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EXHIBIT (d)(3)
EXCELSIOR INSTITUTIONAL TRUST
AMENDMENT NO. 1
TO
INVESTMENT ADVISORY AGREEMENT
WHEREAS, Excelsior Institutional Trust (the "Company"), U.S. Trust Company
("UST") and United States Trust Company of New York ("USTNY") desire to amend
the Investment Advisory Agreement dated as of May 31, 2000 (the "Agreement") by
and among them to include the High Yield Fund as an investment portfolio for
which UST and USTNY render investment advisory and other services; and
WHEREAS, UST and USTNY are willing to render such services to the Company
with respect to the High Yield Fund;
The parties hereto, intending to be legally bound hereby, agree that the
Agreement is amended as follows:
Exhibit A to the Agreement is hereby amended and restated as follows:
EXHIBIT A TO INVESTMENT ADVISORY AGREEMENT
SCHEDULE OF SERIES AND FEES
UNDER INVESTMENT ADVISORY AGREEMENT
Annual Fee (as percentage
of the average daily net
Series Names assets of the Series)
------------ ------------------------
Equity Fund 0.65%
Income Fund 0.65%
Total Return Bond Fund 0.65%
Value Equity Fund 0.65%
Optimum Growth Fund 0.65%
High Yield Bond Fund 0.80%
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IN WITNESS WHEREOF, intending to be legally bound hereby, the parties hereto
have caused this instrument to be executed by their officers designated below as
of ___________, 2000.
EXCELSIOR INSTITUTIONAL TRUST
By:_____________________________
its:____________________________
UNITED STATES TRUST COMPANY OF
NEW YORK
By:_____________________________
its:____________________________
U.S. TRUST COMPANY
By:_____________________________
its:____________________________
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