE> PAGE 69
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<PAGE> PAGE 70
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<PAGE> PAGE 71
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<PAGE> PAGE 72
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<PAGE> PAGE 73
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<PAGE> PAGE 74
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<PAGE> PAGE 75
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<PAGE> PAGE 76
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<PAGE> PAGE 77
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<PAGE> PAGE 78
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<PAGE> PAGE 79
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<PAGE> PAGE 80
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<PAGE> PAGE 81
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SIGNATURE JOHN CORCORAN
TITLE ASSISTANT SECRETARY
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Excelsior Funds, Inc. (the "Company")
File No. 811-4088
Semi-Annual Period Ended
September 30, 1999
Item 77: Attachments
Exhibit Index
Sub-Item 77C: Submission of matters to a vote of security
holders.
Sub-Item 77M: Mergers
Sub-Item 77Q1(g): Copies of any merger or consolidation
agreement.
Sub-Item 77C: Submission of matters to a vote of security
holders.
Sub-Item 77M: Mergers.
a) June 30, 1999 - Special meeting of shareholders
b) 1. The shareholders of the Company's Income and
Growth Fund voted to approve or disapprove
the following Plan of Reorganization:
The proposed plan of reorganization and the
transfer contemplated thereby, including the
transfer of all of the assets and liabilities
of the Company's Income and Growth Fund (the
"Transferor Fund") to the Company's Blended
Equity Fund (the "Surviving Fund"), the
amendment to the Company's Charter
reclassifying all shares of the Transferor
Fund as shares of the Surviving Fund, and
accomplishment of the reclassification by the
issuance of such shares of the Surviving Fund
to shareholders of the Transferor Fund.
2. The results of the voting were as follows:
FOR: 2,120,173 Votes
AGAINST: 85,323 Votes
Sub-Item 77Q1(g): Copies of any merger or consolidation
agreement.
Appendix A: Plan of Reorganization dated April 8,
1999 relating to the reorganization of the Income
and Growth Fund of Excelsior Funds, Inc. into the
Blended equity Fund of Excelsior Funds, Inc.
APPENDIX A
PLAN OF REORGANIZATION
This PLAN OF REORGANIZATION (the "Plan") is dated as of the
8th day of April, 1999, and has been adopted by the Board of
Directors of Excelsior Funds, Inc. (the "Company") to provide for
the reorganization of its Income and Growth Fund (the "Transferor
Fund") into its Blended Equity Fund (the "Surviving Fund").
A. BACKGROUND
The Transferor Fund and the Surviving Fund (individually, a
"Fund" and collectively, the "Funds") are separate investment
portfolios of the Company. The Company is organized as a
Maryland corporation and is an open-end management investment
company registered with the Securities and Exchange Commission
(the "SEC") under the Investment Company Act of 1940, as amended
(the "1940 Act"). The Board of Directors of the Company has
determined that it is in the best interests of the Transferor
Fund and its shareholders to be reorganized through the transfer
of all of the Transferor Fund's assets and liabilities to the
Surviving Fund upon the terms set forth in this Plan (the
"Reorganization").
B. THE REORGANIZATION
1. Prior to the Effective Time of the Reorganization (as
defined below in Section 6 of this Article B), the Company will
execute and file Articles of Amendment to the Company's Charter
with the Maryland State Department of Assessments and Taxation in
substantially the form attached hereto as Annex I, which Articles
of Amendment will, effective as of the Effective Time of the
Reorganization: (a) reclassify all of the Company's issued and
outstanding shares of Class E Common Stock representing interests
in the Transferor Fund as shares of equal aggregate value of the
Company's Class C Common Stock representing interests in the
Surviving Fund; and (b) reclassify all of the authorized and
unissued Class E Common Stock of the Transferor Fund as
authorized and unissued Class C Common Stock of the Surviving
Fund.
