# EDGAR Filing Document

**Accession Number:** 0001605941
**File Stem:** 0001193125-23-052882
**Filing Date:** 2023-2
**Character Count:** 44015
**Document Hash:** 337e18d6f448a40c15aaf7e5c6416c3c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-052882.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001193125-23-052882

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**EFFECTIVENESS DATE**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** 1290 Funds
- **CENTRAL INDEX KEY:** 0001605941
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-195390
- **FILM NUMBER:** 23680141

**BUSINESS ADDRESS:**
- **STREET 1:** 1290 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10104
- **BUSINESS PHONE:** 212-554-1234

**MAIL ADDRESS:**
- **STREET 1:** 1290 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10104

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** 1290 Funds Trust
- **DATE OF NAME CHANGE:** 20140418

## Series and Classes Contracts Data

### 1290 High Yield Bond Fund (Series ID: S000045911)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000143081 | Class A      | TNHAX           |
| C000143083 | Class I      | TNHIX           |
| C000143084 | Class R      | TNHRX           |

**Summary Prospectus** <br>**dated March 1, 2023**

![](g240506img7dfb74fb1.gif)

**1290 High Yield Bond Fund — Class A (TNHAX), Class I (TNHIX) and Class R (TNHRX) Shares**

------

Before you invest, you may want to review the Fund's Prospectus, which contains more information about the Fund and its risks. The Fund's Prospectus and Statement of Additional Information ("SAI"), each dated March 1, 2023, as may be amended or supplemented from time to time, are incorporated by reference into this Summary Prospectus. You can find the Fund's Prospectus, SAI, reports to shareholders and other information about the Fund online at www.1290Funds.com/literature.php. You can also get this information at no cost by calling 1-888-310-0416 or by sending an e-mail request to 1290Funds@dfinsolutions.com.

------

**Investment Objective:** Seeks to maximize current income.

**Fees and Expenses of the Fund**

The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in 1290 Funds' funds. More information about these and other discounts is available from your financial professional and in the "How Sales Charges are Calculated" and "Ways to Reduce or Eliminate Sales Charges" sections of the Fund's Prospectus, and the "Purchase, Redemption and Pricing of Shares" section of the Fund's Statement of Additional Information.

------

**Shareholder Fees** <br> (fees paid directly from your investment)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **1290 High Yield Bond Fund** | &nbsp;&nbsp; **Class A**<br> **Shares**<br>| &nbsp;&nbsp; **Class T**<br> **Shares**<br>| &nbsp;&nbsp; **Class I**<br> **Shares**<br>| &nbsp;&nbsp; **Class R**<br> **Shares**<br>|
| Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | 4.50% | 2.50% |  |  |
| &nbsp;&nbsp;&nbsp; Maximum contingent deferred sales charge (load) (as a percentage of original purchase price or redemption <br> proceeds, whichever is lower)<br>| 1.00%<sup>1</sup> <br>|  |  |  |
| Maximum account fee (deducted from accounts with a balance of less than $1,000) | $25 | $25 | $25 | $25 |

---

<sup>1</sup> On shares purchased without an initial sales charge and redeemed within 12 months of purchase.

------

**Annual Fund Operating Expenses** <br> (expenses that you pay each year as a percentage of the value of your investment)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **1290 High Yield Bond Fund** | **Class A**<br> **Shares**<br>| **Class T**<br> **Shares**<br>| **Class I**<br> **Shares**<br>| **Class R**<br> **Shares**<br>|
| Management Fee | 0.60% | 0.60% | 0.60% | 0.60% |
| Distribution and/or Service Fees (12b-1 fees) | 0.25% | 0.25% | 0.00% | 0.50% |
| Other Expenses | 0.58% | 0.58% | 0.58% | 0.57% |
| Total Annual Fund Operating Expenses | 1.43% | 1.43% | 1.18% | 1.67% |
| Fee Waiver and/or Expense Reimbursement<sup>1</sup> <br>| (0.43)% | (0.43)% | (0.43)% | (0.42)% |
| Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | 1.00% | 1.00% | 0.75% | 1.25% |

