N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number: 811-03252

COMMAND Tax-Free Fund

(Exact name of registrant as specified in charter)

Gateway Center 3 100 Mulberry Street Newark, New Jersey	07102
(Address of principal executive offices)	(Zip code)

Jonathan D. Shain

Gateway Center 3

100 Mulberry Street

Newark, New Jersey 07102

(Name and address of agent for service)

Registrant’s telephone number, including area code: 973-802-6469                                             

Date of fiscal year end: June 30, 2004                                                       

Date of reporting period: December 31, 2003                                             

Item 1—Reports to Stockholders

[SHAREHOLDER REPORT TO BE INSERTED HERE IN THE EDGAR VERSION]

SEMIANNUAL REPORT

DECEMBER 31, 2003

COMMAND MONEY FUND

COMMAND GOVERNMENT FUND

COMMAND TAX-FREE FUND

FUND TYPE

Money market

This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus.

The views expressed in this report and information about the Funds’ portfolio holdings are for the period covered by this report and are subject to change thereafter.

Your Fund’s Performance

Fund Objectives

COMMAND Money Fund and COMMAND Government Fund seek high current income, preservation of capital, and maintenance of liquidity. There can be no assurance that the Funds will achieve their respective investment objectives.

COMMAND Tax-Free Fund seeks high current income that is exempt from federal income taxes, consistent with the maintenance of liquidity and preservation of capital. There can be no assurance that the Fund will achieve its investment objective.

Fund Facts as of 12/31/03
	7-Day Current Yield		Net Asset Value (NAV)		Weighted Avg. Maturity (WAM)	Net Assets (Millions)
COMMAND Money Fund	0.51	%	$	1.00	47 Days	$	7,781
iMoneyNet, Inc. Taxable Prime Retail Avg.1	0.39	%		N/A	58 Days		N/A
COMMAND Government Fund	0.45	%	$	1.00	23 Days	$	604
iMoneyNet, Inc. Government & Agency Retail Avg.2	0.38	%		N/A	53 Days		N/A
COMMAND Tax-Free Fund	0.63	%	$	1.00	79 Days	$	1,559
iMoneyNet, Inc. Tax-Free National Retail Avg.3	0.52	%		N/A	46 Days		N/A

Note: Yields will fluctuate from time to time, and past performance is not indicative of future results. An investment in the Funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Funds.

¹ iMoneyNet, Inc. regularly reports a 7-day current yield and WAM on Tuesdays for taxable retail money funds. For purposes of this report, iMoneyNet, Inc. reported the 7-day current yield and WAM on the last Monday of the reporting period. This is the data of all funds in the iMoneyNet, Inc. Taxable Prime Retail Average category as of December 29, 2003, the closest date to the end of our reporting period.

² iMoneyNet, Inc. regularly reports a 7-day current yield and WAM on Tuesdays for taxable government money funds. For purposes of this report, iMoneyNet, Inc. reported the 7-day current yield and WAM on the last Monday of the reporting period. This is the data of all funds in the iMoneyNet, Inc. Government & Agency Retail Average category as of December 29, 2003, the closest date to the end of our reporting period.

³ iMoneyNet, Inc. reports a 7-day current yield and WAM on Mondays for tax-free money funds. This is the data of all funds in the iMoneyNet, Inc Tax-Free National Retail Average category as of December 29, 2003, the closest date to the end of our reporting period.

COMMAND Money Fund

Portfolio of Investments

as of December 31, 2003 (Unaudited)

Principal Amount (000)	Description	Value (Note 1)
Certificates of Deposit - Canadian    3.2%
	Canadian Imperial Bank of Commerce,
$200,000	1.09%, 1/8/04	$	200,000,000
	Toronto Dominion Bank,
50,000	1.25%, 3/17/04		50,000,000
			250,000,000
Certificates of Deposit - Yankee    17.2%
	American Express Centurion Bank,
60,000	1.09%, 1/26/04		60,000,000
	First Tennessee Bank
65,000	1.08%, 2/10/04		64,999,272
	HBOS Treasury Services PLC,
150,000	1.105%, 3/23/04		150,001,704
	KBC Bank NV
200,000	1.09%, 2/23/04		199,998,530
	Landesbank Hessen-Thuringren,
150,000	1.08%, 1/5/04		149,999,549
	Royal Bank Scotland PLC,
48,000	1.35%, 4/19/04		48,000,000
	Societe Generale,
150,000	1.33%, 3/31/04		150,000,000
75,000	1.16%, 4/12/04		74,998,951
	UBS AG,
75,000	1.245%, 3/17/04		74,999,218
	Wells Fargo Bank NA,
116,000	1.08%, 1/12/04		115,999,823
250,000	1.05%, 1/30/04		249,998,994
			1,338,996,041
Commercial Paper    54.7%
	Aegon Funding Corp.,
88,000	1.10%, 1/7/04		87,983,867
43,847	1.095%, 1/8/04		43,837,664
38,421	1.10%, 1/13/04		38,406,912
36,579	1.10%, 1/14/04		36,564,470
	Alianz Finance Corp.,
3,390	1.06%, 3/9/04		3,383,212
100,000	1.09%, 3/17/04		99,769,889

See Notes to Financial Statements

COMMAND FUNDS 1

COMMAND Money Fund

Portfolio of Investments

as of December 31, 2003 (Unaudited) Cont’d.

Principal Amount (000)		Description	Value (Note 1)
		Alliance & Leicester,
$	30,000	1.09%, 3/16/04	$	29,931,875
	34,000	1.09%, 3/19/04		33,919,703
		Amsterdam Funding Corp.,
	56,310	1.09%, 1/15/04		56,286,131
	25,000	1.09%, 1/16/04		24,988,646
	20,356	1.10%, 1/20/04		20,344,182
	17,675	1.09%, 1/22/04		17,663,761
	4,501	1.09%, 1/26/04		4,497,593
	50,000	1.09%, 2/12/04		49,936,417
		Bradford & Bingley PLC,
	50,000	1.09%, 2/10/04		49,939,445
		Caisse Nationale Des Caisses D’Espar,
	48,500	1.09%, 3/12/04		48,395,738
		Citigroup Global Markets Holdings,
	200,000	1.09%, 1/7/04		199,963,667
	155,000	1.085%, 3/25/04		154,607,594
		Den Norske Bank ASA,
	44,000	1.09%, 2/13/04		43,942,715
		Edison Asset Securitization LLC,
	100,000	1.09%, 2/13/04		99,869,806
	150,000	1.09%, 2/23/04		149,759,292
		Falcon Asset Securitization Corp.,
	130,000	1.09%, 1/15/04		129,944,894
	139,000	1.09%, 1/28/04		138,886,368
		GE Capital International Funding, Inc.,
	30,000	1.10%, 1/28/04		29,975,250
	65,606	1.09%, 3/19/04		65,451,060
		HBOS Treasury Services PLC,
	90,000	1.09%, 3/22/04		89,779,275
		HSH Norbank AG,
	37,154	1.10%, 1/14/04		37,139,242
		Independence Funding LLC,
	34,614	1.095%, 1/20/04		34,593,996
		Morgan Stanley,
	250,000	1.09%, 1/26/04		249,810,764
		Natexis Banques Populaires
	150,000	1.09%, 3/11/04		149,682,083
		Nationwide Building Society
	40,533	1.09%, 3/8/04		40,450,774

See Notes to Financial Statements

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Principal Amount (000)		Description	Value (Note 1)
		New Center Asset Trust,
$	42,000	1.10%, 2/25/04	$	41,929,417
		Norddeutsche Landesbank Luxembourg,
	150,000	1.09%, 1/12/04		149,950,042
	37,000	1.09%, 1/16/04		36,983,196
	150,000	1.09%, 2/17/04		149,786,541
	40,000	1.06%, 2/19/04		39,942,289
		Nordea North America, Inc.,
	220,000	1.09%, 1/13/04		219,920,067
		PB Finance Delaware, Inc.,
	100,000	1.13%, 1/12/04		99,965,472
	920	1.14%, 2/10/04		918,835
		Preferred Receivables Funding Corp.,
	43,000	1.09%, 1/26/04		42,967,451
		Prudential PLC,
	150,000	1.09%, 2/3/04		149,850,125
		San Paolo U.S. Finance Co.,
	49,500	1.09%, 3/11/04		49,395,088
		Schlumberger Technology Corp.,
	32,712	1.10%, 3/1/04		32,652,028
	61,000	1.11%, 3/1/04		60,887,150
	50,000	1.09%, 3/8/04		49,898,569
		Sheffield Receivables Corp.,
	62,640	1.11%, 1/7/04		62,628,412
	105,000	1.10%, 1/8/04		104,977,542
	114,060	1.11%, 1/8/04		114,035,383
	150,000	1.09%, 1/12/04		149,950,041
		Toronto Dominion Bank,
	70,000	1.06%, 2/13/04		69,913,433
		Tulip Funding Corp.,
	179,604	1.09%, 1/12/04		179,544,182
	12,012	1.10%, 1/20/04		12,005,026
		Westpac Capital Corp.,
	135,000	1.12%, 5/27/04		134,385,356
		Windmill Funding Corp.,
	25,000	1.09%, 1/22/04		24,984,104
	16,520	1.09%, 2/18/04		16,495,991
				4,253,672,025

See Notes to Financial Statements

COMMAND FUNDS 3

COMMAND Money Fund

Portfolio of Investments

As of December 31, 2003 (Unaudited) Cont’d.

