N-Q 1 tem.htm NQ~T. ROWE PRICE TAX-EXEMPT MONEY FUND T. Rowe Price Tax-Exempt Money Fund d
Item 1. Schedule of Investments     
 
T. ROWE PRICE TAX-EXEMPT MONEY FUND     
Unaudited  November 30, 2005 
PORTFOLIO OF INVESTMENTS (1) 
$ Par 
Value 
(Amounts in 000s)     

ALABAMA 0.5%     
Alabama, GO, 3.00%, 2/1/06  2,690  2,691 
Tuscaloosa County Board of Ed., VRDN (Currently 3.06%)  3,810  3,810 
Total Alabama (Cost $6,501)    6,501 
 
ALASKA 0.6%     
Valdez Marine, BP Pipelines, VRDN (Currently 3.00%)  7,005  7,005 
Total Alaska (Cost $7,005)    7,005 
 
ARIZONA 2.2%     
Arizona Tourism and Sports Auth.     
             VRDN (Currently 2.99%) (AMBAC Insured)  10,000  10,000 
Maricopa County IDA, Gran Victoria Housing     
             VRDN (Currently 3.05%)  16,510  16,510 
Total Arizona (Cost $26,510)    26,510 
 
ARKANSAS 0.6%     
Arkansas Hosp. Equipment Fin. Auth., Baptist Health, Little Rock     
             VRDN (Currently 3.09%) (MBIA Insured)  7,600  7,600 
Total Arkansas (Cost $7,600)    7,600 
 
CALIFORNIA 3.1%     
California, GO     
             VRDN (Currently 3.06%) (AMBAC Insured)  2,995  2,995 
             VRDN (Currently 3.10%) (Tender 1/18/06)  7,000  7,000 
California Dept. of Water Resources     
Power Supply 
   
             VRDN (Currently 3.17%) (Tender 2/16/06) (FSA Insured)  6,000  6,000 
             VRDN (Currently 3.18%) (Tender 2/02/06) (FSA Insured)  7,000  7,000 
             VRDN (Currently 3.20%) (Tender 1/12/06)  8,000  8,000 
California Infrastructure & Economic Dev. Bank     
Salvation Army West, TECP, 2.85%, 5/3/06  6,400  6,400 
Total California (Cost $37,395)    37,395 
 
COLORADO 2.4%     
Colorado HFA     
Sisters of Charity of Leavenworth 
   
                     VRDN (Currently 2.98%)  4,800  4,800 
                     VRDN (Currently 2.98%)  2,090  2,090 
Colorado Housing Fin. Auth., Single Family, 2.75%, 7/5/06  16,910  16,910 
Denver City & County, Wellington E. Web     
             VRDN (Currently 2.99%) (AMBAC Insured)  3,000  3,000 
Denver City & County IDRB, W.W. Grainger     
             VRDN (Currently 3.10%)  2,190  2,190 
Total Colorado (Cost $28,990)    28,990 
 
DELAWARE 1.7%     
Delaware HFA, Beebe Medical Center     
             VRDN (Currently 3.06%)  20,000  20,000 
Total Delaware (Cost $20,000)    20,000 
 
DISTRICT OF COLUMBIA 0.6%     
District of Columbia, Maret School     
             VRDN (Currently 3.00%)  6,650  6,650 
Total District of Columbia (Cost $6,650)    6,650 
 
FLORIDA 1.9%     
Florida Board of Ed., GO, VRDN (Currently 3.07%)     
             (FGIC Insured)  3,400  3,400 
Florida DOT, Turnpike, VRDN (Currently 3.07%)     
             (FSA Insured)  5,000  5,000 
Highlands County HFA, Adventist Health / Sunbelt     
             VRDN (Currently 3.05%)  1,090  1,090 
Jacksonville HFA, Mayo Foundation, TECP, 2.65%, 12/20/05  11,000  11,000 
Santa Rosa County HFA, Baptist Health Care, Pensacola     
             VRDN (Currently 3.05%)  725  725 
Tampa Bay Water, VRDN (Currently 3.07%) (FGIC Insured)  2,000  2,000 
Total Florida (Cost $23,215)    23,215 
 
