<PAGE>
EXCELSIOR FUNDS, INC.
EXCELSIOR INSTITUTIONAL TRUST
(the "Companies")
BLENDED EQUITY FUND
LARGE CAP GROWTH FUND
OPTIMUM GROWTH FUND
SMALL CAP FUND
VALUE AND RESTRUCTURING FUND
VALUE EQUITY FUND
ENERGY AND NATURAL RESOURCES FUND
REAL ESTATE FUND
TECHNOLOGY FUND
(the "Funds")
Supplement dated June 2, 2000
to Prospectuses dated August 1, 1999 and March 31, 2000
On May 31, 2000 (the "Merger Date"), The Charles Schwab Corporation
("Schwab") and U.S. Trust Corporation ("UST") completed their previously
announced merger (the "Merger"). As a result of the Merger, UST is a wholly-
owned subsidiary of Schwab.
In connection with the Merger, the Companies' shareholders approved new
investment advisory agreements (the "Agreements") among the Companies, United
States Trust Company of New York and U.S. Trust Company. The Agreements are
effective as of the Merger Date.
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EXCELSIOR FUNDS, INC.
EXCELSIOR TAX-EXEMPT FUNDS, INC.
(the "Companies")
MONEY FUND
GOVERNMENT MONEY FUND
TREASURY MONEY FUND
TAX-EXEMPT MONEY FUND
NEW YORK TAX-EXEMPT MONEY FUND
(the "Funds")
Supplement dated June 2, 2000
to Prospectus dated August 1, 1999
On May 31, 2000 (the "Merger Date"), The Charles Schwab Corporation
("Schwab") and U.S. Trust Corporation ("UST") completed their previously
announced merger (the "Merger"). As a result of the Merger, UST is a wholly-
owned subsidiary of Schwab.
In connection with the Merger, the Companies' shareholders approved new
investment advisory agreements (the "Agreements") among the Companies, United
States Trust Company of New York and U.S. Trust Company. The Agreements are
effective as of the Merger Date.
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EXCELSIOR FUNDS, INC.
(the "Company")
INSTITUTIONAL SHARES
MONEY FUND
GOVERNMENT MONEY FUND
(the "Funds")
Supplement dated June 2, 2000
to Prospectus dated August 1, 1999
On May 31, 2000 (the "Merger Date"), The Charles Schwab Corporation
("Schwab") and U.S. Trust Corporation ("UST") completed their previously
announced merger (the "Merger"). As a result of the Merger, UST is a wholly-
owned subsidiary of Schwab.
In connection with the Merger, the Company's shareholders approved a new
investment advisory agreement (the "Agreement") among the Company, United States
Trust Company of New York and U.S. Trust Company. The Agreement is effective as
of the Merger Date.
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EXCELSIOR FUNDS, INC.
(the "Company")
MANAGED INCOME FUND
INTERMEDIATE-TERM MANAGED INCOME FUND
SHORT-TERM GOVERNMENT SECURITIES FUND
(the "Funds")
Supplement dated June 2, 2000
to Prospectus dated August 1, 1999
On May 31, 2000 (the "Merger Date"), The Charles Schwab Corporation
("Schwab") and U.S. Trust Corporation ("UST") completed their previously
announced merger (the "Merger"). As a result of the Merger, UST is a wholly-
owned subsidiary of Schwab.
In connection with the Merger, the Company's shareholders approved a new
investment advisory agreement (the "Agreement") among the Company, United States
Trust Company of New York and U.S. Trust Company. The Agreement is effective as
of the Merger Date.
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EXCELSIOR FUNDS, INC.
(the "Company")
INTERNATIONAL FUND
LATIN AMERICA FUND
PACIFIC/ASIA FUND
PAN EUROPEN FUND
EMERGING MARKETS FUND
(the "Funds")
Supplement dated June 2, 2000
to Prospectus dated August 1, 1999
On May 31, 2000 (the "Merger Date"), The Charles Schwab Corporation
("Schwab") and U.S. Trust Corporation ("UST") completed their previously
announced merger (the "Merger"). As a result of the Merger, UST is a wholly-
owned subsidiary of Schwab.
In connection with the Merger, the Company's shareholders approved a new
investment advisory agreement (the "Agreement") among the Company, United States
Trust Company of New York and U.S. Trust Company. The Agreement is effective as
of the Merger Date.