---

<sup>1</sup>

Pursuant to a contract, Equitable Investment Management, LLC (the "Adviser") has agreed to make payments or waive its and its affiliates' management, administrative and other fees to limit the expenses of the Fund through April 30, 2024 (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, dividend and interest expenses on securities sold short, and extraordinary expenses not incurred in the ordinary course of the Fund's business) do not exceed an annual rate of average daily net assets of 0.75% 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 the Adviser at any time after April 30, 2024. The Adviser may be reimbursed the amount of any such payments or waivers in the future provided that the payments or waivers are reimbursed within three years of the payments or waivers being recorded and the Fund's expense ratio, after the reimbursement is taken into account, does not exceed the Fund's expense cap at the time of the waiver or the Fund's expense cap at the time of the reimbursement, whichever is lower. The total annual fund operating expense ratios after fee waiver and/or expense reimbursement for Class A shares, Class T shares, and Class R shares, as shown in the table,

*1*

------

are higher than the Fund's expense cap because these ratios include 12b-1 fees and certain other expenses, as noted above, that are excluded from the Expense Limitation Arrangement.

**Example**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the periods indicated, that your investment has a 5% return each year, that the Fund's operating expenses remain the same and that the Expense Limitation Arrangement is not renewed. Although your actual costs may be higher or lower, based on these assumptions, whether you redeem or hold your shares, your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class A Shares | $547 | $842 | $1157 | $2051 |
| Class T Shares | $349 | $650 | $972  | $1884 |
| Class I Shares | $77 | $332 | $608  | $1394 |
| Class R Shares | $127 | $486 | $868 | $1941 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 43% of the average value of its portfolio.

**Investments, Risks, and Performance**

**Principal Investment Strategy**

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. For purposes of this investment policy, a debt security is considered a "bond." Debt securities represent an issuer's obligation to repay a loan of money that generally pays interest to the holder. Bank loans, bonds, loan participations, notes and debentures are examples of debt securities. It is expected that the Fund will invest primarily in high-yield corporate bonds as well as floating rate loans, and participations in and assignments of loans. Securities below investment grade include those securities that at the time of purchase are rated Ba1 or lower by Moody's Investors Service, Inc. ("Moody's"), or BB+ or lower by Fitch Ratings Ltd. ("Fitch") or by Standard & Poor's Global Ratings ("S&P") or, if unrated, deemed to be of comparable quality by the Fund's investment adviser, Equitable Investment Management, LLC (the "Adviser"), or the Fund's sub-adviser, AXA Investment Managers US Inc. ("AXA IM" or the "Sub-Adviser"). The below investment grade securities in which the Fund invests are generally rated at least Ca by Moody's or at least CC by Fitch or S&P or, if unrated, deemed to be of comparable quality by the Adviser or the Sub-Adviser. The Fund may continue to hold securities that are downgraded below these ratings subsequent to purchase. The Fund does not normally invest in securities that are in default or have defaulted with respect to the payment of interest or repayment of principal, but may do so depending on market or other conditions. The Fund may invest in debt securities issued by companies of any size. The Fund may invest up to 25% of its net assets in debt securities of issuers located outside the United States, including emerging markets issuers and U.S. dollar-denominated securities of non-U.S. issuers. The Fund may invest in privately placed and restricted securities (including 144A bonds).

The Fund may invest in securities of any maturity because AXA IM places greater emphasis on credit risk in selecting securities than either maturity or duration. Certain debt instruments in which the Fund may invest may be structured as pay-in-kind securities. The Fund may invest up to 15% of its net assets in illiquid securities.

**Principal Risks**

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The value of your investment may fall, sometimes sharply, and you could lose money by investing in the Fund. There can be no assurance that the Fund will achieve its investment objective.

The following risks can negatively affect the Fund's performance. The most significant risks as of the date of this Prospectus are presented first, followed by additional principal risks in alphabetical order.