GEORGIA 0.6%     
Atlanta Airport Fac., 6.50%, 1/1/06 (AMBAC Insured)  2,000  2,006 
Georgia, GO     
             VRDN (Currently 3.07%)  3,700  3,700 
             VRDN (Currently 3.07%)  1,000  1,000 
Total Georgia (Cost $6,706)    6,706 
 
ILLINOIS 8.3%     
Chicago, GO     
             VRDN (Currently 3.06%) (MBIA Insured)  21,155  21,155 
             VRDN (Currently 3.07%) (FSA Insured)  5,000  5,000 
Chicago Board of Ed., GO, VRDN (Currently 3.04%)     
             (FSA Insured)  4,000  4,000 
Chicago Wastewater, VRDN (Currently 3.06%) (MBIA Insured)  3,080  3,080 
Illinois, GO     
             VRDN (Currently 3.07%) (AMBAC Insured)  2,000  2,000 
             RAN, 4.50%, 4/28/06  5,000  5,027 
Illinois Dev. Fin. Auth.     
             Palos Community Hosp.     
                     VRDN (Currently 3.09%)  4,500  4,500 
                     VRDN (Currently 3.09%)  2,000  2,000 
                     VRDN (Currently 3.09%)  8,100  8,100 
Illinois HFA     
             Friendship Village of Schaumburg     
             VRDN (Currently 3.05%)  9,500  9,500 
             Little Company of Mary Hosp.     
             VRDN (Currently 3.09%)  4,500  4,500 
             Villa Saint Benedict, VRDN (Currently 3.13%)  5,600  5,600 
Illinois State Unemployment Insurance Fund     
5.00%, 12/15/05  12,500  12,512 
Metropolitan Pier & Exposition Auth.     
             VRDN (Currently 3.07%) (MBIA Insured)  1,500  1,500 
Metropolitan Water Reclamation Dist., GO, 5.00%, 12/1/05  1,000  1,000 
Regional Transportation Auth., VRDN (Currently 3.00%)  10,000  10,000 
Total Illinois (Cost $99,474)    99,474 
 
INDIANA 1.3%     
Hammond, BP, VRDN (Currently 3.00%)  1,760  1,760 
Indiana HFFA     
             Ascension Health    
                     2.72%, 11/15/36 (Tender 6/1/06)  2,500  2,500 
                     2.74%, 11/15/36 (Tender 7/3/06)  1,000  1,000 
             Deaconess Hosp., VRDN (Currently 3.04%)  10,000  10,000 
Total Indiana (Cost $15,260)    15,260 
 
IOWA 0.2%     
Iowa, TRAN, 4.50%, 6/30/06  2,000  2,014 
Total Iowa (Cost $2,014)    2,014 
 
KANSAS 2.4%     
Kansas Dev. Fin. Auth., Multi-Family, VRDN (Currently 3.07%)  11,000  11,000 
Wichita, GO, 3.75%, 2/9/06  10,000  10,013 
Wyandotte County / Kansas City, GO, Unified Gov't     
                     3.00%, 4/1/06  3,300  3,300 
                     3.25%, 11/1/06  4,700  4,700 
Total Kansas (Cost $29,013)    29,013 
 
KENTUCKY 1.1%     
Breckinridge County, Kentucky Assoc. of Counties Leasing Trust     
             VRDN (Currently 2.98%)  3,300  3,300 
Kentucky Asset / Liability Commission, GO, TECP     
                     3.15%, 10/11/06  10,000  10,000 
Total Kentucky (Cost $13,300)    13,300 
 
LOUISIANA 1.4%     
Lake Charles Harbor & Terminal Dist., Conoco     
             VRDN (Currently 3.00%)  9,340  9,340 
New Orleans Aviation Board, VRDN (Currently 3.05%)     
             (MBIA Insured)  1,345  1,345 
Plaquemines Port, Harbor & Terminal, Chevron Corp.     
             VRDN (Currently 3.00%) (Tender 9/1/06)  5,500  5,500 
Total Louisiana (Cost $16,185)    16,185 
 
