American Century has launched its first tax-managed mutual fund, using a fresh marketing hook-investing for the long term with an eye toward reducing the short-term tax burden.

The American Century Tax-Managed Value Fund, available Monday, requires an initial investment of $10,000 and will be marketed directly to retail investors as well as to banks, brokerages, and independent advisers.

The fund will be managed by Mark Mallon and Charles Ritter. Mr. Mallon is chief investment officer of value and quantitative products; Mr. Ritter is a vice president.

The team will try to minimize the tax bite by investing in companies that yield low dividends and by selling securities to realize capital losses to offset gains.

The fund brings the total number of portfolios in American Century's family to 65. The mutual company, which manages $80 billion, and J.P. Morgan & Co. sell their funds to each other's clients under a partnership started when the New York bank took a 45% stake in American Century a year ago.

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