# EDGAR Filing Document

**Accession Number:** 0001605941
**File Stem:** 0001193125-23-052886
**Filing Date:** 2023-2
**Character Count:** 38606
**Document Hash:** 88e6dae9d03dd988598c7809d3f5263f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-052886.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001193125-23-052886

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 2

**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:** 23680145

**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 Essex Small Cap Growth Fund (Series ID: S000076802)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000236849 | Class R      | ESCKX           |
| C000236850 | Class A      | ESCFX           |
| C000236852 | Class I      | ESCJX           |

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

![](g392178imgd33f8c021.gif)

**1290 Essex Small Cap Growth Fund — Class A (ESCFX), Class I (ESCJX) and Class R (ESCKX) Shares**

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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.

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**Investment Objective:** Seeks long-term growth of capital.

**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 $50,000 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.

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **1290 Essex Small Cap Growth 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) | 5.50% | 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 |

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **1290 Essex Small Cap Growth Fund** | **Class A**<br> **Shares**<br>| **Class T**<br> **Shares**<br>| **Class I**<br> **Shares**<br>| **Class R**<br> **Shares**<br>|
| Management Fee | 0.75% | 0.75% | 0.75% | 0.75% |
| Distribution and/or Service Fees (12b-1 fees) | 0.25% | 0.25% | 0.00% | 0.50% |
| Other Expenses<sup>1</sup> <br>| 4.74% | 4.70% | 4.70% | 4.70% |
| Total Annual Fund Operating Expenses | 5.74% | 5.70% | 5.45% | 5.95% |
| Fee Waiver and/or Expense Reimbursement<sup>2</sup> <br>| (4.61)% | (4.57)% | (4.57)% | (4.57)% |
| Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | 1.13% | 1.13% | 0.88% | 1.38% |

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<sup>1</sup>

Based on estimated amounts for the current fiscal year.

<sup>2</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 0.88% 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*

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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:

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| | | |
|:---|:---|:---|
|  | **1 Year** | **3 Years** |
| Class A Shares | $659 | $1777 |
| Class T Shares | $362 | $1509 |
| Class I Shares | $90 | $1220 |
| Class R Shares | $140 | $1362 |

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**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 period July 11, 2022 (commencement of operations) through October 31, 2022, the Fund's portfolio turnover rate was 29% 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 equity securities of small- and micro-capitalization companies (or other financial instruments that derive their value from the securities of such companies). For the Fund, a company is considered to be a "small-capitalization" company if, at the time of purchase, its market capitalization is less than or equal to the market capitalization of the largest company included within the Russell 2000<sup>®</sup> Growth Index. As of December 31, 2022, the market capitalization of the largest company included in the Russell 2000<sup>®</sup> Growth Index was approximately $8.05 billion. This capitalization range will change over time. The Fund's investments include U.S. micro-cap companies, which, at the time of purchase, have capitalizations that place them among the smallest 5% of companies listed on U.S. exchanges. Although the Sub-Adviser seeks to diversify the Fund's investments across industries and sectors, the Fund's assets may, from time to time, be over-weighted or under-weighted to certain industries and sectors relative to its benchmark index, and the Fund may from time to time invest a substantial portion of its assets in one or a limited number of sectors. The Fund's investments may include common and preferred stocks, rights and warrants to purchase common stocks, convertible securities or real estate investment trusts. The Fund may invest up to 15% of its assets in foreign securities, including securities of companies based in developing countries and depositary receipts of foreign-based companies. The Fund may purchase put and call options on equity indexes and put and call options on exchange-traded funds tracking certain equity indexes to gain broad market exposure or for hedging purposes.

The Sub-Adviser applies fundamental investment research techniques when deciding which stocks to buy or sell for the Fund, and typically:

&nbsp;&nbsp;&nbsp;&nbsp;• Selects companies that demonstrate accelerating growth in earnings and revenues that the Sub-Adviser believes are undervalued given their financial strength.

&nbsp;&nbsp;&nbsp;&nbsp;• Invests in companies from any sector of the market based on fundamental research and analysis of various characteristics.

&nbsp;&nbsp;&nbsp;&nbsp;• Reviews and evaluates a company's financial statements, sales and expense trends, earnings estimates, market position, and industry outlook.

&nbsp;&nbsp;&nbsp;&nbsp;• Values a company against its history, industry, and the market to identify a relatively undervalued stock as compared to its potential growth.

*2*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;• Seeks to diversify investments across companies in different phases of growth and that have a variety of catalysts for growth, to help manage risk. Such catalysts may include a new technology, product or service, an increase in market share, an improving industry, a change in management or a corporate restructuring.