MARYLAND 15.4%     
Baltimore County, Quail Ridge Apartments     
             VRDN (Currently 3.04%)  5,000  5,000 
Baltimore County Economic Dev., Garrison Forest School     
             VRDN (Currently 3.00%)  3,550  3,550 
Carroll County     
             Fairhaven Retirement Community     
                     VRDN (Currently 3.05%)  1,500  1,500 
                     VRDN (Currently 3.07%)  5,000  5,000 
Frederick County EFA, Mount. St. Mary's College     
             VRDN (Currently 3.09%)  3,420  3,420 
Gaithersburg     
             Asbury Solomons Group     
                     VRDN (Currently 3.05%) (MBIA Insured)  8,995  8,995 
                     VRDN (Currently 3.07%)  10,500  10,500 
Howard County, Sherwood Crossing Apartments     
             VRDN (Currently 3.04%)  11,610  11,610 
Maryland CDA, Residential, 3.12%, 11/24/06  7,000  7,000 
Maryland Economic Dev. Corp.     
             American Urological Ed., VRDN (Currently 3.00%)  2,885  2,885 
             Associated Catholic Charities, VRDN (Currently 3.04%)  3,700  3,700 
             Providence Center, VRDN (Currently 3.06%)  2,000  2,000 
Maryland HHEFA     
             Adventist Healthcare, VRDN (Currently 3.07%)  2,420  2,420 
             Beth Tfiloh Dahan Community School     
             VRDN (Currently 3.00%)  7,000  7,000 
             Bryn Mawr School for Girls, VRDN (Currently 3.00%)  4,500  4,500 
             Friends School of Baltimore, VRDN (Currently 3.00%)  2,500  2,500 
             Ginger Cove Life Care, VRDN (Currently 3.07%)  5,515  5,515 
             Johns Hopkins Hosp., TECP, 2.78%, 12/8/05  4,000  4,000 
             Johns Hopkins Univ., TECP, 3.19%, 2/8/06  8,500  8,500 
             Mercy Ridge, VRDN (Currently 3.07%)  8,475  8,475 
             Norwood School, VRDN (Currently 2.95%)  2,195  2,195 
             Stella Maris Operating Corp., VRDN (Currently 3.00%)  5,145  5,145 
             Univ. of Maryland Medical System     
             VRDN (Currently 3.04%) (AMBAC Insured)  3,380  3,380 
Maryland Ind. Dev. Fin. Auth.     
             Calvert School, VRDN (Currently 3.00%)  1,625  1,625 
             National Aquarium in Baltimore     
             VRDN (Currently 2.99%)  2,000  2,000 
             Montgomery County Economic Dev.     
             George Meany Center for Labor Studies     
             VRDN (Currently 3.05%)  3,700  3,700 
             Georgetown Preparatory School     
             VRDN (Currently 3.05%)  12,000  12,000 
             Howard Hughes Medical Institute     
             VRDN (Currently 3.00%)  8,500  8,500 
             Institute for Genomic Research    
             VRDN (Currently 3.05%)  970  970 
Sandy Spring Friends School 
   
             VRDN (Currently 3.00%)  3,895  3,895 
Montgomery County Housing Opportunities Commission     
Oakwood Multi-Family, VRDN (Currently 3.00%)  18,800  18,800 
Univ. of Maryland, College Park, VRDN (Currently 3.09%)  9,285  9,285 
Washington County, LSN/TLS Obligated Group     
             VRDN (Currently 3.08%)  4,350  4,350 
Total Maryland (Cost $183,915)    183,915 
 
MASSACHUSETTS 0.5%     
Massachusetts, GO     
             VRDN (Currently 3.06%) (FSA Insured)  5,000  5,000 
                     5.00%, 12/1/05  700  700 
Total Massachusetts (Cost $5,700)    5,700 
 
MICHIGAN 4.5%     
Michigan, GO, TAN, 4.50%, 9/29/06  5,000  5,050 
Michigan Building Auth., TECP, 2.90%, 12/14/05  20,000  20,000 
Michigan Hosp. Fin. Auth., Trinity Health     
             VRDN (Currently 3.00%)  8,000  8,000 
Michigan Municipal Bond Auth., GO     
                     3.75%, 3/21/06  12,000  12,032 
                     4.25%, 8/18/06  7,600  7,664 
Univ. of Michigan, Medical Savings Plan     
             VRDN (Currently 3.01%)  990  990 
Total Michigan (Cost $53,736)    53,736 
MINNESOTA 1.0%     
Minneapolis Health Care     
Fairview Health Services 
   
             VRDN (Currently 2.97%) (AMBAC Insured)  4,000  4,000 
             VRDN (Currently 2.99%) (AMBAC Insured)  5,000  5,000 
Minnesota Housing Fin. Agency     
             Single Family, 2.90%, 5/18/06  3,500  3,500 
Total Minnesota (Cost $12,500)    12,500 
 
