EXCELSIOR INSTITUTIONAL TRUST
NSAR-B, 1996-08-14
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<PAGE>      PAGE  1
000 B000000 05/31/96
000 C000000 0000922447
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
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000 I000000 3.0
000 J000000 A
001 A000000 EXCELSIOR INSTITUTIONAL TRUST
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001 C000000 6175578000
002 A000000 73 TREMONT STREET
002 B000000 BOSTON
002 C000000 MA
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007 C020700 INCOME FUND
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007 C021000 INTERNATIONAL EQUITY FUND
007 C031000 N
010 A00AA01 UNITED STATES TRUST OF NEW YORK
010 C01AA01 NEW YORK
010 C02AA01 NY
010 C03AA01 10036
010 A00AA02 CHASE GLOBAL FUNDS SERVICES COMPANY
<PAGE>      PAGE  2
010 C01AA02 BOSTON
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010 A00AA03 FEDERATED ADMINISTRATIVE SERVICES
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013 A00AA02 ERNST & YOUNG LLP
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020 A000002 MERRILL LYNCH AND CO., INC.
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<PAGE>      PAGE  3
020 C000003     10
020 A000004 WERTHEIM CORP.
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020 A000005 BEAR STEARNS & CO., INC.
020 B000005 13-3299429
020 C000005      8
020 A000006 ROBERT FLEMING CO.
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020 A000008 PAINE WEBBER, INC.
020 B000008 13-2638166
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020 A000009 DAVIS, MENDEL & REGERSTEIN, INC.
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020 B000010 95-2622920
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022 A000001 LANSTON (AUDREY G.) & CO., INC.
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022 C000002     61842
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022 C000005     16186
022 D000005     14336
022 A000006 DILLON, READ & CO., INC.
022 B000006 13-1939216
022 C000006     28355
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022 A000007 UBS SECURITIES, INC.
022 B000007 13-2932996
022 C000007     18485
022 D000007      2162
022 A000008 DAIN BOSWORTH, INC.
022 B000008 41-0212020
022 C000008     11080
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022 A000009 FUJI BANK & TRUST
<PAGE>      PAGE  4
022 C000009     11986
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<PAGE>      PAGE  5
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<PAGE>      PAGE  6
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<PAGE>      PAGE  7
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<PAGE>      PAGE  8
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<PAGE>      PAGE  9
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<PAGE>      PAGE  10
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<PAGE>      PAGE  11
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<PAGE>      PAGE  12
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<PAGE>      PAGE  13
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<PAGE>      PAGE  14
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<PAGE>      PAGE  16
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<PAGE>      PAGE  17
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<PAGE>      PAGE  18
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<PAGE>      PAGE  19
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064 A000700 Y
064 B000700 N
070 A010700 Y
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070 D010700 Y
070 D020700 N
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070 E020700 N
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070 F020700 N
070 G010700 Y
070 G020700 N
070 H010700 Y
070 H020700 N
070 I010700 N
070 I020700 N
070 J010700 Y
070 J020700 N
070 K010700 Y
070 K020700 Y
070 L010700 Y
070 L020700 N
070 M010700 Y
070 M020700 N
070 N010700 Y
070 N020700 N
070 O010700 Y
070 O020700 N
070 P010700 N
070 P020700 N
070 Q010700 N
070 Q020700 N
070 R010700 Y
070 R020700 N
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071 B000700     28705
<PAGE>      PAGE  20
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<PAGE>      PAGE  21
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008 D020801 NY
008 D030801 10036
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<PAGE>      PAGE  22
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064 A000800 Y
064 B000800 N
<PAGE>      PAGE  23
070 A010800 Y
070 A020800 N
070 B010800 Y
070 B020800 N
070 C010800 Y
070 C020800 N
070 D010800 Y
070 D020800 N
070 E010800 Y
070 E020800 N
070 F010800 Y
070 F020800 N
070 G010800 Y
070 G020800 N
070 H010800 Y
070 H020800 N
070 I010800 N
070 I020800 N
070 J010800 Y
070 J020800 N
070 K010800 Y
070 K020800 Y
070 L010800 Y
070 L020800 N
070 M010800 Y
070 M020800 N
070 N010800 Y
070 N020800 N
070 O010800 Y
070 O020800 N
070 P010800 N
070 P020800 N
070 Q010800 N
070 Q020800 N
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070 R020800 N
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<PAGE>      PAGE  24
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074 D000800    57616
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074 G000800        0
074 H000800        0
074 I000800        0
074 J000800        0
074 K000800        0
074 L000800      615
074 M000800        4
074 N000800    65395
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074 S000800        0
074 T000800    65017
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<PAGE>      PAGE  25
074 V010800     7.18
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074 W000800   0.0000
074 X000800        6
074 Y000800        0
075 A000800        0
075 B000800    39147
076  000800     0.00
008 A000901 U.S. TRUST COMPANY OF THE PACIFIC NORTHWEST
008 B000901 A
008 C000901 801-0000
008 D010901 PORTLAND
008 D020901 OR
008 D030901 97204
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045  000900 Y
048  000900  0.650
048 A010900        0
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048 B020900 0.000
048 C010900        0
048 C020900 0.000
<PAGE>      PAGE  26
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048 D020900 0.000
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048 F020900 0.000
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048 H020900 0.000
048 I010900        0
048 I020900 0.000
048 J010900        0
048 J020900 0.000
