When do I plan to retire?

1290 Retirement Funds Retirement planning may be as easy as asking yourself, When do I plan to retire? Select the 1290 Retirement Fund that lines up with your retirement date, and we ll take it from there. Retirement planning may be easier than you think, especially if you select one of the nine 1290 Retirement Funds, managed by 1290 Asset Managers. Each fund comes with a specific retirement target date and is guided by a strategic risk-management discipline which automatically shifts their allocation to anticipate the investor s risk tolerance at different stages of life. This shift is often called a glide path and means that, with investments that adjust over time, you ll have an age-appropriate balance between capital growth (equity investments, such as stocks) and capital preservation (fixed-income investments, such as bonds) as you approach and enter retirement. You make one decision. It s that easy. With a 1290 Retirement Fund, you simply choose the fund that best corresponds to your expected retirement date. If you re planning to retire in 2030 at age 65, choose 1290 Retirement Fund 2030. After that, the risk-management discipline takes over. That can simplify your investing all the way to retirement and beyond. 1-888-310-0416 www.1290funds.com

Selecting the right fund for Jane Let s say Jane is 34 years old today (born in 1984) and is planning to retire at age 65 (around year 2050). With 31 years until retirement, she would choose 1290 Retirement Fund 2050. Because she s so far from retirement, her asset allocation is close to 90% equities/10% fixed-income. If you were born in: Then invest in Retirement Fund for this target date* 1953-57 2020 1958-62 2025 1963-67 2030 1968-72 2035 1973-77 2040 1978-82 2045 1983-87 2050 1988-92 2055 1993 or later 2060 *Assumes expected retirement at age 65. How the glide path works As Jane gets older (and closer to retirement), her fund will slide down the glide-path, allocating fewer assets to equities and more to fixed-income as her allocation becomes more conservative. At age 55, for example, she s 10 years from retirement and has an allocation close to 70% equities/30% fixedincome. At retirement (age 65), her allocation is 50% equities/50% fixed-income. As she begins taking retirement income, her fund continues down the glide-path until it finally levels out 10 years after retirement at 20% stocks/80% bonds, with a relatively stable mix and a focus on supporting an income stream for the long-term. 1290 Retirement Funds: How asset classes shift over time 100% 90% 80% 70% 60% 50% 40% International Fixed Income Keep in mind 30% 20% 10% Domestic The allocation glide path assumes that the expected retirement year occurs at age 65; however, don t select a fund solely on the basis of your age or the target year. These funds are not designed for a lump sum redemption at the target year and do not guarantee a particular level of income. 0% 45 40 35 30 25 20 Years to Retirement 15 10 5 Retirement 5 Domestic International Fixed Income Note: Target allocations are as of March 1, 2018, subject to change. 10 15 Years after Retirement 20 3

1290 Retirement Funds: Target Allocations U.S. International Fixed Income 2020 Fund 2025 Fund 2030 Fund 17% 20% 23% 39% 44% 45% 35% 50% 27% 2035 Fund 2040 Fund 2045 Fund 54% 24% 22% 58% 25% 17% 61% 27% 12% 2050 Fund 2055 Fund 2060 Fund 28% 7% 29% 2% 30% 65% 69% 70% As of 3/1/2018. Current Holdings U.S. International Fixed Income Holding 2020 2025 2030 2035 2040 2045 2050 2055 2060 ishares Core S&P Total US Stock Market ETF 19.05% 22.19% 24.73% 26.63% 28.36% 30.42% 32.08% 33.76% 34.62% ishares Edge MSCI Min Vol USA ETF 6.35% 7.35% 8.19% 8.92% 9.58% 10.27% 10.81% 11.39% 11.58% PowerShares S&P 500 Low Volatility Portfolio 6.37% 7.36% 8.20% 8.89% 9.54% 10.22% 10.96% 11.54% 11.81% PowerShares S&P MidCap Low Volatility Portfolio 3.44% 4.26% 4.58% 4.79% 5.26% 5.55% 5.85% 6.17% 6.13% PowerShares S&P SmallCap Low Volatility Portfolio 1.43% 1.89% 2.01% 2.13% 2.23% 2.48% 2.60% 2.77% 2.73% SPDR SSGA US Small Cap Low Volatility ETF 1.52% 1.74% 1.86% 1.95% 2.35% 2.55% 2.56% 2.75% 2.74% ishares Core MSCI EAFE ETF 6.92% 8.26% 9.48% 9.97% 10.37% 10.82% 