The Fund may engage in active and frequent trading to achieve its investment objective. The Fund may sell all or a portion of a position in a security when the Sub-Adviser believes that a catalyst for growth is realized or adequate value is achieved, when the Sub-Adviser identifies a better investment opportunity, to minimize potential risks, to address a deterioration of fundamentals, a change in management or operating strategy or the failure of a catalyst to develop, or for other investment reasons which the Sub-Adviser deems appropriate.

While the Fund's overall portfolio will focus on small- and micro-capitalization companies, the Sub-Adviser may decide to keep a company's stock if it has appreciated beyond the market capitalization of the largest company included in the Russell 2000<sup>®</sup> Growth Index, as described above.

**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.

**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.

**Equity Risk —** In general, the values of stocks and other equity securities fluctuate, and sometimes widely fluctuate, in response to changes in a company's financial condition as well as general market, economic and political conditions and other factors. The Fund may experience a significant or complete loss on its investment in an equity security. In addition, common stock prices may be particularly sensitive to rising interest rates, which increase borrowing costs and the costs of capital.

*3*

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**Small-Cap and Micro-Cap Company Risk —** Small-cap and micro-cap companies carry additional risks because the operating histories of these companies tend to be more limited, their earnings and revenues less predictable (and some companies may be experiencing significant losses), and their share prices more volatile than those of larger, more established companies. The shares of smaller companies tend to trade less frequently than those of larger, more established companies, which can adversely affect the pricing of these securities and the Fund's ability to purchase or sell these securities. In general, these risks are greater for micro-cap companies than for small-cap companies.

**Investment Style Risk —** The Fund may use a particular style or set of styles — in this case, a "growth" style — to select investments. A particular style may be out of favor or may not produce the best results over short or longer time periods. Growth stocks may be more sensitive to changes in current or expected earnings than the prices of other stocks. Growth investing also is subject to the risk that the stock price of one or more companies will fall or will fail to appreciate as anticipated by the Fund, regardless of movements in the securities market. Growth stocks also tend to be more volatile than value stocks, so in a declining market their prices may decrease more than value stocks in general. Growth stocks also may increase the volatility of the Fund's share price.

**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.

**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.

**New Fund Risk —** The Fund is newly or recently established and has limited operating history. The Fund may not be successful in implementing its investment strategy, and there can be no assurance that the Fund will grow to or maintain an economically viable size, which could result in the Fund being liquidated at any time without shareholder approval and at a time that may not be favorable for all shareholders. Until the Fund is fully capitalized, it may be unable to pursue its investment objective or execute its principal investment strategies.

**Convertible Securities Risk —** A convertible security is a form of hybrid security; that is, a security with both debt and equity characteristics. The value of a convertible security fluctuates in relation to changes in interest rates and the credit quality of the issuer and also fluctuates in relation to changes in the price of the underlying common stock. A convertible security may be subject to redemption at the option of the issuer at a price established in the convertible security's governing instrument, which may be less than the current market price of the security. If a convertible security held by the Fund is called for redemption, the Fund will be required to permit the issuer to redeem the security, convert it into underlying common stock or sell it to a third party. Convertible securities are subject to equity risk, interest rate risk and credit risk and are often lower-quality securities. Lower quality may lead to greater volatility in the price of a security and may negatively affect a security's liquidity. Since it derives a portion of its value from the common stock into which it may be converted, a convertible security is also subject to the same types of market and issuer-specific risks that apply to the underlying common stock.

**Derivatives Risk —** The Fund's investments in derivatives may rise or fall in value more rapidly than other investments and may reduce the Fund's returns and increase the volatility of the Fund's net asset value. Investing in derivatives involves investment techniques and risk analyses different from, and risks in some respects greater than, those associated with investing in more traditional investments, such as stocks and bonds. Derivatives may be leveraged such that a small investment can have a significant impact on the Fund's exposure to stock market values, interest rates, or other investments. As a result, a relatively small price movement in a derivatives contract may cause an immediate and substantial loss, and the Fund could lose more than the amount it invested. Some derivatives can have the potential for unlimited losses. In addition, it may be difficult or impossible for the Fund to purchase or sell certain derivatives in sufficient amounts to achieve the desired level of exposure, or to terminate or offset existing arrangements, which may result in a loss or may be costly to the Fund. Some derivatives are more sensitive to market price fluctuations and to interest rate changes than other investments. Derivatives may not behave as anticipated by the Fund, and derivatives strategies that are successful under certain market conditions may be less successful or unsuccessful under other market conditions. The Fund also may be exposed to losses if the counterparty in the transaction is unable or unwilling to fulfill its contractual obligation. In certain cases, the Fund

*4*

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may be hindered or delayed in exercising remedies against or closing out derivatives with a counterparty, resulting in additional losses. Derivatives also may be subject to the risk of mispricing or improper valuation, and valuation may be more difficult in times of market turmoil. Changes to the regulation of derivatives markets and mutual funds' use of derivatives may impact the Fund's ability to maintain its investments in derivatives, make derivatives more costly, limit their availability, adversely affect their value or performance, or otherwise disrupt markets.

