Fidelity Investments has started the Growth & Income II Portfolio, a new retail fund with similar investment policies to those of Fidelity Growth & Income, which was closed to new investors on April 3, 1998.

Like the Fidelity Growth & Income Portfolio, the new fund's investment objective is to seek high total return through a combination of current income and capital appreciation. Despite the similarities, the new fund will not be identical to Fidelity Growth & Income and will be managed independently.

Fidelity Growth & Income II will be managed by Louis Salemy, who joined the firm in 1992. He served as a portfolio assistant to Steven Kaye on the Growth & Income portfolio from 1995-97.

Minimum initial investment is $2,500 ($500 for IRAs). There will be no initial sales charge or redemption fee.

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