0001605941 2024-11-01 2025-10-31 0001605941 cik0001605941:C000165722Member 2025-10-31 0001605941 cik0001605941:C000165722Member oef:InformationTechnologySectorMember 2025-10-31 0001605941 cik0001605941:C000165722Member oef:ConsumerDiscretionarySectorMember 2025-10-31 0001605941 cik0001605941:C000165722Member cik0001605941:LamResearchCorpMember 2025-10-31 0001605941 cik0001605941:C000165722Member cik0001605941:MastercardIncClassAMember 2025-10-31 0001605941 cik0001605941:C000165722Member cik0001605941:MicrosoftCorpMember 2025-10-31 0001605941 cik0001605941:C000165722Member cik0001605941:AmazoncomIncMember 2025-10-31 0001605941 cik0001605941:C000165722Member cik0001605941:BroadcomIncMember 2025-10-31 0001605941 cik0001605941:C000165722Member cik0001605941:AlphabetIncClassAMember 2025-10-31 0001605941 cik0001605941:C000165722Member cik0001605941:MetaPlatformsIncClassAMember 2025-10-31 0001605941 cik0001605941:C000165722Member cik0001605941:AlphabetIncClassCMember 2025-10-31 0001605941 cik0001605941:C000165722Member oef:UtilitiesSectorMember 2025-10-31 0001605941 cik0001605941:C000165722Member oef:MaterialsSectorMember 2025-10-31 0001605941 cik0001605941:C000165722Member cik0001605941:ShortTermInvestmentMember 2025-10-31 0001605941 cik0001605941:C000165722Member cik0001605941:CashAndOtherAssetsLessLiabilitiesSectorMember 2025-10-31 0001605941 cik0001605941:C000165722Member cik0001605941:NVIDIACorpMember 2025-10-31 0001605941 cik0001605941:C000165722Member cik0001605941:AppleIncMember 2025-10-31 0001605941 cik0001605941:C000165722Member oef:CommunicationsSectorMember 2025-10-31 0001605941 cik0001605941:C000165722Member oef:IndustrialSectorMember 2025-10-31 0001605941 cik0001605941:C000165722Member us-gaap:FinancialServicesSectorMember 2025-10-31 0001605941 cik0001605941:C000165722Member us-gaap:HealthcareSectorMember 2025-10-31 0001605941 cik0001605941:C000165722Member oef:ConsumerStaplesSectorMember 2025-10-31 0001605941 cik0001605941:C000165722Member us-gaap:EnergySectorMember 2025-10-31 0001605941 cik0001605941:C000165724Member 2025-10-31 0001605941 cik0001605941:C000165724Member cik0001605941:LamResearchCorpMember 2025-10-31 0001605941 cik0001605941:C000165724Member cik0001605941:MastercardIncClassAMember 2025-10-31 0001605941 cik0001605941:C000165724Member cik0001605941:MicrosoftCorpMember 2025-10-31 0001605941 cik0001605941:C000165724Member cik0001605941:AmazoncomIncMember 2025-10-31 0001605941 cik0001605941:C000165724Member cik0001605941:BroadcomIncMember 2025-10-31 0001605941 cik0001605941:C000165724Member cik0001605941:AlphabetIncClassAMember 2025-10-31 0001605941 cik0001605941:C000165724Member cik0001605941:MetaPlatformsIncClassAMember 2025-10-31 0001605941 cik0001605941:C000165724Member cik0001605941:AlphabetIncClassCMember 2025-10-31 0001605941 cik0001605941:C000165724Member oef:UtilitiesSectorMember 2025-10-31 0001605941 cik0001605941:C000165724Member oef:MaterialsSectorMember 2025-10-31 0001605941 cik0001605941:C000165724Member cik0001605941:ShortTermInvestmentMember 2025-10-31 0001605941 cik0001605941:C000165724Member cik0001605941:CashAndOtherAssetsLessLiabilitiesSectorMember 2025-10-31 0001605941 cik0001605941:C000165724Member cik0001605941:NVIDIACorpMember 2025-10-31 0001605941 cik0001605941:C000165724Member cik0001605941:AppleIncMember 2025-10-31 0001605941 cik0001605941:C000165724Member oef:CommunicationsSectorMember 2025-10-31 0001605941 cik0001605941:C000165724Member oef:IndustrialSectorMember 2025-10-31 0001605941 cik0001605941:C000165724Member us-gaap:FinancialServicesSectorMember 2025-10-31 0001605941 cik0001605941:C000165724Member us-gaap:HealthcareSectorMember 2025-10-31 0001605941 cik0001605941:C000165724Member oef:ConsumerStaplesSectorMember 2025-10-31 0001605941 cik0001605941:C000165724Member us-gaap:EnergySectorMember 2025-10-31 0001605941 cik0001605941:C000165724Member oef:InformationTechnologySectorMember 2025-10-31 0001605941 cik0001605941:C000165724Member oef:ConsumerDiscretionarySectorMember 2025-10-31 0001605941 cik0001605941:C000157853Member 2025-10-31 0001605941 cik0001605941:C000157853Member cik0001605941:GovernmentGovernmentRelatedMember 2025-10-31 0001605941 cik0001605941:C000157853Member cik0001605941:USSectorWeightingsMember 2025-10-31 0001605941 cik0001605941:C000157853Member cik0001605941:ShortTermInvestmentMember 2025-10-31 0001605941 cik0001605941:C000157853Member cik0001605941:CashAndOtherAssetsLessLiabilitiesSectorMember 2025-10-31 0001605941 cik0001605941:C000157853Member cik0001605941:NonUSSectorMember 2025-10-31 0001605941 cik0001605941:C000157853Member cik0001605941:AgencyMBSMember 2025-10-31 0001605941 cik0001605941:C000157853Member cik0001605941:AssetBackedSecuritiesSectorMember 2025-10-31 0001605941 cik0001605941:C000157853Member cik0001605941:CommercialsMortgageBackedSecuritiesMember 2025-10-31 0001605941 cik0001605941:C000157853Member cik0001605941:CorporateBondsMember 2025-10-31 0001605941 cik0001605941:C000157853Member cik0001605941:CollateralizedMortgageObligationsSectorMember 2025-10-31 0001605941 cik0001605941:C000157854Member 2025-10-31 0001605941 cik0001605941:C000157854Member cik0001605941:GovernmentGovernmentRelatedMember 2025-10-31 0001605941 cik0001605941:C000157854Member cik0001605941:USSectorWeightingsMember 2025-10-31 0001605941 cik0001605941:C000157854Member cik0001605941:NonUSSectorMember 2025-10-31 0001605941 cik0001605941:C000157854Member cik0001605941:AgencyMBSMember 2025-10-31 0001605941 cik0001605941:C000157854Member cik0001605941:AssetBackedSecuritiesSectorMember 2025-10-31 0001605941 cik0001605941:C000157854Member cik0001605941:CommercialsMortgageBackedSecuritiesMember 2025-10-31 0001605941 cik0001605941:C000157854Member cik0001605941:CorporateBondsMember 2025-10-31 0001605941 cik0001605941:C000157854Member cik0001605941:CollateralizedMortgageObligationsSectorMember 2025-10-31 0001605941 cik0001605941:C000157854Member cik0001605941:ShortTermInvestmentMember 2025-10-31 0001605941 cik0001605941:C000157854Member cik0001605941:CashAndOtherAssetsLessLiabilitiesSectorMember 2025-10-31 0001605941 cik0001605941:C000157855Member 2025-10-31 0001605941 cik0001605941:C000157855Member cik0001605941:CorporateBondsMember 2025-10-31 0001605941 cik0001605941:C000157855Member cik0001605941:CollateralizedMortgageObligationsSectorMember 2025-10-31 0001605941 cik0001605941:C000157855Member cik0001605941:ShortTermInvestmentMember 2025-10-31 0001605941 cik0001605941:C000157855Member cik0001605941:CashAndOtherAssetsLessLiabilitiesSectorMember 2025-10-31 0001605941 cik0001605941:C000157855Member cik0001605941:GovernmentGovernmentRelatedMember 2025-10-31 0001605941 cik0001605941:C000157855Member cik0001605941:USSectorWeightingsMember 2025-10-31 0001605941 cik0001605941:C000157855Member cik0001605941:NonUSSectorMember 2025-10-31 0001605941 cik0001605941:C000157855Member cik0001605941:AgencyMBSMember 2025-10-31 0001605941 cik0001605941:C000157855Member cik0001605941:AssetBackedSecuritiesSectorMember 2025-10-31 0001605941 cik0001605941:C000157855Member cik0001605941:CommercialsMortgageBackedSecuritiesMember 2025-10-31 0001605941 cik0001605941:C000236850Member 2025-10-31 0001605941 cik0001605941:C000236850Member oef:InformationTechnologySectorMember 2025-10-31 0001605941 cik0001605941:C000236850Member us-gaap:FinancialServicesSectorMember 2025-10-31 0001605941 cik0001605941:C000236850Member oef:ConsumerDiscretionarySectorMember 2025-10-31 0001605941 cik0001605941:C000236850Member us-gaap:EnergySectorMember 2025-10-31 0001605941 cik0001605941:C000236850Member oef:CommunicationsSectorMember 2025-10-31 0001605941 cik0001605941:C000236850Member oef:ConsumerStaplesSectorMember 2025-10-31 0001605941 cik0001605941:C000236850Member oef:MaterialsSectorMember 2025-10-31 0001605941 cik0001605941:C000236850Member cik0001605941:ExchangeTradedFundSectorWeightingsMember 2025-10-31 0001605941 cik0001605941:C000236850Member cik0001605941:ShortTermInvestmentMember 2025-10-31 0001605941 cik0001605941:C000236850Member cik0001605941:CashAndOtherAssetsLessLiabilitiesSectorMember 2025-10-31 0001605941 cik0001605941:LessThanTwoHundredFiftyMillionMember cik0001605941:C000236850Member 2025-10-31 0001605941 cik0001605941:TwoHundredFiftyMillionToOneBillionMember cik0001605941:C000236850Member 2025-10-31 0001605941 cik0001605941:OneBillionToTwoPointFiveBillionMember cik0001605941:C000236850Member 2025-10-31 0001605941 cik0001605941:GreaterThanTwoPointFiveBillionMember cik0001605941:C000236850Member 2025-10-31 0001605941 cik0001605941:C000236850Member oef:IndustrialSectorMember 2025-10-31 0001605941 cik0001605941:C000236850Member us-gaap:HealthcareSectorMember 2025-10-31 0001605941 cik0001605941:C000236852Member 2025-10-31 0001605941 cik0001605941:C000236852Member oef:IndustrialSectorMember 2025-10-31 0001605941 cik0001605941:LessThanTwoHundredFiftyMillionMember cik0001605941:C000236852Member 2025-10-31 0001605941 cik0001605941:TwoHundredFiftyMillionToOneBillionMember cik0001605941:C000236852Member 2025-10-31 0001605941 cik0001605941:OneBillionToTwoPointFiveBillionMember cik0001605941:C000236852Member 2025-10-31 0001605941 cik0001605941:GreaterThanTwoPointFiveBillionMember cik0001605941:C000236852Member 2025-10-31 0001605941 cik0001605941:C000236852Member oef:ConsumerStaplesSectorMember 2025-10-31 0001605941 cik0001605941:C000236852Member oef:MaterialsSectorMember 2025-10-31 0001605941 cik0001605941:C000236852Member cik0001605941:ExchangeTradedFundSectorWeightingsMember 2025-10-31 0001605941 cik0001605941:C000236852Member cik0001605941:ShortTermInvestmentMember 2025-10-31 0001605941 cik0001605941:C000236852Member cik0001605941:CashAndOtherAssetsLessLiabilitiesSectorMember 2025-10-31 0001605941 cik0001605941:C000236852Member us-gaap:HealthcareSectorMember 2025-10-31 0001605941 cik0001605941:C000236852Member oef:InformationTechnologySectorMember 2025-10-31 0001605941 cik0001605941:C000236852Member us-gaap:FinancialServicesSectorMember 2025-10-31 0001605941 cik0001605941:C000236852Member oef:ConsumerDiscretionarySectorMember 2025-10-31 0001605941 cik0001605941:C000236852Member us-gaap:EnergySectorMember 2025-10-31 0001605941 cik0001605941:C000236852Member oef:CommunicationsSectorMember 2025-10-31 0001605941 cik0001605941:C000236849Member 2025-10-31 0001605941 cik0001605941:C000236849Member oef:CommunicationsSectorMember 2025-10-31 0001605941 cik0001605941:C000236849Member us-gaap:EnergySectorMember 2025-10-31 0001605941 cik0001605941:C000236849Member oef:ConsumerDiscretionarySectorMember 2025-10-31 0001605941 cik0001605941:C000236849Member us-gaap:FinancialServicesSectorMember 2025-10-31 0001605941 cik0001605941:C000236849Member oef:InformationTechnologySectorMember 2025-10-31 0001605941 cik0001605941:C000236849Member us-gaap:HealthcareSectorMember 2025-10-31 0001605941 cik0001605941:LessThanTwoHundredFiftyMillionMember cik0001605941:C000236849Member 2025-10-31 0001605941 cik0001605941:C000236849Member cik0001605941:CashAndOtherAssetsLessLiabilitiesSectorMember 2025-10-31 0001605941 cik0001605941:C000236849Member cik0001605941:ShortTermInvestmentMember 2025-10-31 0001605941 cik0001605941:C000236849Member cik0001605941:ExchangeTradedFundSectorWeightingsMember 2025-10-31 0001605941 cik0001605941:C000236849Member oef:MaterialsSectorMember 2025-10-31 0001605941 cik0001605941:C000236849Member oef:ConsumerStaplesSectorMember 2025-10-31 0001605941 cik0001605941:C000236849Member oef:IndustrialSectorMember 2025-10-31 0001605941 cik0001605941:GreaterThanTwoPointFiveBillionMember cik0001605941:C000236849Member 2025-10-31 0001605941 cik0001605941:OneBillionToTwoPointFiveBillionMember cik0001605941:C000236849Member 2025-10-31 0001605941 cik0001605941:TwoHundredFiftyMillionToOneBillionMember cik0001605941:C000236849Member 2025-10-31 0001605941 cik0001605941:C000143077Member 2025-10-31 0001605941 cik0001605941:C000143077Member cik0001605941:CraneCoMember 2025-10-31 0001605941 cik0001605941:C000143077Member cik0001605941:NationalFuelGasCoMember 2025-10-31 0001605941 cik0001605941:C000143077Member cik0001605941:ModineManufacturingCoMember 2025-10-31 0001605941 cik0001605941:C000143077Member cik0001605941:HercHoldingsIncMember 2025-10-31 0001605941 cik0001605941:C000143077Member cik0001605941:AstecIndustriesIncMember 2025-10-31 0001605941 cik0001605941:C000143077Member cik0001605941:CashAndOtherAssetsLessLiabilitiesSectorMember 2025-10-31 0001605941 cik0001605941:C000143077Member cik0001605941:JPMorganPrimeMoneyMarketFundIMSharesMember 2025-10-31 0001605941 cik0001605941:C000143077Member cik0001605941:MuellerIndustriesIncMember 2025-10-31 0001605941 cik0001605941:C000143077Member cik0001605941:AdvanceAutoPartsIncMember 2025-10-31 0001605941 cik0001605941:C000143077Member cik0001605941:TelesatCorpMember 2025-10-31 0001605941 cik0001605941:C000143077Member cik0001605941:MadisonSquareGardenSportsCorpMember 2025-10-31 0001605941 cik0001605941:C000143077Member us-gaap:HealthcareSectorMember 2025-10-31 0001605941 cik0001605941:C000143077Member us-gaap:FinancialServicesSectorMember 2025-10-31 0001605941 cik0001605941:C000143077Member oef:InformationTechnologySectorMember 2025-10-31 0001605941 cik0001605941:C000143077Member us-gaap:EnergySectorMember 2025-10-31 0001605941 cik0001605941:C000143077Member us-gaap:RealEstateSectorMember 2025-10-31 0001605941 cik0001605941:C000143077Member cik0001605941:ShortTermInvestmentMember 2025-10-31 0001605941 cik0001605941:C000143077Member oef:IndustrialSectorMember 2025-10-31 0001605941 cik0001605941:C000143077Member oef:CommunicationsSectorMember 2025-10-31 0001605941 cik0001605941:C000143077Member oef:ConsumerDiscretionarySectorMember 2025-10-31 0001605941 cik0001605941:C000143077Member oef:ConsumerStaplesSectorMember 2025-10-31 0001605941 cik0001605941:C000143077Member oef:MaterialsSectorMember 2025-10-31 0001605941 cik0001605941:C000143077Member oef:UtilitiesSectorMember 2025-10-31 0001605941 cik0001605941:C000143079Member 2025-10-31 0001605941 cik0001605941:C000143079Member oef:IndustrialSectorMember 2025-10-31 0001605941 cik0001605941:C000143079Member oef:CommunicationsSectorMember 2025-10-31 0001605941 cik0001605941:C000143079Member oef:ConsumerDiscretionarySectorMember 2025-10-31 0001605941 cik0001605941:C000143079Member oef:ConsumerStaplesSectorMember 2025-10-31 0001605941 cik0001605941:C000143079Member oef:MaterialsSectorMember 2025-10-31 0001605941 cik0001605941:C000143079Member oef:UtilitiesSectorMember 2025-10-31 0001605941 cik0001605941:C000143079Member cik0001605941:CashAndOtherAssetsLessLiabilitiesSectorMember 2025-10-31 0001605941 cik0001605941:C000143079Member cik0001605941:JPMorganPrimeMoneyMarketFundIMSharesMember 2025-10-31 0001605941 cik0001605941:C000143079Member cik0001605941:MuellerIndustriesIncMember 2025-10-31 0001605941 cik0001605941:C000143079Member cik0001605941:AdvanceAutoPartsIncMember 2025-10-31 0001605941 cik0001605941:C000143079Member cik0001605941:TelesatCorpMember 2025-10-31 0001605941 cik0001605941:C000143079Member cik0001605941:MadisonSquareGardenSportsCorpMember 2025-10-31 0001605941 cik0001605941:C000143079Member us-gaap:HealthcareSectorMember 2025-10-31 0001605941 cik0001605941:C000143079Member us-gaap:FinancialServicesSectorMember 2025-10-31 0001605941 cik0001605941:C000143079Member oef:InformationTechnologySectorMember 2025-10-31 0001605941 cik0001605941:C000143079Member us-gaap:EnergySectorMember 2025-10-31 0001605941 cik0001605941:C000143079Member us-gaap:RealEstateSectorMember 2025-10-31 0001605941 cik0001605941:C000143079Member cik0001605941:ShortTermInvestmentMember 2025-10-31 0001605941 cik0001605941:C000143079Member cik0001605941:CraneCoMember 2025-10-31 0001605941 cik0001605941:C000143079Member cik0001605941:NationalFuelGasCoMember 2025-10-31 0001605941 cik0001605941:C000143079Member cik0001605941:ModineManufacturingCoMember 2025-10-31 0001605941 cik0001605941:C000143079Member cik0001605941:HercHoldingsIncMember 2025-10-31 0001605941 cik0001605941:C000143079Member cik0001605941:AstecIndustriesIncMember 2025-10-31 0001605941 cik0001605941:C000143080Member 2025-10-31 0001605941 cik0001605941:C000143080Member oef:IndustrialSectorMember 2025-10-31 0001605941 cik0001605941:C000143080Member oef:CommunicationsSectorMember 2025-10-31 0001605941 cik0001605941:C000143080Member oef:ConsumerDiscretionarySectorMember 2025-10-31 0001605941 cik0001605941:C000143080Member oef:ConsumerStaplesSectorMember 2025-10-31 0001605941 cik0001605941:C000143080Member cik0001605941:TelesatCorpMember 2025-10-31 0001605941 cik0001605941:C000143080Member cik0001605941:MadisonSquareGardenSportsCorpMember 2025-10-31 0001605941 cik0001605941:C000143080Member cik0001605941:CraneCoMember 2025-10-31 0001605941 cik0001605941:C000143080Member cik0001605941:NationalFuelGasCoMember 2025-10-31 0001605941 cik0001605941:C000143080Member cik0001605941:ModineManufacturingCoMember 2025-10-31 0001605941 cik0001605941:C000143080Member cik0001605941:HercHoldingsIncMember 2025-10-31 0001605941 cik0001605941:C000143080Member us-gaap:RealEstateSectorMember 2025-10-31 0001605941 cik0001605941:C000143080Member cik0001605941:ShortTermInvestmentMember 2025-10-31 0001605941 cik0001605941:C000143080Member cik0001605941:CashAndOtherAssetsLessLiabilitiesSectorMember 2025-10-31 0001605941 cik0001605941:C000143080Member cik0001605941:JPMorganPrimeMoneyMarketFundIMSharesMember 2025-10-31 0001605941 cik0001605941:C000143080Member cik0001605941:MuellerIndustriesIncMember 2025-10-31 0001605941 cik0001605941:C000143080Member cik0001605941:AdvanceAutoPartsIncMember 2025-10-31 0001605941 cik0001605941:C000143080Member oef:MaterialsSectorMember 2025-10-31 0001605941 cik0001605941:C000143080Member oef:UtilitiesSectorMember 2025-10-31 0001605941 cik0001605941:C000143080Member us-gaap:HealthcareSectorMember 2025-10-31 0001605941 cik0001605941:C000143080Member us-gaap:FinancialServicesSectorMember 2025-10-31 0001605941 cik0001605941:C000143080Member oef:InformationTechnologySectorMember 2025-10-31 0001605941 cik0001605941:C000143080Member us-gaap:EnergySectorMember 2025-10-31 0001605941 cik0001605941:C000143080Member cik0001605941:AstecIndustriesIncMember 2025-10-31 0001605941 cik0001605941:C000143081Member 2025-10-31 0001605941 cik0001605941:C000143081Member cik0001605941:AAAMember 2025-10-31 0001605941 cik0001605941:C000143081Member cik0001605941:BBBMember 2025-10-31 0001605941 cik0001605941:C000143081Member cik0001605941:BBMember 2025-10-31 0001605941 cik0001605941:C000143081Member cik0001605941:BMember 2025-10-31 0001605941 cik0001605941:C000143081Member cik0001605941:CCCMember 2025-10-31 0001605941 cik0001605941:C000143081Member cik0001605941:NotRatedMember 2025-10-31 0001605941 cik0001605941:C000143083Member 2025-10-31 0001605941 cik0001605941:C000143083Member cik0001605941:AAAMember 2025-10-31 0001605941 cik0001605941:C000143083Member cik0001605941:BBBMember 2025-10-31 0001605941 cik0001605941:C000143083Member cik0001605941:BBMember 2025-10-31 0001605941 cik0001605941:C000143083Member cik0001605941:BMember 2025-10-31 0001605941 cik0001605941:C000143083Member cik0001605941:CCCMember 2025-10-31 0001605941 cik0001605941:C000143083Member cik0001605941:NotRatedMember 2025-10-31 0001605941 cik0001605941:C000143084Member 2025-10-31 0001605941 cik0001605941:C000143084Member cik0001605941:NotRatedMember 2025-10-31 0001605941 cik0001605941:C000143084Member cik0001605941:AAAMember 2025-10-31 0001605941 cik0001605941:C000143084Member cik0001605941:BBBMember 2025-10-31 0001605941 cik0001605941:C000143084Member cik0001605941:BBMember 2025-10-31 0001605941 cik0001605941:C000143084Member cik0001605941:BMember 2025-10-31 0001605941 cik0001605941:C000143084Member cik0001605941:CCCMember 2025-10-31 0001605941 cik0001605941:C000165718Member 2025-10-31 0001605941 cik0001605941:TotalEquityMember cik0001605941:C000165718Member 2025-10-31 0001605941 cik0001605941:TotalEquityLinkedNoteMember cik0001605941:C000165718Member 2025-10-31 0001605941 cik0001605941:TotalFixedIncomeMember cik0001605941:C000165718Member 2025-10-31 0001605941 cik0001605941:ShortTermInvestmentMember cik0001605941:C000165718Member 2025-10-31 0001605941 cik0001605941:OtherAssetsLessLiabilitiesMember cik0001605941:C000165718Member 2025-10-31 0001605941 cik0001605941:C000165720Member 2025-10-31 0001605941 cik0001605941:TotalFixedIncomeMember cik0001605941:C000165720Member 2025-10-31 0001605941 cik0001605941:TotalEquityLinkedNoteMember cik0001605941:C000165720Member 2025-10-31 0001605941 cik0001605941:TotalEquityMember cik0001605941:C000165720Member 2025-10-31 0001605941 cik0001605941:ShortTermInvestmentMember cik0001605941:C000165720Member 2025-10-31 0001605941 cik0001605941:OtherAssetsLessLiabilitiesMember cik0001605941:C000165720Member 2025-10-31 0001605941 cik0001605941:C000165721Member 2025-10-31 0001605941 cik0001605941:TotalEquityMember cik0001605941:C000165721Member 2025-10-31 0001605941 cik0001605941:TotalEquityLinkedNoteMember cik0001605941:C000165721Member 2025-10-31 0001605941 cik0001605941:TotalFixedIncomeMember cik0001605941:C000165721Member 2025-10-31 0001605941 cik0001605941:ShortTermInvestmentMember cik0001605941:C000165721Member 2025-10-31 0001605941 cik0001605941:OtherAssetsLessLiabilitiesMember cik0001605941:C000165721Member 2025-10-31 0001605941 cik0001605941:C000157845Member 2025-10-31 0001605941 cik0001605941:GlobalRealEstateMember cik0001605941:C000157845Member 2025-10-31 0001605941 cik0001605941:LongShortEquityMember cik0001605941:C000157845Member 2025-10-31 0001605941 cik0001605941:ConvertibleSecuritiesMember cik0001605941:C000157845Member 2025-10-31 0001605941 cik0001605941:EventDrivenMember cik0001605941:C000157845Member 2025-10-31 0001605941 cik0001605941:RealReturnMember cik0001605941:C000157845Member 2025-10-31 0001605941 cik0001605941:ManagedFuturesMember cik0001605941:C000157845Member 2025-10-31 0001605941 cik0001605941:CommoditiesMember cik0001605941:C000157845Member 2025-10-31 0001605941 cik0001605941:CashAndOtherMember cik0001605941:C000157845Member 2025-10-31 0001605941 cik0001605941:C000157846Member 2025-10-31 0001605941 cik0001605941:CommoditiesMember cik0001605941:C000157846Member 2025-10-31 0001605941 cik0001605941:CashAndOtherMember cik0001605941:C000157846Member 2025-10-31 0001605941 cik0001605941:GlobalRealEstateMember cik0001605941:C000157846Member 2025-10-31 0001605941 cik0001605941:LongShortEquityMember cik0001605941:C000157846Member 2025-10-31 0001605941 cik0001605941:ConvertibleSecuritiesMember cik0001605941:C000157846Member 2025-10-31 0001605941 cik0001605941:EventDrivenMember cik0001605941:C000157846Member 2025-10-31 0001605941 cik0001605941:RealReturnMember cik0001605941:C000157846Member 2025-10-31 0001605941 cik0001605941:ManagedFuturesMember cik0001605941:C000157846Member 2025-10-31 0001605941 cik0001605941:C000157847Member 2025-10-31 0001605941 cik0001605941:ManagedFuturesMember cik0001605941:C000157847Member 2025-10-31 0001605941 cik0001605941:CommoditiesMember cik0001605941:C000157847Member 2025-10-31 0001605941 cik0001605941:CashAndOtherMember cik0001605941:C000157847Member 2025-10-31 0001605941 cik0001605941:GlobalRealEstateMember cik0001605941:C000157847Member 2025-10-31 0001605941 cik0001605941:LongShortEquityMember cik0001605941:C000157847Member 2025-10-31 0001605941 cik0001605941:ConvertibleSecuritiesMember cik0001605941:C000157847Member 2025-10-31 0001605941 cik0001605941:EventDrivenMember cik0001605941:C000157847Member 2025-10-31 0001605941 cik0001605941:RealReturnMember cik0001605941:C000157847Member 2025-10-31 0001605941 cik0001605941:C000143086Member 2025-10-31 0001605941 cik0001605941:C000143086Member us-gaap:EnergySectorMember 2025-10-31 0001605941 cik0001605941:C000143086Member us-gaap:RealEstateSectorMember 2025-10-31 0001605941 cik0001605941:C000143086Member cik0001605941:ShortTermInvestmentMember 2025-10-31 0001605941 cik0001605941:C000143086Member cik0001605941:CashAndOtherAssetsLessLiabilitiesSectorMember 2025-10-31 0001605941 cik0001605941:C000143086Member srt:NorthAmericaMember 2025-10-31 0001605941 cik0001605941:C000143086Member cik0001605941:EuropeEUMember 2025-10-31 0001605941 cik0001605941:C000143086Member oef:ConsumerDiscretionarySectorMember 2025-10-31 0001605941 cik0001605941:C000143086Member oef:ConsumerStaplesSectorMember 2025-10-31 0001605941 cik0001605941:C000143086Member us-gaap:HealthcareSectorMember 2025-10-31 0001605941 cik0001605941:C000143086Member oef:CommunicationsSectorMember 2025-10-31 0001605941 cik0001605941:C000143086Member oef:UtilitiesSectorMember 2025-10-31 0001605941 cik0001605941:C000143086Member oef:MaterialsSectorMember 2025-10-31 0001605941 cik0001605941:C000143086Member srt:AsiaMember 2025-10-31 0001605941 cik0001605941:C000143086Member cik0001605941:EuropenonEUMember 2025-10-31 0001605941 cik0001605941:C000143086Member cik0001605941:AustralasiaMember 2025-10-31 0001605941 cik0001605941:C000143086Member country:GB 2025-10-31 0001605941 cik0001605941:C000143086Member srt:SouthAmericaMember 2025-10-31 0001605941 cik0001605941:C000143086Member oef:InformationTechnologySectorMember 2025-10-31 0001605941 cik0001605941:C000143086Member us-gaap:FinancialServicesSectorMember 2025-10-31 0001605941 cik0001605941:C000143086Member oef:IndustrialSectorMember 2025-10-31 0001605941 cik0001605941:C000143087Member 2025-10-31 0001605941 cik0001605941:C000143087Member oef:InformationTechnologySectorMember 2025-10-31 0001605941 cik0001605941:C000143087Member us-gaap:FinancialServicesSectorMember 2025-10-31 0001605941 cik0001605941:C000143087Member oef:IndustrialSectorMember 2025-10-31 0001605941 cik0001605941:C000143087Member us-gaap:EnergySectorMember 2025-10-31 0001605941 cik0001605941:C000143087Member us-gaap:RealEstateSectorMember 2025-10-31 0001605941 cik0001605941:C000143087Member cik0001605941:ShortTermInvestmentMember 2025-10-31 0001605941 cik0001605941:C000143087Member cik0001605941:CashAndOtherAssetsLessLiabilitiesSectorMember 2025-10-31 0001605941 cik0001605941:C000143087Member srt:NorthAmericaMember 2025-10-31 0001605941 cik0001605941:C000143087Member cik0001605941:EuropeEUMember 2025-10-31 0001605941 cik0001605941:C000143087Member oef:ConsumerDiscretionarySectorMember 2025-10-31 0001605941 cik0001605941:C000143087Member oef:ConsumerStaplesSectorMember 2025-10-31 0001605941 cik0001605941:C000143087Member us-gaap:HealthcareSectorMember 2025-10-31 0001605941 cik0001605941:C000143087Member oef:CommunicationsSectorMember 2025-10-31 0001605941 cik0001605941:C000143087Member oef:UtilitiesSectorMember 2025-10-31 0001605941 cik0001605941:C000143087Member oef:MaterialsSectorMember 2025-10-31 0001605941 cik0001605941:C000143087Member srt:AsiaMember 2025-10-31 0001605941 cik0001605941:C000143087Member cik0001605941:EuropenonEUMember 2025-10-31 0001605941 cik0001605941:C000143087Member cik0001605941:AustralasiaMember 2025-10-31 0001605941 cik0001605941:C000143087Member country:GB 2025-10-31 0001605941 cik0001605941:C000143087Member srt:SouthAmericaMember 2025-10-31 0001605941 cik0001605941:C000143088Member 2025-10-31 0001605941 cik0001605941:C000143088Member oef:InformationTechnologySectorMember 2025-10-31 0001605941 cik0001605941:C000143088Member srt:SouthAmericaMember 2025-10-31 0001605941 cik0001605941:C000143088Member srt:NorthAmericaMember 2025-10-31 0001605941 cik0001605941:C000143088Member cik0001605941:EuropeEUMember 2025-10-31 0001605941 cik0001605941:C000143088Member srt:AsiaMember 2025-10-31 0001605941 cik0001605941:C000143088Member cik0001605941:EuropenonEUMember 2025-10-31 0001605941 cik0001605941:C000143088Member cik0001605941:AustralasiaMember 2025-10-31 0001605941 cik0001605941:C000143088Member country:GB 2025-10-31 0001605941 cik0001605941:C000143088Member oef:UtilitiesSectorMember 2025-10-31 0001605941 cik0001605941:C000143088Member oef:MaterialsSectorMember 2025-10-31 0001605941 cik0001605941:C000143088Member us-gaap:EnergySectorMember 2025-10-31 0001605941 cik0001605941:C000143088Member us-gaap:RealEstateSectorMember 2025-10-31 0001605941 cik0001605941:C000143088Member cik0001605941:ShortTermInvestmentMember 2025-10-31 0001605941 cik0001605941:C000143088Member cik0001605941:CashAndOtherAssetsLessLiabilitiesSectorMember 2025-10-31 0001605941 cik0001605941:C000143088Member us-gaap:FinancialServicesSectorMember 2025-10-31 0001605941 cik0001605941:C000143088Member oef:IndustrialSectorMember 2025-10-31 0001605941 cik0001605941:C000143088Member oef:ConsumerDiscretionarySectorMember 2025-10-31 0001605941 cik0001605941:C000143088Member oef:ConsumerStaplesSectorMember 2025-10-31 0001605941 cik0001605941:C000143088Member us-gaap:HealthcareSectorMember 2025-10-31 0001605941 cik0001605941:C000143088Member oef:CommunicationsSectorMember 2025-10-31 0001605941 cik0001605941:C000165722Member 2024-11-01 2025-10-31 0001605941 cik0001605941:Russell1000IndexMember 2024-11-01 2025-10-31 0001605941 cik0001605941:Russell1000GrowthIndexMember 2024-11-01 2025-10-31 0001605941 cik0001605941:C000165722Member oef:WithoutSalesLoadMember 2024-11-01 2025-10-31 0001605941 cik0001605941:C000165724Member 2024-11-01 2025-10-31 0001605941 cik0001605941:C000157853Member 2024-11-01 2025-10-31 0001605941 cik0001605941:C000157853Member oef:WithoutSalesLoadMember 2024-11-01 2025-10-31 0001605941 cik0001605941:BloombergUSAggregateBondIndexMember 2024-11-01 2025-10-31 0001605941 cik0001605941:C000157854Member 2024-11-01 2025-10-31 0001605941 cik0001605941:C000157855Member 2024-11-01 2025-10-31 0001605941 cik0001605941:C000236850Member 2024-11-01 2025-10-31 0001605941 cik0001605941:C000236850Member oef:WithoutSalesLoadMember 2024-11-01 2025-10-31 0001605941 cik0001605941:Russell3000IndexMember 2024-11-01 2025-10-31 0001605941 cik0001605941:Russell2000GrowthIndexMember 2024-11-01 2025-10-31 0001605941 cik0001605941:C000236852Member 2024-11-01 2025-10-31 0001605941 cik0001605941:C000236849Member 2024-11-01 2025-10-31 0001605941 cik0001605941:C000143077Member 2024-11-01 2025-10-31 0001605941 cik0001605941:Russell2500ValueIndexMember 2024-11-01 2025-10-31 0001605941 cik0001605941:C000143077Member oef:WithoutSalesLoadMember 2024-11-01 2025-10-31 0001605941 cik0001605941:C000143079Member 2024-11-01 2025-10-31 0001605941 cik0001605941:C000143080Member 2024-11-01 2025-10-31 0001605941 cik0001605941:C000143081Member 2024-11-01 2025-10-31 0001605941 cik0001605941:ICEBOfAUSHighYieldIndexMember 2024-11-01 2025-10-31 0001605941 cik0001605941:C000143081Member oef:WithoutSalesLoadMember 2024-11-01 2025-10-31 0001605941 cik0001605941:C000143083Member 2024-11-01 2025-10-31 0001605941 cik0001605941:C000143084Member 2024-11-01 2025-10-31 0001605941 cik0001605941:C000165718Member 2024-11-01 2025-10-31 0001605941 cik0001605941:C000165718Member oef:WithoutSalesLoadMember 2024-11-01 2025-10-31 0001605941 cik0001605941:BloombergUSCorporateHighYieldIndexMember 2024-11-01 2025-10-31 0001605941 cik0001605941:ThousandTwoHundredAndNinetyMultiAssetIncomeIndexMember 2024-11-01 2025-10-31 0001605941 cik0001605941:MSCIWorldHighDividendYieldIndexMember 2024-11-01 2025-10-31 0001605941 cik0001605941:CboeSAndP500BuyWriteIndexMember 2024-11-01 2025-10-31 0001605941 cik0001605941:C000165720Member 2024-11-01 2025-10-31 0001605941 cik0001605941:C000165721Member 2024-11-01 2025-10-31 0001605941 cik0001605941:C000157845Member 2024-11-01 2025-10-31 0001605941 cik0001605941:ICEBofAUS3MonthTreasuryBillIndexMember 2024-11-01 2025-10-31 0001605941 cik0001605941:C000157845Member oef:WithoutSalesLoadMember 2024-11-01 2025-10-31 0001605941 cik0001605941:C000157846Member 2024-11-01 2025-10-31 0001605941 cik0001605941:C000157847Member 2024-11-01 2025-10-31 0001605941 cik0001605941:C000143086Member 2024-11-01 2025-10-31 0001605941 cik0001605941:MSCIWorldNetIndexMember 2024-11-01 2025-10-31 0001605941 cik0001605941:C000143087Member 2024-11-01 2025-10-31 0001605941 cik0001605941:C000143088Member 2024-11-01 2025-10-31 0001605941 cik0001605941:C000143088Member oef:WithoutSalesLoadMember 2024-11-01 2025-10-31 0001605941 cik0001605941:C000165722Member 2023-11-30 2023-11-30 0001605941 cik0001605941:Russell1000IndexMember 2023-11-30 2023-11-30 0001605941 cik0001605941:Russell1000GrowthIndexMember 2023-11-30 2023-11-30 0001605941 cik0001605941:C000157853Member 2015-11-01 2025-10-31 0001605941 cik0001605941:BloombergUSAggregateBondIndexMember 2015-11-01 2025-10-31 0001605941 cik0001605941:C000157853Member oef:WithoutSalesLoadMember 2015-11-01 2025-10-31 0001605941 cik0001605941:C000157854Member 2015-11-01 2025-10-31 0001605941 cik0001605941:C000157855Member 2015-11-01 2025-10-31 0001605941 cik0001605941:C000143077Member 2015-11-01 2025-10-31 0001605941 cik0001605941:Russell3000IndexMember 2015-11-01 2025-10-31 0001605941 cik0001605941:Russell2500ValueIndexMember 2015-11-01 2025-10-31 0001605941 cik0001605941:C000143077Member oef:WithoutSalesLoadMember 2015-11-01 2025-10-31 0001605941 cik0001605941:C000143079Member 2015-11-01 2025-10-31 0001605941 cik0001605941:C000143080Member 2015-11-01 2025-10-31 0001605941 cik0001605941:C000143081Member 2015-11-01 2025-10-31 0001605941 cik0001605941:ICEBOfAUSHighYieldIndexMember 2015-11-01 2025-10-31 0001605941 cik0001605941:C000143081Member oef:WithoutSalesLoadMember 2015-11-01 2025-10-31 0001605941 cik0001605941:C000143083Member 2015-11-01 2025-10-31 0001605941 cik0001605941:C000143084Member 2015-11-01 2025-10-31 0001605941 cik0001605941:C000157845Member 2015-11-01 2025-10-31 0001605941 cik0001605941:ICEBofAUS3MonthTreasuryBillIndexMember 2015-11-01 2025-10-31 0001605941 cik0001605941:C000157845Member oef:WithoutSalesLoadMember 2015-11-01 2025-10-31 0001605941 cik0001605941:C000157846Member 2015-11-01 2025-10-31 0001605941 cik0001605941:C000157847Member 2015-11-01 2025-10-31 0001605941 cik0001605941:C000143086Member 2015-11-01 2025-10-31 0001605941 cik0001605941:MSCIWorldNetIndexMember 2015-11-01 2025-10-31 0001605941 cik0001605941:C000143087Member 2015-11-01 2025-10-31 0001605941 cik0001605941:C000143088Member 2015-11-01 2025-10-31 0001605941 cik0001605941:C000143088Member oef:WithoutSalesLoadMember 2015-11-01 2025-10-31 0001605941 cik0001605941:C000165724Member 2017-02-27 2017-02-27 0001605941 cik0001605941:Russell1000GrowthIndexMember 2017-02-27 2017-02-27 0001605941 cik0001605941:Russell1000IndexMember 2017-02-27 2017-02-27 0001605941 cik0001605941:C000157853Member 2015-11-01 2017-10-31 0001605941 cik0001605941:BloombergUSAggregateBondIndexMember 2015-11-01 2017-10-31 0001605941 cik0001605941:C000157854Member 2015-11-01 2017-10-31 0001605941 cik0001605941:C000157855Member 2015-11-01 2017-10-31 0001605941 cik0001605941:C000143077Member 2015-11-01 2017-10-31 0001605941 cik0001605941:Russell3000IndexMember 2015-11-01 2017-10-31 0001605941 cik0001605941:Russell2500ValueIndexMember 2015-11-01 2017-10-31 0001605941 cik0001605941:C000143079Member 2015-11-01 2017-10-31 0001605941 cik0001605941:C000143080Member 2015-11-01 2017-10-31 0001605941 cik0001605941:C000143081Member 2015-11-01 2017-10-31 0001605941 cik0001605941:ICEBOfAUSHighYieldIndexMember 2015-11-01 2017-10-31 0001605941 cik0001605941:C000143083Member 2015-11-01 2017-10-31 0001605941 cik0001605941:C000143084Member 2015-11-01 2017-10-31 0001605941 cik0001605941:C000157845Member 2015-11-01 2017-10-31 0001605941 cik0001605941:ICEBofAUS3MonthTreasuryBillIndexMember 2015-11-01 2017-10-31 0001605941 cik0001605941:C000157846Member 2015-11-01 2017-10-31 0001605941 cik0001605941:C000157847Member 2015-11-01 2017-10-31 0001605941 cik0001605941:C000143086Member 2015-11-01 2017-10-31 0001605941 cik0001605941:C000143087Member 2015-11-01 2017-10-31 0001605941 cik0001605941:MSCIWorldNetIndexMember 2015-11-01 2017-10-31 0001605941 cik0001605941:C000143088Member 2015-11-01 2017-10-31 0001605941 cik0001605941:C000157853Member 2015-11-01 2019-10-31 0001605941 cik0001605941:BloombergUSAggregateBondIndexMember 2015-11-01 2019-10-31 0001605941 cik0001605941:C000157854Member 2015-11-01 2019-10-31 0001605941 cik0001605941:C000157855Member 2015-11-01 2019-10-31 0001605941 cik0001605941:C000143077Member 2015-11-01 2019-10-31 0001605941 cik0001605941:Russell3000IndexMember 2015-11-01 2019-10-31 0001605941 cik0001605941:Russell2500ValueIndexMember 2015-11-01 2019-10-31 0001605941 cik0001605941:C000143079Member 2015-11-01 2019-10-31 0001605941 cik0001605941:C000143080Member 2015-11-01 2019-10-31 0001605941 cik0001605941:C000143081Member 2015-11-01 2019-10-31 0001605941 cik0001605941:ICEBOfAUSHighYieldIndexMember 2015-11-01 2019-10-31 0001605941 cik0001605941:C000143083Member 2015-11-01 2019-10-31 0001605941 cik0001605941:C000143084Member 2015-11-01 2019-10-31 0001605941 cik0001605941:C000157845Member 2015-11-01 2019-10-31 0001605941 cik0001605941:ICEBofAUS3MonthTreasuryBillIndexMember 2015-11-01 2019-10-31 0001605941 cik0001605941:C000157846Member 2015-11-01 2019-10-31 0001605941 cik0001605941:C000157847Member 2015-11-01 2019-10-31 0001605941 cik0001605941:C000143086Member 2015-11-01 2019-10-31 0001605941 cik0001605941:C000143087Member 2015-11-01 2019-10-31 0001605941 cik0001605941:MSCIWorldNetIndexMember 2015-11-01 2019-10-31 0001605941 cik0001605941:C000143088Member 2015-11-01 2019-10-31 0001605941 cik0001605941:C000165724Member 2020-11-01 2025-10-31 0001605941 cik0001605941:Russell1000IndexMember 2020-11-01 2025-10-31 0001605941 cik0001605941:Russell1000GrowthIndexMember 2020-11-01 2025-10-31 0001605941 cik0001605941:C000157853Member 2020-11-01 2025-10-31 0001605941 cik0001605941:BloombergUSAggregateBondIndexMember 2020-11-01 2025-10-31 0001605941 cik0001605941:C000157853Member oef:WithoutSalesLoadMember 2020-11-01 2025-10-31 0001605941 cik0001605941:C000157854Member 2020-11-01 2025-10-31 0001605941 cik0001605941:C000157855Member 2020-11-01 2025-10-31 0001605941 cik0001605941:Russell2500ValueIndexMember 2020-11-01 2025-10-31 0001605941 cik0001605941:C000143077Member 2020-11-01 2025-10-31 0001605941 cik0001605941:Russell3000IndexMember 2020-11-01 2025-10-31 0001605941 cik0001605941:C000143077Member oef:WithoutSalesLoadMember 2020-11-01 2025-10-31 0001605941 cik0001605941:C000143079Member 2020-11-01 2025-10-31 0001605941 cik0001605941:C000143080Member 2020-11-01 2025-10-31 0001605941 cik0001605941:C000143081Member oef:WithoutSalesLoadMember 2020-11-01 2025-10-31 0001605941 cik0001605941:ICEBOfAUSHighYieldIndexMember 2020-11-01 2025-10-31 0001605941 cik0001605941:C000143081Member 2020-11-01 2025-10-31 0001605941 cik0001605941:C000143083Member 2020-11-01 2025-10-31 0001605941 cik0001605941:C000143084Member 2020-11-01 2025-10-31 0001605941 cik0001605941:ThousandTwoHundredAndNinetyMultiAssetIncomeIndexMember 2020-11-01 2025-10-31 0001605941 cik0001605941:MSCIWorldHighDividendYieldIndexMember 2020-11-01 2025-10-31 0001605941 cik0001605941:CboeSAndP500BuyWriteIndexMember 2020-11-01 2025-10-31 0001605941 cik0001605941:C000165718Member 2020-11-01 2025-10-31 0001605941 cik0001605941:C000165718Member oef:WithoutSalesLoadMember 2020-11-01 2025-10-31 0001605941 cik0001605941:BloombergUSCorporateHighYieldIndexMember 2020-11-01 2025-10-31 0001605941 cik0001605941:C000165720Member 2020-11-01 2025-10-31 0001605941 cik0001605941:C000165721Member 2020-11-01 2025-10-31 0001605941 cik0001605941:ICEBofAUS3MonthTreasuryBillIndexMember 2020-11-01 2025-10-31 0001605941 cik0001605941:C000157845Member 2020-11-01 2025-10-31 0001605941 cik0001605941:C000157845Member oef:WithoutSalesLoadMember 2020-11-01 2025-10-31 0001605941 cik0001605941:C000157846Member 2020-11-01 2025-10-31 0001605941 cik0001605941:C000157847Member 2020-11-01 2025-10-31 0001605941 cik0001605941:C000143086Member 2020-11-01 2025-10-31 0001605941 cik0001605941:MSCIWorldNetIndexMember 2020-11-01 2025-10-31 0001605941 cik0001605941:C000143087Member 2020-11-01 2025-10-31 0001605941 cik0001605941:C000143088Member oef:WithoutSalesLoadMember 2020-11-01 2025-10-31 0001605941 cik0001605941:C000143088Member 2020-11-01 2025-10-31 0001605941 cik0001605941:C000157853Member 2015-11-01 2021-10-31 0001605941 cik0001605941:BloombergUSAggregateBondIndexMember 2015-11-01 2021-10-31 0001605941 cik0001605941:C000157854Member 2015-11-01 2021-10-31 0001605941 cik0001605941:C000157855Member 2015-11-01 2021-10-31 0001605941 cik0001605941:C000143077Member 2015-11-01 2021-10-31 0001605941 cik0001605941:Russell3000IndexMember 2015-11-01 2021-10-31 0001605941 cik0001605941:Russell2500ValueIndexMember 2015-11-01 2021-10-31 0001605941 cik0001605941:C000143079Member 2015-11-01 2021-10-31 0001605941 cik0001605941:C000143080Member 2015-11-01 2021-10-31 0001605941 cik0001605941:C000143081Member 2015-11-01 2021-10-31 0001605941 cik0001605941:ICEBOfAUSHighYieldIndexMember 2015-11-01 2021-10-31 0001605941 cik0001605941:C000143083Member 2015-11-01 2021-10-31 0001605941 cik0001605941:C000143084Member 2015-11-01 2021-10-31 0001605941 cik0001605941:C000157845Member 2015-11-01 2021-10-31 0001605941 cik0001605941:ICEBofAUS3MonthTreasuryBillIndexMember 2015-11-01 2021-10-31 0001605941 cik0001605941:C000157846Member 2015-11-01 2021-10-31 0001605941 cik0001605941:C000157847Member 2015-11-01 2021-10-31 0001605941 cik0001605941:C000143086Member 2015-11-01 2021-10-31 0001605941 cik0001605941:C000143087Member 2015-11-01 2021-10-31 0001605941 cik0001605941:MSCIWorldNetIndexMember 2015-11-01 2021-10-31 0001605941 cik0001605941:C000143088Member 2015-11-01 2021-10-31 0001605941 cik0001605941:C000157853Member 2015-11-01 2023-10-31 0001605941 cik0001605941:BloombergUSAggregateBondIndexMember 2015-11-01 2023-10-31 0001605941 cik0001605941:C000157854Member 2015-11-01 2023-10-31 0001605941 cik0001605941:C000157855Member 2015-11-01 2023-10-31 0001605941 cik0001605941:C000143077Member 2015-11-01 2023-10-31 0001605941 cik0001605941:Russell3000IndexMember 2015-11-01 2023-10-31 0001605941 cik0001605941:Russell2500ValueIndexMember 2015-11-01 2023-10-31 0001605941 cik0001605941:C000143079Member 2015-11-01 2023-10-31 0001605941 cik0001605941:C000143080Member 2015-11-01 2023-10-31 0001605941 cik0001605941:C000143081Member 2015-11-01 2023-10-31 0001605941 cik0001605941:ICEBOfAUSHighYieldIndexMember 2015-11-01 2023-10-31 0001605941 cik0001605941:C000143083Member 2015-11-01 2023-10-31 0001605941 cik0001605941:C000143084Member 2015-11-01 2023-10-31 0001605941 cik0001605941:C000157845Member 2015-11-01 2023-10-31 0001605941 cik0001605941:ICEBofAUS3MonthTreasuryBillIndexMember 2015-11-01 2023-10-31 0001605941 cik0001605941:C000157846Member 2015-11-01 2023-10-31 0001605941 cik0001605941:C000157847Member 2015-11-01 2023-10-31 0001605941 cik0001605941:C000143086Member 2015-11-01 2023-10-31 0001605941 cik0001605941:C000143087Member 2015-11-01 2023-10-31 0001605941 cik0001605941:MSCIWorldNetIndexMember 2015-11-01 2023-10-31 0001605941 cik0001605941:C000143088Member 2015-11-01 2023-10-31 0001605941 cik0001605941:C000157853Member 2015-10-31 2015-10-31 0001605941 cik0001605941:BloombergUSAggregateBondIndexMember 2015-10-31 2015-10-31 0001605941 cik0001605941:C000157854Member 2015-10-31 2015-10-31 0001605941 cik0001605941:C000157855Member 2015-10-31 2015-10-31 0001605941 cik0001605941:C000143077Member 2015-10-31 2015-10-31 0001605941 cik0001605941:Russell3000IndexMember 2015-10-31 2015-10-31 0001605941 cik0001605941:Russell2500ValueIndexMember 2015-10-31 2015-10-31 0001605941 cik0001605941:C000143079Member 2015-10-31 2015-10-31 0001605941 cik0001605941:C000143080Member 2015-10-31 2015-10-31 0001605941 cik0001605941:C000143081Member 2015-10-31 2015-10-31 0001605941 cik0001605941:ICEBOfAUSHighYieldIndexMember 2015-10-31 2015-10-31 0001605941 cik0001605941:C000143083Member 2015-10-31 2015-10-31 0001605941 cik0001605941:C000143084Member 2015-10-31 2015-10-31 0001605941 cik0001605941:C000157845Member 2015-10-31 2015-10-31 0001605941 cik0001605941:ICEBofAUS3MonthTreasuryBillIndexMember 2015-10-31 2015-10-31 0001605941 cik0001605941:C000157846Member 2015-10-31 2015-10-31 0001605941 cik0001605941:C000157847Member 2015-10-31 2015-10-31 0001605941 cik0001605941:C000143086Member 2015-10-31 2015-10-31 0001605941 cik0001605941:C000143087Member 2015-10-31 2015-10-31 0001605941 cik0001605941:MSCIWorldNetIndexMember 2015-10-31 2015-10-31 0001605941 cik0001605941:C000143088Member 2015-10-31 2015-10-31 0001605941 cik0001605941:C000157853Member 2015-11-01 2016-10-31 0001605941 cik0001605941:BloombergUSAggregateBondIndexMember 2015-11-01 2016-10-31 0001605941 cik0001605941:C000157854Member 2015-11-01 2016-10-31 0001605941 cik0001605941:C000157855Member 2015-11-01 2016-10-31 0001605941 cik0001605941:C000143077Member 2015-11-01 2016-10-31 0001605941 cik0001605941:Russell3000IndexMember 2015-11-01 2016-10-31 0001605941 cik0001605941:Russell2500ValueIndexMember 2015-11-01 2016-10-31 0001605941 cik0001605941:C000143079Member 2015-11-01 2016-10-31 0001605941 cik0001605941:C000143080Member 2015-11-01 2016-10-31 0001605941 cik0001605941:C000143081Member 2015-11-01 2016-10-31 0001605941 cik0001605941:ICEBOfAUSHighYieldIndexMember 2015-11-01 2016-10-31 0001605941 cik0001605941:C000143083Member 2015-11-01 2016-10-31 0001605941 cik0001605941:C000143084Member 2015-11-01 2016-10-31 0001605941 cik0001605941:C000157845Member 2015-11-01 2016-10-31 0001605941 cik0001605941:ICEBofAUS3MonthTreasuryBillIndexMember 2015-11-01 2016-10-31 0001605941 cik0001605941:C000157846Member 2015-11-01 2016-10-31 0001605941 cik0001605941:C000157847Member 2015-11-01 2016-10-31 0001605941 cik0001605941:C000143086Member 2015-11-01 2016-10-31 0001605941 cik0001605941:C000143087Member 2015-11-01 2016-10-31 0001605941 cik0001605941:MSCIWorldNetIndexMember 2015-11-01 2016-10-31 0001605941 cik0001605941:C000143088Member 2015-11-01 2016-10-31 0001605941 cik0001605941:C000236850Member 2022-07-11 2022-07-11 0001605941 