Investment Philosophy

  • Seeks to deliver attractive risk-adjusted returns through an actively managed core portfolio of U.S. investment-grade bonds
  • Invests opportunistically around the core using sovereign, credit and currency strategies to add income and price appreciation potential
  • Offers a complement to U.S.-only “total return” strategies

Fund Details

  Class A Class I Class R
Ticker TNUAX TNUIX TNURX
CUSIP 68246A 710 68246A 686 68246A 678
ISIN US68246A7101 US68246A6863 US68246A6780
Investment Minimum* $1,000 for all accounts
except:
• $500 for certain fee-
based programs
• $500, if establishing
an Automatic Bank
Draft Plan
• $250 minimum for purchases
by accounts through eligible
financial intermediary platforms
that have entered into
selling or service agreements
with the Distributor and
that are eligible to purchase
Class A shares without
a sales charge
• No minimum for
certain employer-sponsored
retirement plans and
certain wrap fee based programs
$1,000,000 for certain
institutions and individuals
• $1,000 for certain
employees (or their
immediate family
members) of AXA
Financial or its
subsidiaries
• Class I Shares are
available to clients of
registered investment
advisers who have
$250,000 invested in
the Fund
• No minimum investment
for a wrap account client
of an eligible broker-dealer
or a client of a fee-based
planner that is unaffiliated
with a broker-dealer
No minimum
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*Read the Prospectus for more information.

How the Fund invests

Under normal circumstances, the Fund will invest at least 80% of its net assets, plus borrowings for investment purposes, in a diversified portfolio of U.S. and foreign bonds or other debt securities of varying maturities and other instruments that provide investment exposure to such debt securities, including forwards or derivatives such as options, futures contracts or swap agreements.

Fund Objective

Seeks to maximize total return consisting of income and capital appreciation.

Investment Process

Combination of Top-Down and Bottom-Up

process graph

Portfolio Managers

Brandywine logo

Anujeet Sareen

CFA / Portfolio Manager

Anujeet Sareen is a portfolio manager for the Firm’s Global Fixed Income and related strategies. Prior to joining the Firm in 2016, Anujeet was a managing director of global fixed income and a global macro strategist, as well as chair of the Currency Strategy Group at Wellington Management in Boston. Over his 22-year career at Wellington (1994-2016), he held a variety of roles while cultivating extensive fixed income and currency management experience. Anujeet is a CFA® charterholder and earned a B.A. in Computer Science from Brown University.

Gerhardt (Gary) P. Herbert

CFA / Portfolio Manager and Head of Global Credit

Gary is a portfolio manager and head of global credit. Gary joined Brandywine Global in March 2010, bringing with him over 20 years of high yield experience. Previously, Gary was a Managing Director, Portfolio Manager with Guggenheim Partners, LLC (2009-2010); a Managing Director, Portfolio Manager with Dreman Value Management, LLC (2007-2009); and an Executive Director, Portfolio Manager (1999-2007) and Associate (1994-1998) with Morgan Stanley Investment Management. Gary earned his M.B.A. with Honors from Columbia University, and a Bachelor Degree from Villanova University. He is a CFA® charterholder and is a member of the Philadelphia Scholars Program Investment Committee.

Tracy Chen

CFA, CAIA / Portfolio Manager and Head of Structured Credit

Tracy is a portfolio manager and head of structured credit, responsible for investing in global mortgage- and asset-backed securities, and other structured credit products. She joined the Firm in August 2008. Prior to joining Brandywine Global, she was with UBS Investment Bank as director of the fixed income valuation group (2006-2008), GMAC Mortgage Group as a mortgage pricing analyst (2003-2006), Deloitte Consulting as a senior corporate strategy consultant (2001-2003), and Guotai Jun’An Securities Ltd. in Shenzhen, China as an international corporate finance associate (1995-1999). Tracy earned an MBA with a concentration in Finance from Kenan-Flagler Business School at the University of North Carolina, an M.A. in American Studies from Sichuan University in Chengdu, China, and a B.A. in English for Scientific Purposes from University of Electronic Science & Technology of China in Chengdu, China. Tracy is a CFA® charter holder and earned the Chartered Alternative Investment Analyst (CAIA) charter in 2010. She was also published in the Summer 2017 and Spring 2007 edition of The Journal of Structured Finance.

