FIRST INVESTORS CASH MANAGEMENT FUND, INC.
               FIRST INVESTORS TAX-EXEMPT MONEY MARKET FUND, INC.

                 SUPPLEMENT TO PROSPECTUS DATED APRIL 30, 1997,
                             AS AMENDED MAY 7, 1997


         The third  sentence  under the first full  paragraph  of "How To Redeem
Shares" should read as follows:

         "Shares may be redeemed by mail or telephone."


FIMMB597                                                            May 12, 1997



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