cik0001605941:Russell2000GrowthIndexMember 2022-07-11 2022-07-11 0001605941 cik0001605941:Russell3000IndexMember 2022-07-11 2022-07-11 0001605941 cik0001605941:C000236852Member 2022-07-11 2022-07-11 0001605941 cik0001605941:C000236849Member 2022-07-11 2022-07-11 0001605941 cik0001605941:BloombergUSAggregateBondIndexMember 2016-03-07 2016-03-07 0001605941 cik0001605941:BloombergUSCorporateHighYieldIndexMember 2016-03-07 2016-03-07 0001605941 cik0001605941:C000165718Member 2016-03-07 2016-03-07 0001605941 cik0001605941:ThousandTwoHundredAndNinetyMultiAssetIncomeIndexMember 2016-03-07 2016-03-07 0001605941 cik0001605941:CboeSAndP500BuyWriteIndexMember 2016-03-07 2016-03-07 0001605941 cik0001605941:MSCIWorldHighDividendYieldIndexMember 2016-03-07 2016-03-07 0001605941 cik0001605941:C000165720Member 2016-03-07 2016-03-07 0001605941 cik0001605941:C000165721Member 2016-03-07 2016-03-07 0001605941 cik0001605941:C000165722Member 2023-11-30 2025-10-31 0001605941 cik0001605941:Russell1000IndexMember 2023-11-30 2025-10-31 0001605941 cik0001605941:Russell1000GrowthIndexMember 2023-11-30 2025-10-31 0001605941 cik0001605941:C000165722Member oef:WithoutSalesLoadMember 2023-11-30 2025-10-31 0001605941 cik0001605941:Russell1000GrowthIndexMember 2023-11-30 2024-10-31 0001605941 cik0001605941:Russell1000IndexMember 2023-11-30 2024-10-31 0001605941 cik0001605941:C000165722Member 2023-11-30 2024-10-31 0001605941 cik0001605941:C000165722Member 2023-11-30 2024-01-31 0001605941 cik0001605941:Russell1000IndexMember 2023-11-30 2024-01-31 0001605941 cik0001605941:Russell1000GrowthIndexMember 2023-11-30 2024-01-31 0001605941 cik0001605941:Russell1000IndexMember 2023-11-30 2024-04-30 0001605941 cik0001605941:Russell1000GrowthIndexMember 2023-11-30 2024-04-30 0001605941 cik0001605941:C000165722Member 2023-11-30 2024-04-30 0001605941 cik0001605941:Russell1000IndexMember 2023-11-30 2024-07-31 0001605941 cik0001605941:C000165722Member 2023-11-30 2024-07-31 0001605941 cik0001605941:Russell1000GrowthIndexMember 2023-11-30 2024-07-31 0001605941 cik0001605941:Russell1000IndexMember 2023-11-30 2025-01-31 0001605941 cik0001605941:C000165722Member 2023-11-30 2025-01-31 0001605941 cik0001605941:Russell1000GrowthIndexMember 2023-11-30 2025-01-31 0001605941 cik0001605941:Russell1000GrowthIndexMember 2023-11-30 2025-04-30 0001605941 cik0001605941:Russell1000IndexMember 2023-11-30 2025-04-30 0001605941 cik0001605941:C000165722Member 2023-11-30 2025-04-30 0001605941 cik0001605941:Russell1000IndexMember 2023-11-30 2025-07-31 0001605941 cik0001605941:C000165722Member 2023-11-30 2025-07-31 0001605941 cik0001605941:Russell1000GrowthIndexMember 2023-11-30 2025-07-31 0001605941 cik0001605941:C000165724Member 2017-02-27 2025-10-31 0001605941 cik0001605941:Russell1000GrowthIndexMember 2017-02-27 2025-10-31 0001605941 cik0001605941:Russell1000IndexMember 2017-02-27 2025-10-31 0001605941 cik0001605941:C000165724Member 2017-02-27 2017-10-31 0001605941 cik0001605941:Russell1000GrowthIndexMember 2017-02-27 2017-10-31 0001605941 cik0001605941:Russell1000IndexMember 2017-02-27 2017-10-31 0001605941 cik0001605941:C000165724Member 2017-02-27 2018-10-31 0001605941 cik0001605941:Russell1000GrowthIndexMember 2017-02-27 2018-10-31 0001605941 cik0001605941:Russell1000IndexMember 2017-02-27 2018-10-31 0001605941 cik0001605941:C000165724Member 2017-02-27 2019-10-31 0001605941 cik0001605941:Russell1000GrowthIndexMember 2017-02-27 2019-10-31 0001605941 cik0001605941:Russell1000IndexMember 2017-02-27 2019-10-31 0001605941 cik0001605941:C000165724Member 2017-02-27 2020-10-31 0001605941 cik0001605941:Russell1000GrowthIndexMember 2017-02-27 2020-10-31 0001605941 cik0001605941:Russell1000IndexMember 2017-02-27 2020-10-31 0001605941 cik0001605941:C000165724Member 2017-02-27 2021-10-31 0001605941 cik0001605941:Russell1000GrowthIndexMember 2017-02-27 2021-10-31 0001605941 cik0001605941:Russell1000IndexMember 2017-02-27 2021-10-31 0001605941 cik0001605941:C000165724Member 2017-02-27 2022-10-31 0001605941 cik0001605941:Russell1000GrowthIndexMember 2017-02-27 2022-10-31 0001605941 cik0001605941:Russell1000IndexMember 2017-02-27 2022-10-31 0001605941 cik0001605941:C000157853Member 2015-11-01 2018-10-31 0001605941 cik0001605941:BloombergUSAggregateBondIndexMember 2015-11-01 2018-10-31 0001605941 cik0001605941:C000157854Member 2015-11-01 2018-10-31 0001605941 cik0001605941:C000157855Member 2015-11-01 2018-10-31 0001605941 cik0001605941:C000143077Member 2015-11-01 2018-10-31 0001605941 cik0001605941:Russell3000IndexMember 2015-11-01 2018-10-31 0001605941 cik0001605941:Russell2500ValueIndexMember 2015-11-01 2018-10-31 0001605941 cik0001605941:C000143079Member 2015-11-01 2018-10-31 0001605941 cik0001605941:C000143080Member 2015-11-01 2018-10-31 0001605941 cik0001605941:C000143081Member 2015-11-01 2018-10-31 0001605941 cik0001605941:ICEBOfAUSHighYieldIndexMember 2015-11-01 2018-10-31 0001605941 cik0001605941:C000143083Member 2015-11-01 2018-10-31 0001605941 cik0001605941:C000143084Member 2015-11-01 2018-10-31 0001605941 cik0001605941:C000157845Member 2015-11-01 2018-10-31 0001605941 cik0001605941:ICEBofAUS3MonthTreasuryBillIndexMember 2015-11-01 2018-10-31 0001605941 cik0001605941:C000157846Member 2015-11-01 2018-10-31 0001605941 cik0001605941:C000157847Member 2015-11-01 2018-10-31 0001605941 cik0001605941:C000143086Member 2015-11-01 2018-10-31 0001605941 cik0001605941:C000143087Member 2015-11-01 2018-10-31 0001605941 cik0001605941:MSCIWorldNetIndexMember 2015-11-01 2018-10-31 0001605941 cik0001605941:C000143088Member 2015-11-01 2018-10-31 0001605941 cik0001605941:C000165724Member 2017-02-27 2023-10-31 0001605941 cik0001605941:Russell1000GrowthIndexMember 2017-02-27 2023-10-31 0001605941 cik0001605941:Russell1000IndexMember 2017-02-27 2023-10-31 0001605941 cik0001605941:C000157853Member 2015-11-01 2020-10-31 0001605941 cik0001605941:BloombergUSAggregateBondIndexMember 2015-11-01 2020-10-31 0001605941 cik0001605941:C000157854Member 2015-11-01 2020-10-31 0001605941 cik0001605941:C000157855Member 2015-11-01 2020-10-31 0001605941 cik0001605941:C000143077Member 2015-11-01 2020-10-31 0001605941 cik0001605941:Russell3000IndexMember 2015-11-01 2020-10-31 0001605941 cik0001605941:Russell2500ValueIndexMember 2015-11-01 2020-10-31 0001605941 cik0001605941:C000143079Member 2015-11-01 2020-10-31 0001605941 cik0001605941:C000143080Member 2015-11-01 2020-10-31 0001605941 cik0001605941:C000143081Member 2015-11-01 2020-10-31 0001605941 cik0001605941:ICEBOfAUSHighYieldIndexMember 2015-11-01 2020-10-31 0001605941 cik0001605941:C000143083Member 2015-11-01 2020-10-31 0001605941 cik0001605941:C000143084Member 2015-11-01 2020-10-31 0001605941 cik0001605941:ICEBofAUS3MonthTreasuryBillIndexMember 2015-11-01 2020-10-31 0001605941 cik0001605941:C000157845Member 2015-11-01 2020-10-31 0001605941 cik0001605941:C000157846Member 2015-11-01 2020-10-31 0001605941 cik0001605941:C000157847Member 2015-11-01 2020-10-31 0001605941 cik0001605941:C000143086Member 2015-11-01 2020-10-31 0001605941 cik0001605941:C000143087Member 2015-11-01 2020-10-31 0001605941 cik0001605941:MSCIWorldNetIndexMember 2015-11-01 2020-10-31 0001605941 cik0001605941:C000143088Member 2015-11-01 2020-10-31 0001605941 cik0001605941:C000157853Member 2015-11-01 2022-10-31 0001605941 cik0001605941:BloombergUSAggregateBondIndexMember 2015-11-01 2022-10-31 0001605941 cik0001605941:C000157854Member 2015-11-01 2022-10-31 0001605941 cik0001605941:C000157855Member 2015-11-01 2022-10-31 0001605941 cik0001605941:C000143077Member 2015-11-01 2022-10-31 0001605941 cik0001605941:Russell3000IndexMember 2015-11-01 2022-10-31 0001605941 cik0001605941:Russell2500ValueIndexMember 2015-11-01 2022-10-31 0001605941 cik0001605941:C000143079Member 2015-11-01 2022-10-31 0001605941 cik0001605941:C000143080Member 2015-11-01 2022-10-31 0001605941 cik0001605941:C000143081Member 2015-11-01 2022-10-31 0001605941 cik0001605941:ICEBOfAUSHighYieldIndexMember 2015-11-01 2022-10-31 0001605941 cik0001605941:C000143083Member 2015-11-01 2022-10-31 0001605941 cik0001605941:C000143084Member 2015-11-01 2022-10-31 0001605941 cik0001605941:C000157845Member 2015-11-01 2022-10-31 0001605941 cik0001605941:ICEBofAUS3MonthTreasuryBillIndexMember 2015-11-01 2022-10-31 0001605941 cik0001605941:C000157846Member 2015-11-01 2022-10-31 0001605941 cik0001605941:C000157847Member 2015-11-01 2022-10-31 0001605941 cik0001605941:C000143086Member 2015-11-01 2022-10-31 0001605941 cik0001605941:C000143087Member 2015-11-01 2022-10-31 0001605941 cik0001605941:MSCIWorldNetIndexMember 2015-11-01 2022-10-31 0001605941 cik0001605941:C000143088Member 2015-11-01 2022-10-31 0001605941 cik0001605941:C000157853Member 2015-11-01 2024-10-31 0001605941 cik0001605941:BloombergUSAggregateBondIndexMember 2015-11-01 2024-10-31 0001605941 cik0001605941:C000157854Member 2015-11-01 2024-10-31 0001605941 cik0001605941:C000157855Member 2015-11-01 2024-10-31 0001605941 cik0001605941:Russell3000IndexMember 2015-11-01 2024-10-31 0001605941 cik0001605941:Russell2500ValueIndexMember 2015-11-01 2024-10-31 0001605941 cik0001605941:C000143077Member 2015-11-01 2024-10-31 0001605941 cik0001605941:C000143079Member 2015-11-01 2024-10-31 0001605941 cik0001605941:C000143080Member 2015-11-01 2024-10-31 0001605941 cik0001605941:C000143081Member 2015-11-01 2024-10-31 0001605941 cik0001605941:ICEBOfAUSHighYieldIndexMember 2015-11-01 2024-10-31 0001605941 cik0001605941:C000143083Member 2015-11-01 2024-10-31 0001605941 cik0001605941:C000143084Member 2015-11-01 2024-10-31 0001605941 cik0001605941:C000157845Member 2015-11-01 2024-10-31 0001605941 cik0001605941:ICEBofAUS3MonthTreasuryBillIndexMember 2015-11-01 2024-10-31 0001605941 cik0001605941:C000157846Member 2015-11-01 2024-10-31 0001605941 cik0001605941:C000157847Member 2015-11-01 2024-10-31 0001605941 cik0001605941:C000143086Member 2015-11-01 2024-10-31 0001605941 cik0001605941:C000143087Member 2015-11-01 2024-10-31 0001605941 cik0001605941:MSCIWorldNetIndexMember 2015-11-01 2024-10-31 0001605941 cik0001605941:C000143088Member 2015-11-01 2024-10-31 0001605941 cik0001605941:C000165724Member 2017-02-27 2024-10-31 0001605941 cik0001605941:Russell1000GrowthIndexMember 2017-02-27 2024-10-31 0001605941 cik0001605941:Russell1000IndexMember 2017-02-27 2024-10-31 0001605941 cik0001605941:Russell3000IndexMember 2022-07-11 2025-10-31 0001605941 cik0001605941:Russell2000GrowthIndexMember 2022-07-11 2025-10-31 0001605941 cik0001605941:C000236850Member 2022-07-11 2025-10-31 0001605941 cik0001605941:C000236850Member oef:WithoutSalesLoadMember 2022-07-11 2025-10-31 0001605941 cik0001605941:C000236852Member 2022-07-11 2025-10-31 0001605941 cik0001605941:C000236849Member 2022-07-11 2025-10-31 0001605941 cik0001605941:BloombergUSAggregateBondIndexMember 2016-03-07 2016-10-31 0001605941 cik0001605941:BloombergUSCorporateHighYieldIndexMember 2016-03-07 2016-10-31 0001605941 cik0001605941:C000165718Member 2016-03-07 2016-10-31 0001605941 cik0001605941:ThousandTwoHundredAndNinetyMultiAssetIncomeIndexMember 2016-03-07 2016-10-31 0001605941 cik0001605941:CboeSAndP500BuyWriteIndexMember 2016-03-07 2016-10-31 0001605941 cik0001605941:MSCIWorldHighDividendYieldIndexMember 2016-03-07 2016-10-31 0001605941 cik0001605941:C000165720Member 2016-03-07 2016-10-31 0001605941 cik0001605941:C000165721Member 2016-03-07 2016-10-31 0001605941 cik0001605941:BloombergUSAggregateBondIndexMember 2016-03-07 2017-10-31 0001605941 cik0001605941:BloombergUSCorporateHighYieldIndexMember 2016-03-07 2017-10-31 0001605941 cik0001605941:C000165718Member 2016-03-07 2017-10-31 0001605941 cik0001605941:ThousandTwoHundredAndNinetyMultiAssetIncomeIndexMember 2016-03-07 2017-10-31 0001605941 cik0001605941:CboeSAndP500BuyWriteIndexMember 2016-03-07 2017-10-31 0001605941 cik0001605941:MSCIWorldHighDividendYieldIndexMember 2016-03-07 2017-10-31 0001605941 cik0001605941:C000165720Member 2016-03-07 2017-10-31 0001605941 cik0001605941:C000165721Member 2016-03-07 2017-10-31 0001605941 cik0001605941:BloombergUSAggregateBondIndexMember 2016-03-07 2018-10-31 0001605941 cik0001605941:BloombergUSCorporateHighYieldIndexMember 2016-03-07 2018-10-31 0001605941 cik0001605941:C000165718Member 2016-03-07 2018-10-31 0001605941 cik0001605941:ThousandTwoHundredAndNinetyMultiAssetIncomeIndexMember 2016-03-07 2018-10-31 0001605941 cik0001605941:CboeSAndP500BuyWriteIndexMember 2016-03-07 2018-10-31 0001605941 cik0001605941:MSCIWorldHighDividendYieldIndexMember 2016-03-07 2018-10-31 0001605941 cik0001605941:C000165720Member 2016-03-07 2018-10-31 0001605941 cik0001605941:C000165721Member 2016-03-07 2018-10-31 0001605941 cik0001605941:CboeSAndP500BuyWriteIndexMember 2016-03-07 2019-10-31 0001605941 cik0001605941:ThousandTwoHundredAndNinetyMultiAssetIncomeIndexMember 2016-03-07 2019-10-31 0001605941 cik0001605941:C000165718Member 2016-03-07 2019-10-31 0001605941 cik0001605941:BloombergUSCorporateHighYieldIndexMember 2016-03-07 2019-10-31 0001605941 cik0001605941:BloombergUSAggregateBondIndexMember 2016-03-07 2019-10-31 0001605941 cik0001605941:MSCIWorldHighDividendYieldIndexMember 2016-03-07 2019-10-31 0001605941 cik0001605941:C000165720Member 2016-03-07 2019-10-31 0001605941 cik0001605941:C000165721Member 2016-03-07 2019-10-31 0001605941 cik0001605941:BloombergUSAggregateBondIndexMember 2016-03-07 2020-10-31 0001605941 cik0001605941:BloombergUSCorporateHighYieldIndexMember 2016-03-07 2020-10-31 0001605941 cik0001605941:C000165718Member 2016-03-07 2020-10-31 0001605941 cik0001605941:ThousandTwoHundredAndNinetyMultiAssetIncomeIndexMember 2016-03-07 2020-10-31 0001605941 cik0001605941:CboeSAndP500BuyWriteIndexMember 2016-03-07 2020-10-31 0001605941 cik0001605941:MSCIWorldHighDividendYieldIndexMember 2016-03-07 2020-10-31 0001605941 cik0001605941:C000165720Member 2016-03-07 2020-10-31 0001605941 cik0001605941:C000165721Member 2016-03-07 2020-10-31 0001605941 cik0001605941:BloombergUSAggregateBondIndexMember 2016-03-07 2021-10-31 0001605941 cik0001605941:BloombergUSCorporateHighYieldIndexMember 2016-03-07 2021-10-31 0001605941 cik0001605941:C000165718Member 2016-03-07 2021-10-31 0001605941 cik0001605941:ThousandTwoHundredAndNinetyMultiAssetIncomeIndexMember 2016-03-07 2021-10-31 0001605941 cik0001605941:CboeSAndP500BuyWriteIndexMember 2016-03-07 2021-10-31 0001605941 cik0001605941:MSCIWorldHighDividendYieldIndexMember 2016-03-07 2021-10-31 0001605941 cik0001605941:C000165720Member 2016-03-07 2021-10-31 0001605941 cik0001605941:C000165721Member 2016-03-07 2021-10-31 0001605941 cik0001605941:C000165718Member 2016-03-07 2022-10-31 0001605941 cik0001605941:ThousandTwoHundredAndNinetyMultiAssetIncomeIndexMember 2016-03-07 2022-10-31 0001605941 cik0001605941:CboeSAndP500BuyWriteIndexMember 2016-03-07 2022-10-31 0001605941 cik0001605941:MSCIWorldHighDividendYieldIndexMember 2016-03-07 2022-10-31 0001605941 cik0001605941:BloombergUSAggregateBondIndexMember 2016-03-07 2022-10-31 0001605941 cik0001605941:BloombergUSCorporateHighYieldIndexMember 2016-03-07 2022-10-31 0001605941 cik0001605941:C000165720Member 2016-03-07 2022-10-31 0001605941 cik0001605941:C000165721Member 2016-03-07 2022-10-31 0001605941 cik0001605941:C000165718Member 2016-03-07 2023-10-31 0001605941 cik0001605941:ThousandTwoHundredAndNinetyMultiAssetIncomeIndexMember 2016-03-07 2023-10-31 0001605941 cik0001605941:CboeSAndP500BuyWriteIndexMember 2016-03-07 2023-10-31 0001605941 cik0001605941:MSCIWorldHighDividendYieldIndexMember 2016-03-07 2023-10-31 0001605941 cik0001605941:BloombergUSAggregateBondIndexMember 2016-03-07 2023-10-31 0001605941 cik0001605941:BloombergUSCorporateHighYieldIndexMember 2016-03-07 2023-10-31 0001605941 cik0001605941:C000165720Member 2016-03-07 2023-10-31 0001605941 cik0001605941:C000165721Member 2016-03-07 2023-10-31 0001605941 cik0001605941:C000165718Member 2016-03-07 2024-10-31 0001605941 cik0001605941:ThousandTwoHundredAndNinetyMultiAssetIncomeIndexMember 2016-03-07 2024-10-31 0001605941 cik0001605941:CboeSAndP500BuyWriteIndexMember 2016-03-07 2024-10-31 0001605941 cik0001605941:MSCIWorldHighDividendYieldIndexMember 2016-03-07 2024-10-31 0001605941 cik0001605941:BloombergUSAggregateBondIndexMember 2016-03-07 2024-10-31 0001605941 cik0001605941:BloombergUSCorporateHighYieldIndexMember 2016-03-07 2024-10-31 0001605941 cik0001605941:C000165720Member 2016-03-07 2024-10-31 0001605941 cik0001605941:C000165721Member 2016-03-07 2024-10-31 0001605941 cik0001605941:BloombergUSCorporateHighYieldIndexMember 2016-03-07 2025-10-31 0001605941 cik0001605941:BloombergUSAggregateBondIndexMember 2016-03-07 2025-10-31 0001605941 cik0001605941:MSCIWorldHighDividendYieldIndexMember 2016-03-07 2025-10-31 0001605941 cik0001605941:CboeSAndP500BuyWriteIndexMember 2016-03-07 2025-10-31 0001605941 cik0001605941:ThousandTwoHundredAndNinetyMultiAssetIncomeIndexMember 2016-03-07 2025-10-31 0001605941 cik0001605941:C000165718Member 2016-03-07 2025-10-31 0001605941 cik0001605941:C000165718Member oef:WithoutSalesLoadMember 2016-03-07 2025-10-31 0001605941 cik0001605941:C000165720Member 2016-03-07 2025-10-31 0001605941 cik0001605941:C000165721Member 2016-03-07 2025-10-31 0001605941 cik0001605941:Russell3000IndexMember 2022-07-11 2022-07-31 0001605941 cik0001605941:C000236850Member 2022-07-11 2022-07-31 0001605941 cik0001605941:Russell2000GrowthIndexMember 2022-07-11 2022-07-31 0001605941 cik0001605941:C000236852Member 2022-07-11 2022-07-31 0001605941 cik0001605941:C000236849Member 2022-07-11 2022-07-31 0001605941 cik0001605941:Russell3000IndexMember 2022-07-11 2022-10-31 0001605941 cik0001605941:C000236850Member 2022-07-11 2022-10-31 0001605941 cik0001605941:Russell2000GrowthIndexMember 2022-07-11 2022-10-31 0001605941 cik0001605941:C000236852Member 2022-07-11 2022-10-31 0001605941 cik0001605941:C000236849Member 2022-07-11 2022-10-31 0001605941 cik0001605941:C000236852Member 2022-07-11 2023-01-31 0001605941 cik0001605941:C000236849Member 2022-07-11 2023-01-31 0001605941 cik0001605941:C000236849Member 2022-07-11 2023-04-30 0001605941 cik0001605941:Russell3000IndexMember 2022-07-11 2023-07-31 0001605941 cik0001605941:C000236850Member 2022-07-11 2023-07-31 0001605941 cik0001605941:Russell2000GrowthIndexMember 2022-07-11 2023-07-31 0001605941 cik0001605941:C000236852Member 2022-07-11 2023-07-31 0001605941 cik0001605941:C000236849Member 2022-07-11 2023-07-31 0001605941 cik0001605941:Russell2000GrowthIndexMember 2022-07-11 2023-10-31 0001605941 cik0001605941:Russell3000IndexMember 2022-07-11 2023-10-31 0001605941 cik0001605941:C000236850Member 2022-07-11 2023-10-31 0001605941 cik0001605941:C000236852Member 2022-07-11 2023-10-31 0001605941 cik0001605941:C000236849Member 2022-07-11 2023-10-31 0001605941 cik0001605941:C000236849Member 2022-07-11 2024-01-31 0001605941 cik0001605941:C000236849Member 2022-07-11 2024-04-30 0001605941 cik0001605941:Russell3000IndexMember 2022-07-11 2024-07-31 0001605941 cik0001605941:Russell2000GrowthIndexMember 2022-07-11 2024-07-31 0001605941 cik0001605941:C000236850Member 2022-07-11 2024-07-31 0001605941 cik0001605941:C000236852Member 2022-07-11 2024-07-31 0001605941 cik0001605941:C000236849Member 2022-07-11 2024-07-31 0001605941 cik0001605941:Russell3000IndexMember 2022-07-11 2024-10-31 0001605941 cik0001605941:Russell2000GrowthIndexMember 2022-07-11 2024-10-31 0001605941 cik0001605941:C000236850Member 2022-07-11 2024-10-31 0001605941 cik0001605941:C000236852Member 2022-07-11 2024-10-31 0001605941 cik0001605941:C000236849Member 2022-07-11 2024-10-31 0001605941 cik0001605941:C000236849Member 2022-07-11 2025-01-31 0001605941 cik0001605941:C000236849Member 2022-07-11 2025-04-30 0001605941 cik0001605941:Russell3000IndexMember 2022-07-11 2025-07-31 0001605941 cik0001605941:Russell2000GrowthIndexMember 2022-07-11 2025-07-31 0001605941 cik0001605941:C000236850Member 2022-07-11 2025-07-31 0001605941 cik0001605941:C000236852Member 2022-07-11 2025-07-31 0001605941 cik0001605941:C000236849Member 2022-07-11 2025-07-31 iso4217:USD pure cik0001605941:Holding 9463.18 12394.42 11699.23 14206.53 13149.60 12680.69 12967.95 12176.61 12213.09 15337.72 13927.19 12457.23 12764.50 11761.05 13538.42 11145.15 11128.23 15225.49 16926.40 15360.87 14232.99 10003.47 10042.10 10197.91 10706.98 10684.80 10647.61 2058475.35 3589825.65 2698454.98 2579560.31 4685612.54 3268798.33 1426554.8 2099181.43 1785128.12 1492544.87 2496989.32 1954427.9 1248372.16 1943967.07 1487520.33 1662019.35 2783933.77 2134763.57 1126000 1284687.6 1175387.5 1288451.77 1504407.34 1341729.18 1000000 1000000 1000000 1103000 1160384.78 1098719.95 9552.53 10000 9876.35 10437.02 10391.72 10285.63 11737.54 11370.38 12619.01 12070.67 12417.28 12213.8 13241.09 12155.4 10550.47 10249.13 10295.97 10531.2 10147.56 10314.96 11475.05 11502.15 1352561.40 1406172.78 1122397.49 1108549.34 1254476.38 1000000 1036296.82 1083772.66 1070857.34 1214684.93 1316002.95 10305.26 10721.18 10539.91 11892.99 12816.83 13642.18 10832.37 10652.25 11998.30 12864.30 10000.00 16934.80 18308.83 9923.89 10733.14 10143.22 12090.80 10993.24 14638.78 15154.74 9451.80 13698.94 13545.16 14130.81 16092.72 10000.00 11478.97 11374.44 8447.68 10775.79 9971.64 10396.98 12144.77 10743.41 10884.29 10000.00 16486.76 13740.55 1000000.00 1100000.00 1464357.08 1759444.17 1056000.00 1146104.41 1143088.35 896776.43 1209441.76 1221506.02 14426.99 17302.33 10526.17 10606.6 11973.9 12074.43 13481.95 11541.59 11000 10540 11431 10204.46 11370.68 8907.53 10000 17413.93 19161.10 24781.60 15501.60 17119.18 20688.24 12390.25 13755.15 15634.86 11518.31 12116.18 17221.50 12339.77 12929.61 12924.00 12113.26 12964.82 13776.46 9447.00 10000.00 10000.00 9737.73 10777.58 10424.31 16103.05 16273.49 22421.94 21549.42 30909.81 22073.32 23727.63 37342.92 20444.65 1292415.527 1313373.295 1033385.644 1000000.00 2213804.144 1738721.091 1670136.052 1871088.198 1234456.782 1325593.451 2395337.119 22790.19 21165.92 16710.45 16126.16 18163.7 12037.77 12987.16 12730.26 12999.22 10277.2 10000 9551.15 10000.00 10140.45 11016.54 12653.01 13992.99 14664.56 16308.48 15711.62 17631.44 12510.41 13470.57 13419.45 14917.77 12131.59 13213.60 11073.33 12023.46 11168.06 12127.22 11946.19 13136.42 1000000.00 1064373.91 1166301.56 1179069.64 1263009.11 1325933.47 1425796.25 1292194.04 1352749.42 1571462.20 1687754.38 10000.00 10590.81 11538.65 15022.05 16036.12 11610.80 12375.95 12928.13 13833.92 12488.75 12993.33 12020.23 15474.04 13236.72 12904.94 12207.27 13527.95 12077.98 14000.44 15521.90 14609.61 15508.43 16166.27 10200.25 12481.81 13140.43 12768.78 11789.55 12626.55 10414.08 12361.31 11024.15 11727.75 12398.43 12362.11 10320.95 11349.10 10894.62 11692.61 12018.61 12405.33 10000.00 10000.00 9952.74 10727.31 10611.92 10541.28 9451.80 10000.00 10000.00 10000.00 18274.17 11936.44 21507.63 19789.26 17111.11 18316.50 16862.65 15740.84 17751.53 19521.13 11243.94 16895.39 14520.30 13510.66 14977.57 15789.96 10171.25 14505.79 13759.95 12940.95 13962.86 15096.18 10135.15 13654.86 11374.24 13929.14 1000000 1055000 1158112.41 1174887.58 1302950.78 1405805.12 1665462.34 1480666.77 1564443.77 1822926.69 1984882.96 10000 14326.33 15069.01 17458.76 18917.13 10520 11482.11 11589.44 12801.27 13747.37 16204.09 10615.72 11536.03 10621.67 9888.63 10705.32 10035.14 9454.19 10000.00 9787.89 10030.59 11219.70 11402.00 11827.45 12787.40 12344.87 10097.74 10060.32 10102.93 9910.33 10272.27 10304.99 10519.31 1055759.21 1100608.53 1081223.11 1238912.83 1064091.57 1081450.66 1000000.00 1037578.64 1069088.48 1232893.43 1385718.65 10287.68 10330.15 10591.70 10402.21 10791.21 10546.72 12017.49 10000.00 13180.31 10401.07 11796.57 2708175.09 1000000.00 1018373.27 1456177.18 1489663.85 1994181.56 1723786.82 1835127.68 2398789.19 1230680.84 1253543.55 17619.05 18692.95 22924.04 24988.41 19339.33 20754.80 16637.81 16919.55 25753.80 30489.96 12348.24 12566.71 14268.04 14161.88 14529.09 14780.01 10000.00 10000.00 10131.66 10118.43 12178.87 12422.88 13899.26 18553.83 16005.76 16988.74 22149.70 24957.77 9446.49 9595.41 11569.71 11759.09 13617.98 false 0001605941 N-1A 1290 Avantis® U.S. Large Cap Growth Fund (Class A) with Sales Charge 1290 Avantis® U.S. Large Cap Growth Fund (Class A) without Sales Charge 1290 Diversified Bond Fund (Class A) without Sales Charge 1290 Diversified Bond Fund (Class A) with Sales Charge 0.526 0.286 0.085 0.039 0.240 0.110 0.095 0.059 0.047 0.039 0.526 0.286 0.240 0.110 0.095 0.059 0.047 0.039 0.085 0.039 0.047 0.039 0.085 0.039 0.526 0.286 0.240 0.110 0.095 0.059 1290 Avantis® U.S. Large Cap Growth Fund (Class A) without Sales Charge 1290 Avantis® U.S. Large Cap Growth Fund (Class A) with Sales Charge 0.1229 0.3126 0.1764 0.3881 0.129 0.3126 0.1764 0.3881 0.1229 0.3881 0.1764 0.3126 1290 GAMCO Small/Mid Cap Value Fund (Class A) without Sales Charge 1290 GAMCO Small/Mid Cap Value Fund (Class A) with Sales Charge 1290 High Yield Bond Fund (Class A) without Sales Charge 1290 High Yield Bond Fund (Class A) with Sales Charge 0.0472 0.0493 0.3396 0.4269 0.1154 0.0476 0.0472 0.0493 0.3396 0.4269 0.1154 0.0476 0.0476 0.0472 0.0493 0.3396 0.4269 0.1154 1290 Loomis Sayles Multi-Asset Income Fund (Class A) Without Sale Charge 1290 Loomis Sayles Multi-Asset Income Fund (Class A) with Sales Charge 0.399 0.090 0.504 0.016 0.001 0.504 0.090 0.389 0.016 0.001 0.389 0.090 0.504 0.016 0.001 1290 Multi-Alternative Strategies Fund (Class A) without Sales Charge 1290 Multi-Alternative Strategies Fund (Class A) with Sales Charge 0.143 0.140 0.168 0.138 0.125 0.113 0.159 0.014 0.159 0.014 0.143 0.140 0.168 0.138 0.125 0.113 0.113 0.159 0.014 0.143 0.140 0.168 0.138 0.125 1290 SmartBeta Equity Fund (Class A) without Sales Charge 1290 SmartBeta Equity Fund (Class A) with Sales Charge N-CSR 1290 FUNDS 2025-10-31 1290 AVANTIS® U.S. LARGE CAP GROWTH FUND CLASS A TNRAX This annual shareholder report contains important information about the 1290 Avantis<div style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">®</div> U.S. Large Cap Growth Fund (the “Fund”) for the period November 1, 2024 to October 31, 2025. annual shareholder report You can find additional information about the Fund at https://www.1290funds.com/resources/#shareholderReports. You can also request this information by contacting us at 1-888-310-0416. https://www.1290funds.com/resources/#shareholderReports 1-888-310-0416 <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt;width:99%;border-spacing:0;margin:0 auto"> <tr> <td style="width:26%"></td> <td style="vertical-align:bottom;width:1%"></td> <td style="width:32%"></td> <td style="vertical-align:bottom;width:1%"></td> <td style="width:40%"></td></tr> <tr style="font-size:1pt"> <td colspan="5" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td colspan="5" style="vertical-align:top"><div style="font-size: 1pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 1pt; margin-bottom: 0pt; margin-left: 0.17em; font-size: 12pt; font-family: ARIAL; font-weight: bold; line-height: normal;">What were the Fund costs for the last year?</div><div style="font-size: 0pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.22em; font-size: 9pt; font-family: ARIAL; line-height: normal;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">(Based on a hypothetical $10,000 investment)</div></div></div><div style="font-size: 4pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"> </div></td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:middle;text-align:center">Share Class</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;text-align:center"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">Costs of a $10,000</div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">investment</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:middle;text-align:center"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">Costs paid as a percentage of a</div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">$10,000 investment</div></td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;text-align:center">Class A</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:center">$101</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:top;text-align:center">0.90%</td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:6pt"> <td style="vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td></tr></table> 101 0.009 <div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="max-width:100%;margin-left:0%; margin-right:0%;border-radius:10pt; background-color:#f2f2f2;padding-top:2pt;padding-bottom:3pt"><div style="margin-top:0pt; margin-bottom:0pt; padding-top:0pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">How did the Fund perform last year and what affected its performance? </div><div style="margin-top:6pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL;text-align:justify">The Fund’s Class A shares returned 25.04% (without sales charge) for the year ended October 31, 2025. </div><div style="margin-top:12pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What helped performance during the year? </div><div style="margin-top:6pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL;text-align:justify">• The Fund’s emphasis on companies with higher book-to-market characteristics within the eligible universe contributed to relative performance as these companies outperformed lower book-to-market companies within the large growth universe. The Fund’s exclusion of real estate investment trusts (REITs) also aided results, as REITs underperformed during the period. </div><div style="margin-top:12pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What hurt performance during the year? </div><div style="margin-top:6pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL;text-align:justify">• While high book-to-market companies outperformed, high profitability companies lagged. Combined, companies with both traits underperformed. This hurt relative performance because the Fund overweights such companies and underweights those with low book-to-market and low profitability, which significantly outperformed. </div><div style="font-size:24pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL;text-align:justify">  </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL;text-align:justify">  </div><div style="margin-top:0pt; margin-bottom:0pt; padding-bottom:0pt; font-size:10pt; font-family:ARIAL;text-align:justify">  </div></div> <img alt="LOGO" src="g98897g02a01.jpg" style="width:6.30556in;height:3.19352in"/> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt;width:98%;border-spacing:0;margin:0 auto"> <tr> <td style="width:82%"></td> <td style="vertical-align:bottom;width:5%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:middle"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Average Annual Total Returns as of October 31, 2025</div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">1 Year</div></div></td> <td style=" BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Since<br/>Inception*</div></div></td> <td style=" BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">1290 Avantis<div style="font-size:75%; vertical-align:top;display:inline;font-size:6.6px">®</div> U.S. Large Cap Growth Fund (Class A)</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;"><div style="-sec-ix-hidden:hidden6483618;display:inline;">without Sales Charge</div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">25.04</td> <td style="border-top: 0.75pt solid rgb(0, 0, 0); border-right: 0.75pt solid rgb(0, 0, 0); border-bottom: 0.75pt solid rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; padding-bottom: 0.375pt;">% </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">28.15</td> <td style="border-top: 0.75pt solid rgb(0, 0, 0); border-right: 0.75pt solid rgb(0, 0, 0); border-bottom: 0.75pt solid rgb(0, 0, 0); padding-right: 2pt; white-space: nowrap; vertical-align: bottom; padding-bottom: 0.375pt;">% </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;"><div style="-sec-ix-hidden:hidden6483617;display:inline;">with Sales Charge</div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">18.19</td> <td style="border-top: 0.75pt solid rgb(0, 0, 0); border-right: 0.75pt solid rgb(0, 0, 0); border-bottom: 0.75pt solid rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; padding-bottom: 0.375pt;">% </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">24.43</td> <td style="border-top: 0.75pt solid rgb(0, 0, 0); border-right: 0.75pt solid rgb(0, 0, 0); border-bottom: 0.75pt solid rgb(0, 0, 0); padding-right: 2pt; white-space: nowrap; vertical-align: bottom; padding-bottom: 0.375pt;">% </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Russell 1000<div style="font-size:75%; vertical-align:top;display:inline;font-size:6.6px">®</div> Index</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">21.14</td> <td style="border-top: 0.75pt solid rgb(0, 0, 0); border-right: 0.75pt solid rgb(0, 0, 0); border-bottom: 0.75pt solid rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; padding-bottom: 0.375pt;">% </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">25.00</td> <td style="border-top: 0.75pt solid rgb(0, 0, 0); border-right: 0.75pt solid rgb(0, 0, 0); border-bottom: 0.75pt solid rgb(0, 0, 0); padding-right: 2pt; white-space: nowrap; vertical-align: bottom; padding-bottom: 0.375pt;">% </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Russell 1000<div style="font-size:75%; vertical-align:top;display:inline;font-size:6.6px">®</div> Growth Index</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">30.52</td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom">% </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">31.47</td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom">% </td></tr></table> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4.5pt"> </td> <td style="width:9pt;vertical-align:top;text-align:left">*</td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: ARIAL; text-align: justify; line-height: normal;">Date of inception: November 30, 2023 </div></td></tr></table> 0.2504 0.2815 0.1819 0.2443 Russell 1000® Index 0.2114 0.25 Russell 1000® Growth Index 0.3052 0.3147 2023-11-30 The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit https://www.1290funds.com/resources/#shareholderReports for most recent performance information. <div style="margin-top:0pt; margin-bottom:0pt; padding-top:0pt; margin-left:3%; text-indent:-2%; font-size:12pt; font-family:ARIAL;font-weight:bold">Fund Stat<div style="display:inline;">ist</div>ics </div><div style="margin-top:0pt; margin-bottom:0pt; padding-bottom:0pt; margin-left:2%; text-indent:-1%; font-size:9pt; font-family:ARIAL">(as of October 31, 2025) </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt;width:98%;border-spacing:0;margin:0 auto"> <tr> <td style="width:86%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1px"> <td colspan="4" style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="padding-bottom:3pt ;vertical-align:top">Net Assets</td> <td style="vertical-align:bottom">  </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom">$</td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right">209,205,202 </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td colspan="4" style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="padding-bottom:3pt ;vertical-align:top">Number of Portfolio Holdings</td> <td style="vertical-align:bottom">  </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right">184 </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td colspan="4" style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="padding-bottom:3pt ;vertical-align:top">Total Investment Advisory Fees Paid</td> <td style="vertical-align:bottom">  </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right">$654,913</td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td colspan="4" style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="padding-bottom:3pt ;vertical-align:top">Portfolio Turnover Rate</td> <td style="vertical-align:bottom">  </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right">4%</td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td colspan="4" style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:6pt"> <td style="vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td></tr></table> 209205202 184 654913 0.04 <div style="max-width:100%;margin-left:0%; margin-right:0%;border-radius:10pt; background-color:#f2f2f2;padding-top:2pt;padding-bottom:3pt"><div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; padding-top:4pt; margin-left:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What did the Fund invest in? </div><div style="margin-top:0pt; margin-bottom:0pt; padding-bottom:4pt; margin-left:1%; font-size:10pt; font-family:ARIAL;text-align:justify">(as of October 31, 2025) </div><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"><div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt;width:98%;border-spacing:0;margin-left:auto"> <tr> <td style="width:86%"></td> <td style="vertical-align:bottom;width:6%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td colspan="4" style="vertical-align:bottom;white-space:nowrap"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Sector Weightings (as a % of Net Assets)</div></div></td> <td style="vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td colspan="4" style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top">Information Technology</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">49.4%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top">Consumer Discretionary</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">14.2%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top">Communication Services</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">13.0%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top">Industrials</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">6.6%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top">Financials</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">5.9%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top">Health Care</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">5.2%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top">Consumer Staples</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">2.7%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top">Energy</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1.4%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top">Utilities</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0.7%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top">Materials</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0.4%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top">Short-Term Investments</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0.2%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top">Cash and Other Assets Less Liabilities</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0.3%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr></table></div></div><div style="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"><div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt;width:98%;border-spacing:0;margin-left:auto"> <tr> <td style="width:86%"></td> <td style="vertical-align:bottom;width:6%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td colspan="4" style="vertical-align:bottom;white-space:nowrap"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Top Holdings (as a % of Net Assets)</div></div></td> <td style="vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td colspan="4" style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top">NVIDIA Corp.</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">12.1%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top">Apple, Inc.</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">10.5%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top">Microsoft Corp.</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">10.0%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top">Amazon.com, Inc.</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">6.0%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top">Broadcom, Inc.</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">4.6%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top">Alphabet, Inc., Class A</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">4.4%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top">Meta Platforms, Inc., Class A</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">4.0%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top">Alphabet, Inc., Class C</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">3.6%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top">Lam Research Corp.</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1.5%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top">Mastercard, Inc., Class A</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1.4%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr></table></div></div><div style="clear: both; height: 0pt; font-size: 0pt; max-height: 0px;"></div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div></div> 0.494 0.142 0.13 0.066 0.059 0.052 0.027 0.014 0.007 0.004 0.002 0.003 <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt;width:98%;border-spacing:0;margin-left:auto"> <tr> <td style="width:86%"></td> <td style="vertical-align:bottom;width:6%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td colspan="4" style="vertical-align:bottom;white-space:nowrap"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Top Holdings (as a % of Net Assets)</div></div></td> <td style="vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td colspan="4" style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top">NVIDIA Corp.</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">12.1%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top">Apple, Inc.</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">10.5%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top">Microsoft Corp.</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">10.0%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top">Amazon.com, Inc.</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">6.0%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top">Broadcom, Inc.</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">4.6%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top">Alphabet, Inc., Class A</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">4.4%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top">Meta Platforms, Inc., Class A</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">4.0%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top">Alphabet, Inc., Class C</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">3.6%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top">Lam Research Corp.</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1.5%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top">Mastercard, Inc., Class A</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1.4%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr></table> 0.121 0.105 0.10 0.06 0.046 0.044 0.04 0.036 0.015 0.014 1290 AVANTIS® U.S. LARGE CAP GROWTH FUND CLASS I TNXIX This annual shareholder report contains important information about the 1290 Avantis<div style="font-size:75%; vertical-align:top;display:inline;font-size:8.3px">®</div> U.S. Large Cap Growth Fund (the “Fund”) for the period November 1, 2024 to October 31, 2025. annual shareholder report You can find additional information about the Fund at https://www.1290funds.com/resources/#shareholderReports. You can also request this information by contacting us at <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"><div style="white-space:nowrap;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">1-888-310-0416.</div></div></div> https://www.1290funds.com/resources/#shareholderReports 1-888-310-0416 <div style="max-width:100%;margin-left:0%; margin-right:0%;border:solid 1px #ececec;border-radius:10pt; background-color:#ececec;padding-top:2pt;padding-bottom:3pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt;width:99%;border-spacing:0;margin:0 auto"> <tr> <td style="width:26%"></td> <td style="vertical-align:bottom;width:1%"></td> <td style="width:32%"></td> <td style="vertical-align:bottom;width:1%"></td> <td style="width:40%"></td></tr> <tr style="font-size:1pt"> <td colspan="5" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td colspan="5" style="vertical-align:top"><div style="font-size: 1pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 1pt; margin-bottom: 0pt; margin-left: 0.17em; font-size: 12pt; font-family: ARIAL; font-weight: bold; line-height: normal;">What were the Fund costs for the last year?