Moody’s Rating	Principal Amount (000)	Description	Value (Note 1)
Municipal Bonds    4.2%
		Alabama Hsg. Fin. Auth. Rev., Huntsville Village,
A-1+(d)	$11,275	1.15%, 1/7/04(a)	$	11,275,000
A-1+(d)		Burke Cnty. Georgia Dev. Auth. Rev., Oglethorpe Power Corp.,
	15,185	1.31%, 1/2/04(a)		15,185,000
VMIG1		California Hsg. Fin. Agcy. Rev., Ser J,
	11,200	0.83%, 1/5/04(a)		11,200,000
		California St. Cmntys, Dev. Auth. Rev., Case Univ. Proj.,
VMIG1	9,000	1.27%, 1/2/04(a)		9,000,000
		California St. G.O.,
A-1+(d)	15,300	1.35%, 1/2/04(a)		15,300,000
		Delaware St. Econ. Dev. Auth. Rev., Ser A,
P-1	17,600	1.33%, 1/2/04(a)		17,600,000
		Douglas Cnty. Colorado Dev. Rev., Lincolnpointe Lofts Proj.,
A-1(d)	9,585	1.27%, 1/2/04(a)		9,585,000
		Gulf Coast Texas Indl. Auth. Rev., Amoco Oil Co. Proj.,
VMIG1	10,600	1.34%, 1/2/04(a)		10,600,000
		Hapeville Georgia Dev. Auth. Rev., Hotel Ltd.,
P-1	14,700	1.04%, 1/2/04(a)		14,700,000
		Harris Cnty. Texas Hlth. Facs. Rev., St. Lukes Episcopal Hosp.,
A-1+(d)	59,700	1.39%, 1/2/04(a)		59,700,000
		Irvine California Assmt. Dist. No. 93 Rev.,
VMIG1	18,559	1.04%, 1/2/04(a)		18,559,000
		King George Cnty. Virginia Indl. Auth. Rev., Birchwood Pwr. Proj.,
A-1+(d)	8,000	1.32%, 1/2/04(a)		8,000,000
		Louisville & Jefferson Cnty. Kentucky Arpt. Facs. Rev.,
A-1+(d)	25,000	1.04%, 1/2/04(a)		25,000,000
		Multinomah Cnty. Oregon Hosp. Auth. Rev., Holladay Park Plaza Proj.,
VMIG1	17,200	1.03%, 1/2/04(a)		17,200,000
		New York City Trans. Fin. Auth.
VMIG1	16,675	1.28%, 1/2/04(a)		16,675,000
		North Slope Boro Alaska Indl. Rev., B.P. Exploration Alaska Proj.,
VMIG1	30,000	1.07%, 1/2/04(a)		30,000,000
		Putnam Cnty. Georgia Dev Pwr., Georgia Pwr. Co. Proj.,
A-1(d)	12,625	1.31%, 1/2/04(a)		12,625,000
		Rhode Island Elite & Ed. Care, Care New England Proj.,
A-1(d)	27,700	1.05%, 1/2/04(a)		27,700,000
				329,904,000

See Notes to Financial Statements

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Principal Amount (000)	Description	Value (Note 1)
Other Corporate Obligations    9.4%
	American Express Credit Corp., MTN,
$90,000	1.20%, 1/4/05(a)	$	90,000,000
	Bank America Corp., MTN,
27,980	5.75%, 3/1/04		28,183,960
	General Electric Capital Assurance Corp.
100,000	1.23%, 7/22/04(a)(b)
	(cost $100,000,000; purchased 7/17/03)		100,000,000
	Goldman Sachs Group, Inc., MTN,
59,000	1.31%, 1/11/05(a)(b)
	(cost $59,000,000; purchased 06/23/00)		59,000,000
	Merrill Lynch & Co., Inc., MTN,
100,000	1.30%, 1/10/05(a)		100,000,000
	Metropolitan Life Insurance Co.,
58,000	1.24%, 2/9/04(a)(b)
	(cost $58,000,000; purchased 2/07/03)		58,000,000
107,000	1.26%, 10/4/04(a)(b)
	(cost $107,000,000; purchased 10/03/02)		107,000,000
	Morgan Stanley, MTN,
47,000	1.28%, 1/15/05(a)		47,000,000
	Pacific Life Insurance Co.
67,000	1.29%, 10/15/04(a)(b)
	(cost $67,000,000; purchased 9/9/02)		67,000,000
	Travelers Insurance Co.,
51,000	1.23%, 7/8/04(a)(b)
	(cost $51,000,000; purchased 2/25/03)		51,000,000
25,000	1.27%, 2/25/04(a)(b)
	(cost $25,000,000; purchased 2/25/03)		25,000,000
			732,183,960
U.S. Government Agency & Instrumentality Obligations    12.7%
	Federal Home Loan Bank,
229,500	4.88%, 4/16/04(a)		231,868,584
225,000	1.23%, 7/6/04(a)		225,000,000
	Federal National Mortgage Association,
100,000	1.13%, 2/11/04		99,871,306
200,000	1.12%, 2/18/04		199,701,333
50,000	3.63%, 4/15/04(a)		50,337,106
180,000	1.11%, 6/23/04		179,034,300
			985,812,629

See Notes to Financial Statements

COMMAND FUNDS 5

COMMAND Money Fund

Portfolio of Investments

As of December 31, 2003 (Unaudited) Cont’d.

Principal Amount (000)	Description	Value (Note 1)
	Total Investments    101.4% (amortized cost $7,890,568,655(c))		7,890,568,655
	Liabilities in excess of other assets    (1.4%)		(109,871,728	)
	Net Assets    100%	$	7,780,696,927

The following abbreviations are used in the portfolio descriptions:

MTN—Medium Term Note.

G.O.—General Obligation

(a) Variable rate instrument. The maturity date presented for these instruments is the next date on which the rate of interest is adjusted or the date on which the security can be redeemed at par.

(b) Indicates illiquid securities restricted as to resale. The aggregate cost of such securities was $467,000,000. The aggregate value of $467,000,000 is approximately 6.00% of net assets.

(c) The cost for federal income tax purposes is substantially the same as for financial reporting purposes.

(d) Standard & Poor’s rating.

See Notes to Financial Statements

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COMMAND Money Fund

Statement of Assets and Liabilities

as of December 31, 2003 (Unaudited)

Assets
Investments, at amortized cost which approximates market value	$	7,890,568,655
Receivable for Fund shares sold		39,583,511
Receivable for investments sold		22,050,723
Interest receivable		9,350,150
Prepaid expenses		201,474
Total assets		7,961,754,513
Liabilities
Payable for Fund shares reacquired		105,586,839
Payable for investments purchased		69,913,433
Management fee payable		2,785,675
Accrued expenses and other liabilities		1,536,769
Distribution fee payable		957,072
Payable to custodian		172,429
Dividends payable		105,369
Total liabilities		181,057,586
Net Assets	$	7,780,696,927
Net assets were comprised of:
Shares of beneficial interest, at $.01 par value	$	77,806,969
Paid-in capital in excess of par		7,702,889,958
Net Assets, December 31, 2003	$	7,780,696,927
Net asset value, offering price and redemption price per share $7,780,696,927 ÷ 7,780,696,927 shares of beneficial interest issued and outstanding		$1.00

See Notes to Financial Statements

COMMAND FUNDS 7

COMMAND Money Fund

Statement of Operations

Six Months Ended December 31, 2003 (Unaudited)

Net Investment Income
Income
Interest and discount earned	$	65,103,291
Expenses
Management fee		20,339,493
Distribution fee		7,039,670
Transfer agent’s fees and expenses		2,574,000
Custodian’s fees and expenses		360,000
Reports to shareholders		299,000
Registration fees		102,000
Trustees’ fees		45,000
Legal fees and expenses		28,000
Audit fee		19,000
Miscellaneous		91,056
Total expenses		30,897,219
Net investment income		34,206,072
Realized Gain On Investments
Net realized gain on investment transactions		2,516,558
Net Increase In Net Assets Resulting From Operations	$	36,722,630

See Notes to Financial Statements

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COMMAND Money Fund

Statement of Changes in Net Assets (Unaudited)

	Six Months Ended December 31, 2003			Year Ended June 30, 2002
Increase (Decrease) In Net Assets
Operations
Net investment income	$	34,206,072		$	149,523,930
Net realized gain on investment transactions		2,516,558			99,798
Net increase in net assets resulting from operations		36,722,630			149,623,728
Dividends and distributions to shareholders (Note 1)		(36,722,630	)		(149,623,728	)
Fund share transactions (at $1 per share)
Proceeds from shares sold		18,840,553,618			51,648,569,116
Net asset value of shares issued in reinvestment of dividends and distributions		35,196,542			143,017,554
Cost of shares reacquired		(22,898,656,852	)		(54,770,474,062	)
Net decrease in net assets from Fund share transactions		(4,022,906,692	)		(2,978,887,392	)
Total decrease		(4,022,906,692	)		(2,978,887,392	)
Net Assets
Beginning of period		11,803,603,619			14,782,491,011
End of period	$	7,780,696,927		$	11,803,603,619

See Notes to Financial Statements

COMMAND FUNDS 9

COMMAND Money Fund

Financial Highlights (Unaudited)

	Six Months Ended December 31, 2003
Per Share Operating Performance:
Net asset value, beginning of period	$	1.000
Net investment income and net realized gains		0.003
Dividends and distributions to shareholders		(0.003	)
Net asset value, end of period	$	1.000
Total Return(a):		0.34	%
Ratios/Supplemental Data:
Net assets, end of period (000)	$	7,780,697
Average net assets (000)	$	11,202,258
Ratios to average net assets:
Expenses, including distribution and service (12b-1) fees		.55	%(b)
Expenses, excluding distribution and service (12b-1) fees		.42	%(b)
Net investment income		.65	%(b)

(a) Total return is calculated assuming a purchase of shares on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions. Total return for periods of less than one full year are not annualized.

(b) Annualized.

