UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-PX

ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED
MANAGEMENT INVESTMENT COMPANY


Investment Company Act file number 811-4101

Name of Fund:  Excelsior Tax-Exempt Funds, Inc.

Fund Address:  One Freedom Valley Drive
               Oaks, Pennsylvania 19456

Name and address of agent for service:
       Michael R. Rosella, Esq.
       75 East 55th Street, New York, New York,  19456

Registrant's telephone number, including area code:  (800) 446-1012

Date of fiscal year end: 03/31/2004

Date of reporting period: 07/01/03 - 06/30/04

Item 1 - Proxy Voting Record

The information contained herein discloses the following information for each
matter relating to a portfolio security considered at any shareholder meeting
held during the period covered by the report and with respect to which the
registrant was entitled to vote:

(a) The name of the issuer of the portfolio security;

(b) The exchange ticker symbol of the portfolio security;

(c) The Council on Uniform Securities Identification Procedures ("CUSIP") number
for the portfolio security;

(d) The shareholder meeting date;

(e) A brief identification of the matter voted on;

(f) Whether the matter was proposed by the issuer or by a security holder;

(g) Whether the registrant cast its vote on the matter;

(h) How the registrant cast its vote; and

(i) Whether the registrant cast its vote for or against management.





******************************* FORM N-Px REPORT *******************************

ICA File Number: 811-4101
Reporting Period: 07/01/2003 - 06/30/2004
Excelsior Tax-Exempt Funds, Inc.

========================= CALIFORNIA TAX-EXEMPT INCOME =========================

The Fund has no proxy voting record because it did not hold any voting
securities during the applicable period.

========================= INTERMEDIATE-TERM TAX-EXEMPT =========================

The Fund has no proxy voting record because it did not hold any voting
securities during the applicable period.

============================= LONG-TERM TAX-EXEMPT =============================

The Fund has no proxy voting record because it did not hold any voting
securities during the applicable period.

========================== NEW YORK TAX-EXEMPT MONEY ===========================

The Fund has no proxy voting record because it did not hold any voting
securities during the applicable period.

==================== NEW YORK INTERMEDIATE-TERM TAX-EXEMPT =====================

The Fund has no proxy voting record because it did not hold any voting
securities during the applicable period.

======================= SHORT-TERM TAX-EXEMPT SECURITIES =======================

The Fund has no proxy voting record because it did not hold any voting
securities during the applicable period.

=============================== TAX-EXEMPT MONEY ===============================

The Fund has no proxy voting record because it did not hold any voting
securities during the applicable period.






Pursuant to the requirements of the Investment Company Act of 1940, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

Excelsior Tax-Exempt Funds, Inc.

By:   /s/ Mary Martinez
      President

Date: August 18, 2004