1290 High Yield Bond Fund

Top 15 Holdings as of 12/31/2018 subject to change

Security	Weight %
Kenan Advantage Group, Inc. (The), 7.88%, 7/31/23	1.02%
Jaguar Holding Co. II, 6.38%, 8/1/23	1.01%
Staples, Inc., 8.50%, 9/15/25	1.00%
PBF Logistics LP, 6.88%, 5/15/23	1.00%
Dell International LLC, 5.88%, 6/15/21	0.99%
Sophia LP, 9.00%, 9/30/23	0.99%
CCO Holdings LLC, 5.88%, 5/1/27	0.98%
Welbilt, Inc., 9.50%, 2/15/24	0.90%
Watco Cos. LLC, 6.38%, 4/1/23	0.86%
Level 3 Financing, Inc., 5.38%, 8/15/22	0.86%
BWAY Holding Co., 7.25%, 4/15/25	0.85%
1011778 BC ULC, 4.63%, 1/15/22	0.84%
Alliance Data Systems Corp., 5.38%, 8/1/22	0.83%
Summit Materials LLC, 6.13%, 7/15/23	0.83%
Univar USA, Inc., 6.75%, 7/15/23	0.81%

Morningstar Rating: U.S. Funds High Yield Bond Category
as of 12/31/2018

1290 High Yield Bond Fund I (TNHIX) Rank Percentile	Overall	3 Year
Rating
# of Funds	604	604

Overall Morningstar Rating as of 12/31/2018 based on risk-adjusted returns (I share).

Morningstar U.S. Funds High Yield Bond Category Ranking
as of 12/31/2018

	1290 High Yield Bond Fund I (TNHIX) Rank Percentile	Morningstar RatingTM	Out of # of Funds
1 Year	32	-	695
3 Year	22		604

^ As of 12/31/2018, for class I shares (TNHIX). Other share classes may have different ratings. The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10- year (if applicable) Morningstar Rating metrics. Past performance is no guarantee of future results. The Morningstar percentile ranking is based on the fund’s total-return percentile rank relative to all managed products that have the same category for the same time period. The highest (or most favorable) percentile rank is 1%, and the lowest (or least favorable) percentile rank is 100%. Morningstar total return includes both income and capital gains or losses and is not adjusted for sales charges./p>

Expense Ratios as of 03/01/2018

Fund	Gross Expense Ratio	Net Expense Ratio4
Class A Shares	1.84%	1.05%
Class I Shares	1.58%	0.80%
Class R Shares	2.08%	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.

³ICE BofAML 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, 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 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, 2019.

Distributions

Class A

Class I

Class R