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
• 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
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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 09/30/2017 subject to change

Security Weight %
JPMorgan Prime Money Market Fund, IM Shares1.89%
Jaguar Holding Co. II, 6.38%, 8/1/230.98%
Sophia LP, 9.00%, 9/30/230.97%
Kenan Advantage Group, Inc. (The), 7.88%, 7/31/230.96%
Dell International LLC, 5.88%, 6/15/210.95%
NXP BV, 4.63%, 6/1/230.93%
Stearns Holdings LLC, 9.38%, 8/15/200.91%
Sprint Corp., 7.88%, 9/15/230.90%
Staples, Inc., 8.50%, 9/15/250.89%
Intrepid Aviation Group Holdings LLC, 6.88%, 2/15/190.88%
Sprint Capital Corp., 8.75%, 3/15/320.86%
Boxer Parent Co., Inc., 9.00%, 10/15/190.83%
Alliance Data Systems Corp., 5.38%, 8/1/220.81%
Digicel Ltd., 6.00%, 4/15/210.79%
BWAY Holding Co., 7.25%, 4/15/250.78%

Monthly Performance as of 09/30/2017

Total Returns
Fund1 month3 monthYTD1 yrSI1
Class A (NAV)0.63%1.39%6.41%9.14%4.18%
Class A with sales charges (MOP)2-3.91%-3.18%1.64%4.18%2.53%
Class I (NAV)0.65%1.45%6.61%9.40%4.43%
Class R (NAV)0.61%1.43%6.33%8.89%3.92%
BofA Merrill Lynch US High Yield Index30.90%2.04%7.05%9.06%5.74%
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Expense Ratios as of 03/01/2017

Fund Gross Expense Ratio Net Expense Ratio4
Class A Shares1.81%1.05%
Class I Shares1.53%0.80%
Class R Shares2.06%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.

3BofA Merrill Lynch U.S. High Yield Index (aka BofA Merrill Lynch High Yield Master II 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, 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 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, 2018.

Distributions

Class A

Record DateEx-DatePayable DateOrdinary Income
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 Income
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 Income
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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