CFA is a registered trademark of the CFA Institute.

Investment Grade Securities Risk: Debt securities are generally considered to be investment grade if they are rated BBB or Higher.

Credit Risk: The Fund is subject to the risk that the issuer or the guarantor of a fixed income security is unable or unwilling to make timely principal and/or interest payments.

Foreign Securities Risk: Investments in foreign securities involve risks not associated with investments in U.S. securities. Foreign markets may be less liquid, more volatile and subject to less government supervision and regulation than U.S. markets. Security values, also may be negatively affected by changes in the exchange rates between the U.S. dollar and foreign currencies. There are greater risks involved in investing in emerging market countries and/or their securities markets, and investments in these countries and/or markets are more susceptible to loss than investments in developed countries and/or markets.

Top 15 Holdings as of 06/30/2018 subject to change

Security Weight %
U.S. Treasury Bills, 1.67%, 8/2/1828.38%
U.S. Treasury Bonds, 2.75%, 8/15/475.13%
Aames Mortgage Investment Trust, 2.65%, 4/25/364.59%
Carrington Mortgage Loan Trust, 3.11%, 5/25/354.09%
JPMBB Commercial Mortgage Securities Trust, 5.25%, 11/15/453.94%
FNMA, 6.34%, 1/25/293.71%
FHLMC Multifamily Structured Pass-Through Certificates, 2.63%, 10/25/233.57%
TDA CAM FTA 0.00%, 2/26/493.22%
Park Place Securities, Inc., 2.78%, 5/25/353.15%
National Australia Bank Ltd., 2.84%, 5/22/202.97%
Ford Motor Credit Co. LLC, 2.83%, 4/5/212.97%
Metropolitan Life Global Funding I, 2.56%, 1/8/212.96%
Goldman Sachs Group, Inc. (The), 3.08%, 2/23/232.94%
Towd Point Mortgage Trust, 2.75%, 10/25/572.93%
Republic of South Africa, 8.75%, 2/28/482.65%

Monthly Performance as of 06/30/2018

Total Returns
Fund1 month3 monthYTD1 yr3 yrSI1
Class A (NAV)-0.37%0.02%-0.10%1.28% - 2.03%
Class A with sales charges (MOP)2-4.81%-4.44%-4.61%-3.24% - 0.47%
Class I (NAV)-0.25%0.09%0.02%1.53% - 2.29%
Class R (NAV)-0.39%-0.04%-0.22%1.03% - 1.77%
Bloomberg Barclays U.S. Aggregate Bond Index3-0.12%-0.16%-1.62%-0.40% - 1.63%
ICE BofAML USD 3-Month Deposit Offered Rate Constant Maturity Index40.19%0.58%0.91%1.53% - 0.93%
< Swipe table for more info >

Expense Ratios as of 03/01/2018

Fund Gross Expense Ratio Net Expense Ratio5
Class A Shares1.75%0.75%
Class I Shares1.50%0.50%
Class R Shares2.00%1.00%

Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data please call (888) 310-0416.

One cannot invest directly in an index.

Returns for periods of less than one year are not annualized.

1Fund inception date of July 6, 2015.

2Maximum Offering Price (MOP) for Class A shares includes the Fund's maximum sales charge of 4.5%. Performance shown at NAV does not include these sales charges and would have been lower had it been taken into account.

3Bloomberg Barclays U.S. Aggregate Bond Index covers the U.S. dollar denominated investment-grade, fixed-rate, taxable bond market of securities. The index includes bonds from the Treasury, government-related and corporate securities, agency fixed rate and hybrid adjustable mortgage pass through securities, asset-backed securities and commercial mortgage-backed securities.

