# EDGAR Filing Document

**Accession Number:** 0001605941
**File Stem:** 0001193125-26-006521
**Filing Date:** 2026-1
**Character Count:** 715973
**Document Hash:** 4af06332db69cc36980c6b5b95543cb3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-006521.hdr.sgml**: 20260107

**ACCESSION NUMBER**: 0001193125-26-006521

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 58

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260107

**DATE AS OF CHANGE**: 20260107

**EFFECTIVENESS DATE**: 20260107

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** 1290 Funds
- **CENTRAL INDEX KEY:** 0001605941

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22959
- **FILM NUMBER:** 26516453

**BUSINESS ADDRESS:**
- **STREET 1:** 1345 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10105
- **BUSINESS PHONE:** 212-554-1234

**MAIL ADDRESS:**
- **STREET 1:** 1345 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10105

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** 1290 Funds Trust
- **DATE OF NAME CHANGE:** 20140418

## Series and Classes Contracts Data

### 1290 GAMCO Small/Mid Cap Value Fund (Series ID: S000045910)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000143077 | Class A      | TNVAX           |
| C000143079 | Class I      | TNVIX           |
| C000143080 | Class R      | TNVRX           |

### 1290 High Yield Bond Fund (Series ID: S000045911)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000143081 | Class A      | TNHAX           |
| C000143083 | Class I      | TNHIX           |
| C000143084 | Class R      | TNHRX           |

### 1290 SmartBeta Equity Fund (Series ID: S000045912)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000143086 | Class I      | TNBIX           |
| C000143087 | Class R      | TNBRX           |
| C000143088 | Class A      | TNBAX           |

### 1290 Multi-Alternative Strategies Fund (Series ID: S000049989)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000157845 | Class A      | TNMAX           |
| C000157846 | Class I      | TNMIX           |
| C000157847 | Class R      | TNMRX           |

### 1290 Diversified Bond Fund (Series ID: S000049991)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000157853 | Class A      | TNUAX           |
| C000157854 | Class I      | TNUIX           |
| C000157855 | Class R      | TNURX           |

### 1290 Loomis Sayles Multi-Asset Income Fund (Series ID: S000052766)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000165718 | Class A      | TNXAX           |
| C000165720 | Class I      | TNVDX           |
| C000165721 | Class R      | TNYRX           |

### 1290 Avantis U.S. Large Cap Growth Fund (Series ID: S000052767)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000165722 | Class A      | TNRAX           |
| C000165724 | Class I      | TNXIX           |
| C000165725 | Class R      | TNXRX           |

### 1290 Essex Small Cap Growth Fund (Series ID: S000076802)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000236849 | Class R      | ESCKX           |
| C000236850 | Class A      | ESCFX           |
| C000236852 | Class I      | ESCJX           |

?xml version='1.0' encoding='ASCII'? 1290 Funds Annual Report

UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act File Number 811-22959

## 1290 FUNDS

#### (Exact name of registrant as specified in charter)

#### 1345 Avenue of the Americas

#### New York, New York 10105

#### (Address of principal executive offices)

#### SHANE DALY.

#### Executive Vice President, General Counsel and Secretary

#### Equitable Investment Management, LLC

#### 1345 Avenue of the Americas

#### New York, New York 10105

#### (Name and Address of Agent for Service)

#### Copies to:

#### MARK C. AMOROSI, ESQ.

#### K&L Gates LLP

#### 1601 K Street N.W.

#### Washington, D.C. 20006

#### Registrant's telephone number, including area code: (212) 554-1234

#### Date of fiscal year end: October 31

#### Date of reporting period: October 31, 2025

------

Item 1. REPORTS TO STOCKHOLDERS.

Item 1(a):

Copies of the reports transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (the "1940 Act") are filed herewith.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## 1290 AVANTIS <sup>®</sup> U.S. LARGE CAP GROWTH FUND CLASS A (TNRAX)
&nbsp;&nbsp; <br>**Annual Shareholder Report - October 31, 2025**<br>This annual shareholder report contains important information about the 1290 Avantis<sup>®</sup> U.S. Large Cap Growth Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. 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.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Fund costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Fund costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Fund costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class A | $101 | 0.90% |

---

#### How did the Fund perform last year and what affected its performance?
The Fund's Class A shares returned 25.04% (without sales charge) for the year ended October 31, 2025.

#### What helped performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;• 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.

#### What hurt performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## 1290 AVANTIS <sup>®</sup> U.S. LARGE CAP GROWTH FUND CLASS A (TNRAX)

#### How did the Fund perform since inception?
The graph below shows how a hypothetical $10,000 investment in the Fund (reflecting the maximum applicable Class A sales charge) would have performed since inception, and how the Russell 1000<sup>®</sup> Index and the Russell 1000<sup>®</sup> Growth Index performed over the same period. This graph includes the deduction of the maximum sales charge, if any.

![LOGO](g98897g02a01.jpg)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of October 31, 2025 | 1 Year | Since<br>Inception\* |
| &nbsp;&nbsp;&nbsp;1290 Avantis<sup>®</sup> U.S. Large Cap Growth Fund (Class A) |  |  |
| &nbsp;&nbsp;&nbsp;without Sales Charge | 25.04% | 28.15% |
| &nbsp;&nbsp;&nbsp;with Sales Charge | 18.19% | 24.43% |
| &nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Index | 21.14% | 25.00% |
| &nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Growth Index | 30.52% | 31.47% |

---

\* Date of inception: November 30, 2023

#### 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.

#### Fund Stat ist ics
(as of October 31, 2025)

---

| | | |
|:---|:---|:---|
| Net Assets | $| 209205202 |
| Number of Portfolio Holdings |  | 184 |
| Total Investment Advisory Fees Paid |  | $654913 |
| Portfolio Turnover Rate |  | 4% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2.0 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## 1290 AVANTIS <sup>®</sup> U.S. LARGE CAP GROWTH FUND CLASS A (TNRAX)

#### What did the Fund invest in?
(as of October 31, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Information Technology | 49.4% |
| Consumer Discretionary | 14.2% |
| Communication Services | 13.0% |
| Industrials | 6.6% |
| Financials | 5.9% |
| Health Care | 5.2% |
| Consumer Staples | 2.7% |
| Energy | 1.4% |
| Utilities | 0.7% |
| Materials | 0.4% |
| Short-Term Investments | 0.2% |
| Cash and Other Assets Less Liabilities | 0.3% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| NVIDIA Corp. | 12.1% |
| Apple, Inc. | 10.5% |
| Microsoft Corp. | 10.0% |
| Amazon.com, Inc. | 6.0% |
| Broadcom, Inc. | 4.6% |
| Alphabet, Inc., Class A | 4.4% |
| Meta Platforms, Inc., Class A | 4.0% |
| Alphabet, Inc., Class C | 3.6% |
| Lam Research Corp. | 1.5% |
| Mastercard, Inc., Class A | 1.4% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Fund, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://www.1290funds.com/resources/#shareholderReports, call 1-888-310-0416, or scan the adjacent QR code.<br>| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g98897g07a01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

3.0 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## 1290 AVANTIS <sup>®</sup> U.S. LARGE CAP GROWTH FUND CLASS I (TNXIX)
&nbsp;&nbsp; <br>**Annual Shareholder Report - October 31, 2025**<br>This annual shareholder report contains important information about the 1290 Avantis<sup>®</sup> U.S. Large Cap Growth Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. 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.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Fund costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Fund costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Fund costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class I | $73 | 0.65% |

---

#### How did the Fund perform last year and what affected its performance?
The Fund's Class I shares returned 25.31% for the year ended October 31, 2025.

#### What helped performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;• 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.

#### What hurt performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## 1290 AVANTIS <sup>®</sup> U.S. LARGE CAP GROWTH FUND CLASS I (TNXIX)

#### How did the Fund perform since inception?
The graph below shows how a hypothetical $1,000,000 investment in the Fund would have performed since inception, and how the Russell 1000<sup>®</sup> Index and the Russell 1000<sup>®</sup> Growth Index performed over the same period.

![LOGO](g98897g10a01.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 10/31/25 | 1 Year | 5 Years | Since<br>Inception\* |
| &nbsp;&nbsp;&nbsp;1290 Avantis<sup>®</sup> U.S. Large Cap Growth Fund (Class I) | 25.31% | 15.62% | 11.54% |
| &nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Index | 21.14% | 17.05% | 14.63% |
| &nbsp;&nbsp;&nbsp;Russell 1000<sup>®</sup> Growth Index | 30.52% | 19.24% | 19.49% |

---

\* Date of inception: February 27, 2017

#### 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.

#### Fund Stat istics
(as of October 31, 2025)

---

| | | |
|:---|:---|:---|
| Net Assets | $| 209205202 |
| Number of Portfolio Holdings |  | 184 |
| Total Investment Advisory Fees Paid |  | $654913 |
| Portfolio Turnover Rate |  | 4% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2.0 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## 1290 AVANTIS <sup>®</sup> U.S. LARGE CAP GROWTH F UN D CLASS I (TNXIX)

#### What did the Fund i nv est in?
(as of October 31, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Information Technology | 49.4% |
| Consumer Discretionary | 14.2% |
| Communication Services | 13.0% |
| Industrials | 6.6% |
| Financials | 5.9% |
| Health Care | 5.2% |
| Consumer Staples | 2.7% |
| Energy | 1.4% |
| Utilities | 0.7% |
| Materials | 0.4% |
| Short-Term Investments | 0.2% |
| Cash and Other Assets Less Liabilities | 0.3% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| NVIDIA Corp. | 12.1% |
| Apple, Inc. | 10.5% |
| Microsoft Corp. | 10.0% |
| Amazon.com, Inc. | 6.0% |
| Broadcom, Inc. | 4.6% |
| Alphabet, Inc., Class A | 4.4% |
| Meta Platforms, Inc., Class A | 4.0% |
| Alphabet, Inc., Class C | 3.6% |
| Lam Research Corp. | 1.5% |
| Mastercard, Inc., Class A | 1.4% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Fund, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://www.1290funds.com/resources/#shareholderReports, call 1-888-310-0416, or scan the adjacent QR code.<br>| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g98897g07a01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

3.0 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## 1290 DIVERSIFIED BOND FUND CLASS A (TNUAX)
&nbsp;&nbsp; <br>**Annual Shareholder Report - October 31, 2025**<br>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. 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.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Fund costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Fund costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Fund costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class A | $78 | 0.75% |

---

#### How did the Fund perform last year and what affected its performance?
The Fund's Class A shares returned 7.51% (without sales charge) for the year ended October 31, 2025.

#### What helped performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;• The Fund's overweight to Mexican sovereign debt added to performance over the past year.

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund's German bund duration position added to performance over the past year.

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund's overweight to US Non-Agency MBS added to performance over the past year.

&nbsp;&nbsp;&nbsp;&nbsp;• The fund's long Euro position added to performance over the past year.

#### What hurt performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;• The Fund's underweight to U.S. Corporates detracted from performance over the past year.

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund's U.S. treasury yield curve positioning detracted from performance over the past year.

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund's overweight to US Govt Agency MBS detracted from performance over the past year.

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund's exposure to the Japanese yen detracted from performance over the past year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## 1290 DIVERSIFIED BOND FUND CLASS A (TNUAX)

#### How did the Fund perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Fund (reflecting the maximum applicable Class A sales charge) would have performed over the past 10 years, and how the Bloomberg U.S. Aggregate Bond Index performed over the same period. This graph includes the deduction of the maximum sales charge, if any.

![LOGO](g98897g23d01.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of October 31, 2025 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;1290 Diversified Bond Fund (Class A) |  |  |  |
| &nbsp;&nbsp;&nbsp;without Sales Charge | 7.51% | 0.32% | 2.82% |
| &nbsp;&nbsp;&nbsp;with Sales Charge | 2.63% | -0.59% | 2.35% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index | 6.16% | -0.24% | 1.90% |

---

#### 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.

#### Fund Statist ics
(as of October 31, 2025)

---

| | | |
|:---|:---|:---|
| Net Assets | $| 564982642 |
| Number of Portfolio Holdings |  | 88 |
| Total Investment Advisory Fees Paid |  | $1269451 |
| Portfolio Turnover Rate |  | 208% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2.0 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## 1290 DIVERSIFIED BOND FUND CLASS A (TNUAX)

#### What did the Fund inv est in?
(as of October 31, 2025)

---

| |
|:---|
| Sector Weightings (as a % of Net Assets) |
| ![LOGO](g98897g33g33.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Fund, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://www.1290funds.com/resources/#shareholderReports, call 1-888-310-0416, or scan the adjacent QR code.<br>| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g98897g07a01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

3.0 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## 1290 DIVERSIFIED BOND FUND CLASS I (TNUIX)
&nbsp;&nbsp; <br>**Annual Shareholder Report - October 31, 2025**<br>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. 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.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Fund costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Fund costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Fund costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class I | $52 | 0.50% |

---

#### How did the Fund perform last year and what affected its perf ormance?
The Fund's Class I shares returned 7.82% for the year ended October 31, 2025.

#### What helped performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;• The Fund's overweight to Mexican sovereign debt added to performance over the past year.

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund's German bund duration position added to performance over the past year.

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund's overweight to US Non-Agency MBS added to performance over the past year.

&nbsp;&nbsp;&nbsp;&nbsp;• The fund's long Euro position added to performance over the past year.

#### What hurt performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;• The Fund's underweight to U.S. Corporates detracted from performance over the past year.

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund's U.S. treasury yield curve positioning detracted from performance over the past year.

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund's overweight to US Govt Agency MBS detracted from performance over the past year.

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund's exposure to the Japanese yen detracted from performance over the past year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## 1290 DIVERSIFIED BOND FUND CLASS I (TNUIX)

#### How did the Fund perform over the past 10 years?
The graph below shows how a hypothetical $1,000,000 investment in the Fund would have performed over the past 10 years, and how the Bloomberg U.S. Aggregate Bond Index performed over the same period.

![LOGO](g98897g23d02.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 10/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;1290 Diversified Bond Fund (Class I) | 7.82% | 0.55% | 3.07% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index | 6.16% | -0.24% | 1.90% |

---

#### 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.

#### Fund Stati stics
(as of October 31, 2025)

---

| | | |
|:---|:---|:---|
| Net Assets | $| 564982642 |
| Number of Portfolio Holdings |  | 88 |
| Total Investment Advisory Fees Paid |  | $1269451 |
| Portfolio Turnover Rate |  | 208% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2.0 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## 1290 DIVERSIFIED BOND FUND CLASS I (TNUIX)

#### What did the Fund i nv est in?
(as of October 31, 2025)

---

| |
|:---|
| Sector Weightings (as a % of Net Assets) |
| ![LOGO](g98897g47g47.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Fund, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://www.1290funds.com/resources/#shareholderReports,<br>call 1-888-310-0416, or scan the adjacent QR code.<br>| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>![LOGO](g98897g07a01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

3.0 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## 1290 DIVERSIFIED BOND FUND CLASS R (TNURX)

#### Annual Shareholder Report - October 31, 2025
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. 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.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class R | $104 | 1.00% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Fund perform last year and what affected its performance?
The Fund's Class R shares returned 7.22% for the year ended October 31, 2025.

#### What helped performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;

• The Fund's overweight to Mexican sovereign debt added to performance over the past year.

&nbsp;&nbsp;&nbsp;&nbsp;

• The Fund's German bund duration position added to performance over the past year.

&nbsp;&nbsp;&nbsp;&nbsp;

• The Fund's overweight to US Non-Agency MBS added to performance over the past year.

&nbsp;&nbsp;&nbsp;&nbsp;

• The fund's long Euro position added to performance over the past year.

#### What hurt performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;

• The Fund's underweight to U.S. Corporates detracted from performance over the past year.

&nbsp;&nbsp;&nbsp;&nbsp;

• The Fund's U.S. treasury yield curve positioning detracted from performance over the past year.

&nbsp;&nbsp;&nbsp;&nbsp;

• The Fund's overweight to US Govt Agency MBS detracted from performance over the past year.

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund's exposure to the Japanese yen detracted from performance over the past year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## 1290 DIVERSIFIED BOND FUND CLASS R (TNURX)

#### How did the Fund perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Fund would have performed over the past 10 years, and how the Bloomberg U.S. Aggregate Bond Index performed over the same period.

![LOGO](g98897g36g36.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 10/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;1290 Diversified Bond Fund (Class R) | 7.22% | 0.07% | 2.55% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index | 6.16% | -0.24% | 1.90% |

---

#### 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Fund Statistics** |  |
| (as of October 31, 2025) |  |
| Net Assets | $564982642 |
| Number of Portfolio Holdings | 88 |
| Total Investment Advisory Fees Paid | $1269451 |
| Portfolio Turnover Rate | 208% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2.0 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## 1290 DIVERSIFIED BON D FUND CLASS R (TNURX)

#### What did the Fund invest in?
(as of October 31, 2025)

#### Sector Weightings (as a % of Net Assets)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
![LOGO](g98897g48k85.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Fund, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://www.1290funds.com/resources/#shareholderReports, call 1-888-310-0416, or scan the adjacent QR code. | ![LOGO](g98897g07a01.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

3.0 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## 1290 ESSEX SMALL CAP GROWTH FUND CLASS A (ESCFX)

#### Annual Shareholder Report - October 31, 2025
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. 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.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class A | $138 | 1.13% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Fund perform last year and what affected its performance?
The Fund's Class A shares returned 43.71% (without sales charge) for the year ended October 31, 2025.

#### What helped performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

#### What hurt performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## 1290 ESSEX SMALL CAP GROWTH FUND CLASS A (ESCFX)

#### How did the Fund perform since inception?
The graph below shows how a hypothetical $10,000 investment in the Fund (reflecting the maximum applicable Class A sales charge) would have performed since inception, and how the Russell 3000<sup>®</sup> Index and the Russell 2000<sup>®</sup> Growth Index performed over the same period. This graph includes the deduction of the maximum sales charge, if any.

![LOGO](g98897g52v48.jpg)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of October 31, 2025 | 1 Year | **Since** <br>**Inception\***  |
| &nbsp;&nbsp;&nbsp;1290 Essex Small Cap Growth Fund (Class A) |  |  |
| &nbsp;&nbsp;&nbsp;without Sales Charge | 43.71% | 18.34% |
| &nbsp;&nbsp;&nbsp;with Sales Charge | 35.84% | 16.34% |
| &nbsp;&nbsp;&nbsp;Russell 3000<sup>®</sup> Index | 20.81% | 20.07% |
| &nbsp;&nbsp;&nbsp;Russell 2000<sup>®</sup> Growth Index | 18.81% | 15.47% |

---

\* Date of inception: July 11, 2022

#### 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Fund Statistics** |  |
| (as of October 31, 2025) |  |
| Net Assets | $96895702 |
| Number of Portfolio Holdings | 104 |
| Total Investment Advisory Fees Paid | $291866 |
| Portfolio Turnover Rate | 55% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2.0 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## 1290 ESSEX SMALL CAP GROWTH FUND CLASS A (ESCFX)

#### What did the Fund in v est in?
(as of October 31, 2025)

---

| | | |
|:---|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) | Market Capitalization (as a % of Net Assets) |
| Industrials | 33.0% | ![LOGO](g98897g83m79.jpg) |
| Health Care | 24.1% | ![LOGO](g98897g83m79.jpg) |
| Information Technology | 22.9% | ![LOGO](g98897g83m79.jpg) |
| Financials | 5.0% | ![LOGO](g98897g83m79.jpg) |
| Consumer Discretionary | 4.3% | ![LOGO](g98897g83m79.jpg) |
| Energy | 3.0% | ![LOGO](g98897g83m79.jpg) |
| Communication Services | 2.8% | ![LOGO](g98897g83m79.jpg) |
| Consumer Staples | 1.4% | ![LOGO](g98897g83m79.jpg) |
| Materials | 0.4% | ![LOGO](g98897g83m79.jpg) |
| Exchange Traded Funds | 0.7% | ![LOGO](g98897g83m79.jpg) |
| Short-Term Investments | 3.5% | ![LOGO](g98897g83m79.jpg) |
| Cash and Other Assets Less Liabilities | -1.1% | ![LOGO](g98897g83m79.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Fund, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://www.1290funds.com/resources/#shareholderReports, call 1-888-310-0416, or scan the adjacent QR code. | ![LOGO](g98897g07a01.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

3.0 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## 1290 ESSEX SMALL CAP GROWTH FUND CLASS I (ESCJX)

#### Annual Shareholder Report - October 31, 2025
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. 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.

---

| | | |
|:---|:---|:---|
| <br>**What were the Fund costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Fund costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Fund costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class I | $107 | 0.88% |

---

#### How did the Fund perform last year and what affected its performance?
The Fund's Class I shares returned 44.04% for the year ended October 31, 2025.

#### What helped performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

#### What hurt performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## 1290 ESSEX SMALL CAP GROWTH FUND CLASS I (ESCJX)

#### How did the Fund perform since inception?
The graph below shows how a hypothetical $1,000,000 investment in the Fund would have performed since inception, and how the Russell 3000<sup>®</sup> Index and the Russell 2000<sup>®</sup> Growth Index performed over the same period.

![LOGO](g98897g71y71.jpg)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 10/31/25 | 1 Year | **Since** <br>**Inception\***  |
| &nbsp;&nbsp;&nbsp;1290 Essex Small Cap Growth Fund (Class I) | 44.04% | 18.63% |
| &nbsp;&nbsp;&nbsp;Russell 3000<sup>®</sup> Index  | 20.81% | 20.07% |
| &nbsp;&nbsp;&nbsp;Russell 2000<sup>®</sup> Growth Index | 18.81% | 15.47% |

---

\* Date of inception: July 11, 2022

#### 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Fund Statistics** |  |
| (as of October 31, 2025) |  |
| Net Assets | $96895702 |
| Number of Portfolio Holdings | 104 |
| Total Investment Advisory Fees Paid | $291866 |
| Portfolio Turnover Rate | 55% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2.0 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## 1290 ESSEX SMALL CAP GROWTH FUND CLASS I (ESCJX)

#### What did the Fund in ves t in?
(as of October 31, 2025)

---

| | | |
|:---|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) | Market Capitalization (as a % of Net Assets) |
| Industrials | 33.0% | ![LOGO](g98897g83m79.jpg) |
| Health Care | 24.1% | ![LOGO](g98897g83m79.jpg) |
| Information Technology | 22.9% | ![LOGO](g98897g83m79.jpg) |
| Financials | 5.0% | ![LOGO](g98897g83m79.jpg) |
| Consumer Discretionary | 4.3% | ![LOGO](g98897g83m79.jpg) |
| Energy | 3.0% | ![LOGO](g98897g83m79.jpg) |
| Communication Services | 2.8% | ![LOGO](g98897g83m79.jpg) |
| Consumer Staples | 1.4% | ![LOGO](g98897g83m79.jpg) |
| Materials | 0.4% | ![LOGO](g98897g83m79.jpg) |
| Exchange Traded Funds | 0.7% | ![LOGO](g98897g83m79.jpg) |
| Short-Term Investments | 3.5% | ![LOGO](g98897g83m79.jpg) |
| Cash and Other Assets Less Liabilities | -1.1% | ![LOGO](g98897g83m79.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Fund, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://www.1290funds.com/resources/#shareholderReports, call 1-888-310-0416, or scan the adjacent QR code. | ![LOGO](g98897g07a01.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

3.0 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## 1290 ESSEX SMALL CAP GROWTH FUND CLASS R (ESCKX)

#### Annual Shareholder Report - October 31, 2025
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. 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.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class R | $168 | 1.38% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Fund perform last year and what affected its performance?
The Fund's Class R shares returned 43.38% for the year ended October 31, 2025.

#### What helped performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

#### What hurt performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## 1290 ESSEX SMALL CAP GROWTH FUND CLASS R (ESCKX)

#### How did the Fund perform since inception?
The graph below shows how a hypothetical $10,000 investment in the Fund would have performed since inception, and how the Russell 3000<sup>®</sup> Index and the Russell 2000<sup>®</sup> Growth Index performed over the same period.

![LOGO](g98897g00t01.jpg)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 10/31/25 | 1 Year | **Since** <br>**Inception\***  |
| &nbsp;&nbsp;&nbsp;1290 Essex Small Cap Growth Fund (Class R) | 43.38% | 18.05% |
| &nbsp;&nbsp;&nbsp;Russell 3000<sup>®</sup> Index | 20.81% | 20.07% |
| &nbsp;&nbsp;&nbsp;Russell 2000<sup>®</sup> Growth Index | 18.81% | 15.47% |

---

\* Date of inception: July 11, 2022

#### 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Fund Statistics** |  |
| (as of October 31, 2025) |  |
| Net Assets | $96895702 |
| Number of Portfolio Holdings | 104 |
| Total Investment Advisory Fees Paid | $291866 |
| Portfolio Turnover Rate | 55% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2.0 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## 1290 ESSEX SMALL CAP GROWTH FUND CLASS R (ESCKX)

#### What did the Fund invest in?
(as of October 31, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Industrials | 33.0% |
| Health Care | 24.1% |
| Information Technology | 22.9% |
| Financials | 5.0% |
| Consumer Discretionary | 4.3% |
| Energy | 3.0% |
| Communication Services | 2.8% |
| Consumer Staples | 1.4% |
| Materials | 0.4% |
| Exchange Traded Funds | 0.7% |
| Short-Term Investments | 3.5% |
| Cash and Other Assets Less Liabilities | -1.1% |

---

---

| |
|:---|
| Market Capitalization (as a % of Net Assets) |
| &nbsp;&nbsp; ![LOGO](g98897g82g82.jpg)  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Fund, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://www.1290funds.com/resources/#shareholderReports, call 1-888-310-0416, or scan the adjacent QR code. | ![LOGO](g98897g07a01.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

3.0 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## 1290 GAMCO SMALL/MID CAP VALUE FUND CLASS A (TNVAX)

#### Annual Shareholder Report - October 31, 2025
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. 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.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class A | $124 | 1.20% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Fund perform last year and what affected its performance?
The Fund's Class A shares returned 7.97% (without sales charge) for the year ended October 31, 2025.

#### What helped performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund's stock selection in the communication services and consumer discretionary sector holdings were strong contributors to relative returns for the period.

#### What hurt performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;• Financial sector holdings were the largest detractors from relative performance for the period, mainly driven by lower Fund allocation to the sector.

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund's lower exposure to information technology companies hurt relative performance during the period.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## 1290 GAMCO SMALL/MID CAP VALUE FUND CLASS A (TNVAX)

#### How did the Fund perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Fund (reflecting the maximum applicable Class A sales charge) would have performed over the past 10 years, and how the Russell 3000<sup>®</sup> Index and the Russell 2500<sup>®</sup> Value Index performed over the same period. This graph includes the deduction of the maximum sales charge, if any.

![LOGO](g98897g00t02.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of October 31, 2025 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;1290 GAMCO Small/Mid Cap Value Fund (Class A) |  |  |  |
| &nbsp;&nbsp;&nbsp;without Sales Charge | 7.97% | 13.89% | 8.86% |
| &nbsp;&nbsp;&nbsp;with Sales Charge | 2.01% | 12.62% | 8.24% |
| &nbsp;&nbsp;&nbsp;Russell 3000<sup>®</sup> Index | 20.81% | 16.74% | 14.08% |
| &nbsp;&nbsp;&nbsp;Russell 2500<sup>®</sup> Value Index | 10.11% | 14.39% | 9.02% |

---

#### 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Fund Statistics** |  |
| (as of October 31, 2025) |  |
| Net Assets | $180626135 |
| Number of Portfolio Holdings | 183 |
| Total Investment Advisory Fees Paid | $835029 |
| Portfolio Turnover Rate | 10% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2.0 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## 1290 GAMCO SMALL/MID CAP VALUE FUND CLASS A (TNVAX)

#### What did the Fund invest in?
(as of October 31, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| Industrials | 33.2% |
| Communication Services | 18.3% |
| Consumer Discretionary | 17.8% |
| Consumer Staples | 7.0% |
| Materials | 7.0% |
| Utilities | 4.9% |
| Health Care | 2.2% |
| Financials | 2.0% |
| Information Technology | 2.0% |
| Energy | 1.0% |
| Real Estate | 0.7% |
| Short-Term Investments | 4.9% |
| Cash and Other Assets Less Liabilities | -1.0% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| JPMorgan Prime Money Market Fund, IM Shares | 4.4% |
| Mueller Industries, Inc. | 2.6% |
| Advance Auto Parts, Inc. | 2.3% |
| Telesat Corp. | 1.9% |
| Madison Square Garden Sports Corp. | 1.9% |
| Crane Co. | 1.9% |
| National Fuel Gas Co. | 1.9% |
| Modine Manufacturing Co. | 1.7% |
| Herc Holdings, Inc. | 1.7% |
| Astec Industries, Inc. | 1.7% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Fund, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://www.1290funds.com/resources/#shareholderReports, call 1-888-310-0416, or scan the adjacent QR code. | ![LOGO](g98897g07a01.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

3.0 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## 1290 GAMCO SMALL/MID CAP VALUE FUND CLASS I (TNVIX)

#### Annual Shareholder Report - October 31, 2025
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. 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.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class I | $98 | 0.95% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### How did the Fund perform last year and what affected its performance?
The Fund's Class I shares returned 8.20% for the year ended October 31, 2025.

#### What helped performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund's stock selection in the communication services and consumer discretionary sector holdings were strong contributors to relative returns for the period.

#### What hurt performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;• Financial sector holdings were the largest detractors from relative performance for the period, mainly driven by lower Fund allocation to the sector.

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund's lower exposure to information technology companies hurt relative performance during the period.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## 1290 GAMCO SMALL/MID CAP VALUE FUND CLASS I (TNVIX)

#### How did the Fund perform over the past 10 years?
The graph below shows how a hypothetical $1,000,000 investment in the Fund would have performed over the past 10 years, and how the Russell 3000<sup>®</sup> Index and the Russell 2500<sup>®</sup> Value Index performed over the same period.

![LOGO](g98897g00t03.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 10/31/25 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;1290 GAMCO Small/Mid Cap Value Fund (Class I) | 8.20% | 14.18% | 9.13% |
| &nbsp;&nbsp;&nbsp;Russell 3000<sup>®</sup> Index | 20.81% | 16.74% | 14.08% |
| &nbsp;&nbsp;&nbsp;Russell 2500<sup>®</sup> Value Index | 10.11% | 14.39% | 9.02% |

---

#### 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Fund Statistics** |  |
| (as of October 31, 2025) |  |
| Net Assets | $180626135 |
| Number of Portfolio Holdings | 183 |
| Total Investment Advisory Fees Paid | $835029 |
| Portfolio Turnover Rate | 10% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2.0 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## 1290 GAMCO SMALL/MID CAP VALUE FUND CLASS I (TNVIX)

#### What did the Fund inv e st in?
(as of October 31, 2025)

---

| | |
|:---|:---|
| **Sector Weightings (as a % of Net Assets)** | **Sector Weightings (as a % of Net Assets)** |
| Industrials | 33.2% |
| Communication Services | 18.3% |
| Consumer Discretionary | 17.8% |
| Consumer Staples | 7.0% |
| Materials | 7.0% |
| Utilities | 4.9% |
| Health Care | 2.2% |
| Financials | 2.0% |
| Information Technology | 2.0% |
| Energy | 1.0% |
| Real Estate | 0.7% |
| Short-Term Investments | 4.9% |
| Cash and Other Assets Less Liabilities | -1.0% |

---

---

| | |
|:---|:---|
| **Top Holdings (as a % of Net Assets)** | **Top Holdings (as a % of Net Assets)** |
| JPMorgan Prime Money Market Fund, IM Shares | 4.4% |
| Mueller Industries, Inc. | 2.6% |
| Advance Auto Parts, Inc. | 2.3% |
| Telesat Corp. | 1.9% |
| Madison Square Garden Sports Corp. | 1.9% |
| Crane Co. | 1.9% |
| National Fuel Gas Co. | 1.9% |
| Modine Manufacturing Co. | 1.7% |
| Herc Holdings, Inc. | 1.7% |
| Astec Industries, Inc. | 1.7% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Additional Information**<br>|  |
| &nbsp;&nbsp;For additional information about the Fund, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://www.1290funds.com/resources/#shareholderReports, call 1-888-310-0416, or scan the adjacent QR code. | ![LOGO](g98897g07a01.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

3.0 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## 1290 GAMCO SMALL/MID CAP VALUE FUND

## CLASS R (TNVRX)
&nbsp;&nbsp; <br>**Annual Shareholder Report - October 31, 2025**<br>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. 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.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Fund costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Fund costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Fund costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class R | $150 | 1.45% |

---

#### How did the Fund perform last year and what affected its performance?
The Fund's Class R shares returned 7.67% for the year ended October 31, 2025.

#### What helped performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;

• 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.

&nbsp;&nbsp;&nbsp;&nbsp;

• The Fund's stock selection in the communication services and consumer discretionary sector holdings were strong contributors to relative returns for the period.

#### What hurt performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;

• Financial sector holdings were the largest detractors from relative performance for the period, mainly driven by lower Fund allocation to the sector.

&nbsp;&nbsp;&nbsp;&nbsp;

• The Fund's lower exposure to information technology companies hurt relative performance during the period.

&nbsp;&nbsp;&nbsp;&nbsp;

• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## 1290 GAMCO SMALL/MID CAP VALUE FUND

## CLASS R (TNVRX)

#### How did the Fund perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Fund would have performed over the past 10 years, and how the Russell 3000<sup>®</sup> Index and the Russell 2500<sup>®</sup> Value Index performed over the same period.

![LOGO](g98897g00t04.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Average Annual Total Returns as of 10/31/25** | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>1290 GAMCO Small/Mid Cap Value Fund (Class R) | 7.67% | 13.62% | 8.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>Russell 3000<sup>®</sup> Index | 20.81% | 16.74% | 14.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>Russell 2500<sup>®</sup> Value Index | 10.11% | 14.39% | 9.02% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.**<br>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.<br>

---

| | |
|:---|:---|
| **Fund Statistics** |  |
| (as of October 31, 2025)<br>|  |
| Net Assets | $180626135 |
| Number of Portfolio Holdings | 183 |
| Total Investment Advisory Fees Paid | $835029 |
| Portfolio Turnover Rate | 10% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## 1290 GAMCO SMALL/MID CAP VALUE FUND

## CLASS R (TNVRX)

#### What did the Fund invest in?
(as of October 31, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| &nbsp;&nbsp;Industrials | 33.2% |
| &nbsp;&nbsp;Communication Services | 18.3% |
| &nbsp;&nbsp;Consumer Discretionary | 17.8% |
| &nbsp;&nbsp;Consumer Staples | 7.0% |
| &nbsp;&nbsp;Materials | 7.0% |
| &nbsp;&nbsp;Utilities | 4.9% |
| &nbsp;&nbsp;Health Care | 2.2% |
| &nbsp;&nbsp;Financials | 2.0% |
| &nbsp;&nbsp;Information Technology | 2.0% |
| &nbsp;&nbsp;Energy | 1.0% |
| &nbsp;&nbsp;Real Estate | 0.7% |
| &nbsp;&nbsp;Short-Term Investments | 4.9% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | -1.0% |

---

---

| | |
|:---|:---|
| Top Holdings (as a % of Net Assets) | Top Holdings (as a % of Net Assets) |
| &nbsp;&nbsp;JPMorgan Prime Money Market Fund, IM Shares | 4.4% |
| &nbsp;&nbsp;Mueller Industries, Inc. | 2.6% |
| &nbsp;&nbsp;Advance Auto Parts, Inc. | 2.3% |
| &nbsp;&nbsp;Telesat Corp. | 1.9% |
| &nbsp;&nbsp;Madison Square Garden Sports Corp. | 1.9% |
| &nbsp;&nbsp;Crane Co. | 1.9% |
| &nbsp;&nbsp;National Fuel Gas Co. | 1.9% |
| &nbsp;&nbsp;Modine Manufacturing Co. | 1.7% |
| &nbsp;&nbsp;Herc Holdings, Inc. | 1.7% |
| &nbsp;&nbsp;Astec Industries, Inc. | 1.7% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Fund, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://www.1290funds.com/resources/#shareholderReports, call 1-888-310-0416, or scan the adjacent QR code.<br>| <br> ![LOGO](g98897g07a01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## 1290 HIGH YIELD BOND FUND CLASS A (TNHAX)
&nbsp;&nbsp; <br>**Annual Shareholder Report - October 31, 2025**<br>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. 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.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Fund costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Fund costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Fund costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class A | $104 | 1.00% |

---

#### How did the Fund perform last year and what affected its performance?
The Fund's Class A shares returned 7.14% (without sales charge) for the year ended October 31, 2025.

#### What helped performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;

• Security selection in the highest yielding (lower quality) segment of the market was the largest positive contributor to relative performance.

&nbsp;&nbsp;&nbsp;&nbsp;• Looking at performance by sector, Technology & Electronics and Energy were the top positive contributors to relative performance due mostly to security selection.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

#### What hurt performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;• The top detractor from relative performance was selection in the better-quality intermediate duration segment of the market.

&nbsp;&nbsp;&nbsp;&nbsp;• Looking at performance by sector, an underweight within Telecommunications and security selection in Media were the top detractors.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## 1290 HIGH YIELD BOND FUND CLASS A (TNHAX)

#### How did the Fund perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Fund (reflecting the maximum applicable Class A sales charge) would have performed over the past 10 years, and how the ICE BofA U.S. High Yield Index performed over the same period. This graph includes the deduction of the maximum sales charge, if any.

![LOGO](g98897g00t05.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of October 31, 2025 | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>1290 High Yield Bond Fund (Class A) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>without Sales Charge | 7.14% | 4.66% | 5.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>with Sales Charge | 2.33% | 3.71% | 4.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>ICE BofA U.S. High Yield Index | 8.11% | 5.53% | 5.83% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.**<br>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.<br>

---

| | |
|:---|:---|
| **Fund Statistics** |  |
| (as of October 31, 2025)<br>|  |
| Net Assets | $88864477 |
| Number of Portfolio Holdings | 285 |
| Total Investment Advisory Fees Paid | $174265 |
| Portfolio Turnover Rate | 37% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## 1290 HIGH YIELD BOND FUND CLASS A (TNHAX)

#### What did the Fund invest in?
(as of October 31, 2025)

---

| |
|:---|
| &nbsp;&nbsp;**Credit Quality Ratings (as a % of Net Assets)** |
| <br> ![LOGO](g98897g53g53.jpg)  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Fund, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://www.1290funds.com/resources/#shareholderReports, call 1-888-310-0416, or scan the adjacent QR code.<br>| <br> ![LOGO](g98897g07a01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## 1290 HIGH YIELD BOND FUND CLASS I (TNHIX)

#### Annual Shareholder Report - October 31, 2025
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. 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.

---

| | | |
|:---|:---|:---|
| <br>**What were the Fund costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Fund costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Fund costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class I | $78 | 0.75% |

---

#### How did the Fund perform last year and what affected its performance ?
The Fund's Class I shares returned 7.40% for the year ended October 31, 2025.

#### What helped performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;

• Security selection in the highest yielding (lower quality) segment of the market was the largest positive contributor to relative performance.

&nbsp;&nbsp;&nbsp;&nbsp;• Looking at performance by sector, Technology & Electronics and Energy were the top positive contributors to relative performance due mostly to security selection.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

#### What hurt performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;• The top detractor from relative performance was selection in the better-quality intermediate duration segment of the market.

&nbsp;&nbsp;&nbsp;&nbsp;• Looking at performance by sector, an underweight within Telecommunications and security selection in Media were the top detractors.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## 1290 HIGH YIELD BOND FUND CLASS I (TNHIX)

#### How did the Fund perform over the past 10 years?
The graph below shows how a hypothetical $1,000,000 investment in the Fund would have performed over the past 10 years, and how the ICE BofA U.S. High Yield Index performed over the same period.

