Performance

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An investor should consider investment objectives, risks, charges and expenses carefully before investing. Click the link to obtain a Prospectus which contains this and other information, or call 888-310-0416. Read the Prospectus carefully before investing.

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 (855) 379-9186.

One cannot invest directly in an index.

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

¹Fund inception dates:

1290 Avantis^® U.S. Large Cap Growth Fund February 27, 2017.

1290 GAMCO Small/Mid Cap Value Fund, 1290 SmartBeta Equity Fund and 1290 High Yield Bond Fund November 12, 2014.

1290 Diversified Bond Fund and 1290 Multi-Alternative Strategies Fund July 6, 2015.

1290 Loomis Sayles Multi-Asset Income Fund March 7, 2016.

1290 Retirement Funds February 27, 2017.

1290 Essex Small Cap Growth Fund July 11, 2022.

²Maximum Offering Price (MOP) for Class A shares includes the Fund's maximum sales charge of 5.50%. Performance shown at NAV does not include these sales charges and would have been lower had it been taken into account.

³Russell 1000^® Growth Index measures the performance of those Russell 1000^® Index companies with higher price-to-book ratios and higher forecasted growth values. It is market-capitalization weighted. Standard & Poor’s 500^® Composite Stock Price Index ("S&P 500^® Index") is a weighted index of common stocks of 500 leading companies in leading industries of the U.S. economy, capturing 75% coverage of U.S. equities. The index is capitalization weighted, thereby giving greater weight to companies with the largest market capitalizations. For your reference, the previous index, the S&P Target Date 2060 Index, representing the performance of a hypothetical target-date portfolio corresponding to a 2060 retirement schedule, is also shown, and was effective from 2/27/2017 to 11/28/2023.

⁴Russell 2000 Growth Index: The Russell 2000^® Growth Index measures the performance of those Russell 2000^® Index companies with higher price-to-book ratios and higher forecasted growth values. It is market-capitalization weighted.

⁵Russell 2500 Value: An unmanaged index which contains those Russell 2500 securities (the bottom 500 securities in the Russell 1000 Index and all 2,000 securities in the Russell 2000 Index) with a less-than-average growth orientation.

⁶MSCI World (Net) Index: An unmanaged index considered representative of stock markets of developed countries.

⁷ICE 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.

⁸Bloomberg U.S. Aggregate Bond Index covers the U.S. dollar denominated investment-grade, fixed-rate, taxable bond market of securities. The index includes bonds from the Treasury, government-related and corporate securities, agency fixed rate and hybrid adjustable mortgage pass through securities, asset-backed securities and commercial mortgage-backed securities.

⁹The 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.

¹⁰As of 8/19/22, the 1290 Loomis Sayles Multi-Asset Income Fund was restructured, which included, among other things, adoption of a new combination benchmark that is reflective of its universe of holdings. The new combination benchmark and its constituent indices are shown above. The Fund's benchmark is a blend of 20% MSCI World High Dividend Yield Index, 20% Cboe S&P 500 BuyWrite Index, 30% Bloomberg U.S. Corporate High Yield Total Return Index, 30% Bloomberg U.S. Aggregate Total Return Index. The MSCI World High Dividend Yield Index is designed to reflect the performance of equities in the parent index with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The index also applies quality screens and reviews 12-month past performance to omit stocks with potentially deteriorating fundamentals that could force them to cut or reduce dividends. The Cboe S&P 500 BuyWrite IndexSM is a benchmark index designed to track the performance of a hypothetical buy-write strategy on the S&P 500 Index®. The Bloomberg [USD] High-Yield Corporate Bond Index is a rules-based, market-value-weighted index engineered to measure publicly issued non-investment grade USD fixed-rate, taxable and corporate bonds. To be included in the index, a security must have a minimum par amount of $250 million and have a minimum maturity of 1 year at rebalancing. Emerging market debt is excluded. Bloomberg U.S. Aggregate Bond Index covers the U.S. dollar denominated investment-grade, fixed-rate, taxable bond market of securities.

¹¹ICE BofA US 3-Month Treasury Bill Index measures the returns of negotiable debt obligations issued by the U.S. government and backed by its full faith and credit, having a maturity of three months.