11.40% 11.91% 12.17% ishares Edge MSCI Min Vol EAFE ETF 3.66% 4.37% 4.86% 5.16% 5.35% 5.55% 5.79% 6.20% 6.33% PowerShares S&P International Developed Low Volatility Portfolio 3.46% 4.28% 4.66% 4.94% 5.16% 5.33% 5.73% 6.02% 6.07% ishares Core MSCI Emerging Markets ETF 1.81% 2.12% 2.25% 2.37% 2.51% 2.58% 2.54% 2.79% 2.89% PowerShares S&P Emerging Markets Low Volatility Portfolio 0.95% 1.07% 1.15% 1.21% 1.27% 1.33% 1.40% 1.47% 1.48% ishares Edge MSCI Min Vol Emerging Markets ETF 0.90% 1.08% 1.17% 1.23% 1.29% 1.35% 1.41% 1.38% 1.45% ishares Core U.S. Aggregate Bond ETF 28.67% 26.85% 23.18% 18.82% 14.43% 9.89% 5.92% 1.56% ishares TIPS ETF 6.60% 4.95% 3.68% 2.99% 2.30% 1.66% 0.95% 0.29% SPDR Bloomberg Barclays High Yield Bond ETF 2.65% 0.54% Vanguard Short-Term Bond ETF 3.44% 0.95% Vanguard Total International Bond ETF 2.78% 0.74% As of 3/31/2018. Holdings subject to change. 4

Quarterly Performance 1 Month 3 Month YTD 1 Year SI 1 1290 Retirement 2020 Class I (NAV) 0.19% -0.84% -0.84% 7.46% 7.03% S&P Target Date 2020 Index 2-0.55% -0.92% -0.92% 7.80% 7.41% 1290 Retirement 2025 Class I (NAV) 0.09% -0.93% -0.93% 8.53% 8.11% S&P Target Date 2025 Index 2-0.74% -0.93% -0.93% 9.03% 8.59% 1290 Retirement 2030 Class I (NAV) 0.00% -0.83% -0.83% 9.34% 8.86% S&P Target Date 2030 Index 2-0.91% -0.95% -0.95% 10.19% 9.69% 1290 Retirement 2035 Class I (NAV) 0.00% -0.82% -0.82% 9.83% 9.40% S&P Target Date 2035 Index 2-1.09% -0.94% -0.94% 11.31% 10.77% 1290 Retirement 2040 Class I (NAV) -0.09% -0.82% -0.82% 10.44% 9.96% S&P Target Date 2040 Index 2-1.19% -0.94% -0.94% 12.07% 11.49% 1290 Retirement 2045 Class I (NAV) -0.18% -0.81% -0.81% 11.04% 10.51% S&P Target Date 2045 Index 2-1.25% -0.94% -0.94% 12.50% 11.91% 1290 Retirement 2050 Class I (NAV) -0.27% -0.72% -0.72% 11.54% 11.07% S&P Target Date 2050 Index 2-1.28% -0.94% -0.94% 12.83% 12.26% 1290 Retirement 2055 Class I (NAV) -0.18% -0.63% -0.63% 12.24% 11.71% S&P Target Date 2055 Index 2-1.30% -0.91% -0.91% 13.00% 12.43% 1290 Retirement 2060 Class I (NAV) -0.27% -0.72% -0.72% 12.34% 11.81% S&P Target Date 2060 Index 2-1.37% -0.90% -0.90% 13.15% 12.58% As of 3/31/2018. Expense Ratios Fund Gross Expense Ratio Net Expense Ratio 3 1290 Retirement 2020 - Class I Shares 5.24% 0.65% 1290 Retirement 2025 - Class I Shares 5.22% 0.65% 1290 Retirement 2030 - Class I Shares 5.19% 0.65% 1290 Retirement 2035 - Class I Shares 5.21% 0.65% 1290 Retirement 2040 - Class I Shares 5.21% 0.65% 1290 Retirement 2045 - Class I Shares 5.24% 0.65% 1290 Retirement 2050 - Class I Shares 5.21% 0.65% 1290 Retirement 2055 - Class I Shares 5.20% 0.65% 1290 Retirement 2060 - Class I Shares 5.19% 0.65% As of 3/1/2018. 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. Fund Facts 2020 Fund 2025 Fund 2030 Fund Ticker: TNIIX TNJIX TNKIX CUSIP: 68259P 307 68259P 703 68259P 869 ISIN: US68259P3073 US68259P7033 US68259P8692 2035 Fund 2040 Fund 2045 Fund Ticker: TNLIX TNNIX TNOIX CUSIP: 68259P 828 68259P 778 68259P 737 ISIN: US68259P8288 US68259P7785 US68259P7371 2050 Fund 2055 Fund 2060 Fund Ticker: TNWIX TNQIX TNXIX CUSIP: 68259P 687 68259P 646 68259P 596 ISIN: US68259P6878 US68259P6464 US68259P5961 Investment Minimum* $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 * Read the Prospectus for more information. Objective of the 1290 Retirement Funds The funds seek the highest total return over time consistent with the current asset mix while managing portfolio volatility. Total return includes capital growth and income. 5

Here s how a 1290 Retirement Fund can simplify your retirement planning: Choosing a fund is easy. Funds include a target retirement date, from 2020 to 2060, in fiveyear intervals. Just choose the one closest to the date you expect to start retirement. Instant diversification. To keep your holdings well diversified, each fund includes a mix of asset classes and securities. While diversification doesn t assure a profit or protect against loss, it can help to smooth ups and downs in portfolio performance. Automatic rebalancing. At any given time, a fund will have a specific model asset allocation (ex: 40% stocks, 60% bonds). Changes in the market can cause these allocations and specific holdings to become overweighted or