1290 Funds® | 1290 High Yield Bond Fund

Overview
Holdings
Performance
Distributions

Investment Philosophy / Process

The sub adviser believes the key to long-term returns in the U.S. corporate bond market may be to compound current income and avoid principal loss through fundamental credit analysis that seeks to identify bonds of companies with improving credit trends

Fund Details

	Class A	Class I	Class R
Ticker	TNHAX	TNHIX	TNHRX
CUSIP	68246A 504	68246A 702	68246A 801
ISIN	US68246A5048	US68246A7028	US68246A8018
Investment Minimum*	$1,000 for all accounts except: • $500 for certain fee- based programs • $500, if establishing an Automatic Bank Draft Plan • No minimums for certain employer-sponsored retirement plans	$1,000,000 for certain institutions and individuals • $1,000 for certain employees (or their immediate family members) of AXA Financial or its subsidiaries • Class I Shares are available to clients of registered investment advisers who have $250,000 invested in the Fund	No minimum

*Read the Prospectus for more information.

Fund Objective

Seeks to maximize current income.

How the Fund invests

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.

A high-yield strategy combining bottom-up security selection with a macro perspective

Portfolio Manager

Carl "Pepper" Whitbeck, CFA^®

Head of U.S. High Yield

Pepper Whitbeck joined AXA Investment Managers, Inc. in 2002 as a U.S. high yield credit analyst. Prior to joining AXA IM, Pepper was an analyst in the investment banking division of Lehman Brothers, where he performed financial analysis on companies in the consumer and retail sectors, and worked on a variety of mergers and acquisitions and high yield transactions.

Since 2002, he has served in various capacities within the U.S. High Yield team, including head of research, portfolio manager for U.S. High Yield portfolios and co- portfolio manager for multiple Global High Yield funds. In addition, Pepper has been the lead sector head for several industries including Automotive, Services and Special Situations.

Pepper received his undergraduate degree from Williams College and is a holder of the Chartered Financial Analysts (CFA^®) designation.

CFA is a registered trademark of the CFA Institute.

Investing in lower-rated debt securities (commonly referred to as junk bonds) involves additional risks because of the lower credit quality of the securities in the fund. The investor should be aware of the possible higher level of volatility, and increased risk of default. When investing in bonds, you are subject, but not limited to, the same interest rate, inflation and credit risks associated with the underlying bonds owned by the Fund.

Top 15 Holdings as of 06/30/2017 subject to change

Security	Weight %
JPMorgan Prime Money Market Fund, IM Shares	1.95%
Patheon Holdings I BV, 7.50%, 2/1/22	1.03%
Kenan Advantage Group, Inc. (The), 7.88%, 7/31/23	1.00%
Capsugel SA, 7.00%, 5/15/19	0.97%
Diamond 1 Finance Corp., 5.88%, 6/15/21	0.96%
NXP BV, 4.63%, 6/1/23	0.95%
Sophia LP, 9.00%, 9/30/23	0.93%
Stearns Holdings LLC, 9.38%, 8/15/20	0.91%
Sprint Corp., 7.88%, 9/15/23	0.90%
Jaguar Holding Co. II, 6.38%, 8/1/23	0.90%
Rayonier AM Products, Inc., 5.50%, 6/1/24	0.87%
Sprint Capital Corp., 8.75%, 3/15/32	0.87%
Boxer Parent Co., Inc., 9.00%, 10/15/19	0.85%
Alliance Data Systems Corp., 5.38%, 8/1/22	0.81%
Digicel Ltd., 6.00%, 4/15/21	0.79%

Monthly Performance as of 08/31/2017

Total Returns
Fund	1 month	3 month	YTD	1 yr	SI¹
Class A (NAV)	-0.22%	0.96%	5.74%	9.34%	4.07%
Class A with sales charges (MOP)²	-4.69%	-3.58%	1.01%	4.46%	2.37%
Class I (NAV)	-0.20%	0.91%	5.92%	9.60%	4.32%
Class R (NAV)	-0.14%	0.90%	5.68%	9.09%	3.82%
BofA Merrill Lynch US High Yield Index³	-0.03%	1.23%	6.09%	8.79%	5.57%

Quarterly Performance as of 06/30/2017

Total Returns
Fund	1 month	3 month	YTD	1 yr	SI¹
Class A (NAV)	0.21%	2.17%	4.95%	12.49%	4.04%
Class A with sales charges (MOP)²	-4.30%	-2.47%	0.25%	7.47%	2.24%
Class I (NAV)	0.12%	2.12%	5.08%	12.76%	4.30%
Class R (NAV)	0.08%	2.00%	4.83%	12.11%	3.75%
BofA Merrill Lynch US High Yield Index³	0.11%	2.14%	4.91%	12.75%	5.49%

Expense Ratios as of 03/01/2017

Fund	Gross Expense Ratio	Net Expense Ratio⁴
Class A Shares	1.81%	1.05%
Class I Shares	1.53%	0.80%
Class R Shares	2.06%	1.30%

Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data please call (888) 310-0416.