</div><div style="font-size: 0pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.22em; font-size: 9pt; font-family: ARIAL; line-height: normal;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">(Based on a hypothetical $10,000 investment)</div></div></div><div style="font-size: 4pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"> </div></td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:middle;text-align:center">Share Class</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;text-align:center"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">Costs of a $10,000</div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">investment</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:middle;text-align:center"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">Costs paid as a percentage of a</div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">$10,000 investment</div></td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;text-align:center">Class I</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:center">$73</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:top;text-align:center">0.65%</td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:6pt"> <td style="vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td></tr></table></div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div> 73 0.0065 <div style="max-width:100%;margin-left:0%; margin-right:0%;border-radius:10pt; background-color:#f2f2f2;padding-top:2pt;padding-bottom:3pt"><div style="margin-top:0pt; margin-bottom:0pt; padding-top:0pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">How did the Fund perform last year and what affected its performance? </div><div style="margin-top:6pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL;text-align:justify">The Fund’s Class I shares returned 25.31% for the year ended October 31, 2025. </div><div style="margin-top:12pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What helped performance during the year? </div><div style="margin-top:6pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL;text-align:justify">• The Fund’s emphasis on companies with higher book-to-market characteristics within the eligible universe contributed to relative performance as these companies outperformed lower book-to-market companies within the large growth universe. The Fund’s exclusion of real estate investment trusts (REITs) also aided results, as REITs underperformed during the period. </div><div style="margin-top:12pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What hurt performance during the year? </div><div style="margin-top:6pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL;text-align:justify">• While high book-to-market companies outperformed, high profitability companies lagged. Combined, companies with both traits underperformed. This hurt relative performance because the Fund overweights such companies and underweights those with low book-to-market and low profitability, which significantly outperformed. </div><div style="font-size:24pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL;text-align:justify">  </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL;text-align:justify">  </div><div style="margin-top:0pt; margin-bottom:0pt; padding-bottom:0pt; font-size:10pt; font-family:ARIAL;text-align:justify">  </div></div><div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div> <img alt="LOGO" src="g98897g10a01.jpg" style="width:6.30556in;height:3.19352in"/> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt;width:98%;border-spacing:0;margin:0 auto"> <tr> <td style="width:72%"></td> <td style="vertical-align:bottom;width:5%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:middle"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 10/31/25</div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">1 Year</div></div></td> <td style=" BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">5 Years</div></div></td> <td style=" BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Since<br/>Inception*</div></div></td> <td style=" BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">1290 Avantis<div style="font-size:75%; vertical-align:top;display:inline;font-size:6.6px">®</div><div style="font-size:75%; vertical-align:top;display:inline;font-size:6.6px"> </div>U.S. Large Cap Growth Fund (Class I)</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">25.31</td> <td style="border-top: 0.75pt solid rgb(0, 0, 0); border-right: 0.75pt solid rgb(0, 0, 0); border-bottom: 0.75pt solid rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; padding-bottom: 0.375pt;">% </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">15.62</td> <td style="border-top: 0.75pt solid rgb(0, 0, 0); border-right: 0.75pt solid rgb(0, 0, 0); border-bottom: 0.75pt solid rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; padding-bottom: 0.375pt;">% </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">11.54</td> <td style="border-top: 0.75pt solid rgb(0, 0, 0); border-right: 0.75pt solid rgb(0, 0, 0); border-bottom: 0.75pt solid rgb(0, 0, 0); padding-right: 2pt; white-space: nowrap; vertical-align: bottom; padding-bottom: 0.375pt;">% </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Russell 1000<div style="font-size:75%; vertical-align:top;display:inline;font-size:6.6px">®</div><div style="font-size:75%; vertical-align:top;display:inline;font-size:6.6px"> </div>Index</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">21.14</td> <td style="border-top: 0.75pt solid rgb(0, 0, 0); border-right: 0.75pt solid rgb(0, 0, 0); border-bottom: 0.75pt solid rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; padding-bottom: 0.375pt;">% </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">17.05</td> <td style="border-top: 0.75pt solid rgb(0, 0, 0); border-right: 0.75pt solid rgb(0, 0, 0); border-bottom: 0.75pt solid rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; padding-bottom: 0.375pt;">% </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">14.63</td> <td style="border-top: 0.75pt solid rgb(0, 0, 0); border-right: 0.75pt solid rgb(0, 0, 0); border-bottom: 0.75pt solid rgb(0, 0, 0); padding-right: 2pt; white-space: nowrap; vertical-align: bottom; padding-bottom: 0.375pt;">% </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Russell 1000<div style="font-size:75%; vertical-align:top;display:inline;font-size:6.6px">®</div><div style="font-size:75%; vertical-align:top;display:inline;font-size:6.6px"> </div>Growth Index</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">30.52</td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom">% </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">19.24</td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom">% </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">19.49</td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom">% </td></tr></table> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4.5pt"> </td> <td style="width:9pt;vertical-align:top;text-align:left">*</td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: ARIAL; text-align: justify; line-height: normal;">Date of inception: February 27, 2017 </div></td></tr></table> 1290 Avantis® U.S. Large Cap Growth Fund (Class I) 0.2531 0.1562 0.1154 Russell 1000® Index 0.2114 0.1705 0.1463 Russell 1000® Growth Index 0.3052 0.1924 0.1949 2017-02-27 The Fund’s past performance is not a good predictor of the Fund’s future performance. The <div style="letter-spacing: 0px; top: 0px;display:inline;"></div>graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit https://www.1290funds.com/resources/#shareholderReports for most recent performance information. <div style="margin-top:0pt; margin-bottom:0pt; padding-top:0pt; margin-left:3%; text-indent:-2%; font-size:12pt; font-family:ARIAL;font-weight:bold">Fund Stat<div style="display:inline;">istics</div> </div><div style="margin-top:0pt; margin-bottom:0pt; padding-bottom:0pt; margin-left:2%; text-indent:-1%; font-size:9pt; font-family:ARIAL">(as of October 31, 2025) </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt;width:98%;border-spacing:0;margin:0 auto"> <tr> <td style="width:86%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1px"> <td colspan="4" style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="padding-bottom:3pt ;vertical-align:top">Net Assets</td> <td style="vertical-align:bottom">  </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom">$</td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right">209,205,202 </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td colspan="4" style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="padding-bottom:3pt ;vertical-align:top">Number of Portfolio Holdings</td> <td style="vertical-align:bottom">  </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right">184 </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td colspan="4" style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="padding-bottom:3pt ;vertical-align:top">Total Investment Advisory Fees Paid</td> <td style="vertical-align:bottom">  </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right">$654,913</td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td colspan="4" style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="padding-bottom:3pt ;vertical-align:top">Portfolio Turnover Rate</td> <td style="vertical-align:bottom">  </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right">4%</td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td colspan="4" style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:6pt"> <td style="vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td></tr></table> 209205202 184 654913 0.04 <div style="max-width:100%;margin-left:0%; margin-right:0%;border-radius:10pt; background-color:#f2f2f2;padding-top:2pt;padding-bottom:3pt"><div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; padding-top:4pt; margin-left:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What did the Fund i<div style="display:inline;">nv</div>est in? </div><div style="margin-top:0pt; margin-bottom:0pt; padding-bottom:4pt; margin-left:1%; font-size:10pt; font-family:ARIAL;text-align:justify">(as of October 31, 2025) </div><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"><div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt;width:98%;border-spacing:0;margin-left:auto"> <tr> <td style="width:86%"></td> <td style="vertical-align:bottom;width:6%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td colspan="4" style="vertical-align:bottom;white-space:nowrap"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Sector Weightings (as a % of Net Assets)</div></div></td> <td style="vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td colspan="4" style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top">Information Technology</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">49.4%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top">Consumer Discretionary</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">14.2%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top">Communication Services</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">13.0%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top">Industrials</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">6.6%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top">Financials</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">5.9%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top">Health Care</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">5.2%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top">Consumer Staples</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">2.7%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top">Energy</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1.4%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top">Utilities</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0.7%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top">Materials</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0.4%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top">Short-Term Investments</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0.2%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top">Cash and Other Assets Less Liabilities</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0.3%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr></table></div></div><div style="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"><div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt;width:98%;border-spacing:0;margin-left:auto"> <tr> <td style="width:86%"></td> <td style="vertical-align:bottom;width:6%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td colspan="4" style="vertical-align:bottom;white-space:nowrap"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Top Holdings (as a % of Net Assets)</div></div></td> <td style="vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td colspan="4" style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top">NVIDIA Corp.</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">12.1%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top">Apple, Inc.</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">10.5%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top">Microsoft Corp.</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">10.0%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top">Amazon.com, Inc.</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">6.0%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top">Broadcom, Inc.</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">4.6%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top">Alphabet, Inc., Class A</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">4.4%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top">Meta Platforms, Inc., Class A</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">4.0%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top">Alphabet, Inc., Class C</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">3.6%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top">Lam Research Corp.</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1.5%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top">Mastercard, Inc., Class A</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1.4%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr></table></div></div><div style="clear: both; height: 0pt; font-size: 0pt; max-height: 0px;"></div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div></div> 0.494 0.142 0.13 0.066 0.059 0.052 0.027 0.014 0.007 0.004 0.002 0.003 <div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt;width:98%;border-spacing:0;margin-left:auto"> <tr> <td style="width:86%"></td> <td style="vertical-align:bottom;width:6%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td colspan="4" style="vertical-align:bottom;white-space:nowrap"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Top Holdings (as a % of Net Assets)</div></div></td> <td style="vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td colspan="4" style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top">NVIDIA Corp.</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">12.1%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top">Apple, Inc.</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">10.5%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top">Microsoft Corp.</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">10.0%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top">Amazon.com, Inc.</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">6.0%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top">Broadcom, Inc.</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">4.6%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top">Alphabet, Inc., Class A</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">4.4%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top">Meta Platforms, Inc., Class A</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">4.0%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top">Alphabet, Inc., Class C</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">3.6%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top">Lam Research Corp.</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1.5%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top">Mastercard, Inc., Class A</td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1.4%</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr></table></div> 0.121 0.105 0.10 0.06 0.046 0.044 0.04 0.036 0.015 0.014 1290 DIVERSIFIED BOND FUND CLASS A TNUAX This annual shareholder report contains important information about the 1290 Diversified Bond Fund (the “Fund”) for the period November 1, 2024 to October 31, 2025. annual shareholder report You can find additional information about the Fund at https://www.1290funds.com/resources/#shareholderReports. You can also request this information by contacting us at 1-888-310-0416. https://www.1290funds.com/resources/#shareholderReports 1-888-310-0416 <div style="max-width:100%;margin-left:0%; margin-right:0%;border:solid 1px #ececec;border-radius:10pt; background-color:#ececec;padding-top:2pt;padding-bottom:3pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt;width:99%;border-spacing:0;margin:0 auto"> <tr> <td style="width:26%"></td> <td style="vertical-align:bottom;width:1%"></td> <td style="width:32%"></td> <td style="vertical-align:bottom;width:1%"></td> <td style="width:40%"></td></tr> <tr style="font-size:1pt"> <td colspan="5" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td colspan="5" style="vertical-align:top"><div style="font-size: 1pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 1pt; margin-bottom: 0pt; margin-left: 0.17em; font-size: 12pt; font-family: ARIAL; font-weight: bold; line-height: normal;">What were the Fund costs for the last year?</div><div style="font-size: 0pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.22em; font-size: 9pt; font-family: ARIAL; line-height: normal;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">(Based on a hypothetical $10,000 investment)</div></div></div><div style="font-size: 4pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"> </div></td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:middle;text-align:center">Share Class</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;text-align:center"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">Costs of a $10,000</div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">investment</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:middle;text-align:center"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">Costs paid as a percentage of a</div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">$10,000 investment</div></td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;text-align:center">Class A</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:center">$78</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:top;text-align:center">0.75%</td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:6pt"> <td style="vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td></tr></table></div> <div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div> 78 0.0075 <div style="max-width:100%;margin-left:0%; margin-right:0%;border-radius:10pt; background-color:#f2f2f2;padding-top:2pt;padding-bottom:3pt"><div style="margin-top:0pt; margin-bottom:0pt; padding-top:0pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">How did the Fund perform last year and what affected its performance? </div><div style="margin-top:6pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL;text-align:justify">The Fund’s Class A shares returned 7.51% (without sales charge) for the year ended October 31, 2025. </div><div style="margin-top:12pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What helped performance during the year? </div><div style="margin-top:6pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL;text-align:justify">• The Fund’s overweight to Mexican sovereign debt added to performance over the past year. </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; font-size:10pt; font-family:ARIAL">• The Fund’s German bund duration position added to performance over the past year. </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; font-size:10pt; font-family:ARIAL">• The Fund’s overweight to US Non-Agency MBS added to performance over the past year. </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; font-size:10pt; font-family:ARIAL">• The fund’s long Euro position added to performance over the past year. </div><div style="margin-top:12pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What hurt performance during the year? </div><div style="margin-top:6pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL;text-align:justify">• The Fund’s underweight to U.S. Corporates detracted from performance over the past year. </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">• The Fund’s U.S. treasury yield curve positioning detracted from performance over the past year. </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">• The Fund’s overweight to US Govt Agency MBS detracted from performance over the past year. </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">• The Fund’s exposure to the Japanese yen detracted from performance over the past year. </div><div style="font-size:24pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL;text-align:justify">  </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL;text-align:justify">  </div><div style="margin-top:0pt; margin-bottom:0pt; padding-bottom:0pt; font-size:10pt; font-family:ARIAL;text-align:justify">  </div></div> <div style="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </div> <img alt="LOGO" src="g98897g23d01.jpg" style="width:6.30557in;height:3.19352in"/> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt;width:98%;border-spacing:0;margin:0 auto"> <tr> <td style="width:75%"></td> <td style="vertical-align:bottom;width:5%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:middle"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Average Annual Total Returns as of October 31, 2025</div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">1 Year</div></div></td> <td style=" BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">5 Years</div></div></td> <td style=" BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">10 Years</div></div></td> <td style=" BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">1290 Diversified Bond Fund (Class A)</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;"><div style="-sec-ix-hidden:hidden6485341;display:inline;">without Sales Charge</div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">7.51</td> <td style="border-top: 0.75pt solid rgb(0, 0, 0); border-right: 0.75pt solid rgb(0, 0, 0); border-bottom: 0.75pt solid rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; padding-bottom: 0.375pt;">% </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">0.32</td> <td style="border-top: 0.75pt solid rgb(0, 0, 0); border-right: 0.75pt solid rgb(0, 0, 0); border-bottom: 0.75pt solid rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; padding-bottom: 0.375pt;">% </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">2.82</td> <td style="border-top: 0.75pt solid rgb(0, 0, 0); border-right: 0.75pt solid rgb(0, 0, 0); border-bottom: 0.75pt solid rgb(0, 0, 0); padding-right: 2pt; white-space: nowrap; vertical-align: bottom; padding-bottom: 0.375pt;">% </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;"><div style="-sec-ix-hidden:hidden6485342;display:inline;">with Sales Charge</div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">2.63</td> <td style="border-top: 0.75pt solid rgb(0, 0, 0); border-right: 0.75pt solid rgb(0, 0, 0); border-bottom: 0.75pt solid rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; padding-bottom: 0.375pt;">% </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">-0.59</td> <td style="border-top: 0.75pt solid rgb(0, 0, 0); border-right: 0.75pt solid rgb(0, 0, 0); border-bottom: 0.75pt solid rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; padding-bottom: 0.375pt;">% </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">2.35</td> <td style="border-top: 0.75pt solid rgb(0, 0, 0); border-right: 0.75pt solid rgb(0, 0, 0); border-bottom: 0.75pt solid rgb(0, 0, 0); padding-right: 2pt; white-space: nowrap; vertical-align: bottom; padding-bottom: 0.375pt;">% </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Bloomberg U.S. Aggregate Bond Index</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">6.16</td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom">% </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">-0.24</td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom">% </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">1.90</td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom">% </td></tr></table> 0.0751 0.0032 0.0282 0.0263 -0.0059 0.0235 Bloomberg U.S. Aggregate Bond Index 0.0616 -0.0024 0.019 The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit https://www.1290funds.com/resources/#<div style="display:inline;">shareholderReports </div>for most recent performance information. <div style="margin-top:0pt; margin-bottom:0pt; padding-top:0pt; margin-left:3%; text-indent:-2%; font-size:12pt; font-family:ARIAL;font-weight:bold">Fund Statist<div style="display:inline;">ics</div> </div><div style="margin-top:0pt; margin-bottom:0pt; padding-bottom:0pt; margin-left:2%; text-indent:-1%; font-size:9pt; font-family:ARIAL">(as of October 31, 2025) </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt;width:98%;border-spacing:0;margin:0 auto"> <tr> <td style="width:86%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1px"> <td colspan="4" style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="padding-bottom:3pt ;vertical-align:top">Net Assets</td> <td style="vertical-align:bottom">  </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom">$</td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right">564,982,642 </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td colspan="4" style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="padding-bottom:3pt ;vertical-align:top">Number of Portfolio Holdings</td> <td style="vertical-align:bottom">  </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right">88 </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td colspan="4" style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="padding-bottom:3pt ;vertical-align:top">Total Investment Advisory Fees Paid</td> <td style="vertical-align:bottom">  </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right">$1,269,451</td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td colspan="4" style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="padding-bottom:3pt ;vertical-align:top">Portfolio Turnover Rate</td> <td style="vertical-align:bottom">  </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right">208%</td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td colspan="4" style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:6pt"> <td style="vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td></tr></table> 564982642 88 1269451 2.08 <div style="max-width:100%;margin-left:0%; margin-right:0%;border-radius:10pt; background-color:#f2f2f2;padding-top:2pt;padding-bottom:3pt"><div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; padding-top:4pt; margin-left:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What did the Fund inv<div style="display:inline;">est</div> in? </div><div style="margin-top:0pt; margin-bottom:0pt; padding-bottom:4pt; margin-left:1%; font-size:10pt; font-family:ARIAL;text-align:justify">(as of October 31, 2025) </div><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"><div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt;width:98%;border-spacing:0;margin-left:auto"> <tr> <td style="width:100%"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="vertical-align:bottom;white-space:nowrap"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Sector Weightings (as a % of Net Assets)</div></div></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="vertical-align:top;text-align:center"> <img alt="LOGO" src="g98897g33g33.jpg" style="width:3.75in;height:2.75414in"/> </td></tr></table></div></div><div style="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL;text-align:justify">  </div></div><div style="clear: both; font-size: 0pt; max-height: 0px;"></div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div></div> 1290 DIVERSIFIED BOND FUND CLASS I TNUIX This annual shareholder report contains important information about the 1290 Diversified Bond Fund (the “Fund”) for the period November 1, 2024 to October 31, 2025. annual shareholder report You can find additional information about the Fund at https://www.1290funds.com/resources/#shareholderReports. You can also request this information by contacting us at 1-888-310-0416. https://www.1290funds.com/resources/#shareholderReports 1-888-310-0416 <div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="max-width:100%;margin-left:0%; margin-right:0%;border:solid 1px #ececec;border-radius:10pt; background-color:#ececec;padding-top:2pt;padding-bottom:3pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt;width:99%;border-spacing:0;margin:0 auto"> <tr> <td style="width:26%"></td> <td style="vertical-align:bottom;width:1%"></td> <td style="width:32%"></td> <td style="vertical-align:bottom;width:1%"></td> <td style="width:40%"></td></tr> <tr style="font-size:1pt"> <td colspan="5" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td colspan="5" style="vertical-align:top"><div style="font-size: 1pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 1pt; margin-bottom: 0pt; margin-left: 0.17em; font-size: 12pt; font-family: ARIAL; font-weight: bold; line-height: normal;">What were the Fund costs for the last year?</div><div style="font-size: 0pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.22em; font-size: 9pt; font-family: ARIAL; line-height: normal;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">(Based on a hypothetical $10,000 investment)</div></div></div><div style="font-size: 4pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"> </div></td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:middle;text-align:center">Share Class</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;text-align:center"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">Costs of a $10,000</div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">investment</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:middle;text-align:center"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">Costs paid as a percentage of a</div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">$10,000 investment</div></td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;text-align:center">Class I</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:center">$52</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:top;text-align:center">0.50%</td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:6pt"> <td style="vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td></tr></table></div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div> 52 0.005 <div style="max-width:100%;margin-left:0%; margin-right:0%;border-radius:10pt; background-color:#f2f2f2;padding-top:2pt;padding-bottom:3pt"><div style="margin-top:0pt; margin-bottom:0pt; padding-top:0pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">How did the Fund perform last year and what affected its <div style="display:inline;">perf</div>ormance? </div><div style="margin-top:6pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL;text-align:justify">The Fund’s Class I shares returned 7.82% for the year ended October 31, 2025. </div><div style="margin-top:12pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What helped performance during the year? </div><div style="margin-top:6pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL;text-align:justify">• The Fund’s overweight to Mexican sovereign debt added to performance over the past year. </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; font-size:10pt; font-family:ARIAL">• The Fund’s German bund duration position added to performance over the past year. </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; font-size:10pt; font-family:ARIAL">• The Fund’s overweight to US Non-Agency MBS added to performance over the past year. </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; font-size:10pt; font-family:ARIAL">• The fund’s long Euro position added to performance over the past year. </div><div style="margin-top:12pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What hurt performance during the year? </div><div style="margin-top:6pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL;text-align:justify">• The Fund’s underweight to U.S. Corporates detracted from performance over the past year. </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">• The Fund’s U.S. treasury yield curve positioning detracted from performance over the past year. </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">• The Fund’s overweight to US Govt Agency MBS detracted from performance over the past year. </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">• The Fund’s exposure to the Japanese yen detracted from performance over the past year. </div><div style="font-size:24pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL;text-align:justify">  </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL;text-align:justify">  </div><div style="margin-top:0pt; margin-bottom:0pt; padding-bottom:0pt; font-size:10pt; font-family:ARIAL;text-align:justify">  </div></div> <img alt="LOGO" src="g98897g23d02.jpg" style="width:6.30557in;height:3.19352in"/> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt;width:98%;border-spacing:0;margin:0 auto"> <tr> <td style="width:75%"></td> <td style="vertical-align:bottom;width:5%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:middle"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 10/31/25</div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">1 Year</div></div></td> <td style=" BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="2" style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">5 Years</div></div></td> <td style=" BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="2" style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">10 Years</div></div></td> <td style=" BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">1290 Diversified Bond Fund (Class I)</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">7.82</td> <td style="border-top: 0.75pt solid rgb(0, 0, 0); border-right: 0.75pt solid rgb(0, 0, 0); border-bottom: 0.75pt solid rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; padding-bottom: 0.375pt;">% </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">0.55</td> <td style="border-top: 0.75pt solid rgb(0, 0, 0); border-right: 0.75pt solid rgb(0, 0, 0); border-bottom: 0.75pt solid rgb(0, 0, 0); white-space: nowrap; vertical-align: bottom; padding-bottom: 0.375pt;">% </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">3.07</td> <td style="border-top: 0.75pt solid rgb(0, 0, 0); border-right: 0.75pt solid rgb(0, 0, 0); border-bottom: 0.75pt solid rgb(0, 0, 0); padding-right: 2pt; white-space: nowrap; vertical-align: bottom; padding-bottom: 0.375pt;">% </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Bloomberg U.S. Aggregate Bond Index</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">6.16 </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom">% </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">-0.24</div></td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom">% </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">1.90 </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom">% </td></tr></table> 1290 Diversified Bond Fund (Class I) 0.0782 0.0055 0.0307 Bloomberg U.S. Aggregate Bond Index 0.0616 -0.0024 0.019 The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit https://www.1290funds.com/resources/#shareholderReports for most recent performance information. <div style="margin-top:0pt; margin-bottom:0pt; padding-top:0pt; margin-left:3%; text-indent:-2%; font-size:12pt; font-family:ARIAL;font-weight:bold">Fund Stati<div style="display:inline;">stics</div> </div><div style="margin-top:0pt; margin-bottom:0pt; padding-bottom:0pt; margin-left:2%; text-indent:-1%; font-size:9pt; font-family:ARIAL">(as of October 31, 2025) </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt;width:98%;border-spacing:0;margin:0 auto"> <tr> <td style="width:86%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1px"> <td colspan="4" style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="padding-bottom:3pt ;vertical-align:top">Net Assets</td> <td style="vertical-align:bottom">  </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom">$</td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right">564,982,642 </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td colspan="4" style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="padding-bottom:3pt ;vertical-align:top">Number of Portfolio Holdings</td> <td style="vertical-align:bottom">  </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right">88 </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td colspan="4" style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="padding-bottom:3pt ;vertical-align:top">Total Investment Advisory Fees Paid</td> <td style="vertical-align:bottom">  </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right">$1,269,451</td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td colspan="4" style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="padding-bottom:3pt ;vertical-align:top">Portfolio Turnover Rate</td> <td style="vertical-align:bottom">  </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom;text-align:right">208%</td> <td style="padding-bottom:3pt ;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1px"> <td colspan="4" style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td> <td> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:6pt"> <td style="vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td> <td style="vertical-align:top"></td></tr></table> 564982642 88 1269451 2.08 <div style="max-width:100%;margin-left:0%; margin-right:0%;border-radius:10pt; background-color:#f2f2f2;padding-top:2pt;padding-bottom:3pt"><div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; padding-top:4pt; margin-left:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What did the Fund i<div style="display:inline;">nv</div>est in? </div><div style="margin-top:0pt; margin-bottom:0pt; padding-bottom:4pt; margin-left:1%; font-size:10pt; font-family:ARIAL;text-align:justify">(as of October 31, 2025) </div><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"><div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt;width:98%;border-spacing:0;margin-left:auto"> <tr> <td style="width:100%"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="vertical-align:bottom;white-space:nowrap"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Sector Weightings (as a % of Net Assets)</div></div></td></tr> <tr style="font-size:1px"> <td style="vertical-align:bottom"><div style="margin-top: 0pt; margin-bottom: 0pt; border-top: 1px solid rgb(0, 0, 0); line-height: normal;"> </div></td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="vertical-align:top;text-align:center"> <img alt="LOGO" src="g98897g47g47.jpg" style="width:3.75in;height:2.75414in"/> </td></tr></table></div></div><div style="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL;text-align:justify">  </div></div><div style="clear: both; font-size: 0pt; max-height: 0px;"></div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div></div> 1290 DIVERSIFIED BOND FUND CLASS R TNURX This annual shareholder report contains important information about the 1290 Diversified Bond Fund (the “Fund”) for the period November 1, 2024 to October 31, 2025. annual shareholder report You can find additional information about the Fund at https://www.1290funds.com/resources/#shareholderReports. You can also request this information by contacting us at 1-888-310-0416. https://www.1290funds.com/resources/#shareholderReports 1-888-310-0416 <div style="max-width:100%;margin-left:0%; margin-right:0%;border-radius:10pt; background-color:#f2f2f2;padding-top:2pt;padding-bottom:3pt"><div style="font-size:2pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; padding-top:2pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What were the Fund costs for the last year? </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">(Based on a hypothetical $10,000 investment) </div></div></div><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt;width:98%;border-spacing:0;margin:0 auto"> <tr> <td style="width:22%"></td> <td style="vertical-align:bottom;width:2%"></td> <td style="width:37%"></td> <td style="vertical-align:bottom;width:2%"></td> <td style="width:37%"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:middle;text-align:center"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">Share Class</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">Costs of a $10,000</div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">investment</div></td> <td style=" BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:top;white-space:nowrap;text-align:center"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">Costs paid as a percentage of a</div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">$10,000 investment</div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;text-align:center"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">Class R</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center">$104</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:top;white-space:nowrap;text-align:center">1.00%</td></tr></table><div style="font-size:2pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="margin-top:2pt; margin-bottom:0pt; padding-bottom:0pt; font-size:10pt; font-family:ARIAL;text-align:justify">  </div></div> 104 0.01 <div style="max-width:100%;margin-left:0%; margin-right:0%;border-radius:10pt; background-color:#f2f2f2;padding-top:2pt;padding-bottom:3pt"><div style="margin-top:0pt; margin-bottom:0pt; padding-top:0pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">How did the Fund perform last year and what affected its performance? </div><div style="margin-top:6pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">The Fund’s Class R shares returned 7.22% for the year ended October 31, 2025. </div><div style="margin-top:12pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What helped performance during the year? </div><div style="margin-top:6pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL"><div style="font-family: &quot;Times New Roman&quot;; letter-spacing: 0px; top: 0px;display:inline;">•</div> The Fund’s overweight to Mexican sovereign debt added to performance over the past year. </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL"><div style="font-family: &quot;Times New Roman&quot;; letter-spacing: 0px; top: 0px;display:inline;">•</div> The Fund’s German bund duration position added to performance over the past year. </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL"><div style="font-family: &quot;Times New Roman&quot;; letter-spacing: 0px; top: 0px;display:inline;">•</div> The Fund’s overweight to US Non-Agency MBS added to performance over the past year. </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL"><div style="font-family: &quot;Times New Roman&quot;; letter-spacing: 0px; top: 0px;display:inline;">•</div> The fund’s long Euro position added to performance over the past year. </div><div style="margin-top:12pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What hurt performance during the year? </div><div style="margin-top:6pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL"><div style="font-family: &quot;Times New Roman&quot;; letter-spacing: 0px; top: 0px;display:inline;">•</div> The Fund’s underweight to U.S. Corporates detracted from performance over the past year. </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL"><div style="font-family: &quot;Times New Roman&quot;; letter-spacing: 0px; top: 0px;display:inline;">•</div> The Fund’s U.S. treasury yield curve positioning detracted from performance over the past year. </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL"><div style="font-family: &quot;Times New Roman&quot;; letter-spacing: 0px; top: 0px;display:inline;">•</div> The Fund’s overweight to US Govt Agency MBS detracted from performance over the past year. </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">• The Fund’s exposure to the Japanese yen detracted from performance over the past year. </div><div style="font-size:24pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL;text-align:justify">  </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL;text-align:justify">  </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL;text-align:justify">  </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL;text-align:justify">  </div><div style="margin-top:0pt; margin-bottom:0pt; padding-bottom:0pt; font-size:10pt; font-family:ARIAL;text-align:justify">  </div></div> <img alt="LOGO" src="g98897g36g36.jpg" style="width:6.30556in;height:3.19351in"/> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt;width:98%;border-spacing:0;margin:0 auto"> <tr> <td style="width:67%"></td> <td style="vertical-align:bottom;width:3%"></td> <td style="width:18pt"></td> <td></td> <td></td> <td style="width:18pt"></td> <td style="vertical-align:bottom;width:4%"></td> <td style="width:20pt"></td> <td></td> <td></td> <td style="width:20pt"></td> <td style="vertical-align:bottom;width:4%"></td> <td style="width:22pt"></td> <td></td> <td></td> <td style="width:22pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:middle"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 