See Notes to Financial Statements

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Year Ended June 30,
2003			2002			2001			2000			1999
$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
	0.010			0.022			0.055			0.053			0.048
	(0.010	)		(0.022	)		(0.055	)		(0.053	)		(0.048	)
$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
	1.06	%		2.23	%		5.72	%		5.42	%		4.85	%
$	11,803,604		$	14,782,491		$	16,407,586		$	13,489,038		$	12,246,946
$	14,167,966		$	16,400,541		$	15,543,950		$	13,178,334		$	11,965,069
	.54	%		.53	%		.53	%		.53	%		.54	%
	.41	%		.41	%		.41	%		.41	%		.41	%
	1.06	%		2.19	%		5.50	%		5.32	%		4.73	%

See Notes to Financial Statements

COMMAND FUNDS 11

COMMAND Government Fund

Portfolio of Investments

as of December 31, 2003 (Unaudited) Cont’d.

Principal Amount (000)	Description	Value (Note 1)
U.S. GOVERNMENT AGENCIES    45.4%
Federal Home Loan Bank    25.2%
$1,285	5.375%, 1/5/04	$	1,285,570
57,000	1.01%, 1/14/04(a)		56,986,486
50,000	1.037%, 1/25/04(a)		49,989,187
2,400	5.25%, 2/13/04		2,411,409
500	5.435%, 2/23/04		503,024
30,000	1.05%, 4/7/04(a)		29,996,194
10,000	4.875%, 4/16/04(d)		10,103,853
1,000	3.63%, 4/26/04		1,007,013
			152,282,736
Federal Home Loan Mortgage Corporation    3.4%
5,000	3.25%, 1/15/04		5,003,965
4,000	3.40%, 2/20/04		4,011,991
4,271	5.00%, 5/15/04		4,330,104
7,000	1.66%, 12/30/04		7,000,659
			20,346,719
Federal National Mortgage Association    16.1%
50,000	1.09%, 1/18/04(a)		49,991,471
1,500	1.01%, 1/22/04(a)		1,499,955
9,540	5.125%, 2/13/04		9,584,151
5,000	1.14%, 2/18/04		4,992,400
7,000	1.002%, 3/10/04(a)		6,998,659
9,030	4.75%, 3/15/04		9,095,209
15,000	1.47%, 9/22/04		15,000,000
			97,161,845
Student Loan Marketing Association    0.7%
4,500	1.416%, 1/13/04(a)		4,505,802
	Total U.S. government agencies (amortized cost $274,297,102)		274,297,102
REPURCHASE AGREEMENTS(b)    58.7%
40,000	Bank of America Securities LLC, 1.05%, dated 12/26/03, due 1/2/04 in the amount of $40,008,167 (cost $40,000,000; the value of the collateral including accrued interest was $40,800,000)		40,000,000
40,000	Bear, Stearns & Co., Inc. 1.04%, dated 12/26/03, due 1/2/04 in the amount of $40,008,089 (cost $40,000,000; the value of the collateral including accrued interest was $40,800,677)		40,000,000

See Notes to Financial Statements

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Principal Amount (000)		Description	Value (Note 1)
$	9,450	Bear, Stearns & Co., Inc. 1.02% dated 12/31/03, due 1/5/04, in the amount of $9,451,339 (cost $9,450,000; the value of the collateral including accrued interest of $9,639,160)	$	9,450,000
	14,750	Bear, Stearns & Co., Inc. 1.06%, dated 12/9/03, due 1/8/04 in the amount of $14,763,029 (cost $14,750,000; the value of the collateral including accrued interest was $15,045,249)		14,750,000
	26,333	Goldman Sachs & Co., 1.05%, dated 12/26/03, due 1/2/04 in the amount of $26,338,376 (cost $26,333,000; the value of the collateral including accrued interest was $26,859,660)		26,333,000
	37,850	Goldman Sachs & Co., 1.05%, dated 12/31/03, due 1/7/04 in the amount of $37,857,728 (cost $37,850,000; the value of the collateral including accrued interest was $38,607,000)		37,850,000
	54,580	Greenwich Capital Markets, Inc. 1.05%, dated 12/30/03, due 1/6/04 in the amount of $54,591,143 (cost $54,580,000 the value of the collateral including accrued interest was $55,672,441)		54,580,000
	9,640	Greenwich Capital Markets, Inc. 1.03%, dated 12/31/03, due 1/7/04 in the amount of $9,641,931 (cost $9,640,000 the value of the collateral including accrued interest was $9,834,923)		9,640,000
	62,000	Merrill Lynch, Pierce, Fenner & Smith, Inc. 1.05%, dated 12/04/03, due 1/5/04 in the amount of $62,056,058 (cost $62,000,000; the value of the collateral including accrued interest was $63,244,714)		62,000,000
	59,404	UBS Warburg LLC, 1.00%, dated 12/31/03, due 1/5/04 in the amount of $59,412,251 (cost $59,404,000; the value of the collateral including accrued interest was $60,592,785)		59,404,000
		Total repurchase agreements (amortized cost $354,007,000)		354,007,000
		Total Investments    104.1% (amortized cost $628,304,102)(c)		628,304,102
		Liabilities in excess of other assets    (4.1%)		(24,585,680	)
		Net Assets    100%	$	603,718,422

(a) Variable rate instrument. The maturity date presented for these instruments is the next date on which the rate of interest is adjusted or the date on which the security can be redeemed at par.

(b) Repurchase agreements are collateralized by United States Treasury or federal agency obligations.

(c) The cost for federal income tax purposes is substantially the same as for financial reporting purposes.

(d) Represents a when-issued security

See Notes to Financial Statements

COMMAND FUNDS 13

COMMAND Government Fund

Statement of Assets and Liabilities

as of December 31, 2003 (Unaudited)

Assets
Investments, excluding repurchase agreements, at amortized cost which approximates market value	$	274,297,102
Repurchase agreements, at amortized cost which approximates market value		354,007,000
Receivable for Fund shares sold		3,824,613
Interest receivable		1,121,222
Prepaid expenses		16,948
Total assets		633,266,885
Liabilities
Payable for Fund shares reacquired		29,046,287
Management fee payable		249,454
Accrued expenses and other liabilities		162,077
Distribution fee payable		77,954
Payable to custodian		7,289
Dividends payable		5,402
Total liabilities		29,548,463
Net Assets	$	603,718,422
Net assets were comprised of:
Shares of beneficial interest, at $.01 par value	$	6,037,184
Paid-in capital in excess of par		597,681,238
Net Assets, December 31, 2003	$	603,718,422
Net asset value, offering price and redemption price per share $603,718,422 ÷ 603,718,422 shares of beneficial interest issued and outstanding		$1.00

See Notes to Financial Statements

14 Visit our website at www.jennisondryden.com

COMMAND Government Fund

Statement of Operations

Six Months Ended December 31, 2003 (Unaudited)

Net Investment Income
Income
Interest and discount earned	$	5,130,193
Expenses
Management fee		1,854,642
Distribution fee		579,576
Registration fees		178,000
Transfer agent’s fees and expenses		85,000
Custodian’s fees and expenses		54,000
Reports to shareholders		25,000
Legal fees and expenses		18,000
Trustees’ fees		14,000
Audit fee		13,000
Miscellaneous		11,419
Total expenses		2,832,637
Net investment income		2,297,556
Realized Gain On Investments
Net realized gain on investment transactions		14,389
Net Increase In Net Assets Resulting From Operations	$	2,311,945

See Notes to Financial Statements

COMMAND FUNDS 15

COMMAND Government Fund

Statement of Changes in Net Assets (Unaudited)

	Six Months Ended December 31, 2003			Year Ended June 30, 2003
Increase In Net Assets
Operations
Net investment income	$	2,297,556		$	10,084,812
Net realized gain on investment transactions		14,389			12,133
Net increase in net assets resulting from operations		2,311,945			10,096,945
Dividends and distributions to shareholders (Note 1)		(2,311,945	)		(10,096,945	)
Fund share transactions (at $1 per share)
Proceeds from shares sold		1,837,023,322			4,975,047,494
Net asset value of shares issued in reinvestment of dividends and distributions		2,241,128			9,929,182
Cost of shares reacquired		(2,252,855,445	)		(4,876,025,207	)
Net increase (decrease) in net assets from Fund share transactions		(413,590,995	)		108,951,469
Total increase (decrease)		(413,590,995	)		108,951,469
Net Assets
Beginning of period		1,017,309,417			908,357,948
End of period	$	603,718,422		$	1,017,309,417

See Notes to Financial Statements

16 Visit our website at www.jennisondryden.com

Financial Highlights

DECEMBER 31, 2003 SEMI-ANNUAL REPORT

COMMAND Government Fund

COMMAND Government Fund

Financial Highlights (Unaudited)

	Six Months Ended December 31, 2003
Per Share Operating Performance:
Net asset value, beginning of period	$	1.000
Net investment income and net realized gains		0.003
Dividends and distributions to shareholders		(0.003	)
Net asset value, end of period	$	1.000
Total Return(a):		0.26	%
Ratios/Supplemental Data:
Net assets, end of period (000)	$	603,718
Average net assets (000)	$	922,281
Ratios to average net assets:
Expenses, including distribution and service (12b-1) fees		.61	%(b)
Expenses, excluding distribution and service (12b-1) fees		.49	%(b)
Net investment income		.50	%(b)

(a) Total return is calculated assuming a purchase of shares on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions. Total return for periods of less than one full year are not annualized.

(b) Annualized.