*2*

------

**Market Risk —** The Fund is subject to the risk that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions and other factors, which may negatively affect Fund performance. Securities markets also may experience long periods of decline in value. The value of a security may decline due to factors that are specifically related to a particular company, as well as general market conditions, such as real or perceived adverse economic or political conditions, inflation rates and/or investor expectations concerning such rates, changes in interest rates, recessions, or adverse investor sentiment generally. During a general downturn in the securities markets, multiple asset classes may decline in value simultaneously. Changes in the financial condition of a single issuer can impact a market as a whole.

Geopolitical events, including terrorism, tensions, war or other open conflicts between nations, or political or economic dysfunction within some nations that are global economic powers or major producers of oil, may lead to overall instability in world economies and markets generally and have led, and may in the future lead, to increased market volatility and may have adverse long-term effects. World markets, or those in a particular region, may all react in similar fashion to important economic, political or other developments. Events such as environmental and natural disasters or other catastrophes, public health crises (such as epidemics and pandemics), social unrest, and cybersecurity incidents, and governments' reactions to such events, could cause uncertainty in the markets and may adversely affect the performance of the global economy. Impacts from climate change may include significant risks to global financial assets and economic growth. The extent and duration of such events and resulting market disruptions could be substantial and could magnify the impact of other risks to the Fund. The value and liquidity of the Fund's investments may be negatively affected by developments in other countries and regions, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries or regions directly affected.

The U.S. Federal Reserve ("Fed") has invested or otherwise made available substantial amounts of money to keep credit flowing through short-term money markets and has signaled that it will continue to adjust its operations as appropriate to support short-term money markets. Amid these efforts, concerns about the markets' dependence on the Fed's provision of liquidity have grown. Policy changes by the U.S. government and/or the Fed and political events within the United States may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. A downgrade of the ratings of U.S. government debt obligations, or concerns about the U.S. government's credit quality in general, could have a substantial negative effect on the U.S. and global economies. High public debt in the United States and other countries creates ongoing systemic and market risks and policymaking uncertainty.

In addition, markets and market participants are increasingly reliant on information data systems. Inaccurate data, software or other technology malfunctions, programming inaccuracies, unauthorized use or access, and similar circumstances may impair the performance of these systems and may have an adverse impact upon a single issuer, a group of issuers, or the market at large.

**Non-Investment Grade Securities Risk —** Bonds rated below BBB by Standard & Poor's Global Ratings or Fitch Ratings, Ltd., or below Baa by Moody's Investors Service, Inc. (or, if unrated, determined by the investment manager to be of comparable quality) are speculative in nature and are subject to additional risk factors such as increased possibility of default, illiquidity of the security, and changes in value based on changes in interest rates. Non-investment grade bonds, sometimes referred to as "junk bonds," are usually issued by companies without long track records of sales and earnings, or by those companies with questionable credit strength. The creditworthiness of issuers of non-investment grade debt securities may be more complex to analyze than that of issuers of investment grade debt securities, and reliance on credit ratings may present additional risks.

**Credit Risk —** The Fund is subject to the risk that the issuer or guarantor of a fixed income security, or the counterparty to a transaction, is unable or unwilling, or is perceived as unable or unwilling, to make timely interest or principal payments or otherwise honor its obligations, or defaults completely, which may cause the Fund's holdings to lose value. The downgrade of a security's credit rating may decrease its value. Lower credit quality also may lead to greater volatility in the price of a security and may negatively affect a security's liquidity. The credit quality of a security can deteriorate suddenly and rapidly. The Fund may experience a significant or complete loss on a fixed income security or a transaction.

**Interest Rate Risk —** Changes in interest rates may affect the yield, liquidity and value of investments in income producing or debt securities. Changes in interest rates also may affect the value of other securities. When interest rates rise, the value of the Fund's debt securities generally declines. Conversely, when interest rates decline, the value of the Fund's debt securities generally rises. Typically, the longer the maturity or duration of a debt security, the greater the effect a change in interest rates could have on the security's price. Thus, the sensitivity of the Fund's debt securities to interest rate risk will increase the greater the duration of those securities. A significant or rapid rise in interest rates could result in losses to the Fund.

