# EDGAR Filing Document

**Accession Number:** 0001605941
**File Stem:** 0001193125-26-075903
**Filing Date:** 2026-2
**Character Count:** 36288
**Document Hash:** 572585cc3c93a21e19bb28199424869f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-075903.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0001193125-26-075903

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**EFFECTIVENESS DATE**: 20260226

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** 1290 Funds
- **CENTRAL INDEX KEY:** 0001605941

**ORGANIZATION NAME:**
- **EIN:** 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:** 26685990

**BUSINESS ADDRESS:**
- **STREET 1:** 1345 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10105
- **BUSINESS PHONE:** 212-554-1234

**MAIL ADDRESS:**
- **STREET 1:** 1345 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10105

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

## Series and Classes Contracts Data

### 1290 Avantis U.S. Large Cap Growth Fund (Series ID: S000052767)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000165722 | Class A      | TNRAX           |
| C000165724 | Class I      | TNXIX           |
| C000165725 | Class R      | TNXRX           |

**Summary Prospectus**

**dated March 1, 2026**

![](g74108imgb5176c861.gif)

**1290 Avantis**<sup>®</sup> **U.S. Large Cap Growth Fund — Class A (TNRAX); Class I (TNXIX); Class R (TNXRX) 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, 2026, 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 to provide 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 Avantis**<sup>®</sup> **U.S. Large Cap Growth Fund** | &nbsp;&nbsp; **Class A**<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% |  |  |
| &nbsp;&nbsp;&nbsp; Maximum contingent deferred sales charge (load) (as a percentage of original purchase price or redemption proceeds, <br> 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 |

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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 Avantis**<sup>®</sup> **U.S. Large Cap Growth Fund** | **Class A**<br> **Shares**<br>| **Class I**<br> **Shares**<br>| **Class R**<br> **Shares**<br>|
| Management Fee | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% |
| Distribution and/or Service Fees (12b-1 fees) | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; 0.50% |
| Other Expenses | &nbsp;&nbsp; 0.29% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.30%<sup>1</sup> <br>|
| Total Annual Fund Operating Expenses | &nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 1.30% |
| Fee Waiver and/or Expense Reimbursement<sup>2</sup> <br>| &nbsp;&nbsp; (0.14)% | &nbsp;&nbsp; (0.15)% | &nbsp;&nbsp; (0.15)% |
| Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 1.15% |

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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 waive its and its affiliates' management, administrative and other fees and, if necessary, make payments to the Fund to limit the expenses of the Fund through April 30, 2027 (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, 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 0.65% for Class A 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, 2027. The Adviser may be reimbursed the amount of any such waivers or payments in the future provided that the waivers or payments are reimbursed within three years of the waivers or payments 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 and Class R shares, as shown in the

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table, 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** | **5 Years** | **10 Years** |
| Class A Shares | &nbsp;&nbsp;&nbsp; $637 | &nbsp;&nbsp;&nbsp; $850 | &nbsp;&nbsp;&nbsp; $1080 | &nbsp;&nbsp;&nbsp; $1739 |
| Class I Shares | &nbsp;&nbsp;&nbsp; $66 | &nbsp;&nbsp;&nbsp; $240 | &nbsp;&nbsp;&nbsp; $429 | &nbsp;&nbsp;&nbsp; $976 |
| Class R Shares | &nbsp;&nbsp;&nbsp; $117 | &nbsp;&nbsp;&nbsp; $397 | &nbsp;&nbsp;&nbsp; $699 | &nbsp;&nbsp;&nbsp; $1555 |

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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 most recent fiscal year, the Fund's portfolio turnover rate was 4% of the average value of its portfolio.

**Investments, Risks, and Performance**

**Principal Investment Strategy**

Under normal market conditions, the Fund will invest at least 80% of its net assets, plus borrowings for investment purposes, in securities of large capitalization U.S. companies (or other financial instruments that derive their value from the securities of such companies). For the Fund, large capitalization companies are those companies with market capitalizations at least as large as the smallest company in the Russell 1000<sup>®</sup> Index (a widely used benchmark of the largest domestic stocks) or companies included in the Russell 1000<sup>®</sup> Growth Index (a widely used benchmark of the largest domestic growth stocks). Though market capitalizations will change from time to time, as of December 31, 2025, the market capitalizations of the companies in the Russell 1000<sup>®</sup> Index ranged from approximately $1.3 billion to $4.6 trillion, and the market capitalizations of the companies in the Russell 1000<sup>®</sup> Growth Index ranged from approximately $1.6 billion to $4.6 trillion. To determine whether a company is a U.S. company, the Sub-Adviser will consider various factors, including where the company is headquartered, where the company's principal operations are located, where a majority of the company's revenues are derived, where the company's principal trading market is located, the country in which the company was legally organized, and whether the company is in the Russell 1000<sup>®</sup> Index.