![LOGO](g98897g00t06.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Average Annual Total Returns as of 10/31/25** | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>1290 High Yield Bond Fund (Class I) | 7.40% | 4.94% | 5.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>ICE BofA U.S. High Yield Index | 8.11% | 5.53% | 5.83% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.**<br>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.<br>

---

| | |
|:---|:---|
| **Fund Statistics** |  |
| (as of October 31, 2025)<br>|  |
| Net Assets | $88864477 |
| Number of Portfolio Holdings | 285 |
| Total Investment Advisory Fees Paid | $174265 |
| Portfolio Turnover Rate | 37% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## 1290 HIGH YIELD BOND FUND CLASS I (TNHIX)

#### What did the Fund invest in?
(as of October 31, 2025)

#### Credit Quality Ratings (as a % of Net Assets)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>![LOGO](g98897g67g67.jpg) <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Fund, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://www.1290funds.com/resources/#shareholderReports, call 1-888-310-0416, or scan the adjacent QR code.<br>| <br> ![LOGO](g98897g07a01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## 1290 HIGH YIELD BOND FUND CLASS R (TNHRX)
&nbsp;&nbsp; <br>**Annual Shareholder Report - October 31, 2025**<br>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. 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.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Fund costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Fund costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Fund costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class R | $129 | 1.25% |

---

#### How did the Fund perform last year and what affected its performance?
The Fund's Class R shares returned 6.75% for the year ended October 31, 2025.

#### What helped performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;

• Security selection in the highest yielding (lower quality) segment of the market was the largest positive contributor to relative performance.

&nbsp;&nbsp;&nbsp;&nbsp;• Looking at performance by sector, Technology & Electronics and Energy were the top positive contributors to relative performance due mostly to security selection.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

#### What hurt performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;• The top detractor from relative performance was selection in the better-quality intermediate duration segment of the market.

&nbsp;&nbsp;&nbsp;&nbsp;• Looking at performance by sector, an underweight within Telecommunications and security selection in Media were the top detractors.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## 1290 HIGH YIELD BOND FUND CLASS R (TNHRX)

#### How did the Fund perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Fund would have performed over the past 10 years, and how the ICE BofA U.S. High Yield Index performed over the same period.

![LOGO](g98897g00t07.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Average Annual Total Returns as of 10/31/25** | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>1290 High Yield Bond Fund (Class R) | 6.75% | 4.40% | 4.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>ICE BofA U.S. High Yield Index | 8.11% | 5.53% | 5.83% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.**<br>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.<br>

---

| | |
|:---|:---|
| **Fund Statistics** |  |
| (as of October 31, 2025)<br>|  |
| Net Assets | $88864477 |
| Number of Portfolio Holdings | 285 |
| Total Investment Advisory Fees Paid | $174265 |
| Portfolio Turnover Rate | 37% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## 1290 HIGH YIELD BOND FUND CLASS R (TNHRX)

#### What did the Fund invest in?
(as of October 31, 2025)

#### Credit Quality Ratings (as a % of Net Assets)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>![LOGO](g98897g68g68.jpg) <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Fund, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://www.1290funds.com/resources/#shareholderReports, call 1-888-310-0416, or scan the adjacent QR code.<br>| <br> ![LOGO](g98897g07a01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## 1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND CLASS A (TNXAX)
&nbsp;&nbsp; <br>**Annual Shareholder Report - October 31, 2025**<br>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. 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.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Fund costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Fund costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Fund costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class A | $110 | 1.05% |

---

#### How did the Fund perform last year and what affected its performance?
The Fund's Class A shares returned 8.62% (without sales charge) for the year ended October 31, 2025.

#### What helped performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;

• The Fund delivered positive absolute and relative performance, led by an overweight allocation to dividend-paying equities.

&nbsp;&nbsp;&nbsp;&nbsp;• Security selection was strong overall, and particularly within investment grade corporates and dividend-paying equities.

#### What hurt performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;• BuyWrites (covered calls on equities) detracted on a relative basis, due to an underweight allocation.

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund's underweight allocation to high-yield corporates detracted from performance, with security selection partially offsetting the detraction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## 1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND CLASS A (TNXAX)

#### How did the Fund perform since inception?
The graph below shows how a hypothetical $10,000 investment in the Fund (reflecting the maximum applicable Class A sales charge) would have performed since inception, and how the Bloomberg U.S. Aggregate Bond Index, the 1290 Multi-Asset Income Index, the MSCI World High Dividend Yield Index, the Cboe S&P 500 BuyWrite Index<sup>sm</sup>, and the Bloomberg U.S. Corporate High Yield Index performed over the same period. This graph includes the deduction of the maximum sales charge, if any.

![LOGO](g98897g11a11.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of October 31, 2025 | 1 Year | 5 Years | **Since**<br>**Inception\*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>1290 Loomis Sayles Multi-Asset Income Fund (Class A) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>without Sales Charge | 8.62% | 6.87% | 7.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>with Sales Charge | 3.75% | 5.66% | 6.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>Bloomberg U.S. Aggregate Bond Index | 6.16% | -0.24% | 1.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>1290 Multi-Asset Income Index<sup>\*\*</sup> | 8.71% | 6.03% | 5.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>MSCI World High Dividend Yield Index | 10.18% | 11.24% | 8.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>Cboe S&P 500 BuyWrite Index | 11.48% | 10.91% | 7.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>Bloomberg U.S. Corporate High Yield Index | 8.16% | 5.47% | 6.45% |

---

\* Date of inception: March 7, 2016

\*\* 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%). 

**The Fund's past performance is not a good predictor of the Fund's future performance.**<br>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.<br>

---

| | |
|:---|:---|
| **Fund Statistics** |  |
| (as of October 31, 2025)<br>|  |
| Net Assets | $92450406 |
| Number of Portfolio Holdings | 675 |
| Total Investment Advisory Fees Paid | $74983 |
| Portfolio Turnover Rate | 191% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## 1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND CLASS A (TNXAX)

#### What did the Fund invest in?
(as of October 31, 2025)

#### Asset Allocation (as a % of Net Assets)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>![LOGO](g98897g14g14.jpg) <br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Fund, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://www.1290funds.com/resources/#shareholderReports, call 1-888-310-0416, or scan the adjacent QR code.<br>| <br> ![LOGO](g98897g07a01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## 1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

## CLASS I (TNVDX)

#### Annual Shareholder Report - October 31, 2025
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. 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.

---

| | | |
|:---|:---|:---|
| <br>**What were the Fund costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Fund costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Fund costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class I | $84 | 0.80% |

---

#### How did the Fund perform last year and what affected its performance ?
The Fund's Class I shares returned 8.88% for the year ended October 31, 2025.

#### What helped performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;

• The Fund delivered positive absolute and relative performance, led by an overweight allocation to dividend-paying equities.

&nbsp;&nbsp;&nbsp;&nbsp;• Security selection was strong overall, and particularly within investment grade corporates and dividend-paying equities.

#### What hurt performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;• BuyWrites (covered calls on equities) detracted on a relative basis, due to an underweight allocation.

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund's underweight allocation to high-yield corporates detracted from performance, with security selection partially offsetting the detraction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## 1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

## CLASS I (TNVDX)

#### How did the Fund perform since inception?
The graph below shows how a hypothetical $1,000,000 investment in the Fund would have performed since inception, and how the Bloomberg U.S. Aggregate Bond Index, the 1290 Multi-Asset Income Index, the MSCI World High Dividend Yield Index, the Cboe S&P 500 BuyWrite Index<sup>sm</sup>, and the Bloomberg U.S. Corporate High Yield Index performed over the same period.

#### '

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 10/31/25 | 1 Year | 5 Years | Since<br>Inception<sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>1290 Loomis Sayles Multi-Asset Income Fund (Class I) | 8.88% | 7.14% | 7.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>Bloomberg U.S. Aggregate Bond Index | 6.16% | -0.24% | 1.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>1290 Multi-Asset Income Index<sup>\*\*</sup> | 8.71% | 6.03% | 5.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>MSCI World High Dividend Yield Index | 10.18% | 11.24% | 8.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>Cboe S&P 500 BuyWrite Index | 11.48% | 10.91% | 7.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>Bloomberg U.S. Corporate High Yield Index | 8.16% | 5.47% | 6.45% |

---

\* Date of inception: March 7, 2016

\*\* 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%). 

#### 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Fund Statistics** |  |
| (as of October 31, 2025)<br>|  |
| Net Assets | $92450406 |
| Number of Portfolio Holdings | 675 |
| Total Investment Advisory Fees Paid | $74983 |
| Portfolio Turnover Rate | 191% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## 1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

## CLASS I (TNVDX)

#### What did the Fund invest in?
(as of October 31, 2025)

#### Asset Allocation (as a % of Net Assets)
<br> ![LOGO](g98897g15g15.jpg) <br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Fund, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://www.1290funds.com/resources/#shareholderReports, call 1-888-310-0416, or scan the adjacent QR code.<br>| <br> ![LOGO](g98897g07a01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## 1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

## CLASS R (TNYRX)
&nbsp;&nbsp; <br>**Annual Shareholder Report - October 31, 2025**<br>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. 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.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Fund costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Fund costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Fund costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class R | $135 | 1.30% |

---

#### How did the Fund perform last year and what affected its performance ?
The Fund's Class R shares returned 8.35% for the year ended October 31, 2025.

#### What helped performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;• The Fund delivered positive absolute and relative performance, led by an overweight allocation to dividend-paying equities.

&nbsp;&nbsp;&nbsp;&nbsp;• Security selection was strong overall, and particularly within investment grade corporates and dividend-paying equities.

#### What hurt performance during the year ?
&nbsp;&nbsp;&nbsp;&nbsp;• BuyWrites (covered calls on equities) detracted on a relative basis, due to an underweight allocation.

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund's underweight allocation to high-yield corporates detracted from performance, with security selection partially offsetting the detraction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## 1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

## CLASS R (TNYRX)

#### How did the Fund perform since inception?
The graph below shows how a hypothetical $10,000 investment in the Fund would have performed since inception, and how the Bloomberg U.S. Aggregate Bond Index, the 1290 Multi-Asset Income Index, the MSCI World High Dividend Yield Index, the Cboe S&P 500 BuyWrite Index<sup>sm</sup>, and the Bloomberg U.S. Corporate High Yield Index performed over the same period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

![LOGO](g98897g02a51.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Average Annual Total Returns as of 10/31/25 | 1 Year | 5 Years | <br>**Since <br>Inception<sup>\*</sup>**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>1290 Loomis Sayles Multi-Asset Income Fund (Class R) | 8.35% | 6.59% | 6.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>Bloomberg U.S. Aggregate Bond Index | 6.16% | -0.24% | 1.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>1290 Multi-Asset Income Index<sup>\*\*</sup> | 8.71% | 6.03% | 5.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>MSCI World High Dividend Yield Index | 10.18% | 11.24% | 8.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>Cboe S&P 500 BuyWrite Index | 11.48% | 10.91% | 7.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>Bloomberg U.S. Corporate High Yield Index | 8.16% | 5.47% | 6.45% |

---

\* Date of inception: March 7, 2016

\*\* 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%). 

&nbsp;&nbsp;**The Fund's past performance is not a good predictor of the Fund's future performance.**<br>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.<br>

---

| | |
|:---|:---|
| **Fund Statistics** |  |
| (as of October 31, 2025)<br>|  |
| Net Assets | $92450406 |
| Number of Portfolio Holdings | 675 |
| Total Investment Advisory Fees Paid | $74983 |
| Portfolio Turnover Rate | 191% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## 1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

## CLASS R (TNYRX)

#### What did the Fund invest in?
(as of October 31, 2025)

#### Asset Allocation (as a % of Net Assets)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>![LOGO](g98897g16g16.jpg) <br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Fund, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://www.1290funds.com/resources/#shareholderReports, call 1-888-310-0416, or scan the adjacent QR code.<br>| <br> ![LOGO](g98897g07a01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## 1290 MULTI-ALTERNATIVE STRATEGIES FUND

## CLASS A (TNMAX)
&nbsp;&nbsp; <br>**Annual Shareholder Report - October 31, 2025**<br>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. 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.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Fund costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Fund costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Fund costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class A | $117 | 1.10% |

---

#### How did the Fund perform last year and what affected its performance ?
The Fund's Class A shares returned 12.15% (without sales charge) for the year ended October 31, 2025.

#### What helped performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;• The Fund's exposure to convertible bonds, precious metals and long-short equity all contributed positively to performance as equity markets continued to rise.

#### What hurt performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## 1290 MULTI-ALTERNATIVE STRATEGIES FUND

## CLASS A (TNMAX)

#### How did the Fund perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Fund (reflecting the maximum applicable Class A sales charge) would have performed over the past 10 years, and how the Bloomberg U.S. Aggregate Bond Index and the ICE BofA U.S. 3-Month Treasury Bill Index performed over the same period. This graph includes the deduction of the maximum sales charge, if any.

![LOGO](g98897g13a13.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Average Annual Total Returns as of October 31, 2025** | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>1290 Multi-Alternative Strategies Fund (Class A) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>without Sales Charge | 12.15% | 4.84% | 3.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>with Sales Charge | 6.03% | 3.65% | 2.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>Bloomberg U.S. Aggregate Bond Index | 6.16% | -0.24% | 1.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>ICE BofA U.S. 3-Month Treasury Bill Index | 4.37% | 3.06% | 2.13% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.**<br>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.<br>

---

| | |
|:---|:---|
| **Fund Statistics** |  |
| (as of October 31, 2025)<br>|  |
| Net Assets | $25330327 |
| Number of Portfolio Holdings | 12 |
| Total Investment Advisory Fees Paid (net of waiver) | $0 |
| Portfolio Turnover Rate | 22% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## 1290 MULTI-ALTERNATIVE STRATEGIES FUND

## CLASS A (TNMA X)

#### What did the Fund invest in?
(as of October 31, 2025)

#### Alternative Category and Strategy Allocation

#### (as a % of Net Assets)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>![LOGO](g98897g03a01.jpg) <br>

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Fund, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://www.1290funds.com/resources/#shareholderReports, call 1-888-310-0416, or scan the adjacent QR code.<br>| <br> ![LOGO](g98897g07a01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## 1290 MULTI-ALTERNATIVE STRATEGIES FUND

## CLASS I (TNMIX)

#### Annual Shareholder Report - October 31, 2025
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. 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.

---

| | | |
|:---|:---|:---|
| <br>**What were the Fund costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Fund costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Fund costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class I | $90 | 0.85% |

---

#### How did the Fund perform last year and what affected its performance ?
The Fund's Class I shares returned 12.40% for the year ended October 31, 2025.

#### What helped performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;• The Fund's exposure to convertible bonds, precious metals and long-short equity all contributed positively to performance as equity markets continued to rise.

#### What hurt performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## 1290 MULTI-ALTERNATIVE STRATEGIES FUND

## CLASS I (TNMIX)

#### How did the Fund perform over the past 10 years?
The graph below shows how a hypothetical $1,000,000 investment in the Fund would have performed over the past 10 years, and how the Bloomberg U.S. Aggregate Bond Index and the ICE BofA U.S. 3-Month Treasury Bill Index performed over the same period.

![LOGO](g98897g14a14.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Average Annual Total Returns as of 10/31/25** | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>1290 Multi-Alternative Strategies Fund (Class I) | 12.40% | 5.09% | 3.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>Bloomberg U.S. Aggregate Bond Index | 6.16% | -0.24% | 1.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>ICE BofA U.S. 3-Month Treasury Bill Index | 4.37% | 3.06% | 2.13% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.**<br>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.<br>

---

| | |
|:---|:---|
| **Fund Statistics** |  |
| (as of October 31, 2025)<br>|  |
| Net Assets | $25330327 |
| Number of Portfolio Holdings | 12 |
| Total Investment Advisory Fees Paid (net of waiver) | $0 |
| Portfolio Turnover Rate | 22% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## 1290 MULTI-ALTERNATIVE STRATEGIES FUND

## CLASS I (TNMIX)

#### What did the Fund invest in?
(as of October 31, 2025)

#### Alternative Category and Strategy Allocation

#### (as a % of Net Assets)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>![LOGO](g98897g27x20.jpg) <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Fund, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://www.1290funds.com/resources/#shareholderReports, call 1-888-310-0416, or scan the adjacent QR code.<br>| <br> ![LOGO](g98897g07a01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## 1290 MULTI-ALTERNATIVE STRATEGIES FUND

## CLASS R (TNMRX)
&nbsp;&nbsp; <br>**Annual Shareholder Report - October 31, 2025**<br>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. 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.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Fund costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Fund costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Fund costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class R | $143 | 1.35% |

---

#### How did the Fund perform last year and what affected its performance?
The Fund's Class R shares returned 11.73% for the year ended October 31, 2025.

#### What helped performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;• The Fund's exposure to convertible bonds, precious metals and long-short equity all contributed positively to performance as equity markets continued to rise.

#### What hurt performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## 1290 MULTI-ALTERNATIVE STRATEGIES FUND

## CLASS R (TNMRX)

#### How did the Fund perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Fund would have performed over the past 10 years, and how the Bloomberg U.S. Aggregate Bond Index and the ICE BofA U.S. 3-Month Treasury Bill Index performed over the same period.

![LOGO](g98897g32k20.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Average Annual Total Returns as of 10/31/25** | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>1290 Multi-Alternative Strategies Fund (Class R) | 11.73% | 4.56% | 2.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>Bloomberg U.S. Aggregate Bond Index | 6.16% | -0.24% | 1.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>ICE BofA U.S. 3-Month Treasury Bill Index | 4.37% | 3.06% | 2.13% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.**<br>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.<br>

---

| | |
|:---|:---|
| **Fund Statistics** |  |
| (as of October 31, 2025)<br>|  |
| Net Assets | $25330327 |
| Number of Portfolio Holdings | 12 |
| Total Investment Advisory Fees Paid (net of waiver) | $0 |
| Portfolio Turnover Rate | 22% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## 1290 MULTI-ALTERNATIVE STRATEGIES FUND

## CLASS R (TNMRX)

#### What did the Fund invest in?
(as of October 31, 2025)

#### Alternative Category and Strategy Allocation

#### (as a % of Net Assets)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>![LOGO](g98897g32_56.jpg) <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Fund, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://www.1290funds.com/resources/#shareholderReports, call 1-888-310-0416, or scan the adjacent QR code.<br>| <br> ![LOGO](g98897g07a01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## 1290 SMARTBETA EQUITY FUND

## CLASS I (TNBIX)
&nbsp;&nbsp; <br>**Annual Shareholder Report - October 31, 2025**<br>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. 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.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Fund costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Fund costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Fund costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class I | $90 | 0.85% |

---

#### How did the Fund perform last year and what affected its performance?
The Fund's Class I shares returned 12.90% for the year ended October 31, 2025.

#### What helped performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;

• The Fund's underweight exposure to Healthcare, Energy, and Real Estate companies, which underperformed the broader market, supported performance.

&nbsp;&nbsp;&nbsp;&nbsp;

• 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.

#### What hurt performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;

• 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.

&nbsp;&nbsp;&nbsp;&nbsp;

• The overweight allocation to Consumer Staples companies, which underperformed the broader market, detracted from performance.

&nbsp;&nbsp;&nbsp;&nbsp;

• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## 1290 SMARTBETA EQUITY FUND

## CLASS I (TNBIX)

#### How did the Fund perform over the past 10 years?
The graph below shows how a hypothetical $1,000,000 investment in the Fund would have performed over the past 10 years, and how the MSCI World (Net) Index performed over the same period.

![LOGO](g98897g35k60.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Average Annual Total Returns as of 10/31/25** | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>1290 SmartBeta Equity Fund (Class I) | 12.90% | 12.70% | 10.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>MSCI World (Net) Index | 22.02% | 15.58% | 11.79% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.**<br>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.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

---

| | |
|:---|:---|
| **Fund Statistics** |  |
| (as of October 31, 2025)<br>|  |
| Net Assets | $265320986 |
| Number of Portfolio Holdings | 298 |
| Total Investment Advisory Fees Paid | $1079809 |
| Portfolio Turnover Rate | 33% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## 1290 SMARTBETA EQUITY FUND

## CLASS I (TNBIX)

#### What did the Fund invest in?
(as of October 31, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| &nbsp;&nbsp;Information Technology | 21.2% |
| &nbsp;&nbsp;Financials | 19.0% |
| &nbsp;&nbsp;Industrials | 14.8% |
| &nbsp;&nbsp;Consumer Discretionary | 9.7% |
| &nbsp;&nbsp;Consumer Staples | 9.0% |
| &nbsp;&nbsp;Health Care | 8.7% |
| &nbsp;&nbsp;Communication Services | 7.6% |
| &nbsp;&nbsp;Utilities | 4.0% |
| &nbsp;&nbsp;Materials | 3.0% |
| &nbsp;&nbsp;Energy | 1.4% |
| &nbsp;&nbsp;Real Estate | 0.6% |
| &nbsp;&nbsp;Short-Term Investments | 1.0% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | 0.0%<sup>#</sup> |

---

---

| | |
|:---|:---|
| Regional Breakdown (as a % of Net Assets) | Regional Breakdown (as a % of Net Assets) |
| &nbsp;&nbsp;North America | 82.3% |
| &nbsp;&nbsp;Europe EU | 7.5% |
| &nbsp;&nbsp;Asia | 5.0% |
| &nbsp;&nbsp;Europe non-EU | 2.5% |
| &nbsp;&nbsp;Australasia | 1.8% |
| &nbsp;&nbsp;United Kingdom | 0.6% |
| &nbsp;&nbsp;South America | 0.3% |

---

# Less than 0.05% 

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Fund, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://www.1290funds.com/resources/#shareholderReports, call 1-888-310-0416, or scan the adjacent QR code.<br>| <br> ![LOGO](g98897g07a01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## 1290 SMARTBETA EQUITY FUND

## CLASS R (TNBRX)
&nbsp;&nbsp; <br> **Annual Shareholder Report - October 31, 2025**<br>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. 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.<br>

---

| | | |
|:---|:---|:---|
| <br> **What were the Fund costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br> **What were the Fund costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br> **What were the Fund costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br> investment | Costs paid as a percentage of a<br> $10,000 investment |
| &nbsp;&nbsp;&nbsp;Class R | $143 | 1.35% |

---

#### How did the Fund perform last year and what affected its performance ?
The Fund's Class R shares returned 12.34% for the year ended October 31, 2025.

#### What helped performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;

• The Fund's underweight exposure to Healthcare, Energy, and Real Estate companies, which underperformed the broader market, supported performance.

&nbsp;&nbsp;&nbsp;&nbsp;

• 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.

#### What hurt performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;

• 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.

&nbsp;&nbsp;&nbsp;&nbsp;

• The overweight allocation to Consumer Staples companies, which underperformed the broader market, detracted from performance.

&nbsp;&nbsp;&nbsp;&nbsp;

• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## 1290 SMARTBETA EQUITY FUND

## CLASS R (TNBRX)

#### How did the Fund perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Fund would have performed over the past 10 years, and how the MSCI World (Net) Index performed over the same period.

![LOGO](g98897g37k00.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Average Annual Total Returns as of 10/31/25** | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> 1290 SmartBeta Equity Fund (Class R) | 12.34% | 12.13% | 9.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> MSCI World (Net) Index | 22.02% | 15.58% | 11.79% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.**<br>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.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

---

| | |
|:---|:---|
|  **Fund Statistics** |  |
|  (as of October 31, 2025)<br>|  |
|  Net Assets | $265320986 |
|  Number of Portfolio Holdings | 298 |
|  Total Investment Advisory Fees Paid | $1079809 |
|  Portfolio Turnover Rate | 33% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## 1290 SMARTBETA EQUITY FUND

## CLASS R (TNBRX)

#### What did the Fund invest in?
(as of October 31, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| &nbsp;&nbsp; Information Technology | 21.2% |
| &nbsp;&nbsp; Financials | 19.0% |
| &nbsp;&nbsp; Industrials | 14.8% |
| &nbsp;&nbsp; Consumer Discretionary | 9.7% |
| &nbsp;&nbsp; Consumer Staples | 9.0% |
| &nbsp;&nbsp; Health Care | 8.7% |
| &nbsp;&nbsp; Communication Services | 7.6% |
| &nbsp;&nbsp; Utilities | 4.0% |
| &nbsp;&nbsp; Materials | 3.0% |
| &nbsp;&nbsp; Energy | 1.4% |
| &nbsp;&nbsp; Real Estate | 0.6% |
| &nbsp;&nbsp; Short-Term Investments | 1.0% |
| &nbsp;&nbsp; Cash and Other Assets Less Liabilities | 0.0%<sup>#</sup> |

---

---

| | |
|:---|:---|
| Regional Breakdown (as a % of Net Assets) | Regional Breakdown (as a % of Net Assets) |
| &nbsp;&nbsp; North America | 82.3% |
| &nbsp;&nbsp; Europe EU | 7.5% |
| &nbsp;&nbsp; Asia | 5.0% |
| &nbsp;&nbsp; Europe non-EU | 2.5% |
| &nbsp;&nbsp; Australasia | 1.8% |
| &nbsp;&nbsp; United Kingdom | 0.6% |
| &nbsp;&nbsp; South America | 0.3% |

---

# Less than 0.05% 

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **Additional Information**<br>For additional information about the Fund, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://www.1290funds.com/resources/#shareholderReports, call 1-888-310-0416, or scan the adjacent QR code.<br>| <br> ![LOGO](g98897g07a01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## 1290 SMARTBETA EQUITY FUND

## CLASS A (TNBAX)
&nbsp;&nbsp; <br>**Annual Shareholder Report - October 31, 2025**<br>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. 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.<br>

---

| | | |
|:---|:---|:---|
| <br>**What were the Fund costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Fund costs for the last year?**<br>(Based on a hypothetical $10,000 investment) | <br>**What were the Fund costs for the last year?**<br>(Based on a hypothetical $10,000 investment) |
| &nbsp;&nbsp;&nbsp;Share Class | Costs of a $10,000<br>investment | Costs paid as a percentage of a<br>$10,000 investment |
| &nbsp;&nbsp;&nbsp;Class A | $117 | 1.10% |

---

#### How did the Fund perform last year and what affected its performance?
The Fund's Class A shares returned 12.68% (without sales charge) for the year ended October 31, 2025.

#### What helped performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;• The Fund's underweight exposure to Healthcare, Energy, and Real Estate companies, which underperformed the broader market, supported performance.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

#### What hurt performance during the year?
&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• The overweight allocation to Consumer Staples companies, which underperformed the broader market, detracted from performance.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## 1290 SMARTBETA EQUITY FUND

## CLASS A (TNBAX)

#### How did the Fund perform over the past 10 years?
The graph below shows how a hypothetical $10,000 investment in the Fund (reflecting the maximum applicable Class A sales charge) would have performed over the past 10 years, and how the MSCI World (Net) Index performed over the same period. This graph includes the deduction of the maximum sales charge, if any.

![LOGO](g98897g34k20.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Average Annual Total Returns as of October 31, 2025** | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>1290 SmartBeta Equity Fund (Class A) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>without Sales Charge | 12.68% | 12.42% | 10.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>with Sales Charge | 6.46% | 11.15% | 9.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>MSCI World (Net) Index | 22.02% | 15.58% | 11.79% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.**<br>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.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

---

| | |
|:---|:---|
| **Fund Statistics** |  |
| (as of October 31, 2025)<br>|  |
| Net Assets | $265320986 |
| Number of Portfolio Holdings | 298 |
| Total Investment Advisory Fees Paid | $1079809 |
| Portfolio Turnover Rate | 33% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## 1290 SMARTBETA EQUITY FUND

## CLASS A (TNBAX)

#### What did the Fund inv est in?
(as of October 31, 2025)

---

| | |
|:---|:---|
| Sector Weightings (as a % of Net Assets) | Sector Weightings (as a % of Net Assets) |
| &nbsp;&nbsp;Information Technology | 21.2% |
| &nbsp;&nbsp;Financials | 19.0% |
| &nbsp;&nbsp;Industrials | 14.8% |
| &nbsp;&nbsp;Consumer Discretionary | 9.7% |
| &nbsp;&nbsp;Consumer Staples | 9.0% |
| &nbsp;&nbsp;Health Care | 8.7% |
| &nbsp;&nbsp;Communication Services | 7.6% |
| &nbsp;&nbsp;Utilities | 4.0% |
| &nbsp;&nbsp;Materials | 3.0% |
| &nbsp;&nbsp;Energy | 1.4% |
| &nbsp;&nbsp;Real Estate | 0.6% |
| &nbsp;&nbsp;Short-Term Investments | 1.0% |
| &nbsp;&nbsp;Cash and Other Assets Less Liabilities | 0.0%<sup>#</sup> |

---

---

| | |
|:---|:---|
| Regional Breakdown (as a % of Net Assets) | Regional Breakdown (as a % of Net Assets) |
| &nbsp;&nbsp;North America | 82.3% |
| &nbsp;&nbsp;Europe EU | 7.5% |
| &nbsp;&nbsp;Asia | 5.0% |
| &nbsp;&nbsp;Europe non-EU | 2.5% |
| &nbsp;&nbsp;Australasia | 1.8% |
| &nbsp;&nbsp;United Kingdom | 0.6% |
| &nbsp;&nbsp;South America | 0.3% |

---

# Less than 0.05%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Additional Information**<br>For additional information about the Fund, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://www.1290funds.com/resources/#shareholderReports, call 1-888-310-0416, or scan the adjacent QR code.<br>| <br> ![LOGO](g98897g07a01.jpg) <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**ITEM** 1(b):

Not applicable.

---

| | |
|:---|:---|
| **ITEM 2.** | **CODE OF ETHICS.**  |

---

As of the end of the period covered by this report, the registrant has adopted a "code of ethics," as defined in Item 2, that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. A copy of the registrant's code of ethics is filed as an exhibit to this Form N-CSR.

---

| | |
|:---|:---|
| **ITEM 3.** | **AUDIT COMMITTEE FINANCIAL EXPERT.**  |

---

The registrant's board of trustees has determined that Michael Clement and Donald E. Foley serve on its audit committee as "audit committee financial experts" as defined in Item 3. Mr. Clement and Mr. Foley are considered to be "independent" for purposes of Item 3(a)(2).

---

| | |
|:---|:---|
| **ITEM 4.** | **PRINCIPAL ACCOUNTANT FEES AND SERVICES.**  |

---

(a) Audit Fees for fiscal year 2025: $428,710 and for fiscal year 2024: $579,552.

(b) Audit-Related Fees fiscal year 2025: $0 and for fiscal year 2024: $0.

Audit-Related Fees represent fees billed for assurance and related services that are reasonably related to the performance of the audit or the review of the fund's financial statements that are not reported under Audit Fees.

(c) Tax Fees for fiscal year 2025: $210,182 and for fiscal year 2024: $206,930.

Tax fees include amounts related to tax compliance, tax advice and tax planning.

(d) All Other Fees for fiscal year 2025: $0 and for fiscal year 2024: $0.

All other fees include amounts related to consultation on or review of the registrant's various regulatory filings.

(e)(1) The registrant's audit committee has adopted policies and procedures relating to the pre-approval of services performed by the registrant's principal accountant. Audit, audit-related and non-audit services (including tax services) provided to the registrant require pre-approval by the audit committee. In the event that the estimated fees for such pre-approved audit, audit-related and non-audit services exceed the pre-approved estimated fees for such services, the excess amount must be approved by the audit committee or its delegate prior to payment.

(e)(2) None of the services included in (b) – (d) above were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

------

(f) Not applicable.

(g) For fiscal year 2025: $0 and for fiscal year 2024: $0.

(h) The registrant's audit committee has considered and determined that the provision of non-audit services that were rendered to the registrant's investment adviser (not including any sub-advisers whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

---

| | |
|:---|:---|
| **ITEM 5.** | **AUDIT COMMITTEE OF LISTED REGISTRANTS.**  |

---

Not applicable.

---

| | |
|:---|:---|
| **ITEM 6.** | **INVESTMENTS.**  |

---

(a) The complete schedule of investments for each series is disclosed in the registrant's financial statements included in Item 7 of this Form N-CSR.

(b) Not applicable.

---

| | |
|:---|:---|
| **ITEM 7.** | **FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**  |

---

------

![LOGO](g98897g37b39.jpg)

![LOGO](g98897g84x02.jpg)

## Annual Financial Statements

## and Additional Information

## October 31, 2025

------

## 1290 Funds

## Annual Report

## October 31, 2025

### **Table of Contents**

---

| | |
|:---|:---|
|  **Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies**<br>|  |
|  **Funds** |  |
|  [1290 Avantis<sup>®</sup> U.S. Large Cap Growth](#fintoc98897_1) | 1 |
|  [1290 Diversified Bond](#fintoc98897_2) | 9 |
|  [1290 Essex Small Cap Growth](#fintoc98897_3) | 21 |
|  [1290 GAMCO Small/Mid Cap Value](#fintoc98897_4) | 28 |
|  [1290 High Yield Bond](#fintoc98897_5) | 36 |
|  [1290 Loomis Sayles Multi-Asset Income](#fintoc98897_6) | 47 |
|  [1290 Multi-Alternative Strategies](#fintoc98897_7) | 66 |
|  [1290 SmartBeta Equity](#fintoc98897_8) | 72 |
|  **[Notes to Financial Statements](#fintoc98897_17)** | 82 |
|  **[Report of Independent Registered Public Accounting Firm](#fintoc98897_18)** | 102 |
|  **[Federal Income Tax Information (Unaudited)](#fintoc98897_20)** | 103 |
|  **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies (Unaudited)](#fintoc98897_21)** | 104 |
|  **[Item 9: Proxy Disclosures for Open-End Management Investment Companies (Unaudited)](#fintoc98897_22)** | 104 |
|  **[Item 10: Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies (Unaudited)](#fintoc98897_23)** | 104 |
|  **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#fintoc98897_24)** | 105 |

---

------

#### 1290 FUNDS
1290 AVANTIS<sup>®</sup> U.S. LARGE CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (13.0%)** | **Communication Services (13.0%)** | **Communication Services (13.0%)** |
|  ***Entertainment (1.0%)*** | ***Entertainment (1.0%)*** | ***Entertainment (1.0%)*** |
|  Netflix, Inc.\* | 1922 | $2150449 |
|  ***Interactive Media & Services (12.0%)*** | ***Interactive Media & Services (12.0%)*** | ***Interactive Media & Services (12.0%)*** |
|  Alphabet, Inc., Class A | 32436 | 9120679 |
|  Alphabet, Inc., Class C | 26381 | 7434693 |
|  Meta Platforms, Inc., Class A | 13054 | 8463561 |
|  |  | 25018933 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 27169382 |
|  **Consumer Discretionary (14.2%)** | **Consumer Discretionary (14.2%)** | **Consumer Discretionary (14.2%)** |
|  ***Automobiles (1.1%)*** | ***Automobiles (1.1%)*** | ***Automobiles (1.1%)*** |
|  Tesla, Inc.\* | 4904 | 2238970 |
|  ***Broadline Retail (6.4%)*** | ***Broadline Retail (6.4%)*** | ***Broadline Retail (6.4%)*** |
|  Amazon.com, Inc.\* | 51542 | 12587588 |
|  Coupang, Inc., Class A\* | 26592 | 850146 |
|  Etsy, Inc.\* | 328 | 20336 |
|  |  | 13458070 |
|  ***Distributors (0.2%)*** | ***Distributors (0.2%)*** | ***Distributors (0.2%)*** |
|  Pool Corp. | 1166 | 311392 |
|  ***Hotels, Restaurants & Leisure (2.0%)*** | ***Hotels, Restaurants & Leisure (2.0%)*** | ***Hotels, Restaurants & Leisure (2.0%)*** |
|  Airbnb, Inc., Class A\* | 2379 | 301039 |
|  Booking Holdings, Inc. | 69 | 350364 |
|  Chipotle Mexican Grill, Inc.\* | 24500 | 776405 |
|  Choice Hotels International, Inc. | 896 | 83292 |
|  Darden Restaurants, Inc. | 1320 | 237798 |
|  Domino's Pizza, Inc. | 159 | 63355 |
|  Expedia Group, Inc. | 867 | 190740 |
|  Hilton Worldwide Holdings, Inc. | 292 | 75032 |
|  Las Vegas Sands Corp. | 9740 | 578069 |
|  McDonald's Corp. | 334 | 99676 |
|  Norwegian Cruise Line Holdings Ltd.\* | 3780 | 84748 |
|  Planet Fitness, Inc., Class A\* | 114 | 10339 |
|  Royal Caribbean Cruises Ltd. | 1928 | 553008 |
|  Starbucks Corp. | 1335 | 107961 |
|  Texas Roadhouse, Inc., Class A | 2941 | 481089 |
|  Wingstop, Inc. | 143 | 30978 |
|  Wynn Resorts Ltd. | 130 | 15469 |
|  Yum! Brands, Inc. | 812 | 112226 |
|  |  | 4151588 |
|  ***Specialty Retail (3.9%)*** | ***Specialty Retail (3.9%)*** | ***Specialty Retail (3.9%)*** |
|  AutoZone, Inc.\* | 42 | 154326 |
|  Burlington Stores, Inc.\* | 2488 | 680692 |
|  CarMax, Inc.\* | 321 | 13453 |
|  Dick's Sporting Goods, Inc. | 162 | 35875 |
|  Floor & Decor Holdings, Inc., Class A\* | 2436 | 152201 |
|  Home Depot, Inc. (The) | 5467 | 2075219 |
|  Murphy USA, Inc. | 770 | 275814 |
|  O'Reilly Automotive, Inc.\* | 2040 | 192658 |
|  Ross Stores, Inc. | 5194 | 825430 |
|  TJX Cos., Inc. (The) | 11198 | 1569288 |
|  Tractor Supply Co. | 20365 | 1101950 |
|  Ulta Beauty, Inc.\* | 1175 | 610859 |
|  Williams-Sonoma, Inc. | 2450 | 476133 |
|  |  | 8163898 |
|  ***Textiles, Apparel & Luxury Goods (0.6%)*** | ***Textiles, Apparel & Luxury Goods (0.6%)*** | ***Textiles, Apparel & Luxury Goods (0.6%)*** |
|  Crocs, Inc.\* | 1798 | 146879 |
|  Deckers Outdoor Corp.\* | 5694 | 464061 |
|  Lululemon Athletica, Inc.\* | 2871 | 489620 |
|  NIKE, Inc., Class B | 3616 | 233557 |
|  |  | 1334117 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 29658035 |
|  **Consumer Staples (2.7%)** | **Consumer Staples (2.7%)** | **Consumer Staples (2.7%)** |
|  ***Beverages (0.9%)*** | ***Beverages (0.9%)*** | ***Beverages (0.9%)*** |
|  Boston Beer Co., Inc. (The), Class A\* | 42 | 8694 |
|  Celsius Holdings, Inc.\* | 7385 | 444798 |
|  Coca-Cola Co. (The) | 8261 | 569183 |
|  Monster Beverage Corp.\* | 3180 | 212519 |
|  PepsiCo, Inc. | 4776 | 697726 |
|  |  | 1932920 |
|  ***Consumer Staples Distribution & Retail (1.1%)*** | ***Consumer Staples Distribution & Retail (1.1%)*** | ***Consumer Staples Distribution & Retail (1.1%)*** |
|  Casey's General Stores, Inc. | 169 | 86729 |
|  Costco Wholesale Corp. | 2113 | 1925894 |
|  Sysco Corp. | 4415 | 327946 |
|  |  | 2340569 |
|  ***Food Products (0.2%)*** | ***Food Products (0.2%)*** | ***Food Products (0.2%)*** |
|  Hershey Co. (The) | 1346 | 228322 |
|  Lamb Weston Holdings, Inc. | 1043 | 64384 |
|  |  | 292706 |
|  ***Household Products (0.5%)*** | ***Household Products (0.5%)*** | ***Household Products (0.5%)*** |
|  Clorox Co. (The) | 2026 | 227844 |
|  Colgate-Palmolive Co. | 2284 | 175982 |
|  Kimberly-Clark Corp. | 4725 | 565630 |
|  |  | 969456 |
|  ***Personal Care Products (0.0%)†*** | ***Personal Care Products (0.0%)†*** | ***Personal Care Products (0.0%)†*** |
|  Estee Lauder Cos., Inc. (The), Class A | 527 | 50956 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 5586607 |
|  **Energy (1.4%)** | **Energy (1.4%)** | **Energy (1.4%)** |
|  ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** |
|  Weatherford International plc | 2064 | 152096 |
|  ***Oil, Gas & Consumable Fuels (1.3%)*** | ***Oil, Gas & Consumable Fuels (1.3%)*** | ***Oil, Gas & Consumable Fuels (1.3%)*** |
|  Antero Midstream Corp. | 3947 | 68086 |
|  Cheniere Energy, Inc. | 4268 | 904816 |
|  Chevron Corp. | 600 | 94632 |
|  Permian Resources Corp. | 3356 | 42151 |
|  Targa Resources Corp. | 8116 | 1250189 |
|  Texas Pacific Land Corp. | 469 | 442445 |
|  |  | 2802319 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 2954415 |
|  **Financials (5.9%)** | **Financials (5.9%)** | **Financials (5.9%)** |
|  ***Capital Markets (1.7%)*** | ***Capital Markets (1.7%)*** | ***Capital Markets (1.7%)*** |
|  Ameriprise Financial, Inc. | 2751 | 1245570 |
|  Blackstone, Inc. | 1949 | 285801 |
|  Charles Schwab Corp. (The) | 930 | 87904 |
|  FactSet Research Systems, Inc. | 468 | 124863 |
|  Goldman Sachs Group, Inc. (The) | 542 | 427839 |
|  KKR & Co., Inc. | 1243 | 147084 |
|  LPL Financial Holdings, Inc. | 1933 | 729340 |

---

See Notes to Financial Statements.

