Fidelity Investments has introduced a growth and income fund similar to one that was closed to new investors in the spring.

The Growth & Income II Fund, modeled after the Growth & Income Fund, became available Tuesday, the Boston company said.

It will not be directly available through banks' retail brokerages but will be sold through 401(k) and other retirement plans as well as directly to retail investors.

The fund will share its forerunner's investment objective of high total return through current income and capital appreciation and will invest primarily in common stocks.

Growth & Income II will not be run by the Growth & Income team. It will be managed independently by Louis Salemy, who was a portfolio assistant on the latter fund from 1995 to 1997.

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