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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"
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<S> <C> <S>
Prime Reserve PLUS 4.54
Tax-Exempt Money PLUS 2.65
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</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
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<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
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</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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