------

1290 AVANTIS<sup>®</sup> U.S. LARGE CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  Moody's Corp. | 804 | $| 386161 |
|  MSCI, Inc. | 91 |  | 53558 |
|  |  |  | 3488120 |
|  ***Consumer Finance (0.4%)*** | ***Consumer Finance (0.4%)*** | ***Consumer Finance (0.4%)*** | ***Consumer Finance (0.4%)*** |
|  Ally Financial, Inc. | 843 |  | 32852 |
|  American Express Co. | 2507 |  | 904350 |
|  |  |  | 937202 |
|  ***Financial Services (2.9%)*** | ***Financial Services (2.9%)*** | ***Financial Services (2.9%)*** | ***Financial Services (2.9%)*** |
|  Apollo Global Management, Inc. | 5617 |  | 698249 |
|  Mastercard, Inc., Class A | 5400 |  | 2980746 |
|  Visa, Inc., Class A | 7289 |  | 2483654 |
|  |  |  | 6162649 |
|  ***Insurance (0.9%)*** | ***Insurance (0.9%)*** | ***Insurance (0.9%)*** | ***Insurance (0.9%)*** |
|  Allstate Corp. (The) | 311 |  | 59563 |
|  Everest Group Ltd. | 193 |  | 60702 |
|  Kinsale Capital Group, Inc. | 299 |  | 119442 |
|  Markel Group, Inc.\* | 59 |  | 116497 |
|  Progressive Corp. (The) | 6907 |  | 1422842 |
|  |  |  | 1779046 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 12367017 |
|  **Health Care (5.2%)** | **Health Care (5.2%)** | **Health Care (5.2%)** | **Health Care (5.2%)** |
|  ***Biotechnology (1.5%)*** | ***Biotechnology (1.5%)*** | ***Biotechnology (1.5%)*** | ***Biotechnology (1.5%)*** |
|  AbbVie, Inc. | 6851 |  | 1493792 |
|  Amgen, Inc. | 1588 |  | 473907 |
|  Exelixis, Inc.\* | 9528 |  | 368448 |
|  Regeneron Pharmaceuticals, Inc. | 57 |  | 37152 |
|  Vertex Pharmaceuticals, Inc.\* | 2016 |  | 857949 |
|  |  |  | 3231248 |
|  ***Health Care Equipment & Supplies (1.4%)*** | ***Health Care Equipment & Supplies (1.4%)*** | ***Health Care Equipment & Supplies (1.4%)*** | ***Health Care Equipment & Supplies (1.4%)*** |
|  Align Technology, Inc.\* | 931 |  | 128366 |
|  Dexcom, Inc.\* | 7849 |  | 456969 |
|  Edwards Lifesciences Corp.\* | 3762 |  | 310177 |
|  IDEXX Laboratories, Inc.\* | 1750 |  | 1101643 |
|  Intuitive Surgical, Inc.\* | 880 |  | 470166 |
|  Masimo Corp.\* | 1186 |  | 166811 |
|  ResMed, Inc. | 974 |  | 240461 |
|  Stryker Corp. | 170 |  | 60561 |
|  |  |  | 2935154 |
|  ***Health Care Providers & Services (0.4%)*** | ***Health Care Providers & Services (0.4%)*** | ***Health Care Providers & Services (0.4%)*** | ***Health Care Providers & Services (0.4%)*** |
|  Cardinal Health, Inc. | 306 |  | 58376 |
|  Cencora, Inc. | 1690 |  | 570899 |
|  Elevance Health, Inc. | 180 |  | 57096 |
|  HCA Healthcare, Inc. | 104 |  | 47807 |
|  McKesson Corp. | 118 |  | 95738 |
|  Molina Healthcare, Inc.\* | 588 |  | 89999 |
|  |  |  | 919915 |
|  ***Health Care Technology (0.2%)*** | ***Health Care Technology (0.2%)*** | ***Health Care Technology (0.2%)*** | ***Health Care Technology (0.2%)*** |
|  Veeva Systems, Inc., Class A\* | 1241 |  | 361379 |
|  ***Life Sciences Tools & Services (0.1%)*** | ***Life Sciences Tools & Services (0.1%)*** | ***Life Sciences Tools & Services (0.1%)*** | ***Life Sciences Tools & Services (0.1%)*** |
|  Waters Corp.\* | 645 |  | 225492 |
|  ***Pharmaceuticals (1.6%)*** | ***Pharmaceuticals (1.6%)*** | ***Pharmaceuticals (1.6%)*** | ***Pharmaceuticals (1.6%)*** |
|  Eli Lilly & Co. | 2806 |  | 2421185 |
|  Merck & Co., Inc. | 5885 |  | 505992 |
|  Zoetis, Inc. | 2732 |  | 393654 |
|  |  |  | 3320831 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 10994019 |
|  **Industrials (6.6%)** | **Industrials (6.6%)** | **Industrials (6.6%)** | **Industrials (6.6%)** |
|  ***Aerospace & Defense (0.5%)*** | ***Aerospace & Defense (0.5%)*** | ***Aerospace & Defense (0.5%)*** | ***Aerospace & Defense (0.5%)*** |
|  Boeing Co. (The)\* | 154 |  | 30957 |
|  BWX Technologies, Inc. | 513 |  | 109582 |
|  GE Aerospace | 747 |  | 230786 |
|  Lockheed Martin Corp. | 1443 |  | 709783 |
|  TransDigm Group, Inc. | 20 |  | 26170 |
|  |  |  | 1107278 |
|  ***Air Freight & Logistics (0.0%)†*** | ***Air Freight & Logistics (0.0%)†*** | ***Air Freight & Logistics (0.0%)†*** | ***Air Freight & Logistics (0.0%)†*** |
|  Expeditors International of Washington, Inc. | 414 |  | 50467 |
|  ***Building Products (0.5%)*** | ***Building Products (0.5%)*** | ***Building Products (0.5%)*** | ***Building Products (0.5%)*** |
|  Advanced Drainage Systems, Inc. | 2211 |  | 309650 |
|  Lennox International, Inc. | 952 |  | 480760 |
|  Trane Technologies plc | 498 |  | 223428 |
|  |  |  | 1013838 |
|  ***Commercial Services & Supplies (0.7%)*** | ***Commercial Services & Supplies (0.7%)*** | ***Commercial Services & Supplies (0.7%)*** | ***Commercial Services & Supplies (0.7%)*** |
|  Cintas Corp. | 2048 |  | 375337 |
|  Copart, Inc.\* | 7396 |  | 318102 |
|  Rollins, Inc. | 2737 |  | 157678 |
|  Waste Management, Inc. | 2566 |  | 512610 |
|  |  |  | 1363727 |
|  ***Construction & Engineering (0.6%)*** | ***Construction & Engineering (0.6%)*** | ***Construction & Engineering (0.6%)*** | ***Construction & Engineering (0.6%)*** |
|  Comfort Systems USA, Inc. | 818 |  | 789844 |
|  EMCOR Group, Inc. | 528 |  | 356812 |
|  |  |  | 1146656 |
|  ***Electrical Equipment (0.3%)*** | ***Electrical Equipment (0.3%)*** | ***Electrical Equipment (0.3%)*** | ***Electrical Equipment (0.3%)*** |
|  Vertiv Holdings Co., Class A | 3558 |  | 686196 |
|  ***Ground Transportation (0.7%)*** | ***Ground Transportation (0.7%)*** | ***Ground Transportation (0.7%)*** | ***Ground Transportation (0.7%)*** |
|  Old Dominion Freight Line, Inc. | 2648 |  | 371832 |
|  Saia, Inc.\* | 67 |  | 19598 |
|  Uber Technologies, Inc.\* | 1999 |  | 192903 |
|  U-Haul Holding Co. (Nasdaq Stock Exchange)\* | 89 |  | 4731 |
|  U-Haul Holding Co. (New York Stock exchange) | 1153 |  | 55909 |
|  Union Pacific Corp. | 3816 |  | 840932 |
|  |  |  | 1485905 |
|  ***Machinery (1.1%)*** | ***Machinery (1.1%)*** | ***Machinery (1.1%)*** | ***Machinery (1.1%)*** |
|  Caterpillar, Inc. | 2676 |  | 1544747 |
|  Illinois Tool Works, Inc. | 1690 |  | 412225 |
|  Lincoln Electric Holdings, Inc. | 1302 |  | 305254 |
|  |  |  | 2262226 |
|  ***Passenger Airlines (0.0%)†*** | ***Passenger Airlines (0.0%)†*** | ***Passenger Airlines (0.0%)†*** | ***Passenger Airlines (0.0%)†*** |
|  American Airlines Group, Inc.\* | 1490 |  | 19564 |
|  ***Professional Services (1.1%)*** | ***Professional Services (1.1%)*** | ***Professional Services (1.1%)*** | ***Professional Services (1.1%)*** |
|  Automatic Data Processing, Inc. | 4566 |  | 1188530 |
|  Paychex, Inc. | 3227 |  | 377656 |
|  Paycom Software, Inc. | 1606 |  | 300466 |
|  Verisk Analytics, Inc. | 2160 |  | 472522 |
|  |  |  | 2339174 |

---

See Notes to Financial Statements.

------

1290 AVANTIS<sup>®</sup> U.S. LARGE CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value**<br> **(Note 1)** |
|  ***Trading Companies & Distributors (1.1%)*** | ***Trading Companies & Distributors (1.1%)*** | ***Trading Companies & Distributors (1.1%)*** |
|  Fastenal Co. | 22838 | $939784 |
|  United Rentals, Inc. | 283 | 246544 |
|  W.W. Grainger, Inc. | 1101 | 1077879 |
|  |  | 2264207 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 13739238 |
|  **Information Technology (49.4%)** | **Information Technology (49.4%)** | **Information Technology (49.4%)** |
|  ***Communications Equipment (1.0%)*** | ***Communications Equipment (1.0%)*** | ***Communications Equipment (1.0%)*** |
|  Arista Networks, Inc.\* | 8520 | 1343519 |
|  Motorola Solutions, Inc. | 1643 | 668224 |
|  Ubiquiti, Inc. | 128 | 100759 |
|  |  | 2112502 |
|  ***Electronic Equipment, Instruments & Components (0.3%)*** | ***Electronic Equipment, Instruments & Components (0.3%)*** | ***Electronic Equipment, Instruments & Components (0.3%)*** |
|  CDW Corp. | 1289 | 205428 |
|  Jabil, Inc. | 1529 | 337741 |
|  |  | 543169 |
|  ***IT Services (0.2%)*** | ***IT Services (0.2%)*** | ***IT Services (0.2%)*** |
|  Gartner, Inc.\* | 765 | 189980 |
|  GoDaddy, Inc., Class A\* | 1952 | 259870 |
|  VeriSign, Inc. | 12 | 2877 |
|  |  | 452727 |
|  ***Semiconductors & Semiconductor Equipment (22.0%)*** | ***Semiconductors & Semiconductor Equipment (22.0%)*** | ***Semiconductors & Semiconductor Equipment (22.0%)*** |
|  Advanced Micro Devices, Inc.\* | 5610 | 1436833 |
|  Applied Materials, Inc. | 7258 | 1691840 |
|  Broadcom, Inc. | 26227 | 9694286 |
|  KLA Corp. | 1698 | 2052441 |
|  Lam Research Corp. | 20460 | 3221632 |
|  NVIDIA Corp. | 124809 | 25272574 |
|  QUALCOMM, Inc. | 11105 | 2008894 |
|  Teradyne, Inc. | 2097 | 381151 |
|  Texas Instruments, Inc. | 1506 | 243159 |
|  |  | 46002810 |
|  ***Software (15.3%)*** | ***Software (15.3%)*** | ***Software (15.3%)*** |
|  Adobe, Inc.\* | 1230 | 418581 |
|  AppLovin Corp., Class A\* | 2746 | 1750108 |
|  Crowdstrike Holdings, Inc., Class A\* | 943 | 512059 |
|  Dropbox, Inc., Class A\* | 875 | 25375 |
|  Fair Isaac Corp.\* | 128 | 212420 |
|  Fortinet, Inc.\* | 8787 | 759461 |
|  Intuit, Inc. | 1609 | 1074088 |
|  Microsoft Corp. | 40331 | 20883795 |
|  Nutanix, Inc., Class A\* | 445 | 31702 |
|  Oracle Corp. | 6696 | 1758437 |
|  Palantir Technologies, Inc., Class A\* | 11588 | 2323046 |
|  Palo Alto Networks, Inc.\* | 1317 | 290056 |
|  RingCentral, Inc., Class A\* | 470 | 14156 |
|  Salesforce, Inc. | 4232 | 1102055 |
|  ServiceNow, Inc.\* | 993 | 912845 |
|  |  | 32068184 |
|  ***Technology Hardware, Storage & Peripherals (10.6%)*** | ***Technology Hardware, Storage & Peripherals (10.6%)*** | ***Technology Hardware, Storage & Peripherals (10.6%)*** |
|  Apple, Inc. | 81350 | 21994599 |
|  HP, Inc. | 670 | 18539 |
|  NetApp, Inc. | 932 | 109771 |
|  |  | 22122909 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 103302301 |
|  **Materials (0.4%)** | **Materials (0.4%)** | **Materials (0.4%)** |
|  ***Chemicals (0.3%)*** | ***Chemicals (0.3%)*** | ***Chemicals (0.3%)*** |
|  RPM International, Inc. | 1043 | 113979 |
|  Sherwin-Williams Co. (The) | 1340 | 462220 |
|  |  | 576199 |
|  ***Construction Materials (0.1%)*** | ***Construction Materials (0.1%)*** | ***Construction Materials (0.1%)*** |
|  Eagle Materials, Inc. | 1181 | 250750 |
|  ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** | ***Paper & Forest Products (0.0%)†*** |
|  Louisiana-Pacific Corp. | 1657 | 144341 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 971290 |
|  **Utilities (0.7%)** | **Utilities (0.7%)** | **Utilities (0.7%)** |
|  ***Electric Utilities (0.1%)*** | ***Electric Utilities (0.1%)*** | ***Electric Utilities (0.1%)*** |
|  Constellation Energy Corp. | 142 | 53534 |
|  NRG Energy, Inc. | 584 | 100366 |
|  |  | 153900 |
|  ***Independent Power and Renewable Electricity<br>Producers (0.6%)*** | ***Independent Power and Renewable Electricity<br>Producers (0.6%)*** | ***Independent Power and Renewable Electricity<br>Producers (0.6%)*** |
|  Vistra Corp. | 7013 | 1320548 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 1474448 |
|  **Total Common Stocks (99.5%)**<br> *(Cost $148,476,027)* |  | 208216752 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (0.2%)** | **Investment Companies (0.2%)** |  |
|  JPMorgan Prime Money Market Fund, IM Shares 4.24% (7 day yield) | 298579 | 298699 |
|  **Total Short-Term Investments (0.2%)**<br> *(Cost $298,720)* | **Total Short-Term Investments (0.2%)**<br> *(Cost $298,720)* | 298699 |
|  **Total Investments in Securities (99.7%)**<br> *(Cost $148,774,747)* | **Total Investments in Securities (99.7%)**<br> *(Cost $148,774,747)* | 208515451 |
|  **Other Assets Less Liabilities (0.3%)** | **Other Assets Less Liabilities (0.3%)** | 689751 |
|  **Net Assets (100%)** |  | $209205202 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

See Notes to Financial Statements.

------

1290 AVANTIS<sup>®</sup> U.S. LARGE CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2025

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund's assets and liabilities carried at fair value as of October 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1**<br>**Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2**<br>**Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3**<br>**Significant Unobservable<br>Inputs (including the**<br> **Fund's own**<br> **assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $27169382 | $— | $— | $27169382 |
|  Consumer Discretionary | 29658035 |  |  | 29658035 |
|  Consumer Staples | 5586607 |  |  | 5586607 |
|  Energy | 2954415 |  |  | 2954415 |
|  Financials | 12367017 |  |  | 12367017 |
|  Health Care | 10994019 |  |  | 10994019 |
|  Industrials | 13739238 |  |  | 13739238 |
|  Information Technology | 103302301 |  |  | 103302301 |
|  Materials | 971290 |  |  | 971290 |
|  Utilities | 1474448 |  |  | 1474448 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 298699 |  |  | 298699 |
|  **Total Assets** | $**208515451** | $**—** | $**—** | $**208515451** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**208515451** | $**—** | $**—** | $**208515451** |

---

The Fund held no derivatives contracts during the year ended October 31, 2025.

Investment security transactions for the year ended October 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $7521585 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16701941 |

---

As of October 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $64240037 |
|  Aggregate gross unrealized depreciation | (4501816) |
|  Net unrealized appreciation | $59738221 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148777230 |

---

See Notes to Financial Statements.

------

1290 AVANTIS<sup>®</sup> U.S. LARGE CAP GROWTH FUND

#### STATEMENT OF ASSETS AND LIABILITIES

#### October 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value<br>(Cost $148,774,747) | $208515451.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 750000.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Fund shares sold | 132767.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 52127.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid registration and filing fees | 15862.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 16.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1442.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 209467665.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Fund shares repurchased | 70088.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 65551.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 25920.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees payable | 8110.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable - Class A | 185.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 145.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 92464.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 262463.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $209205202.0 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $146100241.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 63104961.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $209205202.0 |
|  **Class A** |  |
|  Net asset value and redemption price per share, $1,027,802 / 46,870 shares outstanding (unlimited amount authorized: $0.001 par value) | $21.93 |
|  Maximum sales charge (5.50% of offering price) | 1.28 |
|  Maximum offering price per share | $23.21 |
|  **Class I** |  |
|  Net asset value, offering and redemption price per share, $208,177,400 / 9,457,870 shares outstanding (unlimited amount authorized: $0.001 par value) | $22.01 |

---

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended October 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $1304699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 14139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 1319622 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 924043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 277214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 108225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 60100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees | 36833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 23301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 8600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 6440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees - Class A | 1117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 26370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 1472243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment adviser | (269130) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 1203113 |
|  **NET INVESTMENT INCOME (LOSS)** | 116509 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | 3309318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities | 40265307 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 43574625 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $43691134 |

---

See Notes to Financial Statements.

------

#### 1290 FUNDS
1290 AVANTIS<sup>®</sup> U.S. LARGE CAP GROWTH FUND

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $116509 | $105416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 3309318 | 665667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 40265307 | 18938095 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 43691134 | 19709178 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (826) | (540) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (811414) | (141959) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (812240) | (142499) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 43,205 and 7,483 shares, respectively ] | 830420 | 103558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 18 and 0 shares ] | 338 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (3836) and 0 shares ] | (75168) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class A transactions | 755590 | 103558 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,115,658 and 10,017,211 shares, respectively ] | 20343294 | 158993681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 35,342 and 1,188 shares, respectively ] | 676460 | 16779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1568195) and (610571) shares, respectively ] | (29746122) | (10392760) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class I transactions | (8726368) | 148617700 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (7970778) | 148721258 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 34908116 | 168287937 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 174297086 | 6009149 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209205202 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174297086 |

---

See Notes to Financial Statements.

------

#### 1290 FUNDS
1290 AVANTIS<sup>®</sup> U.S. LARGE CAP GROWTH FUND

FINANCIAL HIGHLIGHTS

---

| | | |
|:---|:---|:---|
| **Class A** | **Year Ended<br>October 31, 2025** | **November 30, 2023\* to<br>October 31, 2024** |
|  Net asset value, beginning of period | $17.60 | $13.73 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | (0.04) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 4.44 | 3.95 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 4.40 | 3.94 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.07) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.07) | (0.07) |
|  Net asset value, end of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.93 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.60 |
|  Total return (b) | 25.04 | 28.86 |
|  **Ratios/Supplemental Data:** |  |  |
|  Net assets, end of period (000's) | $1028 | $132 |
|  Ratio of expenses to average net assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 0.90 | 0.90 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | 1.04 | 1.25 |
|  Ratio of net investment income (loss) to average net assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | (0.22) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | (0.36) | (0.42) |
|  Portfolio turnover rate^ | 4 | 22 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| **Class I** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $17.64 | $12.86 | $12.79 | $15.21 | $11.77 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.01 | 0.02 | 0.24 (x) | 0.25 (x) | 0.16 (x) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 4.45 | 4.84 | 0.36 | (2.36) | 3.66 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 4.46 | 4.86 | 0.60 | (2.11) | 3.82 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.02) | (0.04) | (0.28) | (0.16) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.07) | (0.04) | (0.25) | (0.15) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.09) | (0.08) | (0.53) | (0.31) | (0.38) |
|  Net asset value, end of year | $22.01 | $17.64 | $12.86 | $12.79 | $15.21 |
|  Total return | 25.31% | 37.92% | 4.63% | (14.17)% | 33.13% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208177 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174165 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6009 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5163 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5658 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (f) | 0.65 %(j) | 0.65 %(j) | 0.52 %(k) | 0.52 %(k) | 0.52 %(k) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (f) | 0.80% | 0.94% | 2.75% | 2.75% | 3.24% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (f) | 0.06% | 0.12% | 1.77 %(x) | 1.84 %(x) | 1.13 %(x) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (f) | (0.08)% | (0.17)% | (0.45)%(x) | (0.39)%(x) | (1.58)%(x) |
|  Portfolio turnover rate^ | 4% | 22 %(h) | 7% | 8% | 4% |

---

See Notes to Financial Statements.

------

1290 AVANTIS<sup>®</sup> U.S. LARGE CAP GROWTH FUND

FINANCIAL HIGHLIGHTS (Continued)

*\** *Commencement of operations.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*†* *The amount shown for a share outstanding throughout the period does not accord with the aggregate net income and/or gain on investments for that period because of the timing of sales and repurchases of the Fund shares in relation to fluctuating market value of the investments in the Fund.* 

*(a)* *Ratios for periods less than one year are annualized.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(h)* *The portfolio turnover rate calculation includes purchases and sales made as a result of the replacement of the sub-adviser. See Note 1* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 0.90% for Class A and 0.65% for Class I.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 0.65% for Class I.* 

*(l)* *The annualized ratio of net investment income to average net assets may not be indicative of operating results for a full year.* 

*(x)* *Recognition of net investment income is affected by the timing of dividend declarations by the underlying funds in which the Fund invests.* 

See Notes to Financial Statements.

------

1290 DIVERSIFIED BOND FUND

PORTFOLIO OF INVESTMENTS

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: |
|  **Asset-Backed Securities (9.5%)** | **Asset-Backed Securities (9.5%)** | **Asset-Backed Securities (9.5%)** |
|  Consolidated Communications LLC, | Consolidated Communications LLC, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A B<br>6.506%, 5/20/55§ | $5265000 | $5403942 |
|  Frontier Issuer LLC, | Frontier Issuer LLC, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1 B<br>7.020%, 6/20/54§ | 2470000 | 2568819 |
|  Octagon 55 Ltd., | Octagon 55 Ltd., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A D1R<br>6.721%, 3/20/38 (l)§ | 2985000 | 2999119 |
|  OHA Credit Funding 2 Ltd., | OHA Credit Funding 2 Ltd., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A D1R2<br>6.570%, 1/21/38 (l)§ | 4650000 | 4666275 |
|  Point Broadband Funding LLC, | Point Broadband Funding LLC, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A B<br>5.727%, 7/20/55§ | 6070000 | 6124289 |
|  Stack Infrastructure Issuer LLC, | Stack Infrastructure Issuer LLC, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2A A2<br>5.900%, 7/25/48§ | 8430000 | 8470837 |
|  TRTX Issuer Ltd., | TRTX Issuer Ltd., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL6 C<br>6.427%, 9/18/42 (l)§ | 6760000 | 6759298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL7 A<br>0.000%, 6/18/43 (l)§ | 4830000 | 4833026 |
|  Zayo Issuer LLC, | Zayo Issuer LLC, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A A2<br>5.953%, 6/20/55§ | 10120000 | 10380185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3A A2<br>5.570%, 10/20/55§ | 1200000 | 1205933 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Asset-Backed Securities** |  | 53411723 |
|  **Collateralized Mortgage Obligations (3.9%)** | **Collateralized Mortgage Obligations (3.9%)** | **Collateralized Mortgage Obligations (3.9%)** |
|  Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04 1B1<br>9.433%, 3/25/42 (l)§ | 4340000 | 4576522 |
|  FHLMC STACR REMIC Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA2 B1<br>8.933%, 2/25/42 (l)§ | 2430000 | 2535780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA6 M2<br>9.933%, 9/25/42 (l)§ | 6300000 | 6825506 |
|  OBX Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-J3 AF<br>5.683%, 10/25/55 (l)§ | 8022940 | 8021482 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Collateralized Mortgage Obligations** |  | 21959290 |
|  **Commercial Mortgage-Backed Securities (5.9%)** | **Commercial Mortgage-Backed Securities (5.9%)** | **Commercial Mortgage-Backed Securities (5.9%)** |
|  CFCRE Commercial Mortgage Trust, | CFCRE Commercial Mortgage Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C4 D<br>4.847%, 5/10/58 (l)§ | 2200000 | 2134875 |
|  FHLMC MSCR Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-MN10 M2<br>7.158%, 2/25/45 (l)§ | 3290000 | 3290019 |
|  Multifamily Connecticut Avenue Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01 M10<br>7.547%, 10/25/49 (l)§ | 7444977 | 7555137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01 M10<br>10.683%, 11/25/53 (l)§ | 10480000 | 11903452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01 M7<br>6.933%, 7/25/54 (l)§ | 8444637 | 8551675 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Commercial Mortgage-Backed Securities** |  | 33435158 |
|  **Corporate Bonds (4.7%)** | **Corporate Bonds (4.7%)** | **Corporate Bonds (4.7%)** |
|  **Consumer Discretionary (0.5%)** | **Consumer Discretionary (0.5%)** |  |
|  ***Broadline Retail (0.3%)*** | ***Broadline Retail (0.3%)*** | ***Broadline Retail (0.3%)*** |
|  SGUS LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.000%, 12/15/29§ | 1719100 | 1487365 |
|  ***Specialty Retail (0.2%)*** | ***Specialty Retail (0.2%)*** | ***Specialty Retail (0.2%)*** |
|  Saks Global Enterprises LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.000%, 12/15/29§ | 2597900 | 1103638 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 2591003 |
|  **Energy (0.2%)** | **Energy (0.2%)** |  |
|  ***Oil, Gas & Consumable Fuels (0.2%)*** | ***Oil, Gas & Consumable Fuels (0.2%)*** | ***Oil, Gas & Consumable Fuels (0.2%)*** |
|  NFE Financing LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.000%, 11/15/29§ | 4906200 | 1103895 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 1103895 |
|  **Financials (3.4%)** | **Financials (3.4%)** |  |
|  ***Banks (0.5%)*** | ***Banks (0.5%)*** | ***Banks (0.5%)*** |
|  Wells Fargo & Co. Series BB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.45%), 3.900%, 3/15/26 (k)(y) | 2770000 | 2738347 |
|  ***Capital Markets (2.3%)*** | ***Capital Markets (2.3%)*** | ***Capital Markets (2.3%)*** |
|  Charles Schwab Corp. (The) Series I | Charles Schwab Corp. (The) Series I | Charles Schwab Corp. (The) Series I |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.17%),<br>4.000%, 6/1/26 (k)(y) | 4690000 | 4628545 |
|  Golub Capital BDC, Inc.<br>2.500%, 8/24/26 | 4705000 | 4621342 |
|  UBS Group AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.10%),<br>3.875%, 6/2/26 (k)(y)§ | 3830000 | 3775231 |
|  |  | 13025118 |
|  ***Consumer Finance (0.1%)*** | ***Consumer Finance (0.1%)*** | ***Consumer Finance (0.1%)*** |
|  American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.85%),<br>3.550%, 9/15/26 (k)(y) | 865000 | 848781 |
|  ***Financial Services (0.5%)*** | ***Financial Services (0.5%)*** | ***Financial Services (0.5%)*** |
|  Freedom Mortgage Corp. | Freedom Mortgage Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 1/15/27§ | 2870000 | 2873243 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 19485489 |

---

See Notes to Financial Statements.

------

1290 DIVERSIFIED BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  **Real Estate (0.3%)** | **Real Estate (0.3%)** |  |
|  ***Diversified REITs (0.3%)*** | ***Diversified REITs (0.3%)*** | ***Diversified REITs (0.3%)*** |
|  Trust Fibra Uno (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.700%, 1/23/32§ | $1720000 | $1879891 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 1879891 |
|  **Utilities (0.3%)** | **Utilities (0.3%)** |  |
|  ***Independent Power and Renewable Electricity Producers (0.3%)*** | ***Independent Power and Renewable Electricity Producers (0.3%)*** | ***Independent Power and Renewable Electricity Producers (0.3%)*** |
|  FIEMEX Energia - Banco Actinver SA<br>Institucion de Banca Multiple | FIEMEX Energia - Banco Actinver SA<br>Institucion de Banca Multiple | FIEMEX Energia - Banco Actinver SA<br>Institucion de Banca Multiple |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 1/31/41§ | 1535286 | 1617808 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 1617808 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bonds** |  | 26678086 |
|  **Foreign Government Securities (24.0%)** | **Foreign Government Securities (24.0%)** | **Foreign Government Securities (24.0%)** |
|  Argentine Republic |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%, 7/9/30 (e) | 3776000 | 3090656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 7/9/35 (e) | 8170000 | 5723085 |
|  Japan Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 3/20/55 | 6424000000 | 36195895 |
|  Mex Bonos Desarr Fix Rt |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series M<br>8.000%, 7/31/53 | 1138100000 | 52817090 |
|  Notas do Tesouro Nacional | Notas do Tesouro Nacional |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000%, 1/1/35 | 145480000 | 22118625 |
|  Oriental Republic of Uruguay | Oriental Republic of Uruguay |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 10/29/35 | 448440000 | 11344137 |
|  Titulos de Tesoreria |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.750%, 1/24/35 | 8890000000 | 2281662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.000%, 3/13/58 | 8890000000 | 2295154 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Government Securities** |  | 135866304 |
|  **Mortgage-Backed Securities (11.0%)** | **Mortgage-Backed Securities (11.0%)** | **Mortgage-Backed Securities (11.0%)** |
|  GNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 4/20/54 | $3623174 | 3699498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 8/20/54 | 5831830 | 5945569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 10/20/54 | 10284651 | 10472378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 11/20/54 | 11623805 | 11826895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 12/20/54 | 6975335 | 7098843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 1/20/55 | 12217009 | 12428555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 2/20/55 | 10499803 | 10665209 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Mortgage-Backed Securities** |  | 62136947 |
|  **U.S. Treasury Obligations (28.6%)** | **U.S. Treasury Obligations (28.6%)** | **U.S. Treasury Obligations (28.6%)** |
|  U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 5/15/55 | 81580000 | 82599334 |
|  U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 8/15/35 (x) | 78220000 | 79148863 |
|  **Total U.S. Treasury Obligations** |  | 161748197 |
|  **Total Long-Term Debt Securities (87.6%)**<br> *(Cost $494,368,010)* |  | 495235705 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |
|  **Foreign Government Treasury Bills (6.1%)** | **Foreign Government Treasury Bills (6.1%)** |  |
|  Arab Republic of Egypt |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 26.64%, 2/3/26 (p) | 841200000 | $16652341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 26.15%, 4/21/26 (p) | 934300000 | 17608311 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Government Treasury Bills** |  | 34260652 |
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  **Investment Companies (2.4%)** | **Investment Companies (2.4%)** |  |
|  JPMorgan Prime Money Market Fund, IM Shares 4.24% (7 day yield) | 13591016 | 13596452 |
|  **Total Short-Term Investments (8.5%)**<br> *(Cost $47,344,131)* | **Total Short-Term Investments (8.5%)**<br> *(Cost $47,344,131)* | 47857104 |
|  **Total Investments in Securities (96.1%)**<br> *(Cost $541,712,141)* | **Total Investments in Securities (96.1%)**<br> *(Cost $541,712,141)* | 543092809 |
|  **Other Assets Less Liabilities (3.9%)** | **Other Assets Less Liabilities (3.9%)** | 21889833 |
|  **Net Assets (100%)** |  | $564982642 |

---

---

| | |
|:---|:---|
| *§* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At October 31, 2025, the market value of these securities amounted to $122,647,242 or 21.7% of net assets.*  |

---

*(e)* *Step Bond - Coupon rate increases or decreases in increments to maturity. Rate disclosed is as of October 31, 2025. Maturity date disclosed is the ultimate maturity date.* 

*(k)* *Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of October 31, 2025.* 

*(l)* *Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of October 31, 2025.* 

*(p)* *Yield to maturity.* 

*(x)* *All or a portion of security is on loan at October 31, 2025, the Portfolio had loaned securities with a total value of $25,227,224. This was collateralized by $25,742,880 of various U.S. Government Treasury Securities, ranging from 0.125% – 4.625%, maturing 1/15/26 – 2/15/51.* 

*(y)* *Securities are perpetual and, thus, do not have a predetermined maturity date. The coupon rate for these securities are fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of October 31, 2025.* 

*Glossary:* 

*AUD* *— Australian Dollar* 

*BRL* *— Brazilian Real* 

*CAD* *— Canadian Dollar* 

*CHF* *— Swiss Franc* 

*CLP* *— Chilean Peso* 

*COP* *— Colombian Peso* 

*EGP* *— Egyptian Pound* 

*EUR* *— European Currency Unit* 

*FHLMC* *— Federal Home Loan Mortgage Corp.* 

See Notes to Financial Statements.

------

1290 DIVERSIFIED BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2025

*GBP* *— British Pound* 

*GNMA* *— Government National Mortgage Association* 

*JPY* *— Japanese Yen* 

*KRW* *— Korean (South) Won* 

*MXN* *— Mexican Peso* 

*REIT* *— Real Estate Investment Trust* 

*REMIC* *— Real Estate Mortgage Investment Conduit* 

*SEK* *— Swedish Krona* 

*STACR* *— Structured Agency Credit Risk* 

*USD* *— United States Dollar* 

*UYU* *— Uruguayan Peso* 

Futures contracts outstanding as of October 31, 2025 (Note 1):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount ($)** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation) ($)** |
|  **Long Contracts** |  |  |  |  |  |
|  Long Gilt | 1139 | 12/2025 | GBP | 140084008 | 4422763 |
|  U.S. Treasury 5 Year Note | 1325 | 12/2025 | USD | 144704493 | (5276) |
|  U.S. Treasury 10 Year Ultra Note | 441 | 12/2025 | USD | 50928609 | 645857 |
|  |  |  |  |  | 5063344 |
|  **Short Contracts** |  |  |  |  |  |
|  Canada 10 Year Bond | (3064) | 12/2025 | CAD | (268180557) | (1942820) |
|  Japan 10 Year Bond | (89) | 12/2025 | JPY | (78564402) | 478685 |
|  |  |  |  |  | (1464135) |
|  |  |  |  |  | 3599209 |

---

Forward Foreign Currency Contracts outstanding as of October 31, 2025 (Note 1):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation) ($)** |
|  USD | 124625754 | EUR | 107340000 | JPMorgan Chase Bank | 11/5/2025 | 892344 |
|  CLP | 43850000000 | USD | 45970336 | HSBC Bank plc<sup>\*\*</sup> | 11/12/2025 | 556356 |
|  USD | 1288375 | KRW | 1810000000 | Citibank NA<sup>\*\*</sup> | 11/12/2025 | 17457 |
|  USD | 28460654 | SEK | 265000000 | Goldman Sachs Bank USA | 12/12/2025 | 502105 |
|  USD | 28569611 | SEK | 269500000 | JPMorgan Chase Bank | 12/12/2025 | 136294 |
|  USD | 84968887 | CHF | 66800000 | Goldman Sachs Bank USA | 1/13/2026 | 1257314 |
|  USD | 56891189 | CHF | 44940000 | UBS AG | 1/13/2026 | 573852 |
|  USD | 57271101 | JPY | 8399000000 | Citibank NA | 1/16/2026 | 2359874 |
|  USD | 50530688 | JPY | 7665000000 | Goldman Sachs Bank USA | 1/16/2026 | 418228 |
|  USD | 13458306 | JPY | 1995000000 | HSBC Bank plc | 1/16/2026 | 415338 |
|  USD | 322190 | JPY | 47000000 | Standard Chartered Bank | 1/16/2026 | 14912 |
|  USD | 5622208 | CAD | 7850000 | Wells Fargo Bank NA | 1/23/2026 | 1976 |
|  USD | 35477219 | MXN | 660600000 | Citibank NA | 2/13/2026 | 302007 |
|  USD | 17031915 | MXN | 317500000 | Goldman Sachs Bank USA | 2/13/2026 | 125876 |
|  Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation |  | 7573933 |
|  EUR | 47780000 | USD | 55297227 | Goldman Sachs Bank USA | 11/5/2025 | (220068) |
|  EUR | 34180000 | USD | 40114067 | JPMorgan Chase Bank | 11/5/2025 | (713956) |
|  EUR | 22830000 | USD | 26851048 | Morgan Stanley | 11/5/2025 | (534356) |
|  EUR | 1050000 | USD | 1235229 | Standard Chartered Bank | 11/5/2025 | (24869) |
|  EUR | 1500000 | USD | 1761803 | UBS AG | 11/5/2025 | (32716) |
|  KRW | 121990000000 | USD | 86951803 | Citibank NA<sup>\*\*</sup> | 11/12/2025 | (1294695) |
|  USD | 28643295 | CLP | 27650000000 | HSBC Bank plc<sup>\*\*</sup> | 11/12/2025 | (694516) |
|  AUD | 43010000 | USD | 28459029 | Barclays Bank plc | 12/12/2025 | (305443) |
|  SEK | 5750000 | USD | 617050 | HSBC Bank plc | 12/12/2025 | (10402) |
|  SEK | 269500000 | USD | 28604939 | JPMorgan Chase Bank | 12/12/2025 | (171621) |

---

See Notes to Financial Statements.

