<PAGE>
INSTITUTIONAL MONEY MARKET FUND
Supplement Dated July 10, 1997
to Prospectus Dated November 29, 1996, as Supplemented April 4, 1997
The Fund's investments in U.S. Government Securities may include variable
or floating rate obligations in which the interest rate is adjusted either at
predesignated periodic intervals (variable rate) or when there is a change in
the index rate of interest on which the interest rate payable on the
obligation is based (floating rate). Variable or floating rate obligations
may include a demand feature, which is a put that entitles the holder to
receive the principal amount of the underlying security or securities and
which may be exercised either at any time on no more than 30 days' notice or
at specified intervals not exceeding 397 calendar days on no more than 30
days' notice. Variable or floating rate instruments with a demand feature
enable the Fund to purchase instruments with a stated maturity in excess of
397 calendar days. The Fund determines the maturity of variable or floating
rate instruments in accordance with Securities and Exchange Commission rules
which allow the Fund to consider certain of such instruments as having
maturities that are less than the maturity date on the face of the
instrument.
30642