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048 K020900 0.000
062 A000900 N
062 B000900   0.0
062 C000900   0.0
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062 F000900   0.0
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062 H000900   0.0
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062 N000900   0.0
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070 A010900 Y
070 A020900 N
070 B010900 Y
070 B020900 N
070 C010900 Y
070 C020900 N
070 D010900 Y
070 D020900 N
070 E010900 Y
070 E020900 N
070 F010900 Y
070 F020900 N
070 G010900 Y
070 G020900 N
070 H010900 Y
070 H020900 N
070 I010900 N
<PAGE>      PAGE  27
070 I020900 N
070 J010900 Y
070 J020900 N
070 K010900 Y
070 K020900 Y
070 L010900 Y
070 L020900 N
070 M010900 Y
070 M020900 N
070 N010900 Y
070 N020900 N
070 O010900 Y
070 O020900 N
070 P010900 N
070 P020900 N
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070 Q020900 N
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070 R020900 N
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<PAGE>      PAGE  28
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073 A010900   0.1100
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008 A001001 U.S. TRUST COMPANY OF THE PACIFIC NORTHWEST
008 B001001 A
008 C001001 801-0000
008 D011001 PORTLAND
008 D021001 OR
008 D031001 97201
008 A001002 HARDING, LOEVNER MANAGEMENT, L.P.
008 B001002 S
008 C001002 801-0000
<PAGE>      PAGE  29
008 D011002 SOMERVILLE
008 D021002 NJ
008 D031002 08876
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<PAGE>      PAGE  30
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070 A011000 Y
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070 I011000 N
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070 J021000 N
070 K011000 Y
070 K021000 Y
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070 M011000 Y
070 M021000 N
<PAGE>      PAGE  31
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<PAGE>      PAGE  32
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SIGNATURE   JOHN CORCORAN                                
TITLE       ASST. TREASURER     
 


<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000922447
<NAME> EXCELSIOR INSTITUTIONAL TRUST
<SERIES>
   <NUMBER> 4
   <NAME> BALANCED FUND
<MULTIPLIER> 1,000
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
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<SENIOR-EQUITY>                                      0
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<OVERDISTRIBUTION-GAINS>                             0
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<INTEREST-INCOME>                                2,891
<OTHER-INCOME>                                       0
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<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                      (3,770)
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<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                          7,348
<NUMBER-OF-SHARES-REDEEMED>                    (5,443)
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<PER-SHARE-DIVIDEND>                            (0.36)
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<EXPENSE-RATIO>                                   0.38
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000922447
<NAME> EXCELSIOR INSTITUTIONAL TRUST
<SERIES>
   <NUMBER> 8
   <NAME> TOTAL RETURN BOND FUND
<MULTIPLIER> 1,000
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          MAY-31-1996
<PERIOD-START>                             JUN-01-1995
<PERIOD-END>                               MAY-31-1996
<INVESTMENTS-AT-COST>                           65,754
<INVESTMENTS-AT-VALUE>                          64,776
<RECEIVABLES>                                      615
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 4
<TOTAL-ASSETS>                                  65,395
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                          378
<TOTAL-LIABILITIES>                                378
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                        65,921
<SHARES-COMMON-STOCK>                            9,060
<SHARES-COMMON-PRIOR>                            3,334
<ACCUMULATED-NII-CURRENT>                           13
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                             61
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                         (978)
<NET-ASSETS>                                    65,017
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<EXPENSES-NET>                                   (125)
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<APPREC-INCREASE-CURRENT>                      (2,190)
<NET-CHANGE-FROM-OPS>                              839
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                      (2,524)
<DISTRIBUTIONS-OF-GAINS>                         (558)
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                          6,054
<NUMBER-OF-SHARES-REDEEMED>                      (340)
<SHARES-REINVESTED>                                 12
<NET-CHANGE-IN-ASSETS>                          40,104
<ACCUMULATED-NII-PRIOR>                              0
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<OVERDIST-NET-GAINS-PRIOR>                           0
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<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                    522
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<PER-SHARE-NAV-BEGIN>                             7.47
<PER-SHARE-NII>                                   0.48
<PER-SHARE-GAIN-APPREC>                         (0.17)
<PER-SHARE-DIVIDEND>                            (0.48)
<PER-SHARE-DISTRIBUTIONS>                       (0.12)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               7.18
<EXPENSE-RATIO>                                   0.32
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000922447
<NAME> EXCELSIOR INSTITUTIONAL TRUST
<SERIES>
   <NUMBER> 9
   <NAME> EQUITY FUND
<MULTIPLIER> 1,000
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          MAY-31-1996
<PERIOD-START>                             JUN-01-1995
<PERIOD-END>                               MAY-31-1996
<INVESTMENTS-AT-COST>                           20,936
<INVESTMENTS-AT-VALUE>                          23,467
<RECEIVABLES>                                       53
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 4
<TOTAL-ASSETS>                                  23,524
