EXCELSIOR INSTITUTIONAL TRUST
6 ST. JAMES AVENUE
BOSTON, MASSACHUSETTS 02116
(617) 423-0800
July 27, 1995
Division of Investment Management
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, DC 20549
RE: RULE 24F-2 NOTICE FOR EXCELSIOR INSTITUTIONAL TRUST WITH
RESPECT TO EXCELSIOR INSTITUTIONAL EQUITY FUND, EXCELSIOR
INSTITUTIONAL INCOME FUND, EXCELSIOR INSTITUTIONAL TOTAL
RETURN BOND FUND, EXCELSIOR INSTITUTIONAL EQUITY INDEX FUND,
EXCELSIOR INSTITUTIONAL BOND INDEX FUND, EXCELSIOR
INSTITUTIONAL SMALL CAPITALIZATION FUND, EXCELSIOR
INSTITUTIONAL BALANCED FUND, EXCELSIOR INSTITUTIONAL EQUITY
GROWTH FUND, EXCELSIOR INSTITUTIONAL VALUE EQUITY INCOME FUND
AND EXCELSIOR INSTITUTIONAL INTERNATIONAL EQUITY FUND
(REGISTRATION STATEMENT FILE NO. 33-78264)
Ladies and Gentlemen:
The purpose of this letter is to notify the Commission within two
months of the end of the Registrant's fiscal year of the number of Registrant's
shares sold during the last fiscal year which are to be registered pursuant to
Rule 24f-2 and to pay the appropriate registration fee.
The information required by the above-referenced rule is as follows:
1. This "Rule 24f-2 Notice" is being filed for the fiscal year ending May
31, 1995 ("Fiscal Year").
2. No shares of the capital stock of the Registrant were registered
during the Fiscal Year, other than pursuant to Rule 24f-2.
3. 51,461,974 shares of the capital stock of the Registrant were sold
during the Fiscal year.
4. All 51,461,974 shares of the capital stock of the Registrant were sold
during the Fiscal Year in reliance upon the Declaration of the
Registrant of an indefinite amount of securities under Rule 24f-2
("24f-2 Declaration").
5. Attached to this Rule 24f-2 Notice, and made part hereof, is an opinion
of counsel indicating that the securities, the registration of which
the Notice makes definite in number, were legally issued, fully paid,
and non-assessable.
<PAGE>
Division of Investment Management
Securities and Exchange Commission
July 27, 1995
Page 2
6. In accordance with subsection (c) of Rule 24f-2, the actual aggregate sales
price used to calculate the required filing fee is $362,764,297. The fee
computation is based upon the actual aggregate sale price for which such
securities were sold during the Fiscal Year, reduced by the difference between:
(1) The actual aggregate redemption price of the shares redeemed by the
Registrant during the Fiscal Year, and
(2) The actual aggregate redemption price of such redeemed shares
previously applied by the Registrant pursuant to 24e-2(a) in the
filings made pursuant to Section 24(e)(1) of the Investment Company
Act of 1940.
Aggregate Sale Price for Shares Sold During Fiscal
Year in Reliance Upon the 24f-2 Declaration for
Excelsior Institutional Equity Fund $ 14,609,717
Excelsior Institutional Income Fund 31,900,620
Excelsior Institutional Total Return Bond Fund 23,574,319
Excelsior Institutional Equity Index Fund 34,253,890
Excelsior Institutional Bond Index Fund 33,020,207
Excelsior Institutional Small Capitalization Fund 20,556,708
Excelsior Institutional Balanced Fund 96,454,563
Excelsior Institutional Equity Growth Fund 73,548,734
Excelsior Institutional Value Equity Income Fund 26,438,429
Excelsior Institutional International Equity Fund 8,407,110
-------------
$362,764,297
<PAGE>
Reduced by the difference Between
(1) Aggregate Redemption Price of
Shares Redeemed During the Fiscal
Year for
Excelsior Institutional Equity Fund $ 238,235
Excelsior Institutional Income Fund 16,376
Excelsior Institutional Total Return Bond Fund 8,258
Excelsior Institutional Equity Index Fund 24,700,882
Excelsior Institutional Bond Index Fund 18,160,255
Excelsior Institutional Small Capitalization Fund 8,494,583
Excelsior Institutional Balanced Fund 28,734,782
Excelsior Institutional Equity Growth Fund 27,027,759
Excelsior Institutional Value Equity Income Fund 11,210,946
Excelsior Institutional International Equity Fund 518,604
--------------
$119,110,680
(2) Aggregate Redemption Price of Redeemed
Shares Previously Applied by Registrant Pursuant
to 24e-2(a) Filings Made Pursuant to Section
24(e)(1) of Investment Company Act of 1940. $ -0-
Equals $119,110,680
Enclosed please find an opinion of counsel. The amount payable to the
Securities and Exchange Commission, $84,018.49 was wired to Account No. 910-8739
at Mellon Bank with reference "24f-2 filing, 33-78264".
The fee has been calculated as follows:
$243,653,617 / 2,900 = $84,018.49
Very truly yours,
EXCELSIOR INSTITUTIONAL TRUST
By: /S/ DANIEL E. SHEA
Daniel E. Shea
Assistant Treasurer
<PAGE>
JAMES B. CRAVER
6 ST. JAMES AVENUE
NINTH FLOOR
BOSTON, MASSACHUSETTS 02116
(617) 423-0800
July 27, 1995
EXCELSIOR INSTITUTIONAL TRUST
6 St. James Avenue
Boston, Massachusetts 02116
Ladies and Gentlemen:
RE: RULE 24F-2 NOTICE FOR EXCELSIOR INSTITUTIONAL TRUST FOR
THE YEAR ENDED MAY 31, 1995.
This opinion is being furnished in connection with the registration,
pursuant to Rule 24f-2 under the Investment Company Act of 1940, as amended (the
"1940 Act"), of an indefinite number of Shares of Beneficial Interest (par value
$0.00001 per share) (the "Shares") of The Excelsior Institutional Trust, a
Delaware business trust (the "Trust"), under the Securities Act of 1933, as
amended (the "1933 Act"). I understand that the Trust proposes to file a notice
(the "Notice") with the Securities and Exchange Commission (the "Commission")
with respect to the Trust's fiscal year ended May 31, 1995, pursuant to such
Rule 24f-2 under the 1940 Act. This opinion is being furnished with a view to
your filing it with the Commission in conjunction with the filing of the Notice.
This opinion is limited solely to the laws of the State of Delaware as
applied by courts in such State. This opinion is limited solely to the Shares of
the Trust as of the fiscal year ended May 31, 1995 as reflected in the Notice. I
understand that the foregoing limitation is acceptable to you.
Based upon and subject to the foregoing, please be advised that it is
my opinion that the Shares covered by the Notice were legally issued and (to the
extent still outstanding) are fully paid and non-assessable, except that, as set
forth in the Trust's registration statement as currently in effect filed with
the Commission pursuant to the 1933 Act, shareholders of the Trust may under
certain circumstances be held personally liable for its obligations.
Very truly yours,
/s/JAMES B. CRAVER
James B. Craver