MISSISSIPPI 2.3%     
Harrison County, E.I. DuPont de Nemours     
             VRDN (Currently 3.01%)  3,250  3,250 
Jackson County Port Fac., Chevron Corp.     
             VRDN (Currently 2.99%)  1,700  1,700 
Mississippi Development Bank, TECP     
             3.11%, 7/28/06  6,000  6,000 
Mississippi Hosp. Equipment Fac. Auth.     
North Mississippi Health, VRDN (Currently 3.08%)  15,050  15,050 
Rankin County Ind. Dev., Siemens, VRDN (Currently 3.05%)  1,600  1,600 
Total Mississippi (Cost $27,600)    27,600 
 
NEBRASKA 1.4%     
American Public Energy Agency, VRDN (Currently 3.05%)  17,300  17,300 
Total Nebraska (Cost $17,300)    17,300 
 
NEW JERSEY 1.0%     
New Jersey, GO, TRAN, 4.00%, 6/23/06  12,000  12,075 
Total New Jersey (Cost $12,075)    12,075 
 
NEW YORK 1.4%     
New York City Municipal Water Fin. Auth.     
             VRDN (Currently 3.08%) (AMBAC Insured)  7,435  7,435 
New York City Transitional Fin. Auth.     
             VRDN (Currently 3.06%)  5,000  5,000 
New York State Power Auth.     
             VRDN (Currently 2.80%) (Tender 3/1/06)  4,170  4,170 
Total New York (Cost $16,605)    16,605 
 
NORTH CAROLINA 5.8%     
Charlotte, TECP, Water & Sewer, 3.00%, 2/7/06  11,900  11,900 
Charlotte, GO, TECP, Water & Sewer     
                     2.75%, 4/6/06  6,000  6,000 
                     2.90%, 4/26/06  4,900  4,900 
Charlotte, Water & Sewer, VRDN (Currently 3.03%)  1,895  1,895 
Guilford County, GO, VRDN (Currently 3.05%)  29,580  29,580 
North Carolina, GO     
             VRDN (Currently 3.06%) 
3,995  3,995 
             VRDN (Currently 3.07%) 
2,435  2,435 
North Carolina Medical Care Commission, Deerfield Episcopal     
Retirement Community, VRDN (Currently 3.08%)  4,000  4,000 
North Carolina Municipal Power Agency #1     
             VRDN (Currently 3.08%) (MBIA Insured)  2,165  2,165 
Winston-Salem, GO, VRDN (Currently 3.15%)  2,750  2,750 
Total North Carolina (Cost $69,620)    69,620 
 
OHIO 3.7%     
Akron, Bath & Copley Township Hosp., Summa Health Obligation Group,     
             VRDN (Currently 3.08%)  6,190  6,190 
Cuyahoga County Hosp., Metrohealth, VRDN (Currently 3.09%)  10,000  10,000 
Franklin County Hosp., Children's Hosp.     
             VRDN (Currently 3.05%) (AMBAC Insured)  5,540  5,540 
Ohio, GO, VRDN (Currently 3.06%)  2,495  2,495 
Ohio State Univ., VRDN (Currently 2.97%)  12,000  12,000 
Ohio Turnpike, VRDN (Currently 3.08%) (FGIC Insured)  7,495  7,495 
Total Ohio (Cost $43,720)    43,720 
 
OREGON 1.2%     
Oregon, GO, TAN, 4.50%, 11/27/06  14,000  14,192 
Total Oregon (Cost $14,192)    14,192 
 
PENNSYLVANIA 1.6%     
Allegheny County Hosp. Dev. Auth., Univ. of Pittsburgh Medical Center,     
             VRDN (Currently 3.16%)  10,000  10,000 
Geisinger Auth., Geisinger Health, VRDN (Currently 3.04%)  9,400  9,400 
Total Pennsylvania (Cost $19,400)    19,400 
 
RHODE ISLAND 1.3%     
Rhode Island Health & Ed. Building Corp., Brown Univ.     
             VRDN (Currently 3.07%)  15,300  15,300 
Total Rhode Island (Cost $15,300)    15,300 
 
