Investment Philosophy / Process

  • Being "unconstrained", the Fund has the flexibility to utilize various investment strategies in a broad array of fixed income sectors to achieve its investment objective
  • Complementary subadvisers are selected from a broad universe of investment managers
  • These subadvisers are then blended into a single fund in an effort to provide an attractive combination of risk and return

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
• 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

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 achieve maximum current income and total return over a full market cycle through opportunistic sector allocation.

Subadvisers

  Target Weight Investment Philosophy
Pacific Investment Management Company LLC (PIMCO) 50% An absolute return-oriented bond strategy that takes a flexible approach to capturing global opportunities and managing risk. PIMCO strives to actively mitigate downside risk, provide attractive risk-adjusted returns and preserve the diversification benefits of a traditional fixed income portfolio.
TCW Investment Management Company 50% TCW employs a highly flexible approach that allocates investments across a range of global investment opportunities related to credit, interest rates and currencies. Additionally, TCW is expected to implement multiple strategies simultaneously to dampen correlation and, in particular, downside risks of the broader securities markets.

Portfolio Managers

Pimco logo

Dan Ivascyn

Managing Director and Group Chief Investment Officer of PIMCO

Mr. Ivascyn is Group Chief Investment Officer and a managing director in the Newport Beach office. He is lead portfolio manager for the firm's income strategies and credit hedge fund and mortgage opportunistic strategies. He is a member of PIMCO's Executive Committee and a member of the Investment Committee. Morningstar named him Fixed-Income Fund Manager of the Year (U.S.) for 2013. Prior to joining PIMCO in 1998, he worked at Bear Stearns in the asset-backed securities group, as well as T. Rowe Price and Fidelity Investments. He has 23 years of investment experience and holds an MBA in analytic finance from the University of Chicago Booth School of Business and a bachelor's degree in economics from Occidental College.

Mohsen Fahmi

Managing Director of PIMCO

Mr. Fahmi is a managing director and generalist portfolio manager in the Newport Beach office, focusing on global fixed income assets. Prior to joining PIMCO in 2014, he was with Moore Capital Management, most recently as a senior portfolio manager and previously as chief operating officer. In London earlier in his career, he was co-head of bond and currency proprietary trading at Tokai Bank Europe, head of the leveraged investment group at Salomon Brothers and executive director of proprietary trading at Goldman Sachs. Prior to this, he was a proprietary trader for J.P. Morgan in both New York and London, and he also spent seven years as an investment officer at the World Bank in Washington, DC. He has 30 years of investment experience and holds an MBA from Stanford University. He received a master's degree in civil engineering from the Ohio State University and an undergraduate degree from Ain Shams University, Cairo.

Marc Seidner

Managing Director and Chief Investment Officer, Non-Traditional Strategies of PIMCO

Mr. Seidner is CIO Non-traditional Strategies, a managing director and head of portfolio management in the New York office. He is also a generalist portfolio manager and a member of the Investment Committee. He rejoined PIMCO in November 2014 after serving as head of fixed income at GMO LLC, and previously he was a PIMCO managing director, generalist portfolio manager and member of the Investment Committee until January 2014. Prior to joining PIMCO in 2009, he was a managing director and domestic fixed income portfolio manager at Harvard Management Company. Previously, he was director of active core strategies at Standish Mellon Asset Management and a senior portfolio manager at Fidelity Management and Research. He has 27 years of investment experience and holds an undergraduate degree in economics from Boston College.

TWC logo

Tad Rivelle

Group Managing Director, Chief Investment Officer

Mr. Rivelle is Chief Investment Officer, Fixed Income, overseeing over $130 billion in U.S. fixed income assets, including over $80 billion of U.S. fixed income mutual fund assets under the TCW Fund and MetWest Fund brands. Prior to joining TCW, Mr. Rivelle served as Chief Investment Officer for MetWest, an independent institutional investment manager that he cofounded. The MetWest investment team has been recognized for a number of performance related awards, including Morningstar's Fixed Income Manager of the Year. Mr. Rivelle was also the co-director of fixed income at Hotchkis & Wiley and a portfolio manager at PIMCO. Mr. Rivelle holds a BS in Physics from Yale University, an MS in Applied Mathematics from University of Southern California, and an MBA from UCLA Anderson.

Laird R. Landmann

Group Managing Director

Mr. Landmann is a Generalist Portfolio Manager in the U.S. Fixed Income Group. He joined TCW in 2009 during the acquisition of Metropolitan West Asset Management LLC (MetWest). Mr. Landmann currently serves on the boards of the Trust Company of the West and the Metropolitan West Mutual Funds. Mr. Landmann currently co-manages many of TCW and MetWest's mutual funds, including the MetWest Total Return Bond Fund, the MetWest High Yield Bond Fund and the TCW Core Fixed Income Fund, and leads the fixed income group's risk management efforts. He is a leader of the MetWest investment team that was recognized as Morningstar's Fixed Income Manager of the Year for 2005 and has been nominated for the award eight times. Prior to founding MetWest in 1996, Mr. Landmann was a principal and the co-director of fixed income at Hotchkis and Wiley. He also served as a portfolio manager and vice president at PIMCO. Mr. Landmann holds an AB in Economics from Dartmouth College and an MBA from the University of Chicago Booth School of Business.

