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American Century Investments, a Kansas City investment management company, said that it launched the American Century New York Tax-Free Fund.
The fund, introduced Tuesday, seeks to maximize total return through high current income that is exempt from New York state and local income taxes.
Its managers invest at least 80% of the fund's assets in debt securities issued by cities, countries and other municipalities in New York and U.S. territories, such as Puerto Rico, that have interest payments exempt from federal and New York income taxes.
The fund has a minimum initial investment of $5,000. It is co-managed by Joe Gotelli, Steven Permut and Alan Kruss, who are based in American Century's Mountain View, Calif., office.
American Century has seven municipal bond strategies, with $3 billion of assets under management as of May 31.
