Investment Philosophy / Process

A dynamic asset allocation strategy that combines three specialized investment disciplines in one portfolio:

  • Active Equity Strategy - an actively managed approach that seeks to identify growth companies that have three to five year cash flow1 potential that is not reflected in the current stock price.
  • Rules-based Index Equity Strategy - a large cap value focused indexed approach that leverages the CAPE® ratio2, which is designed to assess longer term equity valuations by using an inflation adjusted earnings horizon.
  • Multi-sector Fixed Income - a team managed approach that uses a bottom up security selection process and controlled risk approach in managing fixed income assets.

1 Free cash flow is revenue less operating expense including interest expense and maintenance capital spending. It's discretionary cash that a company has after all expenses and is available for purposes such as dividend payments, investing back into the business or share repurchases.

2 The CAPE Ratio (Cyclically Adjusted Price-to-Earnings) is calculated by taking the S&P 500 and dividing it by the average of ten years of earnings. If the ratio is above the long-term average of around 16, the stock market is considered expensive.

Fund Details

  Class A Class I Class R
Status Open Open Open
CUSIP 68259P 570 68259P 554 68259P 547
ISIN US68259P5706 US68259P5540 US68259P5474
Investment Minimum* $1,000 for all accounts
• $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
• 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

The Fund invests in a diversified range of securities and other financial instruments, including derivatives, which provide investment exposure to equity and fixed income investments. The Fund will maintain a strategic, or typical, allocation of approximately 60% to equity securities and approximately 40% to fixed income securities. The Fund employs a dynamic asset allocation strategy by periodically shifting allocations among asset classes and market sectors based on market opportunities.

Fund Objective

Seeks to achieve total return from long-term capital appreciation and income.

Asset Allocation as of 3/31/2021

allocation chart
 % of Total
 Rules-based Index Equity Strategy 26.83%
 Active Equity Strategy 25.48%
 Multi-sector Fixed Income 47.69%

Excludes cash and subject to change.

Portfolio Managers

DoubleLine logo

Jeffrey E. Gundlach

Chief Executive Officer and Chief Investment Officer of DoubleLine

Mr. Gundlach is the Chief Executive Officer and Chief Investment Officer of DoubleLine. He is recognized as an expert1 in bond and fixed income investments. His investment strategies have been featured in leading publications including The New York Times, The Financial Times, The Wall Street Journal, USA Today, Barron’s, Forbes, and Fortune. In 2010, Mr. Gundlach was named to the SmartMoney Power 30. In 2011, he was featured as “The King of Bonds” in Barron’s, and named one of “5 Mutual Fund All-Stars” by Fortune Magazine. In 2012 and 2015, he was named one of the “50 Most Influential” by Bloomberg Markets magazine. In 2013, he was named “Money Manager of the Year” by Institutional Investor. He is a graduate of Dartmouth College summa cum laude holding a BA in Mathematics and Philosophy. He attended Yale University as a PhD candidate in Mathematics.

1Money News on May 26, 2011: Headline of the story: Bond Expert Gundlach: Housing Collapse to Spark Second Financial Meltdown. Morningstar on January 5, 2012: “….Jeffrey Gundlach, a high-profile fixed-income expert …”

Doubleline logo

Jeffrey J. Sherman, CFA®

Deputy Chief Investment Officer

As DoubleLine’s Deputy Chief Investment Officer, Jeffrey Sherman oversees and administers DoubleLine’s Investment Management sub-committee coordinating and implementing policies and processes across the investment teams. He also serves as lead portfolio manager for multi-sector and derivative-based strategies. He is a member of DoubleLine’s Executive Management and Fixed Income Asset Allocation Committees. He can be heard regularly on his podcast “The Sherman Show” (@ShermanShowPod) where he interviews distinguished guests, giving listeners insight into DoubleLine’s current views. In 2018, Money Management Executive named Jeffrey Sherman as one of “10 Fund Managers to Watch” in its yearly special report. Prior to joining DoubleLine in 2009, he was a Senior Vice President at TCW where he worked as a portfolio manager and quantitative analyst focused on fixed income and real-asset portfolios. Mr. Sherman was a statistics and mathematics instructor at both the University of the Pacific and Florida State University. He taught Quantitative Methods for Level I candidates in the CFA LA/USC Review Program for many years. He holds a BS in Applied Mathematics from the University of the Pacific and an MS in Financial Engineering from the Claremont Graduate University. He is a CFA® charterholder.

Doubleline logo

Emidio A. Checcone, CFA®

Portfolio Manager, Equities

Mr. Checcone joined DoubleLine in 2014. He is the Portfolio Manager of the Active Equity Strategy. Prior to DoubleLine, Mr. Checcone spent six years at Huber Capital Management, where he was a Principal and Portfolio Manager. Previous to that, he worked at PRIMECAP Management Company for six years, where he was a Principal and Financial Analyst. Mr. Checcone holds a BA in Social Studies from Harvard College and a JD-MBA from Harvard Law School and the Harvard Graduate School of Business Administration. He is a CFA® charterholder.

