SUPPLEMENT TO THE SPARTAN(registered trademark) CALIFORNIA
MUNICIPAL FUNDS
PROSPECTUS
DATED APRIL 17, 1995
On February 20, 1996 the funds' names changed from Spartan California
Municipal Money Market Portfolio, Spartan California Intermediate Municipal
Portfolio, and Spartan California Municipal High Yield Portfolio to Spartan
California Municipal Money Market Fund, Spartan California Intermediate
Municipal Income Fund, and Spartan California Municipal Income Fund,
respectively.
Effective April 1, 1996, the following information replaces similar
information found under "Expenses" beginning on page 5.
SPARTAN CA MONEY MARKET
Management fee (after reimbursement) .35%
12b-1 fee None
Other expenses .00%
Total fund operating expenses .35%
SPARTAN CA INTERMEDIATE
Management fee (after reimbursement) . 55 %
12b-1 fee None
Other expenses .00%
Total fund operating expenses . 55 %
SPARTAN CA MONEY MARKET
Account open Account closed
After 1 year $4 $9
After 3 years $11 $16
After 5 years $20 $25
After 10 years $44 $49
SPARTAN CA INTERMEDIATE
Account open Account closed
After 1 year $ 6 $ 11
After 3 years $1 8 $ 23
After 5 years $ 31 $ 36
After 10 years $ 69 $ 74
FMR has voluntarily agreed to temporarily limit Spartan California
Municipal Money Market Portfolio's operating expenses to .35% of its
average net assets . If this agreement w as not in
effect, the management fee, other expenses, and total operating expenses
would be .50%, .00%, and .50%, respectively . Expenses eligible for
reimbursement do not include interest, taxes, brokerage commissions, or
extraordinary expenses.
The following replaces the similar information found in the "Investment
Principles and Risks" section on page 13 with regard to Spartan California
Intermediate Municipal Income Fund.
Although the fund can invest in securities of any maturity, the fund
maintains a dollar-weighted average maturity of between three to 10 years
under normal conditions. FMR seeks to manage the fund so that it generally
reacts to changes in interest rates similarly to municipal bonds with
maturities between seven and 10 years.
The following replaces the similar information found in the "Investment
Principles and Risks" section on page 13 with regard to Spartan California
Municipal Income Fund.
Although the fund can invest in securities of any maturity, FMR seeks to
manage the fund so that it generally reacts to changes in interest rates
similarly to municipal bonds with maturities between eight and 18
years.