**Liquidity Risk —** From time to time, there may be little or no active trading market for a particular investment in which the Fund may invest or is invested. In such a market, the value of such an investment and the Fund's share price may fall dramatically. Illiquid investments may be difficult or impossible to sell or purchase at an advantageous time or price or in sufficient amounts to achieve the Fund's desired level of exposure. To meet redemption requests during periods of illiquidity, the Fund may be forced to dispose

*3*

------

of investments at unfavorable times or prices and/or under unfavorable conditions, which may result in a loss or may be costly to the Fund. Investments that are illiquid or that trade in lower volumes may be more difficult to value. The Fund also may not receive its proceeds from the sale of certain investments for an extended period of time. Certain investments that were liquid when purchased may later become illiquid, sometimes abruptly, particularly in times of overall economic distress or adverse investor perception. An inability to sell a portfolio position can adversely affect the Fund's value or prevent the Fund from being able to take advantage of other investment opportunities. During periods of market stress, an investment or even an entire market segment may become illiquid, sometimes abruptly, which can adversely affect the Fund's ability to limit losses. In addition, a reduction in the ability or willingness of dealers and other institutional investors to make a market in certain securities may result in decreased liquidity in certain markets.

**Sector Risk —** From time to time, based on market or economic conditions, the Fund may have significant positions in one or more sectors of the market. To the extent the Fund invests more heavily in particular sectors, its performance will be especially sensitive to developments that significantly affect those sectors. Individual sectors may be more volatile, and may perform differently, than the broader market. The industries that constitute a sector may all react in the same way to economic, political or regulatory events.

**Loan Risk —** A bank loan represents an interest in a loan or other direct indebtedness that entitles the acquirer of such interest to payments of interest, principal and/or other amounts due under the structure of the loan. Loan interests are subject to liquidity risk, prepayment risk, extension risk, the risk of subordination to other creditors, restrictions on resale, and the lack of a regular trading market and publicly available information. Loan interests may be difficult to value and may have extended trade settlement periods. As a result, the proceeds from the sale of a loan may not be available to make additional investments or to meet redemption obligations until potentially a substantial period after the sale of the loan. The extended trade settlement periods could force the Fund to liquidate other securities to meet redemptions and may present a risk that the Fund may incur losses in order to timely honor redemptions. There is a risk that the value of any collateral securing a loan in which the Fund has an interest may decline and that the collateral may not be sufficient to cover the amount owed on the loan. In the event the borrower defaults, the Fund's access to the collateral may be limited or delayed by bankruptcy or other insolvency laws. Loans may not be considered "securities," and purchasers, such as the Fund, therefore may not have the benefit of the anti-fraud protections of the federal securities laws. To the extent that the Fund invests in loan participations and assignments, it is subject to the risk that the financial institution acting as agent for all interests in a loan might fail financially. It is also possible that the Fund could be held liable, or may be called upon to fulfill other obligations, as a co-lender.

**Portfolio Management Risk —** The Fund is subject to the risk that strategies used by an investment manager and its securities selections fail to produce the intended results. An investment manager's judgments or decisions about the quality, relative yield or value of, or market trends affecting, a particular security or issuer, industry, sector, region or market segment, or about the economy or interest rates, may be incorrect or otherwise may not produce the intended results, which may result in losses to the Fund. In addition, many processes used in Fund management, including security selection, rely, in whole or in part, on the use of various technologies. The Fund may suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, or the analyses employed or relied on, by an investment manager, or if such tools, resources, information or data are used incorrectly, fail to produce the desired results, or otherwise do not work as intended. There can be no assurance that the use of these technologies will result in effective investment decisions for the Fund.

**Foreign Securities Risk —** Investments in foreign securities involve risks in addition to those associated with investments in U.S. securities. Foreign markets may be less liquid, more volatile and subject to less government supervision and regulation than U.S. markets, and it may take more time to clear and settle trades involving foreign securities, which could negatively impact the Fund's investments and cause it to lose money. Security values also may be negatively affected by changes in the exchange rates between the U.S. dollar and foreign currencies. Differences between U.S. and foreign legal, political and economic systems, regulatory regimes and market practices, as well as trade barriers and other protectionist trade policies (including those of the United States), governmental instability, war, or other political or economic actions, also may adversely impact security values. Foreign securities are also subject to the risks associated with the potential imposition of economic or other sanctions against a particular foreign country, its nationals, businesses or industries. World markets, or those in a particular region, may all react in similar fashion to important economic, political or other developments. Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable and make such investments riskier and more volatile. Regardless of where a company is organized or its stock is traded, its performance may be significantly affected by events in regions from which it derives its profits or in which it conducts significant operations.