------

1290 DIVERSIFIED BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation) ($)** |
|  USD | 56084678 | AUD | 86030000 | Goldman Sachs Bank USA | 12/12/2025 | (229041) |
|  CHF | 65350000 | USD | 82177951 | Goldman Sachs Bank USA | 1/13/2026 | (283470) |
|  CHF | 1450000 | USD | 1844602 | Wells Fargo Bank NA | 1/13/2026 | (27510) |
|  JPY | 4270000000 | USD | 28284889 | Barclays Bank plc | 1/16/2026 | (368359) |
|  JPY | 12556000000 | USD | 85834504 | Citibank NA | 1/16/2026 | (3745523) |
|  JPY | 4282000000 | USD | 28300191 | Goldman Sachs Bank USA | 1/16/2026 | (305207) |
|  CAD | 122810000 | USD | 88137248 | Citibank NA | 1/23/2026 | (211041) |
|  MXN | 315900000 | USD | 16982867 | Citibank NA | 2/13/2026 | (162023) |
|  Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation |  | (9334816) |
|  Net unrealized depreciation | Net unrealized depreciation | Net unrealized depreciation | Net unrealized depreciation | Net unrealized depreciation |  | (1760883) |

---

*\*\** *Non-deliverable forward.* 

Centrally Cleared Credit default swap contracts outstanding — buy protection as of October 31, 2025 (Note 1):

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference<br>Obligation/Index** | **Financing<br>Rate (Paid) /<br>Received<br>by the<br>Fund (%)** | **Frequency of<br>Payments<br>Made/Received** | **Maturity<br>Date** | **Implied<br>Credit<br>Spread (%)** | **Notional<br>Amount** | **Notional<br>Amount** | **Upfront<br>(Payments)<br>Receipts ($)** | **Unrealized<br>Appreciation<br>(Depreciation) ($)** | **Value ($)** |
|  CDX North American High Yield 44-V1 | 5.00 | Quarterly | 6/20/2030 | 3.06 | USD | 78110000 | (5393712) | (979306) | (6373018) |
|  Total Centrally Cleared Credit default swap contracts outstanding | Total Centrally Cleared Credit default swap contracts outstanding | Total Centrally Cleared Credit default swap contracts outstanding | Total Centrally Cleared Credit default swap contracts outstanding | Total Centrally Cleared Credit default swap contracts outstanding | Total Centrally Cleared Credit default swap contracts outstanding | Total Centrally Cleared Credit default swap contracts outstanding | (5393712) | (979306) | (6373018) |

---

See Notes to Financial Statements.

------

1290 DIVERSIFIED BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2025

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund's assets and liabilities carried at fair value as of October 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Fund's own<br>assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Asset-Backed Securities** | $— | $53411723 | $— | $53411723 |
|  **Collateralized Mortgage Obligations** |  | 21959290 |  | 21959290 |
|  **Commercial Mortgage-Backed Securities** |  | 33435158 |  | 33435158 |
|  **Corporate Bonds** |  |  |  |  |
|  Consumer Discretionary |  | 2591003 |  | 2591003 |
|  Energy |  | 1103895 |  | 1103895 |
|  Financials |  | 19485489 |  | 19485489 |
|  Real Estate |  | 1879891 |  | 1879891 |
|  Utilities |  | 1617808 |  | 1617808 |
|  **Foreign Government Securities** |  | 135866304 |  | 135866304 |
|  **Forward Currency Contracts** |  | 7573933 |  | 7573933 |
|  **Futures** | 5547305 |  |  | 5547305 |
|  **Mortgage-Backed Securities** |  | 62136947 |  | 62136947 |
|  **Short-Term Investments** |  |  |  |  |
|  Foreign Government Treasury Bills |  | 34260652 |  | 34260652 |
|  Investment Company | 13596452 |  |  | 13596452 |
|  **U.S. Treasury Obligations** |  | 161748197 |  | 161748197 |
|  **Total Assets** | $**19143757** | $**537070290** | $**—** | $**556214047** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Centrally Cleared Credit Default Swaps** | $— | $(979306) | $— | $(979306) |
|  **Forward Currency Contracts** |  | (9334816) |  | (9334816) |
|  **Futures** | (1948096) |  |  | (1948096) |
|  **Total Liabilities** | $**(1948096)** | $**(10314122)** | $**—** | $**(12262218)** |
|  **Total** | $**17195661** | $**526756168** | $**—** | $**543951829** |

---

See Notes to Financial Statements.

------

1290 DIVERSIFIED BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2025

Fair Values of Derivative Instruments as of October 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Interest rate contracts | Due from broker for futures variation margin, Net assets – Unrealized appreciation | $5547305 |
|  Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts – Receivables | 7573933 |
|  **Total** |  | $13121238 |
|  | **Liability Derivatives** |  |
|  Interest rate contracts | Due to broker for futures variation margin, Net assets – Unrealized depreciation | $(1948096) |
|  Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts – Payables | (9334816) |
|  Credit contracts | Market value on OTC swap contracts – Payables, Net assets – Unrealized depreciation | (979306) |
|  **Total** |  | $(12262218) |

---

\* Includes cumulative appreciation/depreciation of futures contracts as reported in the Portfolio of Investments. Only variation margin is reported within the Statement of Assets & Liabilities.

\*\* Includes cumulative appreciation/depreciation of centrally cleared swap contracts as reported in the Portfolio of Investments. Only variation margin is reported within the Statement of Assets & Liabilities.

The Effect of Derivative Instruments on the Statement of Operations for the year ended October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Swaps** | **Total** |
|  Interest rate contracts | $(7963687) | $— | $— | $(7963687) |
|  Foreign exchange contracts |  | 598925 |  | 598925 |
|  Credit contracts |  |  | 348507 | 348507 |
|  **Total** | $(7963687) | $598925 | $348507 | $(7016255) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Futures** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Swaps** | **Total** |
|  Interest rate contracts | $11228525 | $— | $— | $11228525 |
|  Foreign exchange contracts |  | (2339122) |  | (2339122) |
|  Credit contracts |  |  | (979306) | (979306) |
|  **Total** | $11228525 | $(2339122) | $(979306) | $7910097 |

---

^ The Fund held forward foreign currency contracts, futures contracts and swaps contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

See Notes to Financial Statements.

------

1290 DIVERSIFIED BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2025

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** |  |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $342130000.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | 273875000.0 |
|  Forward foreign currency exchange contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value purchased — in USD | $436406000.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value sold — in USD | 474275000.0 |
|  Credit index swaps |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — sell protection | $29250000.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — buy protection | 73285000.0 |

---

The following table presents the Fund's gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or pledged by the Fund as of October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount of<br>Derivative Assets<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available for<br>Offset** | **Collateral<br>Received** | **Net Amount Due<br>from Counterparty** |
|  Citibank NA | $2679338 | $(2679338) | $– $|  |
|  Goldman Sachs Bank USA | 2303523 | (1037786) | – | 1265737 |
|  HSBC Bank plc | 971694 | (704918) | – | 266776 |
|  JPMorgan Chase Bank | 1028638 | (885577) | – | 143061 |
|  Standard Chartered Bank | 14912 | (14912) | – |  |
|  UBS AG | 573852 | (32716) | – | 541136 |
|  Wells Fargo Bank NA | 1976 | (1976) | – |  |
|  **Total** | $7573933 | $(5357223) | $– $| 2216710 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amount of<br>Derivative Liabilities<br>Presented in the<br>Statement of Assets<br>and Liabilities (a)** | **Derivatives<br>Available for<br>Offset** | **Collateral<br>Pledged** | **Net Amount Due<br>to Counterparty** |
|  Barclays Bank plc | $673802 | $— | $— | $673802 |
|  Citibank NA | 5413282 | (2679338) | (1620000) | 1113944 |
|  Goldman Sachs Bank USA | 1037786 | (1037786) |  |  |
|  HSBC Bank plc | 704918 | (704918) |  |  |
|  JPMorgan Chase Bank | 885577 | (885577) |  |  |
|  Morgan Stanley | 534356 |  |  | 534356 |
|  Standard Chartered Bank | 24869 | (14912) |  | 9957 |
|  UBS AG | 32716 | (32716) |  |  |
|  Wells Fargo Bank NA | 27510 | (1976) |  | 25534 |
|  **Total** | $9334816 | $(5357223) | $(1620000) | $2332059 |

---

*(a)* *For financial reporting purposes the Fund does not offset derivative assets and derivative liabilities subject to master netting arrangements in the Statement of Assets and Liabilities.* 

Investment security transactions for the year ended October 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $528227534.0 |
|  Long-term U.S. government debt securities | 584979421.0 |
|  | $1113206955.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $612099534.0 |
|  Long-term U.S. government debt securities | 576961278.0 |
|  | $1189060812.0 |

---

See Notes to Financial Statements.

------

1290 DIVERSIFIED BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2025

As of October 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $23608576 |
|  Aggregate gross unrealized depreciation | (23645634) |
|  Net unrealized appreciation | $(37058) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $538595175 |

---

See Notes to Financial Statements.

------

1290 DIVERSIFIED BOND FUND

#### STATEMENT OF ASSETS AND LIABILITIES

#### October 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) (Cost $541,712,141) | $543092809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 877998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $1,486,057) | 1500863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral for forward foreign currency contracts | 1720000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 14335116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker for futures variation margin | 13418194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts | 7573933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 5925246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation Margin on Centrally Cleared Swaps | 4402577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Fund shares sold | 277399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid registration and filing fees | 26648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 3002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 5175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 593158960 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 17871642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts | 9334816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Fund shares repurchased | 486897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 159724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 71755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees payable | 45634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and distributions payable | 4306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 1553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class A | 849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class R | 778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 198364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 28176318 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $564982642 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $726145870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (161163228) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $564982642 |
|  **Class A** |  |
|  Net asset value and redemption price per share, $3,891,209 / 458,578 shares outstanding (unlimited amount authorized: $0.001 par value) | $8.49 |
|  Maximum sales charge (4.50% of offering price) | 0.40 |
|  Maximum offering price per share | $8.89 |
|  **Class I** |  |
|  Net asset value, offering and redemption price per share, $559,200,892 / 65,497,680 shares outstanding (unlimited amount authorized: $0.001 par value) | $8.54 |
|  **Class R** |  |
|  Net asset value, offering and redemption price per share, $1,890,541 / 224,734 shares outstanding (unlimited amount authorized: $0.001 par value) | $8.41 |

---

*(x)* *Includes value of securities on loan of $25,227,224.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended October 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest (net of $1,283,076 foreign withholding tax) | $39722482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 493108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 3130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 40218720 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 3558414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 889604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 273401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 218137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 167700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees | 55462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 20247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 18750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class A | 10535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class R | 8634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 52691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 5273575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment adviser | (2288963) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 2984612 |
|  **NET INVESTMENT INCOME (LOSS)** | 37234108 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (14218489) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (7963687) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 598925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (45890) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | 348507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (21280634) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 18897839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 11228525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (2339122) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (37354) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | (979306) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 26770582 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 5489948 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $42724056 |

---

See Notes to Financial Statements.

------

#### 1290 FUNDS
1290 DIVERSIFIED BOND FUND

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended October 31,** | **Year Ended October 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $37234108 | $36710379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (21280634) | 8596802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 26770582 | 29425596 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 42724056 | 74732777 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (264739) | (285397) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (37665491) | (39389194) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | (99742) | (177907) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (38029972) | (39852498) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Tax return of capital:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  | (2525) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I |  | (348420) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  | (1574) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total tax return of capital |  | (352519) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 45,461 and 133,597 shares, respectively ] | 375579 | 1144134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 32,041 and 32,960 shares, respectively ] | 262702 | 281797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (174516) and (250099) shares, respectively ] | (1437330) | (2130265) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class A transactions | (799049) | (704334) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 14,982,828 and 12,494,140 shares, respectively ] | 124473824 | 108790279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 4,559,053 and 4,613,713 shares, respectively ] | 37606599 | 39644398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (27948485) and (14266315) shares, respectively ] | (232311619) | (123440903) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class I transactions | (70231196) | 24993774 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 197,889 and 170,179 shares, respectively ] | 1628400 | 1440510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 12,199 and 21,058 shares, respectively ] | 99596 | 178591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (375602) and (107781) shares, respectively ] | (3042719) | (922542) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class R transactions | (1314723) | 696559 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (72344968) | 24985999 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (67650884) | 59513759 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 632633526 | 573119767 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $564982642 | $632633526 |

---

See Notes to Financial Statements.

------

#### 1290 FUNDS
1290 DIVERSIFIED BOND FUND

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| **Class A** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $8.41 | $7.92 | $8.33 | $10.70 | $10.68 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.50 | 0.48 | 0.45 | 0.27 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.10 | 0.54 | (0.54) | (2.41) | 0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.60 | 1.02 | (0.09) | (2.14) | 0.73 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.52) | (0.53) | (0.21) | (0.23) | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.11) |  | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.52) | (0.53) | (0.32) | (0.23) | (0.71) |
|  Net asset value, end of year | $8.49 | $8.41 | $7.92 | $8.33 | $10.70 |
|  Total return | 7.51% | 12.95 | (1.50)% | (20.39)% | 6.73% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $3891 | $4671 | $5062 | $6608 | $8550 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.75% | 0.75 | 0.75% | 0.75% | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.14% | 1.17 | 1.22% | 1.20% | 1.22% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 6.02% | 5.54 | 5.07% | 2.75% | 2.62% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 5.63% | 5.12 | 4.60% | 2.31% | 2.15% |
|  Portfolio turnover rate^ | 208% | 151 | 193% | 244% | 165% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| **Class I** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $8.45 | $7.96 | $8.36 | $10.72 | $10.71 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.52 | 0.50 | 0.47 | 0.30 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.11 | 0.54 | (0.54) | (2.42) | 0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.63 | 1.04 | (0.07) | (2.12) | 0.74 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.54) | (0.55) | (0.21) | (0.24) | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.12) |  | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.54) | (0.55) | (0.33) | (0.24) | (0.73) |
|  Net asset value, end of year | $8.54 | $8.45 | $7.96 | $8.36 | $10.72 |
|  Total return | 7.82% | 13.16 | (1.23)% | (20.18)% | 6.85% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $559201 | $624708 | $565647 | $578149 | $673625 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.50% | 0.50 | 0.50% | 0.50% | 0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.89% | 0.92 | 0.97% | 0.95% | 0.96% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 6.28% | 5.81 | 5.30% | 3.04% | 2.79% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 5.90% | 5.39 | 4.83% | 2.59% | 2.33% |
|  Portfolio turnover rate^ | 208% | 151 | 193% | 244% | 165% |

---

See Notes to Financial Statements.

------

1290 DIVERSIFIED BOND FUND

FINANCIAL HIGHLIGHTS (Continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| **Class R** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $8.34 | $7.86 | $8.27 | $10.64 | $10.63 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.47 | 0.45 | 0.42 | 0.26 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.10 | 0.54 | (0.52) | (2.42) | 0.45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.57 | 0.99 | (0.10) | (2.16) | 0.70 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.50) | (0.51) | (0.20) | (0.21) | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.11) |  | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.50) | (0.51) | (0.31) | (0.21) | (0.69) |
|  Net asset value, end of year | $8.41 | $8.34 | $7.86 | $8.27 | $10.64 |
|  Total return | 7.22% | 12.64 | (1.66)% | (20.60)% | 6.44% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $1891 | $3254 | $2411 | $1808 | $1264 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.00% | 1.00 | 1.00% | 1.00% | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.39% | 1.42 | 1.47% | 1.46% | 1.47% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 5.72% | 5.31 | 4.79% | 2.68% | 2.24% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 5.34% | 4.89 | 4.32% | 2.22% | 1.77% |
|  Portfolio turnover rate^ | 208% | 151 | 193% | 244% | 165% |

---

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

See Notes to Financial Statements.

------

1290 ESSEX SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (2.8%)** | **Communication Services (2.8%)** | **Communication Services (2.8%)** |
|  ***Diversified Telecommunication Services (1.7%)*** | ***Diversified Telecommunication Services (1.7%)*** | ***Diversified Telecommunication Services (1.7%)*** |
|  Globalstar, Inc.\* | 30613 | $1665653 |
|  ***Entertainment (0.6%)*** | ***Entertainment (0.6%)*** | ***Entertainment (0.6%)*** |
|  CuriosityStream, Inc. | 135350 | 587419 |
|  ***Interactive Media & Services (0.5%)*** | ***Interactive Media & Services (0.5%)*** | ***Interactive Media & Services (0.5%)*** |
|  EverQuote, Inc., Class A\* | 23299 | 501861 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 2754933 |
|  **Consumer Discretionary (4.3%)** | **Consumer Discretionary (4.3%)** | **Consumer Discretionary (4.3%)** |
|  ***Automobile Components (1.6%)*** | ***Automobile Components (1.6%)*** | ***Automobile Components (1.6%)*** |
|  Gentherm, Inc.\* | 17298 | 636566 |
|  Patrick Industries, Inc. | 8994 | 938704 |
|  |  | 1575270 |
|  ***Automobiles (1.0%)*** | ***Automobiles (1.0%)*** | ***Automobiles (1.0%)*** |
|  Winnebago Industries, Inc. | 25732 | 970354 |
|  ***Diversified Consumer Services (1.7%)*** | ***Diversified Consumer Services (1.7%)*** | ***Diversified Consumer Services (1.7%)*** |
|  Lincoln Educational Services Corp.\* | 85501 | 1660429 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 4206053 |
|  **Consumer Staples (1.4%)** | **Consumer Staples (1.4%)** | **Consumer Staples (1.4%)** |
|  ***Food Products (1.4%)*** | ***Food Products (1.4%)*** | ***Food Products (1.4%)*** |
|  Mama's Creations, Inc.\* | 74394 | 787833 |
|  SunOpta, Inc.\* | 102406 | 534559 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 1322392 |
|  **Energy (3.0%)** | **Energy (3.0%)** | **Energy (3.0%)** |
|  ***Energy Equipment & Services (2.6%)*** | ***Energy Equipment & Services (2.6%)*** | ***Energy Equipment & Services (2.6%)*** |
|  Expro Group Holdings NV\* | 34406 | 467233 |
|  Oceaneering International, Inc.\* | 36357 | 846755 |
|  TETRA Technologies, Inc.\* | 168511 | 1189688 |
|  |  | 2503676 |
|  ***Oil, Gas & Consumable Fuels (0.4%)*** | ***Oil, Gas & Consumable Fuels (0.4%)*** | ***Oil, Gas & Consumable Fuels (0.4%)*** |
|  Matador Resources Co. | 9861 | 389115 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 2892791 |
|  **Financials (5.0%)** | **Financials (5.0%)** | **Financials (5.0%)** |
|  ***Banks (0.5%)*** | ***Banks (0.5%)*** | ***Banks (0.5%)*** |
|  Riverview Bancorp, Inc. | 85014 | 440373 |
|  ***Capital Markets (1.4%)*** | ***Capital Markets (1.4%)*** | ***Capital Markets (1.4%)*** |
|  BGC Group, Inc., Class A | 77103 | 704721 |
|  Evercore, Inc., Class A | 2059 | 606499 |
|  |  | 1311220 |
|  ***Financial Services (0.6%)*** | ***Financial Services (0.6%)*** | ***Financial Services (0.6%)*** |
|  Paymentus Holdings, Inc., Class A\* | 21727 | 621392 |
|  ***Insurance (2.5%)*** | ***Insurance (2.5%)*** | ***Insurance (2.5%)*** |
|  HCI Group, Inc. | 6123 | 1249153 |
|  Universal Insurance Holdings, Inc. | 39391 | 1214031 |
|  |  | 2463184 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 4836169 |
|  **Health Care (24.1%)** | **Health Care (24.1%)** | **Health Care (24.1%)** |
|  ***Biotechnology (8.5%)*** | ***Biotechnology (8.5%)*** | ***Biotechnology (8.5%)*** |
|  Arcutis Biotherapeutics, Inc.\* | 44809 | 1134116 |
|  Insmed, Inc.\* | 15658 | 2968757 |
|  Kamada Ltd. | 86097 | 595791 |
|  Kiniksa Pharmaceuticals International plc, Class A\* | 38091 | 1409748 |
|  Mirum Pharmaceuticals, Inc.\* | 12029 | 873907 |
|  Travere Therapeutics, Inc.\* | 37116 | 1304998 |
|  |  | 8287317 |
|  ***Health Care Equipment & Supplies (6.9%)*** | ***Health Care Equipment & Supplies (6.9%)*** | ***Health Care Equipment & Supplies (6.9%)*** |
|  AngioDynamics, Inc.\* | 79805 | 960054 |
|  Beta Bionics, Inc.\* | 47843 | 1302287 |
|  Brainsway Ltd. (ADR)\* | 64912 | 1093767 |
|  ClearPoint Neuro, Inc.\* | 50445 | 1171333 |
|  NeuroPace, Inc.\* | 47465 | 471802 |
|  SI-BONE, Inc.\* | 46327 | 687029 |
|  Stereotaxis, Inc.\* | 345959 | 1006741 |
|  |  | 6693013 |
|  ***Health Care Providers & Services (0.7%)*** | ***Health Care Providers & Services (0.7%)*** | ***Health Care Providers & Services (0.7%)*** |
|  InfuSystem Holdings, Inc.\* | 65182 | 675285 |
|  ***Health Care Technology (0.6%)*** | ***Health Care Technology (0.6%)*** | ***Health Care Technology (0.6%)*** |
|  Phreesia, Inc.\* | 23894 | 540960 |
|  ***Life Sciences Tools & Services (2.5%)*** | ***Life Sciences Tools & Services (2.5%)*** | ***Life Sciences Tools & Services (2.5%)*** |
|  Adaptive Biotechnologies Corp.\* | 137247 | 2382608 |
|  ***Pharmaceuticals (4.9%)*** | ***Pharmaceuticals (4.9%)*** | ***Pharmaceuticals (4.9%)*** |
|  EyePoint Pharmaceuticals, Inc.\* | 27742 | 363143 |
|  Journey Medical Corp.(x)\* | 76561 | 621675 |
|  Ligand Pharmaceuticals, Inc.\* | 6340 | 1212906 |
|  Ocular Therapeutix, Inc.\* | 84743 | 988103 |
|  Xeris Biopharma Holdings, Inc.\* | 163037 | 1581459 |
|  |  | 4767286 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 23346469 |
|  **Industrials (33.0%)** | **Industrials (33.0%)** | **Industrials (33.0%)** |
|  ***Aerospace & Defense (5.5%)*** | ***Aerospace & Defense (5.5%)*** | ***Aerospace & Defense (5.5%)*** |
|  Kratos Defense & Security Solutions, Inc.\* | 29693 | 2690186 |
|  Leonardo DRS, Inc. | 56460 | 2064177 |
|  Park Aerospace Corp. | 32673 | 626015 |
|  |  | 5380378 |
|  ***Air Freight & Logistics (0.5%)*** | ***Air Freight & Logistics (0.5%)*** | ***Air Freight & Logistics (0.5%)*** |
|  Freightos Ltd.\* | 138322 | 493810 |
|  ***Building Products (1.2%)*** | ***Building Products (1.2%)*** | ***Building Products (1.2%)*** |
|  Builders FirstSource, Inc.\* | 3142 | 365006 |
|  Griffon Corp. | 10783 | 798050 |
|  |  | 1163056 |
|  ***Commercial Services & Supplies (4.5%)*** | ***Commercial Services & Supplies (4.5%)*** | ***Commercial Services & Supplies (4.5%)*** |
|  CECO Environmental Corp.\* | 34299 | 1676878 |
|  Enviri Corp.\* | 76398 | 932819 |
|  Liquidity Services, Inc.\* | 23569 | 564242 |
|  Montrose Environmental Group, Inc.\* | 24111 | 623993 |
|  Perma-Fix Environmental Services, Inc.(x)\* | 38259 | 523766 |
|  |  | 4321698 |
|  ***Construction & Engineering (7.3%)*** | ***Construction & Engineering (7.3%)*** | ***Construction & Engineering (7.3%)*** |
|  Argan, Inc. | 6123 | 1874924 |
|  Everus Construction Group, Inc.\* | 8724 | 792924 |
|  Great Lakes Dredge & Dock Corp.\* | 66211 | 751495 |
|  Matrix Service Co.\* | 10834 | 162727 |

---

See Notes to Financial Statements.

------

1290 ESSEX SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Orion Group Holdings, Inc.\* | 100332 | $1080576 |
|  Southland Holdings, Inc.\* | 105973 | 473699 |
|  Sterling Infrastructure, Inc.\* | 5201 | 1965458 |
|  |  | 7101803 |
|  ***Electrical Equipment (5.2%)*** | ***Electrical Equipment (5.2%)*** | ***Electrical Equipment (5.2%)*** |
|  American Superconductor Corp.\* | 27903 | 1652694 |
|  Amprius Technologies, Inc.\* | 102679 | 1446747 |
|  Dragonfly Energy Holdings Corp.(x)\* | 443750 | 550250 |
|  LSI Industries, Inc. | 59439 | 1360559 |
|  |  | 5010250 |
|  ***Machinery (3.8%)*** | ***Machinery (3.8%)*** | ***Machinery (3.8%)*** |
|  FreightCar America, Inc.\* | 76578 | 680778 |
|  Gencor Industries, Inc.\* | 28229 | 383632 |
|  Graham Corp.\* | 31264 | 1947435 |
|  Worthington Enterprises, Inc. | 12570 | 705051 |
|  |  | 3716896 |
|  ***Professional Services (4.4%)*** | ***Professional Services (4.4%)*** | ***Professional Services (4.4%)*** |
|  BlackSky Technology, Inc., Class A\* | 29638 | 625954 |
|  Fiverr International Ltd.\* | 17230 | 390087 |
|  IBEX Holdings Ltd.\* | 12570 | 469741 |
|  Legalzoom.com, Inc.\* | 62528 | 623404 |
|  Upwork, Inc.\* | 31589 | 503529 |
|  Willdan Group, Inc.\* | 17013 | 1607899 |
|  |  | 4220614 |
|  ***Trading Companies & Distributors (0.6%)*** | ***Trading Companies & Distributors (0.6%)*** | ***Trading Companies & Distributors (0.6%)*** |
|  Transcat, Inc.\* | 8452 | 614038 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 32022543 |
|  **Information Technology (22.9%)** | **Information Technology (22.9%)** | **Information Technology (22.9%)** |
|  ***Communications Equipment (1.6%)*** | ***Communications Equipment (1.6%)*** | ***Communications Equipment (1.6%)*** |
|  Ceragon Networks Ltd.\* | 308411 | 801869 |
|  Extreme Networks, Inc.\* | 36195 | 688429 |
|  |  | 1490298 |
|  ***Electronic Equipment, Instruments & Components (7.5%)*** | ***Electronic Equipment, Instruments & Components (7.5%)*** | ***Electronic Equipment, Instruments & Components (7.5%)*** |
|  908 Devices, Inc.(x)\* | 106091 | 846606 |
|  Arlo Technologies, Inc.\* | 44105 | 852991 |
|  Daktronics, Inc.\* | 24795 | 465898 |
|  Frequency Electronics, Inc.\* | 20265 | 744131 |
|  Identiv, Inc.\* | 89348 | 357392 |
|  Mirion Technologies, Inc., Class A\* | 70818 | 2079925 |
|  Novanta, Inc.\* | 4497 | 571164 |
|  Ouster, Inc.\* | 40204 | 1341205 |
|  |  | 7259312 |
|  ***IT Services (1.6%)*** | ***IT Services (1.6%)*** | ***IT Services (1.6%)*** |
|  Castellum, Inc.(x)\* | 463809 | 542656 |
|  Crexendo, Inc.\* | 161195 | 1042932 |
|  |  | 1585588 |
|  ***Semiconductors & Semiconductor Equipment (5.4%)*** | ***Semiconductors & Semiconductor Equipment (5.4%)*** | ***Semiconductors & Semiconductor Equipment (5.4%)*** |
|  Ambarella, Inc.\* | 11271 | 960627 |
|  Cohu, Inc.\* | 41450 | 986096 |
|  MaxLinear, Inc., Class A\* | 55105 | 834841 |
|  Semtech Corp.\* | 11594 | 786769 |
|  Tower Semiconductor Ltd.\* | 19614 | 1670524 |
|  |  | 5238857 |
|  ***Software (6.8%)*** | ***Software (6.8%)*** | ***Software (6.8%)*** |
|  Airship AI Holdings, Inc.\* | 69192 | 328662 |
|  Arteris, Inc.\* | 63341 | 862071 |
|  AvePoint, Inc.\* | 63611 | 895007 |
|  Blend Labs, Inc., Class A\* | 164609 | 544856 |
|  CS Disco, Inc.\* | 117523 | 742745 |
|  Docebo, Inc.\* | 23623 | 592228 |
|  RADCOM Ltd.\* | 50661 | 696589 |
|  Red Violet, Inc. | 13274 | 711884 |
|  SimilarWeb Ltd.\* | 82576 | 706025 |
|  Zeta Global Holdings Corp., Class A(x)\* | 28229 | 507840 |
|  |  | 6587907 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 22161962 |
|  **Materials (0.4%)** | **Materials (0.4%)** | **Materials (0.4%)** |
|  ***Chemicals (0.4%)*** | ***Chemicals (0.4%)*** | ***Chemicals (0.4%)*** |
|  American Vanguard Corp.\* | 81166 | 362812 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 362812 |
|  **Total Common Stocks (96.9%)**<br> *(Cost $56,842,825)* |  | 93906124 |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |
|  **Equity (0.7%)** | **Equity (0.7%)** | **Equity (0.7%)** |
|  iShares Russell 2000 Growth ETF(x) | 2143 | 708668 |
|  **Total Exchange Traded Funds (0.7%)**<br> *(Cost $711,521)* |  | 708668 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (3.5%)** | **Investment Companies (3.5%)** |  |
|  Invesco Government & Agency Portfolio, Institutional Shares 4.02% (7 day yield) (xx) | 1150859 | 1150859 |
|  JPMorgan Prime Money Market Fund, IM Shares 4.24% (7 day yield) | 2173885 | 2174755 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 3325614 |
|  **Total Short-Term Investments (3.5%)**<br> *(Cost $3,325,831)* |  | 3325614 |
|  **Total Investments in Securities (101.1%)**<br> *(Cost $60,880,177)* | **Total Investments in Securities (101.1%)**<br> *(Cost $60,880,177)* | 97940406 |
|  **Other Assets Less Liabilities (-1.1%)** |  | (1044704) |
|  **Net Assets (100%)** |  | $96895702 |

---

*\** *Non-income producing.* 

*(x)* *All or a portion of security is on loan at October 31, 2025.* 

*(xx)* *At October 31, 2025, the Fund had loaned securities with a total value of $1,951,882. This was collateralized by $819,351 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.250%, maturing 11/15/25 – 5/15/55 and by cash of $1,150,859 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR — American Depositary Receipt*

See Notes to Financial Statements.

------

1290 ESSEX SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2025

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund's assets and liabilities carried at fair value as of October 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Fund's own**<br> **assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $2754933 | $— | $— | $2754933 |
|  Consumer Discretionary | 4206053 |  |  | 4206053 |
|  Consumer Staples | 1322392 |  |  | 1322392 |
|  Energy | 2892791 |  |  | 2892791 |
|  Financials | 4836169 |  |  | 4836169 |
|  Health Care | 23346469 |  |  | 23346469 |
|  Industrials | 32022543 |  |  | 32022543 |
|  Information Technology | 22161962 |  |  | 22161962 |
|  Materials | 362812 |  |  | 362812 |
|  **Exchange Traded Funds** | 708668 |  |  | 708668 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 3325614 |  |  | 3325614 |
|  **Total Assets** | $**97940406** | $**—** | $**—** | $**97940406** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**97940406** | $**—** | $**—** | $**97940406** |

---

The Fund held no derivatives contracts during the year ended October 31, 2025.

Investment security transactions for the year ended October 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $41756893 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40588274 |

---

As of October 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $39163114 |
|  Aggregate gross unrealized depreciation | (2386444) |
|  Net unrealized appreciation | $36776670 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61163736 |

---

See Notes to Financial Statements.

------

1290 ESSEX SMALL CAP GROWTH FUND

#### STATEMENT OF ASSETS AND LIABILITIES

#### October 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x)<br>(Cost $60,880,177) | $97940406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 299996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 1450262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Fund shares sold | 358567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid registration and filing fees | 18869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 11008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 2727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 100082577 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 1821985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 1150859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Fund shares repurchased | 78154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 26971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees payable | 11973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 11922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable - Class A | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable - Class R | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 84806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 3186875 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $96895702 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $58863824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 38031878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $96895702 |
|  **Class A** |  |
|  Net asset value and redemption price per share, $564,170 / 32,498 shares outstanding (unlimited amount authorized: $0.001 par value) | $17.36 |
|  Maximum sales charge (5.50% of offering price) | 1.01 |
|  Maximum offering price per share | $18.37 |
|  **Class I** |  |
|  Net asset value, offering and redemption price per share, $96,087,694 / 5,499,090 shares outstanding (unlimited amount authorized: $0.001 par value) | $17.47 |
|  **Class R** |  |
|  Net asset value, offering and redemption price per share, $243,838 / 14,162 shares outstanding (unlimited amount authorized: $0.001 par value) | $17.22 |

---

*(x)* *Includes value of securities on loan of $1,951,882.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended October 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $264638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 13114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 26083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 303835 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 561608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 112323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 79699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 79378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 33904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees | 33160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 13901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 2600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees - Class R | 918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees - Class A | 619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 12820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 930930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment adviser | (269742) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 661188 |
|  **NET INVESTMENT INCOME (LOSS)** | (357353) |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | 8053051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities | 21995237 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 30048288 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $29690935 |

---

See Notes to Financial Statements.

------

#### 1290 FUNDS
1290 ESSEX SMALL CAP GROWTH FUND

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended October 31,** | **Year Ended October 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(357353) | $(280305) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 8053051 | (4378924) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 21995237 | 21241417 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 29690935 | 16582188 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (125897) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (125897) |  |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 22,362 and 195 shares, respectively ] | 313284 | 2155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (216) and (3526) shares, respectively ] | (3588) | (39680) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class A transactions | 309696 | (37525) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,640,545 and 1,356,056 shares, respectively ] | 22924603 | 14971107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 7,526 and 0 shares ] | 102436 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1436774) and (1069086) shares, respectively ] | (20554659) | (11813923) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class I transactions | 2472380 | 3157184 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 7,219 and 918 shares, respectively ] | 93077 | 10050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (6029) and (735) shares, respectively ] | (76964) | (8525) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class R transactions | 16113 | 1525 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 2798189 | 3121184 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 32363227 | 19703372 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 64532475 | 44829103 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $96895702 | $64532475 |

---

See Notes to Financial Statements.

------

#### 1290 FUNDS
1290 ESSEX SMALL CAP GROWTH FUND

FINANCIAL HIGHLIGHTS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **July 11, 2022\* to<br>October 31, 2022** |
| **Class A** | **2025** | **2024** | **2023** | **July 11, 2022\* to<br>October 31, 2022** |
|  Net asset value, beginning of period | $12.08 | $8.89 | $10.55 | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | (0.10) | (0.08) | (0.05) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 5.38 | 3.27 | (1.55) | 0.57 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 5.28 | 3.19 | (1.60) | 0.55 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  | (0.06) |  |
|  Net asset value, end of period | $17.36 | $12.08 | $8.89 | $10.55 |
|  Total return (b) | 43.71% | 35.88% | (15.28) | 5.50% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $564 | $125 | $122 | $125 |
|  Ratio of expenses to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 1.13% | 1.13% | 1.13 | 1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | 1.49% | 1.57% | 2.38 | 6.32% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | (0.72)% | (0.72)% | (0.49) | (0.61)%(l) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | (1.09)% | (1.16)% | (1.74) | (5.80)%(l) |
|  Portfolio turnover rate ^ | 55% | 73% | 69 | 29 %(z) |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **July 11, 2022\* to<br>October 31, 2022** |
| **Class I** | **2025** | **2024** | **2023** | **July 11, 2022\* to<br>October 31, 2022** |
|  Net asset value, beginning of period | $12.15 | $8.92 | $10.56 | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | (0.07) | (0.05) | (0.03) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 5.41 | 3.28 | (1.55) | 0.57 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 5.34 | 3.23 | (1.58) | 0.56 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.02) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  | (0.06) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.02) |  | (0.06) |  |
|  Net asset value, end of period | $17.47 | $12.15 | $8.92 | $10.56 |
|  Total return (b) | 44.04% | 36.21% | (15.08) | 5.60% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96088 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64252 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44594 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10350 |
|  Ratio of expenses to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 0.88% | 0.88% | 0.88 | 0.88% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | 1.24% | 1.32% | 1.94 | 6.03% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | (0.47)% | (0.48)% | (0.24) | (0.35)%(l) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | (0.83)% | (0.92)% | (1.30) | 5.50 %(l) |
|  Portfolio turnover rate ^ | 55% | 73% | 69 | 29 %(z) |

---

See Notes to Financial Statements.

------

1290 ESSEX SMALL CAP GROWTH FUND

FINANCIAL HIGHLIGHTS (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **July 11, 2022\* to<br>October 31, 2022** |
| **Class R** | **2025** | **2024** | **2023** | **July 11, 2022\* to<br>October 31, 2022** |
|  Net asset value, beginning of period | $12.01 | $8.86 | $10.54 | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | (0.13) | (0.11) | (0.08) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 5.34 | 3.26 | (1.54) | 0.57 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 5.21 | 3.15 | (1.62) | 0.54 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  | (0.06) |  |
|  Net asset value, end of period | $17.22 | $12.01 | $8.86 | $10.54 |
|  Total return (b) | 43.38% | 35.55% | (15.49) | 5.40% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $244 | $156 | $113 | $105 |
|  Ratio of expenses to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 1.38% | 1.38% | 1.38 | 1.38% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | 1.74% | 1.82% | 2.59 | 6.53% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | (0.97)% | (0.98)% | (0.74) | (0.85)%(l) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | (1.33)% | (1.42)% | (1.95) | 6.00 %(l) |
|  Portfolio turnover rate ^ | 55% | 73% | 69 | 29 %(z) |

---

*(1)* *Includes income resulting from a special dividend. Without this dividend, the per share income amounts would be $(0.06), $(0.03) and $(0.08) for Class A, Class I and Class R, respectively.* 

*\** *Commencement of operations.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(a)* *Ratios for periods less than one year are annualized. Certain non-recurring expenses incurred by the Fund are not annualized for periods less than one year.* 

*(b)* *Total returns for periods less than one year are not annualized.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(l)* *The annualized ratio of net investment income to average net assets may not be indicative of operating results for a full year.* 

*(z)* *Portfolio turnover rate for periods less than one year is not annualized.* 

*(aa)* *Includes income resulting from a special dividend. Without this dividend, the ratios for each class would have been 0.06% lower.* 

See Notes to Financial Statements.