4ICE BofAML USD 3-Month Deposit Offered Rate Constant Maturity Index, formerly known as the BofA Merrill Lynch U.S. Dollar 3-Month LIBOR Constant Maturity Index, tracks the performance of a synthetic asset paying the London interbank offered rate (LIBOR) to a stated maturity. The index is based on the assumed purchase at par of a synthetic instrument having exactly its stated maturity and with a coupon equal to that day’s fixing rate. That issue is assumed to be sold the following business day (priced at a yield equal to the current day fixing rate) and rolled into a new instrument.

5Pursuant to a contract, 1290 Asset Managers® has agreed to make payments or waive its management, administrative and other fees to limit the expenses of the Fund through April 30, 2020 (unless the Board of Trustees consents to an earlier revision or termination of this arrangement) (“Expense Limitation Arrangement”) so that the annual operating expenses of the Fund (exclusive of taxes, interest, brokerage commissions, capitalized expenses (other than offering costs), fees and expenses of other investment companies in which the Fund may invest, 12b-1 fees, and extraordinary expenses) do not exceed an annual rate of average daily net assets of 0.50% for Class A shares, Class I shares and Class R shares of the Fund. The Expense Limitation Arrangement may be terminated by 1290 Asset Managers® at any time after April 30, 2020.

As of 6/15/2018, the 1290 Diversified Bond Fund was restructured, which included, among other things, the Fund adopting a new broad-based benchmark that is reflective of its universe of holdings. The previous benchmark, the ICE BofAML USD 3-Month Deposit Offered Rate Constant Maturity Index was the comparable benchmark under the previous manager and strategy, effective from inception on 7/6/2015 thru 6/15/2018.

Distributions

Class A

Record DateEx-DatePayable DateOrdinary IncomeShort-Term Capital GainLong-Term Capital Gain
06/28/201806/29/201806/29/2018$0.0336--
05/30/201805/31/201805/31/2018$0.0250--
04/27/201804/30/201804/30/2018$0.0137--
03/28/201803/29/201803/29/2018$0.0309--
02/27/201802/28/201802/28/2018$0.0169--
01/30/201801/31/201801/31/2018$0.0299--
12/13/201712/14/201712/14/2017$0.1842--
11/29/201711/30/201711/30/2017$0.0119--
10/30/201710/31/201710/31/2017$0.0181--
09/28/201709/29/201709/29/2017$0.0188--
08/30/201708/31/201708/31/2017$0.0148--
07/28/201707/31/201707/31/2017$0.0210--
06/29/201706/30/201706/30/2017$0.0162--
05/30/201705/31/201705/31/2017$0.0172--
04/27/201704/28/201704/28/2017$0.0000--
03/30/201703/31/201703/31/2017$0.0000--
02/27/201702/28/201702/28/2017$0.0124--
01/30/201701/31/201701/31/2017$0.0458--
12/15/201612/16/201612/16/2016$0.0099--
11/29/201611/30/201611/30/2016$0.0122--
10/28/201610/31/201610/31/2016$0.0064--
09/29/201609/30/201609/30/2016$0.0137--
08/30/201608/31/201608/31/2016$0.0587--
07/28/201607/29/201607/29/2016$0.0227--
06/29/201606/30/201606/30/2016$0.0387--
05/27/201605/31/201605/31/2016$0.0160--
04/28/201604/29/201604/29/2016$0.0231--
02/26/201602/29/201602/29/2016$0.0293--
01/28/201601/29/201601/29/2016$0.0339--
12/30/201512/31/201512/31/2015$0.0020--
11/27/201511/30/201511/30/2015$0.0123--
10/29/201510/30/201510/30/2015$0.0190--
09/29/201509/30/201509/30/2015$0.0000--
08/28/201508/31/201508/31/2015$0.0050--
07/30/201507/31/201507/31/2015$0.0016--
< Swipe table for more info >

