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COMMAND MONEY FUND
COMMAND TAX-FREE FUND
COMMAND GOVERNMENT FUND
Supplement dated January 10, 1997 to
Statement of Additional Information dated August 28, 1996
In December 1996, shareholders voted for the proposals summarized below.
Investments in Securities of Other Investment Companies
COMMAND Tax-Free Fund. Shareholders voted to modify fundamental restriction 10,
regarding investments in securities of other investment companies, to read as
follows:
The Tax-Free Fund may not:
--Invest in securities of other investment companies, except by purchases in
the open market involving only customary brokerage commissions and as a result
of which not more than 10% of its total assets (determined at the time of
investment) would be invested in such securities, or except as part of a merger,
consolidation, or other acquisition.
Generally, the Fund does not intend to invest more than 5% of its total
assets in such securities. To the extent that the Fund does invest in securities
of other investment companies, shareholders of the Fund may be subject to
duplicate management and advisory fees.
Investments in Unseasoned Issuers
COMMAND Money Fund. Investment restriction 12 regarding the purchase of
securities issued by unseasoned issuers (that is, issuers in business for
less than three years) is no longer fundamental and may, therefore, be
modified or eliminated in the future by the Board of Directors without
shareholder approval.
Investments in Warrants, Puts, Calls, Straddles, Spreads and Combinations
Thereof
COMMAND Government Fund and COMMAND Money Fund. Shareholders voted to delete
investment restriction 8 of COMMAND Government Fund and investment restriction 9
of COMMAND Money Fund, each relating to the purchase of warrants and the
purchase and sale of puts, calls, straddles, spreads and combinations thereof.
Notwithstanding such deletions, the Funds will continue to purchase securities
and engage in transactions as permitted by Rule 2a-7 under the Investment
Company Act.
MF970C-1