Currency Risk — Investments that are denominated in or that provide exposure to foreign currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar. Any such decline may erode or reverse any potential gains from an investment in securities denominated in foreign currency or may widen existing loss. In the case of hedging

*4*

------

positions, there is the risk that the U.S. dollar will decline in value relative to the currency being hedged. Currency rates may fluctuate significantly over short periods of time.

Emerging Markets Risk — The risks associated with investments in emerging market countries often are significant, and vary from jurisdiction to jurisdiction and company to company. Investments in emerging market countries are more susceptible to loss than investments in more developed foreign countries and may present market, credit, currency, liquidity, legal, political, technical and other risks different from, or greater than, the risks of investing in more developed foreign countries. Emerging market countries may be more likely to experience rapid and significant adverse developments in their political or economic structures, intervene in financial markets, restrict foreign investments, impose high withholding or other taxes on foreign investments, impose restrictive exchange control regulations, or nationalize or expropriate the assets of private companies, which may have negative impacts on transaction costs, market price, investment returns and the legal rights and remedies available to the Fund. In addition, the securities markets of emerging market countries generally are smaller, less liquid and more volatile than those of more developed foreign countries, and emerging market countries often have less uniformity in regulatory, accounting, auditing and financial reporting requirements or standards, which may impact the availability and quality of information about issuers, and less reliable clearance and settlement, registration and custodial procedures. Emerging market countries also may be subject to high inflation and rapid currency devaluations, and currency-hedging techniques may be unavailable in certain emerging market countries. In addition, some emerging market countries may be heavily dependent on international trade, which can materially affect their securities markets. Securities of issuers traded on foreign exchanges may be suspended. The likelihood of such suspensions may be higher for securities of issuers in emerging market countries than in countries with more developed markets.

European Economic Risk — The economies of European Union ("EU") member countries and their trading partners, as well as the broader global economy, may be adversely affected by changes in the euro's exchange rate, changes in EU or governmental regulations on trade, geopolitical tensions or conflicts, and the threat of default or an actual default by an EU member country on its sovereign debt, which could negatively impact the Fund's investments and cause it to lose money. Recent events in Europe may continue to impact the economies of every European country and their economic partners. Russia's military invasion of Ukraine in February 2022, the resulting responses by the United States and other countries, and the potential for wider conflict have had, and could continue to have, severe adverse effects on regional and global economies and could further increase volatility and uncertainty in the financial markets. In addition, until the full economic effects of the United Kingdom's withdrawal from the EU, commonly referred to as "Brexit," become clearer, there remains a risk that Brexit may negatively impact the Fund's investments and cause it to lose money. Any further withdrawals from the EU could cause additional market disruption globally.

**Investment Grade Securities Risk —** Securities rated in the lower investment grade rating categories (e.g., BBB or Baa) are considered investment grade securities, but may have more risk than higher rated obligations because they are regarded as having only an adequate capacity to pay principal and interest, are considered to lack outstanding investment characteristics, and may possess certain speculative characteristics.

**Large Transaction Risk —** A significant percentage of the Fund's shares may be owned or controlled by the Adviser and its affiliates, other Funds advised by the Adviser (including funds of funds), or other large shareholders. Accordingly, the Fund is subject to the potential for large-scale inflows and outflows as a result of purchases and redemptions of its shares by such shareholders. These inflows and outflows could negatively affect the Fund's net asset value and performance.

**Leveraging Risk —** When the Fund leverages its holdings, the value of an investment in the Fund will be more volatile and all other risks will tend to be compounded. Investments that create leverage can result in losses to the Fund that exceed the amount originally invested and may accelerate the rate of losses (some of which may be sudden or substantial). For certain investments that create leverage, relatively small market fluctuations can result in large changes in the value of such investments. There can be no assurance that the Fund's use of any leverage will be successful.