The Fund invests primarily in common stocks issued by large capitalization U.S. companies. The Fund seeks to invest in securities of growth companies commonly identified by their relatively high book/price ratio or by their membership in the Russell 1000<sup>®</sup> Growth Index and that the Sub-Adviser expects to have higher returns. Although the Fund normally invests across a range of market sectors and industry groups, the Fund may from time to time invest a substantial portion of its assets in one or a limited number of sectors. The Fund seeks securities of companies that the Sub-Adviser expects to have higher returns by placing an enhanced emphasis on securities of companies with more attractive profitability and valuation characteristics. Conversely, the Fund seeks to deemphasize or exclude securities that the Sub-Adviser expects to have lower returns, such as securities of companies with less attractive profitability and valuation characteristics. To identify companies with more attractive profitability and valuation characteristics, the Sub-Adviser uses reported and/or estimated company financials and market data including, but not limited to, shares outstanding, book value and its components, cash flows from operations, and accruals. The Sub-Adviser defines "profitability" mainly as adjusted cash from operations to book value ratio (though other ratios may be considered). The Sub-Adviser defines "valuation characteristics" mainly as adjusted book/price ratio (though other price to fundamentals ratios may be considered). The Sub-Adviser may also consider other factors when selecting a security, including its industry classification, its past performance relative to other eligible securities, its liquidity, its float, and tax, governance or cost considerations, among other factors. To determine the weight of a security within the portfolio, the Sub-Adviser uses the market capitalization of the security relative to that of other eligible securities as a baseline and then overweights or underweights the security based on the Sub-Adviser's consideration of the characteristics

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described above. The Sub-Adviser may deemphasize or dispose of a security if it no longer has the desired market capitalization, profitability, or valuation characteristics. When determining whether to deemphasize or dispose of a security, the Sub-Adviser will also consider, among other things, relative past performance, costs, and taxes. The Sub-Adviser will review the criteria for inclusion in the portfolio on a regular basis to maintain a focus on the desired set of large capitalization U.S. companies.

The Fund is "non-diversified," as defined in the Investment Company Act of 1940, as amended, which means that it may invest a greater portion of its assets in the securities of one or more issuers and may invest overall in a smaller number of issuers than a diversified fund.

The Sub-Adviser continually analyzes market and financial data to make buy, sell, and hold decisions. When buying or selling a security, the Sub-Adviser may consider the trade-off between expected returns of the security and implementation or tax costs of the trade in an attempt to gain trading efficiencies, avoid unnecessary risk, and enhance Fund performance.

**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 can be more volatile than the market as a whole and can perform differently from the market as a whole. Any issuer of securities may perform poorly, causing the value of its securities to decline. Poor performance may be caused by a variety of factors, such as poor management decisions; reduced demand for the issuer's goods or services; competitive pressures; negative perception in the marketplace; loss of major customers; strategic initiatives such as mergers or acquisitions and the market response to any such initiatives; and the historical and prospective earnings of the issuer. The value of a security also may decline due to 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. Even when securities markets perform well, there can be no assurance that the investments held by the Fund will increase in value along with the broader market. Changes in the financial condition of (or other event affecting) a single issuer can impact an individual sector or industry, or the securities markets as a whole. To the extent that securities of issuers behave or are perceived to behave similarly to each other, events affecting one issuer, industry or sector may have a larger impact. The value of a security also may decline due to factors that affect a particular sector or industry, such as tariffs, labor shortages, or increased production costs and competitive conditions within the sector or industry.

Geopolitical events, including acts of terrorism, tensions, war or other open conflicts between nations, or political or economic dysfunction within nations that are global economic powers or major oil or other commodities producers, 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 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 (or failure to react) 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.

