1290 Funds to launch 1290 High Yield Bond Fund in November

By Toni Weeks

San Luis Obispo, Calif., Aug. 27 – 1290 Funds gave the details in an N-1A filing with the Securities and Exchange Commission about its upcoming new high-yield fund, which plans to launch in November.

The 1290 High Yield Bond Fund will seek to maximize current income. Under normal circumstances, it will invest at least 80% of its net assets in a broad range of high-yield bonds. The fund may invest in securities of any maturity and up to 15% of its net assets in illiquid securities.

Kenneth T. Kozlowski and Alwi Chan will be the portfolio managers.

The fund will launch with class A, class C, class I and class R shares. The ticker symbols are TNHAX, TNHCX, TNHIX and TNHRX, respectively.

The sales load is 4.5% for class A shares. There is a 1% maximum deferred sales load for class A and class C shares and a 2% redemption fee for all share classes.

The advisory fee will be 0.6%. Including this and the effects of a fee waiver and expense reimbursement agreement, annual fund operating expenses are expected to be 1.05% for class A, 1.8% for class C, 0.8% for class I and 1.3% for class R shares.

AXA Equitable Funds Management Group, LLC, doing business as New York-based 1290 Asset Managers, will serve as the investment adviser.

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