One cannot invest directly in an index.

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

¹Fund inception date of November 12, 2014.

²Maximum Offering Price (MOP) for Class A shares includes the Fund's maximum sales charge of 4.50%. Performance shown at NAV does not include these sales charges and would have been lower had it been taken into account.

³BofA Merrill Lynch U.S. High Yield Index (aka BofA Merrill Lynch High Yield Master II Index) tracks the performance of US dollar denominated below investment grade corporate debt publicly issued in the U.S.domestic market. Qualifying securities must have a below investment grade rating (based on an average of Moody's, S&P and Fitch). In addition, qualifying securities must have at least one year remaining term to final maturity, a fixed coupon schedule and a minimum amount outstanding of $100 million.

⁴Pursuant to a contract, 1290 Asset Managers has agreed to make payments or waive its management, administrative and other fees to limit the expenses of the Fund through April 30, 2018 (unless the Board of Trustees consents to an earlier revision or termination of this arrangement) ("Expense Limitation Arrangement") so that the annual operating expenses of the Fund (exclusive of taxes, interest, brokerage commissions, capitalized expenses (other than offering costs), fees and expenses of other investment companies in which the Fund invests, 12b-1 fees, and extraordinary expenses) do not exceed an annual rate of average daily net assets of 0.80% for Class A shares, Class I shares and Class R Shares of the Fund. The Expense Limitation Arrangement may be terminated by 1290 Asset Managers at any time after April 30, 2018.

Distributions

Class A

Record Date	Ex-Date	Payable Date	Ordinary Income
08/30/2017	08/31/2017	08/31/2017	$0.0391
07/28/2017	07/31/2017	07/31/2017	$0.0412
06/29/2017	06/30/2017	06/30/2017	$0.0392
05/30/2017	05/31/2017	05/31/2017	$0.0419
04/27/2017	04/28/2017	04/28/2017	$0.0394
03/30/2017	03/31/2017	03/31/2017	$0.0462
02/27/2017	02/28/2017	02/28/2017	$0.0362
01/30/2017	01/31/2017	01/31/2017	$0.0861
11/29/2016	11/30/2016	11/30/2016	$0.0439
10/28/2016	10/31/2016	10/31/2016	$0.0459
09/29/2016	09/30/2016	09/30/2016	$0.0431
08/30/2016	08/31/2016	08/31/2016	$0.0448
07/28/2016	07/29/2016	07/29/2016	$0.0452
06/29/2016	06/30/2016	06/30/2016	$0.0469
05/27/2016	05/31/2016	05/31/2016	$0.0501
04/28/2016	04/29/2016	04/29/2016	$0.0468
03/30/2016	03/31/2016	03/31/2016	$0.0524
02/26/2016	02/29/2016	02/29/2016	$0.0467
01/28/2016	01/29/2016	01/29/2016	$0.0992
12/30/2015	12/31/2015	12/31/2015	$0.0835
11/27/2015	11/30/2015	11/30/2015	$0.0506
10/29/2015	10/30/2015	10/30/2015	$0.0526
09/29/2015	09/30/2015	09/30/2015	$0.0500
08/28/2015	08/31/2015	08/31/2015	$0.0518
07/30/2015	07/31/2015	07/31/2015	$0.0537
06/29/2015	06/30/2015	06/30/2015	$0.0498
05/28/2015	05/29/2015	05/29/2015	$0.0542
04/29/2015	04/30/2015	04/29/2015	$0.0504
03/30/2015	03/31/2015	03/31/2015	$0.0579
02/26/2015	02/27/2015	02/27/2015	$0.0468
01/29/2015	01/30/2015	01/30/2015	$0.0431
12/30/2014	12/31/2014	12/31/2014	$0.0686
11/26/2014	11/28/2014	11/28/2014	$0.0177