------

1290 GAMCO SMALL/MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (18.3%)** | **Communication Services (18.3%)** | **Communication Services (18.3%)** |
|  ***Diversified Telecommunication Services (2.2%)*** | ***Diversified Telecommunication Services (2.2%)*** | ***Diversified Telecommunication Services (2.2%)*** |
|  Anterix, Inc.\* | 4000 | $80880 |
|  Liberty Global Ltd., Class A\* | 40000 | 440000 |
|  Telesat Corp. (x)\* | 114000 | 3453060 |
|  |  | 3973940 |
|  ***Entertainment (5.9%)*** | ***Entertainment (5.9%)*** | ***Entertainment (5.9%)*** |
|  Atlanta Braves Holdings, Inc., Class A\* | 48000 | 2070720 |
|  Atlanta Braves Holdings, Inc., Class C\* | 33000 | 1343760 |
|  Liberty Media Corp.-Liberty Live, Class A\* | 1000 | 87740 |
|  Lionsgate Studios Corp.\* | 72000 | 462960 |
|  Madison Square Garden Entertainment Corp., Class A\* | 19000 | 839040 |
|  Madison Square Garden Sports Corp.\* | 16000 | 3430240 |
|  Sphere Entertainment Co. (x)\* | 30000 | 2054400 |
|  Starz Entertainment Corp. | 4228 | 44436 |
|  Vivendi SE | 70000 | 251900 |
|  |  | 10585196 |
|  ***Media (7.7%)*** | ***Media (7.7%)*** | ***Media (7.7%)*** |
|  Altice USA, Inc., Class A\* | 3000 | 6690 |
|  AMC Networks, Inc., Class A\* | 35000 | 265300 |
|  Clear Channel Outdoor Holdings, Inc.\* | 560000 | 1013600 |
|  Corus Entertainment, Inc., Class B (x)\* | 72000 | 4877 |
|  EchoStar Corp., Class A (x)\* | 13000 | 973310 |
|  EW Scripps Co. (The), Class A\* | 60000 | 145800 |
|  Fox Corp., Class B | 12000 | 700920 |
|  Grupo Televisa SAB (ADR)(x) | 800000 | 2112000 |
|  JCDecaux SE | 40000 | 728014 |
|  News Corp., Class B | 20000 | 609400 |
|  Nexstar Media Group, Inc., Class A | 10200 | 1996446 |
|  Paramount Skydance Corp., Class B (x) | 1500 | 23085 |
|  Sinclair, Inc. | 204000 | 2786640 |
|  Sirius XM Holdings, Inc. (x) | 40000 | 867600 |
|  TEGNA, Inc. | 75000 | 1475250 |
|  WideOpenWest, Inc.\* | 50000 | 256500 |
|  |  | 13965432 |
|  ***Wireless Telecommunication Services (2.5%)*** | ***Wireless Telecommunication Services (2.5%)*** | ***Wireless Telecommunication Services (2.5%)*** |
|  Array Digital Infrastructure, Inc. | 30000 | 1473600 |
|  Gogo, Inc.\* | 12900 | 117390 |
|  Millicom International Cellular SA | 37500 | 1766625 |
|  Telephone and Data Systems, Inc. | 30000 | 1164600 |
|  |  | 4522215 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 33046783 |
|  **Consumer Discretionary (17.8%)** | **Consumer Discretionary (17.8%)** | **Consumer Discretionary (17.8%)** |
|  ***Automobile Components (5.6%)*** | ***Automobile Components (5.6%)*** | ***Automobile Components (5.6%)*** |
|  Dana, Inc. | 97000 | 1969100 |
|  Garrett Motion, Inc. | 20000 | 338800 |
|  Gentex Corp. | 34500 | 809025 |
|  Gentherm, Inc.\* | 8500 | 312800 |
|  Goodyear Tire & Rubber Co. (The)\* | 170000 | 1171300 |
|  Modine Manufacturing Co.\* | 20000 | 3064200 |
|  Strattec Security Corp.\* | 40700 | 2497352 |
|  |  | 10162577 |
|  ***Automobiles (0.2%)*** | ***Automobiles (0.2%)*** | ***Automobiles (0.2%)*** |
|  Winnebago Industries, Inc. | 10500 | 395955 |
|  ***Diversified Consumer Services (1.5%)*** | ***Diversified Consumer Services (1.5%)*** | ***Diversified Consumer Services (1.5%)*** |
|  Graham Holdings Co., Class B | 800 | 809704 |
|  Matthews International Corp., Class A | 80000 | 1873600 |
|  |  | 2683304 |
|  ***Hotels, Restaurants & Leisure (3.7%)*** | ***Hotels, Restaurants & Leisure (3.7%)*** | ***Hotels, Restaurants & Leisure (3.7%)*** |
|  Caesars Entertainment, Inc.\* | 113000 | 2271300 |
|  Churchill Downs, Inc. | 4000 | 396800 |
|  Golden Entertainment, Inc. | 30000 | 606000 |
|  Krispy Kreme, Inc. | 25000 | 89750 |
|  Nathan's Famous, Inc. | 19300 | 2042519 |
|  Ollamani SAB\* | 130000 | 432085 |
|  Wynn Resorts Ltd. | 6800 | 809132 |
|  |  | 6647586 |
|  ***Household Durables (0.8%)*** | ***Household Durables (0.8%)*** | ***Household Durables (0.8%)*** |
|  Bassett Furniture Industries, Inc. | 24000 | 354000 |
|  Lennar Corp., Class B | 9000 | 1062450 |
|  |  | 1416450 |
|  ***Leisure Products (1.9%)*** | ***Leisure Products (1.9%)*** | ***Leisure Products (1.9%)*** |
|  Brunswick Corp. | 20000 | 1322200 |
|  Johnson Outdoors, Inc., Class A | 47000 | 1914310 |
|  Mattel, Inc.\* | 12900 | 237102 |
|  |  | 3473612 |
|  ***Specialty Retail (4.1%)*** | ***Specialty Retail (4.1%)*** | ***Specialty Retail (4.1%)*** |
|  Advance Auto Parts, Inc. (x) | 87650 | 4130945 |
|  AutoNation, Inc.\* | 6500 | 1299155 |
|  Lands' End, Inc.\* | 12000 | 188880 |
|  Monro, Inc. | 105000 | 1538250 |
|  Valvoline, Inc.\* | 8000 | 264080 |
|  |  | 7421310 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 32200794 |
|  **Consumer Staples (7.0%)** | **Consumer Staples (7.0%)** | **Consumer Staples (7.0%)** |
|  ***Beverages (1.1%)*** | ***Beverages (1.1%)*** | ***Beverages (1.1%)*** |
|  Boston Beer Co., Inc. (The), Class A\* | 3300 | 683067 |
|  National Beverage Corp.\* | 25703 | 880842 |
|  Remy Cointreau SA(x) | 10000 | 495409 |
|  |  | 2059318 |
|  ***Consumer Staples Distribution & Retail (0.3%)*** | ***Consumer Staples Distribution & Retail (0.3%)*** | ***Consumer Staples Distribution & Retail (0.3%)*** |
|  Albertsons Cos., Inc., Class A | 4000 | 70760 |
|  Ingles Markets, Inc., Class A | 2000 | 138200 |
|  Village Super Market, Inc., Class A | 8000 | 250960 |
|  |  | 459920 |
|  ***Food Products (2.7%)*** | ***Food Products (2.7%)*** | ***Food Products (2.7%)*** |
|  Bunge Global SA | 3500 | 331100 |
|  Calavo Growers, Inc. | 45000 | 999450 |
|  Canada Packers, Inc.\* | 10400 | 124054 |
|  Farmer Bros Co.\* | 95000 | 167200 |
|  Hain Celestial Group, Inc. (The)\* | 30000 | 34800 |
|  J M Smucker Co. (The) | 14000 | 1449700 |
|  John B Sanfilippo & Son, Inc. | 10500 | 659190 |
|  Maple Leaf Foods, Inc. | 52000 | 999551 |
|  McCormick & Co., Inc. (Non-Voting) (x) | 3000 | 191895 |
|  |  | 4956940 |

---

See Notes to Financial Statements.

------

1290 GAMCO SMALL/MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Household Products (2.4%)*** | ***Household Products (2.4%)*** | ***Household Products (2.4%)*** |
|  Energizer Holdings, Inc. | 92000 | $2137160 |
|  Spectrum Brands Holdings, Inc. | 41000 | 2209080 |
|  |  | 4346240 |
|  ***Personal Care Products (0.5%)*** | ***Personal Care Products (0.5%)*** | ***Personal Care Products (0.5%)*** |
|  Edgewell Personal Care Co. | 44000 | 853160 |
|  Total Consumer Staples |  | 12675578 |
|  **Energy (1.0%)** | **Energy (1.0%)** | **Energy (1.0%)** |
|  ***Energy Equipment & Services (1.0%)*** | ***Energy Equipment & Services (1.0%)*** | ***Energy Equipment & Services (1.0%)*** |
|  Innovex International, Inc.\* | 59500 | 1194165 |
|  RPC, Inc. | 104000 | 540800 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 1734965 |
|  **Financials (2.0%)** | **Financials (2.0%)** | **Financials (2.0%)** |
|  ***Banks (1.6%)*** | ***Banks (1.6%)*** | ***Banks (1.6%)*** |
|  Cadence Bank | 10000 | 377400 |
|  Flushing Financial Corp. | 27000 | 369090 |
|  SouthState Bank Corp. | 6000 | 531900 |
|  Synovus Financial Corp. | 36000 | 1607040 |
|  |  | 2885430 |
|  ***Capital Markets (0.3%)*** | ***Capital Markets (0.3%)*** | ***Capital Markets (0.3%)*** |
|  Affiliated Managers Group, Inc. | 1000 | 237960 |
|  Janus Henderson Group plc | 10000 | 435600 |
|  |  | 673560 |
|  ***Financial Services (0.1%)*** | ***Financial Services (0.1%)*** | ***Financial Services (0.1%)*** |
|  NCR Atleos Corp.\* | 4000 | 147600 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 3706590 |
|  **Health Care (2.2%)** | **Health Care (2.2%)** | **Health Care (2.2%)** |
|  ***Health Care Equipment & Supplies (0.4%)*** | ***Health Care Equipment & Supplies (0.4%)*** | ***Health Care Equipment & Supplies (0.4%)*** |
|  Align Technology, Inc.\* | 100 | 13788 |
|  Bausch + Lomb Corp.\* | 15000 | 224100 |
|  Dentsply Sirona, Inc. | 14000 | 176540 |
|  QuidelOrtho Corp.\* | 14500 | 391355 |
|  |  | 805783 |
|  ***Health Care Providers & Services (0.6%)*** | ***Health Care Providers & Services (0.6%)*** | ***Health Care Providers & Services (0.6%)*** |
|  Henry Schein, Inc.\* | 9000 | 568800 |
|  Option Care Health, Inc.\* | 17504 | 455629 |
|  |  | 1024429 |
|  ***Health Care Technology (0.1%)*** | ***Health Care Technology (0.1%)*** | ***Health Care Technology (0.1%)*** |
|  Evolent Health, Inc., Class A\* | 35000 | 233450 |
|  ***Life Sciences Tools & Services (0.1%)*** | ***Life Sciences Tools & Services (0.1%)*** | ***Life Sciences Tools & Services (0.1%)*** |
|  Bio-Rad Laboratories, Inc., Class A\* | 300 | 95865 |
|  ***Pharmaceuticals (1.0%)*** | ***Pharmaceuticals (1.0%)*** | ***Pharmaceuticals (1.0%)*** |
|  Perrigo Co. plc | 46000 | 954040 |
|  Teva Pharmaceutical Industries Ltd. (ADR)\* | 40000 | 819200 |
|  |  | 1773240 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 3932767 |
|  **Industrials (33.2%)** | **Industrials (33.2%)** | **Industrials (33.2%)** |
|  ***Aerospace & Defense (6.1%)*** | ***Aerospace & Defense (6.1%)*** | ***Aerospace & Defense (6.1%)*** |
|  AAR Corp.\* | 21500 | 1810515 |
|  Ducommun, Inc.\* | 3600 | 330300 |
|  Embraer SA (ADR) | 2000 | 128960 |
|  Hexcel Corp. | 14500 | 1035300 |
|  Moog, Inc., Class A | 9500 | 1946075 |
|  Moog, Inc., Class B | 12800 | 2624000 |
|  National Presto Industries, Inc. | 2000 | 213940 |
|  Park Aerospace Corp. | 3000 | 57480 |
|  Spirit AeroSystems Holdings, Inc., Class A\* | 12000 | 440280 |
|  Textron, Inc. | 30000 | 2424300 |
|  |  | 11011150 |
|  ***Building Products (1.8%)*** | ***Building Products (1.8%)*** | ***Building Products (1.8%)*** |
|  AZZ, Inc. | 26800 | 2675980 |
|  Griffon Corp. | 9100 | 673491 |
|  |  | 3349471 |
|  ***Commercial Services & Supplies (0.3%)*** | ***Commercial Services & Supplies (0.3%)*** | ***Commercial Services & Supplies (0.3%)*** |
|  OPENLANE, Inc.\* | 20000 | 528400 |
|  ***Construction & Engineering (1.4%)*** | ***Construction & Engineering (1.4%)*** | ***Construction & Engineering (1.4%)*** |
|  Arcosa, Inc. | 9200 | 938400 |
|  Everus Construction Group, Inc.\* | 600 | 54534 |
|  Valmont Industries, Inc. | 3600 | 1488348 |
|  |  | 2481282 |
|  ***Machinery (20.7%)*** | ***Machinery (20.7%)*** | ***Machinery (20.7%)*** |
|  Astec Industries, Inc. | 64400 | 2996532 |
|  Chart Industries, Inc.\* | 2000 | 399240 |
|  CNH Industrial NV | 31000 | 325190 |
|  Commercial Vehicle Group, Inc.\* | 82000 | 124640 |
|  Crane Co. | 18000 | 3420000 |
|  Donaldson Co., Inc. | 1000 | 84250 |
|  Eastern Co. (The) | 27000 | 576450 |
|  Enerpac Tool Group Corp., Class A | 22000 | 902880 |
|  Enpro, Inc. | 5000 | 1160050 |
|  Flowserve Corp. | 41500 | 2832375 |
|  Gorman-Rupp Co. (The) | 15000 | 674550 |
|  Graco, Inc. | 2500 | 204425 |
|  Hyster-Yale, Inc. | 35600 | 1279464 |
|  Ingersoll Rand, Inc. | 15200 | 1160216 |
|  ITT, Inc. | 12000 | 2220840 |
|  Iveco Group NV | 140000 | 2975681 |
|  Kennametal, Inc. | 30000 | 658500 |
|  L B Foster Co., Class A\* | 42000 | 1150800 |
|  Manitowoc Co., Inc. (The)\* | 24000 | 244080 |
|  Mueller Industries, Inc. | 45000 | 4764150 |
|  Mueller Water Products, Inc., Class A | 13700 | 351542 |
|  Park-Ohio Holdings Corp. | 78000 | 1609140 |
|  Snap-on, Inc. | 1300 | 436215 |
|  Tennant Co. | 9300 | 744000 |
|  Terex Corp. | 13000 | 598260 |
|  Timken Co. (The) | 1000 | 78510 |
|  Toro Co. (The) | 7500 | 560475 |
|  Trinity Industries, Inc. | 65400 | 1789998 |
|  Twin Disc, Inc. | 117000 | 1832220 |
|  Watts Water Technologies, Inc., Class A | 4500 | 1226700 |
|  |  | 37381373 |
|  ***Trading Companies & Distributors (2.9%)*** | ***Trading Companies & Distributors (2.9%)*** | ***Trading Companies & Distributors (2.9%)*** |
|  Ashtead Group plc | 2300 | 153312 |
|  GATX Corp. | 12500 | 1960625 |
|  Herc Holdings, Inc. | 21200 | 3011460 |

---

See Notes to Financial Statements.

------

1290 GAMCO SMALL/MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  MSC Industrial Direct Co., Inc., Class A | 1000 | $84910 |
|  |  | 5210307 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 59961983 |
|  **Information Technology (2.0%)** | **Information Technology (2.0%)** | **Information Technology (2.0%)** |
|  ***Communications Equipment (0.3%)*** | ***Communications Equipment (0.3%)*** | ***Communications Equipment (0.3%)*** |
|  Viasat, Inc.\* | 14000 | 557480 |
|  ***Electronic Equipment, Instruments & Components (0.5%)*** | ***Electronic Equipment, Instruments & Components (0.5%)*** | ***Electronic Equipment, Instruments & Components (0.5%)*** |
|  Crane NXT Co. | 500 | 31625 |
|  Landis+Gyr Group AG | 9500 | 688226 |
|  Mirion Technologies, Inc., Class A\* | 5000 | 146850 |
|  |  | 866701 |
|  ***IT Services (1.0%)*** | ***IT Services (1.0%)*** | ***IT Services (1.0%)*** |
|  Kyndryl Holdings, Inc.\* | 62000 | 1793040 |
|  ***Software (0.2%)*** | ***Software (0.2%)*** | ***Software (0.2%)*** |
|  A10 Networks, Inc. | 12000 | 214080 |
|  NCR Voyix Corp.\* | 10000 | 114100 |
|  |  | 328180 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 3545401 |
|  **Materials (7.0%)** | **Materials (7.0%)** | **Materials (7.0%)** |
|  ***Chemicals (4.4%)*** | ***Chemicals (4.4%)*** | ***Chemicals (4.4%)*** |
|  Axalta Coating Systems Ltd.\* | 23000 | 654810 |
|  Core Molding Technologies, Inc.\* | 65500 | 1173105 |
|  Element Solutions, Inc. | 65900 | 1760848 |
|  HB Fuller Co. | 13000 | 745810 |
|  Huntsman Corp. | 65000 | 538200 |
|  Olin Corp. | 20000 | 414000 |
|  Scotts Miracle-Gro Co. (The) | 49500 | 2649240 |
|  |  | 7936013 |
|  ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** |
|  Knife River Corp.\* | 1000 | 60460 |
|  ***Containers & Packaging (1.4%)*** | ***Containers & Packaging (1.4%)*** | ***Containers & Packaging (1.4%)*** |
|  Ardagh Metal Packaging SA | 60000 | 214200 |
|  Greif, Inc., Class A | 19000 | 1080910 |
|  Myers Industries, Inc. | 60000 | 1039800 |
|  Silgan Holdings, Inc. | 5000 | 193100 |
|  |  | 2528010 |
|  ***Metals & Mining (1.2%)*** | ***Metals & Mining (1.2%)*** | ***Metals & Mining (1.2%)*** |
|  Ampco-Pittsburgh Corp.\* | 90000 | 189000 |
|  Freeport-McMoRan, Inc. | 20000 | 834000 |
|  Tredegar Corp.\* | 155000 | 1071050 |
|  |  | 2094050 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 12618533 |
|  **Real Estate (0.7%)** | **Real Estate (0.7%)** | **Real Estate (0.7%)** |
|  ***Hotel & Resort REITs (0.2%)*** | ***Hotel & Resort REITs (0.2%)*** | ***Hotel & Resort REITs (0.2%)*** |
|  Ryman Hospitality Properties, Inc. (REIT) | 5000 | 434550 |
|  ***Real Estate Management & Development (0.4%)*** | ***Real Estate Management & Development (0.4%)*** | ***Real Estate Management & Development (0.4%)*** |
|  Seritage Growth Properties, Class A(x)\* | 13500 | 54810 |
|  St Joe Co. (The) | 10000 | 567800 |
|  |  | 622610 |
|  ***Specialized REITs (0.1%)*** | ***Specialized REITs (0.1%)*** | ***Specialized REITs (0.1%)*** |
|  Millrose Properties, Inc. (REIT) | 4350 | $140113 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 1197273 |
|  **Utilities (4.9%)** | **Utilities (4.9%)** | **Utilities (4.9%)** |
|  ***Electric Utilities (0.3%)*** | ***Electric Utilities (0.3%)*** | ***Electric Utilities (0.3%)*** |
|  ALLETE, Inc. | 8700 | 585771 |
|  ***Gas Utilities (2.9%)*** | ***Gas Utilities (2.9%)*** | ***Gas Utilities (2.9%)*** |
|  MDU Resources Group, Inc. | 2400 | 46032 |
|  National Fuel Gas Co. | 42500 | 3353675 |
|  Southwest Gas Holdings, Inc. | 24000 | 1908000 |
|  |  | 5307707 |
|  ***Independent Power and Renewable Electricity Producers (0.6%)*** | ***Independent Power and Renewable Electricity Producers (0.6%)*** | ***Independent Power and Renewable Electricity Producers (0.6%)*** |
|  AES Corp. (The) | 54000 | 748980 |
|  XPLR Infrastructure LP | 29000 | 285940 |
|  |  | 1034920 |
|  ***Multi-Utilities (1.1%)*** | ***Multi-Utilities (1.1%)*** | ***Multi-Utilities (1.1%)*** |
|  Algonquin Power & Utilities Corp. | 340000 | 1897200 |
|  Avista Corp. | 2000 | 76100 |
|  |  | 1973300 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 8901698 |
|  **Total Common Stocks (96.1%)**<br> *(Cost $135,126,091)* |  | 173522365 |
|  | **Number of<br>Rights** | **Value<br>(Note 1)** |
|  RIGHTS: | RIGHTS: | RIGHTS: |
|  **Industrials (0.0%)†** | **Industrials (0.0%)†** | **Industrials (0.0%)†** |
|  ***Electrical Equipment (0.0%)†*** | ***Electrical Equipment (0.0%)†*** | ***Electrical Equipment (0.0%)†*** |
|  Pineapple Energy, Inc., CVR(r)\* <br>*(Cost $—)* | 6250 | 563 |
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (4.9%)** | **Investment Companies (4.9%)** |  |
|  Invesco Government & Agency Portfolio, Institutional Shares 4.02% (7 day yield) (xx) | 845678 | 845678 |
|  JPMorgan Prime Money Market Fund, IM Shares 4.24% (7 day yield) | 7972665 | 7975853 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 8821531 |
|  **Total Short-Term Investments (4.9%)**<br> *(Cost $8,822,083)* | **Total Short-Term Investments (4.9%)**<br> *(Cost $8,822,083)* | 8821531 |
|  **Total Investments in Securities (101.0%)**<br> *(Cost $143,948,174)* | **Total Investments in Securities (101.0%)**<br> *(Cost $143,948,174)* | 182344459 |
|  **Other Assets Less Liabilities (-1.0%)** | **Other Assets Less Liabilities (-1.0%)** | (1718324) |
|  **Net Assets (100%)** |  | $180626135 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at October 31, 2025.* 

See Notes to Financial Statements.

------

1290 GAMCO SMALL/MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2025

*(xx)* *At October 31, 2025, the Fund had loaned securities with a total value of $2,199,186. This was collateralized by $1,465,803 of various U.S. Government Treasury Securities, ranging from 0.125% – 6.250%, maturing 12/31/25 – 5/15/54 and by cash of $845,678 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*CVR* *— Contingent Value Right* 

*REIT* *— Real Estate Investment Trust* 

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund's assets and liabilities carried at fair value as of October 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable**<br> **Inputs (including the**<br> **Fund's own**<br> **assumptions in**<br> **determining the fair**<br> **value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $32066869 | $979914 | $— | $33046783 |
|  Consumer Discretionary | 32200794 |  |  | 32200794 |
|  Consumer Staples | 12180169 | 495409 |  | 12675578 |
|  Energy | 1734965 |  |  | 1734965 |
|  Financials | 3706590 |  |  | 3706590 |
|  Health Care | 3932767 |  |  | 3932767 |
|  Industrials | 54208990 | 5752993 |  | 59961983 |
|  Information Technology | 2857175 | 688226 |  | 3545401 |
|  Materials | 12618533 |  |  | 12618533 |
|  Real Estate | 1197273 |  |  | 1197273 |
|  Utilities | 8901698 |  |  | 8901698 |
|  **Rights** |  |  |  |  |
|  Industrials |  |  | 563 | 563 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 8821531 |  |  | 8821531 |
|  **Total Assets** | $**174427354** | $**7916542** | $**563** | $**182344459** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**174427354** | $**7916542** | $**563** | $**182344459** |

---

The Fund held no derivatives contracts during the year ended October 31, 2025.

Investment security transactions for the year ended October 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $27022774 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16532112 |

---

As of October 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $50570107 |
|  Aggregate gross unrealized depreciation | (15820762) |
|  Net unrealized appreciation | $34749345 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147595114 |

---

See Notes to Financial Statements.

------

1290 GAMCO SMALL/MID CAP VALUE FUND

#### STATEMENT OF ASSETS AND LIABILITIES

#### October 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x)<br>(Cost $143,948,174) | $182344459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 330997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $4) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Fund shares sold | 295911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 42553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid registration and filing fees | 23859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 15603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 183054619 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 887595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 845678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Fund shares repurchased | 451449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 85707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees payable | 37768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 22964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class A | 1477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class R | 721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 94873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 2428484 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $180626135 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $138967301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 41658834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $180626135 |
|  **Class A** |  |
|  Net asset value and redemption price per share, $6,922,324 / 376,071 shares outstanding (unlimited amount authorized: $0.001 par value) | $18.41 |
|  Maximum sales charge (5.50% of offering price) | 1.07 |
|  Maximum offering price per share | $19.48 |
|  **Class I** |  |
|  Net asset value, offering and redemption price per share, $172,019,136 / 9,311,680 shares outstanding (unlimited amount authorized: $0.001 par value) | $18.47 |
|  **Class R** |  |
|  Net asset value, offering and redemption price per share, $1,684,675 / 92,563 shares outstanding (unlimited amount authorized: $0.001 par value) | $18.20 |

---

*(x)* *Includes value of securities on loan of $2,199,186.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended October 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $61,334 foreign withholding tax) | $3716300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 15255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 42785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 3774340 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 1231071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 246215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 239899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 99962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees | 51626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 33927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 16500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class A | 16460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class R | 7722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 5764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 23605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 1972751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment adviser | (396042) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 1576709 |
|  **NET INVESTMENT INCOME (LOSS)** | 2197631 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 4923344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (3044) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 4920300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 6338103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 6338218 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 11258518 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $13456149 |

---

See Notes to Financial Statements.

------

#### 1290 FUNDS
1290 GAMCO SMALL/MID CAP VALUE FUND

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended October 31,** | **Year Ended October 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $2197631 | $1481678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 4920300 | 5679570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 6338218 | 26242184 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 13456149 | 33403432 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (302520) | (225687) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (7151206) | (5035690) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | (63790) | (43306) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class T\*\* |  | (6446) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (7517516) | (5311129) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 58,689 and 66,242 shares, respectively ] | 1005497 | 1120536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 16,210 and 13,423 shares, respectively ] | 290166 | 218654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (79347) and (75938) shares, respectively ] | (1367366) | (1280318) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class A transactions | (71703) | 58872 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 2,535,745 and 2,251,846 shares, respectively ] | 44311370 | 38258795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 329,036 and 251,579 shares, respectively ] | 5896320 | 4103247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (2003492) and (1975616) shares, respectively ] | (34869778) | (33450465) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class I transactions | 15337912 | 8911577 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 16,075 and 20,790 shares, respectively ] | 276192 | 349101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 3,151 and 2,320 shares, respectively ] | 55899 | 37475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (7682) and (18820) shares, respectively ] | (122939) | (320110) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class R transactions | 209152 | 66466 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class T\*\*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (10179) shares ] |  | (184904) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class T transactions |  | (184904) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 15475361 | 8852011 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 21413994 | 36944314 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 159212141 | 122267827 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $180626135 | $159212141 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> \*\* After the close of business on October 15, 2024, operations for Class T terminated and shares of seed capital were fully redeemed. | &nbsp;&nbsp;&nbsp;&nbsp; <br> \*\* After the close of business on October 15, 2024, operations for Class T terminated and shares of seed capital were fully redeemed. | &nbsp;&nbsp;&nbsp;&nbsp; <br> \*\* After the close of business on October 15, 2024, operations for Class T terminated and shares of seed capital were fully redeemed. |

---

See Notes to Financial Statements.

------

#### 1290 FUNDS
1290 GAMCO SMALL/MID CAP VALUE FUND

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| **Class A** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $17.81 | $14.54 | $14.31 | $17.19 | $11.41 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.19 | 0.13 | 0.10 | 0.06 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.20 | 3.74 | 0.45 | (1.82) | 5.73 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.39 | 3.87 | 0.55 | (1.76) | 5.82 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.14) | (0.11) |  | (0.26) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.65) | (0.49) | (0.32) | (0.86) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.79) | (0.60) | (0.32) | (1.12) | (0.04) |
|  Net asset value, end of year | $18.41 | $17.81 | $14.54 | $14.31 | $17.19 |
|  Total return | 7.97 | 26.96% | 3.88% | (10.93)% | 51.10 |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $6922 | $6777 | $5478 | $5134 | $5904 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.20 | 1.20 %(j) | 1.20 %(j) | 1.21 %(k) | 1.24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.44 | 1.47% | 1.53% | 1.51% | 1.42 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.09 | 0.76% | 0.66% | 0.42% | 0.55 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.85 | 0.49% | 0.33% | 0.13% | 0.37 |
|  Portfolio turnover rate^ | 10 | 11% | 14% | 27% | 35 |
| **Class I** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| **Class I** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $17.87 | $14.58 | $14.35 | $17.24 | $11.43 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.24 | 0.17 | 0.14 | 0.10 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.20 | 3.76 | 0.44 | (1.84) | 5.75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.44 | 3.93 | 0.58 | (1.74) | 5.88 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.19) | (0.15) | (0.03) | (0.29) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.65) | (0.49) | (0.32) | (0.86) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.84) | (0.64) | (0.35) | (1.15) | (0.07) |
|  Net asset value, end of year | $18.47 | $17.87 | $14.58 | $14.35 | $17.24 |
|  Total return | 8.20 | 27.32% | 4.11% | (10.74)% | 51.57 |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $172019 | $151008 | $115537 | $109572 | $145394 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.95 | 0.95 %(j) | 0.95 %(j) | 0.96 %(k) | 0.99 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.19 | 1.22% | 1.28% | 1.25% | 1.17 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.35 | 1.02% | 0.91% | 0.68% | 0.76 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.11 | 0.74% | 0.57% | 0.40% | 0.59 |
|  Portfolio turnover rate^ | 10 | 11% | 14% | 27% | 35 |

---

See Notes to Financial Statements.

------

1290 GAMCO SMALL/MID CAP VALUE FUND

FINANCIAL HIGHLIGHTS (Continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| **Class R** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $17.62 | $14.39 | $14.20 | $17.07 | $11.33 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.15 | 0.09 | 0.06 | 0.03 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.18 | 3.70 | 0.45 | (1.82) | 5.70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.33 | 3.79 | 0.51 | (1.79) | 5.75 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.10) | (0.07) |  | (0.22) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.65) | (0.49) | (0.32) | (0.86) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.75) | (0.56) | (0.32) | (1.08) | (0.01) |
|  Net asset value, end of year | $18.20 | $17.62 | $14.39 | $14.20 | $17.07 |
|  Total return | 7.67 | 26.66% | 3.62% | (11.17)% | 50.80 |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $1685 | $1427 | $1104 | $1022 | $1096 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.45 | 1.45 %(j) | 1.45 %(j) | 1.46 %(k) | 1.49 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.69 | 1.72% | 1.78% | 1.76% | 1.67 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.85 | 0.51% | 0.41% | 0.17% | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.61 | 0.24% | 0.08% | (0.12)% | 0.11 |
|  Portfolio turnover rate^ | 10 | 11% | 14% | 27% | 35 |

---

*(1)* *Includes income resulting from a special dividend. Without this dividend, the per share income amounts would be $0.02, $0.05 and $(0.02) for Class A, Class I and Class R , respectively.* 

*(2)* *Includes income resulting from a special dividend. Without this dividend, the per share income amounts would be $0.13, $0.17 and $0.08 for Class A, Class I and Class R, respectively.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.20% for Class A, 0.95% for Class I and 1.45% for Class R.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.21% for Class A, 0.96% for Class I and 1.46% for Class R.* 

*(o)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.25% for Class A, 1.00% for Class I and 1.50% for Class R.* 

*(aa)* *Includes income resulting from a special dividend. Without this dividend, the ratios for each class would have been 0.43% lower.* 

*(bb)* *Includes income resulting from a special dividend. Without this dividend, the ratios for each class would have been 0.42% lower.* 

See Notes to Financial Statements.

------

1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value**<br> **(Note 1)** |
|  LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: |
|  **Corporate Bonds (94.2%)** | **Corporate Bonds (94.2%)** | **Corporate Bonds (94.2%)** |
|  **Communication Services (9.4%)** | **Communication Services (9.4%)** |  |
|  ***Diversified Telecommunication Services (3.5%)*** | ***Diversified Telecommunication Services (3.5%)*** | ***Diversified Telecommunication Services (3.5%)*** |
|  CCO Holdings LLC<br>5.500%, 5/1/26§ | $187000 | $186551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 9/1/29§ | 290000 | 292175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 2/1/32§ | 386000 | 349210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/1/32 | 426000 | 379140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 6/1/33§ | 568000 | 492740 |
|  Level 3 Financing, Inc.<br>4.500%, 4/1/30§ | 188000 | 173238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 6/30/33§ | 516500 | 528199 |
|  Windstream Services LLC<br>8.250%, 10/1/31§ | 351000 | 358020 |
|  Zayo Group Holdings, Inc.<br>5.750%, 3/9/30 PIK§ | 315636 | 299840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 9/9/30 PIK§ | 89867 | 82393 |
|  |  | 3141506 |
|  ***Entertainment (0.3%)*** | ***Entertainment (0.3%)*** | ***Entertainment (0.3%)*** |
|  Live Nation Entertainment, Inc.<br>6.500%, 5/15/27§ | 186000 | 187367 |
|  Warnermedia Holdings, Inc.<br>5.050%, 3/15/42 | 110000 | 88300 |
|  |  | 275667 |
|  ***Media (5.6%)*** | ***Media (5.6%)*** | ***Media (5.6%)*** |
|  CSC Holdings LLC<br>11.750%, 1/31/29§ | 400000 | 315000 |
|  Gray Media, Inc.<br>10.500%, 7/15/29(x)§ | 143000 | 154058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 10/15/30§ | 414000 | 294358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.625%, 7/15/32(x)§ | 258000 | 259290 |
|  McGraw-Hill Education, Inc.<br>8.000%, 8/1/29§ | 440000 | 443313 |
|  Neptune Bidco US, Inc.<br>9.290%, 4/15/29§ | 685000 | 676437 |
|  Nexstar Media, Inc.<br>5.625%, 7/15/27§ | 224000 | 223474 |
|  Outfront Media Capital LLC<br>5.000%, 8/15/27§ | 362000 | 360317 |
|  Sinclair Television Group, Inc.<br>5.500%, 3/1/30§ | 161000 | 136380 |
|  Sirius XM Radio LLC<br>3.125%, 9/1/26§ | 374000 | 371045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 9/1/31(x)§ | 563000 | 510923 |
|  Stagwell Global LLC<br>5.625%, 8/15/29§ | 395000 | 376237 |
|  Univision Communications, Inc.<br>8.500%, 7/31/31§ | 544000 | 556267 |
|  VZ Secured Financing BV<br>5.000%, 1/15/32§ | 270000 | 245363 |
|  |  | 4922462 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 8339635 |
|  **Consumer Discretionary (18.3%)** | **Consumer Discretionary (18.3%)** |  |
|  ***Automobile Components (1.7%)*** | ***Automobile Components (1.7%)*** | ***Automobile Components (1.7%)*** |
|  Clarios Global LP 6.750%, 5/15/28§ | 467000 | 477531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 2/15/30§ | 145000 | 150114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 9/15/32§ | 394000 | 404922 |
|  Forvia SE<br>8.000%, 6/15/30§ | 250000 | 264070 |
|  ZF North America Capital, Inc.<br>7.500%, 3/24/31§ | 215000 | 207475 |
|  |  | 1504112 |
|  ***Broadline Retail (0.7%)*** | ***Broadline Retail (0.7%)*** | ***Broadline Retail (0.7%)*** |
|  Getty Images, Inc.<br>14.000%, 3/1/28§ | 604000 | 587390 |
|  ***Distributors (1.7%)*** | ***Distributors (1.7%)*** | ***Distributors (1.7%)*** |
|  RB Global Holdings, Inc.<br>6.750%, 3/15/28§ | 196000 | 199920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 3/15/31§ | 305000 | 318087 |
|  Resideo Funding, Inc.<br>6.500%, 7/15/32§ | 339000 | 346380 |
|  Velocity Vehicle Group LLC<br>8.000%, 6/1/29(x)§ | 135000 | 132064 |
|  Windsor Holdings III LLC<br>8.500%, 6/15/30§ | 436000 | 459492 |
|  |  | 1455943 |
|  ***Diversified Consumer Services (0.8%)*** | ***Diversified Consumer Services (0.8%)*** | ***Diversified Consumer Services (0.8%)*** |
|  Matthews International Corp.<br>8.625%, 10/1/27§ | 254000 | 261551 |
|  Service Corp. International<br>5.750%, 10/15/32 | 182000 | 184288 |
|  Wand NewCo 3, Inc.<br>7.625%, 1/30/32§ | 283000 | 296612 |
|  |  | 742451 |
|  ***Hotels, Restaurants & Leisure (8.5%)*** | ***Hotels, Restaurants & Leisure (8.5%)*** | ***Hotels, Restaurants & Leisure (8.5%)*** |
|  1011778 BC ULC<br>3.875%, 1/15/28§ | 261000 | 255824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 9/15/29§ | 276000 | 280640 |
|  Caesars Entertainment, Inc.<br>7.000%, 2/15/30§ | 887000 | 912501 |
|  Carnival Corp.<br>7.000%, 8/15/29§ | 232000 | 243600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 8/1/32§ | 345000 | 354267 |
|  Churchill Downs, Inc.<br>5.750%, 4/1/30§ | 397000 | 397059 |
|  Flutter Treasury DAC<br>6.375%, 4/29/29§ | 200000 | 206704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 6/4/31§ | 215000 | 217687 |
|  Great Canadian Gaming Corp.<br>8.750%, 11/15/29§ | 326000 | 318665 |
|  Hilton Domestic Operating Co., Inc.<br>5.750%, 5/1/28§ | 112000 | 111909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 3/15/33§ | 167000 | 171329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 9/15/33§ | 128000 | 130547 |
|  Kingpin Intermediate Holdings LLC<br>7.250%, 10/15/32§ | 276000 | 259302 |
|  Lindblad Expeditions LLC<br>7.000%, 9/15/30§ | 255000 | 259825 |
|  Marriott International, Inc.<br>5.350%, 3/15/35 | 398000 | 407539 |
|  NCL Corp. Ltd.<br>6.750%, 2/1/32§ | 240000 | 246300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 9/15/33§ | 149000 | 150672 |
|  Ontario Gaming GTA LP<br>8.000%, 8/1/30(x)§ | 361000 | 355339 |

---

See Notes to Financial Statements.

