1290 High Yield Bond Fund

Top 15 Holdings as of 12/31/2020 subject to change

Security	Weight %
JPMorgan Prime Money Market Fund, IM Shares	2.57%
Mauser Packaging Solutions Holding Co.,7.25%, 4/15/25	1.08%
Camelot Finance SA,4.50%, 11/1/26	0.98%
Change Healthcare Holdings LLC,5.75%, 3/1/25	0.96%
Solera LLC,10.50%, 3/1/24	0.91%
Freedom Mortgage Corp.,8.25%, 4/15/25	0.85%
Watco Cos. LLC,6.50%, 6/15/27	0.84%
Getty Images, Inc.,9.75%, 3/1/27	0.82%
Dun & Bradstreet Corp. (The),10.25%, 2/15/27	0.80%
Welbilt, Inc.,9.50%, 2/15/24	0.79%
Kenan Advantage Group, Inc. (The),7.88%, 7/31/23	0.78%
Kronos Acquisition Holdings, Inc.,9.00%, 8/15/23	0.78%
Verscend Escrow Corp.,9.75%, 8/15/26	0.74%
Bausch Health Cos., Inc.,7.00%, 3/15/24	0.72%
Alliance Data Systems Corp.,4.75%, 12/15/24	0.71%

Expense Ratios as of 03/01/2020

Fund	Gross Expense Ratio	Net Expense Ratio4
Class A Shares	1.79%	1.00%
Class I Shares	1.53%	0.75%
Class R Shares	2.03%	1.25%

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.

³ICE BofA U.S. High Yield 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, 2021 (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 not incurred in the ordinary course of the Fund’s business) do not exceed an annual rate of average daily net assets of 0.75% 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 1290 Asset Managers® at any time after April 30, 2021.

Distributions

Class A

Class I

Class R