CAPITAL RESERVES:
MONEY MARKET PORTFOLIO
U.S. GOVERNMENT PORTFOLIO
MUNICIPAL MONEY MARKET PORTFOLIO
Supplement to the Statement of Additional Information
DATED SEPTEMBER 26, 1994
The following supplements each fund's non-fundamental investment
limitations:
Subject to revision upon 60 days' notice to shareholders, each Portfolio
does not currently intend to purchase securities on margin, except that a
Portfolio may obtain such short-term credits as are necessary for the
clearance of transactions, and provided that margin payments in connection
with futures contracts and options on futures contracts shall not
constitute purchasing securities on margin.
September 26, 1994
CAPR-PTB-94-1
