SUPPLEMENT TO THE
FIDELITY INSTITUTIONAL MONEY MARKET FUNDS'
MAY 29, 1998
STATEMENT OF ADDITIONAL INFORMATION
THE FOLLOWING SENTENCE HAS BEEN REMOVED FROM THE "PERFORMANCE" SECTION
ON PAGE 17:
Note that the fund may invest in securities whose income is subject to
the federal alternative minimum tax.
THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOR TAX-EXEMPT
FOUND IN THE TABLE ON PAGE 19:
Class I Class II Class III
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
Fund Seven-Day Tax-Equiv Seven-Day Tax-Equiv Seven-Day Tax-Equiv
Yield alent Yield Yield alent Yield Yield alent Yield
Tax-Exempt 3.49 % 5.45 % 3.19% 4.98% 3.10% 4.84%
</TABLE>
THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND IN THE
"TRUSTEES AND OFFICERS" SECTION BEGINNING ON PAGE 36:
RICHARD A. SILVER (51), Treasurer (1997), is Treasurer of the Fidelity
funds and is an employee of FMR (1997). Before joining FMR, Mr. Silver
served as Executive Vice President, Fund Accounting & Administration
at First Data Investor Services Group, Inc. (1996-1997). Prior to
1996, Mr. Silver was Senior Vice President and Chief Financial Officer
at The Colonial Group, Inc. Mr. Silver also served as Chairman of the
Accounting/Treasurer's Committee of the Investment Company Institute
(1987-1993).