Stephen M. Kane, CFA®

Group Managing Director

Mr. Kane is a Generalist Portfolio Manager in the U.S. Fixed Income Group. He joined TCW in 2009 during the acquisition of Metropolitan West Asset Management LLC (MetWest). At MetWest, Mr. Kane was responsible for leading MetWest's AlphaTrak, Ultra Short and Liability Driven Investment (LDI) products, and he co-manages many of the firm's mutual funds. Under his co-leadership, the MetWest investment team was recognized as Morningstar's Fixed Income Manager of the Year for 2005. Prior to establishing MetWest, he was a fixed income portfolio manager at Hotchkis and Wiley. He also served as a Vice President at PIMCO. Mr. Kane earned a BS in Business from the University of California, Berkeley and an MBA from the University of Chicago Booth School of Business.

Bryan T. Whalen, CFA®

Group Managing Director

Mr. Whalen is a Generalist Portfolio Manager in the U.S. Fixed Income Group. Mr. Whalen joined TCW in 2009 during the acquisition of Metropolitan West Asset Management LLC (MetWest) as co-head of the Securitized Products division. Prior to joining TCW, Mr. Whalen was a partner and co-head of MetWest's Securitized Products division. Prior to joining MetWest in 2004, he was a director in the fixed income department at Credit Suisse First Boston in New York. Previously, he was a vice president at Donaldson, Lufkin & Jenrette. Mr. Whalen earned a BA in Economics from Yale University. He is a CFA® charterholder.

CFA is a registered trademark of the CFA Institute.

Because the Sub-Advisers employ an unconstrained investment strategy and have great flexibility in selecting investments, the Fund may have significant exposure to certain types of securities and instruments, credit qualities, maturities, countries, and regions that are not represented in a similar manner or in similar weightings as that of other broad market domestic or foreign fixed income indexes. This flexibility may expose the Fund to significantly greater risk than other fixed income funds that are managed against a specific benchmark index, because the success of the Sub-Advisers’ portfolio selections is dependent upon a greater number of variables.

Foreign investing involves special risks such as currency fluctuations and political uncertainty.

The investor should note that 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 06/30/2017 subject to change

Security Weight %
5 Year U.S. Treasury Notes Futures, expiration date September 29, 20176.82%
U.S. Treasury Notes, 1.88%, 10/31/224.92%
FNMA, 3.50%, 7/25/474.64%
U.S. Treasury Notes, 2.00%, 5/31/243.64%
U.S. Treasury Notes, 0.63%, 8/31/172.82%
U.S. Treasury Inflation Linked Notes, 0.13%, 7/15/242.71%
Japanese Treasury Bills, -0.05%, 9/25/171.51%
FHLB, 0.83%, 8/11/171.27%
U.S. Treasury Notes, 2.00%, 4/30/241.26%
FHLB, 0.79%, 8/8/170.99%
Japanese Treasury Bills, -0.11%, 7/18/170.88%
JP Morgan Mortgage Acquisition Trust, 1.38%, 1/25/360.73%
U.S. Treasury Notes, 1.38%, 8/31/230.68%
Structured Asset Securities Corp. Mortgage Loan Trust, 1.89%, 11/25/350.65%
U.S. Treasury Notes, 2.25%, 12/31/230.64%

Monthly Performance as of 08/31/2017

Total Returns
Fund1 month3 monthYTD1 yrSI1
Class A (NAV)0.44%1.52%3.64%4.82%2.62%
Class A with sales charges (MOP)2-4.12%-3.03%-1.06%0.13%0.46%
Class I (NAV)0.56%1.58%3.78%5.05%2.89%
Class R (NAV)0.42%1.46%3.41%4.50%2.36%
BofA Merrill Lynch USD 3-Month Deposit Offered Rate Constant Maturity Index30.11%0.30%0.72%0.99%0.69%

Quarterly Performance as of 06/30/2017

Total Returns
Fund1 month3 monthYTD1 yrSI1
Class A (NAV)0.66%1.44%2.76%5.44%2.41%
Class A with sales charges (MOP)2-3.85%-3.13%-1.90%0.70%0.07%
Class I (NAV)0.68%1.49%2.86%5.67%2.68%
Class R (NAV)0.64%1.30%2.57%5.12%2.15%
BofA Merrill Lynch USD 3-Month Deposit Offered Rate Constant Maturity Index30.08%0.27%0.50%0.85%0.63%

Expense Ratios as of 03/01/2017

Fund Gross Expense Ratio Net Expense Ratio4
Class A Shares1.81%1.25%
Class I Shares1.55%1.00%
Class R Shares2.05%1.05%

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.

3The BofA Merrill Lynch 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.

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 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 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
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

Class I

Record DateEx-DatePayable DateOrdinary Income
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

Class R

Record DateEx-DatePayable DateOrdinary Income
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