**Prepayment Risk and Extension Risk —** Prepayment risk is the risk that the issuer of a security held by the Fund may pay off principal more quickly than originally anticipated. This may occur when interest rates fall. The Fund may have to reinvest the proceeds in an investment offering a lower yield, may not benefit from any increase in value that might otherwise result from declining interest rates and may lose any premium it paid to acquire the security. Extension risk is the risk that the issuer of a security held by the Fund may pay off principal more slowly than originally anticipated. This may occur when interest rates rise. The Fund may be prevented from reinvesting the proceeds it would have received at a given time in an investment offering a higher yield.

**Privately Placed and Other Restricted Securities Risk —** Restricted securities, which include privately placed securities, are securities that cannot be offered for public resale unless registered under the applicable securities laws or that have a contractual restriction

*5*

------

that prohibits or limits their resale. Before they are registered, such securities may be sold only in a privately negotiated transaction or pursuant to an exemption from registration. Difficulty in selling securities may result in a loss or be costly to the Fund. Rule 144A is designed to facilitate efficient trading among institutional investors by permitting the sale of certain unregistered securities to qualified institutional buyers. To the extent restricted securities held by the Fund qualify under Rule 144A and an institutional market develops for those securities, the Fund likely will be able to dispose of the securities without registering them. To the extent that institutional buyers become, for a time, uninterested in purchasing these securities, investing in Rule 144A securities could increase the level of the Fund's illiquidity. The Adviser or Sub-Adviser may determine that certain securities qualified for trading under Rule 144A are liquid. Where registration of a security is required, the Fund may be obligated to pay all or part of the registration expenses, and a considerable period may elapse between the time the Fund desires to sell (and therefore decides to seek registration of) the security, and the time the Fund may be permitted to sell the security under an effective registration statement. If, during such a period, adverse market conditions were to develop, the Fund might obtain a less favorable price than prevailed when it desired to sell. The risk that securities may not be sold for the price at which the Fund is carrying them is greater with respect to restricted securities than it is with respect to registered securities. The illiquidity of the market, as well as the lack of publicly available information regarding these securities, also may make it difficult to determine a fair value for certain securities for purposes of computing the Fund's net asset value.

**Redemption Risk —** The Fund may experience periods of heavy redemptions that could cause the Fund to sell assets at inopportune times or at a loss or depressed value. Redemption risk is heightened during periods of declining or illiquid markets. Heavy redemptions could hurt the Fund's performance.

Market developments and other factors, including a general rise in interest rates, have the potential to cause investors to move out of fixed income securities on a large scale, which may increase redemptions from mutual funds that hold large amounts of fixed income securities. The market-making capacity of dealers has been reduced in recent years, in part as a result of structural changes, such as fewer proprietary trading desks at broker-dealers and increased regulatory capital requirements. In addition, significant securities market disruptions related to the coronavirus disease (COVID-19) pandemic have led to dislocation in the market for a variety of fixed income securities (including, without limitation, commercial paper, corporate debt securities, certificates of deposit, asset-backed debt securities and municipal obligations), which has decreased liquidity and sharply reduced returns in certain cases. Increased redemptions from mutual funds that hold large amounts of fixed income securities, coupled with a reduction in the ability or willingness of dealers and other institutional investors to buy or hold fixed income securities, may result in decreased liquidity and increased volatility in the fixed income markets.

**Zero Coupon and Pay-in-Kind Securities Risk —** Zero coupon and pay-in-kind securities are debt securities that do not make periodic cash interest payments. Zero coupon securities are issued at a significant discount from their face value. Zero coupon and pay-in-kind securities tend to be subject to greater fluctuations in market value in response to changing interest rates than securities of comparable maturities that pay interest periodically and in cash.

**Risk/Return Bar Chart and Table**

The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual total returns for the past one-year, five-year and since inception periods through December 31, 2022, compared to the returns of a broad-based securities market index. The return of the broad-based securities market index (and any additional comparative index) shown for the since inception period below is the return of the index since the inception of the share class with the longest history. Past performance (before and after taxes) is not an indication of future performance.