------

1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  Royal Caribbean Cruises Ltd.<br>5.375%, 7/15/27§ | $| 286000 | $| 288159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 2/1/33§ |  | 334000 |  | 342386 |
|  Sabre GLBL, Inc.<br>11.125%, 7/15/30§ |  | 323000 |  | 305235 |
|  Scientific Games Holdings LP<br>6.625%, 3/1/30§ |  | 269000 |  | 244774 |
|  Six Flags Entertainment Corp.<br>6.625%, 5/1/32§ |  | 392000 |  | 397410 |
|  Station Casinos LLC<br>4.500%, 2/15/28§ |  | 188000 |  | 184498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 12/1/31§ |  | 150000 |  | 140349 |
|  Voyager Parent LLC<br>9.250%, 7/1/32§ |  | 176000 |  | 184305 |
|  Wyndham Hotels & Resorts, Inc.<br>4.375%, 8/15/28§ |  | 203000 |  | 199529 |
|  |  |  |  | 7566354 |
|  ***Household Durables (1.3%)*** | ***Household Durables (1.3%)*** | ***Household Durables (1.3%)*** | ***Household Durables (1.3%)*** | ***Household Durables (1.3%)*** |
|  Century Communities, Inc.<br>6.625%, 9/15/33§ |  | 259000 |  | 258285 |
|  Newell Brands, Inc.<br>8.500%, 6/1/28§ |  | 189000 |  | 194434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 5/15/32 (x) |  | 431000 |  | 405140 |
|  Whirlpool Corp.<br>6.500%, 6/15/33 (x) |  | 306000 |  | 297490 |
|  |  |  |  | 1155349 |
|  ***Specialty Retail (1.9%)*** | ***Specialty Retail (1.9%)*** | ***Specialty Retail (1.9%)*** | ***Specialty Retail (1.9%)*** | ***Specialty Retail (1.9%)*** |
|  EG Global Finance plc<br>12.000%, 11/30/28§ |  | 400000 |  | 437184 |
|  Global Auto Holdings Ltd.<br>8.375%, 1/15/29§ |  | 400000 |  | 380740 |
|  LBM Acquisition LLC<br>9.500%, 6/15/31§ |  | 206000 |  | 215785 |
|  Park River Holdings, Inc.<br>8.000%, 3/15/31§ |  | 233000 |  | 239699 |
|  White Cap Buyer LLC<br>6.875%, 10/15/28§ |  | 271000 |  | 270596 |
|  White Cap Supply Holdings LLC<br> 7.375%, 11/15/30§ |  | 155000 |  | 156595 |
|  |  |  |  | 1700599 |
|  ***Textiles, Apparel & Luxury Goods (1.7%)*** | ***Textiles, Apparel & Luxury Goods (1.7%)*** | ***Textiles, Apparel & Luxury Goods (1.7%)*** | ***Textiles, Apparel & Luxury Goods (1.7%)*** | ***Textiles, Apparel & Luxury Goods (1.7%)*** |
|  Champ Acquisition Corp.<br>8.375%, 12/1/31§ |  | 322000 |  | 342975 |
|  Crocs, Inc.<br>4.125%, 8/15/31§ |  | 192000 |  | 176640 |
|  Hanesbrands, Inc.<br>9.000%, 2/15/31§ |  | 326000 |  | 343930 |
|  S&S Holdings LLC<br>8.375%, 10/1/31§ |  | 402000 |  | 384240 |
|  William Carter Co. (The)<br>7.375%, 2/15/31§ |  | 288000 |  | 285840 |
|  |  |  |  | 1533625 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  |  | 16245823 |
|  **Consumer Staples (4.8%)** | **Consumer Staples (4.8%)** | **Consumer Staples (4.8%)** |  |  |
|  ***Beverages (0.2%)*** | ***Beverages (0.2%)*** | ***Beverages (0.2%)*** | ***Beverages (0.2%)*** | ***Beverages (0.2%)*** |
|  Primo Water Holdings, Inc.<br>4.375%, 4/30/29§ |  | 222000 |  | 215993 |
|  ***Consumer Staples Distribution & Retail (0.7%)*** | ***Consumer Staples Distribution & Retail (0.7%)*** | ***Consumer Staples Distribution & Retail (0.7%)*** | ***Consumer Staples Distribution & Retail (0.7%)*** | ***Consumer Staples Distribution & Retail (0.7%)*** |
|  Performance Food Group, Inc.<br>6.125%, 9/15/32§ |  | 143000 |  | 146441 |
|  US Foods, Inc. 4.625%, 6/1/30§ |  | 276000 |  | 270825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 1/15/32§ |  | 185000 |  | 193558 |
|  |  |  |  | 610824 |
|  ***Food Products (3.1%)*** | ***Food Products (3.1%)*** | ***Food Products (3.1%)*** | ***Food Products (3.1%)*** | ***Food Products (3.1%)*** |
|  Darling Ingredients, Inc.<br>6.000%, 6/15/30§ |  | 366000 |  | 370118 |
|  Fiesta Purchaser, Inc.<br>7.875%, 3/1/31§ |  | 153000 |  | 161334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.625%, 9/15/32 (x)§ |  | 265000 |  | 285206 |
|  Froneri Lux FinCo. Sarl<br>6.000%, 8/1/32§ |  | 664000 |  | 668900 |
|  Post Holdings, Inc.<br>5.500%, 12/15/29§ |  | 74000 |  | 73838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 2/15/32§ |  | 217000 |  | 223055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 10/15/34§ |  | 207000 |  | 209652 |
|  Simmons Foods, Inc.<br>4.625%, 3/1/29§ |  | 158000 |  | 151231 |
|  Viking Baked Goods Acquisition Corp.<br>8.625%, 11/1/31§ |  | 633000 |  | 636165 |
|  |  |  |  | 2779499 |
|  ***Household Products (0.3%)*** | ***Household Products (0.3%)*** | ***Household Products (0.3%)*** | ***Household Products (0.3%)*** | ***Household Products (0.3%)*** |
|  Energizer Holdings, Inc.<br>4.750%, 6/15/28§ |  | 272000 |  | 267289 |
|  ***Personal Care Products (0.5%)*** | ***Personal Care Products (0.5%)*** | ***Personal Care Products (0.5%)*** | ***Personal Care Products (0.5%)*** | ***Personal Care Products (0.5%)*** |
|  Opal Bidco SAS<br>6.500%, 3/31/32§ |  | 200000 |  | 205620 |
|  Prestige Brands, Inc.<br>3.750%, 4/1/31§ |  | 212000 |  | 196498 |
|  |  |  |  | 402118 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  |  | 4275723 |
|  **Energy (8.6%)** | **Energy (8.6%)** | **Energy (8.6%)** |  |  |
|  ***Energy Equipment & Services (1.0%)*** | ***Energy Equipment & Services (1.0%)*** | ***Energy Equipment & Services (1.0%)*** | ***Energy Equipment & Services (1.0%)*** | ***Energy Equipment & Services (1.0%)*** |
|  Transocean International Ltd. 8.750%, 2/15/30§ |  | 174000 |  | 182034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, 5/15/31§ |  | 256000 |  | 252900 |
|  WBI Operating LLC<br>6.500%, 10/15/33§ |  | 442000 |  | 441646 |
|  |  |  |  | 876580 |
|  ***Oil, Gas & Consumable Fuels (7.6%)*** | ***Oil, Gas & Consumable Fuels (7.6%)*** | ***Oil, Gas & Consumable Fuels (7.6%)*** | ***Oil, Gas & Consumable Fuels (7.6%)*** | ***Oil, Gas & Consumable Fuels (7.6%)*** |
|  Antero Resources Corp.<br>7.625%, 2/1/29§ |  | 120000 |  | 122081 |
|  Ascent Resources Utica Holdings LLC<br>6.625%, 10/15/32§ |  | 158000 |  | 161155 |
|  Blue Racer Midstream LLC<br>6.625%, 7/15/26§ |  | 230000 |  | 229869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 7/15/32§ |  | 193000 |  | 202461 |
|  Crescent Energy Finance LLC<br>7.625%, 4/1/32§ |  | 552000 |  | 535401 |
|  Delek Logistics Partners LP<br>8.625%, 3/15/29§ |  | 412000 |  | 429448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 6/30/33§ |  | 340000 |  | 344179 |
|  Genesis Energy LP<br>7.750%, 2/1/28 |  | 382000 |  | 383994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 5/15/32 |  | 475000 |  | 488656 |

---

See Notes to Financial Statements.

------

1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  Kinder Morgan, Inc.<br>4.800%, 2/1/33 | $| 284000 | $| 283653 |
|  Kinetik Holdings LP<br>5.875%, 6/15/30§ |  | 479000 |  | 482592 |
|  NGL Energy Operating LLC<br>8.375%, 2/15/32§ |  | 667000 |  | 682008 |
|  Northern Oil & Gas, Inc.<br>7.875%, 10/15/33§ |  | 281000 |  | 273273 |
|  NuStar Logistics LP<br>6.000%, 6/1/26 |  | 175000 |  | 174869 |
|  Permian Resources Operating LLC<br>5.875%, 7/1/29§ |  | 151000 |  | 150607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 2/1/33§ |  | 233000 |  | 236845 |
|  Summit Midstream Holdings LLC<br>8.625%, 10/31/29§ |  | 737000 |  | 749617 |
|  Sunoco LP<br>7.250%, 5/1/32§ |  | 204000 |  | 215079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 7/1/33§ |  | 227000 |  | 231338 |
|  Western Midstream Operating LP 7.250%, 4/1/30 (x)§ |  | 384000 |  | 408960 |
|  |  |  |  | 6786085 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  |  | 7662665 |
|  **Financials (6.3%)** | **Financials (6.3%)** | **Financials (6.3%)** |  |  |
|  ***Banks (0.5%)*** | ***Banks (0.5%)*** | ***Banks (0.5%)*** | ***Banks (0.5%)*** | ***Banks (0.5%)*** |
|  Armor Holdco, Inc.<br>8.500%, 11/15/29§ |  | 459000 |  | 458725 |
|  ***Capital Markets (0.9%)*** | ***Capital Markets (0.9%)*** | ***Capital Markets (0.9%)*** | ***Capital Markets (0.9%)*** | ***Capital Markets (0.9%)*** |
|  Aretec Group, Inc.<br>10.000%, 8/15/30§ |  | 150000 |  | 162923 |
|  MSCI, Inc.<br>3.250%, 8/15/33§ |  | 554000 |  | 493781 |
|  Osaic Holdings, Inc.<br>6.750%, 8/1/32§ |  | 107000 |  | 110153 |
|  |  |  |  | 766857 |
|  ***Consumer Finance (1.1%)*** | ***Consumer Finance (1.1%)*** | ***Consumer Finance (1.1%)*** | ***Consumer Finance (1.1%)*** | ***Consumer Finance (1.1%)*** |
|  Bread Financial Holdings, Inc.<br>9.750%, 3/15/29§ |  | 45000 |  | 47903 |
|  Enova International, Inc.<br>9.125%, 8/1/29§ |  | 415000 |  | 435106 |
|  GGAM Finance Ltd.<br>8.000%, 2/15/27§ |  | 199000 |  | 203410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 6/15/28§ |  | 260000 |  | 275262 |
|  |  |  |  | 961681 |
|  ***Financial Services (1.7%)*** | ***Financial Services (1.7%)*** | ***Financial Services (1.7%)*** | ***Financial Services (1.7%)*** | ***Financial Services (1.7%)*** |
|  Block, Inc.<br>6.000%, 8/15/33§ |  | 135000 |  | 137998 |
|  Freedom Mortgage Holdings LLC<br>9.250%, 2/1/29§ |  | 232000 |  | 243600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 4/1/32§ |  | 307000 |  | 320038 |
|  Rocket Cos., Inc.<br>6.375%, 8/1/33§ |  | 206000 |  | 214498 |
|  Shift4 Payments LLC<br>6.750%, 8/15/32§ |  | 564000 |  | 581219 |
|  |  |  |  | 1497353 |
|  ***Insurance (1.8%)*** | ***Insurance (1.8%)*** | ***Insurance (1.8%)*** | ***Insurance (1.8%)*** | ***Insurance (1.8%)*** |
|  Acrisure LLC<br>8.250%, 2/1/29§ |  | 453000 |  | 471261 |
|  Alliant Holdings Intermediate LLC<br>6.750%, 10/15/27§ |  | 196000 |  | 196715 |
|  Ardonagh Group Finance Ltd.<br>8.875%, 2/15/32§ |  | 200000 |  | 208440 |
|  Broadstreet Partners Group LLC<br>5.875%, 4/15/29§ |  | 222000 |  | 220912 |
|  HUB International Ltd.<br>7.250%, 6/15/30§ |  | 304000 |  | 317309 |
|  Panther Escrow Issuer LLC<br>7.125%, 6/1/31§ |  | 189000 |  | 195052 |
|  |  |  |  | 1609689 |
|  ***Mortgage Real Estate Investment Trusts (REITs) (0.3%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.3%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.3%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.3%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.3%)*** |
|  Starwood Property Trust, Inc. (REIT)<br>6.500%, 7/1/30§ |  | 135000 |  | 140442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 1/15/31§ |  | 135000 |  | 136822 |
|  |  |  |  | 277264 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  |  | 5571569 |
|  **Health Care (5.4%)** | **Health Care (5.4%)** | **Health Care (5.4%)** |  |  |
|  ***Health Care Equipment & Supplies (1.0%)*** | ***Health Care Equipment & Supplies (1.0%)*** | ***Health Care Equipment & Supplies (1.0%)*** | ***Health Care Equipment & Supplies (1.0%)*** | ***Health Care Equipment & Supplies (1.0%)*** |
|  Medline Borrower LP<br>5.250%, 10/1/29§ |  | 232000 |  | 231121 |
|  Neogen Food Safety Corp.<br>8.625%, 7/20/30§ |  | 434000 |  | 457327 |
|  Varex Imaging Corp.<br>7.875%, 10/15/27§ |  | 204000 |  | 207605 |
|  |  |  |  | 896053 |
|  ***Health Care Providers & Services (2.9%)*** | ***Health Care Providers & Services (2.9%)*** | ***Health Care Providers & Services (2.9%)*** | ***Health Care Providers & Services (2.9%)*** | ***Health Care Providers & Services (2.9%)*** |
|  AdaptHealth LLC<br>5.125%, 3/1/30§ |  | 314000 |  | 299773 |
|  HealthEquity, Inc.<br>4.500%, 10/1/29§ |  | 448000 |  | 436554 |
|  Heartland Dental LLC<br>10.500%, 4/30/28§ |  | 96000 |  | 100860 |
|  Star Parent, Inc.<br>9.000%, 10/1/30§ |  | 269000 |  | 287383 |
|  Surgery Center Holdings, Inc.<br>7.250%, 4/15/32§ |  | 438000 |  | 450356 |
|  Tenet Healthcare Corp.<br>6.250%, 2/1/27 |  | 334000 |  | 334551 |
|  US Acute Care Solutions LLC<br>9.750%, 5/15/29§ |  | 624000 |  | 633416 |
|  |  |  |  | 2542893 |
|  ***Health Care Technology (1.3%)*** | ***Health Care Technology (1.3%)*** | ***Health Care Technology (1.3%)*** | ***Health Care Technology (1.3%)*** | ***Health Care Technology (1.3%)*** |
|  IQVIA, Inc.<br>5.000%, 5/15/27§ |  | 260000 |  | 259675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 5/15/28 |  | 200000 |  | 205995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 2/1/29 |  | 219000 |  | 230490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 6/1/32§ |  | 402000 |  | 419085 |
|  |  |  |  | 1115245 |
|  ***Pharmaceuticals (0.2%)*** | ***Pharmaceuticals (0.2%)*** | ***Pharmaceuticals (0.2%)*** | ***Pharmaceuticals (0.2%)*** | ***Pharmaceuticals (0.2%)*** |
|  1261229 BC Ltd.<br>10.000%, 4/15/32§ |  | 200000 |  | 209000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  |  | 4763191 |

---

See Notes to Financial Statements.

------

1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value**<br> **(Note 1)** |
|  **Industrials (16.3%)** | **Industrials (16.3%)** |  |
|  ***Aerospace & Defense (0.6%)*** | ***Aerospace & Defense (0.6%)*** | ***Aerospace & Defense (0.6%)*** |
|  Goat Holdco LLC<br>6.750%, 2/1/32§ | $305000 | $312365 |
|  Rolls-Royce plc<br>5.750%, 10/15/27§ | 200000 | 205163 |
|  |  | 517528 |
|  ***Building Products (1.8%)*** | ***Building Products (1.8%)*** | ***Building Products (1.8%)*** |
|  Advanced Drainage Systems, Inc.<br>6.375%, 6/15/30§ | 164000 | 166758 |
|  AmeriTex HoldCo Intermediate LLC<br>7.625%, 8/15/33§ | 323000 | 338343 |
|  Camelot Return Merger Sub, Inc.<br>8.750%, 8/1/28§ | 270000 | 250738 |
|  EMRLD Borrower LP<br>6.625%, 12/15/30§ | 443000 | 454212 |
|  New Enterprise Stone & Lime Co., Inc.<br>5.250%, 7/15/28§ | 158000 | 156809 |
|  Standard Industries, Inc.<br>4.375%, 7/15/30§ | 274000 | 264753 |
|  |  | 1631613 |
|  ***Commercial Services & Supplies (5.9%)*** | ***Commercial Services & Supplies (5.9%)*** | ***Commercial Services & Supplies (5.9%)*** |
|  ACCO Brands Corp.<br>4.250%, 3/15/29§ | 152000 | 133530 |
|  ADT Security Corp. (The)<br>5.875%, 10/15/33§ | 534000 | 541850 |
|  Allied Universal Holdco LLC<br>6.000%, 6/1/29 (x)§ | 248000 | 241976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 6/15/30§ | 293000 | 300029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 2/15/31§ | 306000 | 318953 |
|  Aramark Services, Inc.<br>5.000%, 2/1/28§ | 388000 | 387496 |
|  Clarivate Science Holdings Corp.<br>4.875%, 7/1/29§ | 513000 | 478372 |
|  Garda World Security Corp.<br>6.000%, 6/1/29§ | 409000 | 398877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, 8/1/32§ | 187000 | 189940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 11/15/32§ | 503000 | 511224 |
|  Madison IAQ LLC<br>5.875%, 6/30/29§ | 256000 | 250263 |
|  Raven Acquisition Holdings LLC<br>6.875%, 11/15/31§ | 444000 | 454092 |
|  Veritiv Operating Co.<br>10.500%, 11/30/30§ | 509000 | 529762 |
|  Waste Pro USA, Inc.<br>7.000%, 2/1/33§ | 147000 | 152689 |
|  Williams Scotsman, Inc.<br>7.375%, 10/1/31§ | 391000 | 408443 |
|  |  | 5297496 |
|  ***Construction & Engineering (1.6%)*** | ***Construction & Engineering (1.6%)*** | ***Construction & Engineering (1.6%)*** |
|  AECOM<br>6.000%, 8/1/33§ | 278000 | 285300 |
|  Arcosa, Inc.<br>6.875%, 8/15/32§ | 213000 | 222180 |
|  Brand Industrial Services, Inc.<br>10.375%, 8/1/30§ | 260000 | 250172 |
|  Dycom Industries, Inc.<br>4.500%, 4/15/29§ | 243000 | 237761 |
|  Pike Corp.<br>8.625%, 1/31/31§ | 230000 | 245744 |
|  Weekley Homes LLC<br>4.875%, 9/15/28§ | 172000 | 167573 |
|  |  | 1408730 |
|  ***Electrical Equipment (0.2%)*** | ***Electrical Equipment (0.2%)*** | ***Electrical Equipment (0.2%)*** |
|  EnerSys<br>6.625%, 1/15/32§ | 164000 | 168549 |
|  ***Ground Transportation (2.2%)*** | ***Ground Transportation (2.2%)*** | ***Ground Transportation (2.2%)*** |
|  Beacon Mobility Corp.<br>7.250%, 8/1/30§ | 195000 | 202636 |
|  EquipmentShare.com, Inc.<br>9.000%, 5/15/28§ | 200000 | 201336 |
|  Genesee & Wyoming, Inc.<br>6.250%, 4/15/32§ | 211000 | 214745 |
|  NESCO Holdings II, Inc.<br>5.500%, 4/15/29§ | 417000 | 407638 |
|  RXO, Inc.<br>7.500%, 11/15/27§ | 198000 | 202061 |
|  Watco Cos. LLC<br>7.125%, 8/1/32§ | 525000 | 542939 |
|  XPO, Inc.<br>7.125%, 6/1/31 (x)§ | 228000 | 237702 |
|  |  | 2009057 |
|  ***Machinery (2.1%)*** | ***Machinery (2.1%)*** | ***Machinery (2.1%)*** |
|  ATS Corp.<br>4.125%, 12/15/28§ | 305000 | 294529 |
|  Chart Industries, Inc.<br>7.500%, 1/1/30§ | 503000 | 524377 |
|  Enpro, Inc.<br>6.125%, 6/1/33§ | 155000 | 158875 |
|  Hillenbrand, Inc.<br>6.250%, 2/15/29 | 241000 | 247611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 3/1/31 | 84000 | 84210 |
|  Husky Injection Molding Systems Ltd.<br>9.000%, 2/15/29§ | 276000 | 285246 |
|  Terex Corp.<br>6.250%, 10/15/32§ | 241000 | 244225 |
|  |  | 1839073 |
|  ***Professional Services (0.6%)*** | ***Professional Services (0.6%)*** | ***Professional Services (0.6%)*** |
|  CACI International, Inc.<br>6.375%, 6/15/33§ | 205000 | 212884 |
|  VT Topco, Inc.<br>8.500%, 8/15/30§ | 294000 | 306128 |
|  |  | 519012 |
|  ***Trading Companies & Distributors (1.3%)*** | ***Trading Companies & Distributors (1.3%)*** | ***Trading Companies & Distributors (1.3%)*** |
|  United Rentals North America, Inc.<br>5.500%, 5/15/27 | 70000 | 69824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 12/15/29§ | 252000 | 258360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 3/15/34§ | 166000 | 173455 |
|  WESCO Distribution, Inc.<br>7.250%, 6/15/28§ | 141000 | 142541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 3/15/32§ | 182000 | 190227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 3/15/33§ | 299000 | 312452 |
|  |  | 1146859 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 14537917 |

---

See Notes to Financial Statements.

------

1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value**<br> **(Note 1)** |
|  **Information Technology (10.4%)** | **Information Technology (10.4%)** |  |
|  ***Communications Equipment (0.5%)*** | ***Communications Equipment (0.5%)*** | ***Communications Equipment (0.5%)*** |
|  CommScope LLC<br>8.250%, 3/1/27§ | $206000 | $207287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 9/1/29§ | 214000 | 212973 |
|  |  | 420260 |
|  ***Electronic Equipment, Instruments & Components (0.2%)*** | ***Electronic Equipment, Instruments & Components (0.2%)*** | ***Electronic Equipment, Instruments & Components (0.2%)*** |
|  Zebra Technologies Corp.<br>6.500%, 6/1/32§ | 162000 | 167375 |
|  ***IT Services (2.1%)*** | ***IT Services (2.1%)*** | ***IT Services (2.1%)*** |
|  Ahead DB Holdings LLC<br>6.625%, 5/1/28§ | 414000 | 416393 |
|  Fortress Intermediate 3, Inc.<br>7.500%, 6/1/31§ | 193000 | 200923 |
|  ION Platform Finance US, Inc.<br>4.625%, 5/1/28§ | 200000 | 187000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 5/15/28§ | 400000 | 381128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750%, 5/1/29§ | 200000 | 203350 |
|  Unisys Corp.<br>10.625%, 1/15/31§ | 484000 | 514250 |
|  |  | 1903044 |
|  ***Semiconductors & Semiconductor Equipment (0.3%)*** | ***Semiconductors & Semiconductor Equipment (0.3%)*** | ***Semiconductors & Semiconductor Equipment (0.3%)*** |
|  Amkor Technology, Inc.<br>5.875%, 10/1/33§ | 297000 | 301953 |
|  ***Software (7.3%)*** | ***Software (7.3%)*** | ***Software (7.3%)*** |
|  AthenaHealth Group, Inc.<br>6.500%, 2/15/30§ | 612000 | 598536 |
|  Camelot Finance SA<br>4.500%, 11/1/26§ | 34000 | 33717 |
|  Capstone Borrower, Inc.<br>8.000%, 6/15/30§ | 488000 | 497760 |
|  Central Parent, Inc.<br>7.250%, 6/15/29§ | 164000 | 135193 |
|  Cloud Software Group, Inc.<br>6.500%, 3/31/29§ | 163000 | 163764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%, 9/30/29§ | 770000 | 795025 |
|  Ellucian Holdings, Inc.<br>6.500%, 12/1/29§ | 180000 | 182099 |
|  Gen Digital, Inc.<br>7.125%, 9/30/30§ | 251000 | 259128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 4/1/33§ | 281000 | 289188 |
|  McAfee Corp.<br>7.375%, 2/15/30§ | 584000 | 534360 |
|  NCR Voyix Corp.<br>5.000%, 10/1/28§ | 225000 | 223612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 4/15/29§ | 101000 | 99691 |
|  Open Text Corp.<br>6.900%, 12/1/27§ | 258000 | 267915 |
|  Open Text Holdings, Inc.<br>4.125%, 12/1/31§ | 334000 | 310970 |
|  Rocket Software, Inc.<br>9.000%, 11/28/28§ | 272000 | 279864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 2/15/29§ | 178000 | 172836 |
|  SS&C Technologies, Inc.<br>5.500%, 9/30/27§ | 306000 | 305544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 6/1/32§ | 242000 | 250242 |
|  UKG, Inc.<br>6.875%, 2/1/31§ | 334000 | 343763 |
|  ZoomInfo Technologies LLC<br>3.875%, 2/1/29§ | 734000 | 692254 |
|  |  | 6435461 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 9228093 |
|  **Materials (13.0%)** | **Materials (13.0%)** |  |
|  ***Chemicals (6.8%)*** | ***Chemicals (6.8%)*** | ***Chemicals (6.8%)*** |
|  Avient Corp.<br>7.125%, 8/1/30§ | 348000 | 358151 |
|  Axalta Coating Systems LLC<br>4.750%, 6/15/27§ | 178000 | 177332 |
|  Celanese US Holdings LLC<br>6.750%, 4/15/33 (x) | 550000 | 541750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.200%, 11/15/33 (e) | 164000 | 168100 |
|  HB Fuller Co.<br>4.250%, 10/15/28 | 226000 | 218958 |
|  Illuminate Buyer LLC<br>9.000%, 7/1/28§ | 722000 | 723018 |
|  INEOS Quattro Finance 2 plc<br>9.625%, 3/15/29 (x)§ | 400000 | 374876 |
|  Maxam Prill Sarl<br>7.750%, 7/15/30§ | 200000 | 204000 |
|  Minerals Technologies, Inc.<br>5.000%, 7/1/28 (x)§ | 508000 | 500878 |
|  NOVA Chemicals Corp.<br>8.500%, 11/15/28§ | 375000 | 392884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%, 2/15/30§ | 100000 | 106983 |
|  Nufarm Australia Ltd.<br>5.000%, 1/27/30§ | 462000 | 412626 |
|  Olympus Water US Holding Corp.<br>6.250%, 10/1/29§ | 200000 | 194736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 6/15/31§ | 354000 | 353115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 2/15/33§ | 200000 | 199340 |
|  Qnity Electronics, Inc.<br>6.250%, 8/15/33§ | 230000 | 236153 |
|  Solstice Advanced Materials, Inc.<br>5.625%, 9/30/33§ | 168000 | 167879 |
|  WR Grace Holdings LLC<br>5.625%, 8/15/29§ | 784000 | 716537 |
|  |  | 6047316 |
|  ***Containers & Packaging (4.9%)*** | ***Containers & Packaging (4.9%)*** | ***Containers & Packaging (4.9%)*** |
|  Ardagh Metal Packaging Finance USA LLC<br>4.000%, 9/1/29§ | 400000 | 372466 |
|  Clydesdale Acquisition Holdings, Inc.<br>8.750%, 4/15/30§ | 695000 | 696737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 4/15/32§ | 166000 | 166415 |
|  Graphic Packaging International LLC<br>6.375%, 7/15/32 (x)§ | 156000 | 157950 |
|  LABL, Inc.<br>5.875%, 11/1/28(x)§ | 506000 | 359108 |
|  Mauser Packaging Solutions Holding Co.<br>7.875%, 4/15/27§ | 285000 | 285393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250%, 4/15/27§ | 820000 | 810029 |
|  Owens-Brockway Glass Container, Inc.<br>6.625%, 5/13/27§ | 270000 | 270146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 5/15/31 (x)§ | 250000 | 245000 |
|  Sealed Air Corp.<br>6.125%, 2/1/28§ | 153000 | 154714 |

---

See Notes to Financial Statements.

------

1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value**<br> **(Note 1)** |
|  Toucan FinCo Ltd.<br>9.500%, 5/15/30§ | $| 322000 | $301271 |
|  Trivium Packaging Finance BV<br>8.250%, 7/15/30§ |  | 308000 | 318780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.250%, 1/15/31§ |  | 200000 | 209170 |
|  |  |  | 4347179 |
|  ***Metals & Mining (1.0%)*** | ***Metals & Mining (1.0%)*** | ***Metals & Mining (1.0%)*** | ***Metals & Mining (1.0%)*** |
|  Kaiser Aluminum Corp.<br>4.500%, 6/1/31§ |  | 370000 | 353350 |
|  Novelis Corp.<br>6.875%, 1/30/30§ |  | 218000 | 226055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 8/15/33§ |  | 319000 | 322726 |
|  |  |  | 902131 |
|  ***Paper & Forest Products (0.3%)*** | ***Paper & Forest Products (0.3%)*** | ***Paper & Forest Products (0.3%)*** | ***Paper & Forest Products (0.3%)*** |
|  Magnera Corp.<br>7.250%, 11/15/31§ |  | 344000 | 297133 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 11593759 |
|  **Real Estate (1.7%)** | **Real Estate (1.7%)** | **Real Estate (1.7%)** |  |
|  ***Diversified REITs (0.2%)*** | ***Diversified REITs (0.2%)*** | ***Diversified REITs (0.2%)*** | ***Diversified REITs (0.2%)*** |
|  VICI Properties LP (REIT)<br>4.250%, 12/1/26§ |  | 204000 | 203518 |
|  ***Hotel & Resort REITs (0.5%)*** | ***Hotel & Resort REITs (0.5%)*** | ***Hotel & Resort REITs (0.5%)*** | ***Hotel & Resort REITs (0.5%)*** |
|  Park Intermediate Holdings LLC (REIT)<br>5.875%, 10/1/28§ |  | 204000 | 203680 |
|  Pebblebrook Hotel LP (REIT)<br>6.375%, 10/15/29§ |  | 198000 | 199798 |
|  |  |  | 403478 |
|  ***Real Estate Management & Development (0.6%)*** | ***Real Estate Management & Development (0.6%)*** | ***Real Estate Management & Development (0.6%)*** | ***Real Estate Management & Development (0.6%)*** |
|  Cushman & Wakefield US Borrower LLC<br>6.750%, 5/15/28§ |  | 280000 | 281619 |
|  Greystar Real Estate Partners LLC<br>7.750%, 9/1/30§ |  | 202000 | 213344 |
|  |  |  | 494963 |
|  ***Specialized REITs (0.4%)*** | ***Specialized REITs (0.4%)*** | ***Specialized REITs (0.4%)*** | ***Specialized REITs (0.4%)*** |
|  Iron Mountain, Inc. (REIT)<br>5.000%, 7/15/28§ |  | 300000 | 297984 |
|  SBA Communications Corp. (REIT)<br>3.875%, 2/15/27 |  | 76000 | 75153 |
|  |  |  | 373137 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  | 1475096 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bonds** |  |  | 83693471 |
|  **Total Long-Term Debt Securities (94.2%)**<br> *(Cost $82,891,164)* | **Total Long-Term Debt Securities (94.2%)**<br> *(Cost $82,891,164)* | **Total Long-Term Debt Securities (94.2%)**<br> *(Cost $82,891,164)* | 83693471 |
|  | **Number of<br>Shares** | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (8.4%)** | **Investment Companies (8.4%)** | **Investment Companies (8.4%)** |  |
|  Blackrock Liquidity Fedfund, Institutional Shares 3.98% (7 day yield) (xx) |  | 900000 | 900000 |
|  Dreyfus Treasury Obligations Cash Management Fund 3.95% (7 day yield) (xx) |  | 900000 | 900000 |
|  Invesco Government & Agency Portfolio, Institutional Shares 4.02% (7 day yield) (xx) |  | 2403248 | 2403248 |
|  JPMorgan Prime Money Market Fund, IM Shares 4.24% (7 day yield) |  | 3276190 | 3277500 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 7480748 |
|  **Total Short-Term Investments (8.4%)**<br> *(Cost $7,481,002)* | **Total Short-Term Investments (8.4%)**<br> *(Cost $7,481,002)* | **Total Short-Term Investments (8.4%)**<br> *(Cost $7,481,002)* | 7480748 |
|  **Total Investments in Securities (102.6%)**<br> *(Cost $90,372,166)* | **Total Investments in Securities (102.6%)**<br> *(Cost $90,372,166)* | **Total Investments in Securities (102.6%)**<br> *(Cost $90,372,166)* | 91174219 |
|  **Other Assets Less Liabilities (-2.6%)** | **Other Assets Less Liabilities (-2.6%)** | **Other Assets Less Liabilities (-2.6%)** | (2309742) |
|  **Net Assets (100%)** |  |  | $88864477 |

---

---

| | |
|:---|:---|
| *§* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At October 31, 2025, the market value of these securities amounted to $78,423,760 or 88.3% of net assets.*  |

---

*(e)* *Step Bond—Coupon rate increases or decreases in increments to maturity. Rate disclosed is as of October 31, 2025. Maturity date disclosed is the ultimate maturity date.* 

*(x)* *All or a portion of security is on loan at October 31, 2025.* 

*(xx)* *At October 31, 2025, the Fund had loaned securities with a total value of $4,079,430. This was collateralized by cash of $4,203,248 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*PIK* *— Payment-in Kind Security* 

*REIT* *— Real Estate Investment Trust* 

See Notes to Financial Statements.

------

1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2025

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund's assets and liabilities carried at fair value as of October 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,**<br> **interest rates,**<br> **prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the**<br> **Fund's own**<br> **assumptions in**<br> **determining the fair**<br> **value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Corporate Bonds** |  |  |  |  |
|  Communication Services | $— | $8339635 | $— | $8339635 |
|  Consumer Discretionary |  | 16245823 |  | 16245823 |
|  Consumer Staples |  | 4275723 |  | 4275723 |
|  Energy |  | 7662665 |  | 7662665 |
|  Financials |  | 5571569 |  | 5571569 |
|  Health Care |  | 4763191 |  | 4763191 |
|  Industrials |  | 14537917 |  | 14537917 |
|  Information Technology |  | 9228093 |  | 9228093 |
|  Materials |  | 11593759 |  | 11593759 |
|  Real Estate |  | 1475096 |  | 1475096 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 7480748 |  |  | 7480748 |
|  **Total Assets** | $**7480748** | $**83693471** | $**—** | $**91174219** |
|  **Total** | $**7480748** | $**83693471** | $**—** | $**91174219** |

---

The Fund held no derivatives contracts during the year ended October 31, 2025.

Investment security transactions for the year ended October 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $39047863 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28242140 |

---

As of October 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $1670981 |
|  Aggregate gross unrealized depreciation | (1261950) |
|  Net unrealized appreciation | $409031 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90765188 |

---

See Notes to Financial Statements.

------

1290 HIGH YIELD BOND FUND

#### STATEMENT OF ASSETS AND LIABILITIES

#### October 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x)<br>(Cost $90,372,166) | $91174219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 894199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 1509661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Fund shares sold | 178926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid registration and filing fees | 20582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 3686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 93781948 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 4203248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 443000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Fund shares repurchased | 97369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and distributions payable | 31361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees payable | 14610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 13005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 11183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class A | 614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class R | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 102674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 4917471 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $88864477 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $96029409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (7164932) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $88864477 |
|  **Class A** |  |
|  Net asset value and redemption price per share, $2,897,164 / 337,710 shares outstanding (unlimited amount authorized: $0.001 par value) | $8.58 |
|  Maximum sales charge (4.50% of offering price) | 0.40 |
|  Maximum offering price per share | $8.98 |
|  **Class I** |  |
|  Net asset value, offering and redemption price per share, $85,326,271 / 9,936,345 shares outstanding (unlimited amount authorized: $0.001 par value) | $8.59 |
|  **Class R** |  |
|  Net asset value, offering and redemption price per share, $641,042 / 74,760 shares outstanding (unlimited amount authorized: $0.001 par value) | $8.57 |

---

*(x)* *Includes value of securities on loan of $4,079,430.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended October 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $5496486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 96418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 37415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 5630319 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 477729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 119432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 104799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 95169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees | 37560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 33119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 10999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class A | 5303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class R | 2817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 2771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 19065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 908763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment adviser | (303464) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 605299 |
|  **NET INVESTMENT INCOME (LOSS)** | 5025020 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | (370423) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities | 889404 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 518981 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $5544001 |

---

See Notes to Financial Statements.

------

#### 1290 FUNDS
1290 HIGH YIELD BOND FUND

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended October 31,** | **Year Ended October 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $5025020 | $4372086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (370423) | (288474) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 889404 | 5884149 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 5544001 | 9967761 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (130978) | (114723) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (4872795) | (4221829) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | (32891) | (27587) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class T\*\* |  | (6931) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (5036664) | (4371070) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Tax return of capital:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (450) | (812) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (16742) | (29874) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | (113) | (195) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class T\*\* |  | (49) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total tax return of capital | (17305) | (30930) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 155,238 and 43,566 shares, respectively ] | 1333336 | 363458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 13,918 and 12,348 shares, respectively ] | 118894 | 103195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (39952) and (80347) shares, respectively ] | (342664) | (672951) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class A transactions | 1109566 | (206298) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 3,586,740 and 2,472,189 shares, respectively ] | 30714135 | 20744759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 531,705 and 466,309 shares, respectively ] | 4540834 | 3905745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (2647377) and (2032619) shares, respectively ] | (22548732) | (16952551) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class I transactions | 12706237 | 7697953 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 15,676 and 17,430 shares, respectively ] | 134249 | 145785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 2,608 and 2,038 shares, respectively ] | 22247 | 17064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (4760) and (5262) shares, respectively ] | (40689) | (43763) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class R transactions | 115807 | 119086 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class T\*\*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (14192) shares ] |  | (121901) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class T transactions |  | (121901) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 13931610 | 7488840 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 14421642 | 13054601 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 74442835 | 61388234 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $88864477 | $74442835 |
| &nbsp;&nbsp;&nbsp;&nbsp; \*\* After the close of business on October 15, 2024, operations for Class T terminated and shares of seed capital were fully redeemed. | &nbsp;&nbsp;&nbsp;&nbsp; \*\* After the close of business on October 15, 2024, operations for Class T terminated and shares of seed capital were fully redeemed. | &nbsp;&nbsp;&nbsp;&nbsp; \*\* After the close of business on October 15, 2024, operations for Class T terminated and shares of seed capital were fully redeemed. |

---

See Notes to Financial Statements.

------

#### 1290 FUNDS
1290 HIGH YIELD BOND FUND

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| **Class A** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $8.51 | $7.81 | $7.95 | $9.24 | $9.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.52 | 0.51 | 0.47 | 0.40 | 0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.07 | 0.71 | (0.13) | (1.27) | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.59 | 1.22 | 0.34 | (0.87) | 0.65 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.52) | (0.52) | (0.48) | (0.40) | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  | (0.02) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.52) | (0.52) | (0.48) | (0.42) | (0.42) |
|  Net asset value, end of year | $8.58 | $8.51 | $7.81 | $7.95 | $9.24 |
|  Total return | 7.14 | 15.90 | 4.30 | (9.60)% | 7.27 |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $2897 | $1775 | $1819 | $1844 | $2145 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.00 | 1.00 | 1.00 | 1.00% | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.38 | 1.43 | 1.50 | 1.43% | 1.44 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 6.05 | 6.15 | 5.83 | 4.61% | 4.24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 5.67 | 5.72 | 5.33 | 4.18% | 3.80 |
|  Portfolio turnover rate^ | 37 | 35 | 35 | 43% | 39 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| **Class I** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $8.52 | $7.82 | $7.95 | $9.25 | $9.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.54 | 0.54 | 0.49 | 0.42 | 0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.07 | 0.70 | (0.12) | (1.28) | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.61 | 1.24 | 0.37 | (0.86) | 0.68 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.54) | (0.54) | (0.50) | (0.42) | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  | (0.02) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.54) | (0.54) | (0.50) | (0.44) | (0.44) |
|  Net asset value, end of year | $8.59 | $8.52 | $7.82 | $7.95 | $9.25 |
|  Total return | 7.40 | 16.17 | 4.69 | (9.47)% | 7.65 |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $85326 | $72146 | $59091 | $53821 | $66473 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.75 | 0.75 | 0.75 | 0.75% | 0.75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.13 | 1.18 | 1.26 | 1.18% | 1.18 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 6.32 | 6.39 | 6.09 | 4.84% | 4.47 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 5.94 | 5.96 | 5.58 | 4.42% | 4.04 |
|  Portfolio turnover rate^ | 37 | 35 | 35 | 43% | 39 |

---

See Notes to Financial Statements.

------

1290 HIGH YIELD BOND FUND

FINANCIAL HIGHLIGHTS (Continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| **Class R** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $8.51 | $7.81 | $7.95 | $9.23 | $9.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.50 | 0.49 | 0.45 | 0.37 | 0.37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.06 | 0.71 | (0.13) | (1.25) | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.56 | 1.20 | 0.32 | (0.88) | 0.62 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.50) | (0.50) | (0.46) | (0.38) | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  | (0.02) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.50) | (0.50) | (0.46) | (0.40) | (0.39) |
|  Net asset value, end of year | $8.57 | $8.51 | $7.81 | $7.95 | $9.23 |
|  Total return | 6.75 | 15.61 | 4.04 | (9.72)% | 7.01 |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $641 | $521 | $367 | $375 | $708 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.25 | 1.25 | 1.25 | 1.25% | 1.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.63 | 1.68 | 1.76 | 1.67% | 1.69 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 5.82 | 5.89 | 5.59 | 4.29% | 3.98 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 5.44 | 5.46 | 5.08 | 3.87% | 3.54 |
|  Portfolio turnover rate^ | 37 | 35 | 35 | 43% | 39 |

---

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

See Notes to Financial Statements.

