Investment Philosophy / Process

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

  • Equity Growth 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.
  • Equity Value 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
Ticker TNXAX TNVDX TNYRX
CUSIP 68259P 570 68259P 554 68259P 547
ISIN US68259P5706 US68259P5540 US68259P5474
Investment Minimum* $1,000 for all accounts
except:
• $500 for certain fee-
based programs
• $500, if establishing
an Automatic Bank
Draft Plan
• No minimums for
certain employer-sponsored
retirement plans
$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

*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 6/30/2017

allocation chart
 % of Total
 Equity Growth Strategy21.68%
 Equity Value Strategy22.88%
 Multi-sector Fixed Income55.44%
 Total100.00%

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

Philip A. Barach

President of DoubleLine

Mr. Barach is co-founder and President of DoubleLine Capital. Mr. Barach is a member of the DoubleLine Executive Committee. Prior to DoubleLine, Mr. Barach was Co-Founder and Group Managing Director of the TCW Mortgage Group where he spent over 23 years. He has over 32 years of fixed income investment experience. Before joining TCW, Mr. Barach was Senior Vice President of Chief Investments for Sun Life Insurance Company in Los Angeles, where he was responsible for the asset/liability management of the firm and oversight and management of the company’s $5 billion investment portfolio. Previously, he served as Principal Fixed Income Officer for the California Public Employees’ Retirement System (CalPERS), the largest pension plan in the country. In that capacity, he was responsible for managing the fixed income portion of the fund which was 100% internally managed. He attended the Hebrew University of Jerusalem, where he received a BA in International Relations and an MBA in Finance.

Doubleline logo

R. Brendt Stallings

Portfolio Manager of DoubleLine

Mr. Stallings is a President at DoubleLine, and a member of the firm’s Executive Management Committee. He is also a portfolio manager and a founding partner in DoubleLine Equity LP. He was previously associated with TCW where Mr. Stallings was a Group Managing Director, Senior Portfolio Manager of the TCW Growth Equities Strategy, co-portfolio manager of the TCW Global Technology Strategy and co-head of the TCW Small- and Mid-Cap Growth Equities team. Mr. Stallings is a Director of Agere Pharmaceuticals and a Trustee of the Turning Point School. He is a Director of Inglewood Park Cemetery where he also serves as a Trustee of its endowment. He received a BA in Decision Analysis and Political Science from Stanford University and an MBA from the Amos Tuck School at Dartmouth College. 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 06/30/2017 subject to change

Security Weight %
U.S. Treasury Bills, 0.74%, 7/27/178.54%
U.S. Treasury Bills, 0.37%, 7/6/175.98%
DoubleLine Floating Rate Fund, Institutional Class3.04%
DoubleLine Global Bond Fund, Institutional Class2.41%
FHLMC, 4.00%, 2/15/422.26%
U.S. Treasury Notes, 1.75%, 3/31/222.09%
FNMA, 4.18%, 5/25/431.76%
FNMA, 3.00%, 8/25/411.69%
VOLT LIV LLC, 3.62%, 2/25/471.64%
U.S. Treasury Notes, 1.63%, 5/15/261.57%
CHL Mortgage Pass-Through Trust, 1.42%, 4/25/461.54%
VOLT LVIII LLC, 3.38%, 5/28/471.49%
U.S. Treasury Notes, 2.13%, 2/29/241.49%
FHLMC, 3.50%, 5/1/461.48%
FHLMC, 3.00%, 3/1/461.47%

Monthly Performance as of 08/31/2017

Total Returns
Fund1 month3 monthYTD1 yrSI1
Class A (NAV)0.18%0.91%6.60%6.87%9.31%
Class A with sales charges (MOP)2-5.35%-4.62%0.72%1.01%5.24%
Class I (NAV)0.18%0.90%6.79%7.18%9.60%
Class R (NAV)0.09%0.82%6.31%6.56%9.03%
S&P 500 Index30.31%3.01%11.93%16.23%17.72%
Bloomberg Barclays U.S. Aggregate Bond Index40.90%1.23%3.64%0.49%3.06%
60% S&P 500 Index / 40% Bloomberg Barclays U.S. Aggregate Bond Index50.54%2.30%8.56%9.74%11.69%

Quarterly Performance as of 06/30/2017

Total Returns
Fund1 month3 monthYTD1 yrSI1
Class A (NAV)-0.09%1.94%5.55%8.35%9.75%
Class A with sales charges (MOP)2-5.57%-3.67%-0.27%2.37%5.14%
Class I (NAV)-0.18%1.94%5.65%8.57%10.00%
Class R (NAV)-0.09%1.85%5.35%8.13%9.50%
S&P 500 Index30.62%3.09%9.34%17.90%18.10%
Bloomberg Barclays U.S. Aggregate Bond Index4-0.10%1.45%2.27%-0.31%2.43%
60% S&P 500 Index / 40% Bloomberg Barclays U.S. Aggregate Bond Index50.33%2.43%6.48%10.33%11.64%

Expense Ratios as of 03/01/2017

Fund Gross Expense Ratio Net Expense Ratio6
Class A Shares1.88%1.25%
Class I Shares1.58%1.00%
Class R Shares2.08%1.50%

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, 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, 2018 (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 1.00% for Class A shares, Class C 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, 2018.

Distributions

Class A

Record DateEx-DatePayable DateOrdinary IncomeShort-Term Capital Gain
12/15/201612/16/201612/16/2016$0.0886$0.1680

Class I

Record DateEx-DatePayable DateOrdinary IncomeShort-Term Capital Gain
12/15/201612/16/201612/16/2016$0.1107$0.1680

Class R

Record DateEx-DatePayable DateOrdinary IncomeShort-Term Capital Gain
12/15/201612/16/201612/16/2016$0.0666$0.1680