The fund’s allocations may change at any time. Bond investments are subject to interest rate risk so that when interest rates rise, the prices of bonds can decrease and the investor can lose principal value. Equity securities may be bought on stock exchanges or in the over-the-counter market. Equity securities generally include common stock, preferred stock, warrants, securities convertible into common stock, securities of other investment companies and securities of real estate investment trusts.

Top 15 Holdings as of 03/31/2021 subject to change

Security Weight %
U.S. Treasury Bills,0.05%, 12/30/217.29%
U.S. Treasury Bills,0.06%, 2/24/225.83%
U.S. Treasury Bills,0.02%, 6/17/214.37%
DoubleLine Global Bond Fund3.66%
U.S. Treasury Bills,0.03%, 9/9/213.64%
DoubleLine Floating Rate Fund2.81%
FNMA,3.50%, 6/25/482.28%
FHLMC,4.00%, 2/15/422.28%
U.S. Treasury Bills,0.05%, 12/2/212.19%
U.S. Treasury Notes,0.25%, 3/15/241.86%
Microsoft Corp.1.71%
U.S. Treasury Bills,0.02%, 5/6/211.33%, Inc.1.29%
Alphabet, Inc., Class A1.16%
FNMA UMBS,2.00%, 12/1/501.01%

Monthly Performance as of 03/31/2021

Total Returns
Fund1 month3 monthYTD1 yr3 yr5 yrSI1
Class A (NAV)1.74%1.65%1.65%29.12%9.66%8.52%8.79%
Class A with sales charges (MOP)2-3.86%-3.94%-3.94%22.02%7.59%7.31%7.58%
Class I (NAV)1.74%1.74%1.74%29.40%9.92%8.79%9.06%
Class R (NAV)1.74%1.65%1.65%28.85%9.40%8.25%8.52%
S&P 500 Index34.38%6.17%6.17%56.35%16.78%16.29%16.75%
Bloomberg Barclays U.S. Aggregate Bond Index4-1.25%-3.37%-3.37%0.71%4.65%3.10%3.32%
60% S&P 500 Index / 40% Bloomberg Barclays U.S. Aggregate Bond Index52.13%2.31%2.31%31.71%12.24%11.15%11.50%
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Morningstar Rating: Category
as of

Overall 3 Year 5 Year
# of Funds

Overall Morningstar Rating as of based on risk-adjusted returns (I share).

Morningstar Category Ranking
as of

Morningstar RatingTM Out of # of Funds
1 Year
3 Year
5 Year

As of , for class I shares (). Other share classes may have different ratings. The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10- year (if applicable) Morningstar Rating metrics. Past performance is no guarantee of future results. The Morningstar percentile ranking is based on the fund’s total-return percentile rank relative to all managed products that have the same category for the same time period. The highest (or most favorable) percentile rank is 1%, and the lowest (or least favorable) percentile rank is 100%. Morningstar total return includes both income and capital gains or losses and is not adjusted for sales charges.

Expense Ratios as of 03/01/2021

Fund Gross Expense Ratio Net Expense Ratio6
Class A Shares1.66%1.20%
Class I Shares1.41%0.95%
Class R Shares1.91%1.45%

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 March 7, 2016.

2Maximum Offering Price (MOP) for Class A shares includes the Fund's maximum sales charge of 5.50%. Performance shown at NAV does not include these sales charges and would have been lower had it been taken into account.

3S&P 500 Index is an unmanaged index which contains 500 of the largest U.S. industrial, transportation, utility and financial companies deemed by Standard and Poor’s to be representative of the larger capitalization portion of the U.S. stock market.

4Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index considered representative of the U.S. investment-grade fixed-rate bond market. Includes government and credit securities, agency mortgage pass through securities, asset-backed securities, and commercial mortgage-backed securities, rebalanced on a monthly basis.

560% S&P 500 Index / 40% Bloomberg Barclays U.S. Aggregate Bond Index blends 60% of the S&P 500 Index and 40% of the Bloomberg Barclays U.S. Aggregate Bond Index, rebalanced on a monthly basis.

6Pursuant to a contract, Equitable Investment Management has agreed to make payments or waive its management, administrative and other fees to limit the expenses of the Fund through April 30, 2022 (unless the Board of Trustees consents to an earlier revision or termination of this arrangement) (“Expense Limitation Arrangement”) so that the annual operating expenses (including Acquired Fund Fees and Expenses) of the Fund (exclusive of taxes, interest, brokerage commissions, capitalized expenses (other than offering costs), 12b-1 fees, and extraordinary expenses not incurred in the ordinary course of the Fund’s business) do not exceed an annual rate of average daily net assets of 0.95% for Class A shares, Class T shares, Class I shares, and Class R shares of the Fund. The Expense Limitation Arrangement may be terminated by Equitable Investment Management at any time after April 30, 2022.


Class A

Record DateEx-DatePayable DateOrdinary IncomeShort-Term Capital GainLong-Term Capital Gain
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Class I

Record DateEx-DatePayable DateOrdinary IncomeShort-Term Capital GainLong-Term Capital Gain
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Class R

Record DateEx-DatePayable DateOrdinary IncomeShort-Term Capital GainLong-Term Capital Gain
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