Class I

Record Date	Ex-Date	Payable Date	Ordinary Income
08/30/2017	08/31/2017	08/31/2017	$0.0411
07/28/2017	07/31/2017	07/31/2017	$0.0432
06/29/2017	06/30/2017	06/30/2017	$0.0411
05/30/2017	05/31/2017	05/31/2017	$0.0439
04/27/2017	04/28/2017	04/28/2017	$0.0413
03/30/2017	03/31/2017	03/31/2017	$0.0481
02/27/2017	02/28/2017	02/28/2017	$0.0379
01/30/2017	01/31/2017	01/31/2017	$0.0881
12/15/2016	12/16/2016	12/16/2016	$0.0011
11/29/2016	11/30/2016	11/30/2016	$0.0458
10/28/2016	10/31/2016	10/31/2016	$0.0478
09/29/2016	09/30/2016	09/30/2016	$0.0449
08/30/2016	08/31/2016	08/31/2016	$0.0467
07/28/2016	07/29/2016	07/29/2016	$0.0471
06/29/2016	06/30/2016	06/30/2016	$0.0487
05/27/2016	05/31/2016	05/31/2016	$0.0520
04/28/2016	04/29/2016	04/29/2016	$0.0486
03/30/2016	03/31/2016	03/31/2016	$0.0542
02/26/2016	02/29/2016	02/29/2016	$0.0484
01/28/2016	01/29/2016	01/29/2016	$0.1010
12/30/2015	12/31/2015	12/31/2015	$0.0854
11/27/2015	11/30/2015	11/30/2015	$0.0525
10/29/2015	10/30/2015	10/30/2015	$0.0546
09/29/2015	09/30/2015	09/30/2015	$0.0519
08/28/2015	08/31/2015	08/31/2015	$0.0538
07/30/2015	07/31/2015	07/31/2015	$0.0557
06/29/2015	06/30/2015	06/30/2015	$0.0518
05/28/2015	05/29/2015	05/29/2015	$0.0563
04/29/2015	04/30/2015	04/30/2015	$0.0525
03/30/2015	03/31/2015	03/31/2015	$0.0600
02/26/2015	02/27/2015	02/27/2015	$0.0487
01/29/2015	01/30/2015	01/30/2015	$0.0451
12/30/2014	12/31/2014	12/31/2014	$0.0707
11/26/2014	11/28/2014	11/28/2014	$0.0189

Class R

Record Date	Ex-Date	Payable Date	Ordinary Income
08/30/2017	08/31/2017	08/31/2017	$0.0371
07/28/2017	07/31/2017	07/31/2017	$0.0392
06/29/2017	06/30/2017	06/30/2017	$0.0373
05/30/2017	05/31/2017	05/31/2017	$0.0399
04/27/2017	04/28/2017	04/28/2017	$0.0375
03/30/2017	03/31/2017	03/31/2017	$0.0442
02/27/2017	02/28/2017	02/28/2017	$0.0344
01/30/2017	01/31/2017	01/31/2017	$0.0841
11/29/2016	11/30/2016	11/30/2016	$0.0420
10/28/2016	10/31/2016	10/31/2016	$0.0440
09/29/2016	09/30/2016	09/30/2016	$0.0412
08/30/2016	08/31/2016	08/31/2016	$0.0429
07/28/2016	07/29/2016	07/29/2016	$0.0433
06/29/2016	06/30/2016	06/30/2016	$0.0451
05/27/2016	05/31/2016	05/31/2016	$0.0483
04/28/2016	04/29/2016	04/29/2016	$0.0450
03/30/2016	03/31/2016	03/31/2016	$0.0506
02/26/2016	02/29/2016	02/29/2016	$0.0451
01/28/2016	01/29/2016	01/29/2016	$0.0975
12/30/2015	12/31/2015	12/31/2015	$0.0817
11/27/2015	11/30/2015	11/30/2015	$0.0488
10/29/2015	10/30/2015	10/30/2015	$0.0506
09/29/2015	09/30/2015	09/30/2015	$0.0481
08/28/2015	08/31/2015	08/31/2015	$0.0499
07/30/2015	07/31/2015	07/31/2015	$0.0516
06/29/2015	06/30/2015	06/30/2015	$0.0478
05/28/2015	05/29/2015	05/29/2015	$0.0521
04/29/2015	04/30/2015	04/30/2015	$0.0484
03/30/2015	03/31/2015	03/31/2015	$0.0558
02/26/2015	02/27/2015	02/27/2015	$0.0450
01/29/2015	01/30/2015	01/30/2015	$0.0410
12/30/2014	12/31/2014	12/31/2014	$0.0666
11/26/2014	11/28/2014	11/28/2014	$0.0165

1290 High Yield Bond Fund

1290 Asset Managers^® | AXA Investment Managers, Inc.

Investment Philosophy / Process

RELATED

Fund Details

Fund Objective

How the Fund invests

A high-yield strategy combining bottom-up security selection with a macro perspective

Portfolio Manager

Carl "Pepper" Whitbeck, CFA^®

Top 15 Holdings as of 06/30/2017 subject to change

Monthly Performance as of 08/31/2017

Quarterly Performance as of 06/30/2017

Expense Ratios as of 03/01/2017

Distributions

Class A

Class I

Class R

1290 High Yield Bond Fund

1290 Asset Managers® | AXA Investment Managers, Inc.

Investment Philosophy / Process

RELATED

Fund Details

Fund Objective

How the Fund invests

A high-yield strategy combining bottom-up security selection with a macro perspective

Portfolio Manager

Carl "Pepper" Whitbeck, CFA®

Top 15 Holdings as of 06/30/2017 subject to change

Monthly Performance as of 08/31/2017

Quarterly Performance as of 06/30/2017

Expense Ratios as of 03/01/2017

Distributions

Class A

Class I

Class R

1290 Asset Managers^® | AXA Investment Managers, Inc.

Carl "Pepper" Whitbeck, CFA^®