The Law Firm of Schiffrin & Barroway, LLP Announces that Excelsior Mutual Fund Investors have Twenty Days Remaining to File Lead Plaintiff Motion -- UMCAX, UMLCX, UMEIX, UMBTX

Radnor, Pennsylvania, UNITED STATES

BALA CYNWYD, Pa., Jan. 5, 2004 (PRIMEZONE) -- Excelsior Mutual Fund investors have twenty (20) days to move for lead plaintiff in a securities fraud class action recently brought against The Charles Schwab Corporation (NYSE:SCH), Charles Schwab & Co., Inc., U.S. Trust Corporation, and the Excelsior Mutual Funds. If you purchased any of the Excelsior Funds listed below between November 23, 1998 and November 14, 2003, inclusive (the "Class Period") and you wish to be a lead plaintiff in the case, you must move to serve as lead plaintiff by filing a motion in the United States District Court for the Northern District of California by January 20, 2003.

The following Excelsior Funds are subject to this suit:

 Excelsior California Tax Exempt Income Fund (NASDAQ: UMCAX)

 Excelsior Early Life Cycle Fund (NASDAQ: UMLCX)

 Excelsior Funds Equity Income Fund (NASDAQ: UMEIX)

 Excelsior Funds Inc. Biotechnology Fund (NASDAQ: UMBTX)

 Excelsior Funds Inc. Blended Equity Fund (NASDAQ: UMEQX )

 Excelsior Funds Inc. Emerging Markets Fund (NASDAQ: UMEMX)

 Excelsior Funds Inc. Energy & Natural Resource Fund (NASDAQ: UMESX)

 Excelsior Funds Inc. High Yield Fund (NASDAQ:EXHYX ) (NASDAQ: UMHYX)

 Excelsior Funds Inc. Large Capital Growth Fund (NASDAQ: UMLGX)

 Excelsior Funds Inc. Real Estate Fund (NASDAQ: UMREX)

 Excelsior Funds Inc. Value & Restructuring Fund (NASDAQ: EXBIX)

 Excelsior Funds Mid Cap Value Shares Fund (NASDAQ: EXVAX) (NASDAQ:
 UMVEX) Excelsior Government Money Fund (NASDAQ: UTGXX)

 Excelsior Institutional Equity Fund (NASDAQ: EXEQX)

 Excelsior Institutional Funds International Equity Fund (NASDAQ:

 Excelsior Institutional Money Fund (NASDAQ: EXINX) (NASDAQ: EXIXX)

 Excelsior Institutional Total Return Fund (NASDAQ: EXTBX)

 Excelsior Intermediate-Term Managed Income Fund (NASDAQ: UIMIX)

 Excelsior Intermediate-Term Tax-Exempt Fund (NASDAQ: UMITX)

 Excelsior International Fund (NASDAQ: UMINX)

 Excelsior Long Term Tax Exempt Fund (NASDAQ: UMLTX)

 Excelsior Managed Income Fund (NASDAQ: UMMGX)

 Excelsior Money Fund (NASDAQ UTMXX)

 Excelsior Optimum Growth Fund (NASDAQ: EXOAX) (NASDAQ: UMGRX)

 Excelsior Pacific/Asia Fund (NASDAQ: USPAX)

 Excelsior Pan European Fund (NASDAQ: UMPNX)

 Excelsior Short Term Government Securities Fund (NASDAQ: UMGVX)

 Excelsior Short-Term Tax-Exempt Securities Fund (NASDAQ: USSSX)

 Excelsior Tax Exempt Fund (NASDAQ: USSXX)

 Excelsior Tax Exempt Funds Inc. New York Intermediate Term Tax Exempt

 Excelsior Treasury Money Fund (NASDAQ: UTTXX)

The complaint charges The Charles Schwab Corporation, Charles Schwab & Co., Inc. (collectively "Charles Schwab"), U.S. Trust Corporation, United States Trust Company of New York, Excelsior Funds, Inc. (collectively "U.S. Trust"), Excelsior Funds Trust, the Excelsior Mutual Funds, and Doe Defendants with violations of the Securities Act of 1933 (the "Securities Act"), the Securities Exchange Act of 1934 (the "Exchange Act"), the Investment Company Act of 1940 (the "Investment Company Act"), and for common law breach of fiduciary duties. The Complaint alleges that during the Class Period Charles Schwab and U.S. Trust Corporation allowed the Doe defendants and others to engage in illegal and improper trading practices, in concert with certain institutional traders, which caused financial injury to the shareholders of the Excelsior Mutual Funds. According to the Complaint, the Defendants surreptitiously permitted certain favored investors to illegally engage in "timing" of the Excelsior Mutual Funds whereby these favored investors were permitted to conduct short-term, "in and out" trading of mutual fund shares, despite explicit restrictions on such activity in the Excelsior Mutual Funds' prospectuses.

Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin & Barroway, which prosecutes class actions in both state and federal courts throughout the country. Schiffrin & Barroway is a driving force behind corporate governance reform, and has recovered in excess of a billion dollars on behalf of institutional and high net worth individual investors. For more information about Schiffrin & Barroway, or to sign up to participate in this action online, please visit

If you are a member of the class described above, you may, not later than January 20, 2004, move the Court to serve as lead plaintiff of the class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements. You may retain Schiffrin & Barroway, or other counsel of your choice, to serve as your counsel in this action.

More information on this and other class actions can be found on the Class Action Newsline at


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