The performance results shown in the bar chart do not reflect any sales charges or account fees, which would reduce the performance results.

*6*

------

The performance of Class T shares for periods prior to March 1, 2017 has been adjusted to reflect the current sales charges applicable to Class T shares.

------

**Calendar Year Annual Total Returns — Class I**

------

![](g240506highyieldbond.jpg)

---

| | | |
|:---|:---|:---|
| Best quarter (% and time period) | &nbsp;&nbsp;&nbsp; 8.99% | 2020 2nd Quarter |
| Worst quarter (% and time period) | -10.18% | 2020 1st Quarter |

---

------

**Average Annual Total Returns**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **One**<br> **Year**<br>| &nbsp;&nbsp; **Five**<br> **Years**<br>| &nbsp;&nbsp; **Since**<br> **Inception**<br>| &nbsp;&nbsp; **Inception**<br> **Date**<br>|
| &nbsp;&nbsp; 1290 High Yield Bond Fund - Class I<br> Return Before Taxes <br>| &nbsp;&nbsp; -9.49% | 2.19% | 3.01% | 11/12/2014 |
| &nbsp;&nbsp; 1290 High Yield Bond Fund - Class I<br> Return After Taxes on Distributions <br>| -11.54% | -0.03% | 0.54% | 11/12/2014 |
| &nbsp;&nbsp; 1290 High Yield Bond Fund - Class I<br> Return After Taxes on Distributions and Sale of Fund Shares <br>| &nbsp;&nbsp; -5.60% | 0.76% | 1.20% | 11/12/2014 |
| &nbsp;&nbsp; 1290 High Yield Bond Fund - Class A<br> Return Before Taxes <br>| -13.83% | 0.99% | 2.16% | 11/12/2014 |
| &nbsp;&nbsp; 1290 High Yield Bond Fund - Class R<br> Return Before Taxes <br>| &nbsp;&nbsp; -9.96% | 1.68% | 2.49% | 11/12/2014 |
| &nbsp;&nbsp; 1290 High Yield Bond Fund - Class T<br> Return Before Taxes <br>| -11.78% | 1.67% | 2.69% | 11/12/2014 |
| ICE BofA US High Yield Index (reflects no deduction for fees, expenses, or taxes) | -11.17% | 2.13% | 3.38% |  |

---

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (IRAs). The returns after taxes on distributions and sale of Fund shares may be higher than other returns for the same period due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. After-tax returns are shown only for Class I shares. After-tax returns for other Classes may vary.

*7*

------

**Who Manages the Fund**

**Investment Adviser: Equitable Investment Management, LLC (the "Adviser")**

**Portfolio Managers:** The members of the team that are jointly and primarily responsible for the selection, monitoring and oversight of the Fund's Sub-Adviser are:

---

| | | |
|:---|:---|:---|
| **Name** | **Title** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Date Began**<br> **Managing**<br> **the Fund**<br>|
| Kenneth T. Kozlowski, CFP<sup>®</sup>, CLU, ChFC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Executive Vice President and Chief Investment <br> Officer of the Adviser<br>| November 2014 |
| Alwi Chan, CFA<sup>®</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Vice President and Deputy Chief <br> Investment Officer of the Adviser<br>| November 2014 |

---

**Sub-Adviser: AXA Investment Managers US Inc. ("AXA IM")**

**Portfolio Managers:** The individuals primarily responsible for the securities selection, research and trading for the Fund are:

---

| | | |
|:---|:---|:---|
| **Name** | **Title** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Date Began**<br> **Managing**<br> **the Fund**<br>|
| Michael Graham, CFA<sup>®</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Head of U.S. High Yield and<br> Senior U.S. High Yield Portfolio Manager at AXA <br> IM<br>| August 2021 |
| Robert Houle, CFA<sup>®</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior U.S. High Yield Portfolio Manager at AXA <br> IM<br>| March 2018 |

---

The Adviser is responsible for overseeing Sub-Advisers and recommending their hiring, termination and replacement to the Board of Trustees. The Adviser has been granted relief by the Securities and Exchange Commission to hire, terminate and replace Sub-Advisers and amend sub-advisory agreements subject to the approval of the Board of Trustees and without obtaining shareholder approval. However, the Adviser may not enter into a sub-advisory agreement on behalf of the Fund with an "affiliated person" of the Adviser unless the sub-advisory agreement is approved by the Fund's shareholders. The relief does not extend to any increase in the advisory fee paid by the Fund to the Adviser; any such increase would be subject to shareholder approval.

