FMR Corp. and Subsidiaries - Page 15

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          orderly fashion, to avoid disrupting the portfolio.  Petitioner             
          usually retains its seed money as an ownership interest in a                
          given RIC until the interest is diluted, through purchases of               
          shares by the public, to about a 10-percent stake.                          
               Only the RIC's managed by petitioner, which comprise the               
          Fidelity family, may be marketed under the Fidelity name.                   
          Although it is not uncommon for a shareholder to have shares in             
          more than one Fidelity RIC, each of the RIC's in Fidelity's                 
          family of RIC's has a different and ever-changing stockholder               
          composition; i.e., the ownership of each RIC is different from              
          that of every other RIC in the Fidelity family.  The following              
          table shows the number of RIC's and the total amount of assets in           
          these RIC's for the years 1982 to 1995:                                     
          Assets Under                                                                
          Year        Number of RIC's      Management (in billions)                   
          1982              43                     $18.2                              
          1983              48                     21.4                               
          1984              57                      25.3                              
          1985              79                      35.8                              
          1986             109                      59.6                              
          1987             140                      71.8                              
          1988             156                      77.4                              
          1989             162                      98.9                              
          1990             181                     110.5                              
          1991             184                     144.3                              
          1992             193                     172.8                              
          1993             204                     237.7                              
          1994             213                     275.0                              
          1995             232                     373.3                              









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