See Notes to Financial Statements

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Year Ended June 30,
2003			2002			2001			2000			1999
$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
	0.010			0.020			0.054			0.051			0.046
	(0.010	)		(0.020	)		(0.054	)		(0.051	)		(0.046	)
$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
	1.04	%		2.11	%		5.52	%		5.23	%		4.74	%
$	1,017,309		$	908,358		$	782,240		$	687,364		$	714,390
$	996,171		$	916,475		$	756,716		$	714,655		$	739,779
	.59	%		.56	%		.57	%		.58	%		.56	%
	.46	%		.43	%		.45	%		.45	%		.44	%
	1.01	%		1.96	%		5.30	%		5.12	%		4.63	%

See Notes to Financial Statements

COMMAND FUNDS 19

COMMAND Tax-Free Fund

Portfolio of Investments

as of December 31, 2003 (Unaudited)

Moody’s Rating	Principal Amount (000)		Description(a)	Value (Note 1)
ALASKA    2.8%
			Roaring Fork Mun. Prods. LLC,, Hsg. Fin. Corp. Mtge., F.R.W.D.,
VMIG1	$	15,985	1.36%, 1/2/04, Ser. 02-15	$	15,985,000
			Valdez Marine Terminal Rev.,
VMIG2		5,000	Ser. 1994B, 1.25%, 6/1/04		5,000,000
VMIG2		6,900	Ser. 1994C, 1.25%, 6/1/04		6,900,000
			ARCO Trans Proj., A.N.N.M.T., Ser. 1994B
VMIG2		6,250	2.00%, 1/2/04,		6,250,000
			Phillips Proj., A.N.N.M.T.,
VMIG2		5,000	Ser. 1994A, 2.00%, 1/2/04		5,000,000
VMIG2		4,500	Ser. 1994C, 2.00%, 1/2/04		4,500,000
					43,635,000
ARIZONA    3.7%
			Pima Cnty. Ind. Dev. Auth. Sngl. Fam. Mtge. Rev., A.M.T.,
NR		5,300	1.13%, 1/23/04		5,300,000
			Draw Down Bonds., A.M.T.
NR		44,985	1.12%, 1/26/04		44,985,000
			Roaring Fork Mun. Prods. LLC, A.M.T., Ser. 02, F.R.W.D.,
A-1+(e)		4,060	1.43%, 1/2/04		4,060,000
			Tucson & Pima Cnty. Indl., Dev. Auth. Sngl. Fam. Mtge. Rev., A.M.T.,
NR		2,715	1.14%, 1/26/04		2,715,000
					57,060,000
CALIFORNIA    2.0%
			California St., Dept. Wtr. Res. Pwr. Supply, Ser. B2, F.R.D.D.,
VMIG1		5,600	1.33%, 1/2/04		5,600,000
			California St., R.A.N., Ser. A-6,
VMIG1		10,000	2.00%, 6/23/04		10,044,046
			California Statewide Cmntys. Dev. Auth. Rev. Kaiser Permanente, A.N.N.M.T., Ser. A
VMIG2		10,000	1.38%, 1/2/04		10,000,000

See Notes to Financial Statements

20 Visit our website at www.jennisondryden.com

Moody’s Rating	Principal Amount (000)		Description(a)	Value (Note 1)
			Long Beach Hbr. Rev., A.M.T., Ser. A
VMIG1	$	4,000	4.00%, 5/14/04	$	4,040,647
			Los Angeles Cnty. Hsg. Auth. Mutli-Fam. Hsg. Rev., Malibu Meadows, F.R.W.D. Ser. II-C,
A-1+(e)		1,600	1.25%, 1/2/04		1,600,000
					31,284,693
COLORADO    3.4%
			Adams Cnty. Hosp. Rev., Platte Valley Med. Ctr., F.R.W.D., Ser. B,
A-1(e)		9,310	1.22%, 1/7/04		9,310,000
			Colorado Edl. & Cultural Facs. Auth. Rev., Vail Mountain Sch. Proj., F.R.W.D.
VMIG1		5,000	1.35%, 1/2/04		5,000,000
			Colorado Hlth. Facs. Auth. Rev., Sisters Charity Hlth. Sys., A.N.N.M.T.,
VMIG1		16,310	Ser. A, 1.23%, 12/1/04		16,310,000
VMIG1		16,225	Ser. B, 1.23%, 12/1/04		16,225,000
			Denver Cnty. Hsg., Circle Vlge. Proj., F.R.W.D.,
A-1+(e)		2,365	1.20%, 1/7/04		2,365,000
			Denver Hlth. & Hosp. Auth. Healthcare Rev., F.R.D.D., Ser. A
VMIG1		1,500	1.37%, 1/2/04		1,500,000
			Dove Valley Metro. Dist., Arapahoe Cnty., A.N.N.M.T., G.O.
A-1(e)		2,545	1.20%, 11/1/04		2,545,000
					53,255,000
CONNECTICUT    0.5%
			Connecticut St. Hsg. Fin. Auth., Hsg. Mtge. Fin. Prog., A.M.T., A.N.N.M.T., Ser. F2
VMIG1		8,000	1.20%, 12/22/04		8,000,000
DELAWARE    0.2%
			Delaware St. Econ. Dev. Auth. Rev., Gas Facs. Delmarva Pwr. & Lt., A.M.T. F.R.D.D.,
VMIG2		3,000	1.57%, 1/2/04		3,000,000

See Notes to Financial Statements

COMMAND FUNDS 21

COMMAND Tax-Free Fund

Portfolio of Investments

as of December 31, 2003 (Unaudited) Cont’d.

Moody’s Rating	Principal Amount (000)		Description(a)	Value (Note 1)
DISTRICT OF COLUMBIA    1.0%
			District of Columbia Hsg. Fin. Agcy. Mtge. Rev., Sngl. Fam., A.M.T., A.N.N.M.T., F.R.M.D.
NR	$	15,000	1.14%, 1/23/04	$	15,000,000
FLORIDA    6.3%
			Collier Cnty. Hlth. Facs.
VMIG1		10,000	1.00%, 1/23/04		10,000,000
			Florida St. Mun. Secs. Trust Cert., F.R.D.D., G.O. Ser. 131
A-1(e)		2,300	1.38%, 1/2/04		2,300,000
			Highlands Cnty. Hlth. Facs. Auth. Rev., Hosp. Adventist Hlth. Sys., F.R.W.D., Ser. C
VMIG2		10,000	1.45%, 1/2/04		10,000,000
			Orange Cnty. Hlth. Facs. Auth. Rev., F.R.W.D., F.S.A., Ser. 171
A-1(e)		46,350	1.38%, 1/2/04		46,350,000
			Sunshine St. Govt. Fin. Rev. Notes A.M.B.A.C.,
P1		19,605	Ser. G 1.10%, 1/12/04,		19,605,000
			Ser. A
P1		10,800	1.08%, 1/13/04		10,800,000
					99,055,000
GEORGIA    6.4%
			Crisp Cnty., Solid Waste Mgmt. Auth. Rev., A.M.T., F.R.W.D.,
VMIG1		4,735	1.72%, 1/2/04		4,735,000
			Dalton Util. Rev., F.R.W.D., F.S.A., M.E.R.L.O.T., Ser. A2,
VMIG1		4,965	1.21%, 1/7/04		4,965,000
			De Kalb Cnty. Hosp. Auth. Rev., Dekalb Med. Ctr. Inc. Proj., F.R.W.D., Ser. B,
VMIG1		11,725	1.25%, 1/2/04		11,725,000
			Fulton Cnty. Dev. Auth. Rev., Westminster Sch. Dist. Proj., F.R.W.D.
VMIG1		9,000	1.15%, 1/7/04		9,000,000
			Fulton Cnty. Residential Care Facs., Lenbrook Square, F.R.D.D.,
A-1(e)		13,100	1.37%, 1/2/04		13,100,000

See Notes to Financial Statements

22 Visit our website at www.jennisondryden.com

Moody’s Rating	Principal Amount (000)		Description(a)	Value (Note 1)
			Georgia Mun. Elec. Auth., Proj. One, Ser. 85A,
VMIG1	$	34,000	1.09%, 1/15/04	$	34,000,000
			Richmond Cnty. Hosp. Auth., Univ. Hlth. Svcs., F.R.W.D., R.A.N.,
VMIG1		23,000	1.15%, 1/7/04		23,000,000
					100,525,000
HAWAII    1.4%
			Honolulu City & Cnty.
			A.N.N.M.T., G.O., F.G.I.C.,
VMIG1		4,700	1.18%, 12/2/04		4,700,000
VMIG1		16,600	1.18%, 12/2/04		16,600,000
					21,300,000
ILLINOIS    9.0%
			Channahon Rev., Morris Hosp., F.R.W.D., Ser. B
A-1+(e)		5,670	1.34%, 1/2/04		5,670,000
			Chicago, Stockyards Ind Proj., F.R.W.D., Ser. 96A
A-1+(e)		10,070	1.23%, 1/7/04		10,070,000
			Chicago Park Dist., F.R.W.D., Ser. ZTC 23
VMIG1		10,195	1.38%, 1/2/04		10,195,000
			Chicago Hsg. Auth. Cap. Prog. Rev., F.R.W.D., Ser. 576
A-1(e)		5,235	1.34%, 1/2/04		5,235,000
			Chicago Park Dist., F.R.W.D., Ser. ZTC 46
VMIG1		3,360	1.38%, 1/2/04		3,360,000
			Chicago Wtr. Rev., F.R.W.D., M.E.R.L.O.T., Ser. 00TT
VMIG1		14,385	1.21%, 1/7/04		14,385,000
			Illinois Dev. Fin. Auth. Rev., Amer. Coll. Of Surgeons, F.R.W.D.,
A-1+(e)		13,100	1.30%, 1/2/04		13,100,000
			Illinois Hlth. Facs. Auth. Rev., Resurrection Hlth., F.R.D.D., Ser. A,
VMIG1		8,000	1.30%, 1/2/04		8,000,000
			Illinois Hlth. Facs. Auth. Rev.,
			Little Co. of Mary Hosp., F.R.W.D.,
A-1+(e)		5,000	1.34%, 1/2/04		5,000,000
			Mem. Hlth. Sys., F.R.D.D.,
VMIG1		3,000	1.37%, 1/2/04		3,000,000

See Notes to Financial Statements

COMMAND FUNDS 23

COMMAND Tax-Free Fund

Portfolio of Investments

as of December 31, 2003 (Unaudited) Cont’d.

