Fidelity Investments launched on May 14 two new share classes–institutional and service–for four of its alternative minimum tax-free money market funds: Fidelity California, Massachusetts, New Jersey, and New York.

The AMT fund share classes will be available to institutions and high-new-worth investors directly or through intermediaries, and require a $1 million initial minimum investment.

Fidelity also cut total expenses on each of the money funds’ retail class shares by 10 basis points on the Massachusetts and New York funds, and by five basis points on the California and New Jersey funds, bringing expenses on all the funds to 30 bps.