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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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