Risks:

1290 Avantis^® U.S. Large Cap Growth Fund

Market. The Fund is subject to the risk that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions and other factors, which may negatively affect Fund performance. The value of a security can be more volatile than the market as a whole and can perform differently from the market as a whole. Any issuer of securities may perform poorly, causing the value of its securities to decline. Poor performance may be caused by a variety of factors. Equity. In general, the values of stocks and other equity securities fluctuate, and 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. Large Cap. Larger more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes, which may lead to a decline in their market price. Non-Diversified Fund. The Fund may invest a relatively high percentage of its assets in a limited number of issuers. Newly Repositioned Fund. The Fund may not be successful in implementing its investment strategy, and there can be no assurance that the Fund will grow to or maintain an economically viable size, which could result in the Fund being liquidated at any time without shareholder approval and at a time that may not be favorable for all shareholders. Investment Style. The Fund may use a particular style or set of styles — in this case, a “growth” style — to select investments. Growth stocks may be more sensitive to changes in current or expected earnings than the prices of other stocks. Portfolio Management. The Fund is subject to the risk that strategies used by an investment manager and its securities selections fail to produce the intended results.

1290 Essex Small Cap Growth Fund

Market. The Fund is subject to the risk that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions and other factors, which may negatively affect Fund performance. The value of a security can be more volatile than the market as a whole and can perform differently from the market as a whole. Any issuer of securities may perform poorly, causing the value of its securities to decline. Poor performance may be caused by a variety of factors. Equity. In general, the values of stocks and other equity securities fluctuate, and 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. Small-/Micro-Cap. Small-cap and micro-cap companies carry additional risks because the operating histories of these companies tend to be more limited, their earnings and revenues less predictable, and their share prices more volatile than those of larger, more established companies. Investment Style. The Fund may use a particular style or set of styles — in this case, a “growth” style — to select investments. Growth stocks may be more sensitive to changes in current or expected earnings than the prices of other stocks. Sector. From time to time, based on market or economic conditions, the Fund may have significant positions in one or more sectors of the market. To the extent the Fund invests more heavily in particular sectors, its performance will be especially sensitive to developments that significantly affect those sectors. Portfolio Management. The Fund is subject to the risk that strategies used by an investment manager and its securities selections fail to produce the intended results. New Fund. The Fund is newly or recently established and has limited operating history. The Fund may not be successful in implementing its investment strategy, and there can be no assurance that the Fund will grow to or maintain an economically viable size, which could result in the Fund being liquidated at any time without shareholder approval. Derivatives. The Fund’s investments in derivatives may rise or fall in value more rapidly than other investments and may reduce the Fund’s returns and increase the volatility of the Fund’s net asset value. Foreign Securities. Investments in foreign securities involve risks in addition to those associated with investments in U.S. securities. Foreign markets may be less liquid, more volatile and subject to less government supervision and regulation than U.S. markets.

1290 GAMCO Small/Mid Cap Value Fund

Market. The Fund is subject to the risk that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions and other factors, which may negatively affect Fund performance. The value of a security can be more volatile than the market as a whole and can perform differently from the market as a whole. Any issuer of securities may perform poorly, causing the value of its securities to decline. Poor performance may be caused by a variety of factors. Equity. In general, the values of stocks and other equity securities fluctuate, and 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. Mid-/Small-Cap. Mid-cap and small-cap companies carry additional risks because the operating histories of these companies tend to be more limited, their earnings and revenues less predictable, and their share prices more volatile than those of larger, more established companies. Investment Style. The Fund may use a particular style or set of styles — in this case, a “value” style — to select investments. Value stocks are subject to the risks that the stock’s full value may never be fully recognized or realized by the market, or its price may go down. Sector. From time to time, based on market or economic conditions, the Fund may have significant positions in one or more sectors of the market. To the extent the Fund invests more heavily in particular sectors, its performance will be especially sensitive to developments that significantly affect those sectors. Portfolio Management. The Fund is subject to the risk that strategies used by an investment manager and its securities selections fail to produce the intended results. Foreign Securities. Investments in foreign securities involve risks in addition to those associated with investments in U.S. securities. Foreign markets may be less liquid, more volatile and subject to less government supervision and regulation than U.S. markets.

1290 SmartBeta Equity Fund

Market. The Fund is subject to the risk that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions and other factors, which may negatively affect Fund performance. The value of a security can be more volatile than the market as a whole and can perform differently from the market as a whole. Any issuer of securities may perform poorly, causing the value of its securities to decline. Poor performance may be caused by a variety of factors. Equity. In general, the values of stocks and other equity securities fluctuate, and 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. Large-Cap. Larger more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes, which may lead to a decline in their market price. Mid-/Small-Cap. Mid-cap and small-cap companies carry additional risks because the operating histories of these companies tend to be more limited, their earnings and revenues less predictable, and their share prices more volatile than those of larger, more established companies. Quantitative Investing. The success of the Fund’s investment strategy depends largely on the effectiveness of the Fund’s quantitative model for screening securities for investment by the Fund. The portfolio of securities selected using quantitative analysis may underperform the market as a whole or a portfolio of securities selected using a different investment approach. Portfolio Management. The Fund is subject to the risk that strategies used by an investment manager and its securities selections fail to produce the intended results. ESG Considerations. Consideration of ESG factors in the investment process may limit the types and number of investment opportunities available to the Fund, and therefore carries the risk that, under certain market conditions, the Fund may underperform funds that do not consider ESG factors. Foreign Securities. Investments in foreign securities involve risks in addition to those associated with investments in U.S. securities. Foreign markets may be less liquid, more volatile and subject to less government supervision and regulation than U.S. markets.

