Investment Philosophy / Process

  • The sub adviser believes the key to long-term returns in the U.S. corporate bond market may be to compound current income and avoid principal loss through fundamental credit analysis that seeks to identify bonds of companies with improving credit trends

Fund Details

  Class A Class I Class R
Ticker TNHAX TNHIX TNHRX
CUSIP 68246A 504 68246A 702 68246A 801
ISIN US68246A5048 US68246A7028 US68246A8018
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.

Fund Objective

Seeks to maximize current income.

How the Fund invests

Under normal circumstances, the fund invests at least 80% of its net assets, plus borrowings for investment purposes, in a broad range of high-yield, below investment-grade bonds.

A high-yield strategy combining bottom-up security selection with a macro perspective

graph

Portfolio Manager

AXA logo

Carl "Pepper" Whitbeck, CFA®

Head of U.S. High Yield

Pepper Whitbeck joined AXA Investment Managers, Inc. in 2002 as a U.S. high yield credit analyst. Prior to joining AXA IM, Pepper was an analyst in the investment banking division of Lehman Brothers, where he performed financial analysis on companies in the consumer and retail sectors, and worked on a variety of mergers and acquisitions and high yield transactions.

Since 2002, he has served in various capacities within the U.S. High Yield team, including head of research, portfolio manager for U.S. High Yield portfolios and co- portfolio manager for multiple Global High Yield funds. In addition, Pepper has been the lead sector head for several industries including Automotive, Services and Special Situations.

Pepper received his undergraduate degree from Williams College and is a holder of the Chartered Financial Analysts (CFA®) designation.

CFA is a registered trademark of the CFA Institute.

Investing in lower-rated debt securities (commonly referred to as junk bonds) involves additional risks because of the lower credit quality of the securities in the fund. The investor should be aware of the possible higher level of volatility, and increased risk of default. When investing in bonds, you are subject, but not limited to, the same interest rate, inflation and credit risks associated with the underlying bonds owned by the Fund.

Top 15 Holdings as of 09/30/2018 subject to change

Security Weight %
JPMorgan Prime Money Market Fund, IM Shares1.47%
Kenan Advantage Group, Inc. (The), 7.88%, 7/31/231.04%
Staples, Inc., 8.50%, 9/15/251.02%
Jaguar Holding Co. II, 6.38%, 8/1/231.02%
PBF Logistics LP, 6.88%, 5/15/230.99%
Sophia LP, 9.00%, 9/30/230.98%
Dell International LLC, 5.88%, 6/15/210.97%
Welbilt, Inc., 9.50%, 2/15/240.88%
1011778 BC ULC, 4.63%, 1/15/220.84%
CCO Holdings LLC, 5.88%, 5/1/270.82%
BWAY Holding Co., 7.25%, 4/15/250.82%
Alliance Data Systems Corp., 5.38%, 8/1/220.82%
Summit Materials LLC, 6.13%, 7/15/230.81%
American Midstream Partners LP, 9.25%, 12/15/210.80%
Change Healthcare Holdings LLC, 5.75%, 3/1/250.79%

Monthly Performance as of 10/31/2018

Total Returns
Fund1 month3 monthYTD1 yr3 yrSI1
Class A (NAV)-1.42%-0.27%0.54%0.86%5.35%3.33%
Class A with sales charges (MOP)2-5.87%-4.78%-3.99%-3.69%3.75%2.14%
Class I (NAV)-1.29%-0.20%0.75%1.09%5.64%3.61%
Class R (NAV)-1.33%-0.33%0.33%0.63%5.10%3.08%
ICE BofAML US High Yield Index3-1.64%-0.35%0.84%0.86%6.64%4.46%
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Quarterly Performance as of 09/30/2018

Total Returns
Fund1 month3 monthYTD1 yr3 yrSI1
Class A (NAV)0.52%2.06%1.99%2.65%6.72%3.78%
Class A with sales charges (MOP)2-4.02%-2.57%-2.61%-1.96%5.11%2.56%
Class I (NAV)0.54%2.02%2.06%2.89%6.98%4.03%
Class R (NAV)0.50%1.89%1.68%2.31%6.43%3.51%
ICE BofAML US High Yield Index30.58%2.44%2.52%2.94%8.19%5.01%
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Morningstar Rating: U.S. Funds High Yield Bond Category
as of 10/31/2018

1290 High Yield Bond Fund I (TNHIX) Rank Percentile Overall 3 Year
Rating
# of Funds 603 603

Overall Morningstar Rating as of 10/31/2018 based on risk-adjusted returns (I share).