Changes in government or central bank policies, changes in existing laws and regulations, and political, diplomatic and other events within the United States and abroad could cause uncertainty in the markets, may affect investor and consumer confidence, and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. High public debt and deficits in the United States and other countries create ongoing systemic and market risks and policymaking uncertainty and may negatively affect economic conditions and the values of markets, sectors and companies in which the Fund invests.

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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. Furthermore, impacts from the rapid development and increasingly widespread use of artificial intelligence ("AI") technologies, including by market participants, may include significant risks to global financial markets. Significant downturns in the information technology sector, which includes companies that are investing heavily in AI research, development and infrastructure, could rapidly lead to widespread market weakness.

**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. Stock markets tend to run in cycles, with periods when stock prices generally go up and periods when stock prices generally go down. However, stock markets also can move up and down rapidly and unpredictably. The Fund may experience a significant or complete loss on its investment in an equity security.

**Non-Diversified Fund Risk —** The Fund may invest a relatively high percentage of its assets in a single issuer or a limited number of issuers. As a result, the Fund's performance will be more vulnerable to changes in market value of a single issuer or group of issuers and more susceptible to risks associated with a single adverse economic, political, regulatory or other occurrence affecting one or more of these issuers. The Fund may experience greater performance volatility than a fund that is more broadly invested.

**Large-Cap Company Risk —** Larger more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes, which may lead to a decline in their market price. Many larger companies also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.

**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, regulatory or other events.

Information Technology Sector Risk — Investment risks associated with investing in the information technology sector include, in addition to other risks, the intense competition to which information technology companies may be subject; the dramatic and often unpredictable changes in growth rates and competition for qualified personnel among information technology companies; effects on profitability from being heavily dependent on patent and intellectual property rights and the loss or impairment of those rights; rapid product obsolescence due to technological developments and frequent new product introduction; disruptions to supply chains and distribution networks; general economic conditions; and legislative or regulatory changes. Any of these factors could result in a material adverse impact on the Fund's holdings and the performance of the Fund. <br>Growth in the stock prices of a small group of "mega cap" companies in the information technology sector has caused their market capitalizations to grow, which, in turn, has resulted in these companies making up a significant portion of certain major, market-capitalization weighted stock market indexes, which generally give greater weight to companies with the largest market capitalizations.

**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 or other factors, 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

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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. In addition, the Fund could experience losses if an investment manager's judgments about the risks associated with the Fund's investment program prove to be incorrect.

**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 or its affiliates (including funds of funds), or other large shareholders, including financial intermediaries that may include the Fund in their investment models. Accordingly, the Fund is subject to the potential for large-scale, relative to its asset size, inflows and outflows as a result of purchases and redemptions of its shares by such shareholders. These inflows and outflows may accelerate the realization of taxable income to shareholders if such sales of investments result in gains. These inflows and outflows also could negatively affect the Fund's net asset value and performance.

**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, 2025, compared to the returns of a broad-based securities market index. The return of the broad-based securities market index (and any additional securities market 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. The additional securities market index shows how the Fund's performance compared with the returns of another index that has characteristics relevant to the Fund's investment strategies. Past performance (before and after taxes) is not an indication of future performance.

Performance information for the periods prior to November 29, 2023, is that of the Fund when it followed a different investment objective, principal investment strategy and policies, and was not managed by a Sub-Adviser. If the Fund had historically been managed using its current investment strategy and policies, the performance of the Fund would have been different.

Prior to November 29, 2023, the Fund was managed by the Adviser as a fund-of-funds under the name "1290 Retirement 2060 Fund" and pursued its investment objective through investments in underlying exchanged-traded funds, which incurred their own operating costs and expenses, including management fees payable to their investment advisers. The Fund's performance as a fund-of-funds reflected the impact of these operating costs and expenses.

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

Class R shares of the Fund have not commenced operations.

