USAA USAA TAX EXEMPT FUND, INC.
EAGLE LONG TERM FUND
LOGO TAX EXEMPT MONEY MARKET FUND
SUPPLEMENT DATED NOVEMBER 1, 1999
TO THE PROSPECTUS
DATED AUGUST 1, 1999
AS A RESULT OF TWO RETIREMENTS THAT REQUIRED A REORGANIZATION OF OUR FIXED
INCOME INVESTMENTS AREA, PAGE 19 OF THE PROSPECTUS UNDER THE HEADING "PORTFOLIO
MANAGERS" IS AMENDED TO REFLECT THE FOLLOWING CHANGES EFFECTIVE NOVEMBER 1,
1999.
Portfolio Managers
LONG TERM FUND
ROBERT R. PARISEAU, Assistant Vice President of Fixed Income Investments,
assumes portfolio management responsibilities of the Long Term Fund replacing
Kenneth E. Willmann.
Mr. Pariseau has 15 years investment management experience working for us. He
earned the Chartered Financial Analyst designation in 1987 and is a member of
the Association for Investment Management and Research, the San Antonio
Financial Analysts Society, Inc., and the National Federation of Municipal
Analysts. He holds an MBA from Lindenwood College and a BS from the U.S. Naval
Academy.
TAX EXEMPT MONEY MARKET FUND
MARK C. CLAYTON, Assistant Vice President of Money Market Funds, assumes
portfolio management responsibilities of the Tax Exempt Money Market Fund
replacing Thomas G. Ramos.
Mr. Clayton has eight years investment management experience and has worked for
us for two years. Prior to joining us, Mr. Clayton worked for Boatmen's Trust
from October 1992 to January 1997. He has earned the Chartered Financial
Analyst designation in 1997 and is a member of the Association for Investment
Management and Research, the San Antonio Financial Analysts Society, Inc., and
the National Federation of Municipal Analysts. He holds an MPA from New York
University and a BA from the University of Wisconsin, Madison.
35162-1199
<PAGE>
USAA USAA TAX EXEMPT FUND, INC.
EAGLE NEW YORK BOND FUND
LOGO NEW YORK MONEY MARKET FUND
SUPPLEMENT DATED NOVEMBER 1, 1999
TO THE PROSPECTUS
DATED AUGUST 1, 1999
AS A RESULT OF TWO RETIREMENTS THAT REQUIRED A REORGANIZATION OF OUR FIXED
INCOME INVESTMENTS AREA, PAGES 18 AND 19 OF THE PROSPECTUS UNDER THE HEADING
"PORTFOLIO MANAGERS" IS AMENDED TO REFLECT THE FOLLOWING CHANGES IN EFFECTIVE
NOVEMBER 1, 1999.
Portfolio Managers
NEW YORK BOND FUND
CLIFFORD A. GLADSON, Vice President of Fixed Income Investments, assumes
portfolio management responsibilities of the New York Bond Fund replacing
Kenneth E. Willmann.
Mr. Gladson has 12 years investment management experience and has worked for us
for nine years. He earned the Chartered Financial Analyst designation in 1990
and is a member of the Association for Investment Management and Research, the
San Antonio Financial Analysts Society, Inc., and the National Federation of
Municipal Analysts. He holds an MS from the University of Wisconsin, Milwaukee
and a BS from Marquette University.
NEW YORK MONEY MARKET FUND
REGINA G. SHAFER, Assistant Vice President of Money Market Funds, assumes
portfolio management responsibilities of the New York Money Market Fund
replacing Thomas G. Ramos.
Ms. Shafer has four years investment management experience and has worked for
us for eight years. She is a Certified Public Accountant and earned the
Chartered Financial Analyst designation in 1998. She is a member of the
Association for Investment Management and Research and the San Antonio
Financial Analysts Society, Inc. She holds an MBA from the University of Texas
at San Antonio and a BBA from Southwest Texas State University.
35163-1199
