Exhibit (d)(4)
EXCELSIOR FUNDS, INC.
AMENDMENT NO. 1
TO
INVESTMENT ADVISORY AGREEMENT
WHEREAS, Excelsior Funds, Inc. (the "Company"), U.S. Trust Company ("UST")
and United States Trust Company of New York ("USTNY") desire to amend the
Investment Advisory Agreement made as of May 31, 2000 (the "Agreement") by and
among them, on behalf of the Company's Money Fund, Government Money Fund,
Blended Equity Fund, Small Cap Fund, Energy and Natural Resources Fund, Value
and Restructuring Fund, Treasury Money Fund, Managed Income Fund, Short-Term
Government Securities Fund, Intermediate-Term Managed Income Fund, Real Estate
Fund and Large Cap Growth Fund, to include the Biotechnology Fund as an
investment portfolio for which USTCT and USTNY render investment advisory and
other services; and
WHEREAS, UST and USTNY are willing to render such services to the Company
with respect to the Biotechnology Fund;
The parties hereto, intending to be legally bound hereby, agree that the
Agreement is amended as follows:
1. The second "WHEREAS" clause of the preamble to the Agreement shall
henceforth read:
WHEREAS, the Company desires to retain the Investment Adviser to
render investment advisory and other services to the Company for its
Money Fund, Government Money Fund, Blended Equity Fund, Small Cap
Fund, Energy and Natural Resources Fund, Value and Restructuring Fund,
Treasury Money Fund, Managed Income Fund, Short-Term Government
Securities Fund, Intermediate-Term Managed Income Fund, Real Estate
Fund, Large Cap Growth Fund and Biotechnology Fund portfolios
(collectively, the "Funds"), and the Investment Adviser is willing to
so render such services;
2. Paragraph No. 7 shall henceforth read:
7. Compensation. For the services provided and the expenses
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assumed pursuant to this Agreement, the Company will pay the
Investment Adviser and the Investment Adviser will accept as full
compensation therefor a fee, computed daily and payable monthly, at
the following annual rates: .25% of the average daily net assets of
each of the Money Fund and the Government Money Fund; .75% of the
average daily net assets of each of the Blended Equity Fund and the
Large Cap Growth Fund; .60% of the average daily net assets of each of
the Small Cap Fund, the Energy and Natural Resources Fund and the
Value and Restructuring Fund; 1.00% of the average daily net assets of
each of the Real Estate Fund and the Biotechnology Fund; .30% of the
average daily net assets of the Treasury Money Fund; .75% of the
average daily net assets of the Managed Income Fund; .30% of the
average daily net assets of the Short-Term Government Securities Fund;
and .35% of the average daily net assets of the Intermediate-Term
Managed Income Fund.
IN WITNESS WHEREOF, intending to be legally bound hereby, the parties
hereto have caused this instrument to be executed by their officers designated
below as of December 29, 2000.
EXCELSIOR FUNDS, INC.
By: /s/ Xxxxxxxxx X. Xxxxxx
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Title: President & Treasurer
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UNITED STATES TRUST COMPANY OF
NEW YORK
By: /s/ Xxxxxxxxx X. Xxxxxx
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Title: Vice Chairman
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U.S. TRUST COMPANY
By: /s/ W. Xxxxxxx Xxxxx
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Title: President & CEO
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