10/31/25</div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">1 Year   </div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">5 Years   </div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">10 Years   </div></div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">1290 Diversified Bond Fund (Class R)</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">7.22%   </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">0.07%   </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">2.55%   </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Bloomberg U.S. Aggregate Bond Index</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">6.16%   </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">-0.24%   </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">1.90%   </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom"> </td></tr></table> 1290 Diversified Bond Fund (Class R) 0.0722 0.0007 0.0255 Bloomberg U.S. Aggregate Bond Index 0.0616 -0.0024 0.019 The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit https://www.1290funds.com/resources/#shareholderReports for most recent performance information. <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </div><div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt;width:99%;border-spacing:0;margin-left:auto"> <tr> <td style="width:79%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 12pt; font-family: ARIAL; font-weight: bold; line-height: normal;">Fund Sta<div style="display:inline;">tist</div>ics</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">(as of October 31, 2025)</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Net Assets</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">564,982,642</div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="white-space: nowrap; vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; padding-bottom: 0.375pt;">   </td> <td style="white-space: nowrap; vertical-align: bottom; padding-bottom: 0.375pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Number of Portfolio Holdings</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">88</div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Total Investment Advisory Fees Paid</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">$1,269,451</div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Portfolio Turnover Rate</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">208%</div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr></table></div><div style="font-size:2pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; padding-top:2pt; font-size:10pt; font-family:ARIAL;text-align:justify">  </div><div style="margin-top:0pt; margin-bottom:0pt; padding-bottom:2pt; font-size:10pt; font-family:ARIAL;text-align:justify">  </div> 564982642 88 1269451 2.08 <div style="max-width:100%;margin-left:0%; margin-right:0%;border-radius:10pt 10pt 10pt 0pt ; background-color:#f2f2f2;padding-top:2pt;padding-bottom:3pt"><div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; padding-top:4pt; margin-left:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What did the Fund invest in? </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; font-size:10pt; font-family:ARIAL;text-align:justify">(as of October 31, 2025) </div><div style="margin-top:6pt; margin-bottom:0pt; margin-left:1%; font-size:10pt; font-family:ARIAL;font-weight:bold">Sector Weightings (as a % of Net Assets)         </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; font-size:6pt; font-family:ARIAL;font-weight:bold"><div style="text-decoration: none; background: none; letter-spacing: 0px; top: 0px;display:inline;">                                                   </div> </div><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="margin-top:0pt;margin-bottom:0pt; margin-left:1%;text-align:justify"> <img alt="LOGO" src="g98897g48k85.jpg" style="width:3.75in;height:2.8125in"/> </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="margin-top:12pt; margin-bottom:0pt; padding-bottom:4pt; font-size:10pt; font-family:ARIAL;text-align:justify">  </div></div> 1290 ESSEX SMALL CAP GROWTH FUND CLASS A ESCFX This annual shareholder report contains important information about the 1290 Essex Small Cap Growth Fund (the “Fund”) for the period November 1, 2024 to October 31, 2025. annual shareholder report You can find additional information about the Fund at https://www.1290funds.com/resources/#shareholderReports. You can also request this information by contacting us at 1-888-310-0416. https://www.1290funds.com/resources/#shareholderReports 1-888-310-0416 <div style="max-width:100%;margin-left:0%; margin-right:0%;border-radius:10pt; background-color:#f2f2f2;padding-top:2pt;padding-bottom:3pt"><div style="font-size:2pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; padding-top:2pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What were the Fund costs for the last year? </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">(Based on a hypothetical $10,000 investment) </div></div></div><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt;width:98%;border-spacing:0;margin:0 auto"> <tr> <td style="width:22%"></td> <td style="vertical-align:bottom;width:2%"></td> <td style="width:37%"></td> <td style="vertical-align:bottom;width:2%"></td> <td style="width:37%"></td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; padding-left:8pt;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td> <td colspan="2" style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:middle;text-align:center"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">Share Class</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">Costs of a $10,000</div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">investment</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:top;white-space:nowrap;text-align:center"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">Costs paid as a percentage of a</div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">$10,000 investment</div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;text-align:center"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">Class A</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center">$138</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:top;white-space:nowrap;text-align:center">1.13%</td></tr></table><div style="font-size:2pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="margin-top:2pt; margin-bottom:0pt; padding-bottom:0pt; font-size:10pt; font-family:ARIAL;text-align:justify">  </div></div> 138 0.0113 <div style="max-width:100%;margin-left:0%; margin-right:0%;border-radius:10pt; background-color:#f2f2f2;padding-top:2pt;padding-bottom:3pt"><div style="margin-top:0pt; margin-bottom:0pt; padding-top:0pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">How did the Fund perform last year and what affected its performance? </div><div style="margin-top:6pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">The Fund’s Class A shares returned 43.71% (without sales charge) for the year ended October 31, 2025. </div><div style="margin-top:12pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What helped performance during the year? </div><div style="margin-top:6pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">• Healthcare was the largest positive contributor during the period as the Fund benefitted from positioning in specialty pharmaceuticals and biotech companies as well as exposure to innovative medical technologies, particularly in the area of personalized medicine. The Fund was rewarded for it’s patience in healthcare exposure as this sector, which had been out of favor, regained investor enthusiasm. </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">• Industrials were the second largest positive contributor over the period as the Fund benefitted from positioning in smart defense spending, the build out of data centers, the investment in the US power grid, and the reshoring of manufacturing in the US. </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">• Financial Services, a small sector for the Fund, was a strong contributor to performance as selective exposure to insurance and investment banking added significant value. </div><div style="margin-top:12pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What hurt performance during the year? </div><div style="margin-top:6pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">• Market cap footprint, which is much smaller than the benchmark, continued to be a headwind to performance with over 70% of benchmark over $2.5B market cap while the Fund is over 70% less than $2.5B average market cap. </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">• Materials detracted from performance as the Fund only has two names in this sector. Sector performance was negatively impacted by not owning gold stocks and rare earth stocks during this period. </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">• Technology was broadly positive for the Fund. However, performance was negatively impacted by software holdings, as the AI trade caused downward price pressure on software companies. </div><div style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL;text-align:justify">  </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL;text-align:justify">  </div><div style="margin-top:0pt; margin-bottom:0pt; padding-bottom:0pt; font-size:10pt; font-family:ARIAL;text-align:justify">  </div></div> <img alt="LOGO" src="g98897g52v48.jpg" style="width:6.30556in;height:3.27687in"/> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt;width:99%;border-spacing:0;margin-left:auto"> <tr> <td style="width:74%"></td> <td style="vertical-align:bottom;width:3%"></td> <td style="width:18pt"></td> <td></td> <td></td> <td style="width:18pt"></td> <td style="vertical-align:bottom;width:4%"></td> <td style="width:25pt"></td> <td></td> <td></td> <td style="width:25pt"></td> <td style="vertical-align:bottom;width:3%"></td> <td style="width:0pt"></td> <td></td> <td></td> <td style="width:0pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:middle"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Average Annual Total Returns as of October 31, 2025</div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">1 Year   </div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;text-align:center"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: ARIAL; font-weight: bold; text-align: center; line-height: normal;">Since   </div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: ARIAL; font-weight: bold; text-align: center; line-height: normal;">Inception*   </div></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td colspan="4" style="vertical-align: middle; padding-bottom: 0.375pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">1290 Essex Small Cap Growth Fund (Class A)</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;"><div style="-sec-ix-hidden:hidden6486068;display:inline;">without Sales Charge</div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">43.71%   </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">18.34%   </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;"><div style="-sec-ix-hidden:hidden6486069;display:inline;">with Sales Charge</div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">35.84%   </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">16.34%   </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Russell 3000<div style="font-size:75%; vertical-align:top;display:inline;font-size:6.6px">®</div><div style="font-size:75%; vertical-align:top;display:inline;font-size:6.6px"> </div>Index</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">20.81%   </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">20.07%   </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Russell 2000<div style="font-size:75%; vertical-align:top;display:inline;font-size:6.6px">®</div><div style="font-size:75%; vertical-align:top;display:inline;font-size:6.6px"> </div>Growth Index</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">18.81%   </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">15.47%   </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr></table> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4.5pt"> </td> <td style="width:9pt;vertical-align:top;text-align:left">*</td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: ARIAL; text-align: justify; line-height: normal;">Date of inception: July 11, 2022 </div></td></tr></table> 0.4371 0.1834 0.3584 0.1634 Russell 3000® Index 0.2081 0.2007 Russell 2000® Growth Index 0.1881 0.1547 2022-07-11 The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit https://www.1290funds.com/resources/#shareholderReports for most recent performance information. <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </div><div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt;width:99%;border-spacing:0;margin-left:auto"> <tr> <td style="width:80%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 12pt; font-family: ARIAL; font-weight: bold; line-height: normal;">Fund Sta<div style="display:inline;">tistics</div></div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">(as of October 31, 2025)</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Net Assets</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">96,895,702</div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="white-space: nowrap; vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; padding-bottom: 0.375pt;">   </td> <td style="white-space: nowrap; vertical-align: bottom; padding-bottom: 0.375pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Number of Portfolio Holdings</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">104</div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Total Investment Advisory Fees Paid</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">$291,866</div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Portfolio Turnover Rate</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">55%</div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr></table></div><div style="font-size:2pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="margin-top:0pt; margin-bottom:6pt; padding-top:2pt; font-size:3pt; font-family:ARIAL;text-align:justify">  </div> 96895702 104 291866 0.55 <div style="max-width:100%;margin-left:0%; margin-right:0%;border-radius:10pt 10pt 10pt 0pt ; background-color:#f2f2f2;padding-top:2pt;padding-bottom:3pt"><div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; padding-top:4pt; margin-left:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What did the Fund in<div style="display:inline;">v</div>est in? </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; font-size:10pt; font-family:ARIAL;text-align:justify">(as of October 31, 2025) </div><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:1%"></td> <td style="vertical-align:bottom;width:1%"></td> <td style="width:31%"></td> <td style="vertical-align:bottom"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td style="vertical-align:bottom"></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="4" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Sector Weightings (as a % of Net Assets)</div></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td style="border-bottom:1.00pt solid #000000;vertical-align:bottom"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Market Capitalization (as a % of Net Assets)</div></div></td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.88em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Industrials</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">33.0</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">% </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td rowspan="12" style="vertical-align:bottom">  </td> <td rowspan="12" style="vertical-align:bottom;white-space:nowrap"> <img alt="LOGO" src="g98897g83m79.jpg" style="width:3.8125in;height:2.0625in"/> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.88em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Health Care</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">24.1 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.88em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Information Technology</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">22.9 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.88em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Financials</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">5.0 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.88em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Consumer <div style="display:inline;">Discretionary</div></div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">4.3 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.88em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Energy</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">3.0 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.88em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Communication Services</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">2.8 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.88em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Consumer Staples</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1.4 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.88em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Materials</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0.4 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.88em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Exchange Traded Funds</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0.7 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.88em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Short-Term Investments</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">3.5 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top;white-space:nowrap"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.88em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Cash and Other Assets Less Liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">-1.1 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td></tr></table><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="margin-top:12pt; margin-bottom:0pt; padding-bottom:4pt; font-size:10pt; font-family:ARIAL;text-align:justify">  </div></div> 0.33 0.241 0.229 0.05 0.043 0.03 0.028 0.014 0.004 0.007 0.035 -0.011 1290 ESSEX SMALL CAP GROWTH FUND CLASS I ESCJX This annual shareholder report contains important information about the 1290 Essex Small Cap Growth Fund (the “Fund”) for the period November 1, 2024 to October 31, 2025. annual shareholder report You can find additional information about the Fund at https://www.1290funds.com/resources/#shareholderReports. You can also request this information by contacting us at 1-888-310-0416. https://www.1290funds.com/resources/#shareholderReports 1-888-310-0416 <div style="max-width:100%;margin-left:0%; margin-right:0%;border:solid 1px #ececec;border-radius:10pt; background-color:#ececec;padding-top:2pt;padding-bottom:3pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt;width:99%;border-spacing:0;margin:0 auto"> <tr> <td style="width:26%"></td> <td style="vertical-align:bottom;width:1%"></td> <td style="width:32%"></td> <td style="vertical-align:bottom;width:1%"></td> <td style="width:40%"></td></tr> <tr style="font-size:1pt"> <td colspan="5" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td colspan="5" style="vertical-align:top"><div style="font-size: 1pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 1pt; margin-bottom: 0pt; margin-left: 0.17em; font-size: 12pt; font-family: ARIAL; font-weight: bold; line-height: normal;">What were the Fund costs for the last year?</div><div style="font-size: 0pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.22em; font-size: 9pt; font-family: ARIAL; line-height: normal;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">(Based on a hypothetical $10,000 investment)</div></div></div><div style="font-size: 4pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"> </div></td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:middle;text-align:center">Share Class</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;text-align:center"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">Costs of a $10,000</div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">investment</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:middle;text-align:center"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">Costs paid as a percentage of a</div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">$10,000 investment</div></td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;text-align:center">Class I</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:center">$107</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:top;text-align:center">0.88%</td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:6pt"> <td style="vertical-align:top"> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td></tr></table></div> 107 0.0088 <div style="margin-top:0pt; margin-bottom:0pt; padding-top:0pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">How did the Fund <div style="display:inline;">perform </div>last year and what affected its performance? </div><div style="margin-top:6pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">The Fund’s Class I shares returned 44.04% for the year ended October 31, 2025. </div><div style="margin-top:12pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What helped performance during the year? </div><div style="margin-top:6pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">• Healthcare was the largest positive contributor during the period as the Fund benefitted from positioning in specialty pharmaceuticals and biotech companies as well as exposure to innovative medical technologies, particularly in the area of personalized medicine. The Fund was rewarded for it’s patience in healthcare exposure as this sector, which had been out of favor, regained investor enthusiasm. </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">• Industrials were the second largest positive contributor over the period as the Fund benefitted from positioning in smart defense spending, the build out of data centers, the investment in the US power grid, and the reshoring of manufacturing in the US. </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">• Financial Services, a small sector for the Fund, was a strong contributor to performance as selective exposure to insurance and investment banking added significant value. </div><div style="margin-top:12pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What hurt performance during the year? </div><div style="margin-top:6pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">• Market cap footprint, which is much smaller than the benchmark, continued to be a headwind to performance with over 70% of benchmark over $2.5B market cap while the Fund is over 70% less than $2.5B average market cap. </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">• Materials detracted from performance as the Fund only has two names in this sector. Sector performance was negatively impacted by not owning gold stocks and rare earth stocks during this period. </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">• Technology was broadly positive for the Fund. However, performance was negatively impacted by software holdings, as the AI trade caused downward price pressure on so<div style="display:inline;">ftware</div> companies. </div><div style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL;text-align:justify">  </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL;text-align:justify">  </div><div style="margin-top:0pt; margin-bottom:0pt; padding-bottom:0pt; font-size:10pt; font-family:ARIAL;text-align:justify">  </div> <img alt="LOGO" src="g98897g71y71.jpg" style="width:6.30556in;height:3.26193in"/> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt;width:98%;border-spacing:0;margin:0 auto"> <tr> <td style="width:75%"></td> <td style="vertical-align:bottom;width:3%"></td> <td style="width:18pt"></td> <td></td> <td></td> <td style="width:18pt"></td> <td style="vertical-align:bottom;width:4%"></td> <td style="width:25pt"></td> <td></td> <td></td> <td style="width:25pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:middle"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 10/31/25</div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">1 Year   </div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;text-align:center"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: ARIAL; font-weight: bold; text-align: center; line-height: normal;">Since   </div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: ARIAL; font-weight: bold; text-align: center; line-height: normal;">Inception*   </div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">1290 Essex Small Cap Growth Fund (Class I)</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">44.04%   </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">18.63%   </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Russell 3000<div style="font-size:75%; vertical-align:top;display:inline;font-size:6.6px">®</div><div style="font-size:75%; vertical-align:top;display:inline;font-size:6.6px"> </div>Index<div style="font-size:75%; vertical-align:top;display:inline;font-size:6.6px"> </div></div> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">20.81%   </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">20.07%   </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Russell 2000<div style="font-size:75%; vertical-align:top;display:inline;font-size:6.6px">®</div><div style="font-size:75%; vertical-align:top;display:inline;font-size:6.6px"> </div>Growth Index</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">18.81%   </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">15.47%   </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom"> </td></tr></table> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4.5pt"> </td> <td style="width:9pt;vertical-align:top;text-align:left">*</td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: ARIAL; text-align: justify; line-height: normal;">Date of inception: July 11, 2022 </div></td></tr></table> 1290 Essex Small Cap Growth Fund (Class I) 0.4404 0.1863 Russell 3000® Index 0.2081 0.2007 Russell 2000® Growth Index 0.1881 0.1547 2022-07-11 The Fund’s past performance is not a good predictor of the Fund’s future performance. The <div style="letter-spacing: 0px; top: 0px;display:inline;"></div>graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit https://www.1290funds.com/resources/#shareholderReports for most recent performance information. <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </div><div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt;width:99%;border-spacing:0;margin-left:auto"> <tr> <td style="width:80%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 12pt; font-family: ARIAL; font-weight: bold; line-height: normal;">Fund St<div style="display:inline;">atis</div>tics</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">(as of October 31, 2025)</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Net Assets</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">96,895,702</div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="white-space: nowrap; vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; padding-bottom: 0.375pt;">   </td> <td style="white-space: nowrap; vertical-align: bottom; padding-bottom: 0.375pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Number of Portfolio Holdings</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">104</div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Total Investment Advisory Fees Paid</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">$291,866</div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Portfolio Turnover Rate</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">55%</div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr></table></div><div style="font-size:2pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="margin-top:0pt; margin-bottom:6pt; padding-top:2pt; font-size:10pt; font-family:ARIAL;text-align:justify">  </div> 96895702 104 291866 0.55 <div style="max-width:100%;margin-left:0%; margin-right:0%;border-radius:10pt 10pt 10pt 0pt ; background-color:#f2f2f2;padding-top:2pt;padding-bottom:3pt"><div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; padding-top:4pt; margin-left:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What did the Fund in<div style="display:inline;">ves</div>t in? </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; font-size:10pt; font-family:ARIAL;text-align:justify">(as of October 31, 2025) </div><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:1%"></td> <td style="vertical-align:bottom;width:1%"></td> <td style="width:32%"></td> <td style="vertical-align:bottom"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:1%"></td> <td style="vertical-align:bottom;width:1%"></td> <td style="width:1%"></td> <td style="vertical-align:bottom"></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="4" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Sector Weightings (as a % of Net Assets)</div></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="border-bottom:1.00pt solid #000000;vertical-align:bottom"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Market Capitalization (as a % of Net Assets)</div></div></td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Industrials</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">33.0</div></td> <td style="white-space:nowrap;vertical-align:bottom"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">% </div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td rowspan="12" style="vertical-align:bottom"> </td> <td rowspan="12" style="vertical-align:bottom;white-space:nowrap"> <img alt="LOGO" src="g98897g83m79.jpg" style="width:3.8125in;height:2.0625in"/> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Health Care</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">24.1 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Information Technology</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">22.9 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Financials</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">5.0 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Consumer Discretionary</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">4.3 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Energy</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">3.0 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Communication Services</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">2.8 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Consumer Staples</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1.4 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Materials</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0.4 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Exchange Traded Funds</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0.7 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Short-Term Investments</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">3.5 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top;white-space:nowrap"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Cash and Other Assets Less Liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">-1.1 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td></tr></table><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="margin-top:12pt; margin-bottom:0pt; padding-bottom:4pt; font-size:10pt; font-family:ARIAL;text-align:justify">  </div></div> 0.33 0.241 0.229 0.05 0.043 0.03 0.028 0.014 0.004 0.007 0.035 -0.011 1290 ESSEX SMALL CAP GROWTH FUND CLASS R ESCKX This annual shareholder report contains important information about the 1290 Essex Small Cap Growth Fund (the “Fund”) for the period November 1, 2024 to October 31, 2025. annual shareholder report You can find additional information about the Fund at https://www.1290funds.com/resources/#shareholderReports. You can also request this information by contacting us at 1-888-310-0416. https://www.1290funds.com/resources/#shareholderReports 1-888-310-0416 <div style="margin-top:0pt; margin-bottom:0pt; padding-top:2pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What were the Fund costs for the last year? </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">(Based on a hypothetical $10,000 investment) </div></div></div><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt;width:98%;border-spacing:0;margin:0 auto"> <tr> <td style="width:22%"></td> <td style="vertical-align:bottom;width:2%"></td> <td style="width:37%"></td> <td style="vertical-align:bottom;width:2%"></td> <td style="width:37%"></td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; padding-left:8pt;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td> <td colspan="2" style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:middle;text-align:center"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">Share Class</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">Costs of a $10,000</div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">investment</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:top;white-space:nowrap;text-align:center"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">Costs paid as a percentage of a</div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">$10,000 investment</div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;text-align:center"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">Class R</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center">$168</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:top;white-space:nowrap;text-align:center">1.38%</td></tr></table><div style="font-size:2pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="margin-top:2pt; margin-bottom:0pt; padding-bottom:0pt; font-size:10pt; font-family:ARIAL;text-align:justify">  </div> 168 0.0138 <div style="margin-top:0pt; margin-bottom:0pt; padding-top:0pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">How did the Fund perform last year and what affected its performance? </div><div style="margin-top:6pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">The Fund’s Class R shares returned 43.38% for the year ended October 31, 2025. </div><div style="margin-top:12pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What helped performance during the year? </div><div style="margin-top:6pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">• Healthcare was the largest positive contributor during the period as the Fund benefitted from positioning in specialty pharmaceuticals and biotech companies as well as exposure to innovative medical technologies, particularly in the area of personalized medicine. The Fund was rewarded for it’s patience in healthcare exposure as this sector, which had been out of favor, regained investor enthusiasm. </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">• Industrials were the second largest positive contributor over the period as the Fund benefitted from positioning in smart defense spending, the build out of data centers, the investment in the US power grid, and the reshoring of manufacturing in the US. </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">• Financial Services, a small sector for the Fund, was a strong contributor to performance as selective exposure to insurance and investment banking added significant value. </div><div style="margin-top:12pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What hurt performance during the year? </div><div style="margin-top:6pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">• Market cap footprint, which is much smaller than the benchmark, continued to be a headwind to performance with over 70% of benchmark over $2.5B market cap while the Fund is over 70% less than $2.5B average market cap. </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">• Materials detracted from performance as the Fund only has two names in this sector. Sector performance was negatively impacted by not owning gold stocks and rare earth stocks during this period. </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">• Technology was broadly positive for the Fund. However, performance was negatively impacted by software holdings, as the AI trade caused downward price pressure on software companies. </div><div style="font-size:10pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL;text-align:justify">  </div><div style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL;text-align:justify">  </div><div style="margin-top:0pt; margin-bottom:0pt; padding-bottom:0pt; font-size:10pt; font-family:ARIAL;text-align:justify">  </div> <img alt="LOGO" src="g98897g00t01.jpg" style="width:6.30556in;height:3.19351in"/> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt;width:98%;border-spacing:0;margin:0 auto"> <tr> <td style="width:75%"></td> <td style="vertical-align:bottom;width:4%"></td> <td style="width:18pt"></td> <td></td> <td></td> <td style="width:18pt"></td> <td style="vertical-align:bottom;width:5%"></td> <td style="width:25pt"></td> <td></td> <td></td> <td style="width:25pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:middle"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 10/31/25</div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">1 Year   </div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;text-align:center"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: ARIAL; font-weight: bold; text-align: center; line-height: normal;">Since   </div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: ARIAL; font-weight: bold; text-align: center; line-height: normal;">Inception*   </div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">1290 Essex Small Cap Growth Fund (Class R)</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">43.38%   </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">18.05%   </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Russell 3000<div style="font-size:75%; vertical-align:top;display:inline;font-size:6.6px">®</div><div style="font-size:75%; vertical-align:top;display:inline;font-size:6.6px"> </div>Index</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">20.81%   </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">20.07%   </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Russell 2000<div style="font-size:75%; vertical-align:top;display:inline;font-size:6.6px">®</div><div style="font-size:75%; vertical-align:top;display:inline;font-size:6.6px"> </div>Growth Index</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">18.81%   </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">15.47%   </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom"> </td></tr></table> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4.5pt"> </td> <td style="width:9pt;vertical-align:top;text-align:left">*</td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: ARIAL; text-align: justify; line-height: normal;">Date of inception: July 11, 2022 </div></td></tr></table> 1290 Essex Small Cap Growth Fund (Class R) 0.4338 0.1805 Russell 3000® Index 0.2081 0.2007 Russell 2000® Growth Index 0.1881 0.1547 2022-07-11 The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit https://www.1290funds.com/resources/#shareholderReports for most recent performance information. <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt;width:99%;border-spacing:0;margin-left:auto"> <tr> <td style="width:80%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 12pt; font-family: ARIAL; font-weight: bold; line-height: normal;">Fund Statistics</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">(as of October 31, 2025)</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Net Assets</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">96,895,702</div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="white-space: nowrap; vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; padding-bottom: 0.375pt;">   </td> <td style="white-space: nowrap; vertical-align: bottom; padding-bottom: 0.375pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Number of Portfolio Holdings</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">104</div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Total Investment Advisory Fees Paid</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">$291,866</div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Portfolio Turnover Rate</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">55%</div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr></table> 96895702 104 291866 0.55 <div style="margin-top:0pt; margin-bottom:0pt; padding-top:4pt; margin-left:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What did the Fund invest in? </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; font-size:10pt; font-family:ARIAL;text-align:justify">(as of October 31, 2025) </div><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:2%"></td> <td style="vertical-align:bottom;width:2%"></td> <td style="width:88%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="4" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Sector <div style="display:inline;">Weightings </div>(as a % of Net Assets)</div></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Industrials</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">33.0 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Health Care</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">24.1 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Information Technology</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">22.9 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Financials</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">5.0 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Consumer Discretionary</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">4.3 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Energy</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">3.0 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Communication Services</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">2.8 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Consumer Staples</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1.4 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Materials</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0.4 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;"><div style="display:inline;">Exchange </div>Traded Funds</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0.7 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Short-Term Investments</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">3.5 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Cash and Other Assets Less Liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">-1.1 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr></table></div><div style="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:2%"></td> <td style="vertical-align:bottom;width:1%"></td> <td style="width:97%"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Market Capitalization (as a % of Net Assets)</div></div></td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5em; line-height: normal;"> <img alt="LOGO" src="g98897g82g82.jpg" style="width:3.35752in;height:1.66918in"/> </div></td></tr></table></div><div style="clear: both; height: 0pt; font-size: 0pt; max-height: 0px;"></div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div> 0.33 0.241 0.229 0.05 0.043 0.03 0.028 0.014 0.004 0.007 0.035 -0.011 1290 GAMCO SMALL/MID CAP VALUE FUND CLASS A TNVAX This annual shareholder report contains important information about the 1290 GAMCO Small/Mid Cap Value Fund (the “Fund”) for the period November 1, 2024 to October 31, 2025. annual shareholder report You can find additional information about the Fund at https://www.1290funds.com/resources/#shareholderReports. You can also request this information by contacting us at 1-888-310-0416. https://www.1290funds.com/resources/#shareholderReports 1-888-310-0416 <div style="margin-top:0pt; margin-bottom:0pt; padding-top:2pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What were the Fund costs for the last year? </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">(Based on a hypothetical $10,000 investment) </div></div></div><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt;width:98%;border-spacing:0;margin:0 auto"> <tr> <td style="width:22%"></td> <td style="vertical-align:bottom;width:2%"></td> <td style="width:37%"></td> <td style="vertical-align:bottom;width:2%"></td> <td style="width:37%"></td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; padding-left:8pt;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td> <td colspan="2" style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:middle;text-align:center"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">Share Class</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">Costs of a $10,000</div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">investment</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:top;white-space:nowrap;text-align:center"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">Costs paid as a percentage of a</div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">$10,000 investment</div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;text-align:center"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">Class A</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center">$124</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:top;white-space:nowrap;text-align:center">1.20%</td></tr></table> 124 0.012 <div style="margin-top:0pt; margin-bottom:0pt; padding-top:0pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">How did the Fund perform last year and what affected its performance? </div><div style="margin-top:6pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">The Fund’s Class A shares returned 7.97% (without sales charge) for the year ended October 31, 2025. </div><div style="margin-top:12pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What helped performance during the year? </div><div style="margin-top:6pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">• Industrial company performance was the largest contributor to absolute and relative returns for the Fund during the period, delivering more than 2% of excess return relative to the benchmark. </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">• The Fund’s stock selection in the communication services and consumer discretionary sector holdings were strong contributors to relative returns for the period. </div><div style="margin-top:12pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What hurt performance during the year? </div><div style="margin-top:6pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">• Financial sector holdings were the largest detractors from relative performance for the period, mainly driven by lower Fund allocation to the sector. </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">• The Fund’s lower exposure to information technology companies hurt relative performance during the period. </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">• The Fund’s lower exposure to energy companies detracted slightly from relative returns during the period. GAMCO’s investment philosophy focuses on value-oriented fundamental analysis, which steered it away from energy companies during the period. </div> <img alt="LOGO" src="g98897g00t02.jpg" style="width:6.30556in;height:3.19351in"/> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt;width:99%;border-spacing:0;margin-left:auto"> <tr> <td style="width:66%"></td> <td style="vertical-align:bottom;width:2%"></td> <td style="width:18pt"></td> <td></td> <td></td> <td style="width:18pt"></td> <td style="vertical-align:bottom;width:3%"></td> <td style="width:20pt"></td> <td></td> <td></td> <td style="width:20pt"></td> <td style="vertical-align:bottom;width:3%"></td> <td style="width:22pt"></td> <td></td> <td></td> <td style="width:22pt"></td> <td style="vertical-align:bottom;width:2%"></td> <td style="width:0pt"></td> <td></td> <td></td> <td style="width:0pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:middle"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Average Annual Total Returns as of October 31, 2025</div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">1 Year   </div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">5 Years   </div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">10 Years   </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td colspan="4" style="vertical-align: middle; padding-bottom: 0.375pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">1290 GAMCO Small/Mid Cap Value Fund (Class A)</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;"><div style="-sec-ix-hidden:hidden6486244;display:inline;">without Sales Charge</div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">7.97%   </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">13.89%   </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">8.86%   </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;"><div style="-sec-ix-hidden:hidden6486245;display:inline;">with Sales Charge</div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">2.01%   </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">12.62%   </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">8.24%   </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Russell 3000<div style="font-size:75%; vertical-align:top;display:inline;font-size:6.6px">®</div><div style="font-size:75%; vertical-align:top;display:inline;font-size:6.6px"> </div>Index</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">20.81%   </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">16.74%   </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">14.08%   </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Russell 2500<div style="font-size:75%; vertical-align:top;display:inline;font-size:6.6px">®</div><div style="font-size:75%; vertical-align:top;display:inline;font-size:6.6px"> </div>Value Index</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">10.11%   </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">14.39%   </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">9.02%   </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr></table> 0.0797 0.1389 0.0886 0.0201 0.1262 0.0824 Russell 3000® Index 0.2081 0.1674 0.1408 Russell 2500® Value Index 0.1011 0.1439 0.0902 The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit https://www.1290funds.com/resources/#shareholderReports for most recent performance information. <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt;width:99%;border-spacing:0;margin-left:auto"> <tr> <td style="width:79%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 12pt; font-family: ARIAL; font-weight: bold; line-height: normal;">Fund Statistics</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">(as of October 31, 2025)</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Net Assets</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">180,626,135</div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="white-space: nowrap; vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; padding-bottom: 0.375pt;">   </td> <td style="white-space: nowrap; vertical-align: bottom; padding-bottom: 0.375pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Number of Portfolio Holdings</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">183</div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Total Investment Advisory Fees Paid</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">$835,029</div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Portfolio Turnover Rate</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">10%</div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr></table> 180626135 183 835029 0.10 <div style="margin-top:0pt; margin-bottom:0pt; padding-top:4pt; margin-left:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What did the Fund invest in? </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; font-size:10pt; font-family:ARIAL;text-align:justify">(as of October 31, 2025) </div><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:2%"></td> <td style="vertical-align:bottom;width:2%"></td> <td style="width:86%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="4" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Sector Weightings (as a % of Net Assets)</div></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Industrials</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">33.2 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Communication Services</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">18.3 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Consumer Discretionary</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">17.8 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Consumer Staples</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">7.0 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Materials</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">7.0 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Utilities</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">4.9 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Health Care</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">2.2 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Financials</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">2.0 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Information Technology</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">2.0 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Energy</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1.0 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Real Estate</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0.7 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Short-Term Investments</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">4.9 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Cash and Other Assets Less Liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">-1.0 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr></table></div><div style="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:2%"></td> <td style="vertical-align:bottom;width:2%"></td> <td style="width:88%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="4" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Top Holdings (as a % of Net Assets)</div></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">JPMorgan Prime Money Market Fund, IM Shares</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">4.4 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Mueller Industries, Inc.</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">2.6 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Advance Auto Parts, Inc.</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">2.3 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Telesat Corp.</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1.9 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Madison Square Garden Sports Corp.</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1.9 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Crane Co.</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1.9 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">National Fuel Gas Co.</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1.9 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Modine Manufacturing Co.</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1.7 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Herc Holdings, Inc.</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1.7 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Astec Industries, Inc.</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1.7 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr></table></div><div style="clear: both; font-size: 0pt; max-height: 0px;"></div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div> 0.332 0.183 0.178 0.07 0.07 0.049 0.022 0.02 0.02 0.01 0.007 0.049 -0.01 <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:2%"></td> <td style="vertical-align:bottom;width:2%"></td> <td style="width:88%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="4" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Top Holdings (as a % of Net Assets)</div></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">JPMorgan Prime Money Market Fund, IM Shares</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">4.4 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Mueller Industries, Inc.</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">2.6 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Advance Auto Parts, Inc.</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">2.3 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Telesat Corp.</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1.9 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Madison Square Garden Sports Corp.</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1.9 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Crane Co.</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1.9 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">National Fuel Gas Co.</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1.9 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Modine Manufacturing Co.</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1.7 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Herc Holdings, Inc.</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1.7 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Astec Industries, Inc.</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1.7 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr></table> 0.044 0.026 0.023 0.019 0.019 0.019 0.019 0.017 0.017 0.017 1290 GAMCO SMALL/MID CAP VALUE FUND CLASS I TNVIX This annual shareholder report contains important information about the 1290 GAMCO Small/Mid Cap Value Fund (the “Fund”) for the period November 1, 2024 to October 31, 2025. annual shareholder report You can find additional information about the Fund at https://www.1290funds.com/resources/#shareholderReports. You can also request this information by contacting us at 1-888-310-0416. https://www.1290funds.com/resources/#shareholderReports 1-888-310-0416 <div style="margin-top:0pt; margin-bottom:0pt; padding-top:2pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What were the Fund costs for the last year? </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">(Based on a hypothetical $10,000 investment) </div></div></div><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt;width:98%;border-spacing:0;margin:0 auto"> <tr> <td style="width:22%"></td> <td style="vertical-align:bottom;width:2%"></td> <td style="width:37%"></td> <td style="vertical-align:bottom;width:2%"></td> <td style="width:37%"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:middle;text-align:center"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">Share Class</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">Costs of a $10,000</div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">investment</div></td> <td style=" BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:top;white-space:nowrap;text-align:center"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">Costs paid as a percentage of a</div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">$10,000 investment</div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;text-align:center"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">Class I</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center">$98</td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:top;white-space:nowrap;text-align:center">0.95%</td></tr></table> 98 0.0095 <div style="margin-top:0pt; margin-bottom:0pt; padding-top:0pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">How did the Fund perform last year and what affected its performance? </div><div style="margin-top:6pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">The Fund’s Class I shares returned 8.20% for the year ended October 31, 2025. </div><div style="margin-top:12pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What helped performance during the year? </div><div style="margin-top:6pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">• Industrial company performance was the largest contributor to absolute and relative returns for the Fund during the period, delivering more than 2% of excess return relative to the benchmark. </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">• The Fund’s stock selection in the communication services and consumer discretionary sector holdings were strong contributors to relative returns for the period. </div><div style="margin-top:12pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What hurt performance during the year? </div><div style="margin-top:6pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">• Financial sector holdings were the largest detractors from relative performance for the period, mainly driven by lower Fund allocation to the sector. </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">• The Fund’s lower exposure to information technology companies hurt relative performance during the period. </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">• The Fund’s lower exposure to energy companies detracted slightly from relative returns during the period. GAMCO’s investment philosophy focuses on value-oriented fundamental analysis, which steered it away from energy companies during the period. </div> <img alt="LOGO" src="g98897g00t03.jpg" style="width:6.30556in;height:3.1809in"/> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt;width:98%;border-spacing:0;margin:0 auto"> <tr> <td style="width:65%"></td> <td style="vertical-align:bottom;width:2%"></td> <td style="width:18pt"></td> <td></td> <td></td> <td style="width:18pt"></td> <td style="vertical-align:bottom;width:3%"></td> <td style="width:20pt"></td> <td></td> <td></td> <td style="width:20pt"></td> <td style="vertical-align:bottom;width:3%"></td> <td style="width:22pt"></td> <td></td> <td></td> <td style="width:22pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:middle"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 10/31/25</div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">1 Year   </div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">5 Years   </div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">10 Years   </div></div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">1290 GAMCO Small/Mid Cap Value Fund (Class I)</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">8.20%   </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">14.18%   </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">9.13%   </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Russell 3000<div style="font-size:75%; vertical-align:top;display:inline;font-size:6.6px">®</div><div style="font-size:75%; vertical-align:top;display:inline;font-size:6.6px"> </div>Index</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">20.81%   </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">16.74%   </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">14.08%   </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Russell 2500<div style="font-size:75%; vertical-align:top;display:inline;font-size:6.6px">®</div><div style="font-size:75%; vertical-align:top;display:inline;font-size:6.6px"> </div>Value Index</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">10.11%   </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">14.39%   </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">9.02%   </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;white-space:nowrap;vertical-align:bottom"> </td></tr></table> 1290 GAMCO Small/Mid Cap Value Fund (Class I) 0.082 0.1418 0.0913 Russell 3000® Index 0.2081 0.1674 0.1408 Russell 2500® Value Index 0.1011 0.1439 0.0902 The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit https://www.1290funds.com/resources/#shareholderReports for most recent performance information. <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt;width:99%;border-spacing:0;margin-left:auto"> <tr> <td style="width:79%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 12pt; font-family: ARIAL; font-weight: bold; line-height: normal;">Fund Statistics</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">(as of October 31, 2025)</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Net Assets</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">$</div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">180,626,135</div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="white-space: nowrap; vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="white-space: nowrap; vertical-align: bottom; text-align: right; padding-bottom: 0.375pt;">   </td> <td style="white-space: nowrap; vertical-align: bottom; padding-bottom: 0.375pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Number of Portfolio Holdings</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">183</div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Total Investment Advisory Fees Paid</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">$835,029</div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Portfolio Turnover Rate</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;">10%</div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"><div style="font-size: 9pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr></table> 180626135 183 835029 0.10 <div style="max-width:100%;margin-left:0%; margin-right:0%;border-radius:10pt 10pt 10pt 0pt ; background-color:#f2f2f2;padding-top:2pt;padding-bottom:3pt"><div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; padding-top:4pt; margin-left:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What did the Fund inv<div style="display:inline;">e</div>st in? </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; font-size:10pt; font-family:ARIAL;text-align:justify">(as of October 31, 2025) </div><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:2%"></td> <td style="vertical-align:bottom;width:3%"></td> <td style="width:84%"></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="4" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: ARIAL; font-weight: bold; line-height: normal;">Sector Weightings (as a % of Net Assets)</div><div style="font-size: 4pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"> </div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Industrials</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">33.2 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Communication Services</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">18.3 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Consumer Discretionary</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">17.8 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Consumer Staples</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">7.0 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Materials</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">7.0 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Utilities</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">4.9 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Health Care</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">2.2 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Financials</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">2.0 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Information Technology</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">2.0 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Energy</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1.0 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Real Estate</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0.7 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Short-Term Investments</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">4.9 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Cash and Other Assets Less Liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">-1.0 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr></table><div style="font-size:12pt; margin-top:0pt; margin-bottom:0pt"> </div></div><div style="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:2%"></td> <td style="vertical-align:bottom;width:3%"></td> <td style="width:86%"></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="4" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: ARIAL; font-weight: bold; line-height: normal;">Top Holdings (as a % of Net Assets)</div><div style="font-size: 4pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"> </div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">JPMorgan Prime Money Market Fund, IM Shares</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">4.4 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Mueller Industries, Inc.</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">2.6 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Advance Auto Parts, Inc.</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">2.3 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Telesat Corp.</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1.9 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Madison Square Garden Sports Corp.</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1.9 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Crane Co.</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1.9 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">National Fuel Gas Co.</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1.9 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Modine Manufacturing Co.</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1.7 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Herc Holdings, Inc.</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1.7 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Astec Industries, Inc.</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1.7 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr></table></div><div style="clear: both; height: 0pt; font-size: 0pt; max-height: 0px;"></div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="margin-top:12pt; margin-bottom:0pt; padding-bottom:0pt; font-size:10pt; font-family:ARIAL;text-align:justify">  </div></div> 0.332 0.183 0.178 0.07 0.07 0.049 0.022 0.02 0.02 0.01 0.007 0.049 -0.01 <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:2%"></td> <td style="vertical-align:bottom;width:3%"></td> <td style="width:86%"></td> <td style="vertical-align:bottom;width:3%"></td> <td></td> <td></td> <td style="vertical-align:bottom;width:3%"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td colspan="4" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: ARIAL; font-weight: bold; line-height: normal;">Top Holdings (as a % of Net Assets)</div><div style="font-size: 4pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"> </div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">JPMorgan Prime Money Market Fund, IM Shares</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">4.4 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Mueller Industries, Inc.</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">2.6 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Advance Auto Parts, Inc.</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">2.3 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Telesat Corp.</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1.9 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Madison Square Garden Sports Corp.</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1.9 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Crane Co.</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1.9 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">National Fuel Gas Co.</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1.9 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Modine Manufacturing Co.</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1.7 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Herc Holdings, Inc.</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1.7 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="2" style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.63em; text-indent: -0.63em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Astec Industries, Inc.</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1.7 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr></table> 0.044 0.026 0.023 0.019 0.019 0.019 0.019 0.017 0.017 0.017 1290 GAMCO SMALL/MID CAP VALUE FUND CLASS R TNVRX This <div style="display:inline;"></div><div style="display:inline;"></div><div style="display:inline;">annual shareholder repor</div>t contains important information about the 1290 GAMCO Small/Mid Cap Value Fund (the “Fund”) for the period November 1, 2024 to October 31, 2025. annual shareholder report You can find additional information about the Fund at https://www.1290funds.com/resources/#shareholderReports. You can also request this information by contacting us at 1-888-310-0416. https://www.1290funds.com/resources/#shareholderReports 1-888-310-0416 <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt;width:98%;border-spacing:0;margin:0 auto"> <tr> <td style="width:26%"></td> <td style="vertical-align:bottom;width:1%"></td> <td style="width:32%"></td> <td style="vertical-align:bottom;width:1%"></td> <td style="width:40%"></td></tr> <tr style="font-size:1pt"> <td colspan="5" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td colspan="5" style="vertical-align:top"><div style="font-size: 1pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 1pt; margin-bottom: 0pt; margin-left: -0.1em; font-size: 12pt; font-family: ARIAL; font-weight: bold; line-height: normal;">What were the Fund costs for the last year?</div><div style="font-size: 0pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: -0.1em; font-size: 9pt; font-family: ARIAL; line-height: normal;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">(Based on a hypothetical $10,000 investment)</div></div></div><div style="font-size: 4pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"> </div></td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:middle;text-align:center">Share Class</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;text-align:center"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">Costs of a $10,000</div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">investment</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:middle;text-align:center"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">Costs paid as a percentage of a</div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">$10,000 investment</div></td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;text-align:center">Class R</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:center">$150</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:top;text-align:center">1.45%</td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:2pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td></tr></table> 150 0.0145 <div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; padding-top:4pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">How did the Fund perform last year and what affected its performance? </div><div style="margin-top:2pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">The Fund’s Class R shares returned 7.67% for the year ended October 31, 2025. </div><div style="margin-top:12pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What helped performance during the year? </div><div style="margin-top:2pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL"><div style="font-family: &quot;Times New Roman&quot;; letter-spacing: 0px; top: 0px;display:inline;">•</div> Industrial company performance was the largest contributor to absolute and relative returns for the Fund during the period, delivering more than 2% of excess return relative to the benchmark. </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL"><div style="font-family: &quot;Times New Roman&quot;; letter-spacing: 0px; top: 0px;display:inline;">•</div> The Fund’s stock selection in the communication services and consumer discretionary sector holdings were strong contributors to relative returns for the period. </div><div style="margin-top:12pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What hurt performance during the year? </div><div style="margin-top:2pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL"><div style="font-family: &quot;Times New Roman&quot;; letter-spacing: 0px; top: 0px;display:inline;">•</div> Financial sector holdings were the largest detractors from relative performance for the period, mainly driven by lower Fund allocation to the sector. </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL"><div style="font-family: &quot;Times New Roman&quot;; letter-spacing: 0px; top: 0px;display:inline;">•</div> The Fund’s lower exposure to information technology companies hurt relative performance during the period. </div><div style="margin-top:0pt; margin-bottom:0pt; padding-bottom:4pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL"><div style="font-family: &quot;Times New Roman&quot;; letter-spacing: 0px; top: 0px;display:inline;">•</div> The Fund’s lower exposure to energy companies detracted slightly from relative returns during the period. GAMCO’s investment philosophy focuses on value-oriented fundamental analysis, which steered it away from energy companies during the period. </div> <div style="margin-top:0pt;margin-bottom:0pt;text-align:center"> <img alt="LOGO" src="g98897g00t04.jpg" style="width:6.30556in;height:3.19351in"/> </div> <div style="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </div><div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt;width:99%;border-spacing:0;margin-left:auto"> <tr> <td style="width:66%"></td> <td style="vertical-align:bottom;width:2%"></td> <td style="width:18pt"></td> <td></td> <td></td> <td style="width:18pt"></td> <td style="vertical-align:bottom;width:3%"></td> <td style="width:20pt"></td> <td></td> <td></td> <td style="width:20pt"></td> <td style="vertical-align:bottom;width:3%"></td> <td style="width:22pt"></td> <td></td> <td></td> <td style="width:22pt"></td> <td style="vertical-align:bottom;width:2%"></td> <td style="width:0pt"></td> <td></td> <td></td> <td style="width:0pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:middle;white-space:nowrap"><div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 2pt; margin-bottom: 1pt; font-size: 8pt; font-family: ARIAL; font-weight: bold; line-height: normal;">Average Annual Total Returns as of 10/31/25</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="4" style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">1 Year   </div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="4" style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">5 Years   </div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="4" style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">10 Years   </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td colspan="4" style="vertical-align: middle; padding-bottom: 0.375pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;white-space:nowrap"><div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 2pt; margin-bottom: 1pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">1290 GAMCO Small/Mid Cap Value Fund (Class R)</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">7.67%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">13.62%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">8.59%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;white-space:nowrap"><div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 2pt; margin-bottom: 1pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Russell 3000<div style="font-size:75%; vertical-align:top;display:inline;font-size:6.6px">®</div> Index</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">20.81%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">16.74%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">14.08%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;white-space:nowrap"><div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 2pt; margin-bottom: 1pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Russell 2500<div style="font-size:75%; vertical-align:top;display:inline;font-size:6.6px">®</div> Value Index</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">10.11%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">14.39%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">9.02%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr></table></div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div>  1290 GAMCO Small/Mid Cap Value Fund (Class R) 0.0767 0.1362 0.0859  Russell 3000® Index 0.2081 0.1674 0.1408  Russell 2500® Value Index 0.1011 0.1439 0.0902 The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit https://www.1290funds.com/resources/#shareholderReports for most recent performance information. <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt;width:98%;border-spacing:0;margin:0 auto"> <tr> <td style="width:87%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 12pt; font-family: ARIAL; font-weight: bold; line-height: normal;">Fund Statistics</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">(as of October 31, 2025)</div><div style="font-size: 4pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"> </div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Net Assets</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom">$</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">180,626,135 </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Number of Portfolio Holdings</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">183 </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Total Investment Advisory Fees Paid</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">$835,029</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Portfolio Turnover Rate</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">10%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td></tr></table> 180626135 183 835029 0.10 <div style="max-width:100%;margin-left:0%; margin-right:0%;border-radius:10pt; background-color:#f2f2f2;padding-top:2pt;padding-bottom:3pt"><div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="margin-top:0pt; margin-bottom:0pt; padding-top:4pt; margin-left:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What did the Fund invest in? </div><div style="margin-top:0pt; margin-bottom:0pt; padding-bottom:4pt; margin-left:1%; font-size:10pt; font-family:ARIAL;text-align:justify">(as of October 31, 2025) </div><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"><div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt;width:98%;border-spacing:0;margin-left:auto"> <tr> <td style="width:86%"></td> <td style="vertical-align:bottom;width:9%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td colspan="4" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Sector Weightings (as a % of Net Assets)</div></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Industrials</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">33.2 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Communication Services</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">18.3 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Consumer Discretionary</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">17.8 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Consumer Staples</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">7.0 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Materials</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">7.0 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Utilities</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">4.9 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Health Care</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">2.2 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Financials</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">2.0 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Information Technology</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">2.0 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Energy</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1.0 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Real Estate</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0.7 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Short-Term Investments</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">4.9 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Cash and Other Assets Less Liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">-1.0 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr></table></div></div><div style="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt;width:98%;border-spacing:0;margin:0 auto"> <tr> <td style="width:88%"></td> <td style="vertical-align:bottom;width:9%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td colspan="4" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Top Holdings (as a % of Net Assets)</div></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">JPMorgan Prime Money Market Fund, IM Shares</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">4.4 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Mueller Industries, Inc.</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">2.6 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Advance Auto Parts, Inc.</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">2.3 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Telesat Corp.</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1.9 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Madison Square Garden Sports Corp.</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1.9 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Crane Co.</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1.9 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">National Fuel Gas Co.</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1.9 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Modine Manufacturing Co.</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1.7 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Herc Holdings, Inc.</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1.7 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Astec Industries, Inc.</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1.7 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr></table></div><div style="clear: both; height: 0pt; font-size: 0pt; max-height: 0px;"></div></div> 0.332 0.183 0.178 0.07 0.07 0.049 0.022 0.02 0.02 0.01 0.007 0.049 -0.01 <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt;width:98%;border-spacing:0;margin:0 auto"> <tr> <td style="width:88%"></td> <td style="vertical-align:bottom;width:9%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td colspan="4" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Top Holdings (as a % of Net Assets)</div></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">JPMorgan Prime Money Market Fund, IM Shares</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">4.4 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Mueller Industries, Inc.</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">2.6 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Advance Auto Parts, Inc.</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">2.3 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Telesat Corp.</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1.9 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Madison Square Garden Sports Corp.</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1.9 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Crane Co.</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1.9 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">National Fuel Gas Co.</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1.9 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Modine Manufacturing Co.</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1.7 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Herc Holdings, Inc.</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1.7 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Astec Industries, Inc.</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1.7 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr></table> 0.044 0.026 0.023 0.019 0.019 0.019 0.019 0.017 0.017 0.017 1290 HIGH YIELD BOND FUND CLASS A TNHAX This annual shareholder report contains important information about the 1290 High Yield Bond Fund (the “Fund”) for the period November 1, 2024 to October 31, 2025. annual shareholder report You can find additional information about the Fund at https://www.1290funds.com/resources/#shareholderReports. You can also request this information by contacting us at 1-888-310-0416. https://www.1290funds.com/resources/#shareholderReports 1-888-310-0416 <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt;width:98%;border-spacing:0;margin:0 auto"> <tr> <td style="width:26%"></td> <td style="vertical-align:bottom;width:1%"></td> <td style="width:32%"></td> <td style="vertical-align:bottom;width:1%"></td> <td style="width:40%"></td></tr> <tr style="font-size:1pt"> <td colspan="5" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td colspan="5" style="vertical-align:top"><div style="font-size: 1pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 1pt; margin-bottom: 0pt; margin-left: -0.1em; font-size: 12pt; font-family: ARIAL; font-weight: bold; line-height: normal;">What were the Fund costs for the last year?