Morningstar U.S. Funds High Yield Bond Category Ranking
as of 10/31/2018

1290 High Yield Bond Fund I (TNHIX) Rank Percentile Morningstar RatingTM Out of # of Funds
1 Year 33 - 697
3 Year 32 603

^ As of 10/31/2018, for class I shares (TNHIX). 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 03/01/2018

Fund Gross Expense Ratio Net Expense Ratio4
Class A Shares1.84%1.05%
Class I Shares1.58%0.80%
Class R Shares2.08%1.30%

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 November 12, 2014.

2Maximum Offering Price (MOP) for Class A shares includes the Fund's maximum sales charge of 4.50%. Performance shown at NAV does not include these sales charges and would have been lower had it been taken into account.

3ICE BofAML U.S. High Yield Index tracks the performance of US dollar denominated below investment grade corporate debt publicly issued in the U.S. domestic market. Qualifying securities must have a below investment grade rating (based on an average of Moody's, S&P and Fitch). In addition, qualifying securities must have at least one year remaining term to final maturity, a fixed coupon schedule and a minimum amount outstanding of $100 million.

4Pursuant 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, 2019 (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 invests, 12b-1 fees, and extraordinary expenses) do not exceed an annual rate of average daily net assets of 0.80% 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, 2019.

Distributions

Class A

Record DateEx-DatePayable DateOrdinary IncomeShort-Term Capital GainLong-Term Capital Gain
10/30/201810/31/201810/31/2018$0.0409--
09/27/201809/28/201809/28/2018$0.0370--
08/30/201808/31/201808/31/2018$0.0386--
07/30/201807/31/201807/31/2018$0.0402--
06/28/201806/29/201806/29/2018$0.0380--
05/30/201805/31/201805/31/2018$0.0423--
04/27/201804/30/201804/30/2018$0.0394--
03/28/201803/29/201803/29/2018$0.0454--
02/27/201802/28/201802/28/2018$0.0366--
01/30/201801/31/201801/31/2018$0.0813--
12/13/201712/14/201712/14/2017---
11/29/201711/30/201711/30/2017$0.0393--
10/30/201710/31/201710/31/2017$0.0417--
09/28/201709/29/201709/29/2017$0.0388--
08/30/201708/31/201708/31/2017$0.0391--
07/28/201707/31/201707/31/2017$0.0412--
06/29/201706/30/201706/30/2017$0.0392--
05/30/201705/31/201705/31/2017$0.0419--
04/27/201704/28/201704/28/2017$0.0394--
03/30/201703/31/201703/31/2017$0.0462--
02/27/201702/28/201702/28/2017$0.0362--
01/30/201701/31/201701/31/2017$0.0861--
11/29/201611/30/201611/30/2016$0.0439--
10/28/201610/31/201610/31/2016$0.0459--
09/29/201609/30/201609/30/2016$0.0431--
08/30/201608/31/201608/31/2016$0.0448--
07/28/201607/29/201607/29/2016$0.0452--
06/29/201606/30/201606/30/2016$0.0469--
05/27/201605/31/201605/31/2016$0.0501--
04/28/201604/29/201604/29/2016$0.0468--
03/30/201603/31/201603/31/2016$0.0524--
02/26/201602/29/201602/29/2016$0.0467--
01/28/201601/29/201601/29/2016$0.0992--
12/30/201512/31/201512/31/2015$0.0835--
11/27/201511/30/201511/30/2015$0.0506--
10/29/201510/30/201510/30/2015$0.0526--
09/29/201509/30/201509/30/2015$0.0500--
08/28/201508/31/201508/31/2015$0.0518--
07/30/201507/31/201507/31/2015$0.0537--
06/29/201506/30/201506/30/2015$0.0498--
05/28/201505/29/201505/29/2015$0.0542--
04/29/201504/30/201504/29/2015$0.0504--
03/30/201503/31/201503/31/2015$0.0579--
02/26/201502/27/201502/27/2015$0.0468--
01/29/201501/30/201501/30/2015$0.0431--
12/30/201412/31/201412/31/2014$0.0686--
11/26/201411/28/201411/28/2014$0.0177--
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Class I

