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EXCELSIOR FUNDS (THE "TRUST")
INSTITUTIONAL MONEY FUND (THE "FUND")
SUPPLEMENT TO PROSPECTUS DATED JANUARY 1, 1997
Effective May 16, 1997, U.S. Trust Company of Connecticut ("U.S. Trust
CT"), Chase Global Funds Services Company ("CGFSC") and Federated Administrative
Services ("FAS") serve as the Trust's co-administrators (the "Trust
Administrators") pursuant to the terms of an Administration Agreement among the
Trust and the Trust Administrators (the "Administration Agreement"). U.S. Trust
CT has replaced United States Trust Company of New York ("U.S. Trust NY") as one
of the Trust's co-administrators. U.S. Trust CT, which has its principal
offices at 225 High Ridge Road, East Tower, Stamford, Connecticut 06905, is an
affiliate of U.S. Trust NY and a subsidiary of U.S. Trust Corporation, a
registered bank holding company.
The terms and conditions of the Administration Agreement are identical to
those of the prior administration agreement among the Trust, CGFSC, FAS and U.S.
Trust NY, including the administration fee payable by the Fund.
The date of this Supplement is May 23, 1997.