</div><div style="font-size: 0pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: -0.1em; font-size: 9pt; font-family: ARIAL; line-height: normal;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">(Based on a hypothetical $10,000 investment)</div></div></div><div style="font-size: 4pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"> </div></td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:middle;text-align:center">Share Class</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;text-align:center"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">Costs of a $10,000</div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">investment</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:middle;text-align:center"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">Costs paid as a percentage of a</div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">$10,000 investment</div></td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;text-align:center">Class A</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:center">$104</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:top;text-align:center">1.00%</td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:2pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td></tr></table> 104 0.01 <div style="margin-top:0pt; margin-bottom:0pt; padding-top:4pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">How did the Fund perform last year and what affected its performance? </div><div style="margin-top:2pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">The Fund’s Class A shares returned 7.14% (without sales charge) for the year ended October 31, 2025. </div><div style="margin-top:12pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What helped performance during the year? </div><div style="margin-top:2pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL"><div style="font-family: &quot;Times New Roman&quot;; letter-spacing: 0px; top: 0px;display:inline;">•</div> Security selection in the highest yielding (lower quality) segment of the market was the largest positive contributor to relative performance. </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">• Looking at performance by sector, Technology &amp; Electronics and Energy were the top positive contributors to relative performance due mostly to security selection. </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">• On an individual security basis, Cloud Software Group’s 9.0% note due 2029 (0.90%) was the top contributor to the Fund’s performance. </div><div style="margin-top:12pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What hurt performance during the year? </div><div style="margin-top:2pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">• The top detractor from relative performance was selection in the better-quality intermediate duration segment of the market. </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">• Looking at performance by sector, an underweight within Telecommunications and security selection in Media were the top detractors. </div><div style="margin-top:0pt; margin-bottom:0pt; padding-bottom:4pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">• On an individual security basis, Ardagh’s 6.5% note due 2027 (no longer held as of 10/31/25) was the bottom contributor to the Fund’s performance. </div> <img alt="LOGO" src="g98897g00t05.jpg" style="width:6.30556in;height:3.19352in"/> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt;width:99%;border-spacing:0;margin-left:auto"> <tr> <td style="width:65%"></td> <td style="vertical-align:bottom;width:3%"></td> <td style="width:18pt"></td> <td></td> <td></td> <td style="width:18pt"></td> <td style="vertical-align:bottom;width:4%"></td> <td style="width:20pt"></td> <td></td> <td></td> <td style="width:20pt"></td> <td style="vertical-align:bottom;width:4%"></td> <td style="width:22pt"></td> <td></td> <td></td> <td style="width:22pt"></td> <td style="vertical-align:bottom;width:3%"></td> <td style="width:0pt"></td> <td></td> <td></td> <td style="width:0pt"></td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; padding-left:8pt;height:1.5pt"> </td> <td colspan="5" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;height:1.5pt"> </td> <td colspan="5" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;height:1.5pt"> </td> <td colspan="5" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td> <td colspan="5" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:middle"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Average Annual Total Returns as of October 31, 2025</div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="4" style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">1 Year   </div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="4" style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">5 Years   </div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="4" style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">10 Years   </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td colspan="4" style="vertical-align: middle; padding-bottom: 0.375pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 2pt; margin-bottom: 1pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">1290 High Yield Bond Fund (Class A)</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 2pt; margin-bottom: 1pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;"><div style="-sec-ix-hidden:hidden6490774;display:inline;">without Sales Charge</div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">7.14%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">4.66%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">5.10%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 2pt; margin-bottom: 1pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;"><div style="-sec-ix-hidden:hidden6490775;display:inline;">with Sales Charge</div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">2.33%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">3.71%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">4.62%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 2pt; margin-bottom: 1pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">ICE BofA U.S. High Yield Index</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">8.11%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">5.53%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">5.83%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr></table> 0.0714 0.0466 0.051 0.0233 0.0371 0.0462 ICE BofA U.S. High Yield Index 0.0811 0.0553 0.0583 The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit https://www.1290funds.com/resources/#shareholderReports for most recent performance information. <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt;width:98%;border-spacing:0;margin:0 auto"> <tr> <td style="width:88%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 12pt; font-family: ARIAL; font-weight: bold; line-height: normal;">Fund Statistics</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">(as of October 31, 2025)</div><div style="font-size: 4pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"> </div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Net Assets</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom">$</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">88,864,477 </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Number of Portfolio Holdings</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">285 </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Total Investment Advisory Fees Paid</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">$174,265</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Portfolio Turnover Rate</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">37%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td></tr></table> 88864477 285 174265 0.37 <div style="margin-top:0pt; margin-bottom:0pt; padding-top:4pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What did the Fund invest in? </div><div style="margin-top:0pt; margin-bottom:0pt; padding-bottom:4pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">(as of October 31, 2025) </div><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:50%"></td> <td style="vertical-align:bottom;width:1%"></td> <td style="width:49%"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td colspan="3" style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5em; font-size: 10pt; font-family: ARIAL; font-weight: bold; line-height: normal;">Credit Quality Ratings (as a % of Net Assets)</div></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:2pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 1pt; border-bottom: 1px solid rgb(0, 0, 0); font-size: 2pt; font-family: ARIAL; text-align: justify; line-height: normal;"> </div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="vertical-align:top"><div style="font-size: 4pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin: 0pt 0.5em 1pt; line-height: normal;"> <img alt="LOGO" src="g98897g53g53.jpg" style="width:3.57654in;height:2.51272in"/> </div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"></td></tr></table><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </div> 1290 HIGH YIELD BOND FUND CLASS I TNHIX This annual shareholder report contains important information about the 1290 High Yield Bond Fund (the “Fund”) for the period November 1, 2024 to October 31, 2025. annual shareholder report You can find additional information about the Fund at https://www.1290funds.com/resources/#shareholderReports. You can also request this information by contacting us at 1-888-310-0416. https://www.1290funds.com/resources/#shareholderReports 1-888-310-0416 <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt;width:98%;border-spacing:0;margin:0 auto"> <tr> <td style="width:26%"></td> <td style="vertical-align:bottom;width:1%"></td> <td style="width:32%"></td> <td style="vertical-align:bottom;width:1%"></td> <td style="width:40%"></td></tr> <tr style="font-size:1pt"> <td colspan="5" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td colspan="5" style="vertical-align:top"><div style="font-size: 1pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 1pt; margin-bottom: 0pt; margin-left: -0.1em; font-size: 12pt; font-family: ARIAL; font-weight: bold; line-height: normal;">What were the Fund costs for the last year?</div><div style="font-size: 0pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: -0.1em; font-size: 9pt; font-family: ARIAL; line-height: normal;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">(Based on a hypothetical $10,000 investment)</div></div></div><div style="font-size: 4pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"> </div></td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:middle;text-align:center">Share Class</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;text-align:center"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">Costs of a $10,000</div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">investment</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:middle;text-align:center"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">Costs paid as a percentage of a</div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">$10,000 investment</div></td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;text-align:center">Class I</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:center">$78</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:top;text-align:center">0.75%</td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:2pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td></tr></table> 78 0.0075 <div style="margin-top:0pt; margin-bottom:0pt; padding-top:4pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">How did the Fund perform last year and what affected its performance<div style="display:inline;">?</div> </div><div style="margin-top:2pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">The Fund’s Class I shares returned 7.40% for the year ended October 31, 2025. </div><div style="margin-top:12pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What helped performance during the year? </div><div style="margin-top:2pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL"><div style="font-family: &quot;Times New Roman&quot;; letter-spacing: 0px; top: 0px;display:inline;">•</div> Security selection in the highest yielding (lower quality) segment of the market was the largest positive contributor to relative performance. </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">• Looking at performance by sector, Technology &amp; Electronics and Energy were the top positive contributors to relative performance due mostly to security selection. </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">• On an individual security basis, Cloud Software Group’s 9.0% note due 2029 (0.90%) was the top contributor to the Fund’s performance. </div><div style="margin-top:12pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What hurt performance during the year? </div><div style="margin-top:2pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">• The top detractor from relative performance was selection in the better-quality intermediate duration segment of the market. </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">• Looking at performance by sector, an underweight within Telecommunications and security selection in Media were the top detractors. </div><div style="margin-top:0pt; margin-bottom:0pt; padding-bottom:4pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">• On an individual security basis, Ardagh’s 6.5% note due 2027 (no longer held as of 10/31/25) was the bottom contributor to the Fund’s performance. </div> <img alt="LOGO" src="g98897g00t06.jpg" style="width:6.30556in;height:3.19352in"/> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt;width:99%;border-spacing:0;margin-left:auto"> <tr> <td style="width:65%"></td> <td style="vertical-align:bottom;width:3%"></td> <td style="width:18pt"></td> <td></td> <td></td> <td style="width:18pt"></td> <td style="vertical-align:bottom;width:4%"></td> <td style="width:20pt"></td> <td></td> <td></td> <td style="width:20pt"></td> <td style="vertical-align:bottom;width:4%"></td> <td style="width:22pt"></td> <td></td> <td></td> <td style="width:22pt"></td> <td style="vertical-align:bottom;width:3%"></td> <td style="width:0pt"></td> <td></td> <td></td> <td style="width:0pt"></td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; padding-left:8pt;height:1.5pt"> </td> <td colspan="5" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;height:1.5pt"> </td> <td colspan="5" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;height:1.5pt"> </td> <td colspan="5" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td> <td colspan="5" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:middle"><div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 2pt; margin-bottom: 1pt; font-size: 8pt; font-family: ARIAL; font-weight: bold; line-height: normal;">Average Annual Total Returns as of 10/31/25</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="4" style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">1 Year   </div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="4" style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">5 Years   </div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="4" style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">10 Years   </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td colspan="4" style="vertical-align: middle; padding-bottom: 0.375pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;white-space:nowrap"><div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 2pt; margin-bottom: 1pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">1290 High Yield Bond Fund (Class I)</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">7.40%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">4.94%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">5.37%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;white-space:nowrap"><div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 2pt; margin-bottom: 1pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">ICE BofA U.S. High Yield Index</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">8.11%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">5.53%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">5.83%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr></table>  1290 High Yield Bond Fund (Class I) 0.074 0.0494 0.0537  ICE BofA U.S. High Yield Index 0.0811 0.0553 0.0583 The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit https://www.1290funds.com/resources/#shareholderReports for most recent performance information. <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt;width:98%;border-spacing:0;margin:0 auto"> <tr> <td style="width:88%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 12pt; font-family: ARIAL; font-weight: bold; line-height: normal;">Fund Statistics</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">(as of October 31, 2025)</div><div style="font-size: 4pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"> </div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Net Assets</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom">$</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">88,864,477 </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Number of Portfolio Holdings</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">285 </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Total Investment Advisory Fees Paid</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">$174,265</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Portfolio Turnover Rate</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">37%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td></tr></table> 88864477 285 174265 0.37 <div style="margin-top:0pt; margin-bottom:0pt; padding-top:4pt; margin-left:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What did the Fund invest in? </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; font-size:10pt; font-family:ARIAL;text-align:justify">(as of October 31, 2025) </div><div style="margin-top:10pt; margin-bottom:0pt; margin-left:1%; font-size:10pt; font-family:ARIAL;font-weight:bold">Credit Quality Ratings (as a % of Net Assets) </div><div style="font-size:3pt;margin-top:0pt;margin-bottom:0pt"> </div><div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt;width:99%;border-spacing:0;margin-left:auto"> <tr> <td style="width:53%"></td> <td style="vertical-align:bottom;width:1%"></td> <td style="width:46%"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:12pt"> <td style="vertical-align:top"><div style="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000"> </div><div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 0pt; margin-bottom: 1pt; margin-left: 0.5em; text-align: justify; line-height: normal;"> <img alt="LOGO" src="g98897g67g67.jpg" style="width:3.57654in;height:2.51272in"/> </div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"></td></tr></table></div><div style="margin-top:0pt; margin-bottom:0pt; padding-bottom:0pt; font-size:10pt; font-family:ARIAL;text-align:justify">  </div> 1290 HIGH YIELD BOND FUND CLASS R TNHRX This annual shareholder report contains important information about the 1290 High Yield Bond Fund (the “Fund”) for the period November 1, 2024 to October 31, 2025. annual shareholder report You can find additional information about the Fund at https://www.1290funds.com/resources/#shareholderReports. You can also request this information by contacting us at 1-888-310-0416. //www.1290funds.com/resources/#shareholderReports 1-888-310-0416 <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt;width:98%;border-spacing:0;margin:0 auto"> <tr> <td style="width:26%"></td> <td style="vertical-align:bottom;width:1%"></td> <td style="width:32%"></td> <td style="vertical-align:bottom;width:1%"></td> <td style="width:40%"></td></tr> <tr style="font-size:1pt"> <td colspan="5" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td colspan="5" style="vertical-align:top"><div style="font-size: 1pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 1pt; margin-bottom: 0pt; margin-left: -0.1em; font-size: 12pt; font-family: ARIAL; font-weight: bold; line-height: normal;">What were the Fund costs for the last year?</div><div style="font-size: 0pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: -0.1em; font-size: 9pt; font-family: ARIAL; line-height: normal;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">(Based on a hypothetical $10,000 investment)</div></div></div><div style="font-size: 4pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"> </div></td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:middle;text-align:center">Share Class</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;text-align:center"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">Costs of a $10,000</div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">investment</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:middle;text-align:center"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">Costs paid as a percentage of a</div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">$10,000 investment</div></td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;text-align:center">Class R</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:center">$129</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:top;text-align:center">1.25%</td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:2pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td></tr></table> 129 0.0125 <div style="margin-top:0pt; margin-bottom:0pt; padding-top:4pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">How did the Fund perform last year and what affected its performance? </div><div style="margin-top:2pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">The Fund’s Class R shares returned 6.75% for the year ended October 31, 2025. </div><div style="margin-top:12pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What helped performance during the year? </div><div style="margin-top:2pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL"><div style="font-family: &quot;Times New Roman&quot;; letter-spacing: 0px; top: 0px;display:inline;">•</div> Security selection in the highest yielding (lower quality) segment of the market was the largest positive contributor to relative performance. </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">• Looking at performance by sector, Technology &amp; Electronics and Energy were the top positive contributors to relative performance due mostly to security selection. </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">• On an individual security basis, Cloud Software Group’s 9.0% note due 2029 (0.90%) was the top contributor to the Fund’s performance. </div><div style="margin-top:12pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What hurt performance during the year? </div><div style="margin-top:2pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">• The top detractor from relative performance was selection in the better-quality intermediate duration segment of the market. </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">• Looking at performance by sector, an underweight within Telecommunications and security selection in Media were the top detractors. </div><div style="margin-top:0pt; margin-bottom:0pt; padding-bottom:4pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">• On an individual security basis, Ardagh’s 6.5% note due 2027 (no longer held as of 10/31/25) was the bottom contributor to the Fund’s performance. </div> <div style="margin-top:0pt;margin-bottom:0pt;text-align:center"> <img alt="LOGO" src="g98897g00t07.jpg" style="width:6.30556in;height:3.19351in"/> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt;width:99%;border-spacing:0;margin-left:auto"> <tr> <td style="width:65%"></td> <td style="vertical-align:bottom;width:3%"></td> <td style="width:18pt"></td> <td></td> <td></td> <td style="width:18pt"></td> <td style="vertical-align:bottom;width:4%"></td> <td style="width:20pt"></td> <td></td> <td></td> <td style="width:20pt"></td> <td style="vertical-align:bottom;width:4%"></td> <td style="width:22pt"></td> <td></td> <td></td> <td style="width:22pt"></td> <td style="vertical-align:bottom;width:3%"></td> <td style="width:0pt"></td> <td></td> <td></td> <td style="width:0pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:middle"><div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 2pt; margin-bottom: 1pt; font-size: 8pt; font-family: ARIAL; font-weight: bold; line-height: normal;">Average Annual Total Returns as of 10/31/25</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="4" style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">1 Year   </div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="4" style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">5 Years   </div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="4" style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">10 Years   </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td colspan="4" style="vertical-align: middle; padding-bottom: 0.375pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 2pt; margin-bottom: 1pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">1290 High Yield Bond Fund (Class R)</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">6.75%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">4.40%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">4.84%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 2pt; margin-bottom: 1pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">ICE BofA U.S. High Yield Index</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">8.11%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">5.53%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">5.83%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr></table>  1290 High Yield Bond Fund (Class R) 0.0675 0.044 0.0484  ICE BofA U.S. High Yield Index 0.0811 0.0553 0.0583 The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit https://www.1290funds.com/resources/#shareholderReports for most recent performance information. <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt;width:98%;border-spacing:0;margin:0 auto"> <tr> <td style="width:88%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 12pt; font-family: ARIAL; font-weight: bold; line-height: normal;">Fund Statistics</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">(as of October 31, 2025)</div><div style="font-size: 4pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"> </div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Net Assets</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom">$</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">88,864,477 </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Number of Portfolio Holdings</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">285 </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Total Investment Advisory Fees Paid</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">$174,265</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Portfolio Turnover Rate</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">37%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td></tr></table> 88864477 285 174265 0.37 <div style="margin-top:0pt; margin-bottom:0pt; padding-top:4pt; margin-left:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What did the Fund invest in? </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; font-size:10pt; font-family:ARIAL;text-align:justify">(as of October 31, <div style="display:inline;">2025</div>) </div><div style="margin-top:10pt; margin-bottom:0pt; margin-left:1%; font-size:10pt; font-family:ARIAL;font-weight:bold">Credit Quality Ratings (as a % of Net Assets) </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt;width:99%;border-spacing:0;margin-left:auto"> <tr> <td style="width:53%"></td> <td style="vertical-align:bottom;width:1%"></td> <td style="width:46%"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:12pt"> <td style="vertical-align:top"><div style="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000"> </div><div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 0pt; margin-bottom: 1pt; margin-left: 0.5em; text-align: justify; line-height: normal;"> <img alt="LOGO" src="g98897g68g68.jpg" style="width:3.57654in;height:2.51272in"/> </div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"></td></tr></table> 1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND CLASS A TNXAX This annual shareholder report contains important information about the 1290 Loomis Sayles Multi-Asset Income Fund (the “Fund”) for the period November 1, 2024 to October 31, 2025. annual shareholder report You can find additional information about the Fund at https://www.1290funds.com/resources/#shareholderReports. You can also request this information by contacting us at 1-888-310-0416. https://www.1290funds.com/resources/#shareholderReports 1-888-310-0416 <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt;width:98%;border-spacing:0;margin:0 auto"> <tr> <td style="width:26%"></td> <td style="vertical-align:bottom;width:1%"></td> <td style="width:32%"></td> <td style="vertical-align:bottom;width:1%"></td> <td style="width:40%"></td></tr> <tr style="font-size:1pt"> <td colspan="5" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td colspan="5" style="vertical-align:top"><div style="font-size: 1pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 1pt; margin-bottom: 0pt; margin-left: -0.1em; font-size: 12pt; font-family: ARIAL; font-weight: bold; line-height: normal;">What were the Fund costs for the last year?</div><div style="font-size: 0pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: -0.1em; font-size: 9pt; font-family: ARIAL; line-height: normal;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">(Based on a hypothetical $10,000 investment)</div></div></div><div style="font-size: 4pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"> </div></td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:middle;text-align:center">Share Class</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;text-align:center"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">Costs of a $10,000</div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">investment</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:middle;text-align:center"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">Costs paid as a percentage of a</div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">$10,000 investment</div></td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;text-align:center">Class A</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:center">$110</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:top;text-align:center">1.05%</td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:2pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td></tr></table><div style="font-size:4pt;margin-top:0pt;margin-bottom:0pt"> </div> 110 0.0105 <div style="margin-top:0pt; margin-bottom:0pt; padding-top:4pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">How did the Fund perform last year and what affected its performance? </div><div style="margin-top:2pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">The Fund’s Class A shares returned 8.62% (without sales charge) for the year <div style="display:inline;">ended </div>October 31, 2025. </div><div style="margin-top:12pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What helped performance during the year? </div><div style="margin-top:2pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL"><div style="font-family: &quot;Times New Roman&quot;; letter-spacing: 0px; top: 0px;display:inline;">•</div> The Fund delivered positive absolute and relative performance, led by an overweight allocation to dividend-paying equities. </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">• Security selection was strong overall, and particularly within investment grade corporates and dividend-paying equities. </div><div style="margin-top:12pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What hurt performance during the year? </div><div style="margin-top:2pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">• BuyWrites (covered calls on equities) detracted on a relative basis, due to an underweight allocation. </div><div style="margin-top:0pt; margin-bottom:0pt; padding-bottom:4pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">• The Fund’s underweight allocation to high-yield corporates detracted from performance, with security selection partially offsetting the detraction. </div> <div style="margin-top:0pt;margin-bottom:0pt;text-align:center"> <img alt="LOGO" src="g98897g11a11.jpg" style="width:6.30556in;height:3.19352in"/> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt;width:99%;border-spacing:0;margin-left:auto"> <tr> <td style="width:67%"></td> <td style="vertical-align:bottom;width:2%"></td> <td style="width:18pt"></td> <td></td> <td></td> <td style="width:18pt"></td> <td style="vertical-align:bottom;width:3%"></td> <td style="width:20pt"></td> <td></td> <td></td> <td style="width:20pt"></td> <td style="vertical-align:bottom;width:3%"></td> <td style="width:19pt"></td> <td></td> <td></td> <td style="width:19pt"></td> <td style="vertical-align:bottom;width:2%"></td> <td style="width:0pt"></td> <td></td> <td></td> <td style="width:0pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:middle"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Average Annual Total Returns as of October 31, 2025</div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">1 Year   </div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">5 Years   </div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: ARIAL; font-weight: bold; text-align: center; line-height: normal;">Since</div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: ARIAL; font-weight: bold; text-align: center; line-height: normal;">Inception*</div></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td colspan="4" style="vertical-align: middle; padding-bottom: 0.375pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 2pt; margin-bottom: 1pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">1290 Loomis Sayles Multi-Asset Income Fund (Class A)</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 2pt; margin-bottom: 1pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;"><div style="-sec-ix-hidden:hidden6487512;display:inline;">without Sales Charge</div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">8.62%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">6.87%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">7.09%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 2pt; margin-bottom: 1pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;"><div style="-sec-ix-hidden:hidden6487513;display:inline;">with Sales Charge</div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">3.75%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">5.66%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">6.47%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 2pt; margin-bottom: 1pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Bloomberg U.S. Aggregate Bond Index</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">6.16%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">-0.24%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">1.85%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 2pt; margin-bottom: 1pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">1290 Multi-Asset Income Index<div style="font-size:75%; vertical-align:top;display:inline;font-size:6.6px">**</div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">8.71%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">6.03%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">5.72%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 2pt; margin-bottom: 1pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">MSCI World High Dividend Yield Index</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">10.18%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">11.24%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">8.26%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 2pt; margin-bottom: 1pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Cboe S&amp;P 500 BuyWrite Index</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">11.48%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">10.91%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">7.33%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 2pt; margin-bottom: 1pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Bloomberg U.S. Corporate High Yield Index</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">8.16%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">5.47%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">6.45%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr></table><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4.5pt"> </td> <td style="width:13.5pt;vertical-align:top;text-align:left">*</td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: ARIAL; text-align: justify; line-height: normal;">Date of inception: March 7, 2016 </div></td></tr></table> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4.5pt"> </td> <td style="width:13.5pt;vertical-align:top;text-align:left">**</td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: ARIAL; text-align: justify; line-height: normal;">The 1290 Multi-Asset Income Index is a hypothetical combination of unmanaged indexes composed of the Bloomberg U.S. Aggregate Bond Index (30%); the MSCI World High Dividend Yield Index (20%); the Cboe S&amp;P 500 BuyWrite Index SM (20%); and the Bloomberg U.S. Corporate High Yield Index (30%). </div></td> <td style="width:9pt"> </td></tr></table> 0.0862 0.0687 0.0709 0.0375 0.0566 0.0647  Bloomberg U.S. Aggregate Bond Index 0.0616 -0.0024 0.0185 1290 Multi-Asset Income Index 0.0871 0.0603 0.0572  MSCI World High Dividend Yield Index 0.1018 0.1124 0.0826  Cboe S&P 500 BuyWrite Index 0.1148 0.1091 0.0733  Bloomberg U.S. Corporate High Yield Index 0.0816 0.0547 0.0645 2016-03-07 The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit https://www.1290funds.com/resources/#shareholderReports for most recent performance information. <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt;width:98%;border-spacing:0;margin:0 auto"> <tr> <td style="width:88%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 12pt; font-family: ARIAL; font-weight: bold; line-height: normal;">Fund Statistics</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">(as of October 31, 2025)</div><div style="font-size: 4pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"> </div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Net Assets</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom">$</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">92,450,406 </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Number of Portfolio Holdings</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">675 </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Total Investment Advisory Fees Paid</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">$74,983</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Portfolio Turnover Rate</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">191%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td></tr></table> 92450406 675 74983 1.91 <div style="margin-top:0pt; margin-bottom:0pt; padding-top:4pt; margin-left:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What did the Fund invest in? </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; font-size:10pt; font-family:ARIAL;text-align:justify">(as of October 31, 2025) </div><div style="margin-top:8pt; margin-bottom:0pt; padding-bottom:4pt; margin-left:1%; font-size:10pt; font-family:ARIAL;font-weight:bold">Asset Allocation (as a % of Net Assets) </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt;width:99%;border-spacing:0;margin-left:auto"> <tr> <td style="width:53%"></td> <td style="vertical-align:bottom;width:1%"></td> <td style="width:46%"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:12pt"> <td style="vertical-align:top"><div style="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000"> </div><div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 0pt; margin-bottom: 1pt; margin-left: 0.5em; text-align: justify; line-height: normal;"> <img alt="LOGO" src="g98897g14g14.jpg" style="width:2.83723in;height:2.67685in"/> </div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"></td></tr></table> 1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND CLASS I TNVDX This annual shareholder report contains important information about the 1290 Loomis Sayles Multi-Asset Income Fund (the “Fund”) for the period November 1, 2024 to October 31, 2025. annual shareholder report You can find additional information about the Fund at https://www.1290funds.com/resources/#shareholderReports. You can also request this information by contacting us at 1-888-310-0416. https://www.1290funds.com/resources/#shareholderReports 1-888-310-0416 <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt;width:98%;border-spacing:0;margin:0 auto"> <tr> <td style="width:26%"></td> <td style="vertical-align:bottom;width:1%"></td> <td style="width:32%"></td> <td style="vertical-align:bottom;width:1%"></td> <td style="width:40%"></td></tr> <tr style="font-size:1pt"> <td colspan="5" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td colspan="5" style="vertical-align:top"><div style="font-size: 1pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 1pt; margin-bottom: 0pt; margin-left: -0.1em; font-size: 12pt; font-family: ARIAL; font-weight: bold; line-height: normal;">What were the Fund costs for the last year?