PRICE T ROWE TAX EXEMPT MONEY FUND INC
497K3B, 2000-05-18
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<PAGE>


 T. ROWE PRICE
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Prime Reserve Fund--PLUS Class
Tax-Exempt Money Fund--PLUS Class

 Supplement to profile dated April 15, 2000.
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 Effective May 17, 2000, the current Section 5 of the Profile, "How has each
 fund performed in the past?" will be replaced with the following:

 The bar charts showing calendar year returns and the average annual total
 return table indicate risk by illustrating how much returns can differ from one
 year to the next and over time. Fund past performance is no guarantee of future
 returns.

 The PLUS classes can also experience short-term performance swings, as shown by
 the best and worst calendar quarter returns during the years depicted in the
 charts.

<TABLE>
<CAPTION>
                               Calendar Year Total Returns
                                           "99"
 ----------------------------------------------------------------------
 <S>                     <C>                                      <S>
  Prime Reserve PLUS                      4.54
  Tax-Exempt Money PLUS                   2.65
 ----------------------------------------------------------------------
</TABLE>


 Prime Reserve PLUS       Quarter ended Total return

 Best quarter   12/31/99  1.27%

 Worst quarter  3/31/99   1.02%



 Tax-Exempt Money PLUS    Quarter ended Total return

 Best quarter   12/31/99  0.77%

 Worst quarter  3/31/99   0.51%






<TABLE>
Average Annual Total Returns
<CAPTION>
                                           Periods ended March 31, 2000
                                     1 year   Since inception   Inception date
 ------------------------------------
 <S>                                 <C>      <C>              <S>
  Prime Reserve PLUS                  4.84%        4.71%           11/1/98
  Lipper Money Market Funds Average   4.72         4.62*

  Tax-Exempt Money PLUS               2.88%        2.71%           11/1/98
  Lipper Tax-Exempt Money Market
  Funds Average                       2.83         2.73*
  Lipper Tax-Exempt Money Market      2.98         2.88*
  Fund Index
 ------------------------------------------------------------------------------
</TABLE>


              These figures include changes in principal value, reinvested
dividends, and capital gain distributions, if any.

              *Since 10/31/98
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 The date of the above supplement is May 17, 2000.
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