Record DateEx-DatePayable DateOrdinary IncomeShort-Term Capital GainLong-Term Capital Gain
10/30/201810/31/201810/31/2018$0.0428--
09/27/201809/28/201809/28/2018$0.0389--
08/30/201808/31/201808/31/2018$0.0405--
07/30/201807/31/201807/31/2018$0.0421--
06/28/201806/29/201806/29/2018$0.0399--
05/30/201805/31/201805/31/2018$0.0442--
04/27/201804/30/201804/30/2018$0.0412--
03/28/201803/29/201803/29/2018$0.0473--
02/27/201802/28/201802/28/2018$0.0384--
01/30/201801/31/201801/31/2018$0.0833--
12/13/201712/14/201712/14/2017$0.0008--
11/29/201711/30/201711/30/2017$0.0412--
10/30/201710/31/201710/31/2017$0.0437--
09/28/201709/29/201709/29/2017$0.0407--
08/30/201708/31/201708/31/2017$0.0411--
07/28/201707/31/201707/31/2017$0.0432--
06/29/201706/30/201706/30/2017$0.0411--
05/30/201705/31/201705/31/2017$0.0439--
04/27/201704/28/201704/28/2017$0.0413--
03/30/201703/31/201703/31/2017$0.0481--
02/27/201702/28/201702/28/2017$0.0379--
01/30/201701/31/201701/31/2017$0.0881--
12/15/201612/16/201612/16/2016$0.0011--
11/29/201611/30/201611/30/2016$0.0458--
10/28/201610/31/201610/31/2016$0.0478--
09/29/201609/30/201609/30/2016$0.0449--
08/30/201608/31/201608/31/2016$0.0467--
07/28/201607/29/201607/29/2016$0.0471--
06/29/201606/30/201606/30/2016$0.0487--
05/27/201605/31/201605/31/2016$0.0520--
04/28/201604/29/201604/29/2016$0.0486--
03/30/201603/31/201603/31/2016$0.0542--
02/26/201602/29/201602/29/2016$0.0484--
01/28/201601/29/201601/29/2016$0.1010--
12/30/201512/31/201512/31/2015$0.0854--
11/27/201511/30/201511/30/2015$0.0525--
10/29/201510/30/201510/30/2015$0.0546--
09/29/201509/30/201509/30/2015$0.0519--
08/28/201508/31/201508/31/2015$0.0538--
07/30/201507/31/201507/31/2015$0.0557--
06/29/201506/30/201506/30/2015$0.0518--
05/28/201505/29/201505/29/2015$0.0563--
04/29/201504/30/201504/30/2015$0.0525--
03/30/201503/31/201503/31/2015$0.0600--
02/26/201502/27/201502/27/2015$0.0487--
01/29/201501/30/201501/30/2015$0.0451--
12/30/201412/31/201412/31/2014$0.0707--
11/26/201411/28/201411/28/2014$0.0189--
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Class R

Record DateEx-DatePayable DateOrdinary IncomeShort-Term Capital GainLong-Term Capital Gain
10/30/201810/31/201810/31/2018$0.0390--
09/27/201809/28/201809/28/2018$0.0352--
08/30/201808/31/201808/31/2018$0.0366--
07/30/201807/31/201807/31/2018$0.0383--
06/28/201806/29/201806/29/2018$0.0362--
05/30/201805/31/201805/31/2018$0.0403--
04/27/201804/30/201804/30/2018$0.0375--
03/28/201803/29/201803/29/2018$0.0434--
02/27/201802/28/201802/28/2018$0.0348--
01/30/201801/31/201801/31/2018$0.0793--
12/13/201712/14/201712/14/2017---
11/29/201711/30/201711/30/2017$0.0374--
10/30/201710/31/201710/31/2017$0.0397--
09/28/201709/29/201709/29/2017$0.0368--
08/30/201708/31/201708/31/2017$0.0371--
07/28/201707/31/201707/31/2017$0.0392--
06/29/201706/30/201706/30/2017$0.0373--
05/30/201705/31/201705/31/2017$0.0399--
04/27/201704/28/201704/28/2017$0.0375--
03/30/201703/31/201703/31/2017$0.0442--
02/27/201702/28/201702/28/2017$0.0344--
01/30/201701/31/201701/31/2017$0.0841--
11/29/201611/30/201611/30/2016$0.0420--
10/28/201610/31/201610/31/2016$0.0440--
09/29/201609/30/201609/30/2016$0.0412--
08/30/201608/31/201608/31/2016$0.0429--
07/28/201607/29/201607/29/2016$0.0433--
06/29/201606/30/201606/30/2016$0.0451--
05/27/201605/31/201605/31/2016$0.0483--
04/28/201604/29/201604/29/2016$0.0450--
03/30/201603/31/201603/31/2016$0.0506--
02/26/201602/29/201602/29/2016$0.0451--
01/28/201601/29/201601/29/2016$0.0975--
12/30/201512/31/201512/31/2015$0.0817--
11/27/201511/30/201511/30/2015$0.0488--
10/29/201510/30/201510/30/2015$0.0506--
09/29/201509/30/201509/30/2015$0.0481--
08/28/201508/31/201508/31/2015$0.0499--
07/30/201507/31/201507/31/2015$0.0516--
06/29/201506/30/201506/30/2015$0.0478--
05/28/201505/29/201505/29/2015$0.0521--
04/29/201504/30/201504/30/2015$0.0484--
03/30/201503/31/201503/31/2015$0.0558--
02/26/201502/27/201502/27/2015$0.0450--
01/29/201501/30/201501/30/2015$0.0410--
12/30/201412/31/201412/31/2014$0.0666--
11/26/201411/28/201411/28/2014$0.0165--
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