BOSTON - Fidelity Investments has begun promoting through investment advisers a mutual fund that invests in New York State municipal bonds.
The Boston-based company has added the program to its family of Fidelity Advisor Funds, which are sold exclusively through investment professionals at banks and broker-dealers.
Norman Lind, a Fidelity vice president, will manage the Fidelity Advisor New York Tax-Free Fund. He will invest primarily in investment-grade municipal debt obligations with maturities of 10 years or greater.
The new fund has three classes of shares. Class A has an up-front sales charge. Class B has a back-end sales charge.
Class I, or institutional shares, come without a sales charge because they are sold through bank trust departments and brokerage firms that manage accounts for a fee.