Moody’s Rating	Principal Amount (000)		Description(a)	Value (Note 1)
			Illinois Hsg. Dev. Auth. Rev., Homeowner Mtge., Ser. A-1
VMIG1	$	5,095	1.13%, 4/29/04	$	5,095,000
			Illinois St. Sales Tax Rev.
			F.R.W.D.,
VMIG1		9,650	Ser. ZTC 32, 1.38%, 1/2/04		9,650,000
VMIG1		4,950	Ser. ZTC 45, 1.38%, 1/2/04		4,950,000
			Peoria Cnty. Swge. Fac. Rev., Caterpillar, Inc. Proj., A.M.T., F.R.W.D.,
P-1		4,300	1.48%, 1/2/04		4,300,000
			Wheeling Multi-Fam. Hsg. Rev., Woodland Creek Proj., F.R.W.D.,
A-1+(e)		17,655	1.30%, 1/2/04		17,655,000
			Woodridge Multi-Fam. Hsg. Rev., Hinsdale Lake Terrace Apts., F.R.W.D., F.S.A.,
AAA		20,760	1.30%, 1/2/04		20,760,000
					140,425,000
IOWA    0.9%
			Iowa Fin. Auth. Sngl. Fam. Rev., A.N.N.M.T., Ser. F,
VMIG1		4,000	1.20%, 12/21/04		4,000,000
			Iowa Higher Ed. Ln. Auth. Rev., Morningside Coll., R.A.N., Ser. G,
SP-1+(e)		1,500	2.00%, 5/24/04		1,502,319
			Sergeant Bluff Ind. Dev. Rev., Sioux City Brick & Tile Proj., A.M.T., F.R.W.D.,
NR		8,480	1.55%, 1/2/04		8,480,000
					13,982,319
KANSAS    0.1%
			Kansas St. Dev. Fin. Auth. Rev., Hays Med. Ctr., F.R.D.D, Ser. N
VMIG1		2,200	1.37%, 1/2/04		2,200,000
KENTUCKY    0.6%
			Kentucky St. Prpty. & Bldgs. Comm. Rev., F.R.W.D., Ser. ZTC 34
VMIG1		9,900	1.38%, 1/2/04		9,900,000

See Notes to Financial Statements

24 Visit our website at www.jennisondryden.com

Moody’s Rating	Principal Amount (000)		Description(a)	Value (Note 1)
LOUISIANA    1.5%
			Ascension Parish, A.M.T., Ser. 99,
P-1	$	10,000	1.10%, 2/23/04	$	10,000,000
			Louisiana St. Offshore Terminal Deepwater Port. Rev. Loop Inc., Ser. A,
A-1(e)		8,000	1.10%, 1/29/04		8,000,000
			Roaring Fork Mun. Prods. LLC, LA Hsg. Auth., A.M.T., F.R.W.D., Ser. 2,
VMIG1		5,860	1.43%, 1/2/04		5,860,000
					23,860,000
MAINE    0.9%
			Dover & Foxcroft Rev., Pleasant River Lumber Co. Proj., F.R.W.D.,
A-1(e)		2,350	1.40%, 1/7/04		2,350,000
			Maine St. Hsg. Auth. Mtge., A.M.B.A.C., F.R.W.D., Ser. E-1,
VMIG1		8,585	1.15%, 1/2/04		8,585,000
			York Rev., Stonewall Realty LLC, Proj., A.M.T., F.R.W.D.,
VMIG1		2,605	1.65%, 1/2/04		2,605,000
					13,540,000
MARYLAND    0.3%
			Maryland S. Cmnty. Dev. Admin., Residential, A.M.T., A.N.N.M.T., Ser E,
VMIG1		4,500	1.25%, 12/21/04		4,500,000
MASSACHUSETTS    1.0%
			Medford, B.A.N., G.O.
VMIG1		15,500	2.00%, 9/10/04		15,590,155
MICHIGAN    2.4%
			Michigan Job Dev. Auth. Rev., Frankenmuth Proj., F.R.M.D., Ser. A,
A-1(e)		6,000	1.20%, 1/2/04		6,000,000
			Michigan St.
VMIG1		7,500	1.15%, 11/2/04		7,500,000
			Michigan St. Bldg. Rev.
P-1		10,000	1.05%, 2/12/04		10,000,000

See Notes to Financial Statements

COMMAND FUNDS 25

COMMAND Tax-Free Fund

Portfolio of Investments

as of December 31, 2003 (Unaudited) Cont’d.

Moody’s Rating	Principal Amount (000)		Description(a)	Value (Note 1)
			Michigan Strategic Fd. Ltd., Amer. Litho Proj., A.M.T., F.R.W.D.,
NR	$	4,650	1.49%, 1/2/04	$	4,650,000
			Walled Lake Cons. Sch. Dist., G.O., F.R.W.D., Ser. ZTC 18,
VMIG1		10,000	1.38%, 1/2/04		10,000,000
					38,150,000
MINNESOTA    2.2%
			Bloomington Coml. Dev. Rev. 94th Str. Assoc. Proj., F.R.W.D.,
A-1+(e)		4,165	1.30%, 1/2/04		4,165,000
			James Avenue Assoc. Proj., F.R.W.D.,
A-1+(e)		4,045	1.30%, 1/2/04		4,045,000
			Bloomington Port. Auth. Tax Rev., Ref., Mall of America, F.R.W.D., F.S.A., Ser. B,
VMIG1		16,700	1.30%, 1/2/04		16,700,000
			Chanhassen Multi-Fam. Rev., Hsg. Vlge. Ponds Proj., A.M.T., A.N.N.M.T., F.R.W.D.,
VMIG1		5,530	1.48%, 1/2/04		5,530,000
			St. Paul Hsg. & Redev. Auth. Heating Rev., F.R.W.D., Ser. 99D,
A-1+(e)		3,370	1.30%, 1/2/04		3,370,000
					33,810,000
MISSISSIPPI    1.7%
			Jackson Cnty. Poll. Ctrl. Rev., Chevron U.S.A., Inc., Proj., F.R.D.D.
P-1		3,400	1.30%, 1/2/04		3,400,000
			Roaring Fork Mun. Prods. LLC, A.M.T.,
VMIG1(c)		9,330	1.35%, 2/26/04, Ser. 01-14 (cost $9,330,000; purchased 3/6/03)		9,330,000
VMIG1(c)		5,000	1.25%, 4/1/04, Ser. 02-4 (cost $5,000,000: purchased 6/6/03)		5,000,000
			Mississippi Home Corp., A.M.T., F.R.W.D., Ser. 00-18,
VMIG1		8,190	1.43%, 1/2/04		8,190,000
					25,920,000

See Notes to Financial Statements

26 Visit our website at www.jennisondryden.com

Moody’s Rating	Principal Amount (000)		Description(a)	Value (Note 1)
MISSOURI    1.1%
			Missouri St. Hlth. & Edl. Fac. Auth. Rev. Missouri Valley College, F.R.D.D.,
A-1+(e)	$	2,675	1.37%, 1/2/04	$	2,675,000
			St. Louis Univ., F.R.D.D., Ser. B
VMIG1		3,800	1.37%, 1/2/04		3,800,000
			Roaring Fork Mun. Prods. LLC, MO Hsg. Dev. Comnty., A.M.T., F.R.W.D., Ser. 00-3,
A-1(e)		10,445	1.43%, 1/2/04		10,445,000
					16,920,000
MONTANA    0.9%
			Montana Fac. Fin. Auth. Rev., Sisters Charity Hlth. Sys. A.N.N.M.T.,
VMIG1		14,210	1.23%, 12/1/04		14,210,000
NEBRASKA    0.3%
			York Ind. Dev. Rev., Kroy Bldg. Prods., Inc. Proj., A.M.T., F.R.W.D.,
A-1(e)		4,500	1.47%, 1/2/04		4,500,000
NEVADA    1.0%
			Clark Cnty., F.R.W.D., Ser. ZTC 27,
VMIG1		15,000	1.38%, 1/2/04		15,000,000
NEW JERSEY    2.4%
			Hopewell Twnshp., G.O., B.A.N.,
NR		19,404	2.00%, 11/19/04		19,549,362
			Lawrence Twnshp., G.O., B.A.N.,
NR		3,750	1.375%, 7/15/04		3,755,047
			New Jersey Econ. Dev. Rev.
VMIG1		1,700	1.10%, 1/7/04		1,700,000
			Sussex Cnty., G.O., B.A.N.,
VMIG1		12,742	2.00%, 11/12/04		12,834,366
					37,838,775
NEW MEXICO    0.6%
			Roaring Fork Mun. Prods. LLC, Mtge. Fin. Auth. SFK, A.M.T., F.R.W.D., Ser. 00-1,
A-1+(e)		9,970	1.43%, 1/2/04		9,970,000

See Notes to Financial Statements

COMMAND FUNDS 27

COMMAND Tax-Free Fund

Portfolio of Investments

as of December 31, 2003 (Unaudited) Cont’d.