**Foreign Securities Risk —** Investments in foreign securities, including depositary receipts, 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.

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.

**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.

**Portfolio Turnover Risk —** High portfolio turnover (generally, turnover in excess of 100% in any given fiscal year) may result in increased transaction costs to the Fund, which may result in higher fund expenses and lower total return.

**Preferred Stock Risk —** Preferred stock is subject to many of the risks associated with debt securities, including interest rate risk. Unlike interest payments on debt securities, dividends on preferred stock are generally payable at the discretion of the issuer's board of directors. Preferred shareholders may have certain rights if dividends are not paid but generally have no legal recourse against the issuer. Shareholders may suffer a loss of value if dividends are not paid. In certain situations an issuer may call or redeem its preferred stock or convert it to common stock. The market prices of preferred stocks are generally more sensitive to actual or perceived changes in the issuer's financial condition or prospects than are the prices of debt securities.

**Real Estate Investing Risk —** Real estate-related investments may decline in value as a result of factors affecting the overall real estate industry. Real estate is a cyclical business, highly sensitive to supply and demand, general and local economic developments and characterized by intense competition and periodic overbuilding. Real estate income and values also may be greatly affected by demographic trends, such as population shifts or changing tastes and values. For example, the coronavirus disease (COVID-19) pandemic has impacted certain real estate sectors by accelerating the trend towards online shopping and remote-working

*5*

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environments. Losses may occur from casualty or condemnation, and government actions, such as tax law changes, zoning law changes, regulatory limitations on rents, or environmental regulations, also may have a major impact on real estate. The availability of mortgages and changes in interest rates may also affect real estate values. Changing interest rates and credit quality requirements also will affect the cash flow of real estate companies and their ability to meet capital needs. In addition, global climate change may have an adverse effect on property and security values and may exacerbate the risks of natural disasters.

Real estate investment trusts ("REITs") generally invest directly in real estate (equity REITs), in mortgages secured by interests in real estate (mortgage REITs) or in some combination of the two (hybrid REITs). Investing in REITs exposes investors to the risks of owning real estate directly, as well as to risks that relate specifically to the way in which REITs are organized and operated. Equity REITs may be affected by changes in the value of the underlying property owned by the REIT, while mortgage REITs may be affected by the quality of any credit extended. Equity and mortgage REITs are also subject to heavy cash flow dependency, defaults by borrowers, and self-liquidations. The risk of defaults is generally higher in the case of mortgage pools that include subprime mortgages involving borrowers with blemished credit histories.

Operating REITs requires specialized management skills, and a portfolio that invests in REITs indirectly bears REIT management and administration expenses along with the direct expenses of the portfolio. Individual REITs may own a limited number of properties and may concentrate in a particular region or property type. Domestic REITs also must satisfy specific Internal Revenue Code requirements to qualify for the tax-free pass-through of net investment income and net realized gains distributed to shareholders. Failure to meet these requirements may have adverse consequences on the Fund. In addition, even the larger REITs in the industry tend to be small- to medium-sized companies in relation to the equity markets as a whole. Moreover, shares of REITs may trade less frequently and, therefore, are subject to more erratic price movements than securities of larger issuers.

**Risk/Return Bar Chart and Table**

Performance information will be available in the Prospectus after the Fund has been in operation for one full calendar year.

**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:

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| | | |
|:---|:---|:---|
| **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>| July 2022 |
| 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>| July 2022 |

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**Sub-Adviser: Essex Investment Management Company, LLC ("Essex")**

**Portfolio Manager:** The individual primarily responsible for the securities selection, research and trading for the Fund is:

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| | | |
|:---|:---|:---|
| **Name** | **Title** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Date Began**<br> **Managing**<br> **the Fund**<br>|
| Nancy Prial, CFA<sup>®</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Co-Chief Executive Officer and Senior Portfolio <br> Manager of Essex<br>| July 2022 |

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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.

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**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:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **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>• $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; $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>• No minimum for certain <br> employer-sponsored <br> retirement plans and <br> certain wrap fee based <br> programs.<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> 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>| No minimum |
| &nbsp;&nbsp;&nbsp; Minimum Additional <br> Investment<br>| $50 for all accounts | $50 for all accounts | No subsequent minimum | No subsequent minimum |

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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

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professional to recommend the Fund over another investment. Ask your financial adviser or visit your financial intermediary's website for more information.

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