FMR Corp. and Subsidiaries - Page 3

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                                  FINDINGS OF FACT                                    

               Some of the facts have been stipulated and are so found.               
          The stipulation of facts is incorporated herein by this                     
          reference.  Petitioner's Forms 1120, U.S. Corporation Income Tax            
          Return, for the years in issue were filed with respondent's                 
          Service Center in Andover, Massachusetts.  At the time it filed             
          the petition in this case, petitioner's principal place of                  
          business was located in Boston, Massachusetts.                              

          General Background                                                          

               FMR Corp. is the parent holding company of an affiliated               
          group of corporations. Hereinafter we shall refer to FMR Corp. as           
          petitioner.  Petitioner provides investment management services,            
          through its operating subsidiary, Fidelity Management & Research            
          Co. (FMR Co.), to regulated investment companies (or RIC's, which           
          are commonly known to the investing public as "mutual funds")               
          under a contract with each RIC.  As of January 1, 1996,                     
          petitioner provided such services to 232 RIC's.                             
               Petitioner began in 1946 as the investment adviser to a                
          single RIC, the Fidelity Fund, which invested in stocks.  For               
          most of the following three decades, petitioner created and                 
          rendered services to additional RIC's, which also invested only             
          in stocks.  In the 1970's, petitioner began to create RIC's that            
          invested in bonds (fixed income funds) and in short-term                    





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