</div><div style="font-size: 0pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: -0.1em; font-size: 9pt; font-family: ARIAL; line-height: normal;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">(Based on a hypothetical $10,000 investment)</div></div></div><div style="font-size: 4pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"> </div></td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:middle;text-align:center">Share Class</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;text-align:center"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">Costs of a $10,000</div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">investment</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:middle;text-align:center"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">Costs paid as a percentage of a</div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">$10,000 investment</div></td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;text-align:center">Class I</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:center">$84</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:top;text-align:center">0.80%</td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:2pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td></tr></table> 84 0.008 <div style="margin-top:0pt; margin-bottom:0pt; padding-top:4pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">How did the Fund perform last year and what affected its <div style="display:inline;">performance</div>? </div><div style="margin-top:2pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">The Fund’s Class I shares returned 8.88% for the year ended October 31, 2025. </div><div style="margin-top:12pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What helped performance during the year? </div><div style="margin-top:2pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL"><div style="font-family: &quot;Times New Roman&quot;; letter-spacing: 0px; top: 0px;display:inline;">•</div> The Fund delivered positive absolute and relative performance, led by an overweight allocation to dividend-paying equities. </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">• Security selection was strong overall, and particularly within investment grade corporates and dividend-paying equities. </div><div style="margin-top:12pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What hurt performance during the year? </div><div style="margin-top:2pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">• BuyWrites (covered calls on equities) detracted on a relative basis, due to an underweight allocation. </div><div style="margin-top:0pt; margin-bottom:0pt; padding-bottom:4pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">• The Fund’s underweight allocation to high-yield corporates detracted from performance, with security selection partially offsetting the detraction. </div> <div style="margin-top:12pt; margin-bottom:0pt; padding-bottom:2pt; font-size:10pt; font-family:ARIAL;font-weight:bold;text-align:center">‘ <img alt="LOGO" src="g98897g12a12.jpg" style="width:6.30556in;height:3.19352in"/> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt;width:99%;border-spacing:0;margin-left:auto"> <tr> <td style="width:67%"></td> <td style="vertical-align:bottom;width:2%"></td> <td style="width:18pt"></td> <td></td> <td></td> <td style="width:18pt"></td> <td style="vertical-align:bottom;width:3%"></td> <td style="width:20pt"></td> <td></td> <td></td> <td style="width:20pt"></td> <td style="vertical-align:bottom;width:3%"></td> <td style="width:38pt"></td> <td></td> <td></td> <td style="width:38pt"></td> <td style="vertical-align:bottom;width:2%"></td> <td style="width:0pt"></td> <td></td> <td></td> <td style="width:0pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:middle"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 10/31/25</div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">1 Year   </div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">5 Years   </div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="4" style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Since<br/>Inception<div style="font-size:75%; vertical-align:top;display:inline;font-size:6.6px">*</div></div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td colspan="4" style="vertical-align: middle; padding-bottom: 0.375pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 2pt; margin-bottom: 1pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">1290 Loomis Sayles Multi-Asset Income Fund (Class I)</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">8.88%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">7.14%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">7.36%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 2pt; margin-bottom: 1pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Bloomberg U.S. Aggregate Bond Index</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">6.16%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">-0.24%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">1.85%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 2pt; margin-bottom: 1pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">1290 Multi-Asset Income Index<div style="font-size:75%; vertical-align:top;display:inline;font-size:6.6px">**</div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">8.71%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">6.03%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">5.72%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 2pt; margin-bottom: 1pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">MSCI World High Dividend Yield Index</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">10.18%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">11.24%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">8.26%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 2pt; margin-bottom: 1pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Cboe S&amp;P 500 BuyWrite Index</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">11.48%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">10.91%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">7.33%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 2pt; margin-bottom: 1pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Bloomberg U.S. Corporate High Yield Index</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">8.16%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">5.47%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">6.45%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr></table><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4.5pt"> </td> <td style="width:13.5pt;vertical-align:top;text-align:left">*</td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: ARIAL; text-align: justify; line-height: normal;">Date of inception: March 7, 2016 </div></td></tr></table> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4.5pt"> </td> <td style="width:13.5pt;vertical-align:top;text-align:left">**</td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: ARIAL; text-align: justify; line-height: normal;">The 1290 Multi-Asset Income Index is a hypothetical combination <div style="display:inline;">of</div> unmanaged indexes composed of the Bloomberg U.S. Aggregate Bond Index (30%); the MSCI World High Dividend Yield Index (20%); the Cboe S&amp;P 500 BuyWrite Index SM (20%); and the Bloomberg U.S. Corporate High Yield Index (30%). </div></td> <td style="width:9pt"> </td></tr></table>  1290 Loomis Sayles Multi-Asset Income Fund (Class I) 0.0888 0.0714 0.0736  Bloomberg U.S. Aggregate Bond Index 0.0616 -0.0024 0.0185 1290 Multi-Asset Income Index 0.0871 0.0603 0.0572  MSCI World High Dividend Yield Index 0.1018 0.1124 0.0826  Cboe S&P 500 BuyWrite Index 0.1148 0.1091 0.0733  Bloomberg U.S. Corporate High Yield Index 0.0816 0.0547 0.0645 2016-03-07 The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit https://www.1290funds.com/resources/#shareholderReports for most recent performance information. <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt;width:98%;border-spacing:0;margin:0 auto"> <tr> <td style="width:88%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="font-size:1pt"> <td style="height:9.75pt"></td> <td colspan="4" style="height:9.75pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 12pt; font-family: ARIAL; font-weight: bold; line-height: normal;">Fund Statistics</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">(as of October 31, 2025)</div><div style="font-size: 4pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"> </div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Net Assets</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom">$</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">92,450,406 </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Number of Portfolio Holdings</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">675 </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Total Investment Advisory Fees Paid</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">$<div style="display:inline;">74,983</div></td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Portfolio Turnover Rate</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">191%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td></tr></table> 92450406 675 74983 1.91 <div style="margin-top:0pt; margin-bottom:0pt; padding-top:4pt; margin-left:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What did the Fund invest in? </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; font-size:10pt; font-family:ARIAL;text-align:justify">(as of October 31, 2025) </div><div style="margin-top:10pt; margin-bottom:0pt; padding-bottom:4pt; margin-left:1%; font-size:10pt; font-family:ARIAL;font-weight:bold">Asset Allocation (as a % of Net Assets) </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt;width:100%;border-spacing:0;margin:0 auto"> <tr> <td style="width:50%"></td> <td style="vertical-align:bottom;width:1%"></td> <td style="width:49%"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="vertical-align:top"><div style="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000"> </div><div style="margin-top: 0pt; margin-bottom: 1pt; text-align: justify; line-height: normal;"> <img alt="LOGO" src="g98897g15g15.jpg" style="width:2.83723in;height:2.67685in"/> </div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"></td></tr></table> 1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND CLASS R TNYRX This annual shareholder report contains important information about the 1290 Loomis Sayles Multi-Asset Income Fund (the “Fund”) for the period November 1, 2024 to October 31, 2025. annual shareholder report You can find additional information about the Fund at https://www.1290funds.com/resources/#shareholderReports. You can also request this information by contacting us at 1-888-310-0416. https://www.1290funds.com/resources/#shareholderReports 1-888-310-0416 <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt;width:98%;border-spacing:0;margin:0 auto"> <tr> <td style="width:26%"></td> <td style="vertical-align:bottom;width:1%"></td> <td style="width:32%"></td> <td style="vertical-align:bottom;width:1%"></td> <td style="width:40%"></td></tr> <tr style="font-size:1pt"> <td colspan="5" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td colspan="5" style="vertical-align:top"><div style="font-size: 1pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 1pt; margin-bottom: 0pt; margin-left: -0.1em; font-size: 12pt; font-family: ARIAL; font-weight: bold; line-height: normal;">What were the Fund costs for the last year?</div><div style="font-size: 0pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: -0.1em; font-size: 9pt; font-family: ARIAL; line-height: normal;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">(Based on a hypothetical $10,000 investment)</div></div></div><div style="font-size: 4pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"> </div></td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:middle;text-align:center">Share Class</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;text-align:center"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">Costs of a $10,000</div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">investment</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:middle;text-align:center"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">Costs paid as a percentage of a</div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">$10,000 investment</div></td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;text-align:center">Class R</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:center">$135</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:top;text-align:center">1.30%</td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:2pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td></tr></table> 135 0.013 <div style="margin-top:0pt; margin-bottom:0pt; padding-top:4pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">How did the Fund perform last year and what affected its <div style="display:inline;">performance</div>? </div><div style="margin-top:2pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">The Fund’s Class R shares returned 8.35% for the year <div style="display:inline;">ended</div> October 31, 2025. </div><div style="margin-top:12pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What helped performance <div style="display:inline;">during</div> the year? </div><div style="margin-top:2pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">• The Fund delivered positive absolute and relative performance, led by an overweight allocation to dividend-paying equities. </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">• Security selection was strong overall, and particularly within investment grade corporates and dividend-paying equities. </div><div style="margin-top:12pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What hurt performance during the <div style="display:inline;">year</div>? </div><div style="margin-top:2pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">• BuyWrites (covered calls on equities) detracted on a relative basis, due to an underweight allocation. </div><div style="margin-top:0pt; margin-bottom:0pt; padding-bottom:4pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">• The Fund’s underweight allocation to high-yield corporates detracted from performance, with security selection partially offsetting the detraction. </div> <img alt="LOGO" src="g98897g02a51.jpg" style="width:6.30556in;height:3.19352in"/> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt;width:99%;border-spacing:0;margin-left:auto"> <tr> <td style="width:63%"></td> <td style="vertical-align:bottom;width:3%"></td> <td style="width:18pt"></td> <td></td> <td></td> <td style="width:18pt"></td> <td style="vertical-align:bottom;width:4%"></td> <td style="width:20pt"></td> <td></td> <td></td> <td style="width:20pt"></td> <td style="vertical-align:bottom;width:4%"></td> <td style="width:50pt"></td> <td></td> <td></td> <td style="width:50pt"></td> <td style="vertical-align:bottom;width:3%"></td> <td style="width:0pt"></td> <td></td> <td></td> <td style="width:0pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:middle"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Average Annual Total Returns as of 10/31/25</div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="4" style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">1 Year   </div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="4" style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">5 Years   </div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="4" style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap"><div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 2pt; margin-bottom: 1pt; font-size: 8pt; font-family: ARIAL; font-weight: bold; text-align: center; line-height: normal;">Since   <br/>Inception<div style="font-size:75%; vertical-align:top;display:inline;font-size:6.6px">*</div>   </div></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td colspan="4" style="vertical-align: middle; padding-bottom: 0.375pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 2pt; margin-bottom: 1pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">1290 Loomis Sayles Multi-Asset Income Fund (Class R)</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">8.35%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">6.59%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">6.83%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 2pt; margin-bottom: 1pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Bloomberg U.S. Aggregate Bond Index</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">6.16%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">-0.24%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">1.85%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 2pt; margin-bottom: 1pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">1290 Multi-Asset Income Index<div style="font-size:75%; vertical-align:top;display:inline;font-size:6.6px">**</div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">8.71%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">6.03%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">5.72%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 2pt; margin-bottom: 1pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">MSCI World High Dividend Yield Index</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">10.18%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">11.24%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">8.26%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 2pt; margin-bottom: 1pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Cboe S&amp;P 500 BuyWrite Index</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">11.48%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">10.91%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">7.33%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 2pt; margin-bottom: 1pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Bloomberg U.S. Corporate High Yield Index</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">8.16%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">5.47%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">6.45%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr></table><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:13.5pt"> </td> <td style="width:13.5pt;vertical-align:top;text-align:left">*</td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: ARIAL; text-align: justify; line-height: normal;">Date of inception: March 7, 2016 </div></td></tr></table> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:13.5pt"> </td> <td style="width:13.5pt;vertical-align:top;text-align:left">**</td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: ARIAL; text-align: justify; line-height: normal;">The 1290 Multi-Asset Income Index is a hypothetical combination <div style="display:inline;">of</div> unmanaged indexes composed of the Bloomberg U.S. Aggregate Bond Index (30%); the MSCI World High Dividend Yield Index (20%); the Cboe S&amp;P 500 BuyWrite Index SM (20%); and the Bloomberg U.S. Corporate High Yield Index (30%). </div></td> <td style="width:13.5pt"> </td></tr></table>  1290 Loomis Sayles Multi-Asset Income Fund (Class R) 0.0835 0.0659 0.0683  Bloomberg U.S. Aggregate Bond Index 0.0616 -0.0024 0.0185 1290 Multi-Asset Income Index 0.0871 0.0603 0.0572  MSCI World High Dividend Yield Index 0.1018 0.1124 0.0826  Cboe S&P 500 BuyWrite Index 0.1148 0.1091 0.0733  Bloomberg U.S. Corporate High Yield Index 0.0816 0.0547 0.0645 2016-03-07 The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit https://www.1290funds.com/resources/#shareholderReports for most recent performance information. <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt;width:98%;border-spacing:0;margin:0 auto"> <tr> <td style="width:88%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 12pt; font-family: ARIAL; font-weight: bold; line-height: normal;">Fund Statistics</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">(as of October 31, 2025)</div><div style="font-size: 4pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"> </div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Net Assets</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom">$</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">92,450,406 </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Number of Portfolio Holdings</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">675 </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Total Investment Advisory Fees Paid</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">$74,983</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Portfolio Turnover Rate</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">191%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td></tr></table> 92450406 675 74983 1.91 <div style="margin-top:0pt; margin-bottom:0pt; padding-top:4pt; margin-left:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What did the Fund invest in? </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; font-size:10pt; font-family:ARIAL;text-align:justify">(as of October 31, 2025) </div><div style="margin-top:6pt; margin-bottom:0pt; margin-left:1%; font-size:10pt; font-family:ARIAL;font-weight:bold">Asset Allocation (as a % of Net Assets) </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt;width:99%;border-spacing:0;margin-left:auto"> <tr> <td style="width:53%"></td> <td style="vertical-align:bottom;width:1%"></td> <td style="width:46%"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:12pt"> <td style="vertical-align:top"><div style="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000"> </div><div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 0pt; margin-bottom: 1pt; margin-left: 0.5em; text-align: justify; line-height: normal;"> <img alt="LOGO" src="g98897g16g16.jpg" style="width:2.83723in;height:2.67685in"/> </div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"></td></tr></table> 1290 MULTI-ALTERNATIVE STRATEGIES FUND CLASS A TNMAX This annual shareholder report contains important information about the 1290 Multi-Alternative Strategies Fund (the “Fund”) for the period November 1, 2024 to October 31, 2025. annual shareholder report You can find additional information about the Fund at https://www.1290funds.com/resources/#shareholderReports. You can also request this information by contacting us at 1-888-310-0416. https://www.1290funds.com/resources/#shareholderReports 1-888-310-0416 <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt;width:98%;border-spacing:0;margin:0 auto"> <tr> <td style="width:26%"></td> <td style="vertical-align:bottom;width:1%"></td> <td style="width:32%"></td> <td style="vertical-align:bottom;width:1%"></td> <td style="width:40%"></td></tr> <tr style="font-size:1pt"> <td colspan="5" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td colspan="5" style="vertical-align:top"><div style="font-size: 1pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 1pt; margin-bottom: 0pt; margin-left: -0.1em; font-size: 12pt; font-family: ARIAL; font-weight: bold; line-height: normal;">What were the Fund costs for the last year?</div><div style="font-size: 0pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: -0.1em; font-size: 9pt; font-family: ARIAL; line-height: normal;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">(Based on a hypothetical $10,000 investment)</div></div></div><div style="font-size: 4pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"> </div></td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:middle;text-align:center">Share Class</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;text-align:center"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">Costs of a $10,000</div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">investment</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:middle;text-align:center"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">Costs paid as a percentage of a</div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">$10,000 investment</div></td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;text-align:center">Class A</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:center">$117</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:top;text-align:center">1.10%</td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:2pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td></tr></table> 117 0.011 <div style="margin-top:0pt; margin-bottom:0pt; padding-top:2pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">How did the Fund perform last year and what affected its performance<div style="display:inline;">?</div> </div><div style="margin-top:2pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">The Fund’s Class A shares returned 12.15% (without sales charge) for the year ended October 31, 2025. </div><div style="margin-top:12pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What helped performance during the year? </div><div style="margin-top:2pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">• The Fund’s exposure to convertible bonds, precious metals and long-short equity all contributed positively to performance as equity markets continued to rise. </div><div style="margin-top:12pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What hurt performance during the year? </div><div style="margin-top:2pt; margin-bottom:0pt; padding-bottom:2pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">• The Fund’s exposure to global real estate and inflation protected securities detracted from performance. While higher on an absolute basis, they returned less relative to other asset classes within the Fund. </div> <img alt="LOGO" src="g98897g13a13.jpg" style="width:6.30556in;height:3.19352in"/> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt;width:99%;border-spacing:0;margin-left:auto"> <tr> <td style="width:67%"></td> <td style="vertical-align:bottom;width:2%"></td> <td style="width:18pt"></td> <td></td> <td></td> <td style="width:18pt"></td> <td style="vertical-align:bottom;width:3%"></td> <td style="width:20pt"></td> <td></td> <td></td> <td style="width:20pt"></td> <td style="vertical-align:bottom;width:3%"></td> <td style="width:22pt"></td> <td></td> <td></td> <td style="width:22pt"></td> <td style="vertical-align:bottom;width:2%"></td> <td style="width:0pt"></td> <td></td> <td></td> <td style="width:0pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:middle"><div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 2pt; margin-bottom: 1pt; font-size: 8pt; font-family: ARIAL; font-weight: bold; line-height: normal;">Average Annual Total Returns as of October 31, 2025</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="4" style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">1 Year   </div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="4" style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">5 Years   </div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="4" style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">10 Years   </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td colspan="4" style="vertical-align: middle; padding-bottom: 0.375pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 2pt; margin-bottom: 1pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">1290 Multi-Alternative Strategies Fund (Class A)</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 2pt; margin-bottom: 1pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;"><div style="-sec-ix-hidden:hidden6490977;display:inline;">without Sales Charge</div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">12.15%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">4.84%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">3.07%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 2pt; margin-bottom: 1pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;"><div style="-sec-ix-hidden:hidden6490978;display:inline;">with Sales Charge</div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">6.03%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">3.65%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">2.49%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 2pt; margin-bottom: 1pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Bloomberg U.S. Aggregate Bond Index</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">6.16%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">-0.24%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">1.90%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 2pt; margin-bottom: 1pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">ICE BofA U.S. 3-Month Treasury Bill Index</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">4.37%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">3.06%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">2.13%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr></table> 0.1215 0.0484 0.0307 0.0603 0.0365 0.0249 Bloomberg U.S. Aggregate Bond Index 0.0616 -0.0024 0.019 ICE BofA U.S. 3-Month Treasury Bill Index 0.0437 0.0306 0.0213 The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit https://www.1290funds.com/resources/#shareholderReports for most recent performance information. <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt;width:98%;border-spacing:0;margin:0 auto"> <tr> <td style="width:88%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 12pt; font-family: ARIAL; font-weight: bold; line-height: normal;">Fund Statistics</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">(as of October 31, 2025)</div><div style="font-size: 4pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"> </div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Net Assets</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom">$</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">25,330,327 </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Number of Portfolio Holdings</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">12 </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Total Investment Advisory Fees Paid (net of waiver)</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">$0</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Portfolio Turnover Rate</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">22%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td></tr></table> 25330327 12 0 0.22 <div style="margin-top:0pt; margin-bottom:0pt; padding-top:4pt; margin-left:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What did the Fund invest in? </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; font-size:10pt; font-family:ARIAL;text-align:justify">(as of October 31, 2025) </div><div style="margin-top:8pt; margin-bottom:0pt; margin-left:1%; font-size:10pt; font-family:ARIAL;font-weight:bold">Alternative Category and Strategy Allocation </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; font-size:10pt; font-family:ARIAL;font-weight:bold">(as a % of Net Assets) </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt;width:99%;border-spacing:0;margin-left:auto"> <tr> <td style="width:53%"></td> <td style="vertical-align:bottom;width:1%"></td> <td style="width:46%"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:12pt"> <td style="vertical-align:top"><div style="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000"> </div><div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 0pt; margin-bottom: 1pt; margin-left: 0.5em; text-align: justify; line-height: normal;"> <img alt="LOGO" src="g98897g03a01.jpg" style="width:3.34722in;height:2.73103in"/> </div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"></td></tr></table> 1290 MULTI-ALTERNATIVE STRATEGIES FUND CLASS I TNMIX This annual shareholder report contains important information about the 1290 Multi-Alternative Strategies Fund (the “Fund”) for the period November 1, 2024 to October 31, 2025. annual shareholder report You can find additional information about the Fund at https://www.1290funds.com/resources/#shareholderReports. You can also request this information by contacting us at 1-888-310-0416. https://www.1290funds.com/resources/#shareholderReports 1-888-310-0416 <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt;width:98%;border-spacing:0;margin:0 auto"> <tr> <td style="width:26%"></td> <td style="vertical-align:bottom;width:1%"></td> <td style="width:32%"></td> <td style="vertical-align:bottom;width:1%"></td> <td style="width:40%"></td></tr> <tr style="font-size:1pt"> <td colspan="5" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td colspan="5" style="vertical-align:top"><div style="font-size: 1pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 1pt; margin-bottom: 0pt; margin-left: -0.1em; font-size: 12pt; font-family: ARIAL; font-weight: bold; line-height: normal;">What were the Fund costs for the last year?</div><div style="font-size: 0pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: -0.1em; font-size: 9pt; font-family: ARIAL; line-height: normal;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">(Based on a hypothetical $10,000 investment)</div></div></div><div style="font-size: 4pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"> </div></td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:middle;text-align:center">Share Class</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;text-align:center"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">Costs of a $10,000</div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">investment</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:middle;text-align:center"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">Costs paid as a percentage of a</div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">$10,000 investment</div></td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;text-align:center">Class I</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:center">$90</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:top;text-align:center">0.85%</td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:2pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td></tr></table> 90 0.0085 <div style="margin-top:0pt; margin-bottom:0pt; padding-top:4pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">How did the Fund perform last year and what affected its performance<div style="display:inline;">?</div> </div><div style="margin-top:2pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">The Fund’s Class I shares returned 12.40% for the year ended October 31, 2025. </div><div style="margin-top:12pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What helped performance during the year? </div><div style="margin-top:2pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">• The Fund’s exposure to convertible bonds, precious metals and long-short equity all contributed positively to performance as equity markets continued to rise. </div><div style="margin-top:12pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What hurt performance during the year? </div><div style="margin-top:2pt; margin-bottom:0pt; padding-bottom:4pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">• The Fund’s exposure to global real estate and inflation protected securities detracted from performance. While higher on an absolute basis, they returned less relative to other asset classes within the Fund. </div> <img alt="LOGO" src="g98897g14a14.jpg" style="width:6.30556in;height:3.19352in"/> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt;width:99%;border-spacing:0;margin-left:auto"> <tr> <td style="width:67%"></td> <td style="vertical-align:bottom;width:2%"></td> <td style="width:18pt"></td> <td></td> <td></td> <td style="width:18pt"></td> <td style="vertical-align:bottom;width:3%"></td> <td style="width:20pt"></td> <td></td> <td></td> <td style="width:20pt"></td> <td style="vertical-align:bottom;width:3%"></td> <td style="width:22pt"></td> <td></td> <td></td> <td style="width:22pt"></td> <td style="vertical-align:bottom;width:2%"></td> <td style="width:0pt"></td> <td></td> <td></td> <td style="width:0pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:middle"><div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 2pt; margin-bottom: 1pt; font-size: 8pt; font-family: ARIAL; font-weight: bold; line-height: normal;">Average Annual Total Returns as of 10/31/25</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="4" style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">1 Year   </div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="4" style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">5 Years   </div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="4" style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">10 Years   </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td colspan="4" style="vertical-align: middle; padding-bottom: 0.375pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 2pt; margin-bottom: 1pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">1290 Multi-Alternative Strategies Fund (Class I)</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">12.40%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">5.09%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">3.32%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 2pt; margin-bottom: 1pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Bloomberg U.S. Aggregate Bond Index</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">6.16%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">-0.24%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">1.90%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 2pt; margin-bottom: 1pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">ICE BofA U.S. 3-Month Treasury Bill Index</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">4.37%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">3.06%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">2.13%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr></table> 1290 Multi-Alternative Strategies Fund (Class I) 0.124 0.0509 0.0332 Bloomberg U.S. Aggregate Bond Index 0.0616 -0.0024 0.019 ICE BofA U.S. 3-Month Treasury Bill Index 0.0437 0.0306 0.0213 The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit https://www.1290funds.com/resources/#shareholderReports for most recent performance information. <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt;width:98%;border-spacing:0;margin:0 auto"> <tr> <td style="width:88%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 12pt; font-family: ARIAL; font-weight: bold; line-height: normal;">Fund Statistics</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">(as of October 31, 2025)</div><div style="font-size: 4pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"> </div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Net Assets</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom">$</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">25,330,327 </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Number of Portfolio Holdings</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">12 </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Total Investment Advisory Fees Paid (net of waiver)</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">$0</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Portfolio Turnover Rate</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">22%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td></tr></table> 25330327 12 0 0.22 <div style="margin-top:0pt; margin-bottom:0pt; padding-top:4pt; margin-left:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What did the Fund invest in? </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; font-size:10pt; font-family:ARIAL;text-align:justify">(as of October 31, 2025) </div><div style="margin-top:8pt; margin-bottom:0pt; margin-left:1%; font-size:10pt; font-family:ARIAL;font-weight:bold">Alternative Category and Strategy Allocation </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; font-size:10pt; font-family:ARIAL;font-weight:bold">(as a % of Net Assets) </div><div style="font-size:3pt;margin-top:0pt;margin-bottom:0pt"> </div><div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt;width:99%;border-spacing:0;margin-left:auto"> <tr> <td style="width:53%"></td> <td style="vertical-align:bottom;width:1%"></td> <td style="width:46%"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:12pt"> <td style="vertical-align:top"><div style="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000"> </div><div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 0pt; margin-bottom: 1pt; margin-left: 0.5em; text-align: justify; line-height: normal;"> <img alt="LOGO" src="g98897g27x20.jpg" style="width:3.34722in;height:2.73103in"/> </div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"></td></tr></table></div><div style="margin-top:0pt; margin-bottom:0pt; padding-bottom:0pt; font-size:10pt; font-family:ARIAL;text-align:justify">  </div> 1290 MULTI-ALTERNATIVE STRATEGIES FUND CLASS R TNMRX This annual shareholder report contains important information about the 1290 Multi-Alternative Strategies Fund (the “Fund”) for the period November 1, 2024 to October 31, 2025. annual shareholder report You can find additional information about the Fund at https://www.1290funds.com/resources/#shareholderReports. You can also request this information by contacting us at 1-888-310-0416. https://www.1290funds.com/resources/#shareholderReports 1-888-310-0416 <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt;width:98%;border-spacing:0;margin:0 auto"> <tr> <td style="width:26%"></td> <td style="vertical-align:bottom;width:1%"></td> <td style="width:32%"></td> <td style="vertical-align:bottom;width:1%"></td> <td style="width:40%"></td></tr> <tr style="font-size:1pt"> <td colspan="5" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td colspan="5" style="vertical-align:top"><div style="font-size: 1pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 1pt; margin-bottom: 0pt; margin-left: -0.1em; font-size: 12pt; font-family: ARIAL; font-weight: bold; line-height: normal;">What were the Fund costs for the last year<div style="display:inline;">?</div></div><div style="font-size: 0pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: -0.1em; font-size: 9pt; font-family: ARIAL; line-height: normal;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">(Based on a hypothetical $10,000 investment)</div></div></div><div style="font-size: 4pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"> </div></td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:middle;text-align:center">Share Class</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;text-align:center"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">Costs of a $10,000</div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">investment</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:middle;text-align:center"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">Costs paid as a percentage of a</div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">$10,000 investment</div></td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;text-align:center">Class R</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:center">$143</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:top;text-align:center">1.35%</td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:2pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td></tr></table> 143 0.0135 <div style="margin-top:0pt; margin-bottom:0pt; padding-top:4pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">How did the Fund perform last year and what affected its performance? </div><div style="margin-top:2pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">The Fund’s Class R shares returned 11.73% for the year ended October 31, 2025. </div><div style="margin-top:12pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What helped performance during the year? </div><div style="margin-top:2pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">• The Fund’s exposure to convertible bonds, precious metals and long-short equity all contributed positively to performance as equity markets continued to rise. </div><div style="margin-top:12pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What hurt performance during the year? </div><div style="margin-top:2pt; margin-bottom:0pt; padding-bottom:4pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">• The Fund’s exposure to global real estate and inflation protected securities detracted from performance. While higher on an absolute basis, they returned less relative to other asset classes within the Fund. </div> <img alt="LOGO" src="g98897g32k20.jpg" style="width:6.30556in;height:3.19352in"/> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt;width:99%;border-spacing:0;margin-left:auto"> <tr> <td style="width:67%"></td> <td style="vertical-align:bottom;width:2%"></td> <td style="width:18pt"></td> <td></td> <td></td> <td style="width:18pt"></td> <td style="vertical-align:bottom;width:3%"></td> <td style="width:20pt"></td> <td></td> <td></td> <td style="width:20pt"></td> <td style="vertical-align:bottom;width:3%"></td> <td style="width:22pt"></td> <td></td> <td></td> <td style="width:22pt"></td> <td style="vertical-align:bottom;width:2%"></td> <td style="width:0pt"></td> <td></td> <td></td> <td style="width:0pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:middle"><div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 2pt; margin-bottom: 1pt; font-size: 8pt; font-family: ARIAL; font-weight: bold; line-height: normal;">Average Annual Total Returns as of 10/31/25</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="4" style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">1 Year   </div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="4" style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">5 Years   </div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="4" style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">10 Years   </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td colspan="4" style="vertical-align: middle; padding-bottom: 0.375pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 2pt; margin-bottom: 1pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">1290 Multi-Alternative Strategies Fund (Class R)</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">11.73%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">4.56%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">2.80%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 2pt; margin-bottom: 1pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Bloomberg U.S. Aggregate Bond Index</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">6.16%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">-0.24%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">1.90%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 2pt; margin-bottom: 1pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">ICE BofA U.S. 3-Month Treasury Bill Index</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">4.37%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">3.06%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">2.13%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr></table> 1290 Multi-Alternative Strategies Fund (Class R) 0.1173 0.0456 0.028 Bloomberg U.S. Aggregate Bond Index 0.0616 -0.0024 0.019 ICE BofA U.S. 3-Month Treasury Bill Index 0.0437 0.0306 0.0213 The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit https://www.1290funds.com/resources/#shareholderReports for most recent performance information. <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt;width:98%;border-spacing:0;margin:0 auto"> <tr> <td style="width:88%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 12pt; font-family: ARIAL; font-weight: bold; line-height: normal;">Fund Statistics</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">(as of October 31, 2025)</div><div style="font-size: 4pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"> </div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Net Assets</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom">$</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">25,330,327 </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Number of Portfolio Holdings</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">12 </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Total Investment Advisory Fees Paid (net of waiver)</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">$0</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Portfolio Turnover Rate</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">22%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td></tr></table> 25330327 12 0 0.22 <div style="margin-top:0pt; margin-bottom:0pt; padding-top:4pt; margin-left:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What did the Fund invest in? </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; font-size:10pt; font-family:ARIAL;text-align:justify">(as of October 31, 2025) </div><div style="margin-top:8pt; margin-bottom:0pt; margin-left:1%; font-size:10pt; font-family:ARIAL;font-weight:bold">Alternative Category and Strategy Allocation </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; font-size:10pt; font-family:ARIAL;font-weight:bold">(as a % of Net Assets) </div><div style="font-size:3pt;margin-top:0pt;margin-bottom:0pt"> </div><div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt;width:99%;border-spacing:0;margin-left:auto"> <tr> <td style="width:53%"></td> <td style="vertical-align:bottom;width:1%"></td> <td style="width:46%"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:12pt"> <td style="vertical-align:top"><div style="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000"> </div><div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 0pt; margin-bottom: 1pt; margin-left: 0.5em; text-align: justify; line-height: normal;"> <img alt="LOGO" src="g98897g32_56.jpg" style="width:3.34722in;height:2.73103in"/> </div></td> <td style="vertical-align:bottom"> </td> <td style="vertical-align:top"></td></tr></table></div><div style="margin-top:0pt; margin-bottom:0pt; padding-bottom:0pt; font-size:10pt; font-family:ARIAL;text-align:justify">  </div> 1290 SMARTBETA EQUITY FUND CLASS I TNBIX This annual shareholder report contains important information about the 1290 SmartBeta Equity Fund (the “Fund”) for the period November 1, 2024 to October 31, 2025. annual shareholder report You can find additional information about the Fund at https://www.1290funds.com/resources/#shareholderReports. You can also request this information by contacting us at 1-888-310-0416. https://www.1290funds.com/resources/#shareholderReports 1-888-310-0416 <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt;width:98%;border-spacing:0;margin:0 auto"> <tr> <td style="width:26%"></td> <td style="vertical-align:bottom;width:1%"></td> <td style="width:32%"></td> <td style="vertical-align:bottom;width:1%"></td> <td style="width:40%"></td></tr> <tr style="font-size:1pt"> <td colspan="5" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td colspan="5" style="vertical-align:top"><div style="font-size: 1pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 1pt; margin-bottom: 0pt; margin-left: -0.1em; font-size: 12pt; font-family: ARIAL; font-weight: bold; line-height: normal;">What were the Fund costs for the last year?