underweighted (stocks may go from 40% to 45%, bonds may go from 60% to 55%). The portfolio manager aims to keep each funds holdings aligned with the model allocations, so if shifts occur, the manager will bring the allocation back into alignment. This helps keep your strategy on track through changing markets. You re investing in ETFs. The 1290 Retirement Funds invest in exchange-traded funds (ETFs). ETFs are baskets of securities that trade like stocks and track market indices. Many investors like ETFs because they are transparent, so you can see the underlying investments and prices, and they are easily traded, with attractive pricing compared to actively managed stock portfolios. Some of the ETFs are designed to help manage volatility. The 1290 Retirement Funds may invest in low volatility ETFs. These ETFs include equity securities whose prices tend to be more consistent, with fewer swings up and down than you might see in the broad market. This lets you capture a portion of the return in both rising and falling stock markets, and can give you the potential for growth, with lower volatility, so you can feel confident staying invested. 2

Portfolio Managers Kenneth T. Kozlowski, CFP, CLU, ChFC Chief Investment Officer Kenneth Kozlowski, Chief Investment Officer of 1290 Asset Managers, leads a dedicated team responsible for asset allocation and rebalancing functions used in connection with the 1290 Funds. In 2010, Mr. Kozlowski became the head of the Investment Management Services ("IMS") unit within 1290 Asset Managers. IMS includes the Portfolio Analytics Group, which is responsible for sub-adviser selection, screening and monitoring. Mr. Kozlowski, who joined the company in 1999, has more than 25 years' experience in the mutual fund business. He is a Certified Financial Planner (CFP), Chartered Life Underwriter (CLU), and a Chartered Financial Consultant (ChFC). He holds memberships in the Financial Planning Association and the Society of Financial Service Professionals. Mr. Kozlowski graduated from Swarthmore College in Swarthmore, PA with a B.A. in Economics. Alwi Chan, CFA Deputy Chief Investment Officer Alwi Chan is the Deputy Chief Investment Officer of 1290 Asset Managers. Mr. Chan is head of 1290 Asset Manager's Portfolio Analytics team. Mr. Chan joined AXA Financial in June 1999, having previously worked at D.E. Shaw & Co. and Arthur Anderson. He holds a Bachelor of Economics from Trisakti University in Jakarta, Indonesia and an MBA from Tulane University. Mr. Chan is a CFA charterholder. Xavier Poutas, CFA Assistant Portfolio Manager Xavier Poutas is an Assistant Portfolio Manager of 1290 Asset Managers. Mr. Poutas joined the company in October 2004 as a Fund Administrator and transferred to the Asset Allocation team within the Investment Management Services group in June 2007. Mr. Poutas assists in portfolio analysis, rebalancing and portfolio performance evaluation with respect to the Allocation Portfolio's ETF Investments. Mr. Poutas received his MS in Accounting and Finance from the University of Nantes (France) in 2000 and his B.B.A. in Accounting and Finance in 1999 from Ecole Superieure des Sciences Commerciales d'angers (France). Mr. Poutas is a CFA charterholder. Miao Hu, CFA, CAIA Assistant Portfolio Manager Miao Hu is an Assistant Portfolio Manager of 1290 Asset Managers. She has served as a portfolio manager of 1290 Asset Managers since April 2016. Ms. Hu has also served as a member of the portfolio analytics team since November 2013. Before joining the company, Ms. Hu was a Financial Services Sector Specialist at FactSet Research Systems from January 2012 to November 2013 and a Senior Research Analyst at Strategic Insight from February 2008 to December 2011. Ms. Hu received her M.S in Communications from University of Ulster, Northern Ireland, UK in 2003. Ms. Hu is a CFA charterholder and CAIA member. CFA is a registered trademark of the CFA Institute. CAIA is a registered trademark of the Chartered Alternative Investment Analyst Association. Risks: One cannot invest directly in an index. Returns for periods of less than one year are not annualized. 1 Funds inception date of February 27, 2017. 