Class I

Record DateEx-DatePayable DateOrdinary IncomeShort-Term Capital GainLong-Term Capital Gain
06/28/201806/29/201806/29/2018$0.0357--
05/30/201805/31/201805/31/2018$0.0271--
04/27/201804/30/201804/30/2018$0.0158--
03/28/201803/29/201803/29/2018$0.0330--
02/27/201802/28/201802/28/2018$0.0188--
01/30/201801/31/201801/31/2018$0.0320--
12/13/201712/14/201712/14/2017$0.1863--
11/29/201711/30/201711/30/2017$0.0140--
10/30/201710/31/201710/31/2017$0.0203--
09/28/201709/29/201709/29/2017$0.0209--
08/30/201708/31/201708/31/2017$0.0169--
07/28/201707/31/201707/31/2017$0.0232--
06/29/201706/30/201706/30/2017$0.0183--
05/30/201705/31/201705/31/2017$0.0193--
04/27/201704/28/201704/28/2017$0.0013--
03/30/201703/31/201703/31/2017$0.0000--
02/27/201702/28/201702/28/2017$0.0143--
01/30/201701/31/201701/31/2017$0.0479--
12/15/201612/16/201612/16/2016$0.0120--
11/29/201611/30/201611/30/2016$0.0142--
10/28/201610/31/201610/31/2016$0.0085--
09/29/201609/30/201609/30/2016$0.0158--
08/30/201608/31/201608/31/2016$0.0609--
07/28/201607/29/201607/29/2016$0.0248--
06/29/201606/30/201606/30/2016$0.0408--
05/27/201605/31/201605/31/2016$0.0181--
04/28/201604/29/201604/29/2016$0.0252--
02/26/201602/29/201602/29/2016$0.0312--
01/28/201601/29/201601/29/2016$0.0360--
12/30/201512/31/201512/31/2015$0.0041--
11/27/201511/30/201511/30/2015$0.0143--
10/29/201510/30/201510/30/2015$0.0211--
09/29/201509/30/201509/30/2015$0.0000--
08/28/201508/31/201508/31/2015$0.0071--
07/30/201507/31/201507/31/2015$0.0033--
< Swipe table for more info >

Class R

Record DateEx-DatePayable DateOrdinary IncomeShort-Term Capital GainLong-Term Capital Gain
06/28/201806/29/201806/29/2018$0.0316--
05/30/201805/31/201805/31/2018$0.0229--
04/27/201804/30/201804/30/2018$0.0117--
03/28/201803/29/201803/29/2018$0.0288--
02/27/201802/28/201802/28/2018$0.0150--
01/30/201801/31/201801/31/2018$0.0278--
12/13/201712/14/201712/14/2017$0.1820--
11/29/201711/30/201711/30/2017$0.0098--
10/30/201710/31/201710/31/2017$0.0160--
09/28/201709/29/201709/29/2017$0.0168--
08/30/201708/31/201708/31/2017$0.0126--
07/28/201707/31/201707/31/2017$0.0189--
06/29/201706/30/201706/30/2017$0.0141--
05/30/201705/31/201705/31/2017$0.0151--
04/27/201704/28/201704/28/2017$0.0000--
03/30/201703/31/201703/31/2017$0.0000--
02/27/201702/28/201702/28/2017$0.0105--
01/30/201701/31/201701/31/2017$0.0437--
12/15/201612/16/201612/16/2016$0.0078--
11/29/201611/30/201611/30/2016$0.0101--
10/28/201610/31/201610/31/2016$0.0043--
09/29/201609/30/201609/30/2016$0.0117--
08/30/201608/31/201608/31/2016$0.0566--
07/28/201607/29/201607/29/2016$0.0206--
06/29/201606/30/201606/30/2016$0.0367--
05/27/201605/31/201605/31/2016$0.0140--
04/28/201604/29/201604/29/2016$0.0211--
02/26/201602/29/201602/29/2016$0.0274--
01/28/201601/29/201601/29/2016$0.0319--
12/30/201512/31/201512/31/2015$0.0000--
11/27/201511/30/201511/30/2015$0.0103--
10/29/201510/30/201510/30/2015$0.0170--
09/29/201509/30/201509/30/2015$0.0000--
08/28/201508/31/201508/31/2015$0.0029--
07/30/201507/31/201507/31/2015$0.0000--
< Swipe table for more info >