Exhibit (h)(19)
WAIVER AND REIMBURSEMENT AGREEMENT
Agreement ("Agreement") dated as of the 28th day of July, 2000
by and among Excelsior Funds, Inc., a Maryland corporation and a registered
investment company under the Investment Company Act of 1940, as amended
("Excelsior"), and United States Trust Company of New York, a state-chartered
bank and trust company ("United States Trust") and U.S. Trust Company, a
Connecticut state bank and trust company ("U.S. Trust" and together with United
States Trust, the "Advisers").
BACKGROUND
The Advisers serve as investment advisers to each portfolio of
Excelsior pursuant to Investment Advisory Agreements among the Advisers and
Excelsior dated as of May 31, 2000.
The parties to this Agreement wish to provide for an
undertaking by the Advisers to limit investment advisory or other fees or
reimburse expenses of each of the portfolios of Excelsior in order to improve
the performance of each such portfolio.
AGREEMENT
THEREFORE, in consideration of the foregoing, the parties
intending to be legally bound hereby, agree as follows:
The Advisers shall, from the date of this Agreement until
March 31, 2001, waive all or a portion of their investment advisory fees and/or
reimburse expenses in amounts necessary so that after such waivers and/or
reimbursements, the maximum total operating expense ratios of the portfolios of
Excelsior shall not exceed the amounts set forth on Exhibit A hereto.
Each of the Advisers acknowledges and agrees that it shall not
be entitled to collect on or make a claim for waived fees or reimbursed expenses
at any time in the future.
This Agreement shall be governed by and construed under the
laws of the State of New York, without regard to its conflict of law provisions.
This Agreement may be signed in counterparts.
IN WITNESS WHEREOF, the parties hereto have caused this
instrument to be executed by their officers designated below as of the day and
year first above written.
EXCELSIOR FUNDS, INC. UNITED STATES TRUST COMPANY
OF NEW YORK
By: /s/ Xxxxxxxxx X. Xxxxxx By: /s/ Xxxxxxx X. Xxxxx
----------------------------------- ---------------------
Name: Xxxxxxxxx X. Xxxxxx Name: Xxxxxxx X. Xxxxx
Title: President and Treasurer Title: Executive Vice President
U.S. TRUST COMPANY
By: /s/ W. Xxxxxxx Xxxxx
---------------------
Name: W. Xxxxxxx Xxxxx
Title: President and Chief
Executive Officer
Exhibit A
Excelsior Funds, Inc.
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Name of Portfolio Total Annual Operating Expenses
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Blended Equity Fund 1.05%
International Fund 1.50%
Money Fund 0.50%
Government Money Fund 0.50%
Managed Income Fund 0.90%
Treasury Money Fund 0.55%
Energy and Natural Resources Fund 1.25%
Value and Restructuring Fund 1.05%
Small Cap Fund 1.05%
Short-Term Government Securities Fund 0.60%
Intermediate-Term Managed Income Fund 0.65%
Latin America Fund 1.70%
Pacific/Asia Fund 1.50%
Pan European Fund 1.50%
Real Estate Fund 1.20%
Large Cap Growth Fund 1.05%
Emerging Markets Fund 1.70%
Technology Fund 1.25%
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