Moody’s Rating	Principal Amount (000)		Description(a)	Value (Note 1)
NEW YORK    2.3%
			New York City Mun. Wtr. Auth. Rev.
P-1	$	36,000	1.05%, 1/28/04	$	36,000,000
NORTH CAROLINA    0.5%
			Halifax Cnty. Ind. Facs. & Poll. Ctrl. Fin. Auth. Rev., A.M.T.,
NR		1,500	1.35%, 1/2/04		1,500,000
			Roaring Fork Mun. Prods. LLC, Durham Co. Allstate Vlge., A.M.T., F.R.W.D., Ser. 01-8,
A-1+(e)		6,965	1.43%, 1/2/04, Ser. 01-8		6,965,000
					8,465,000
OHIO    2.4%
			Cuyahoga Cnty. Hosp. Rev., W.O. Walker Ctr. Inc., A.M.B.A.C., F.R.W.D., Ser. II,
A-1(e)		11,690	1.00%, 1/7/04		11,690,000
			Delaware, G.O., B.A.N.,
NR		9,000	1.50%, 2/10/04		9,005,448
			East Lake Ind. Dev. Rev., Astro Model Dev. Corp. Proj., A.M.T., F.R.W.D.,
NR		1,940	1.55%, 1/2/04		1,940,000
			Ohio Hsg. Fin. Agcy. Multi-Fam. Hsg. Rev., 10 Wilmington Pl. Prog., F.R.W.D., Ser. B,
A-1+(e)		8,945	1.30%, 1/2/04		8,945,000
			Univ. of Cincinnati, B.A.N., Ser. 2003A,
VMIG1		6,000	1.75%, 3/18/04		6,008,114
					37,588,562
OKLAHOMA    6.2%
			Canadian Cnty. Home Fin. Auth. Sngl. Fam. Mtge. Rev., A.M.T., Ser. A,
NR		14,440	1.13%, 1/23/04		14,440,000
			Cleveland Cnty. Dev. Auth. Sngl. Fam., A.M.T.,
NR		7,500	1.11%, 1/26/04		7,500,000
			Cleveland Cnty. Home Ln. Auth. Sngl. Fam. Mtge., A.M.T., Ser. 2003A,
NR		7,485	1.13%, 1/26/04		7,485,000

See Notes to Financial Statements

28 Visit our website at www.jennisondryden.com

Moody’s Rating	Principal Amount (000)		Description(a)	Value (Note 1)
			Oklahoma Hsg. Dev. Auth. Multi-Fam. Rev. Affordable Hsg., F.R.W.D.,
VMIG1	$	33,500	Ser. A, 1.45%, 1/2/04	$	33,500,000
VMIG1		10,000	Ser. B, 1.45%, 1/2/04		10,000,000
			South Western Dev. Auth. Sngl. Fam. Mtge. Rev., Ser. A,
AAA(e)		7,500	1.09%, 1/9/04		7,500,000
			Tulsa Cnty. Ind. Auth. Cap. Impvt. Rev., S.E.M.M.T., Ser. A,
A-1+(e)		17,000	1.125%, 5/17/04		17,000,000
					97,425,000
OREGON    0.4%
			Multinomah Cnty. Higher Ed. Rev., Concordia Univ. Portland Proj., F.R.D.D.,
VMIG1		1,415	1.37%, 1/2/04		1,415,000
			Oregon St. Hsg. & Cmnty. Svcs. Dept. Mtge. Rev., Sngl. Fam. Mtge. Proj., Ser. N, A.M.T.,
VMIG1		4,625	1.25%, 1/16/04		4,625,000
					6,040,000
PENNSYLVANIA    0.7%
			Cumberland Cnty. Mun. Auth. Coll. Rev., Dickinson Coll., A.N.N.M.T., Ser. B,
A-1+(e)		5,000	1.11%, 11/1/04		5,000,000
			Fayette Cnty. Hosp. Auth. Sr. Hlth. & Hsg. Facs. Rev., Mount Macrina Manor Proj., F.R.W.D.
A-1(e)		4,345	1.34%, 1/2/04		4,345,000
			Pennsylvania St. Mun. Secs. Trust Cert., F.R.D.D., G.O., Ser. 00-110,
A-1(e)		850	1.38%, 1/2/04		850,000
					10,195,000
RHODE ISLAND    0.1%
			Providence Hsg. Auth. Mutli-Fam. Rev., Cathedral Square, F.R.D.D., A.M.T., Ser. B,
A-1(e)		1,300	1.40%, 1/2/04		1,300,000

See Notes to Financial Statements

COMMAND FUNDS 29

COMMAND Tax-Free Fund

Portfolio of Investments

as of December 31, 2003 (Unaudited) Cont’d.

Moody’s Rating	Principal Amount (000)		Description(a)	Value (Note 1)
SOUTH CAROLINA    0.4%
			North Charleston, G.O., T.A.N.
NR	$	6,000	1.75%, 3/15/04	$	6,007,864
SOUTH DAKOTA    0.5%
			Grant Cnty. Poll. Ctrl. Rev., Otter Tail Pwr. Co. Proj., F.R.W.D.,
VMIG1		8,000	1.45%, 1/2/04		8,000,000
TENNESSEE    1.7%
			Chattanooga Hlth. Edl. & Hsg. Fac. Brd. Rev. Phase I, F.R.W.D., Ser. A,
A-1(e)		10,075	1.25%, 1/2/04		10,075,000
			Clarksville Pub. Bldg. Auth., F.R.D.D.
VMIG1		100	1.30%, 1/2/04		100,000
			Jacks on Engy. Auth. Gas Sys. Rev., F.R.W.D.,
VMIG1		4,200	1.15%, 1/7/04		4,200,000
			Memphis Elec. Sys. Rev., Putters, M.B.I.A., A.N.N.M.T., Ser 377,
A-1+(e)		12,000	1.28%, 12/9/04		12,000,000
					26,375,000
TEXAS    17.4%
			ABN Amro Munitops Certs., G.O., S.E.M.M.T., Ser. 2003-22,
VMIG1		8,000	1.05%, 2/25/04		8,000,000
			Austin Combined Util. Sys. Rev. Corp. Proj., T.E.C.P., Ser. A,
P-1		26,053	1.08%, 3/10/04		26,053,000
			Brazos Hbr. Ind. Dev. Corp., Environ. Facs. Rev., ConocoPhillips Co. Proj., A.N.N.M.T., A.M.T.,
VMIG2		2,300	1.375%, 8/1/04		2,300,000
			Carroll Indpt. Sch. Dist., Sch. Bldg., G.O., A.N.N.M.T.,
VMIG1		29,800	1.35%, 4/1/04		29,800,000
			Collin Cnty. Hsg. Fin. Corp. Multi-Fam. Rev., Huntington Apts. Proj., F.R.W.D., Ser. 96,
A-1+(e)		6,155	1.33%, 1/2/04		6,155,000

See Notes to Financial Statements

30 Visit our website at www.jennisondryden.com

Moody’s Rating	Principal Amount (000)		Description(a)	Value (Note 1)
			Desoto Ind. Dev. Auth. Rev., Solar Turbines, Inc. Proj., F.R.W.D.,
P-1	$	7,050	1.33%, 1/2/04	$	7,050,000
			El Paso, G.O., T.E.C.P., Ser. A,
P-1		10,500	1.10%, 2/10/04		10,500,000
			Harris Cnty. Hlth. Facs. Dev. Corp. Rev., St. Lukes Episcopal Hosp., F.R.D.D., Ser. B,
A-1+(e)		3,000	1.30%, 1/2/04		3,000,000
			Houston Indpt. Sch. Dist., F.S.A., F.R.W.D., Ser. ZTC 21,
VMIG1		12,700	1.38%, 1/2/04		12,700,000
			North Harris Montgomery Cmnty. Coll. Dist., A.N.N.M.T., G.O.,
VMIG1		14,830	1.35%, 4/1/04		14,830,000
			Roaring Fork Mun. Prods. LLC, Houston Hsg., F.R.W.D., Ser. 03-3,
A-1+(e)		7,000	1.38%, 1/2/04		7,000,000
			San Antonio Wtr. Sys. Rev.,
P-1		14,500	1.05%, 1/28/04		14,500,000
			San Antonio Wtr. Rev., F.R.W.D., M.E.R.L.O.T., Ser. 00VV,
VMIG1		17,420	1.21%, 1/7/04		17,420,000
			San Jacinto Coll. Dist., A.N.N.M.T., G.O.,
VMIG1		14,500	1.35%, 4/1/04		14,500,000
			Spring Branch Indpt. Sch. Dist., F.R.W.D., Ser. ZTC28,
VMIG1		11,880	1.38%, 1/2/04		11,880,000
			Texas Dept. Hsg. & Cmnty. A.M.T., T.E.C.P.,
VMIG1		57,470	1.07%, 4/14/04		57,470,000
VMIG1		4,000	1.10%, 4/14/04		3,999,401
			Texas St. Coll. Student Loans., F.R.W.D., Ser. ZTC 5A,
VMIG1		8,000	1.43%, 1/2/04		8,000,000
			Texas St. Pub. Fin. Auth., Ser B.,
P-1		6,000	1.08%, 1/13/04		6,000,000
P-1		9,659	1.10%, 1/22/04		9,659,000
					270,816,401
UTAH    3.7%
			Intermountain Pwr. Agcy., Ser. B-4,
A-1(e)		25,000	1.08%, 1/12/04		25,000,000

See Notes to Financial Statements

COMMAND FUNDS 31

COMMAND Tax-Free Fund

Portfolio of Investments

as of December 31, 2003 (Unaudited) Cont’d.