*Performance information for the periods prior to November 29, 2023, shown in the bar chart and table below is that of the Fund when it was managed by the Adviser as a fund-of-funds under the name "1290 Retirement 2060 Fund".* 

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

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![](g74108retire2060.jpg)

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| | | |
|:---|:---|:---|
| Best quarter (% and time period) | &nbsp;&nbsp;&nbsp;&nbsp; 15.21% | 2025 2nd Quarter |
| Worst quarter (% and time period) | &nbsp;&nbsp;&nbsp;&nbsp; -21.34% | 2020 1st Quarter |

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**Average Annual Total Returns**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &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 Avantis<sup>®</sup> U.S. Large Cap Growth Fund - Class I<br> Return Before Taxes <br>| &nbsp;&nbsp;&nbsp; 17.03% | &nbsp;&nbsp;&nbsp; 12.18% | &nbsp;&nbsp;&nbsp; 11.16% | &nbsp;&nbsp;&nbsp; 02/27/2017 |
| &nbsp;&nbsp; 1290 Avantis<sup>®</sup> U.S. Large Cap Growth Fund - Class I<br> Return After Taxes on Distributions <br>| &nbsp;&nbsp;&nbsp; 16.53% | &nbsp;&nbsp;&nbsp; 11.58% | &nbsp;&nbsp;&nbsp; 10.40% | &nbsp;&nbsp;&nbsp; 02/27/2017 |
| &nbsp;&nbsp; 1290 Avantis<sup>®</sup> U.S. Large Cap Growth Fund - Class I<br> Return After Taxes on Distributions and Sale of Fund Shares <br>| &nbsp;&nbsp;&nbsp; 10.38% | &nbsp;&nbsp;&nbsp; 9.49% | &nbsp;&nbsp;&nbsp; 8.79% | &nbsp;&nbsp;&nbsp; 02/27/2017 |
| &nbsp;&nbsp; 1290 Avantis<sup>®</sup> U.S. Large Cap Growth Fund - Class A<br> Return Before Taxes <br>| &nbsp;&nbsp;&nbsp; 10.31% | N/A | &nbsp;&nbsp;&nbsp; 21.57% | &nbsp;&nbsp;&nbsp; 11/30/2023 |
| Russell 1000<sup>®</sup> Index (reflects no deduction for fees, expenses, or taxes) | &nbsp;&nbsp;&nbsp; 17.37% | &nbsp;&nbsp;&nbsp; 13.59% | &nbsp;&nbsp;&nbsp; 14.37% |  |
| Russell 1000<sup>®</sup> Growth Index (reflects no deduction for fees, expenses, or taxes) | &nbsp;&nbsp;&nbsp; 18.56% | &nbsp;&nbsp;&nbsp; 15.32% | &nbsp;&nbsp;&nbsp; 18.76% |  |

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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). After-tax returns are shown only for Class I shares. After-tax returns for other Classes may vary.

**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>| March 2017 |
| 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>| March 2017 |

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**Sub-Adviser: American Century Investment Management, Inc. ("American Century")**

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

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| | | |
|:---|:---|:---|
| **Name** | **Title** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Date Began**<br> **Managing**<br> **the Fund**<br>|
| Eduardo Repetto | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Investment Officer of Avantis Investors, a <br> portfolio management unit of American <br> Century<br>| November 2023 |
| Mitchell Firestein | &nbsp;&nbsp; Senior Portfolio Manager of Avantis Investors | November 2023 |
| Daniel Ong | &nbsp;&nbsp; Senior Portfolio Manager of Avantis Investors | November 2023 |
| Ted Randall | &nbsp;&nbsp; Senior Portfolio Manager of Avantis Investors | November 2023 |
| Matthew Dubin | &nbsp;&nbsp; Portfolio Manager of Avantis Investors | November 2023 |

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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 for the Fund and enter into and amend sub-advisory agreements on behalf of the Fund subject to the approval of the Board of Trustees and without obtaining shareholder approval. The Adviser may not enter into a

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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., 801 Pennsylvania Avenue, Kansas City, MO 64105-1407), or by mail (1290 Funds, c/o SS&C GIDS, Inc., 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 I** | **Class R** |
| Minimum Initial Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1,000 for all accounts <br> except:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $500 for certain fee-based <br> programs.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $500, if establishing an <br> Automatic Bank Draft Plan.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No minimum for certain <br> employer-sponsored <br> retirement plans and <br> certain wrap fee based <br> programs.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $1,000,000 for certain <br> institutions and individuals.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $1,000 for certain <br> employees (or their <br> immediate family <br> members) of Equitable <br> Holdings, Inc. or its <br> subsidiaries.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Class I shares are available <br> to clients of registered <br> investment advisers who <br> have $250,000 invested in <br> the Fund.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 | 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.

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**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.

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