SOUTH CAROLINA 2.9%     
Charleston Water & Sewer, VRDN (Currently 3.07%)  16,000  16,000 
Lexington & Richland Countys School Dist., GO     
             3.00%, 3/1/06  10,000  10,007 
South Carolina, GO, VRDN (Currently 3.08%)  5,000  5,000 
South Carolina EFA, Charleston Southern Univ.     
             VRDN (Currently 3.05%)  3,200  3,200 
Total South Carolina (Cost $34,207)    34,207 
 
SOUTH DAKOTA 2.2%     
South Dakota HEFA     
             Avera Health, VRDN (Currently 3.09%) (MBIA Insured)  6,450  6,450 
             Sioux Valley Hosp., VRDN (Currently 3.09%)  19,660  19,660 
Total South Dakota (Cost $26,110)    26,110 
 
TENNESSEE 2.5%     
Clarksville Public Building Auth., GO, VRDN (Currently 3.00%)  2,820  2,820 
Metropolitan Nashville & Davidson County     
Belmont University, VRDN (Currently 2.99%)  5,000  5,000 
Metropolitan Nashville & Davidson County, GO     
             VRDN (Currently 3.08%) (FGIC Insured)  9,665  9,665 
Richland County School Dist. No. 001, GO, 4.00%, 3/1/06  3,000  3,008 
Shelby County, GO, 2.80%, 12/6/05  10,000  10,000 
Total Tennessee (Cost $30,493)    30,493 
 
TEXAS 11.9%     
Arlington, Dallas Cowboys, VRDN (Currently 3.08%)     
             (MBIA Insured)  26,000  26,000 
Dallas, GO, 4.00%, 2/15/06  1,000  1,003 
Dallas Community College Dist., VRDN (Currently 3.00%)  2,600  2,600 
Dallas Independent School Dist., VRDN (Currently 3.07%)  3,000  3,000 
Harris County, GO, TECP     
             2.80%, 12/6/05  6,950  6,950 
             2.80%, 12/12/05  4,470  4,470 
             3.06%, 12/12/06  1,910  1,910 
             3.10%, 2/8/06  16,070  16,070 
Harris County Health Fac. Dev. Corp.     
             St. Lukes Episcopal Health, VRDN (Currently 3.08%)     
             (FGIC Insured)  9,820  9,820 
             Texas Childrens Hosp., VRDN (Currently 3.00%)     
             (MBIA Insured)  1,900  1,900 
Houston Airport, VRDN (Currently 3.07%) (FSA Insured)  2,995  2,995 
Houston Independent School Dist., GO     
             VRDN (Currently 3.07%) (FSA Insured)  1,670  1,670 
North Central Texas Health Fac. Dev. Corp.     
Methodist Hosp. of Dallas, TECP, 2.92%, 2/6/06 (AMBAC Insured)  23,700  23,700 
Northside Independent School Dist., GO, 2.85%, 6/15/35     
             (Tender 6/15/06)  13,000  13,000 
San Antonio Electric &Gas, TECP, 2.80%, 1/19/06  7,400  7,396 
Texas, GO, TRAN, 4.50%, 8/31/06  15,150  15,315 
Univ. of Texas, Board of Regents, VRDN (Currently 3.07%)  4,500  4,500 
Total Texas (Cost $142,299)    142,299 

UTAH 4.5%     
Intermountain Power Agency     
             VRDN (Currently 3.08%) (MBIA Insured)  5,000  5,000 
             TECP, 2.75%, 12/6/05  14,700  14,700 
Murray City     
IHC Health Services 
   
             VRDN (Currently 3.04%)  29,700  29,700 
             VRDN (Currently 3.08%)  5,000  5,000 
Total Utah (Cost $54,400)    54,400 
 
VERMONT 0.7%     
Vermont Ed. & Health Buildings Fin. Agency, Middlebury College     
             VRDN (Currently 3.16%) 11/1/32 (Tender 11/1/06)  8,050  8,050 
Total Vermont (Cost $8,050)    8,050 
 
