American Funds filed papers with the SEC to launch the American Funds Money Market Fund. The Los Angeles-based fund giant currently offers three money market funds, including a tax-exempt one.

The new fund seeks to incorporate elements of the two other money market offerings, Cash Management Trust of America and U.S. Treasury Money Fund of America.

The fund seeks to "balance interest income and credit risk," said American Funds spokesman Chuck Freadhoff.

The fund is in part "a response to the new environment in which we have very low interest rates and there's a great deal of attention being paid to credit risk," he added. 

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