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                           29
<TOTAL-LIABILITIES>                                 29
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                        19,458
<SHARES-COMMON-STOCK>                            2,631
<SHARES-COMMON-PRIOR>                            1,993
<ACCUMULATED-NII-CURRENT>                           79
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                          1,427
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                         2,531
<NET-ASSETS>                                    23,495
<DIVIDEND-INCOME>                                  291
<INTEREST-INCOME>                                   67
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                    (77)
<NET-INVESTMENT-INCOME>                            281
<REALIZED-GAINS-CURRENT>                         1,711
<APPREC-INCREASE-CURRENT>                        1,272
<NET-CHANGE-FROM-OPS>                            3,264
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                        (263)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                          1,274
<NUMBER-OF-SHARES-REDEEMED>                      (638)
<SHARES-REINVESTED>                                  2
<NET-CHANGE-IN-ASSETS>                           8,087
<ACCUMULATED-NII-PRIOR>                             62
<ACCUMULATED-GAINS-PRIOR>                        (284)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                              138
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                    317
<AVERAGE-NET-ASSETS>                            21,229
<PER-SHARE-NAV-BEGIN>                             7.73
<PER-SHARE-NII>                                   0.11
<PER-SHARE-GAIN-APPREC>                           1.20
<PER-SHARE-DIVIDEND>                            (0.11)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               8.93
<EXPENSE-RATIO>                                   0.36
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000922447
<NAME> EXCELSIOR INSTITUTIONAL TRUST
<SERIES>
   <NUMBER> 2
   <NAME> BOND INDEX FUND
<MULTIPLIER> 1,000
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          MAY-31-1996
<PERIOD-START>                             JUN-01-1995
<PERIOD-END>                               MAY-31-1996
<INVESTMENTS-AT-COST>                           15,145
<INVESTMENTS-AT-VALUE>                          15,122
<RECEIVABLES>                                        1
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 7
<TOTAL-ASSETS>                                  15,130
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                          125
<TOTAL-LIABILITIES>                                125
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                        14,947
<SHARES-COMMON-STOCK>                            2,154
<SHARES-COMMON-PRIOR>                            2,145
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                             81
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                          (23)
<NET-ASSETS>                                    15,005
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                                1,100
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                    (17)
<NET-INVESTMENT-INCOME>                          1,083
<REALIZED-GAINS-CURRENT>                           228
<APPREC-INCREASE-CURRENT>                        (634)
<NET-CHANGE-FROM-OPS>                              677
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                      (1,082)
<DISTRIBUTIONS-OF-GAINS>                         (223)
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                          1,514
<NUMBER-OF-SHARES-REDEEMED>                    (1,505)
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                           (559)
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                           76
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                               21
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                     91
<AVERAGE-NET-ASSETS>                            15,679
<PER-SHARE-NAV-BEGIN>                             7.26
<PER-SHARE-NII>                                   0.50
<PER-SHARE-GAIN-APPREC>                         (0.20)
<PER-SHARE-DIVIDEND>                            (0.50)
<PER-SHARE-DISTRIBUTIONS>                       (0.10)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               6.96
<EXPENSE-RATIO>                                   0.11
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000922447
<NAME> EXCELSIOR INSTITUTIONAL TRUST
<SERIES>
   <NUMBER> 10
   <NAME> INTERNATIONAL EQUITY FUND
<MULTIPLIER> 1,000
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          MAY-31-1996
<PERIOD-START>                             JUN-01-1995
<PERIOD-END>                               MAY-31-1996
<INVESTMENTS-AT-COST>                           21,158
<INVESTMENTS-AT-VALUE>                          24,421
<RECEIVABLES>                                      141
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 4
<TOTAL-ASSETS>                                  24,566
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                           44
<TOTAL-LIABILITIES>                                 44
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                        20,965
<SHARES-COMMON-STOCK>                            2,727
<SHARES-COMMON-PRIOR>                            1,117
<ACCUMULATED-NII-CURRENT>                          150
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                            144
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                         3,263
<NET-ASSETS>                                    24,522
<DIVIDEND-INCOME>                                  337
<INTEREST-INCOME>                                   83
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   (109)
<NET-INVESTMENT-INCOME>                            311
<REALIZED-GAINS-CURRENT>                           271
<APPREC-INCREASE-CURRENT>                        2,448
<NET-CHANGE-FROM-OPS>                            3,030
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                        (260)
<DISTRIBUTIONS-OF-GAINS>                         (129)