Moody’s Rating	Principal Amount (000)		Description(a)	Value (Note 1)
			Intermountain Pwr. Agcy., Spec. Oblig., Sixth Crossover, Ser. B-3,
A-1(e)	$	32,000	1.05%, 2/5/04	$	32,000,000
					57,000,000
VERMONT    1.2%
			Vermont Edl. & Hlth. Bldgs. Fin. Agcy. Rev. Middlebury Coll. Proj., A.N.N.M.T.,
A-1+(e)		9,900	1.10%, 11/1/04, Ser. 2002B		9,900,000
A-1+(e)		9,135	1.10%, 11/1/04, Ser. 88A		9,135,000
					19,035,000
VIRGINIA    1.1%
			Halifax Cnty. Ind. Dev. Auth. Rev., VA Elec. & Pwr. Corp. Proj., A.M.T., Ser. 92,
VMIG1		15,000	1.16%, 2/13/04		15,000,000
			Louisa Ind. Dev. Auth., G.O.
VMIG1		2,400	1.26%, 1/14/04		2,400,000
					17,400,000
WASHINGTON    2.1%
			Port of Pasco Econ. Dev. Corp., Douglas Fruit Co., Inc., A.M.T., F.R.W.D.,
A-1+(e)		3,935	1.44%, 1/2/04		3,935,000
			Washington St. F.R.W.D., Ser. ZTC 10,
VMIG1		12,935	1.38%, 1/2/04 Ser. ZTC 11,		12,935,000
VMIG1		13,570	1.38%, 1/2/04		13,570,000
			Washington St. Econ. Dev. Fin. Auth. Rev., Pioneer Human Svcs., F.R.D.D., Ser. PJ-H,
VMIG1		1,650	1.37%, 1/2/04		1,650,000
					32,090,000
WISCONSIN    6.5%
			Everest Area Sch. Dist., T.R.A.N.,
NR		5,000	1.125%, 8/30/04		5,000,803
			Franklin Pub. Sch. Dist., T.R.A.N.,
NR		4,980	1.25%, 9/3/04		4,984,947
			Northland Pines Sch. Dist., T.A.N.,
NR		5,000	1.35%, 9/10/04		5,008,511

See Notes to Financial Statements

32 Visit our website at www.jennisondryden.com

Moody’s Rating	Principal Amount (000)		Description(a)	Value (Note 1)
			Sun Prairie Area Sch. Dist., T.R.A.N.,
NR	$	7,400	1.30%, 9/10/04	$	7,410,051
			Wisconsin St.
VMIG1		52,000	2.25%, 6/15/04		52,258,641
			G.O., F.R.W.D., Ser. ZTC20,
VMIG1		19,745	1.38%, 1/2/04		19,745,000
			Wisconsin St. Hlth. Edl. Facs. Auth. Rev., Franciscan Sisters, F.R.W.D, Ser. B
A1(e)		6,500	1.29%, 1/2/04		6,500,000
					100,907,953
			Total Investments    101.8% (amortized cost $1,587,076,722)(d)		1,587,076,722
			Liabilities in excess of other assets    (1.8%)		(27,922,442	)
			Net Assets    100%	$	1,559,154,280

(a) The following abbreviations are used in the portfolio descriptions:

A.M.B.A.C.—American Municipal Bond Assurance Corporation.

A.M.T.—Alternative Minimum Tax.

A.N.N.M.T.—Annual Mandatory Tender.

B.A.N.—Bond Anticipation Note.

F.G.I.C.—Financial Guaranty Insurance Company.

F.R.D.D.—Floating Rate (Daily) Demand Note (b).

F.R.M.D.—Floating Rate (Monthly) Demand Note (b).

F.R.W.D.—Floating Rate (Weekly) Demand Note (b).

F.S.A.—Financial Security Assurance.

G.O.—General Obligation.

M.B.I.A.—Municipal Bond Insurance Corporation.

M.E.R.L.O.T.—Municipal Exempt Receipt-Liquid Optional Tender.

R.A.N.—Revenue Anticipation Notes.

S.E.M.M.T.—Semi-Annual Mandatory Tender.

T.A.N.—Tax Anticipation Note.

T.E.C.P.—Tax-Exempt Commercial Paper.

T.R.A.N.—Tax and Revenue Anticipation Note.

(b) For purposes of amortized cost valuation, the maturity date of Floating Rate Demand Notes considered to be the next date on which the rate of interest is adjusted or the date on which the security can be redeemed at par.

(c) Indicates illiquid securities restricted as to resale. The aggregate cost of such securities was $14,330,000. The aggregate value of $14,330,000 was approximately 0.92% of net assets.

(d) The cost for federal income tax purposes is substantially the same as for financial reporting purposes.

(e) Standard & Poor’s rating.

NR—Not Rated by Moody’s or Standard & Poor’s.

See Notes to Financial Statements

COMMAND FUNDS 33

COMMAND Tax-Free Fund

Portfolio of Investments

as of December 31, 2003 (Unaudited) Cont’d.

The industry classification of portfolio holdings and liabilities in excess of other assets as a percentage of net assets as of December 31, 2003 was as follows:

Commercial Banks	38.0	%
Asset Backed Securities	19.9
Federal Credit Agencies	12.8
Life Insurance	11.3
Short-Term Business Credit	6.4
Security Brokers & Dealer	5.9
Municipals	4.2
Oil & Gas	1.8
Finance Services	1.2
Bank Holding Companies—Domestic	0.3
Liabilities in excess of other assets	(1.8	)
	100.0	%

See Notes to Financial Statements

34 Visit our website at www.jennisondryden.com

COMMAND Tax-Free Fund

Statement of Assets and Liabilities

as of December 31, 2003 (Unaudited)

Assets
Investments, at amortized cost which approximates market value	$	1,587,076,722
Cash		22,483
Receivable for Fund shares sold		24,156,616
Interest receivable		3,225,166
Prepaid expenses		34,191
Total assets		1,614,515,178
Liabilities
Payable for Fund shares reacquired		32,500,513
Payable for investments purchased		21,909,106
Management fee payable		624,763
Distribution fee payable		183,550
Accrued expenses and other liabilities		119,809
Dividends payable		23,157
Total liabilities		55,360,898
Net Assets	$	1,559,154,280
Net assets were comprised of:
Shares of beneficial interest, at $.01 par value	$	15,591,543
Paid-in capital in excess of par		1,543,562,737
Net Assets, December 31, 2003	$	1,559,154,280
Net asset value, offering price and redemption price per share $1,559,154,280 ÷ 1,559,154,280 shares of beneficial interest issued and outstanding		$1.00

See Notes to Financial Statements

COMMAND FUNDS 35

COMMAND Tax-Free Fund

Statement of Operations

Six Months Ended December 31, 2003 (Unaudited)

Net Investment Income
Income
Interest and discount earned	$	9,630,499
Expenses
Management fee		3,798,424
Distribution fee		1,119,511
Transfer agent’s fees and expenses		97,000
Custodian’s fees and expenses		69,000
Registration fees		49,000
Reports to shareholders		29,000
Legal fees and expenses		20,000
Audit fee		15,000
Trustees’ fees		9,000
Miscellaneous		12,259
Total expenses		5,218,194
Less: Custodian fee credit (Note 1)		(385	)
		5,217,809
Net investment income		4,412,690
Realized Gain On Investments
Net realized gain on investment transactions		125,189
Net Increase In Net Assets Resulting From Operations	$	4,537,879

See Notes to Financial Statements

36 Visit our website at www.jennisondryden.com

COMMAND Tax-Free Fund

Statement of Changes (Unaudited)

	Six Months Ended December 31, 2003			Year Ended June 30, 2003
Increase (Decrease) In Net Assets
Operations
Net investment income	$	4,412,690		$	16,007,738
Net realized gain on investment transactions		125,189			62,913
Net increase in net assets resulting from operations		4,537,879			16,070,651
Dividends and distributions to shareholders (Note 1)		(4,537,879	)		(16,070,651	)
Fund share transactions (at $1 per share)
Proceeds from shares sold		2,868,465,079			5,930,677,397
Net asset value of shares issued in reinvestment of dividends and distributions		4,423,290			15,494,915
Cost of shares reacquired		(3,097,422,896	)		(5,902,513,575	)
Net increase (decrease) in net assets from Fund share transactions		(224,534,527	)		43,658,737
Total increase (decrease)		(224,534,527	)		43,658,737
Net Assets
Beginning of period		1,783,688,807			1,740,030,070
End of period	$	1,559,154,280		$	1,783,688,807

See Notes to Financial Statements

COMMAND FUNDS 37

COMMAND Tax-Free Fund

Financial Highlights (Unaudited)

	Six Months Ended December 31, 2003
Per Share Operating Performance:
Net asset value, beginning of period	$	1.000
Net investment income and net realized gains		0.003
Dividends and distributions to shareholders		(0.003	)
Net asset value, end of period	$	1.000
Total Return(a)		0.26	%
Ratios/Supplemental Data:
Net assets, end of period (000)	$	1,559,154
Average net assets (000)	$	1,781,483
Ratios to average net assets:
Expenses, including distribution and service (12b-1) fees		.58	%(b)
Expenses, excluding distribution and service (12b-1) fees		.46	%(b)
Net investment income		.51	%(b)

(a) Total return is calculated assuming a purchase of shares on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions. Total return for periods of less than one full year are not annualized.

(b) Annualized.

See Notes to Financial Statements

38 Visit our website at www.jennisondryden.com

Year Ended June 30,
2003			2002			2001			2000			1999
$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
	0.009			0.015			0.034			0.032			0.027
	(0.009	)		(0.015	)		(0.034	)		(0.032	)		(0.027	)
$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
	.88	%		1.51	%		3.42	%		3.19	%		2.77	%
$	1,783,689		$	1,740,030		$	1,744,816		$	1,429,087		$	1,476,732
$	1,850,684		$	1,839,473		$	1,600,345		$	1,515,352		$	1,549,367
	.57	%		.58	%		.57	%		.58	%		.59	%
	.45	%		.46	%		.45	%		.46	%		.46	%
	.87	%		1.48	%		3.32	%		3.15	%		2.72	%

See Notes to Financial Statements

COMMAND FUNDS 39

Notes to Financial Statements

(Unaudited)

COMMAND Money Fund, COMMAND Government Fund and COMMAND Tax-Free Fund (each a “Fund” and collectively, the “Funds”) are each registered under the Investment Company Act of 1940 as an open-end, diversified management investment company whose shares are offered exclusively to participants in the COMMAND Account Program of Wachovia Securities LLC. The COMMAND Money Fund seeks high current income, preservation of capital and maintenance of liquidity by investing in a diversified portfolio of money market instruments maturing in 13 months or less. The COMMAND Government Fund seeks high current income, preservation of capital and maintenance of liquidity by investing in a portfolio of U.S. government securities maturing in 13 months or less. The COMMAND Tax-Free Fund seeks high current income that is exempt from federal income taxes, consistent with the preservation of capital and maintenance of liquidity. The Fund invests in a diversified portfolio of short-term, tax-exempt securities with maturities of 13 months or less that are issued by states, municipalities and their agencies (or authorities). Some securities may be subject to the federal alternative minimum tax (AMT). The Funds invest in a portfolio of money market instruments whose ratings are within the two highest ratings categories by a nationally recognized statistical rating agency or, if not rated, are of comparable quality. The ability of the issuers of the securities held by the Funds to meet their obligations may be affected by economic and/or political developments in a specific industry, state or region.

