Retirement planning may be as easy as asking yourself ...

June 2019

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

June 2019

Simplify your retirement planning

Selecting the right fund ? for Jane

Let's say Jane is 35 years old today (born in 1984) and is planning to retire at age 65 (around year 2050). With 30 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: 1953-57 1958-62 1963-67 1968-72 1973-77 1978-82 1983-87 1988-92 1993 or later

Then invest in Retirement Fund for this target date* 2020 2025 2030 2035 2040 2045 2050 2055 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.

Keep in mind

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.

1290 Retirement Funds: How asset classes shift over time

100%

Fixed Income

90%

80%

International

70%

Equity

60%

50%

40%

30%

Domestic

20%

Equity

10%

0%

Years to Retirement Domestic Equity International Equity Fixed Income

Note: Target allocations are as of June 30, 2019, subject to change.

Years after Retirement

45 40 35 30 25 20 15 10

5 Retirement

5 10 15 20

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June 2019

Simplify your retirement planning

1290 Retirement Funds: Target Allocations

2020 Fund

16%

37%

47%

2025 Fund

20% 37%

43%

U.S. Equity

International Equity

Fixed Income

2030 Fund

22% 29%

49%

2035 Fund

24% 23%

53%

2040 Fund

25% 18%

57%

2045 Fund

26% 14%

60%

2050 Fund

27% 9%

64%

2055 Fund

29%

3%

68%

2060 Fund

30% 70%

As of 6/30/2019.

Current Holdings

Holding iShares Core S&P Total US Stock Market ETF iShares Edge MSCI Min Vol USA ETF Invesco S&P 500 Low Volatility ETF Invesco S&P MidCap Low Volatility ETF Invesco S&P SmallCap Low Volatility ETF SPDR SSGA US Small Cap Low Volatility Index ETF iShares Core MSCI EAFE ETF iShares Edge MSCI Min Vol EAFE ETF Invesco S&P International Developed Low

Volatility ETF iShares Core MSCI Emerging Markets ETF Invesco S&P Emerging Markets Low Volatility ETF iShares Edge MSCI Min Vol Emerging Markets ETF iShares Core U.S. Aggregate Bond ETF iShares TIPS Bond ETF SPDR Bloomberg Barclays High Yield Bond ETF Vanguard Short-Term Bond ETF Vanguard Total International Bond ETF

2020 18.44%

6.29% 6.29% 3.21% 1.51% 1.49% 6.46% 3.35%

2025 22.04%

7.04% 7.02% 3.95% 1.85% 1.85% 7.94% 3.95%

2030 25.23%

7.95% 7.90% 4.42% 2.02% 1.92% 9.11% 4.52%

2035 26.78%

8.73% 8.56% 4.91% 2.25% 2.18% 9.43% 4.76%

2040 28.18%

9.45% 9.54% 4.93% 2.25% 2.29% 10.24% 5.04%

2045 30.35%

9.71% 9.73% 5.41% 2.56% 2.46% 10.76% 5.48%

2050 31.98% 10.72% 10.72%

5.54% 2.55% 2.60% 11.37% 5.42%

2055 33.87% 11.47% 11.27%

5.86% 2.64% 2.77% 11.86% 5.82%

2060 35.03% 11.92% 12.00%

6.08% 2.60% 2.74% 12.36% 5.94%

3.33% 4.10% 4.57% 4.83% 5.05% 5.14% 5.57% 5.97% 5.98%

1.60% 0.86% 0.85% 28.73% 6.95% 3.17% 4.10% 3.37%

1.84% 0.95% 1.05% 26.82% 5.36% 1.25% 1.63% 1.36%

2.15% 0.96% 1.02% 24.05% 4.18%

? ? ?

2.17% 1.10% 1.15% 19.82% 3.33%

? ? ?

2.37% 1.19% 1.17% 15.63% 2.67%

? ? ?

2.50% 1.36% 1.33% 11.30% 1.91%

? ? ?

2.50% 1.24% 1.37% 7.09% 1.33%

? ? ?

2.64% 1.27% 1.29% 2.77% 0.50%

? ? ?

2.82% 1.22% 1.31%

? ? ? ? ?

