Alternative investment strategies have the potential to enhance portfolio diversification and reduce overall portfolio volatility because these investments may not have a strong correlation or relationship to one another or to traditional market indexes

Complementary alternative strategies are selected from a broad universe of non-traditional investments to help reduce the role of overall market direction in determining return

The Fund achieves this exposure by investing in multiple Exchange Traded Funds (ETFs) which are representative of a specific asset category, market segment or strategy

certain wrap fee based programs$1,000,000 for certain

The Fund pursues its investment objective by investing in exchange traded securities of other investment companies or investment vehicles (Underlying ETFs) comprising various asset categories and strategies. Under normal market conditions, the Fund allocates substantially all of its assets to Underlying ETFs that invest primarily in non-traditional (alternative) asset categories and strategies. The Fund seeks to invest its assets among the Underlying ETFs to achieve a diversified exposure across multiple non-traditional (alternative) asset categories and strategies.

Underlying ETFs in which the Fund currently expects to invest:

Non-traditional (alternative) investments are alternatives to traditional equity (stocks) or fixed income (bonds and cash) investments. Nontraditional (alternative) investments have the potential to enhance portfolio diversification and reduce overall portfolio volatility because these investments may not have a strong correlation (relationship) to one another or to traditional market indexes.

Chief Investment Officer of 1290 Asset Managers

Kenneth Kozlowski, Chief Investment Officer of 1290 Asset Managers, leads a dedicated team responsible for asset allocation and rebalancing functions used in connection with the 1290 Funds. In 2010, Mr. Kozlowski became the head of the Investment Management Services (IMS) unit within 1290 Asset Managers. IMS includes the Portfolio Analytics Group which is responsible for subadviser selection, screening and monitoring. Mr. Kozlowski, who joined the company in 1999, has more than 25 years experience in the mutual fund business. He is Certified Financial Planner (CFP), Chartered Life Underwriter (CLU), and a Chartered Financial Consultant (ChFC). He holds memberships in the Financial Planning Association and the Society of Financial Service Professionals. Mr. Kozlowski graduated from Swarthmore College in Swarthmore, PA with a B.A. in Economics.

Deputy Chief Investment Officer of 1290 Asset Managers

Alwi Chan is the Deputy Chief Investment Officer of 1290 Asset Managers. Mr. Chan is head of 1290 Asset Managers Portfolio Analytics team. Mr. Chan joined AXA Financial in June 1999, having previously worked at D.E. Shaw & Co. and Arthur Anderson. He holds a Bachelor of Economics from Trisakti University in Jakarta, Indonesia and an MBA from Tulane University. Mr. Chan is a CFAcharterholder.

Assistant Portfolio Manager of 1290 Asset Managers

Xavier Poutas is an Assistant Portfolio Manager of 1290 Asset Managers. Mr. Poutas joined the company in October 2004 as a Fund Administrator and transferred to the Asset Allocation team within the Investment Management Services group in June 2007. Mr. Poutas assists in portfolio analysis, rebalancing and portfolio performance evaluation with respect to the Allocation Portfolios ETF Investments. Mr. Poutas received his MS in Accounting and Finance from the University of Nantes (France) in 2000 and his B.B.A. in Accounting and Finance in 1999 from Ecole Superieure des Sciences Commerciales dAngers (France). Mr. Poutas is a CFAcharterholder.

Assistant Portfolio Manager of 1290 Asset Managers

Miao Hu is an Assistant Portfolio Manager of 1290 Asset Managers. She has served as a portfolio manager of 1290 Asset Managers since April 2016. Miao has also served as a member of the portfolio analytics team since November 2013. Before joining the company, Ms. Hu was a Financial Services Sector Specialist at FactSet Research Systems from January 2012 to November 2013, a Senior Research Analyst at Strategic Insight from February 2008 to December 2011. Ms. Hu received her M.S in Communications from University of Ulster, Northern Ireland, UK in 2003. Ms. Hu is a CFAcharterholder and CAIAmember.

CFA is a registered trademark of the CFA Institute.

CAIA is a registered trademark of the Chartered Alternative Investment Analyst Association.

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

To the extent a Fund invests in Underlying ETFs that invest in alternative investments, the Fund will be subject to the risks associated with such investments. Alternative investments may use a different approach to investing than do traditional investments (such as equity or fixed income investments) and the performance of alternative investments is not expected to correlate closely with more traditional investments; however, it is possible that alternative investments will decline in value along with equity or fixed income markets, or both, or that they may not otherwise perform in accordance with expectation. Alternative investments may have different characteristics and risks than do traditional investments, can be highly volatile, may be less liquid, particularly in periods of stress, and may be more complex and less transparent than traditional investments. Alternative investments also may have more complicated tax profiles than traditional investments. The use of alternative investments may not achieve the desired effect.

Overall Morningstar Rating as of 04/30/2019 based on risk-adjusted returns (I share).

^ As of 04/30/2019, for class I shares (TNMIX). 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 products 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 funds 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.

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 investors 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.

Returns for periods of less than one year are not annualized.

2Maximum Offering Price (MOP) for Class A shares includes the Funds 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.

3ICE BofAML US 3-Month Treasury Bill Index measures the returns of negotiable debt obligations issued by the U.S. government and backed by its full faith and credit, having a maturity of three months.

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, 2020 (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 Funds business) do not exceed an annual rate of average daily net assets of 1.40% 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 1290 Asset Managers® at any time after April 30, 2020.

An investor should consider investment objectives, risks, charges and expenses carefully before investing. Click the link to obtain aProspectuswhich contains this and other information, or call . Read theProspectuscarefully before investing.

1290 Fundsis a registered service mark of AXA Equitable Life Insurance Company, New York, NY 10104.The 1290 Fundsare not suitable for all investors. Subject to investment risks, including possible loss of the principal amount invested.

The 1290 Fundsare subject to several risk factors which are explained by clickinghere.

The 1290 Fundsoffer several ways for investors to reduce or eliminate sales charges. A brief summary of some of the ways is explained by clickinghere.For more details,read your FundsStatement of Additional Informationor speak with your financial advisor.Diversification does not eliminate the risk of experiencing losses.

Funds performance does not guarantee future results.

Mutual funds, annuities, and other investments are not insured or guaranteed by the FDIC or by any other government agency or government sponsored agency of the federal government or any state, not deposits, obligations, or guaranteed by any bank or its affiliates and are subject to investment risks, including possible loss of the principal amount invested.The Funds are distributed by ALPS Distributors, Inc. ALPS Distributors, Inc., which is not affiliated with AXA Equitable Life Insurance Company, AXA Investment Managers, Inc., Rosenberg Equities Investment Management LLC, GAMCO Asset Management, Inc., Palisade Capital Management, LLC, Brandywine Global Investment Management, LLC, or DoubleLine Capital LP. ALPS, A DST Company, 1290 Broadway, Suite 1100, Denver, CO 80203.

©1290 Funds1290 Avenue of the Americas, New York, NY 10104