**Purchase and Redemption of Fund Shares**

You may purchase and redeem shares of the Fund each day the New York Stock Exchange is open for trading at the Fund's net asset value determined after receipt of your request in good order, subject to any applicable sales charge. All share classes are currently not offered for sale in all states. Initial purchases must be effected through your financial intermediary. Subsequently, you may purchase or redeem shares either by having your financial intermediary process your purchase or redemption, or by telephone (1-888-310-0416), by overnight mail (1290 Funds, c/o SS&C GIDS, Inc., 430 W. 7th Street, Suite 219166, Kansas City, MO 64105-1407), or by mail (1290 Funds, PO Box 219166, Kansas City, MO 64121-9166). All redemption requests will be processed and payment with respect thereto will normally be made within seven days after receipt of your request in good order.

The initial and subsequent minimums for purchasing shares of the Fund generally are as follows, although the Fund may reduce or waive the minimums in some cases:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A** | **Class T** | **Class I** | **Class R** |
| Minimum Initial Investment | &nbsp;&nbsp; $1,000 for all accounts <br> except:<br>• $500 for certain fee-based <br> programs.<br>• $500, if establishing an <br> Automatic Bank Draft Plan.<br>| &nbsp;&nbsp; $1,000 for all accounts <br> except:<br>• $500 for certain fee-based <br> programs.<br>• $500, if establishing an <br> Automatic Bank Draft Plan.<br>| &nbsp;&nbsp; • $1,000,000 for certain <br> institutions and individuals.<br>• $1,000 for certain <br> employees (or their <br> immediate family <br> members) of Equitable<br>| No minimum |

---

*8*

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A** | **Class T** | **Class I** | **Class R** |
|  | &nbsp;&nbsp; • $250 minimum for <br> purchases by accounts <br> through eligible financial <br> intermediary platforms <br> that have entered into <br> selling or service <br> agreements with the <br> Distributor and that are <br> eligible to purchase <br> Class A shares without a <br> sales charge.<br>• No minimum for certain <br> employer-sponsored <br> retirement plans and <br> certain wrap fee based <br> programs.<br>| &nbsp;&nbsp; • No minimum for certain <br> employer-sponsored <br> retirement plans and <br> certain wrap fee based <br> programs.<br>| &nbsp;&nbsp; Holdings, Inc. or its <br> subsidiaries.<br>• Class I shares are available <br> to clients of registered <br> investment advisers who <br> have $250,000 invested in <br> the Fund.<br>• No minimum investment <br> for a wrap account client <br> of an eligible broker-dealer <br> or a client of a fee-based <br> planner that is unaffiliated <br> with a broker-dealer, or a <br> client of an investment <br> adviser, trustee, <br> administrator or institution <br> acting in a similar capacity <br> that invests in the Fund <br> through a retirement plan <br> where the administrator or <br> service provider of such <br> retirement plan has <br> entered into a services <br> agreement with the Fund's <br> distributor and/or <br> investment adviser.<br>|  |
| &nbsp;&nbsp;&nbsp; Minimum Additional <br> Investment<br>| $50 for all accounts | $50 for all accounts | No subsequent minimum | No subsequent minimum |

---

Your financial intermediary may impose different investment minimums.

**Tax Information**

The Fund's dividends and other distributions generally will be subject to federal income tax as ordinary income or long-term capital gains, unless you are a tax-exempt investor or are investing through a retirement plan or account; in the latter case, you may be subject to that tax upon withdrawal from the plan or account.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares, shareholder services and other purposes. These payments create a conflict of interest by influencing the broker-dealer or other intermediary and your investment professional to recommend the Fund over another investment. Ask your financial adviser or visit your financial intermediary's website for more information.

*9*

------