</div><div style="font-size: 0pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: -0.1em; font-size: 9pt; font-family: ARIAL; line-height: normal;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">(Based on a hypothetical $10,000 investment)</div></div></div><div style="font-size: 4pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"> </div></td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:middle;text-align:center">Share Class</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;text-align:center"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">Costs of a $10,000</div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">investment</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:middle;text-align:center"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">Costs paid as a percentage of a</div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">$10,000 investment</div></td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;text-align:center">Class I</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:center">$90</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:top;text-align:center">0.85%</td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:2pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td></tr></table> 90 0.0085 <div style="margin-top:0pt; margin-bottom:0pt; padding-top:4pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">How did the Fund perform last year and what affected its performance? </div><div style="margin-top:2pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">The Fund’s Class I shares returned 12.90% for the year ended October 31, 2025. </div><div style="margin-top:12pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What helped performance during the year? </div><div style="margin-top:2pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL"><div style="font-family: &quot;Times New Roman&quot;; letter-spacing: 0px; top: 0px;display:inline;">•</div> The Fund’s underweight exposure to Healthcare, Energy, and Real Estate companies, which underperformed the broader market, supported performance. </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL"><div style="font-family: &quot;Times New Roman&quot;; letter-spacing: 0px; top: 0px;display:inline;">•</div> During Q1 2025 and April, amidst market turbulence driven by concerns over tariffs, the Fund demonstrated strong defensive qualities and resilience, thanks to its focus on low-volatility, high-quality stocks. </div><div style="margin-top:12pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What hurt performance during the year? </div><div style="margin-top:2pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL"><div style="font-family: &quot;Times New Roman&quot;; letter-spacing: 0px; top: 0px;display:inline;">•</div> The Fund’s overweight exposure to low-volatility, high-quality earnings stocks detracted from performance as higher-beta stocks outperformed the broader market during this period. </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL"><div style="font-family: &quot;Times New Roman&quot;; letter-spacing: 0px; top: 0px;display:inline;">•</div> The overweight allocation to Consumer Staples companies, which underperformed the broader market, detracted from performance. </div><div style="margin-top:0pt; margin-bottom:0pt; padding-bottom:4pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL"><div style="font-family: &quot;Times New Roman&quot;; letter-spacing: 0px; top: 0px;display:inline;">•</div> Stock selection within the Information Technology sector, which excluded highly volatile companies, and within Financials, where the focus was on defensive financial services, contributed to the underperformance. </div> <img alt="LOGO" src="g98897g35k60.jpg" style="width:6.30556in;height:3.19352in"/> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt;width:99%;border-spacing:0;margin-left:auto"> <tr> <td style="width:66%"></td> <td style="vertical-align:bottom;width:2%"></td> <td style="width:18pt"></td> <td></td> <td></td> <td style="width:18pt"></td> <td style="vertical-align:bottom;width:3%"></td> <td style="width:20pt"></td> <td></td> <td></td> <td style="width:20pt"></td> <td style="vertical-align:bottom;width:3%"></td> <td style="width:22pt"></td> <td></td> <td></td> <td style="width:22pt"></td> <td style="vertical-align:bottom;width:2%"></td> <td style="width:0pt"></td> <td></td> <td></td> <td style="width:0pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:middle;white-space:nowrap"><div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 2pt; margin-bottom: 1pt; font-size: 8pt; font-family: ARIAL; font-weight: bold; line-height: normal;">Average Annual Total Returns as of 10/31/25</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="4" style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">1 Year   </div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="4" style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">5 Years   </div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="4" style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">10 Years   </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td colspan="4" style="vertical-align: middle; padding-bottom: 0.375pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;white-space:nowrap"><div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 2pt; margin-bottom: 1pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">1290 SmartBeta Equity Fund (Class I)</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">12.90%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">12.70%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">10.48%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;white-space:nowrap"><div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 2pt; margin-bottom: 1pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">MSCI World (Net) Index</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">22.02%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">15.58%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">11.79%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr></table> 1290 SmartBeta Equity Fund (Class I) 0.129 0.127 0.1048 MSCI World (Net) Index 0.2202 0.1558 0.1179 The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit https://www.1290funds.com/resources/#shareholderReports for most recent performance information. <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt;width:98%;border-spacing:0;margin:0 auto"> <tr> <td style="width:87%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 12pt; font-family: ARIAL; font-weight: bold; line-height: normal;">Fund Statistics</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">(as of October 31, 2025)</div><div style="font-size: 4pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"> </div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Net Assets</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom">$</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">265,320,986 </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Number of Portfolio Holdings</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">298 </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Total Investment Advisory Fees Paid</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">$1,079,809</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Portfolio Turnover Rate</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">33%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td></tr></table> 265320986 298 1079809 0.33 <div style="margin-top:0pt; margin-bottom:0pt; padding-top:4pt; margin-left:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What did the Fund invest in? </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; font-size:10pt; font-family:ARIAL;text-align:justify">(as of October 31, 2025) </div><div style="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"><div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt;width:98%;border-spacing:0;margin-left:auto"> <tr> <td style="width:84%"></td> <td style="vertical-align:bottom;width:12%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td colspan="4" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Sector Weightings (as a % of Net Assets)</div></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Information Technology</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">21.2 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Financials</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">19.0 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Industrials</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">14.8 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Consumer Discretionary</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">9.7 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Consumer Staples</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">9.0 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Health Care</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">8.7 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Communication Services</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">7.6 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Utilities</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">4.0 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Materials</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">3.0 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Energy</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1.4 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Real Estate</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0.6 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Short-Term Investments</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1.0 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Cash and Other Assets Less Liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0.0 </td> <td style="white-space:nowrap;vertical-align:bottom">%<div style="font-size:75%; vertical-align:top;display:inline;font-size:6.6px">#</div> </td></tr></table></div></div><div style="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt;width:97%;border-spacing:0;margin:0 auto"> <tr> <td style="width:86%"></td> <td style="vertical-align:bottom;width:9%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td colspan="4" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Regional Breakdown (as a % of Net Assets)</div></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">North America</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">82.3 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Europe EU</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">7.5 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Asia</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">5.0 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Europe non-EU</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">2.5 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Australasia</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1.8 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">United Kingdom</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0.6 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">South America</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0.3 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr></table></div><div style="clear: both; font-size: 0pt; max-height: 0px;"></div><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:3.75pt"> </td> <td style="width:16.5pt;vertical-align:top;text-align:left">#</td> <td style="vertical-align:top;text-align:left"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: ARIAL; text-align: left; line-height: normal;">Less than 0.05% </div></td></tr></table> 0.212 0.19 0.148 0.097 0.09 0.087 0.076 0.04 0.03 0.014 0.006 0.01 0 0.823 0.075 0.05 0.025 0.018 0.006 0.003 1290 SMARTBETA EQUITY FUND CLASS R TNBRX This annual shareholder report contains important information about the 1290 SmartBeta Equity Fund (the “Fund”) for the period November 1, 2024 to October 31, 2025. annual shareholder report You can find additional information about the Fund at https://www.1290funds.com/resources/#shareholderReports. You can also request this information by contacting us at 1-888-310-0416. https://www.1290funds.com/resources/#shareholderReports 1-888-310-0416 <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt;width:98%;border-spacing:0;margin:0 auto"> <tr> <td style="width:26%"></td> <td style="vertical-align:bottom;width:1%"></td> <td style="width:32%"></td> <td style="vertical-align:bottom;width:1%"></td> <td style="width:40%"></td> </tr> <tr style="font-size:1pt"> <td colspan="5" style="height:3pt"></td> </tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td colspan="5" style="vertical-align:top"> <div style="font-size: 1pt; margin-top: 0px; margin-bottom: 0px; line-height: normal;"> </div> <div style="margin-top: 1pt; margin-bottom: 0pt; margin-left: -0.1em; font-size: 12pt; font-family: ARIAL; font-weight: bold; line-height: normal;">What were the Fund costs for the last year?</div> <div style="font-size: 0pt; margin-top: 0px; margin-bottom: 0px; line-height: normal;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: -0.1em; font-size: 9pt; font-family: ARIAL; line-height: normal;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">(Based on a hypothetical $10,000 investment)</div></div></div> <div style="font-size: 4pt; margin-top: 0px; margin-bottom: 1pt; line-height: normal;"> </div> </td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:middle;text-align:center">Share Class</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;text-align:center"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">Costs of a $10,000</div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">investment</div> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:middle;text-align:center"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">Costs paid as a percentage of a</div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">$10,000 investment</div> </td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;text-align:center">Class R</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:center">$143</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:top;text-align:center">1.35%</td> </tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:2pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> </tr> </table> 143 0.0135 <div style="margin-top:0pt; margin-bottom:0pt; padding-top:4pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">How did the Fund perform last year and what affected its performance<div style="letter-spacing: 0px; top: 0px;display:inline;">?</div> </div> <div style="margin-top:2pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">The Fund’s Class R shares returned 12.34% for the year ended October 31, 2025. </div> <div style="margin-top:12pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What helped performance during the year? </div> <div style="margin-top:2pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL"><div style="font-family: &quot;Times New Roman&quot;; letter-spacing: 0px; top: 0px;display:inline;">•</div> The Fund’s underweight exposure to Healthcare, Energy, and Real Estate companies, which underperformed the broader market, supported performance. </div> <div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL"><div style="font-family: &quot;Times New Roman&quot;; letter-spacing: 0px; top: 0px;display:inline;">•</div> During Q1 2025 and April, amidst market turbulence driven by concerns over tariffs, the Fund demonstrated strong defensive qualities and resilience, thanks to its focus on low-volatility, high-quality stocks. </div> <div style="margin-top:12pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What hurt performance during the year? </div> <div style="margin-top:2pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL"><div style="font-family: &quot;Times New Roman&quot;; letter-spacing: 0px; top: 0px;display:inline;">•</div> The Fund’s overweight exposure to low-volatility, high-quality earnings stocks detracted from performance as higher-beta stocks outperformed the broader market during this period. </div> <div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL"><div style="font-family: &quot;Times New Roman&quot;; letter-spacing: 0px; top: 0px;display:inline;">•</div> The overweight allocation to Consumer Staples companies, which underperformed the broader market, detracted from performance. </div> <div style="margin-top:0pt; margin-bottom:0pt; padding-bottom:4pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL"><div style="font-family: &quot;Times New Roman&quot;; letter-spacing: 0px; top: 0px;display:inline;">•</div> Stock selection within the Information Technology sector, which excluded highly volatile companies, and within Financials, where the focus was on defensive financial services, contributed to the underperformance. </div> <img alt="LOGO" src="g98897g37k00.jpg" style="width:6.30556in;height:3.19352in"/> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt;width:99%;border-spacing:0;margin-left:auto"> <tr> <td style="width:66%"></td> <td style="vertical-align:bottom;width:2%"></td> <td style="width:18pt"></td> <td></td> <td></td> <td style="width:18pt"></td> <td style="vertical-align:bottom;width:3%"></td> <td style="width:20pt"></td> <td></td> <td></td> <td style="width:20pt"></td> <td style="vertical-align:bottom;width:3%"></td> <td style="width:22pt"></td> <td></td> <td></td> <td style="width:22pt"></td> <td style="vertical-align:bottom;width:2%"></td> <td style="width:0pt"></td> <td></td> <td></td> <td style="width:0pt"></td> </tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:middle;white-space:nowrap"> <div style="font-size: 2pt; margin-top: 0px; margin-bottom: 0px; line-height: normal;"> </div> <div style="margin-top: 2pt; margin-bottom: 1pt; font-size: 8pt; font-family: ARIAL; font-weight: bold; line-height: normal;">Average Annual Total Returns as of 10/31/25</div> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="4" style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">1 Year   </div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="4" style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">5 Years   </div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="4" style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">10 Years   </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td colspan="4" style="vertical-align: middle; padding-bottom: 0.375pt;"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;white-space:nowrap"> <div style="font-size: 2pt; margin-top: 0px; margin-bottom: 0px; line-height: normal;"> </div> <div style="margin-top: 2pt; margin-bottom: 1pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">1290 SmartBeta Equity Fund (Class R)</div> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">12.34%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">12.13%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">9.92%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> </tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;white-space:nowrap"> <div style="font-size: 2pt; margin-top: 0px; margin-bottom: 0px; line-height: normal;"> </div> <div style="margin-top: 2pt; margin-bottom: 1pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">MSCI World (Net) Index</div> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">22.02%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">15.58%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">11.79%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> </tr> </table> 1290 SmartBeta Equity Fund (Class R) 0.1234 0.1213 0.0992 MSCI World (Net) Index 0.2202 0.1558 0.1179 The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit https://www.1290funds.com/resources/#shareholderReports for most recent performance information. <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt;width:98%;border-spacing:0;margin:0 auto"> <tr> <td style="width:87%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 12pt; font-family: ARIAL; font-weight: bold; line-height: normal;">Fund Statistics</div> </td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> </tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">(as of October 31, 2025)</div> <div style="font-size: 4pt; margin-top: 0px; margin-bottom: 1pt; line-height: normal;"> </div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> </tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> </tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Net Assets</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom">$</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">265,320,986 </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> </tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Number of Portfolio Holdings</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">298 </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> </tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Total Investment Advisory Fees Paid</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">$1,079,809</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> </tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td> </tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Portfolio Turnover Rate</div> </td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">33%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> </tr> </table> 265320986 298 1079809 0.33 <div style="margin-top:0pt; margin-bottom:0pt; padding-top:4pt; margin-left:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What did the Fund invest in? </div> <div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; font-size:10pt; font-family:ARIAL;text-align:justify">(as of October 31, 2025) </div> <div style="font-size: 6pt; margin-top: 0px; margin-bottom: 0px;"> </div> <div style="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"> <div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt;width:98%;border-spacing:0;margin-left:auto"> <tr> <td style="width:84%"></td> <td style="vertical-align:bottom;width:12%"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td colspan="4" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Sector Weightings (as a % of Net Assets)</div></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> </tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Information Technology</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">21.2 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> </tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Financials</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">19.0 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> </tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Industrials</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">14.8 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> </tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Consumer Discretionary</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">9.7 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> </tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Consumer Staples</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">9.0 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> </tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Health Care</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">8.7 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> </tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Communication Services</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">7.6 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> </tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Utilities</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">4.0 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> </tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Materials</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">3.0 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> </tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Energy</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1.4 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> </tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Real Estate</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0.6 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> </tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Short-Term Investments</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1.0 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> </tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Cash and Other Assets Less Liabilities</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0.0 </td> <td style="white-space:nowrap;vertical-align:bottom">%<div style="font-size:75%; vertical-align:top;display:inline;font-size:6.6px">#</div> </td> </tr> </table> </div> </div> <div style="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt;width:97%;border-spacing:0;margin:0 auto"> <tr> <td style="width:86%"></td> <td style="vertical-align:bottom;width:9%"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td colspan="4" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Regional Breakdown (as a % of Net Assets)</div></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> </tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">North America</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">82.3 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> </tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Europe EU</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">7.5 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> </tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Asia</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">5.0 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> </tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Europe non-EU</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">2.5 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> </tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Australasia</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1.8 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> </tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">United Kingdom</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0.6 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td> </tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td> </tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">South America</div> </td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0.3 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td> </tr> </table> </div> <div style="clear: both; font-size: 0pt; max-height: 0px;"></div> <div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt;border-spacing:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:3.75pt"> </td> <td style="width:16.5pt;vertical-align:top;text-align:left">#</td> <td style="vertical-align:top;text-align:left"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: ARIAL; text-align: left; line-height: normal;">Less than 0.05% </div> </td> </tr> </table> 0.212 0.19 0.148 0.097 0.09 0.087 0.076 0.04 0.03 0.014 0.006 0.01 0 0.823 0.075 0.05 0.025 0.018 0.006 0.003 1290 SMARTBETA EQUITY FUND CLASS A TNBAX This annual shareholder report contains important information about the 1290 SmartBeta Equity Fund (the “Fund”) for the period November 1, 2024 to October 31, 2025. annual shareholder report You can find additional information about the Fund at https://www.1290funds.com/resources/#shareholderReports. You can also request this information by contacting us at 1-888-310-0416. https://www.1290funds.com/resources/#shareholderReports 1-888-310-0416 <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt;width:98%;border-spacing:0;margin:0 auto"> <tr> <td style="width:26%"></td> <td style="vertical-align:bottom;width:1%"></td> <td style="width:32%"></td> <td style="vertical-align:bottom;width:1%"></td> <td style="width:40%"></td></tr> <tr style="font-size:1pt"> <td colspan="5" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td colspan="5" style="vertical-align:top"><div style="font-size: 1pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 1pt; margin-bottom: 0pt; margin-left: -0.1em; font-size: 12pt; font-family: ARIAL; font-weight: bold; line-height: normal;">What were the Fund costs for the last year?</div><div style="font-size: 0pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: -0.1em; font-size: 9pt; font-family: ARIAL; line-height: normal;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">(Based on a hypothetical $10,000 investment)</div></div></div><div style="font-size: 4pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"> </div></td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:middle;text-align:center">Share Class</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;text-align:center"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">Costs of a $10,000</div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">investment</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:middle;text-align:center"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">Costs paid as a percentage of a</div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 10pt; font-family: ARIAL; text-align: center; line-height: normal;">$10,000 investment</div></td></tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; padding-left:8pt;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:1.5pt"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;text-align:center">Class A</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;text-align:center">$117</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-right:2pt;vertical-align:top;text-align:center">1.10%</td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:2pt"> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:top"></td></tr></table> 117 0.011 <div style="margin-top:0pt; margin-bottom:0pt; padding-top:4pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">How did the Fund perform last year and what affected its performance? </div><div style="margin-top:2pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">The Fund’s Class A shares returned 12.68% (without sales charge) for the year ended October 31, 2025. </div><div style="margin-top:12pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What helped performance during the year? </div><div style="margin-top:2pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">• The Fund’s underweight exposure to Healthcare, Energy, and Real Estate companies, which underperformed the broader market, supported performance. </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">• During Q1 2025 and April, amidst market turbulence driven by concerns over tariffs, the Fund demonstrated strong defensive qualities and resilience, thanks to its focus on low-volatility, high-quality stocks. </div><div style="margin-top:12pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What hurt performance during the year? </div><div style="margin-top:2pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">• The Fund’s overweight exposure to low-volatility, high-quality earnings stocks detracted from performance as higher-beta stocks outperformed the broader market during this period. </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">• The overweight allocation to Consumer Staples companies, which underperformed the broader market, detracted from performance. </div><div style="margin-top:0pt; margin-bottom:0pt; padding-bottom:4pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">• Stock selection within the Information Technology sector, which excluded highly volatile companies, and within Financials, where the focus was on defensive financial services, contributed to the underperformance. </div> <img alt="LOGO" src="g98897g34k20.jpg" style="width:6.30556in;height:3.19352in"/> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt;width:99%;border-spacing:0;margin-left:auto"> <tr> <td style="width:66%"></td> <td style="vertical-align:bottom;width:2%"></td> <td style="width:18pt"></td> <td></td> <td></td> <td style="width:18pt"></td> <td style="vertical-align:bottom;width:3%"></td> <td style="width:20pt"></td> <td></td> <td></td> <td style="width:20pt"></td> <td style="vertical-align:bottom;width:3%"></td> <td style="width:22pt"></td> <td></td> <td></td> <td style="width:22pt"></td> <td style="vertical-align:bottom;width:2%"></td> <td style="width:0pt"></td> <td></td> <td></td> <td style="width:0pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:middle"><div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 2pt; margin-bottom: 1pt; font-size: 8pt; font-family: ARIAL; font-weight: bold; line-height: normal;">Average Annual Total Returns as of October 31, 2025</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="4" style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">1 Year   </div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="4" style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">5 Years   </div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td colspan="4" style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:middle;white-space:nowrap;text-align:center"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">10 Years   </div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td colspan="4" style="vertical-align: middle; padding-bottom: 0.375pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 2pt; margin-bottom: 1pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">1290 SmartBeta Equity Fund (Class A)</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 2pt; margin-bottom: 1pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;"><div style="-sec-ix-hidden:hidden6490295;display:inline;">without Sales Charge</div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">12.68%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">12.42%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">10.20%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 2pt; margin-bottom: 1pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;"><div style="-sec-ix-hidden:hidden6490296;display:inline;">with Sales Charge</div></div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">6.46%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">11.15%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">9.58%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="padding-bottom:2pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top"><div style="font-size: 2pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"> </div><div style="margin-top: 2pt; margin-bottom: 1pt; margin-left: 1em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">MSCI World (Net) Index</div></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">22.02%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">15.58%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">11.79%   </td> <td style="padding-bottom:2pt ;BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;">  </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td> <td style="vertical-align: bottom; padding-bottom: 0.375pt;"></td></tr></table> 0.1268 0.1242 0.102 0.0646 0.1115 0.0958 MSCI World (Net) Index 0.2202 0.1558 0.1179 The Fund’s past performance is not a good predictor of the Fund’s future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit https://www.1290funds.com/resources/#shareholderReports for most recent performance information. <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt;width:98%;border-spacing:0;margin:0 auto"> <tr> <td style="width:87%"></td> <td style="vertical-align:bottom;width:2%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 12pt; font-family: ARIAL; font-weight: bold; line-height: normal;">Fund Statistics</div></td> <td style="vertical-align:bottom">  </td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td> <td style="vertical-align:bottom"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">(as of October 31, 2025)</div><div style="font-size: 4pt; margin-top: 0pt; margin-bottom: 1pt; line-height: normal;"> </div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td> <td style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"><div style="font-size: x-small; letter-spacing: 0px; top: 0px;display:inline;"> </div></td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Net Assets</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom">$</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">265,320,986 </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Number of Portfolio Holdings</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">298 </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Total Investment Advisory Fees Paid</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">$1,079,809</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:3pt"></td> <td colspan="4" style="height:3pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt"> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 9pt; font-family: ARIAL; line-height: normal;">Portfolio Turnover Rate</div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom">  </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom;text-align:right">33%</td> <td style="padding-bottom:2pt ;BORDER-BOTTOM:0.75pt solid #000000;white-space:nowrap;vertical-align:bottom"> </td></tr></table> 265320986 298 1079809 0.33 <div style="margin-top:0pt; margin-bottom:0pt; padding-top:4pt; margin-left:1%; font-size:12pt; font-family:ARIAL;font-weight:bold">What did the Fund inv<div style="display:inline;">est </div>in? </div><div style="margin-top:0pt; margin-bottom:0pt; margin-left:1%; font-size:10pt; font-family:ARIAL;text-align:justify">(as of October 31, 2025) </div><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"><div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt;width:98%;border-spacing:0;margin-left:auto"> <tr> <td style="width:84%"></td> <td style="vertical-align:bottom;width:12%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td colspan="4" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Sector Weightings (as a % of Net Assets)</div></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Information Technology</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">21.2 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Financials</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">19.0 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Industrials</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">14.8 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Consumer Discretionary</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">9.7 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Consumer Staples</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">9.0 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Health Care</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">8.7 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Communication Services</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">7.6 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Utilities</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">4.0 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Materials</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">3.0 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Energy</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1.4 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Real Estate</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0.6 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Short-Term Investments</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1.0 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Cash and Other Assets Less Liabilities</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0.0 </td> <td style="white-space:nowrap;vertical-align:bottom">%<div style="font-size:75%; vertical-align:top;display:inline;font-size:6.6px">#</div> </td></tr></table></div></div><div style="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:visible;padding-top:3pt"><div> <table cellpadding="0" cellspacing="0" style="text-align:start; BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt;width:97%;border-spacing:0;margin-left:auto"> <tr> <td style="width:86%"></td> <td style="vertical-align:bottom;width:9%"></td> <td></td> <td></td> <td></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt"> <td colspan="4" style="BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;white-space:nowrap"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Regional Breakdown (as a % of Net Assets)</div></div></td> <td style=" BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom"> </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">North America</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">82.3 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Europe EU</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">7.5 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Asia</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">5.0 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Europe non-EU</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">2.5 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">Australasia</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">1.8 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">United Kingdom</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0.6 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr> <tr style="font-size:1pt"> <td style="height:1.5pt"></td> <td colspan="4" style="height:1.5pt"></td></tr> <tr style="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.3em; text-indent: -1em; font-size: 8pt; font-family: ARIAL; line-height: normal;">South America</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right">0.3 </td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr></table></div></div><div style="clear: both; font-size: 0pt; max-height: 0px;"></div><div style="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </div><div style="margin-top:6pt; margin-bottom:0pt; margin-left:1%; font-size:8pt; font-family:ARIAL"># Less than 0.05% </div> 0.212 0.19 0.148 0.097 0.09 0.087 0.076 0.04 0.03 0.014 0.006 0.01 0 0.823 0.075 0.05 0.025 0.018 0.006 0.003 Date of inception: November 30, 2023 The 1290 Multi-Asset Income Index is a hypothetical combination of unmanaged indexes composed of the Bloomberg U.S. Aggregate Bond Index (30%); the MSCI World High Dividend Yield Index (20%); the Cboe S&P 500 BuyWrite Index SM (20%); and the Bloomberg U.S. Corporate High Yield Index (30%). Date of inception: March 7, 2016 Date of inception: February 27, 2017 Less than 0.05% Date of inception: July 11, 2022