1290 High Yield Bond Fund

Market. The Fund is subject to the risk that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions and other factors, which may negatively affect Fund performance. The value of a security can be more volatile than the market as a whole and can perform differently from the market as a whole. Any issuer of securities may perform poorly, causing the value of its securities to decline. Poor performance may be caused by a variety of factors. Non-Investment Grade Securities. Bonds rated below BBB by Standard & Poor’s Global Ratings or Fitch Ratings, Ltd., or below Baa by Moody’s Investors Service, Inc. (or, if unrated, determined by the investment manager to be of comparable quality) are speculative in nature and are subject to additional risk factors such as increased possibility of default, illiquidity of the security, and changes in value based on changes in interest rates. Non-investment grade bonds, sometimes referred to as “junk bonds,” are usually issued by companies without long track records of sales and earnings, or by those companies with questionable credit strength. Credit. The Fund is subject to credit risk, the risk that the issuer or guarantor of a fixed income security is unable or unwilling to make timely interest or principal payments. Interest Rate. Changes in interest rates may affect the yield, liquidity and value of investments in income producing or debt securities. Liquidity. From time to time, there may be little or no active trading market for a particular investment in which the Fund may invest or is invested. In such a market, the value of such an investment and the Fund’s share price may fall dramatically. Portfolio Management. The Fund is subject to the risk that strategies used by an investment manager and its securities selections fail to produce the intended results. Foreign Securities. Investments in foreign securities involve risks in addition to those associated with investments in U.S. securities. Foreign markets may be less liquid, more volatile and subject to less government supervision and regulation than U.S. markets.

1290 Diversified Bond Fund

Market. The Fund is subject to the risk that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions and other factors, which may negatively affect Fund performance. The value of a security can be more volatile than the market as a whole and can perform differently from the market as a whole. Any issuer of securities may perform poorly, causing the value of its securities to decline. Poor performance may be caused by a variety of factors. Credit. The Fund is subject to credit risk, the risk that the issuer or guarantor of a fixed income security is unable or unwilling to make timely interest or principal payments. Interest Rate. Changes in interest rates may affect the yield, liquidity and value of investments in income producing or debt securities. Non-Investment Grade Securities. Bonds rated below BBB by Standard & Poor’s Global Ratings or Fitch Ratings, Ltd., or below Baa by Moody’s Investors Service, Inc. (or, if unrated, determined by the investment manager to be of comparable quality) are speculative in nature and are subject to additional risk factors such as increased possibility of default, illiquidity of the security, and changes in value based on changes in interest rates. Non-investment grade bonds, sometimes referred to as “junk bonds,” are usually issued by companies without long track records of sales and earnings, or by those companies with questionable credit strength. Derivatives. The Fund’s investments in derivatives may rise or fall in value more rapidly than other investments and may reduce the Fund’s returns and increase the volatility of the Fund’s net asset value. Foreign Securities. Investments in foreign securities involve risks in addition to those associated with investments in U.S. securities. Foreign markets may be less liquid, more volatile and subject to less government supervision and regulation than U.S. markets. Liquidity. From time to time, there may be little or no active trading market for a particular investment in which the Fund may invest or is invested. In such a market, the value of such an investment and the Fund’s share price may fall dramatically. Portfolio Management. The Fund is subject to the risk that strategies used by an investment manager and its securities selections fail to produce the intended results.

