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EXCELSIOR FUNDS, INC.
EXCELSIOR TAX-EXEMPT FUNDS, INC.
(the "Companies")
MONEY FUND
GOVERNMENT MONEY FUND
TREASURY MONEY FUND
TAX-EXEMPT MONEY FUND
NEW YORK TAX-EXEMPT MONEY FUND
(the "Funds")
Supplement dated June 2, 2000
to Prospectus dated August 1, 1999
On May 31, 2000 (the "Merger Date"), The Charles Schwab Corporation
("Schwab") and U.S. Trust Corporation ("UST") completed their previously
announced merger (the "Merger"). As a result of the Merger, UST is a wholly-
owned subsidiary of Schwab.
In connection with the Merger, the Companies' shareholders approved new
investment advisory agreements (the "Agreements") among the Companies, United
States Trust Company of New York and U.S. Trust Company. The Agreements are
effective as of the Merger Date.
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EXCELSIOR TAX-EXEMPT FUNDS, INC.
(the "Company")
LONG-TERM TAX-EXEMPT FUND
INTERMEDIATE-TERM TAX-EXEMPT FUND
SHORT-TERM TAX-EXEMPT SECURITIES FUND
NEW YORK INTERMEDIATE-TERM TAX-EXEMPT FUND
CALIFORNIA TAX-EXEMPT INCOME FUND
(the "Funds")
Supplement dated June 2, 2000
to Prospectus dated August 1, 1999
On May 31, 2000 (the "Merger Date"), The Charles Schwab Corporation
("Schwab") and U.S. Trust Corporation ("UST") completed their previously
announced merger (the "Merger"). As a result of the Merger, UST is a wholly-
owned subsidiary of Schwab.
In connection with the Merger, the Company's shareholders approved a new
investment advisory agreement among the Company, United States Trust Company of
New York ("U.S. Trust NY") and U.S. Trust Company and the shareholders of the
California Tax-Exempt Income Fund approved a new sub-advisory agreement among
U.S. Trust NY, U.S. Trust Company and U.S. Trust Company, N.A. (together, the
"Agreements"). The Agreements are effective as of the Merger Date.