Note 1. Accounting Policies

The following is a summary of significant generally accepted accounting policies followed by the Funds in the preparation of their financial statements.

Securities Valuation: Portfolio securities of the Funds are valued at amortized cost, which approximates market value. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of any discount or premium. If the amortized cost method is determined not to represent fair value, the fair value shall be determined by or under the direction of the Board of Trustees. The Funds may hold up to 10% of their net assets in illiquid securities, including those which are restricted as to disposition under securities law (“restricted securities”). None of the issues of restricted securities held by the Funds at December 31, 2003 include registration rights under which the Fund may demand registration by the issuer.

40 Visit our website at www.jennisondryden.com

Repurchase Agreements: In connection with transactions in repurchase agreements with United States Financial Institutions, it is the Funds’ policy that its custodian or designated subcustodians under triparty repurchase agreements, as the case may be, take possession of the underlying collateral securities, the value of which exceeds the principal amount of the repurchase transaction, including accrued interest. To the extent that any repurchase agreement exceeds one business day, the value of collateral is marked-to-market on a daily basis to ensure adequacy of the collateral. If the seller defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Funds may be delayed or limited.

Securities Transactions and Investment Income: Securities transactions are recorded on the trade date. Realized gains or losses on sales of securities are calculated on the identified cost basis. Interest income including amortization of premium and accretion of discount on debt securities, as required, is recorded on the accrual basis. The Funds amortize premiums and accrete discounts on purchases of portfolio securities as adjustments to interest income.

Dividends and Distributions: Each Fund declares daily dividends from net investment income and net realized short-term capital gains or losses. Payment of dividends is made monthly. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from generally accepted accounting principles.

Taxes: For federal income tax purposes, each Fund is treated as a separate taxable entity. It is each Fund’s policy to continue to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable net income and capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required.

Custody Fee Credits: The COMMAND Tax-Free Fund has an arrangement with its custodian bank, whereby uninvested monies earn credits which reduce the fees charged by the custodian. Such custody fee credits are presented as a reduction of gross expenses in the accompanying Statement of Operations.

Estimates: The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

COMMAND FUNDS 41

Notes to Financial Statements

(Unaudited) Cont’d

Note 2. Agreements

Each Fund has a management agreement with Prudential Investments LLC (“PI”). Pursuant to this agreement, PI has responsibility for all investment advisory services and supervises the subadvisor’s performance of such services. PI has entered into a subadvisory agreement with Prudential Investment Management, Inc. (“PIM”). The subadvisory agreement provides that PIM will furnish investment advisory services in connection with the management of each Fund. In connection therewith, PIM is obligated to keep certain books and records of the Fund. PI pays for the services of PIM, the cost of compensation of officers of the Funds, occupancy and certain clerical and bookkeeping costs of the Funds. The Funds bear all other costs and expenses.

The management fee paid to PI is computed daily and payable monthly based on the following annual rates:

Average Daily Net Assets	COMMAND Money	COMMAND Government	COMMAND Tax-Free
First $500 million	.500%	.400%	.500%
Second $500 million	.425%	.400%	.425%
Third $500 million	.375%	.375%	.375%
Excess of $1.5 billion	.350%	.375%	.375%

Each Fund has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”) which acts as the distributor of the shares of each Fund. Each Fund compensates PIMS for distributing and servicing each Fund’s shares pursuant to the plan of distribution regardless of expenses actually incurred, at an annual rate of .125 of 1% of the average daily net assets of each Fund’s shares. The distribution fees are accrued daily and payable monthly.

PI, PIM and PIMS are indirect, wholly-owned subsidiaries of Prudential Financial, Inc. (“Prudential”).

42 Visit our website at www.jennisondryden.com

Note. 3. Other Transactions with Affiliates

Prudential Mutual Fund Services LLC (“PMFS”), an affiliate of PI and an indirect, wholly-owned subsidiary of Prudential, serves as the Funds’ transfer agent. During the six months ended December 31, 2003, each Fund incurred fees for the services of PMFS of approximately:

COMMAND Money	$	2,494,800
COMMAND Government	$	74,800
COMMAND Tax-Free	$	93,000

As of December 31, 2003, the following amounts were due to PMFS from the Funds:

COMMAND Money	$	372,200
COMMAND Government	$	10,500
COMMAND Tax-Free	$	14,800

Note 4. Capital

The Funds offer Class A shares. The Funds may also offer Class Z and Class S shares (COMMAND Tax-Free Fund may only offer Class S). There are no Class Z or Class S shares currently issued and outstanding.

COMMAND FUNDS 43

n MAIL	n TELEPHONE
Gateway Center Three 100 Mulberry Street Newark, NJ 07102	(800) 225-1852

TRUSTEES

Delayne Dedrick Gold•Robert F. Gunia•Robert E. La Blanc•Robin B. Smith•Stephen D. Stoneburn•

Clay T. Whitehead

OFFICERS

Judy A. Rice, President•Robert F. Gunia, Vice President•Grace C. Torres, Treasurer and Principal Financial and Accounting Officer•Marguerite E.H. Morrison, Chief Legal Officer and Assistant Secretary•Jonathan D. Shain, Secretary•Maryanne Ryan, Anti-Money Laundering Compliance Officer

MANAGER	Prudential Investments LLC	Gateway Center Three 100 Mulberry Street Newark, NJ 07102
INVESTMENT ADVISOR	Prudential Investment Management, Inc.	Gateway Center Two 100 Mulberry Street Newark, NJ 07102
DISTRIBUTOR	Prudential Investment Management Services LLC	Gateway Center Three 14th Floor 100 Mulberry Street Newark, NJ 07102
CUSTODIAN	State Street Bank and Trust Company	One Heritage Drive North Quincy, MA 02171
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 8098 Philadelphia, PA 19101
INDEPENDENT AUDITORS	KPMG LLP	757 Third Avenue New York, NY 10017
FUND COUNSEL	Sullivan & Cromwell LLP	125 Broad Street New York, NY 10004

COMMAND Funds
	COMMAND Money Fund	COMMAND Government Fund	COMMAND Tax-Free Fund
Nasdaq	CDMXX	CDFXX	CGMXX
CUSIP	20050F103	20050R107	20050D108

Mutual Funds:

ARE NOT INSURED BY THE FDIC OR ANY FEDERAL GOVERNMENT AGENCY MAY LOSE VALUE ARE NOT A DEPOSIT OF OR GUARANTEED BY ANY BANK OR ANY BANK AFFILIATE

COMMAND Fund
	COMMAND Money Fund	COMMAND Government Fund	COMMAND Tax-Free Fund
Nasdaq	CDMXX	CDFXX	CGMXX
CUSIP	20050F103	20050R107	20050D108

CFS    IFS-A087742

Item 2—Code of Ethics—Not required as this is not an annual filing.

Item 3—Audit Committee Financial Expert—

The registrant’s Board has determined that Mr. David Carson, member of the Board’s Audit Committee is an “audit committee financial expert,” and that he is “independent,” for purposes of this Item.

Item 4—Principal Accountant Fees and Services—Not required in this filing

Item 5—Reserved

Item 6—Reserved

Item 7—Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies—Not required in this filing

Item 8—Reserved

Item 9—Controls and Procedures

(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There have been no significant changes in the registrant’s internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

Item 10—Exhibits

(a) Code of Ethics—Not applicable with semi-annual filing

(b) Certifications pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act—Attached hereto

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.

(Registrant)	Command Tax-Free Fund
By (Signature and Title)*		/s/    Jonathan D. Shain
		Jonathan D. Shain Secretary

Date February 23, 2004

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 (Signature and Title)*	/s/    Judy A. Rice
	Judy A. Rice President and Principal Executive Officer

Date February 23, 2004

By (Signature and Title)*	/s/    Grace C. Torres
	Grace C. Torres Treasurer and Principal Financial Officer

Date February 23, 2004

^* Print the name and title of each signing officer under his or her signature.

EX-99.CERT

Item 10

Command Tax-Free Fund

Semi-Annual period ending 12/31/03

File No. 811-3252

CERTIFICATIONS

I, Judy A. Rice, certify that:

1. I have reviewed this report on Form N-CSR of Command Tax-Free Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report.

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and;

c) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal half-year (the registrant’s second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officers and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal controls which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 23, 2004

/s/    Judy A. Rice         

Judy A. Rice

President and Principal Executive Officer

Item 10

Command Tax-Free Fund

Semi-Annual period ending 12/31/03

File No. 811-3252

CERTIFICATIONS

I, Grace C. Torres, certify that:

1. I have reviewed this report on Form N-CSR of Command Tax-Free Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report.

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and;

c. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal half-year (the registrant’s second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officers and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal controls which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 23, 2004

/s/    Grace C. Torres         

Grace C. Torres

Treasurer and Chief Financial Officer

EX-99.CERT906

Certification Pursuant to 18 U.S.C. Section 1350,

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

Name of Issuer: Command Tax-Free Fund

In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to his or her knowledge, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Issuer.

Date: February 23, 2004	/s/    Judy A. Rice
	Judy A. Rice President and Principal Executive Officer

Date: February 23, 2004	/s/    Grace C. Torres
	Grace C. Torres Treasurer and Principal Financial Officer