2 The S&P Target Date Index Series comprises eleven multi asset class indices, each corresponding to a particular target retirement date. The asset allocation for each index in the series is determined once a year through survey of large fund management companies that offer target date products. Each index is fully investable, with varying levels of exposure to equities, fixed income and commodities. 3 Pursuant 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, 2019 (unless the Board of Trustees consents to an earlier revision or termination of this arrangement) ( Expense Limitation Arrangement ) so that the annual operating expenses (including Acquired Fund Fees and Expenses) of the Fund (exclusive of taxes, interest, brokerage commissions, capitalized expenses (other than offering costs), 12b 1 fees, and extraordinary expenses) do not exceed an annual rate of average daily net assets of 0.65% for Class I shares of the Fund. The Expense Limitation Arrangement may be terminated by 1290 Asset Managers at any time after April 30, 2019. An investment in the Funds will not ensure that an investor will have assets sufficient to cover retirement expenses or that an investor will have enough saved to be able to retire in, or within a few years of, the target year identified in the Funds' names. Investments in foreign securities, including depositary receipts, involve risks not associated with investing in U.S. securities. Foreign markets, particularly emerging markets, may be less liquid, more volatile and subject to less government supervision than domestic markets. 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 also may impact security value and it may take more time to clear and settle trades. securities involve the risk that the value of the securities may fluctuate, 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. Fixed income investments are subject to interest rate risk so that when interest rates rise, the prices of fixed income securities can decrease and the investor can lose principal value. To the extent the Funds invest in Underlying ETFs, the Funds will be subject to the risks associated with the securities and other investments in which the Underlying ETF invests and the ability of a Fund to meet its investment objective will directly depend on the ability of the Underlying ETFs to meet their investment objectives. In addition, the use of volatility management techniques by the Underlying ETF may limit a Fund's participation in market gains, particularly during periods when market values are increasing, but market volatility is high. Diversification does not eliminate the risk of experiencing investment losses. An investor should consider the investment objectives, risks, charges and expenses of a Fund carefully before investing. To obtain a prospectus containing this and other information, please call 1-888-310-0416 or download the file from www.1290funds. com. Read the prospectus carefully before you invest. 1290 Funds is part of the family of mutual funds advised by AXA Equitable Funds Management Group, LLC (FMG, LLC), doing business in this instance as 1290 Asset Managers. FMG, LLC is a wholly owned subsidiary of AXA Equitable Life Insurance Company (AXA Equitable), NY, NY. AXA Distributors, LLC is the wholesale distributor of the 1290 Funds. AXA Advisors, LLC (member FINRA, SIPC) offers the 1290 Funds to retail investors. AXA is the brand name of AXA Equitable Financial Services, LLC and its family of companies, including AXA Equitable, AXA Advisors, LLC, and AXA Distributors, LLC. AXA S.A. is a French holding company for a group of international insurance and financial services companies, including AXA Equitable Financial Services, LLC. 1290 Funds is a registered service mark of AXA Equitable Life Insurance Company, New York 10104. The Funds are distributed by ALPS Distributors, Inc., which is not affiliated with FMG, LLC, AXA Equitable, AXA Distributors, AXA Advisors or the subadvisers. ALPS, a DST Company, 1290 Broadway, Suite 1100, Denver CO 80203. 2018 AXA Equitable Life Insurance Company. All rights reserved. 1290 Avenue of the Americas, New York, NY 10104 AXA000583 (07/31/18) 1-888-310-0416 www.1290funds.com