------

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: |
|  **Asset-Backed Securities (0.7%)** | **Asset-Backed Securities (0.7%)** | **Asset-Backed Securities (0.7%)** |
|  RFS Asset Securitization V LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1 B<br>6.195%, 5/15/32§ | $295000 | $297905 |
|  Sound Point CLO XXVII Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2A AR<br>5.300%, 10/25/34 (l)§ | 340000 | 340214 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Asset-Backed Securities** |  | 638119 |
|  **Convertible Bond (0.1%)** | **Convertible Bond (0.1%)** | **Convertible Bond (0.1%)** |
|  **Industrials (0.1%)** | **Industrials (0.1%)** |  |
|  ***Electrical Equipment (0.1%)*** | ***Electrical Equipment (0.1%)*** | ***Electrical Equipment (0.1%)*** |
|  Stem, Inc.<br>0.500%, 12/1/28§ | 245000 | 75950 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 75950 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Convertible Bond** |  | 75950 |
|  **Corporate Bonds (37.8%)** | **Corporate Bonds (37.8%)** | **Corporate Bonds (37.8%)** |
|  **Communication Services (2.9%)** | **Communication Services (2.9%)** |  |
|  ***Diversified Telecommunication Services (0.1%)*** | ***Diversified Telecommunication Services (0.1%)*** | ***Diversified Telecommunication Services (0.1%)*** |
|  Telecom Italia Capital SA<br>7.200%, 7/18/36 | 16000 | 17394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.721%, 6/4/38 | 103000 | 114928 |
|  |  | 132322 |
|  ***Entertainment (0.6%)*** | ***Entertainment (0.6%)*** | ***Entertainment (0.6%)*** |
|  Live Nation Entertainment, Inc.<br>3.750%, 1/15/28§ | 216000 | 211140 |
|  ROBLOX Corp.<br>3.875%, 5/1/30§ | 195000 | 186128 |
|  Warnermedia Holdings, Inc.<br>4.279%, 3/15/32 (x) | 135000 | 123736 |
|  |  | 521004 |
|  ***Interactive Media & Services (0.4%)*** | ***Interactive Media & Services (0.4%)*** | ***Interactive Media & Services (0.4%)*** |
|  Meta Platforms, Inc.<br>4.875%, 11/15/35 | 350000 | 350709 |
|  ***Media (1.2%)*** | ***Media (1.2%)*** | ***Media (1.2%)*** |
|  AMC Networks, Inc.<br>10.500%, 7/15/32 (x)§ | 82000 | 86186 |
|  Directv Financing LLC<br>8.875%, 2/1/30§ | 110000 | 109076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000%, 2/15/31§ | 20000 | 19913 |
|  DISH DBS Corp.<br>5.250%, 12/1/26§ | 19000 | 18640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 12/1/28§ | 20000 | 19235 |
|  DISH Network Corp.<br>11.750%, 11/15/27§ | 166000 | 174343 |
|  Dotdash Meredith, Inc.<br>7.625%, 6/15/32§ | 91000 | 80990 |
|  EchoStar Corp.<br>10.750%, 11/30/29 | 146622 | 161239 |
|  iHeartCommunications, Inc.<br>7.750%, 8/15/30§ | 96103 | 79785 |
|  TEGNA, Inc.<br>5.000%, 9/15/29 | 129000 | 127969 |
|  Univision Communications, Inc.<br>8.500%, 7/31/31§ | 23000 | 23519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.375%, 8/1/32§ | 136000 | 143498 |
|  Versant Media Group, Inc.<br>7.250%, 1/30/31 (x)§ | $20000 | $20384 |
|  |  | 1064777 |
|  ***Wireless Telecommunication Services (0.6%)*** | ***Wireless Telecommunication Services (0.6%)*** | ***Wireless Telecommunication Services (0.6%)*** |
|  Hughes Satellite Systems Corp.<br>5.250%, 8/1/26 | 27000 | 26463 |
|  Millicom International Cellular SA<br>4.500%, 4/27/31 (m) | 245000 | 228524 |
|  T-Mobile USA, Inc.<br>5.150%, 4/15/34 | 155000 | 158295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 1/15/35 | 170000 | 166767 |
|  |  | 580049 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 2648861 |
|  **Consumer Discretionary (5.1%)** | **Consumer Discretionary (5.1%)** |  |
|  ***Automobile Components (0.5%)*** | ***Automobile Components (0.5%)*** | ***Automobile Components (0.5%)*** |
|  American Axle & Manufacturing, Inc.<br>7.750%, 10/15/33§ | 120000 | 119850 |
|  Garrett Motion Holdings, Inc.<br>7.750%, 5/31/32§ | 80000 | 83600 |
|  Magna International, Inc.<br>5.875%, 6/1/35 | 70000 | 73781 |
|  Patrick Industries, Inc.<br>4.750%, 5/1/29 (x)§ | 198000 | 194808 |
|  |  | 472039 |
|  ***Automobiles (0.4%)*** | ***Automobiles (0.4%)*** | ***Automobiles (0.4%)*** |
|  Nissan Motor Co. Ltd.<br>7.500%, 7/17/30§ | 200000 | 209568 |
|  Stellantis Finance US, Inc.<br>6.450%, 3/18/35§ | 200000 | 207577 |
|  |  | 417145 |
|  ***Broadline Retail (1.1%)*** | ***Broadline Retail (1.1%)*** | ***Broadline Retail (1.1%)*** |
|  Getty Images, Inc.<br>14.000%, 3/1/28§ | 19000 | 18478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.250%, 2/21/30§ | 50224 | 49753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.500%, 11/15/30§ | 55000 | 55425 |
|  Kohl's Corp.<br>10.000%, 6/1/30(x)§ | 94000 | 102300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 5/1/31 (e) | 58000 | 44915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 7/17/45 | 95000 | 61316 |
|  Macy's Retail Holdings LLC<br>4.500%, 12/15/34 | 146000 | 128919 |
|  Match Group Holdings II LLC<br>6.125%, 9/15/33§ | 90000 | 90495 |
|  Nordstrom, Inc.<br>4.000%, 3/15/27 | 90000 | 88305 |
|  Rakuten Group, Inc.<br>9.750%, 4/15/29§ | 200000 | 224080 |
|  Wayfair LLC<br>7.750%, 9/15/30§ | 182000 | 192101 |
|  |  | 1056087 |
|  ***Distributors (0.2%)*** | ***Distributors (0.2%)*** | ***Distributors (0.2%)*** |
|  RB Global Holdings, Inc.<br>6.750%, 3/15/28§ | 179000 | 182580 |
|  ***Diversified Consumer Services (0.3%)*** | ***Diversified Consumer Services (0.3%)*** | ***Diversified Consumer Services (0.3%)*** |
|  Adtalem Global Education, Inc.<br>5.500%, 3/1/28§ | 173000 | 172905 |

---

See Notes to Financial Statements.

------

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  StoneMor, Inc.<br>8.500%, 5/15/29§ | $63000 | $62043 |
|  |  | 234948 |
|  ***Hotels, Restaurants & Leisure (1.6%)*** | ***Hotels, Restaurants & Leisure (1.6%)*** | ***Hotels, Restaurants & Leisure (1.6%)*** |
|  Carnival Corp.<br>5.125%, 5/1/29 (x)§ | 313000 | 316805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 6/15/31§ | 271000 | 279469 |
|  Great Canadian Gaming Corp.<br>8.750%, 11/15/29§ | 90000 | 87975 |
|  Hilton Domestic Operating Co., Inc.<br>5.875%, 4/1/29§ | 212000 | 216240 |
|  Hilton Grand Vacations Borrower LLC<br>4.875%, 7/1/31§ | 56000 | 51760 |
|  Hyatt Hotels Corp.<br>5.750%, 3/30/32 | 70000 | 72932 |
|  Melco Resorts Finance Ltd.<br>5.375%, 12/4/29§ | 200000 | 196350 |
|  Travel + Leisure Co.<br>6.125%, 9/1/33§ | 89000 | 89785 |
|  VOC Escrow Ltd.<br>5.000%, 2/15/28§ | 208000 | 207158 |
|  |  | 1518474 |
|  ***Household Durables (0.6%)*** | ***Household Durables (0.6%)*** | ***Household Durables (0.6%)*** |
|  Somnigroup International, Inc.<br>4.000%, 4/15/29§ | 199000 | 191273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 10/15/31§ | 17000 | 15716 |
|  Taylor Morrison Communities, Inc.<br>5.875%, 6/15/27§ | 178000 | 179669 |
|  Toll Brothers Finance Corp.<br>5.600%, 6/15/35 | 130000 | 133244 |
|  TopBuild Corp.<br>5.625%, 1/31/34§ | 45000 | 45169 |
|  |  | 565071 |
|  ***Leisure Products (0.2%)*** | ***Leisure Products (0.2%)*** | ***Leisure Products (0.2%)*** |
|  Amer Sports Co.<br>6.750%, 2/16/31§ | 145000 | 150929 |
|  ***Specialty Retail (0.2%)*** | ***Specialty Retail (0.2%)*** | ***Specialty Retail (0.2%)*** |
|  Advance Auto Parts, Inc.<br>7.000%, 8/1/30§ | 85000 | 85763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 8/1/33§ | 57000 | 57285 |
|  |  | 143048 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 4740321 |
|  **Consumer Staples (0.5%)** | **Consumer Staples (0.5%)** |  |
|  ***Food Products (0.3%)*** | ***Food Products (0.3%)*** | ***Food Products (0.3%)*** |
|  Cargill, Inc.<br>5.375%, 10/23/55§ | 155000 | 150310 |
|  JBS USA LUX Sarl<br>5.950%, 4/20/35§ | 75000 | 78476 |
|  |  | 228786 |
|  ***Personal Care Products (0.2%)*** | ***Personal Care Products (0.2%)*** | ***Personal Care Products (0.2%)*** |
|  L'Oreal SA<br>5.000%, 5/20/35§ | 215000 | 220555 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 449341 |
|  **Energy (3.8%)** |  |  |
|  ***Energy Equipment & Services (0.3%)*** | ***Energy Equipment & Services (0.3%)*** | ***Energy Equipment & Services (0.3%)*** |
|  Tidewater, Inc.<br>9.125%, 7/15/30§ | $173000 | $184461 |
|  Weatherford International Ltd.<br>6.750%, 10/15/33§ | 75000 | 76500 |
|  |  | 260961 |
|  ***Oil, Gas & Consumable Fuels (3.5%)*** | ***Oil, Gas & Consumable Fuels (3.5%)*** | ***Oil, Gas & Consumable Fuels (3.5%)*** |
|  Antero Midstream Partners LP<br>5.750%, 10/15/33§ | 88000 | 87902 |
|  Baytex Energy Corp.<br>7.375%, 3/15/32§ | 119000 | 116917 |
|  California Resources Corp.<br>8.250%, 6/15/29§ | 69000 | 71753 |
|  Chord Energy Corp.<br>6.000%, 10/1/30(x)§ | 40000 | 40015 |
|  CVR Energy, Inc.<br>8.500%, 1/15/29§ | 102000 | 104409 |
|  DT Midstream, Inc.<br>4.375%, 6/15/31§ | 58000 | 56200 |
|  Energy Transfer LP<br>5.700%, 4/1/35 | 120000 | 123765 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.48%),<br>6.750%, 2/15/56 (k) | 430000 | 430476 |
|  Exxon Mobil Corp.<br>3.095%, 8/16/49 | 225000 | 156953 |
|  Florida Gas Transmission Co. LLC<br>5.750%, 7/15/35§ | 100000 | 103837 |
|  Genesis Energy LP<br>8.000%, 5/15/33 | 120000 | 123557 |
|  Hess Midstream Operations LP<br>4.250%, 2/15/30§ | 300000 | 291762 |
|  NGL Energy Operating LLC<br>8.125%, 2/15/29§ | 154000 | 157497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 2/15/32§ | 19000 | 19428 |
|  PBF Holding Co. LLC<br>6.000%, 2/15/28 | 135000 | 133577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.875%, 3/15/30§ | 43000 | 45495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 9/15/30§ | 74000 | 74227 |
|  Petrobras Global Finance BV<br>6.250%, 1/10/36 | 435000 | 429867 |
|  Raizen Fuels Finance SA<br>6.700%, 2/25/37§ | 375000 | 314063 |
|  Saudi Arabian Oil Co.<br>5.750%, 7/17/54§ | 275000 | 275687 |
|  TransMontaigne Partners LLC<br>8.500%, 6/15/30§ | 43000 | 44989 |
|  W&T Offshore, Inc.<br>10.750%, 2/1/29§ | 58000 | 54230 |
|  Western Midstream Operating LP<br>6.150%, 4/1/33 | 20000 | 21074 |
|  |  | 3277680 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 3538641 |
|  **Financials (13.6%)** | **Financials (13.6%)** |  |
|  ***Banks (6.7%)*** | ***Banks (6.7%)*** | ***Banks (6.7%)*** |
|  Armor Holdco, Inc. 8.500%, 11/15/29§ | 34000 | 33980 |

---

See Notes to Financial Statements.

------

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Banco Bilbao Vizcaya Argentaria SA<br>5.381%, 3/13/29 | $| 200000 | $| 206783 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.25%), 7.750%, 1/14/32(k)(y) |  | 400000 |  | 425652 |
|  Banco Santander SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.91%), 8.000%, 2/1/34(k)(y) |  | 200000 |  | 220750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.127%, 11/6/35 |  | 200000 |  | 200218 |
|  Bank of America Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.91%), 5.425%, 8/15/35(k) |  | 350000 |  | 357247 |
|  Barclays plc |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.57%), 7.119%, 6/27/34(k) |  | 265000 |  | 296400 |
|  BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.38%), 7.625%, 2/11/35(k)§ |  | 200000 |  | 211558 |
|  BNP Paribas SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.94%), 4.500%, 2/25/30(k)(y)§ |  | 315000 |  | 286977 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.88%), 5.738%, 2/20/35(k)§ |  | 220000 |  | 229998 |
|  Citigroup, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.49%), 5.174%, 9/11/36(k) |  | 130000 |  | 131524 |
|  Credit Agricole SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.46%), 5.222%, 5/27/31(k)§ |  | 250000 |  | 256176 |
|  HSBC Holdings plc |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.02%), 7.399%, 11/13/34(k) |  | 270000 |  | 306489 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.43%), 5.133%, 11/6/36(k) |  | 240000 |  | 239990 |
|  Intesa Sanpaolo SpA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.90%), 7.778%, 6/20/54(k)§ |  | 265000 |  | 317168 |
|  JPMorgan Chase & Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.32%), 5.502%, 1/24/36(k) |  | 90000 |  | 94261 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.64%), 5.576%, 7/23/36(k) |  | 210000 |  | 217428 |
|  Lloyds Banking Group plc |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.60%), 6.068%, 6/13/36(k) |  | 245000 |  | 256045 |
|  Morgan Stanley Private Bank NA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.08%), 4.734%, 7/18/31(k) |  | 250000 |  | 253362 |
|  NatWest Group plc |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.75%), 8.125%, 11/10/33(k)(y) |  | 200000 |  | 225250 |
|  Nordea Bank Abp |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.72%), 6.750%, 11/10/33(k)(y)§ |  | 395000 |  | 407837 |
|  Societe Generale SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.73%), 5.439%, 10/3/36(k)§ |  | 305000 |  | 304740 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.95%), 7.132%, 1/19/55(k)§ |  | 200000 |  | 213293 |
|  Standard Chartered plc |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.20%), 5.400%, 8/12/36(k)§ |  | 200000 |  | 203386 |
|  UniCredit SpA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (USD ICE Swap Rate 5 Year + 4.91%), 7.296%, 4/2/34(k)§ |  | 240000 |  | 257100 |
|  |  |  |  | 6153612 |
|  ***Capital Markets (3.4%)*** | ***Capital Markets (3.4%)*** | ***Capital Markets (3.4%)*** | ***Capital Markets (3.4%)*** | ***Capital Markets (3.4%)*** |
|  Antares Holdings LP<br>6.350%, 10/23/29§ |  | 250000 |  | 254863 |
|  Aretec Group, Inc.<br>7.500%, 4/1/29§ |  | 86000 |  | 86379 |
|  BGC Group, Inc.<br>4.375%, 12/15/25 |  | 345000 |  | 344515 |
|  Blue Owl Capital Corp. II<br>8.450%, 11/15/26 |  | 70000 |  | 72293 |
|  Citadel Securities Global Holdings LLC<br>6.200%, 6/18/35§ |  | 250000 |  | 261211 |
|  Deutsche Bank AG |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.65%), 7.079%, 2/10/34(k) |  | 200000 |  | 219005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series USTR |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (USD SOFR Spread-Adjusted ICE Swap Rate 5 Year + 4.36%), 8.130%, 4/30/30(k)(m)(y) |  | 200000 |  | 212982 |
|  Goldman Sachs Group, Inc. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.21%), 5.049%, 7/23/30(k) |  | 270000 |  | 276077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series X |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.81%), 7.500%, 5/10/29(k)(y) |  | 300000 |  | 318000 |
|  Jane Street Group<br>6.750%, 5/1/33§ |  | 321000 |  | 335577 |
|  LPL Holdings, Inc.<br>5.150%, 6/15/30 |  | 225000 |  | 228765 |
|  Morgan Stanley |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.56%), 5.320%, 7/19/35(k) |  | 160000 |  | 164727 |
|  Stonex Escrow Issuer LLC<br>6.875%, 7/15/32§ |  | 162000 |  | 166860 |
|  UBS Group AG |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE IBA - USD SOFR ICE Swap Rate 5 Year + 3.30%), 7.000%, 2/5/35(k)(y)§ |  | 200000 |  | 201989 |
|  |  |  |  | 3143243 |
|  ***Consumer Finance (1.5%)*** | ***Consumer Finance (1.5%)*** | ***Consumer Finance (1.5%)*** | ***Consumer Finance (1.5%)*** | ***Consumer Finance (1.5%)*** |
|  AerCap Ireland Capital DAC<br>4.625%, 9/10/29 |  | 150000 |  | 151183 |
|  Atlanticus Holdings Corp.<br>9.750%, 9/1/30§ |  | 77000 |  | 74822 |

---

See Notes to Financial Statements.

------

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Enova International, Inc.<br>11.250%, 12/15/28§ | $| 93000 | $| 98747 |
|  EZCORP, Inc.<br>7.375%, 4/1/32§ |  | 163000 |  | 171895 |
|  Global Aircraft Leasing Co. Ltd.<br>8.750%, 9/1/27§ |  | 174000 |  | 179532 |
|  goeasy Ltd.<br>7.375%, 10/1/30§ |  | 182000 |  | 181592 |
|  LFS Topco LLC<br>8.750%, 7/15/30§ |  | 108000 |  | 105639 |
|  Stellantis Financial Services US Corp.<br>4.950%, 9/15/28§ |  | 200000 |  | 200784 |
|  Synchrony Financial |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 2.13%), 5.935%, 8/2/30(k) |  | 65000 |  | 67238 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.68%), 5.450%, 3/6/31(k) |  | 65000 |  | 65960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 2/2/33 |  | 122000 |  | 128832 |
|  |  |  |  | 1426224 |
|  ***Financial Services (0.7%)*** | ***Financial Services (0.7%)*** | ***Financial Services (0.7%)*** | ***Financial Services (0.7%)*** | ***Financial Services (0.7%)*** |
|  Block, Inc.<br>5.625%, 8/15/30§ |  | 156000 |  | 158340 |
|  Planet Financial Group LLC<br>10.500%, 12/15/29§ |  | 92000 |  | 95562 |
|  Turkiye Sinai Kalkinma Bankasi A/S<br>7.375%, 7/2/30§ |  | 320000 |  | 329402 |
|  UWM Holdings LLC<br>6.250%, 3/15/31§ |  | 45000 |  | 44944 |
|  |  |  |  | 628248 |
|  ***Insurance (1.0%)*** | ***Insurance (1.0%)*** | ***Insurance (1.0%)*** | ***Insurance (1.0%)*** | ***Insurance (1.0%)*** |
|  200 Park Funding Trust<br>5.740%, 2/15/55§ |  | 210000 |  | 213283 |
|  Allianz SE |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.23%), 6.350%, 9/6/53(k)§ |  | 200000 |  | 215000 |
|  APH Somerset Investor 2 LLC<br>7.875%, 11/1/29§ |  | 180000 |  | 185418 |
|  HUB International Ltd.<br>7.375%, 1/31/32§ |  | 141000 |  | 145938 |
|  Nassau Cos. of New York (The)<br>7.875%, 7/15/30§ |  | 139000 |  | 140998 |
|  USI, Inc.<br>7.500%, 1/15/32§ |  | 36000 |  | 37249 |
|  |  |  |  | 937886 |
|  ***Mortgage Real Estate Investment Trusts (REITs) (0.3%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.3%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.3%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.3%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.3%)*** |
|  Apollo Commercial Real Estate Finance, Inc. (REIT) 4.625%, 6/15/29§ |  | 104000 |  | 100100 |
|  Blackstone Mortgage Trust, Inc. (REIT)<br>7.750%, 12/1/29§ |  | 91000 |  | 95777 |
|  Rithm Capital Corp. (REIT)<br>8.000%, 7/15/30§ |  | 86000 |  | 87119 |
|  |  |  |  | 282996 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  |  | 12572209 |
|  **Health Care (0.6%)** | **Health Care (0.6%)** | **Health Care (0.6%)** |  |  |
|  ***Biotechnology (0.2%)*** | ***Biotechnology (0.2%)*** | ***Biotechnology (0.2%)*** | ***Biotechnology (0.2%)*** | ***Biotechnology (0.2%)*** |
|  Biogen, Inc.<br>5.050%, 1/15/31(x) |  | 95000 |  | 97725 |
|  Emergent BioSolutions, Inc.<br>3.875%, 8/15/28§ |  | 52000 |  | 45967 |
|  |  |  |  | 143692 |
|  ***Health Care Providers & Services (0.1%)*** | ***Health Care Providers & Services (0.1%)*** | ***Health Care Providers & Services (0.1%)*** | ***Health Care Providers & Services (0.1%)*** | ***Health Care Providers & Services (0.1%)*** |
|  Encompass Health Corp.<br>4.625%, 4/1/31(x) |  | 46000 |  | 44906 |
|  MPH Acquisition Holdings LLC<br>5.750%, 12/31/30§ |  | 64006 |  | 57880 |
|  |  |  |  | 102786 |
|  ***Pharmaceuticals (0.3%)*** | ***Pharmaceuticals (0.3%)*** | ***Pharmaceuticals (0.3%)*** | ***Pharmaceuticals (0.3%)*** | ***Pharmaceuticals (0.3%)*** |
|  Amneal Pharmaceuticals LLC<br>6.875%, 8/1/32§ |  | 78000 |  | 81768 |
|  HLF Financing Sarl LLC<br>4.875%, 6/1/29§ |  | 102000 |  | 89911 |
|  Zoetis, Inc.<br>5.000%, 8/17/35 |  | 135000 |  | 135924 |
|  |  |  |  | 307603 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  |  | 554081 |
|  **Industrials (3.8%)** | **Industrials (3.8%)** | **Industrials (3.8%)** |  |  |
|  ***Aerospace & Defense (0.7%)*** | ***Aerospace & Defense (0.7%)*** | ***Aerospace & Defense (0.7%)*** | ***Aerospace & Defense (0.7%)*** | ***Aerospace & Defense (0.7%)*** |
|  Boeing Co. (The)<br>6.388%, 5/1/31 |  | 25000 |  | 27135 |
|  Bombardier, Inc.<br>8.750%, 11/15/30§ |  | 14000 |  | 15098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.450%, 5/1/34§ |  | 200000 |  | 222352 |
|  Carpenter Technology Corp.<br>7.625%, 3/15/30 |  | 169000 |  | 173624 |
|  General Dynamics Corp.<br>4.950%, 8/15/35 |  | 55000 |  | 56007 |
|  Spirit AeroSystems, Inc.<br>4.600%, 6/15/28(x) |  | 153000 |  | 154134 |
|  |  |  |  | 648350 |
|  ***Air Freight & Logistics (0.3%)*** | ***Air Freight & Logistics (0.3%)*** | ***Air Freight & Logistics (0.3%)*** | ***Air Freight & Logistics (0.3%)*** | ***Air Freight & Logistics (0.3%)*** |
|  Rand Parent LLC<br>8.500%, 2/15/30(x)§ |  | 178000 |  | 181644 |
|  United Parcel Service, Inc.<br>5.250%, 5/14/35 |  | 60000 |  | 62129 |
|  |  |  |  | 243773 |
|  ***Commercial Services & Supplies (0.5%)*** | ***Commercial Services & Supplies (0.5%)*** | ***Commercial Services & Supplies (0.5%)*** | ***Commercial Services & Supplies (0.5%)*** | ***Commercial Services & Supplies (0.5%)*** |
|  Enviri Corp.<br>5.750%, 7/31/27(x)§ |  | 96000 |  | 95055 |
|  Garda World Security Corp.<br>8.250%, 8/1/32§ |  | 38000 |  | 38598 |
|  Interface, Inc.<br>5.500%, 12/1/28§ |  | 81000 |  | 80799 |
|  Madison IAQ LLC<br>5.875%, 6/30/29(x)§ |  | 100000 |  | 97759 |
|  Pitney Bowes, Inc.<br>6.875%, 3/15/27§ |  | 79000 |  | 79411 |
|  Republic Services, Inc.<br>5.000%, 4/1/34 |  | 50000 |  | 51362 |
|  Rollins, Inc.<br>5.250%, 2/24/35 |  | 35000 |  | 35480 |
|  |  |  |  | 478464 |

---

See Notes to Financial Statements.

------

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  ***Construction & Engineering (0.2%)*** | ***Construction & Engineering (0.2%)*** | ***Construction & Engineering (0.2%)*** |
|  Brand Industrial Services, Inc.<br>10.375%, 8/1/30§ | $18000 | $17319 |
|  Brundage-Bone Concrete Pumping Holdings, Inc.<br>7.500%, 2/1/32§ | 91000 | 91805 |
|  Great Lakes Dredge & Dock Corp.<br>5.250%, 6/1/29(x)§ | 16000 | 15438 |
|  Tutor Perini Corp.<br>11.875%, 4/30/29§ | 42000 | 46845 |
|  |  | 171407 |
|  ***Electrical Equipment (0.2%)*** | ***Electrical Equipment (0.2%)*** | ***Electrical Equipment (0.2%)*** |
|  EnerSys<br>4.375%, 12/15/27§ | 183000 | 180656 |
|  ***Ground Transportation (0.2%)*** | ***Ground Transportation (0.2%)*** | ***Ground Transportation (0.2%)*** |
|  Avis Budget Car Rental LLC<br>5.375%, 3/1/29§ | 112000 | 107800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 6/15/32§ | 74000 | 75905 |
|  Carriage Purchaser, Inc.<br>7.875%, 10/15/29§ | 53000 | 49593 |
|  |  | 233298 |
|  ***Machinery (0.8%)*** | ***Machinery (0.8%)*** | ***Machinery (0.8%)*** |
|  Caterpillar, Inc.<br>5.200%, 5/15/35 | 170000 | 175739 |
|  Deere & Co.<br>5.700%, 1/19/55 | 85000 | 89345 |
|  Enpro, Inc.<br>6.125%, 6/1/33§ | 55000 | 56375 |
|  Husky Injection Molding Systems Ltd.<br>9.000%, 2/15/29§ | 93000 | 96115 |
|  Manitowoc Co., Inc. (The)<br>9.250%, 10/1/31§ | 87000 | 91433 |
|  Maxim Crane Works Holdings Capital LLC<br>11.500%, 9/1/28§ | 47000 | 49839 |
|  Mueller Water Products, Inc.<br>4.000%, 6/15/29§ | 186000 | 179376 |
|  SPX FLOW, Inc.<br>8.750%, 4/1/30§ | 40000 | 40872 |
|  |  | 779094 |
|  ***Marine Transportation (0.1%)*** | ***Marine Transportation (0.1%)*** | ***Marine Transportation (0.1%)*** |
|  Danaos Corp.<br>6.875%, 10/15/32§ | 87000 | 85497 |
|  ***Passenger Airlines (0.7%)*** | ***Passenger Airlines (0.7%)*** | ***Passenger Airlines (0.7%)*** |
|  Allegiant Travel Co.<br>7.250%, 8/15/27§ | 138000 | 139552 |
|  Avianca Midco 2 plc<br>9.000%, 12/1/28§ | 112228 | 112298 |
|  Delta Air Lines, Inc.<br>5.250%, 7/10/30 | 55000 | 56269 |
|  JetBlue Airways Corp.<br>9.875%, 9/20/31§ | 93000 | 91373 |
|  United Airlines, Inc.<br>4.625%, 4/15/29§ | 228000 | 225816 |
|  VistaJet Malta Finance plc<br>7.875%, 5/1/27§ | 11000 | 11175 |
|  |  | 636483 |
|  ***Trading Companies & Distributors (0.1%)*** | ***Trading Companies & Distributors (0.1%)*** | ***Trading Companies & Distributors (0.1%)*** |
|  Alta Equipment Group, Inc.<br>9.000%, 6/1/29§ | 75000 | 67969 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 3524991 |
|  **Information Technology (2.7%)** | **Information Technology (2.7%)** |  |
|  ***Communications Equipment (0.7%)*** | ***Communications Equipment (0.7%)*** | ***Communications Equipment (0.7%)*** |
|  Ciena Corp.<br>4.000%, 1/31/30§ | 179000 | 171967 |
|  CommScope LLC<br>4.750%, 9/1/29(x)§ | 144000 | 143309 |
|  Viasat, Inc.<br>6.500%, 7/15/28§ | 81000 | 78570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 5/30/31§ | 73000 | 68407 |
|  Viavi Solutions, Inc.<br>3.750%, 10/1/29§ | 188000 | 177271 |
|  |  | 639524 |
|  ***Electronic Equipment, Instruments & Components (0.2%)*** | ***Electronic Equipment, Instruments & Components (0.2%)*** | ***Electronic Equipment, Instruments & Components (0.2%)*** |
|  Jabil, Inc.<br>5.450%, 2/1/29 | 25000 | 25755 |
|  TTM Technologies, Inc.<br>4.000%, 3/1/29§ | 175000 | 169039 |
|  |  | 194794 |
|  ***IT Services (0.5%)*** | ***IT Services (0.5%)*** | ***IT Services (0.5%)*** |
|  Arches Buyer, Inc.<br>6.125%, 12/1/28§ | 98000 | 95549 |
|  CoreWeave, Inc.<br>9.250%, 6/1/30§ | 139000 | 140564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%, 2/1/31§ | 60000 | 60000 |
|  Twilio, Inc.<br>3.625%, 3/15/29 | 198000 | 190010 |
|  |  | 486123 |
|  ***Semiconductors & Semiconductor Equipment (0.4%)*** | ***Semiconductors & Semiconductor Equipment (0.4%)*** | ***Semiconductors & Semiconductor Equipment (0.4%)*** |
|  Broadcom, Inc.<br>4.150%, 4/15/32§ | 240000 | 234622 |
|  Micron Technology, Inc.<br>6.050%, 11/1/35 | 125000 | 133734 |
|  |  | 368356 |
|  ***Software (0.3%)*** | ***Software (0.3%)*** | ***Software (0.3%)*** |
|  Crowdstrike Holdings, Inc.<br>3.000%, 2/15/29(x) | 182000 | 173147 |
|  Roper Technologies, Inc.<br>4.250%, 9/15/28 | 65000 | 65166 |
|  Synopsys, Inc.<br>5.150%, 4/1/35 | 50000 | 50618 |
|  |  | 288931 |
|  ***Technology Hardware, Storage & Peripherals (0.6%)*** | ***Technology Hardware, Storage & Peripherals (0.6%)*** | ***Technology Hardware, Storage & Peripherals (0.6%)*** |
|  Dell International LLC<br>5.750%, 2/1/33 | 155000 | 163385 |
|  NetApp, Inc.<br>5.700%, 3/17/35 | 55000 | 57504 |
|  Seagate Data Storage Technology Pte. Ltd.<br>8.250%, 12/15/29§ | 37000 | 39266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 7/15/30§ | 219000 | 224270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 12/1/34(x)§ | 19000 | 19471 |
|  |  | 503896 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 2481624 |

---

See Notes to Financial Statements.

------

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  **Materials (1.8%)** | **Materials (1.8%)** |  |
|  ***Chemicals (0.3%)*** | ***Chemicals (0.3%)*** | ***Chemicals (0.3%)*** |
|  Chemours Co. (The)<br>8.000%, 1/15/33§ | $101000 | $97383 |
|  Mativ Holdings, Inc.<br>8.000%, 10/1/29§ | 50000 | 48393 |
|  SK Invictus Intermediate II Sarl<br>5.000%, 10/30/29§ | 97000 | 95424 |
|  |  | 241200 |
|  ***Containers & Packaging (0.5%)*** | ***Containers & Packaging (0.5%)*** | ***Containers & Packaging (0.5%)*** |
|  Cascades, Inc.<br>6.750%, 7/15/30§ | 145000 | 148325 |
|  Owens-Brockway Glass Container, Inc.<br>7.375%, 6/1/32§ | 177000 | 173216 |
|  TriMas Corp.<br>4.125%, 4/15/29§ | 179000 | 172856 |
|  |  | 494397 |
|  ***Metals & Mining (1.0%)*** | ***Metals & Mining (1.0%)*** | ***Metals & Mining (1.0%)*** |
|  Algoma Steel, Inc.<br>9.125%, 4/15/29§ | 87000 | 71014 |
|  Compass Minerals International, Inc.<br>8.000%, 7/1/30§ | 99000 | 102851 |
|  Fortescue Treasury Pty. Ltd.<br>5.875%, 4/15/30§ | 59000 | 60722 |
|  JW Aluminum Continuous Cast Co.<br>10.250%, 4/1/30§ | 82000 | 83566 |
|  Mineral Resources Ltd.<br>9.250%, 10/1/28§ | 242000 | 253602 |
|  Novelis Corp.<br>4.750%, 1/30/30§ | 86000 | 83098 |
|  Rio Tinto Finance USA plc<br>5.250%, 3/14/35 | 115000 | 118897 |
|  SunCoke Energy, Inc.<br>4.875%, 6/30/29§ | 91000 | 85007 |
|  TMS International Corp.<br>6.250%, 4/15/29§ | 43000 | 42319 |
|  |  | 901076 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 1636673 |
|  **Real Estate (0.3%)** | **Real Estate (0.3%)** |  |
|  ***Health Care REITs (0.1%)*** | ***Health Care REITs (0.1%)*** | ***Health Care REITs (0.1%)*** |
|  Diversified Healthcare Trust (REIT)<br>7.250%, 10/15/30§ | 55000 | 55412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 3/1/31 | 19000 | 16673 |
|  |  | 72085 |
|  ***Real Estate Management & Development (0.2%)*** | ***Real Estate Management & Development (0.2%)*** | ***Real Estate Management & Development (0.2%)*** |
|  Anywhere Real Estate Group LLC<br>9.750%, 4/15/30§ | 105000 | 113958 |
|  Five Point Operating Co. LP<br>10.500%, 1/15/28(e)§ | 31103 | 31103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 10/1/30§ | 74000 | 75619 |
|  |  | 220680 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 292765 |
|  **Utilities (2.7%)** | **Utilities (2.7%)** |  |
|  ***Electric Utilities (1.9%)*** | ***Electric Utilities (1.9%)*** | ***Electric Utilities (1.9%)*** |
|  DTE Electric Co.<br>5.250%, 5/15/35 | 85000 | 87590 |
|  Edison International<br>6.250%, 3/15/30 | 10000 | 10377 |
|  Electricite de France SA<br>5.750%, 1/13/35§ | 290000 | 301727 |
|  Long Ridge Energy LLC<br>8.750%, 2/15/32§ | 101000 | 104409 |
|  NRG Energy, Inc.<br>3.375%, 2/15/29§ | 260000 | 246844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 1/15/34§ | 53000 | 53425 |
|  Pacific Gas and Electric Co.<br>5.700%, 3/1/35 | 145000 | 148723 |
|  PPL Capital Funding, Inc.<br>5.250%, 9/1/34 | 40000 | 41001 |
|  Southwestern Public Service Co.<br>6.000%, 6/1/54 | 130000 | 135816 |
|  Vistra Operations Co. LLC<br>4.375%, 5/1/29§ | 246000 | 241387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 10/15/31§ | 52000 | 55120 |
|  VoltaGrid LLC<br>7.375%, 11/1/30§ | 65000 | 66091 |
|  XPLR Infrastructure Operating Partners LP<br>4.500%, 9/15/27§ | 17000 | 16586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 1/15/29§ | 16000 | 16425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 1/15/31(x)§ | 199000 | 207955 |
|  |  | 1733476 |
|  ***Gas Utilities (0.1%)*** | ***Gas Utilities (0.1%)*** | ***Gas Utilities (0.1%)*** |
|  AmeriGas Partners LP<br>9.375%, 6/1/28§ | 126000 | 130608 |
|  ***Independent Power and Renewable Electricity Producers (0.2%)*** | ***Independent Power and Renewable Electricity Producers (0.2%)*** | ***Independent Power and Renewable Electricity Producers (0.2%)*** |
|  Talen Energy Supply LLC<br>6.250%, 2/1/34§ | 80000 | 82086 |
|  TransAlta Corp.<br>6.500%, 3/15/40 | 103000 | 104589 |
|  |  | 186675 |
|  ***Multi-Utilities (0.5%)*** | ***Multi-Utilities (0.5%)*** | ***Multi-Utilities (0.5%)*** |
|  Dominion Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.39%), 6.875%, 2/1/55(k) | 185000 | 194019 |
|  Public Service Enterprise Group, Inc. 5.450%, 4/1/34 | 255000 | 264786 |
|  |  | 458805 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 2509564 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bonds** |  | 34949071 |
|  | **Number of<br>Shares** | **Value** |
|  **Equity-Linked Notes (9.0%)** | **Equity-Linked Notes (9.0%)** | **Equity-Linked Notes (9.0%)** |
|  Citigroup Global Markets Holdings, Inc.,<br>ELN, 27.180%, 11/25/25, (linked to S&P 500 Index)§ | 618 | 4156492 |
|  JPMorgan Chase Bank NA, ELN,<br>28.290%, 11/25/25, (linked to S&P 500 Index)§ | 618 | 4159749 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity-Linked Notes** |  | 8316241 |

---

See Notes to Financial Statements.