2. At the Effective Time of the Reorganization, all
property of every description, and all interests, rights,
privileges and powers of the Transferor Fund, subject to all
liabilities of the Transferor Fund, whether accrued, absolute,
contingent or otherwise (such assets subject to such liabilities
are herein referred to as the "Assets") will be transferred and
conveyed by the Transferor Fund to the Surviving Fund and will be
assumed by the Surviving Fund, such that at and after the
Effective Time of the Reorganization, the Assets of the
Transferor Fund will become and be the Assets of the Surviving
Fund. In exchange for the transfer of the Assets of the
Transferor Fund and in order to accomplish the reclassification
of shares as described above in Section 1 of this Article B, the
Surviving Fund will contemporaneously issue to shareholders of
the Transferor Fund full and fractional shares of the Surviving
Fund (as contemplated by Section 4 of this Article B) having an
aggregate net asset value equal to the value of the Assets of the
Transferor Fund. For purposes of effecting such exchange, the
value of the Assets of the Transferor Fund and the net asset
value of the shares of the Surviving Fund shall be determined as
of 4:00 p.m., Eastern time, on July 8, 1999, or at such other
time as may be determined by the Board of Directors or an
authorized officer of the Company. Such values shall be computed
in the manner set forth in the Funds' then current prospectus
under the Securities Act of 1933, as amended. At and after the
Effective Time of the Reorganization, all debts, liabilities,
obligations and duties of the Transferor Fund will attach to the
Surviving Fund as aforesaid and may thenceforth be enforced
against the Surviving Fund to the same extent as if the same had
been incurred by the Surviving Fund.
3. Prior to the Effective Time of the Reorganization, the
Transferor Fund shall declare a dividend, with a record date and
ex-dividend date prior to the Effective Time of the
Reorganization, which, together with all previous dividends,
shall have the effect of distributing to its shareholders all of
the Transferor Fund's investment company taxable income, if any,
for the taxable periods or years ended on or before March 31,
1999 and for the period from said date to and including the
Effective Time of the Reorganization, and all of the Transferor
Fund's net capital gain, if any, recognized in the taxable
periods or years ended on or before March 31, 1999 and in the
period from said date to and including the Effective Time of the
Reorganization.
4. At the Effective Time of the Reorganization, the
Company will liquidate the Transferor Fund and issue full and
fractional shares of the Surviving Fund to the Transferor Fund's
shareholders, such that the shares of the Surviving Fund that are
distributed to a shareholder of the Transferor Fund will have an
aggregate net asset value equal to the aggregate net asset value
of the shares of the Transferor Fund held by such shareholder
immediately prior to the Effective Time of the Reorganization.
In addition, each shareholder of the Transferor Fund will have
the right to receive any unpaid dividends or other distributions
that were declared before the Effective Time of the
Reorganization with respect to the shares of the Transferor Fund
held by such shareholder immediately prior to the Effective Time
of the Reorganization.
5. The stock transfer books of the Company with respect to
the Transferor Fund will be permanently closed as of the close of
business on the day immediately preceding the Effective Time of
the Reorganization. Redemption requests received thereafter by
the Company with respect to the Transferor Fund will be deemed to
be redemption requests for shares of the Surviving Fund issued
pursuant to this Plan. If any shares of the Transferor Fund are
represented by a share certificate, the certificate must be
surrendered to the Company's transfer agent for cancellation
before the Surviving Fund shares issuable to the shareholder
pursuant to this Plan will be redeemed.
6. The Effective Time of the Reorganization for purposes
of this Plan shall be the opening of business on July 9, 1999, or
at such other time as may be determined by the Board of Directors
or an authorized officer of the Company.
C. ACTIONS BY SHAREHOLDERS OF THE TRANSFEROR FUND
Prior to the Effective Time of the Reorganization and as a
condition thereto, the Board of Directors of the Company will
call, and the Company will hold, a meeting of the shareholders of
the Transferor Fund to consider and vote upon:
1. Approval of this Plan and the transactions contemplated
hereby.
