SUPPLEMENT TO THE 
FIDELITY INSTITUTIONAL MONEY MARKET FUNDS - CLASS I 
JULY 31, 1996
PROSPECTUS
SHAREHOLDER MEETING. On May 9, 1997, a meeting of the shareholders of
Treasury Only will be held to approve revisions to the fund's current
management contract and other matters related to the fund's management. If
shareholders approve the amended management contract, Treasury Only will
adopt the amended management contract effective May 31, 1997. The amended
management contract would modify the contractual management fee arrangement
between the fund and FMR by (i) reducing the management fee rate from 0.42%
of the fund's average net assets to 0.20% of the fund's average net assets,
and (ii) replacing the all-inclusive fee structure with a fee structure
under which the fund (rather than FMR) would pay all of its other expenses.
A copy of the proxy statement may be obtained free of charge by calling
1-800-843-3001.
Effective September 30, 1996, the following information replaces the
similar information in the "How to Buy Shares" section on page 18 of the
funds' prospectus:
IF YOU ARE NEW TO FIDELITY, an initial investment must be preceded or
accompanied by a completed, signed application, which should be forwarded
to:
Fidelity Investments
P.O. Box 770002
Cincinnati, OH 45277-0081
 
SUPPLEMENT TO THE 
FIDELITY INSTITUTIONAL MONEY MARKET FUNDS - CLASS II JULY 31, 1996 
PROSPECTUS
SHAREHOLDER MEETING. On May 9, 1997, a meeting of the shareholders of
Treasury Only will be held to approve revisions to the fund's current
management contract and other matters related to the fund's management. If
shareholders approve the amended management contract, Treasury Only will
adopt the amended management contract effective May 31, 1997. The amended
management contract would modify the contractual management fee arrangement
between the fund and FMR by (i) reducing the management fee rate from 0.42%
of the fund's average net assets to 0.20% of the fund's average net assets,
and (ii) replacing the all-inclusive fee structure with a fee structure
under which the fund (rather than FMR) would pay all of its other expenses.
A copy of the proxy statement may be obtained free of charge by calling
1-800-843-3001.
Effective September 30, 1996, the following information replaces the
similar information in the "How to Buy Shares" section on page 18 of the
funds' prospectus:
IF YOU ARE NEW TO FIDELITY, an initial investment must be preceded or
accompanied by a completed, signed application, which should be forwarded
to:
Fidelity Investments
P.O. Box 770002
Cincinnati, OH 45277-0081
 
SUPPLEMENT TO THE 
FIDELITY INSTITUTIONAL MONEY MARKET FUNDS - CLASS III
JULY 31, 1996
PROSPECTUS
SHAREHOLDER MEETING. On May 9, 1997, a meeting of the shareholders of
Treasury Only will be held to approve revisions to the fund's current
management contract and other matters related to the fund's management. If
shareholders approve the amended management contract, Treasury Only will
adopt the amended management contract effective May 31, 1997. The amended
management contract would modify the contractual management fee arrangement
between the fund and FMR by (i) reducing the management fee rate from 0.42%
of the fund's average net assets to 0.20% of the fund's average net assets,
and (ii) replacing the all-inclusive fee structure with a fee structure
under which the fund (rather than FMR) would pay all of its other expenses.
A copy of the proxy statement may be obtained free of charge by calling
1-800-843-3001.
Effective September 30, 1996, the following information replaces the
similar information in the "How to Buy Shares" section on page 18 of the
funds' prospectus:
IF YOU ARE NEW TO FIDELITY, an initial investment must be preceded or
accompanied by a completed, signed application, which should be forwarded
to:
Fidelity Investments
P.O. Box 770002
Cincinnati, OH 45277-0081
 
SUPPLEMENT TO THE FIDELITY INSTITUTIONAL MONEY MARKET FUNDS - CLASS I
JULY 31, 1996
STATEMENT OF ADDITIONAL INFORMATION
Effective January 2, 1997, the following information replaces the similar
information found in the third paragraph of the "Contracts with FMR
Affiliates" section on page 34.
Under this arrangement FIIOC receives an annual asset-based fee. This fee
is subject to increase based on postal rate changes.
The following information has been eliminated from "Management Contracts"
on page 33.
   To comply with the California Code of Regulations, FMR will reimburse
each fund if and to the extent that the fund's aggregate annual operating
expenses exceed specified percentages of its average net assets. The
applicable percentages are 2 1/2% of the first $30 million, 2% of the next
$70 million, and 1 1/2% of average net assets in excess of $100 million.
When calculating each fund's expenses for purposes of this regulation, each
fund may exclude interest, taxes, brokerage commissions, and extraordinary
expenses, as well as a portion of its custodian fees attributable to
investment in foreign securities.    
SUPPLEMENT TO THE FIDELITY INSTITUTIONAL MONEY MARKET FUNDS - CLASS II
JULY 31, 1996
STATEMENT OF ADDITIONAL INFORMATION
Effective January 2, 1997, the following information replaces the similar
information found in the third paragraph of the "Contracts with FMR
Affiliates" section on pages 32 and 33. 
Under this arrangement FIIOC receives an annual asset-based fee. This fee
is subject to increase based on postal rate changes.
The following information has been eliminated from "Management Contracts"
on page 32.
   To comply with the California Code of Regulations, FMR will reimburse
each fund if and to the extent that the fund's aggregate annual operating
expenses exceed specified percentages of its average net assets. The
applicable percentages are 2 1/2% of the first $30 million, 2% of the next
$70 million, and 1 1/2% of average net assets in excess of $100 million.
When calculating each fund's expenses for purposes of this regulation, each
fund may exclude interest, taxes, brokerage commissions, and extraordinary
expenses, as well as a portion of its custodian fees attributable to
investment in foreign securities.    
SUPPLEMENT TO THE FIDELITY INSTITUTIONAL MONEY MARKET FUNDS - CLASS III
JULY 31, 1996
STATEMENT OF ADDITIONAL INFORMATION
Effective January 2, 1997, the following information replaces the similar
information found in the third paragraph of the "Contracts with FMR
Affiliates" section on page 33.
Under this arrangement FIIOC receives an annual asset-based fee. This fee
is subject to increase based on postal rate changes.
The following information has been eliminated from "Management Contracts"
on page 32.
   To comply with the California Code of Regulations, FMR will reimburse
each fund if and to the extent that the fund's aggregate annual operating
expenses exceed specified percentages of its average net assets. The
applicable percentages are 2 1/2% of the first $30 million, 2% of the next
$70 million, and 1 1/2% of average net assets in excess of $100 million.
When calculating each fund's expenses for purposes of this regulation, each
fund may exclude interest, taxes, brokerage commissions, and extraordinary
expenses, as well as a portion of its custodian fees attributable to
investment in foreign securities.