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EXCELSIOR FUNDS, INC.
MONEY, GOVERNMENT MONEY AND TREASURY MONEY FUNDS
EXCELSIOR TAX-EXEMPT FUNDS, INC.
TAX-EXEMPT MONEY FUND
SUPPLEMENT TO PROSPECTUS DATED AUGUST 1, 1996
Paragraph Number 1 under the section entitled "Investment Limitations" has
been revised to read as follows:
No Fund may purchase securities of any one issuer if immediately after such
purchase more than 5% of the value of its total assets would be invested in
the securities of such issuer, provided that up to 25% of the value of each
Fund's total assets may be invested without regard to this 5% limitation;
notwithstanding the foregoing restriction, each Fund may invest without
regard to the 5% limitation in Government Securities (as defined in the
1940 Act) and as otherwise permitted in accordance with Rule 2a-7 under the
1940 Act or any successor rule.
The date of this Supplement is December 23, 1996.