As of 6/30/2019. Holdings exclude cash and cash-equivalents and are subject to change. 3

U.S. Equity

International Equity

Fixed Income

June 2019

Simplify your retirement planning

Quarterly Performance

1290 Retirement 2020 ? Class I (NAV) S&P Target Date 2020 Index2 Morningstar Target-Date 2020 Category Average3 1290 Retirement 2025 ? Class I (NAV) S&P Target Date 2025 Index2 Morningstar Target-Date 2025 Category Average3 1290 Retirement 2030 ? Class I (NAV) S&P Target Date 2030 Index2 Morningstar Target-Date 2030 Category Average3 1290 Retirement 2035 ? Class I (NAV) S&P Target Date 2035 Index2 Morningstar Target-Date 2035 Category Average3 1290 Retirement 2040 ? Class I (NAV) S&P Target Date 2040 Index2 Morningstar Target-Date 2040 Category Average3 1290 Retirement 2045 ? Class I (NAV) S&P Target Date 2045 Index2 Morningstar Target-Date 2045 Category Average3 1290 Retirement 2050 ? Class I (NAV) S&P Target Date 2050 Index2 Morningstar Target-Date 2050 Category Average3 1290 Retirement 2055 ? Class I (NAV) S&P Target Date 2055 Index2 Morningstar Target-Date 2055 Category Average3 1290 Retirement 2060 ? Class I (NAV) S&P Target Date 2060 Index2 Morningstar Target-Date 2060 Category Average3

As of 6/30/2019.

1 Month

3.31% 3.66% 3.47% 3.80% 4.18% 4.03% 4.06% 4.74% 4.56% 4.29% 5.26% 5.10% 4.47% 5.62% 5.46% 4.70% 5.81% 5.77% 4.96% 5.92% 5.85% 5.21% 5.96% 5.95% 5.28% 6.02% 6.00%

Expense Ratios

Fund 1290 Retirement 2020 - Class I Shares 1290 Retirement 2025 - Class I Shares 1290 Retirement 2030 - Class I Shares 1290 Retirement 2035 - Class I Shares 1290 Retirement 2040 - Class I Shares 1290 Retirement 2045 - Class I Shares 1290 Retirement 2050 - Class I Shares 1290 Retirement 2055 - Class I Shares 1290 Retirement 2060 - Class I Shares

Gross Expense Ratio 3.98% 3.30% 4.76% 4.00% 5.31% 4.95% 5.21% 5.28% 5.28%

Net Expense Ratio4 0.65% 0.65% 0.65% 0.65% 0.65% 0.65% 0.65% 0.65% 0.65%

Fund Facts

Ticker:

2020 Fund TNIIX

CUSIP: 68259P 307

ISIN:

US68259P3073

Ticker: CUSIP: ISIN:

2035 Fund TNLIX 68259P 828 US68259P8288

2050 Fund

Ticker: CUSIP: ISIN:

TNWIX 68259P 687 US68259P6878

2025 Fund TNJIX 68259P 703 US68259P7033 2040 Fund TNNIX 68259P 778 US68259P7785 2055 Fund TNQIX 68259P 646 US68259P6464

2030 Fund TNKIX 68259P 869 US68259P8692 2045 Fund TNOIX 68259P 737 US68259P7371 2060 Fund TNXIX 68259P 596 US68259P5961

3 Month

3.12% 2.89% 3.02% 3.42% 3.00% 3.16% 3.41% 3.10% 3.24% 3.46% 3.18% 3.31% 3.55% 3.27% 3.32% 3.60% 3.32% 3.38% 3.67% 3.32% 3.37% 3.74% 3.34% 3.40% 3.73% 3.37% 3.47%

YTD

11.17% 10.55% 10.67% 12.33% 11.62% 11.87% 13.15% 12.78% 12.98% 13.53% 13.78% 14.02% 14.17% 14.45% 14.69% 14.67% 14.78% 15.29% 15.27% 14.98% 15.44% 15.84% 15.02% 15.60% 16.10% 15.17% 15.81%

1 Year

7.62% 5.79% 5.96% 8.10% 5.70% 5.99% 8.10% 5.56% 5.86% 8.20% 5.36% 5.71% 8.40% 5.26% 5.48% 8.31% 5.15% 5.42% 8.47% 5.04% 5.31% 8.42% 5.03% 5.30% 8.58% 5.12% 5.44%

SI1

6.85% 6.39% 6.05% 7.64% 6.97% 6.88% 8.02% 7.48% 7.35% 8.32% 7.94% 8.03% 8.74% 8.28% 8.17% 9.03% 8.43% 8.56% 9.40% 8.56% 8.44% 9.71% 8.63% 8.73% 9.86% 8.77% 8.80%

As of 3/1/2019.

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.

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.

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June 2019

Simplify your retirement planning

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.

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