FIRST INVESTORS CASH MANAGEMENT FUND, INC
               FIRST INVESTORS TAX-EXEMPT MONEY MARKET FUND, INC.
                          Supplement dated May 22, 1998
                       to Prospectus dated April 30, 1998


The following  sentence  replaces the last two  sentences of the last  paragraph
under "Dividends" on page 21:

Any subsequent  dividend will be reinvested in additional  shares until the Fund
receives new instructions.


FIMMA598
<PAGE>
                    FIRST INVESTORS CASH MANAGEMENT FUND, INC
               FIRST INVESTORS TAX-EXEMPT MONEY MARKET FUND, INC.
                          Supplement dated May 22, 1998
                       to Prospectus dated April 30, 1998



The following  sentence  replaces the last two  sentences of the last  paragraph
under "Dividends" on page 21:

Any subsequent  dividend will be reinvested in additional  shares until the Fund
receives new instructions.


FIMMB598



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