1290 Loomis Sayles Multi-Asset Income Fund

Market. The Fund is subject to the risk that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions and other factors, which may negatively affect Fund performance. The value of a security can be more volatile than the market as a whole and can perform differently from the market as a whole. Any issuer of securities may perform poorly, causing the value of its securities to decline. Poor performance may be caused by a variety of factors. Asset Allocation. The Fund’s investment performance depends upon how its assets are allocated across various asset classes and how its assets are invested within those asset classes. Equity. In general, the values of stocks and other equity securities fluctuate, and 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. Large Cap. Larger more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes, which may lead to a decline in their market price. Mid-/Small-/Micro-Cap. Mid-cap, small-cap and micro-cap companies carry additional risks because the operating histories of these companies tend to be more limited, their earnings and revenues less predictable, and their share prices more volatile than those of larger, more established companies. Non-Investment Grade Securities. Bonds rated below BBB by Standard & Poor’s Global Ratings or Fitch Ratings, Ltd., or below Baa by Moody’s Investors Service, Inc. (or, if unrated, determined by the investment manager to be of comparable quality) are speculative in nature and are subject to additional risk factors such as increased possibility of default, illiquidity of the security, and changes in value based on changes in interest rates. Non-investment grade bonds, sometimes referred to as “junk bonds,” are usually issued by companies without long track records of sales and earnings, or by those companies with questionable credit strength. Credit. The Fund is subject to credit risk, the risk that the issuer or guarantor of a fixed income security is unable or unwilling, to make timely interest or principal payments. Interest Rate. Changes in interest rates may affect the yield, liquidity and value of investments in income producing or debt securities. Options. The use of options involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. Derivatives. The Fund’s investments in derivatives may rise or fall in value more rapidly than other investments and may reduce the Fund’s returns and increase the volatility of the Fund’s net asset value. Foreign Securities. Investments in foreign securities involve risks in addition to those associated with investments in U.S. securities. Foreign markets may be less liquid, more volatile and subject to less government supervision and regulation than U.S. markets. Portfolio Management. The Fund is subject to the risk that strategies used by an investment manager and its securities selections fail to produce the intended results.

1290 Multi-Alternative Strategies Fund

Market. The Fund is subject to the risk that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions and other factors, which may negatively affect Fund performance. The value of a security can be more volatile than the market as a whole and can perform differently from the market as a whole. Any issuer of securities may perform poorly, causing the value of its securities to decline. Poor performance may be caused by a variety of factors. Alternative Investment. To the extent the Fund invests in Underlying ETFs that invest in alternative investments, it will be subject to the risks associated with such investments. Alternative investments may have different characteristics and risks than do traditional investments, can be highly volatile, may be less liquid, particularly in periods of stress, and may be more complex and less transparent than traditional investments. The use of alternative investments may not achieve the desired effect and may result in losses to the Fund. Equity. In general, the values of stocks and other equity securities fluctuate, and 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. Commodity. Exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities, and changes in those markets may cause the Fund’s holdings to lose value. Momentum. Momentum entails investing more in securities that have recently had higher total returns and investing less in securities that have recently had lower total returns. Liquidity. From time to time, there may be little or no active trading market for a particular investment in which the Fund may invest or is invested. In such a market, the value of such an investment and the Fund’s share price may fall dramatically. Portfolio Management. The Fund is subject to the risk that strategies used by an investment manager and its securities selections fail to produce the intended results. Interest Rate. Changes in interest rates may affect the yield, liquidity and value of investments in income producing or debt securities. Derivatives. The Fund’s investments in derivatives may rise or fall in value more rapidly than other investments and may reduce the Fund’s returns and increase the volatility of the Fund’s net asset value. Foreign Securities. Investments in foreign securities involve risks in addition to those associated with investments in U.S. securities. Foreign markets may be less liquid, more volatile and subject to less government supervision and regulation than U.S. markets. Real Estate. Real estate-related investments may decline in value as a result of factors affecting the overall real estate industry.

1290 Retirement Funds

Market. The Fund is subject to the risk that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions and other factors, which may negatively affect Fund performance. The value of a security can be more volatile than the market as a whole and can perform differently from the market as a whole. Any issuer of securities may perform poorly, causing the value of its securities to decline. Poor performance may be caused by a variety of factors. Asset Allocation. The Fund’s investment performance depends upon how its assets are allocated across various asset classes and how its assets are invested within those asset classes. Target Date. The Fund does not provide guaranteed income or payouts to an investor at or after the target year. An investment in the Fund may decline in value and 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 Fund's name. Equity. In general, the values of stocks and other equity 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. Interest Rate. Changes in interest rates may affect the yield, liquidity and value of investments in income producing or debt securities. Credit. The Fund is subject to credit risk, the risk that the issuer or guarantor of a fixed income security is unable or unwilling, to make timely interest or principal payments. Foreign Securities. Investments in foreign securities involve risks in addition to those associated with investments in U.S. securities. Foreign markets may be less liquid, more volatile and subject to less government supervision and regulation than U.S. markets. Investments in Underlying ETFs. To the extent a Fund invests in Underlying ETFs, the Fund will be subject to the risks associated with the securities and other investments in which the Underlying ETF invest, as well as the ability of the Fund to meet its investment objective will directly depend on the ability of the Underlying ETFs to meet their investment objective. Portfolio Management. The Fund is subject to the risk that strategies used by an investment manager and its securities selections fail to produce the intended results. Liquidity. From time to time, there may be little or no active trading market for a particular investment in which the Fund may invest or is invested. In such a market, the value of such an investment and the Fund’s share price may fall dramatically. Volatility. In addition, the use of volatility management techniques by the Underlying ETF may limit the Fund's participation in market gains, particularly during periods when market values are increasing, but market volatility is high.