Exhibit (11)

                                  Law Offices
                          Drinker Biddle & Reath LLP
                      Philadelphia National Bank Building
                             1345 Chestnut Street
                         Philadelphia, PA  19107-3496
                           Telephone: (215) 988-2700
                              Fax: (215) 988-2757

                                 April 5, 1999



Excelsior Funds, Inc.
73 Tremont Street
Boston, MA 02108-3913

Dear Sir or Madam:

     We have acted as counsel for Excelsior Funds, Inc. ("Excelsior"), a
Maryland corporation in connection with the proposed acquisition of
substantially all of the assets and liabilities of Excelsior's Income and Growth
Fund by Excelsior's Blended Equity Fund in exchange for shares of the Blended
Equity Fund.

     The aforementioned proposed acquisition is referred to herein as the
"Reorganization." The Income and Growth Fund is referred to herein as the
"Transferor Fund." The Blended Equity Fund is referred to herein as the
"Surviving Fund." This opinion relates to shares of common stock of the
Surviving Fund (par value $0.001 per share) (the "Shares") to be issued in the
Reorganization and is furnished in connection with Excelsior's Registration
Statement on Form N-14 under the Securities Act of 1933, as amended (the
"Registration Statement").

     As counsel for Excelsior, we are familiar with the proceedings taken by it
in connection with the authorization, issuance and sale of the Shares. In
addition, we have examined and are familiar with the Articles of Incorporation
of Excelsior, as amended and supplemented, the By-laws of Excelsior, as amended,
Excelsior's Registration Statement and the combined proxy statement and
prospectus (the "Proxy Statement and Prospectus") contained therein, and other
factual matters we deemed relevant.

     In our examination, we have assumed that: (i) all documents submitted to us
as originals are authentic, the signatures thereon are genuine and the persons
signing the same were of legal capacity; (ii) all documents submitted to us as
certified or photostatic copies conform to the original documents and that such
originals are authentic; and (iii) all certificates of public 

 
Excelsior Funds, Inc.
April 5, 1999
Page 2


officials upon which we have relied have been duly and properly given and that
any public records reviewed by us are complete.

     We have made such examination of law as in our judgment is necessary and
appropriate for the purposes of this opinion. We express no opinion concerning
the laws of any jurisdiction other than the General Corporation Law of the State
of Maryland.

     On the basis of and subject to the foregoing and such other considerations
as we deem relevant, we are of the opinion that upon (i) approval by the
Excelsior Board of Directors and shareholders of the Income and Growth Fund of
the Plan of Reorganization and the issuance of Shares in connection with the
Plan, and (ii) the prior satisfaction of the conditions contained in the Plan of
Reorganization, a copy of which is set forth in the Proxy Statement and
Prospectus constituting a part of the Registration Statement, the Shares of the
Surviving Fund, when issued pursuant to the Plan of Reorganization and in the
manner referred to in the Registration Statement, will be validly issued, fully
paid and non-assessable by Excelsior.

     This opinion is solely for the use of Excelsior and may not be referred to
or used for any other purpose or relied on by any other persons without our
prior written approval.  This opinion is limited to the matters set forth in
this letter and no other opinions should be inferred beyond the matters
expressly stated.

     We hereby consent to the filing of this opinion as an exhibit to the
Registration Statement.

                                        Very truly yours,


                                        /s/ DRINKER BIDDLE & REATH LLP