2. Such other matters as may be determined by the Board of
Directors of the Company.
D. CONDITIONS TO THE REORGANIZATION
Consummation of this Plan will be subject to:
1. The approval of the matters referred to in Article C of
this Plan by the shareholders of the Transferor Fund in the
manner required by law and otherwise deemed necessary or
advisable by the Board of Directors of the Company; and
2. The following additional conditions:
a. The Company will have received an opinion of
Drinker Biddle & Reath LLP to the effect that:
(i) the shares of the Surviving Fund issued
pursuant to this Plan will, when issued in accordance with the
provisions hereof, be legally issued, fully paid and non-
assessable; and
(ii) for federal income tax purposes: (A) the
acquisition of the assets and assumption of the liabilities of
the Transferor Fund by the Surviving Fund in return for shares of
the Surviving Fund followed by the distribution of such shares to
the shareholders of the Transferor Fund will constitute a
"reorganization" within the meaning of Section 368(a)(1)(C) or
Section 368(a)(1)(D) of the Code and the Surviving Fund and the
Transferor Fund will be "a party to the reorganization" within
the meaning of Section 368(b) of the Code; (B) no gain or loss
will be recognized by the Transferor Fund upon the transfer of
its assets and liabilities to the Surviving Fund; (C) no gain or
loss will be recognized by the Surviving Fund upon the receipt of
the assets of the Transferor Fund in exchange for shares of the
Surviving Fund and the assumption by the Surviving Fund of the
liabilities of the Transferor Fund; (D) no gain or loss will be
recognized by the shareholders of the Transferor Fund upon the
receipt of the shares of the Surviving Fund in exchange for their
shares of the Transferor Fund; (E) the tax basis of the shares of
the Surviving Fund received by the shareholders of the Transferor
Fund will be the same as the tax basis of the shares of the
Transferor Fund exchanged therefor; (F) the tax basis of the
assets of the Transferor Fund in the hands of the Surviving Fund
will be the same as the tax basis of such assets in the hands of
the Transferor Fund immediately prior to the transfer; (G) the
holding period of the shares of the Surviving Fund received by
the shareholders of the Transferor Fund will include the holding
period of the shares of the Transferor Fund exchanged therefor,
provided that at the time of the exchange the shares of the
Transferor Fund were held as capital assets; and (H) the holding
period of the Surviving Fund for the assets of the Transferor
Fund transferred to it will include the period during which such
assets were held by the Transferor Fund.
b. All necessary approvals, registrations and
exemptions required under federal and state laws will have been
obtained.
E. MISCELLANEOUS
1. This Plan and the transactions contemplated hereby will
be governed and construed in accordance with the laws of the
State of Maryland.
2. This Plan and the transactions contemplated hereby may
be abandoned at any time for any reason prior to the Effective
Time of the Reorganization upon the vote of a majority of the
Board of Directors of the Company.
3. At any time prior to or (to the fullest extent
permitted by law) after approval of this Plan by the shareholders
of the Transferor Fund, the Company may, upon authorization by
the Board of Directors and with or without the approval of
shareholders of the Transferor Fund, amend any of the provisions
of this Plan.
4. Notwithstanding Section 2 of Article B, unamortized
organizational expenses of the Transferor Fund shall not be
transferred or assumed hereunder. The Company has been advised
that such expenses will be paid to the Transferor Fund by one or
more third parties and will be eliminated from the balance sheet
of the Transferor Fund prior to the Effective Time of the
Reorganization.
5. The expenses incurred in connection with the
Reorganization will be borne by United States Trust Company of
New York and U.S. Trust Company of Connecticut.
6. The Company, by consent of its Board of Directors, or
an officer authorized by such Board of Directors, may waive any
condition to the obligations of the Transferor Fund or the
Surviving Fund hereunder if, in its or such officer's judgment,
such waiver will not have a material adverse effect on the
interests of the shareholders of the Transferor Fund or the
shareholders of the Surviving Fund.
(..continued)
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