SUPPLEMENT TO THE FIDELITY INSTITUTIONAL
SHORT-INTERMEDIATE GOVERNMENT FUND
JANUARY 20, 1998
STATEMENT OF ADDITIONAL INFORMATION
THE FOLLOWING INFORMATION REPLACES THE FIRST PARAGRAPH UNDER THE
HEADING "SHAREHOLDER AND TRUSTEE LIABILITY," IN THE "DESCRIPTION OF
THE TRUST" SECTION ON PAGE 19.
SHAREHOLDER AND TRUSTEE LIABILITY. The trust is an entity of the type
commonly known as a "Massachusetts business trust." Under
Massachusetts law, shareholders of such a trust may, under certain
circumstances, be held personally liable for the obligations of the
trust. The Declaration of Trust provides that the trust shall not have
any claim against shareholders except for the payment of the purchase
price of shares and requires that each agreement, obligation, or
instrument entered into or executed by the trust or the Trustees
include a provision limiting the obligations created thereby to
the trust or to one or more funds and its or their assets. The
Declaration of Trust provides for indemnification out of each fund's
property of any shareholder held personally liable for the obligations
of the fund. The Declaration of Trust also provides that each fund
shall, upon request, assume the defense of any claim made against any
shareholder for any act or obligation of the fund and satisfy any
judgment thereon. Thus, the risk of a shareholder incurring financial
loss on account of shareholder liability is limited to circumstances
in which a fund itself would be unable to meet its obligations. FMR
believes that, in view of the above, the risk of personal liability to
shareholders is remote.
THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND IN
THE"DESCRIPTION OF THE TRUST" SECTION ON PAGE 19.
VOTING RIGHTS. Each fund's capital consists of shares of beneficial
interest. As a shareholder, you receive one vote for each dollar value
of net asset value you own. The shares have no preemptive or
conversion rights; the voting and dividend rights, the right of
redemption, and the privilege of exchange are described in the
Prospectus. Shares are fully paid and nonassessable, except as set
forth under the heading "Shareholder and Trustee Liability" above.
Shareholders representing 10% or more of the trust or a fund may, as
set forth in the Declaration of Trust, call meetings of the trust or a
fund for any purpose related to the trust or fund, as the case may be,
including, in the case of a meeting of the entire trust, the purpose
of voting on removal of one or more Trustees. The trust or any fund
may be terminated upon the sale of its assets to, or merger with,
another open-end management investment company or series thereof, or
upon liquidation and distribution of its asset s. Generally, the
merger of a trust or a fund with another entity or the sale of
substantially all of the assets of a trust or a fund to another entity
requires the vote of a majority of the outstanding shares of a trust
or a fund, as determin ed by the current value of each shareholder's
investment in the fund or trust. The Trustees may, however,
reorganize or terminate the trust or any fund without prior
shareholder approval. If not so terminated, the trust and its funds
will continue indefinitely. Each fund may invest all of its assets in
another investment company.