VIRGINIA 3.4%     
Alexandria IDA, Institute for Defense Analyses     
             VRDN (Currently 3.07%) (AMBAC Insured)  7,000  7,000 
Capital Region Airport Commission, VRDN (Currently 3.05%)  5,000  5,000 
Richmond IDA, Virginia Historical Society     
             VRDN (Currently 3.05%)  6,580  6,580 
Virginia College Building Auth., Public Higher Ed.     
             4.00%, 9/1/06  1,000  1,007 
Virginia Housing Dev. Auth., Single Family     
             3.05%, 10/1/15 (Tender 7/5/06)  16,470  16,470 
Virginia Public Building Auth., 4.50%, 8/1/06  4,200  4,238 
Total Virginia (Cost $40,295)    40,295 
 
WASHINGTON 1.9%     
Energy Northwest     
             VRDN (Currently 3.00%)  4,700  4,700 
             VRDN (Currently 3.07%)  6,535  6,535 
             VRDN (Currently 3.07%) (MBIA Insured)  7,490  7,490 
Municipality of Metropolitan Seattle, GO     
             VRDN (Currently 3.10%) (Tender 8/30/06)  3,225  3,225 
Port of Seattle, VRDN (Currently 3.07%) (MBIA Insured)  1,000  1,000 
Total Washington (Cost $22,950)    22,950 
 
WEST VIRGINIA 0.8%     
Marshall County West Virginia, PCR, Ohio Power     
             VRDN (Currently 2.99%)  9,900  9,900 
Total West Virginia (Cost $9,900)    9,900 
 
Total Investments in Securities     
100.8% of Net Assets (Cost $1,206,185) 
$ 1,206,185 

(1)  Denominated in U.S. dollars unless otherwise noted 
AMBAC  AMBAC Assurance Corp. 
CDA  Community Development Administration/Authority 
DOT  Department of Transportation 
EFA  Educational Facility Authority 
FGIC  Financial Guaranty Insurance Company 
FSA  Financial Security Assurance Inc. 
GO  General Obligation 
HEFA  Health & Educational Facility Authority 
HFA  Health Facility Authority 
HFFA  Health Facility Financing Authority 
HHEFA  Health & Higher Educational Facility Authority 
IDA  Industrial Development Authority/Agency 
IDRB  Industrial Development Revenue Bond 
MBIA  MBIA Insurance Corp. 
PCR  Pollution Control Revenue 
RAN  Revenue Anticipation Note 
TAN  Tax Anticipation Note 
TECP  Tax-Exempt Commercial Paper 
TRAN  Tax Revenue Anticipation Note 
VRDN  Variable-Rate Demand Note; rate shown is effective rate at period-end
   

The accompanying notes are an integral part of this Portfolio of Investments.








T. ROWE PRICE TAX-EXEMPT MONEY FUND     
Unaudited  November 30, 2005 
NOTES TO PORTFOLIO OF INVESTMENTS
 
 
   

NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES

T. Rowe Price Tax-Exempt Money Fund, Inc. (the fund) is registered under the Investment Company Act of 1940 (the 1940 Act) as a diversified, open-end management investment company. The fund seeks to provide preservation of capital, liquidity, and, consistent with these objectives, the highest current income exempt from federal income taxes.

The accompanying portfolio of investments was prepared in accordance with accounting principles generally accepted in the United States of America, which require the use of estimates made by fund management. Fund management believes that estimates and security valuations are appropriate; however actual results may differ from those estimates, and the security valuations reflected in the portfolio of investments may differ from the value the fund receives upon sale of the securities.

Valuation

Securities are valued at amortized cost. Assets and liabilities for which such valuation procedures are deemed not to reflect fair value are stated at fair value as determined in good faith by the T. Rowe Price Valuation Committee, established by the fund’s Board of Directors.

Investment Transactions

Investment transactions are accounted for on the trade date.

NOTE 2 - FEDERAL INCOME TAXES

At November 30, 2005, the cost of investments for federal income tax purposes was $1,206,185,000.









Item 2. Controls and Procedures.

(a) The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-Q was recorded, processed, summarized, and reported timely.

(b) The registrant’s principal executive officer and principal financial officer are aware of no change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

Separate certifications by the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.









SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and 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.

T. Rowe Price Tax-Exempt Money Fund, Inc.
 
 
By /s/ James S. Riepe
  James S. Riepe
Principal Executive Officer
Date January 24, 2006

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By /s/ James S. Riepe
  James S. Riepe
  Principal Executive Officer
 
Date January 24, 2006
 
 
 
By /s/ Joseph A. Carrier
                          Joseph A. Carrier
  Principal Financial Officer
 
Date January 24, 2006