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                          1,953
<NUMBER-OF-SHARES-REDEEMED>                      (343)
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                          15,718
<ACCUMULATED-NII-PRIOR>                             91
<ACCUMULATED-GAINS-PRIOR>                           10
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                              182
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                    373
<AVERAGE-NET-ASSETS>                            18,200
<PER-SHARE-NAV-BEGIN>                             7.88
<PER-SHARE-NII>                                   0.09
<PER-SHARE-GAIN-APPREC>                           1.20
<PER-SHARE-DIVIDEND>                            (0.12)
<PER-SHARE-DISTRIBUTIONS>                       (0.06)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               8.99
<EXPENSE-RATIO>                                   0.60
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000922447
<NAME> EXCELSIOR INSTITUTIONAL TRUST
<SERIES>
   <NUMBER> 5
   <NAME> EQUITY GROWTH FUND
<MULTIPLIER> 1,000
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          MAY-31-1996
<PERIOD-START>                             JUN-01-1995
<PERIOD-END>                               MAY-31-1996
<INVESTMENTS-AT-COST>                           26,049
<INVESTMENTS-AT-VALUE>                          30,029
<RECEIVABLES>                                    1,089
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                17
<TOTAL-ASSETS>                                  31,135
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                           50
<TOTAL-LIABILITIES>                                 50
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                        22,035
<SHARES-COMMON-STOCK>                            3,588
<SHARES-COMMON-PRIOR>                            6,655
<ACCUMULATED-NII-CURRENT>                           85
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                          4,985
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                         3,980
<NET-ASSETS>                                    31,085
<DIVIDEND-INCOME>                                  664
<INTEREST-INCOME>                                  217
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   (128)
<NET-INVESTMENT-INCOME>                            753
<REALIZED-GAINS-CURRENT>                         6,461
<APPREC-INCREASE-CURRENT>                          972
<NET-CHANGE-FROM-OPS>                            8,186
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                        (816)
<DISTRIBUTIONS-OF-GAINS>                       (4,130)
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                          3,291
<NUMBER-OF-SHARES-REDEEMED>                    (6,358)
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                        (21,262)
<ACCUMULATED-NII-PRIOR>                            147
<ACCUMULATED-GAINS-PRIOR>                        2,654
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                              299
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                    588
<AVERAGE-NET-ASSETS>                            46,056
<PER-SHARE-NAV-BEGIN>                             7.87
<PER-SHARE-NII>                                   0.13
<PER-SHARE-GAIN-APPREC>                           1.39
<PER-SHARE-DIVIDEND>                            (0.13)
<PER-SHARE-DISTRIBUTIONS>                       (0.60)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               8.66
<EXPENSE-RATIO>                                   0.28
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000922447
<NAME> EXCELSIOR INSTITUTIONAL TRUST
<SERIES>
   <NUMBER> 7
   <NAME> INCOME FUND
<MULTIPLIER> 1,000
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          MAY-31-1996
<PERIOD-START>                             JUN-01-1995
<PERIOD-END>                               MAY-31-1996
<INVESTMENTS-AT-COST>                           24,277
<INVESTMENTS-AT-VALUE>                          23,833
<RECEIVABLES>                                      334
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 5
<TOTAL-ASSETS>                                  24,172
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                          171
<TOTAL-LIABILITIES>                                171
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                        23,921
<SHARES-COMMON-STOCK>                            3,436
<SHARES-COMMON-PRIOR>                            4,536
<ACCUMULATED-NII-CURRENT>                            1
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                            523
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                         (444)
<NET-ASSETS>                                    24,001
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                                2,278
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                    (82)
<NET-INVESTMENT-INCOME>                          2,196
<REALIZED-GAINS-CURRENT>                           729
<APPREC-INCREASE-CURRENT>                      (1,695)
<NET-CHANGE-FROM-OPS>                            1,230
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                      (2,195)
<DISTRIBUTIONS-OF-GAINS>                         (300)
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                            668
<NUMBER-OF-SHARES-REDEEMED>                    (1,768)
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                         (9,228)
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                           95
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                              204
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                    424
<AVERAGE-NET-ASSETS>                            31,422
<PER-SHARE-NAV-BEGIN>                             7.33
<PER-SHARE-NII>                                   0.51
<PER-SHARE-GAIN-APPREC>                         (0.27)
<PER-SHARE-DIVIDEND>                            (0.51)
<PER-SHARE-DISTRIBUTIONS>                       (0.07)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               6.99
<EXPENSE-RATIO>                                   0.26
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>


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