------

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  **Foreign Government Securities (3.9%)** | **Foreign Government Securities (3.9%)** | **Foreign Government Securities (3.9%)** |
|  Commonwealth of Australia<br>2.750%, 6/21/35(m) | 710000 | $408797 |
|  Federative Republic of Brazil<br>5.500%, 11/6/30 | $605000 | 617100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 3/15/35 | 380000 | 395960 |
|  Hazine Mustesarligi Varlik Kiralama A/S 6.750%, 9/1/30§ | 400000 | 415478 |
|  Mex Bonos Desarr Fix Rt |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series M<br>8.500%, 2/28/30 | 7817200 | 426385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 11/23/34 | 8270800 | 419033 |
|  Oriental Republic of Uruguay<br>9.750%, 7/20/33 | 7685000 | 212786 |
|  Republic of Angola<br>9.244%, 1/15/31§ | $545000 | 531375 |
|  Republic of Turkiye<br>36.000%, 8/12/26 | 8695000 | 203836 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Government Securities** |  | 3630750 |
|  **U.S. Treasury Obligations (7.9%)** | **U.S. Treasury Obligations (7.9%)** | **U.S. Treasury Obligations (7.9%)** |
|  U.S. Treasury Bonds<br>4.750%, 8/15/55 | $3071000 | 3110347 |
|  U.S. Treasury Notes<br>4.000%, 2/28/30 | 1520000 | 1538759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 2/15/35 | 1475000 | 1537918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 5/15/35 | 202000 | 204620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 8/15/35 | 894000 | 904616 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** |  | 7296260 |
|  **Total Long-Term Debt Securities (59.4%)**<br> *(Cost $53,849,684)* | **Total Long-Term Debt Securities (59.4%)**<br> *(Cost $53,849,684)* | 54906391 |
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (3.2%)** | **Communication Services (3.2%)** | **Communication Services (3.2%)** |
|  ***Diversified Telecommunication Services (0.4%)*** | ***Diversified Telecommunication Services (0.4%)*** | ***Diversified Telecommunication Services (0.4%)*** |
|  AT&T, Inc. | 1339 | 33140 |
|  Elisa OYJ | 1027 | 45268 |
|  Magyar Telekom Telecommunications plc | 8391 | 43995 |
|  Verizon Communications, Inc. | 5215 | 207244 |
|  |  | 329647 |
|  ***Entertainment (0.3%)*** | ***Entertainment (0.3%)*** | ***Entertainment (0.3%)*** |
|  International Games System Co. Ltd. | 863 | 20213 |
|  NetEase, Inc. | 4600 | 128460 |
|  Netflix, Inc.(s)\* | 83 | 92865 |
|  Walt Disney Co. (The) | 319 | 35926 |
|  XD, Inc.(m) | 3373 | 29278 |
|  |  | 306742 |
|  ***Interactive Media & Services (2.2%)*** | ***Interactive Media & Services (2.2%)*** | ***Interactive Media & Services (2.2%)*** |
|  Alphabet, Inc., Class A(s) | 896 | 251946 |
|  Alphabet, Inc., Class C(s) | 4518 | 1273263 |
|  Hello Group, Inc. (ADR) | 4937 | 33522 |
|  Kuaishou Technology(m) | 13200 | 122902 |
|  Meta Platforms, Inc., Class A(s) | 349 | 226274 |
|  Tencent Holdings Ltd. | 1600 | &nbsp;&nbsp;&nbsp;&nbsp;129515 |
|  Weibo Corp. (ADR) | 1010 | 10989 |
|  |  | 2048411 |
|  ***Media (0.2%)*** | ***Media (0.2%)*** | ***Media (0.2%)*** |
|  Comcast Corp., Class A | 5192 | 144519 |
|  Publicis Groupe SA | 666 | 66633 |
|  |  | 211152 |
|  ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** |
|  KDDI Corp. | 5100 | 81459 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 2977411 |
|  **Consumer Discretionary (3.4%)** | **Consumer Discretionary (3.4%)** | **Consumer Discretionary (3.4%)** |
|  ***Automobile Components (0.2%)*** | ***Automobile Components (0.2%)*** | ***Automobile Components (0.2%)*** |
|  Bridgestone Corp. | 2100 | 92170 |
|  Denso Corp. | 5700 | 79946 |
|  Nexteer Automotive Group Ltd. | 15000 | 13011 |
|  Tong Yang Industry Co. Ltd. | 9871 | 31051 |
|  |  | 216178 |
|  ***Automobiles (0.5%)*** | ***Automobiles (0.5%)*** | ***Automobiles (0.5%)*** |
|  Honda Motor Co. Ltd.(x) | 7400 | 74907 |
|  Tesla, Inc.(s)\* | 444 | 202713 |
|  Toyota Motor Corp. | 10900 | 221947 |
|  |  | 499567 |
|  ***Broadline Retail (0.7%)*** | ***Broadline Retail (0.7%)*** | ***Broadline Retail (0.7%)*** |
|  Alibaba Group Holding Ltd. | 7700 | 163601 |
|  Amazon.com, Inc.(s)\* | 1391 | 339710 |
|  Wesfarmers Ltd. | 1763 | 96897 |
|  |  | 600208 |
|  ***Diversified Consumer Services (0.1%)*** | ***Diversified Consumer Services (0.1%)*** | ***Diversified Consumer Services (0.1%)*** |
|  Cogna Educacao SA | 76800 | 53389 |
|  ***Hotels, Restaurants & Leisure (0.6%)*** | ***Hotels, Restaurants & Leisure (0.6%)*** | ***Hotels, Restaurants & Leisure (0.6%)*** |
|  Atour Lifestyle Holdings Ltd. (ADR) | 1332 | 51895 |
|  Booking Holdings, Inc.(s) | 9 | 45699 |
|  DoorDash, Inc., Class A\* | 94 | 23911 |
|  Kangwon Land, Inc. | 3567 | 42261 |
|  McDonald's Corp. | 837 | 249786 |
|  Royal Caribbean Cruises Ltd. | 93 | 26675 |
|  Starbucks Corp. | 1560 | 126157 |
|  Yum! Brands, Inc. | 152 | 21008 |
|  |  | 587392 |
|  ***Household Durables (0.1%)*** | ***Household Durables (0.1%)*** | ***Household Durables (0.1%)*** |
|  Cury Construtora e Incorporadora SA | 8262 | 53673 |
|  PulteGroup, Inc. | 144 | 17261 |
|  TCL Electronics Holdings Ltd. | 32000 | 38010 |
|  |  | 108944 |
|  ***Specialty Retail (0.8%)*** | ***Specialty Retail (0.8%)*** | ***Specialty Retail (0.8%)*** |
|  AutoZone, Inc.\* | 8 | 29396 |
|  C&A MODAS SA, Class A | 5700 | 17164 |
|  CCC SA\* | 781 | 31934 |
|  Home Depot, Inc. (The)(s) | 1148 | 435769 |
|  Industria de Diseno Textil SA(x) | 1280 | 70671 |
|  Lojas Renner SA\* | 12641 | 34775 |
|  Mr Price Group Ltd. | 2672 | 31882 |
|  O'Reilly Automotive, Inc.\* | 310 | 29276 |
|  TJX Cos., Inc. (The) | 287 | 40220 |
|  |  | 721087 |

---

See Notes to Financial Statements.

------

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Textiles, Apparel & Luxury Goods (0.4%)*** | ***Textiles, Apparel & Luxury Goods (0.4%)*** | ***Textiles, Apparel & Luxury Goods (0.4%)*** |
|  LVMH Moet Hennessy Louis Vuitton SE | 304 | $214483 |
|  NIKE, Inc., Class B | 1585 | 102375 |
|  Xtep International Holdings Ltd. | 52099 | 37748 |
|  |  | 354606 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 3141371 |
|  **Consumer Staples (3.5%)** | **Consumer Staples (3.5%)** | **Consumer Staples (3.5%)** |
|  ***Beverages (0.8%)*** | ***Beverages (0.8%)*** | ***Beverages (0.8%)*** |
|  Coca-Cola Co. (The) | 4653 | 320592 |
|  Diageo plc | 3222 | 74073 |
|  Keurig Dr Pepper, Inc. | 2250 | 61110 |
|  PepsiCo, Inc. | 1839 | 268659 |
|  |  | 724434 |
|  ***Consumer Staples Distribution & Retail (0.5%)*** | ***Consumer Staples Distribution & Retail (0.5%)*** | ***Consumer Staples Distribution & Retail (0.5%)*** |
|  Costco Wholesale Corp.(s) | 78 | 71093 |
|  Koninklijke Ahold Delhaize NV | 2086 | 85381 |
|  Kroger Co. (The) | 801 | 50968 |
|  Target Corp. | 615 | 57023 |
|  Tesco plc | 12180 | 73508 |
|  Walmart, Inc.(s) | 739 | 74772 |
|  |  | 412745 |
|  ***Food Products (0.7%)*** | ***Food Products (0.7%)*** | ***Food Products (0.7%)*** |
|  AVI Ltd. | 5665 | 31531 |
|  Danone SA | 1262 | 111542 |
|  General Mills, Inc. | 601 | 28013 |
|  Mondelez International, Inc., Class A | 1627 | 93487 |
|  Nestle SA (Registered) | 2862 | 273415 |
|  Samyang Foods Co. Ltd. | 40 | 37845 |
|  Tiger Brands Ltd. | 2625 | 49722 |
|  |  | 625555 |
|  ***Household Products (0.7%)*** | ***Household Products (0.7%)*** | ***Household Products (0.7%)*** |
|  Colgate-Palmolive Co. | 1010 | 77820 |
|  Kimberly-Clark Corp. | 663 | 79368 |
|  Procter & Gamble Co. (The)(s) | 2580 | 387955 |
|  Reckitt Benckiser Group plc | 1137 | 86872 |
|  |  | 632015 |
|  ***Personal Care Products (0.2%)*** | ***Personal Care Products (0.2%)*** | ***Personal Care Products (0.2%)*** |
|  APR Corp.\* | 141 | 25236 |
|  Kenvue, Inc. | 2561 | 36802 |
|  Unilever plc | 2706 | 163133 |
|  |  | 225171 |
|  ***Tobacco (0.6%)*** | ***Tobacco (0.6%)*** | ***Tobacco (0.6%)*** |
|  Altria Group, Inc. | 2418 | 136327 |
|  British American Tobacco plc | 2458 | 126063 |
|  Imperial Brands plc | 1656 | 65809 |
|  Philip Morris International, Inc. | 1853 | 267443 |
|  |  | 595642 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 3215562 |
|  **Energy (1.9%)** | **Energy (1.9%)** | **Energy (1.9%)** |
|  ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** |
|  SLB Ltd. | 3313 | 119467 |
|  ***Oil, Gas & Consumable Fuels (1.8%)*** | ***Oil, Gas & Consumable Fuels (1.8%)*** | ***Oil, Gas & Consumable Fuels (1.8%)*** |
|  Chevron Corp. | 1966 | 310078 |
|  ConocoPhillips | 2170 | 192826 |
|  Coterra Energy, Inc. | 3098 | 73299 |
|  EOG Resources, Inc. | 200 | 21168 |
|  Exxon Mobil Corp.(s) | 4874 | 557391 |
|  Kinder Morgan, Inc. | 2531 | 66287 |
|  Occidental Petroleum Corp. | 877 | 36132 |
|  ONEOK, Inc. | 901 | 60367 |
|  Repsol SA | 4459 | 81592 |
|  Suncor Energy, Inc. | 2100 | 83623 |
|  TotalEnergies SE | 2402 | 149369 |
|  |  | 1632132 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 1751599 |
|  **Financials (4.3%)** | **Financials (4.3%)** | **Financials (4.3%)** |
|  ***Banks (1.1%)*** | ***Banks (1.1%)*** | ***Banks (1.1%)*** |
|  Alior Bank SA | 1566 | 43613 |
|  Banco del Bajio SA(m) | 9909 | 25287 |
|  Bank of America Corp.(s) | 952 | 50884 |
|  BNK Financial Group, Inc. | 4130 | 40032 |
|  Citigroup, Inc. | 380 | 38467 |
|  DBS Group Holdings Ltd. | 2800 | 116014 |
|  iM Financial Group Co. Ltd. | 2406 | 22342 |
|  JB Financial Group Co. Ltd. | 2494 | 39298 |
|  JPMorgan Chase & Co.(s) | 386 | 120092 |
|  Oversea-Chinese Banking Corp. Ltd. | 6600 | 86354 |
|  PNC Financial Services Group, Inc. (The) | 752 | 137278 |
|  Regional SAB de CV | 3700 | 27412 |
|  Truist Financial Corp. | 480 | 21422 |
|  United Overseas Bank Ltd. | 2800 | 74582 |
|  US Bancorp | 2866 | 133785 |
|  Wells Fargo & Co. | 490 | 42615 |
|  |  | 1019477 |
|  ***Capital Markets (1.2%)*** | ***Capital Markets (1.2%)*** | ***Capital Markets (1.2%)*** |
|  Bank of New York Mellon Corp. (The) | 1079 | 116456 |
|  BlackRock, Inc. | 192 | 207900 |
|  Blackstone, Inc. | 1040 | 152506 |
|  Charles Schwab Corp. (The) | 307 | 29018 |
|  CME Group, Inc. | 468 | 124249 |
|  Goldman Sachs Group, Inc. (The)(s) | 68 | 53677 |
|  Hong Kong Exchanges & Clearing Ltd. | 1600 | 87222 |
|  Intercontinental Exchange, Inc. | 147 | 21505 |
|  Is Yatirim Menkul Degerler A/S | 19609 | 20498 |
|  KIWOOM Securities Co. Ltd. | 261 | 54407 |
|  KKR & Co., Inc. | 208 | 24613 |
|  Morgan Stanley | 244 | 40016 |
|  Northern Trust Corp. | 638 | 82091 |
|  S&P Global, Inc. | 63 | 30694 |
|  Samsung Securities Co. Ltd. | 929 | 50403 |
|  Up Fintech Holding Ltd. (ADR)\* | 1541 | 16612 |
|  |  | 1111867 |
|  ***Consumer Finance (0.1%)*** | ***Consumer Finance (0.1%)*** | ***Consumer Finance (0.1%)*** |
|  American Express Co. | 109 | 39320 |
|  Capital One Financial Corp. | 163 | 35858 |
|  FinVolution Group (ADR) | 4277 | 26132 |
|  Synchrony Financial | 436 | 32430 |
|  |  | 133740 |

---

See Notes to Financial Statements.

------

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Financial Services (0.3%)*** | ***Financial Services (0.3%)*** | ***Financial Services (0.3%)*** |
|  Berkshire Hathaway, Inc., Class B(s)\* | 267 | $127503 |
|  Mastercard, Inc., Class A(s) | 117 | 64583 |
|  Visa, Inc., Class A(s) | 250 | 85185 |
|  |  | 277271 |
|  ***Insurance (1.6%)*** | ***Insurance (1.6%)*** | ***Insurance (1.6%)*** |
|  Aflac, Inc. | 912 | 97757 |
|  Allianz SE (Registered) | 484 | 194255 |
|  Anadolu Anonim Turk Sigorta Sirketi | 71640 | 39488 |
|  AXA SA | 2314 | 100368 |
|  Chubb Ltd. | 133 | 36833 |
|  Loews Corp.(s) | 443 | 44105 |
|  Manulife Financial Corp. | 2900 | 93851 |
|  Marsh & McLennan Cos., Inc. | 161 | 28682 |
|  Momentum Group Ltd. | 25124 | 48401 |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 178 | 110054 |
|  Ping An Insurance Group Co. of China Ltd., Class H | 17500 | 126455 |
|  Progressive Corp. (The) | 127 | 26162 |
|  QBE Insurance Group Ltd. | 3625 | 47057 |
|  Sun Life Financial, Inc. | 1200 | 72990 |
|  Suncorp Group Ltd. | 4373 | 56138 |
|  Swiss Re AG | 459 | 83615 |
|  Tokio Marine Holdings, Inc. | 2400 | 90045 |
|  Turkiye Sigorta A/S | 42206 | 12395 |
|  Zurich Insurance Group AG | 186 | 129200 |
|  |  | 1437851 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 3980206 |
|  **Health Care (4.2%)** | **Health Care (4.2%)** | **Health Care (4.2%)** |
|  ***Biotechnology (0.8%)*** | ***Biotechnology (0.8%)*** | ***Biotechnology (0.8%)*** |
|  3SBio, Inc.(m) | 10811 | 42851 |
|  AbbVie, Inc.(s) | 2016 | 439569 |
|  Amgen, Inc. | 664 | 198158 |
|  Gilead Sciences, Inc. | 234 | 28031 |
|  Hugel, Inc.\* | 56 | 10298 |
|  PharmaResearch Co. Ltd. | 58 | 22023 |
|  Seegene, Inc. | 1764 | 31324 |
|  Vertex Pharmaceuticals, Inc.\* | 49 | 20853 |
|  |  | 793107 |
|  ***Health Care Equipment & Supplies (0.4%)*** | ***Health Care Equipment & Supplies (0.4%)*** | ***Health Care Equipment & Supplies (0.4%)*** |
|  Abbott Laboratories | 319 | 39435 |
|  Becton Dickinson & Co. | 378 | 67552 |
|  Boston Scientific Corp.(s)\* | 501 | 50461 |
|  Hologic, Inc.\* | 391 | 28899 |
|  Intuitive Surgical, Inc.\* | 73 | 39002 |
|  Medtronic plc | 1358 | 123171 |
|  MicroPort NeuroScientific Corp. | 6000 | 9150 |
|  Zimmer Biomet Holdings, Inc. | 251 | 25240 |
|  |  | 382910 |
|  ***Health Care Providers & Services (0.7%)*** | ***Health Care Providers & Services (0.7%)*** | ***Health Care Providers & Services (0.7%)*** |
|  Cigna Group (The) | 77 | 18820 |
|  CVS Health Corp. | 1344 | 105034 |
|  Elevance Health, Inc. | 62 | 19666 |
|  Genertec Universal Medical Group Co. Ltd.(m) | 29179 | 23244 |
|  KPJ Healthcare Bhd. | 66400 | 45028 |
|  McKesson Corp. | 42 | 34076 |
|  UnitedHealth Group, Inc.(s) | 1072 | 366152 |
|  |  | 612020 |
|  ***Life Sciences Tools & Services (0.1%)*** | ***Life Sciences Tools & Services (0.1%)*** | ***Life Sciences Tools & Services (0.1%)*** |
|  Danaher Corp. | 134 | 28861 |
|  Thermo Fisher Scientific, Inc. | 77 | 43689 |
|  |  | 72550 |
|  ***Pharmaceuticals (2.2%)*** | ***Pharmaceuticals (2.2%)*** | ***Pharmaceuticals (2.2%)*** |
|  AstraZeneca plc | 1600 | 262109 |
|  Bristol-Myers Squibb Co. | 408 | 18797 |
|  Consun Pharmaceutical Group Ltd. | 20000 | 38684 |
|  Eli Lilly & Co.(s) | 116 | 100092 |
|  Johnson & Johnson(s) | 2624 | 495595 |
|  Merck & Co., Inc. | 2977 | 255962 |
|  Novartis AG (Registered) | 2021 | 249301 |
|  Pfizer, Inc. | 7374 | 181769 |
|  Roche Holding AG | 770 | 247720 |
|  Sanofi SA | 1353 | 136615 |
|  Simcere Pharmaceutical Group Ltd.(m) | 24406 | 38821 |
|  Zoetis, Inc. | 117 | 16859 |
|  |  | 2042324 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 3902911 |
|  **Industrials (3.5%)** | **Industrials (3.5%)** | **Industrials (3.5%)** |
|  ***Aerospace & Defense (0.5%)*** | ***Aerospace & Defense (0.5%)*** | ***Aerospace & Defense (0.5%)*** |
|  BAE Systems plc | 3440 | 84553 |
|  Boeing Co. (The)\* | 141 | 28344 |
|  Embraer SA | 3442 | 55712 |
|  GE Aerospace(s) | 184 | 56847 |
|  General Dynamics Corp. | 93 | 32076 |
|  Lockheed Martin Corp. | 286 | 140677 |
|  RTX Corp. | 274 | 48909 |
|  |  | 447118 |
|  ***Air Freight & Logistics (0.2%)*** | ***Air Freight & Logistics (0.2%)*** | ***Air Freight & Logistics (0.2%)*** |
|  CH Robinson Worldwide, Inc. | 191 | 29412 |
|  Deutsche Post AG | 1762 | 80832 |
|  United Parcel Service, Inc., Class B | 866 | 83500 |
|  |  | 193744 |
|  ***Building Products (0.1%)*** | ***Building Products (0.1%)*** | ***Building Products (0.1%)*** |
|  A.O. Smith Corp. | 362 | 23888 |
|  Cie de Saint-Gobain SA | 809 | 78386 |
|  |  | 102274 |
|  ***Commercial Services & Supplies (0.1%)*** | ***Commercial Services & Supplies (0.1%)*** | ***Commercial Services & Supplies (0.1%)*** |
|  KEPCO Plant Service & Engineering Co. Ltd. | 1072 | 38147 |
|  Veralto Corp. | 214 | 21118 |
|  Waste Management, Inc. | 137 | 27368 |
|  |  | 86633 |
|  ***Construction & Engineering (0.4%)*** | ***Construction & Engineering (0.4%)*** | ***Construction & Engineering (0.4%)*** |
|  Acter Group Corp. Ltd. | 1701 | 42607 |
|  Quanta Services, Inc. | 61 | 27397 |
|  Samsung E&A Co. Ltd. | 2251 | 40999 |
|  Sunway Construction Group Bhd. | 31900 | 44788 |
|  United Integrated Services Co. Ltd. | 2000 | 56082 |
|  Vinci SA | 737 | 98457 |

---

See Notes to Financial Statements.

------

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Yankey Engineering Co. Ltd. | 3000 | $| 44891 |
|  |  |  | 355221 |
|  ***Electrical Equipment (0.1%)*** | ***Electrical Equipment (0.1%)*** | ***Electrical Equipment (0.1%)*** | ***Electrical Equipment (0.1%)*** |
|  Cheryong Electric Co. Ltd. | 425 |  | 11604 |
|  Eaton Corp. plc | 65 |  | 24801 |
|  GE Vernova, Inc. | 60 |  | 35108 |
|  Harbin Electric Co. Ltd., Class H | 28000 |  | 46015 |
|  |  |  | 117528 |
|  ***Ground Transportation (0.4%)*** | ***Ground Transportation (0.4%)*** | ***Ground Transportation (0.4%)*** | ***Ground Transportation (0.4%)*** |
|  Canadian National Railway Co. | 900 |  | 86301 |
|  Norfolk Southern Corp. | 299 |  | 84731 |
|  Uber Technologies, Inc.\* | 380 |  | 36670 |
|  Union Pacific Corp. | 790 |  | 174092 |
|  |  |  | 381794 |
|  ***Industrial Conglomerates (0.4%)*** | ***Industrial Conglomerates (0.4%)*** | ***Industrial Conglomerates (0.4%)*** | ***Industrial Conglomerates (0.4%)*** |
|  3M Co. | 151 |  | 25142 |
|  CJ Corp. | 373 |  | 44689 |
|  Hanwha Corp. | 214 |  | 14359 |
|  Honeywell International, Inc. | 139 |  | 27985 |
|  Siemens AG (Registered) | 877 |  | 248220 |
|  |  |  | 360395 |
|  ***Machinery (0.8%)*** | ***Machinery (0.8%)*** | ***Machinery (0.8%)*** | ***Machinery (0.8%)*** |
|  Caterpillar, Inc.(s) | 92 |  | 53108 |
|  Cummins, Inc. | 238 |  | 104168 |
|  Deere & Co. | 62 |  | 28621 |
|  FANUC Corp. | 2200 |  | 70078 |
|  First Tractor Co. Ltd., Class H(x) | 14000 |  | 14107 |
|  HD Hyundai MIPO | 203 |  | 34409 |
|  Hyundai Elevator Co. Ltd. | 666 |  | 35386 |
|  Hyundai Rotem Co. Ltd. | 300 |  | 48535 |
|  IDEX Corp. | 147 |  | 25205 |
|  Illinois Tool Works, Inc. | 430 |  | 104885 |
|  Lonking Holdings Ltd. | 120000 |  | 47873 |
|  Marcopolo SA (Preference)(q) | 30279 |  | 44631 |
|  Otis Worldwide Corp. | 258 |  | 23932 |
|  PACCAR, Inc. | 807 |  | 79409 |
|  Sunonwealth Electric Machine Industry Co. Ltd. | 10537 |  | 51758 |
|  |  |  | 766105 |
|  ***Professional Services (0.1%)*** | ***Professional Services (0.1%)*** | ***Professional Services (0.1%)*** | ***Professional Services (0.1%)*** |
|  Benefit Systems SA\* | 50 |  | 42445 |
|  Paychex, Inc. | 496 |  | 58047 |
|  |  |  | 100492 |
|  ***Trading Companies & Distributors (0.4%)*** | ***Trading Companies & Distributors (0.4%)*** | ***Trading Companies & Distributors (0.4%)*** | ***Trading Companies & Distributors (0.4%)*** |
|  Fastenal Co. | 1670 |  | 68721 |
|  ITOCHU Corp. | 1800 |  | 104314 |
|  Mitsui & Co. Ltd. | 4400 |  | 108551 |
|  United Rentals, Inc. | 29 |  | 25264 |
|  W.W. Grainger, Inc. | 21 |  | 20559 |
|  |  |  | 327409 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 3238713 |
|  **Information Technology (5.4%)** | **Information Technology (5.4%)** | **Information Technology (5.4%)** | **Information Technology (5.4%)** |
|  ***Communications Equipment (0.5%)*** | ***Communications Equipment (0.5%)*** | ***Communications Equipment (0.5%)*** | ***Communications Equipment (0.5%)*** |
|  Arcadyan Technology Corp. | 5286 |  | 34648 |
|  Arista Networks, Inc.\* | 262 |  | 41315 |
|  Cisco Systems, Inc.(s) | 4860 |  | 355315 |
|  |  |  | 431278 |
|  ***Electronic Equipment, Instruments & Components (0.5%)*** | ***Electronic Equipment, Instruments & Components (0.5%)*** | ***Electronic Equipment, Instruments & Components (0.5%)*** | ***Electronic Equipment, Instruments & Components (0.5%)*** |
|  Amphenol Corp., Class A(s) | 374 |  | 52113 |
|  Asia Optical Co., Inc. | 3711 |  | 18953 |
|  Channel Well Technology Co. Ltd. | 15000 |  | 37718 |
|  Corning, Inc. | 1810 |  | 161235 |
|  Dynapack International Technology Corp. | 3300 |  | 32956 |
|  Posiflex Technology, Inc. | 4000 |  | 28236 |
|  Primax Electronics Ltd. | 14808 |  | 39981 |
|  Q Technology Group Co. Ltd.(m) | 11000 |  | 19804 |
|  Taiwan Surface Mounting Technology Corp. | 10340 |  | 37000 |
|  Tripod Technology Corp. | 5181 |  | 57555 |
|  |  |  | 485551 |
|  ***IT Services (0.4%)*** | ***IT Services (0.4%)*** | ***IT Services (0.4%)*** | ***IT Services (0.4%)*** |
|  Accenture plc, Class A(s) | 133 |  | 33263 |
|  International Business Machines Corp. | 1105 |  | 339688 |
|  |  |  | 372951 |
|  ***Semiconductors & Semiconductor Equipment (2.4%)*** | ***Semiconductors & Semiconductor Equipment (2.4%)*** | ***Semiconductors & Semiconductor Equipment (2.4%)*** | ***Semiconductors & Semiconductor Equipment (2.4%)*** |
|  Advanced Micro Devices, Inc.(s)\* | 321 |  | 82214 |
|  Applied Materials, Inc.(s) | 145 |  | 33799 |
|  ASPEED Technology, Inc. | 300 |  | 53381 |
|  Broadcom, Inc.(s) | 715 |  | 264285 |
|  DB HiTek Co. Ltd. | 337 |  | 13908 |
|  Elan Microelectronics Corp. | 9578 |  | 38635 |
|  Everlight Electronics Co. Ltd. | 15895 |  | 30300 |
|  Foxsemicon Integrated Technology, Inc. | 3946 |  | 47623 |
|  KLA Corp. | 28 |  | 33845 |
|  Lam Research Corp.(s) | 323 |  | 50860 |
|  NVIDIA Corp.(s) | 3867 |  | 783029 |
|  Pixart Imaging, Inc. | 6005 |  | 45319 |
|  QUALCOMM, Inc. | 1411 |  | 255250 |
|  Radiant Opto-Electronics Corp. | 7405 |  | 31797 |
|  Sigurd Microelectronics Corp. | 16106 |  | 54750 |
|  Sitronix Technology Corp. | 3937 |  | 25678 |
|  Texas Instruments, Inc. | 1158 |  | 186971 |
|  Tokyo Electron Ltd. | 700 |  | 155253 |
|  |  |  | 2186897 |
|  ***Software (1.1%)*** | ***Software (1.1%)*** | ***Software (1.1%)*** | ***Software (1.1%)*** |
|  Adobe, Inc.\* | 76 |  | 25864 |
|  Crowdstrike Holdings, Inc., Class A\* | 55 |  | 29866 |
|  Intuit, Inc. | 48 |  | 32042 |
|  Microsoft Corp.(s) | 1132 |  | 586161 |
|  Oracle Corp.(s) | 251 |  | 65915 |
|  Palantir Technologies, Inc., Class A(s)\* | 353 |  | 70766 |
|  Palo Alto Networks, Inc.\* | 137 |  | 30173 |
|  Roper Technologies, Inc. | 48 |  | 21415 |
|  Salesforce, Inc. | 167 |  | 43488 |
|  ServiceNow, Inc.\* | 41 |  | 37691 |
|  Synopsys, Inc.\* | 48 |  | 21783 |
|  Tuya, Inc. (ADR) | 6014 |  | 13712 |
|  |  |  | 978876 |

---

See Notes to Financial Statements.

------

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Technology Hardware, Storage & Peripherals (0.5%)*** | ***Technology Hardware, Storage & Peripherals (0.5%)*** | ***Technology Hardware, Storage & Peripherals (0.5%)*** |
|  Apple, Inc.(s) | 1640 | $443407 |
|  Chicony Electronics Co. Ltd. | 7918 | 33484 |
|  Getac Holdings Corp. | 7405 | 33242 |
|  |  | 510133 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 4965686 |
|  **Materials (1.4%)** | **Materials (1.4%)** | **Materials (1.4%)** |
|  ***Chemicals (0.4%)*** | ***Chemicals (0.4%)*** | ***Chemicals (0.4%)*** |
|  Air Products and Chemicals, Inc. | 367 | 89031 |
|  Eastman Chemical Co. | 349 | 20772 |
|  Han Kuk Carbon Co. Ltd. | 1894 | 48654 |
|  Linde plc | 90 | 37647 |
|  Nutrien Ltd. | 900 | 49019 |
|  Shin-Etsu Chemical Co. Ltd. | 3000 | 90617 |
|  Sinofert Holdings Ltd. | 130528 | 25533 |
|  Solstice Advanced Materials, Inc.\* | 35 | 1566 |
|  |  | 362839 |
|  ***Construction Materials (0.1%)*** | ***Construction Materials (0.1%)*** | ***Construction Materials (0.1%)*** |
|  Holcim AG | 890 | 78897 |
|  Titan SA | 438 | 19639 |
|  |  | 98536 |
|  ***Containers & Packaging (0.0%)†*** | ***Containers & Packaging (0.0%)†*** | ***Containers & Packaging (0.0%)†*** |
|  Avery Dennison Corp. | 207 | 36202 |
|  ***Metals & Mining (0.7%)*** | ***Metals & Mining (0.7%)*** | ***Metals & Mining (0.7%)*** |
|  Aneka Tambang Tbk. | 226900 | 42297 |
|  Bradespar SA (Preference)(q) | 14300 | 49306 |
|  China Gold International Resources Corp. Ltd. | 2900 | 49039 |
|  China Nonferrous Mining Corp. Ltd. | 23000 | 42475 |
|  Newmont Corp. | 5255 | 425497 |
|  Northern Star Resources Ltd. | 3923 | 63169 |
|  |  | 671783 |
|  ***Paper & Forest Products (0.2%)*** | ***Paper & Forest Products (0.2%)*** | ***Paper & Forest Products (0.2%)*** |
|  Holmen AB, Class B | 1996 | 75468 |
|  UPM-Kymmene OYJ | 2250 | 60376 |
|  |  | 135844 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 1305204 |
|  **Real Estate (1.7%)** | **Real Estate (1.7%)** | **Real Estate (1.7%)** |
|  ***Diversified REITs (0.0%)†*** | ***Diversified REITs (0.0%)†*** | ***Diversified REITs (0.0%)†*** |
|  Sekisui House REIT, Inc. (REIT) | 47 | 24185 |
|  ***Health Care REITs (0.3%)*** | ***Health Care REITs (0.3%)*** | ***Health Care REITs (0.3%)*** |
|  Alexandria Real Estate Equities, Inc. (REIT) | 295 | 17175 |
|  American Healthcare REIT, Inc. (REIT) | 761 | 34488 |
|  CareTrust REIT, Inc. (REIT) | 944 | 32710 |
|  Healthpeak Properties, Inc. (REIT) | 3178 | 57045 |
|  National Health Investors, Inc. (REIT) | 269 | 20043 |
|  Omega Healthcare Investors, Inc. (REIT) | 786 | 33036 |
|  Ventas, Inc. (REIT) | 651 | 48037 |
|  Welltower, Inc. (REIT) | 58 | 10500 |
|  |  | 253034 |
|  ***Hotel & Resort REITs (0.1%)*** | ***Hotel & Resort REITs (0.1%)*** | ***Hotel & Resort REITs (0.1%)*** |
|  Host Hotels & Resorts, Inc. (REIT) | 1232 | 19737 |
|  Japan Hotel REIT Investment Corp. (REIT) | 45 | 26221 |
|  Summit Hotel Properties, Inc. (REIT) | 4544 | 23356 |
|  |  | 69314 |
|  ***Industrial REITs (0.2%)*** | ***Industrial REITs (0.2%)*** | ***Industrial REITs (0.2%)*** |
|  First Industrial Realty Trust, Inc. (REIT) | 566 | 31289 |
|  Goodman Group (REIT) | 254 | 5489 |
|  Mitsubishi Estate Logistics REIT Investment Corp. (REIT) | 32 | 25623 |
|  Montea NV (REIT) | 323 | 26061 |
|  Prologis, Inc. (REIT) | 377 | 46782 |
|  Warehouses De Pauw CVA (REIT) | 920 | 23351 |
|  |  | 158595 |
|  ***Office REITs (0.1%)*** | ***Office REITs (0.1%)*** | ***Office REITs (0.1%)*** |
|  BXP, Inc. (REIT) | 285 | 20289 |
|  Global One Real Estate Investment Corp. (REIT) | 26 | 23907 |
|  Japan Prime Realty Investment Corp. (REIT) | 4 | 2720 |
|  Japan Real Estate Investment Corp. (REIT) | 30 | 24742 |
|  Orix JREIT, Inc. (REIT) | 38 | 25718 |
|  |  | 97376 |
|  ***Real Estate Management & Development (0.5%)*** | ***Real Estate Management & Development (0.5%)*** | ***Real Estate Management & Development (0.5%)*** |
|  Azrieli Group Ltd. | 276 | 29058 |
|  Capitaland India Trust | 28100 | 26122 |
|  CK Asset Holdings Ltd. | 6600 | 32649 |
|  Daito Trust Construction Co. Ltd. | 1500 | 27998 |
|  Daiwa House Industry Co. Ltd. | 2800 | 95078 |
|  Greentown China Holdings Ltd.(x) | 16000 | 17090 |
|  Howard Hughes Holdings, Inc.\* | 297 | 23546 |
|  International Workplace Group plc | 8821 | 26236 |
|  Landbridge Co. LLC, Class A(x) | 48 | 2840 |
|  Multiplan Empreendimentos Imobiliarios SA\* | 9179 | 46970 |
|  Poly Property Services Co. Ltd., Class H(m) | 10386 | 44829 |
|  Sirius Real Estate Ltd. (REIT) | 18012 | 23627 |
|  Sun Hung Kai Properties Ltd. | 3000 | 36465 |
|  UOL Group Ltd. | 5300 | 32372 |
|  |  | 464880 |
|  ***Residential REITs (0.0%)†*** | ***Residential REITs (0.0%)†*** | ***Residential REITs (0.0%)†*** |
|  Camden Property Trust (REIT) | 311 | 30938 |
|  Centerspace (REIT) | 407 | 24115 |
|  Ingenia Communities Group (REIT) | 2550 | 9377 |
|  |  | 64430 |
|  ***Retail REITs (0.2%)*** | ***Retail REITs (0.2%)*** | ***Retail REITs (0.2%)*** |
|  Brixmor Property Group, Inc. (REIT) | 93 | 2433 |
|  CBL & Associates Properties, Inc. (REIT) | 861 | 25460 |
|  Federal Realty Investment Trust (REIT) | 339 | 32608 |
|  InvenTrust Properties Corp. (REIT) | 902 | 24715 |
|  Klepierre SA (REIT) | 63 | 2406 |
|  NETSTREIT Corp. (REIT)(x) | 139 | 2588 |
|  NNN REIT, Inc. (REIT) | 701 | 28362 |
|  Phillips Edison & Co., Inc. (REIT) | 734 | 24839 |
|  Regency Centers Corp. (REIT) | 462 | 31855 |
|  Tanger, Inc. (REIT) | 796 | 25918 |
|  |  | 201184 |

---

See Notes to Financial Statements.

------

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Specialized REITs (0.3%)*** | ***Specialized REITs (0.3%)*** | ***Specialized REITs (0.3%)*** |
|  EPR Properties (REIT) | 503 | $24657 |
|  Equinix, Inc. (REIT) | 94 | 79525 |
|  Iron Mountain, Inc. (REIT) | 425 | 43754 |
|  Keppel DC REIT (REIT) | 14600 | 26808 |
|  Lamar Advertising Co. (REIT), Class A | 252 | 29885 |
|  National Storage REIT (REIT) | 16292 | 24518 |
|  Outfront Media, Inc. (REIT) | 1478 | 26146 |
|  Safestore Holdings plc (REIT) | 2238 | 21021 |
|  |  | 276314 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 1609312 |
|  **Utilities (1.5%)** | **Utilities (1.5%)** | **Utilities (1.5%)** |
|  ***Electric Utilities (0.9%)*** | ***Electric Utilities (0.9%)*** | ***Electric Utilities (0.9%)*** |
|  Alliant Energy Corp. | 643 | 42965 |
|  American Electric Power Co., Inc. | 749 | 90075 |
|  Constellation Energy Corp. | 63 | 23751 |
|  Duke Energy Corp. | 1110 | 137973 |
|  Iberdrola SA | 6743 | 136521 |
|  NextEra Energy, Inc. | 2574 | 209523 |
|  Southern Co. (The) | 319 | 29999 |
|  Tauron Polska Energia SA\* | 19262 | 52158 |
|  Xcel Energy, Inc. | 905 | 73459 |
|  |  | 796424 |
|  ***Gas Utilities (0.0%)†*** | ***Gas Utilities (0.0%)†*** | ***Gas Utilities (0.0%)†*** |
|  Perusahaan Gas Negara Tbk. PT | 322400 | 33733 |
|  ***Independent Power and Renewable Electricity Producers (0.0%)†*** | ***Independent Power and Renewable Electricity Producers (0.0%)†*** | ***Independent Power and Renewable Electricity Producers (0.0%)†*** |
|  Vistra Corp. | 110 | 20713 |
|  ***Multi-Utilities (0.5%)*** | ***Multi-Utilities (0.5%)*** | ***Multi-Utilities (0.5%)*** |
|  Ameren Corp. | 683 | 69680 |
|  Consolidated Edison, Inc. | 671 | 65362 |
|  National Grid plc | 6510 | 97495 |
|  Public Service Enterprise Group, Inc. | 760 | 61226 |
|  Sempra | 932 | 85688 |
|  WEC Energy Group, Inc. | 658 | 73518 |
|  |  | 452969 |
|  ***Water Utilities (0.1%)*** | ***Water Utilities (0.1%)*** | ***Water Utilities (0.1%)*** |
|  Cia de Saneamento de Minas Gerais Copasa MG | 5051 | 35357 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 1339196 |
|  **Total Common Stocks (34.0%)**<br> *(Cost $29,030,299)* |  | 31427171 |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |
|  **Equity (4.9%)** | **Equity (4.9%)** | **Equity (4.9%)** |
|  Invesco Nasdaq 100 ETF | 7430 | 1924073 |
|  iShares MSCI India ETF | 12641 | 682235 |
|  iShares MSCI India Small-Cap ETF | 14894 | 1097688 |
|  Vanguard Mid-Cap ETF | 3030 | 881457 |
|  **Total Exchange Traded Funds (4.9%)**<br> *(Cost $4,420,760)* | **Total Exchange Traded Funds (4.9%)**<br> *(Cost $4,420,760)* | 4585453 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (1.6%)** | **Investment Companies (1.6%)** |  |
|  Invesco Government & Agency Portfolio, Institutional Shares 4.02% (7 day yield) (xx) | 1465954 | 1465954 |
|  **Total Short-Term Investments (1.6%)**<br> *(Cost $1,465,954)* | **Total Short-Term Investments (1.6%)**<br> *(Cost $1,465,954)* | 1465954 |
|  | **Number of<br>Contracts** | **Value<br>(Note 1)** |
|  OPTIONS PURCHASED: |  |  |
|  **Put Options Purchased (0.0%)†** | **Put Options Purchased (0.0%)†** | **Put Options Purchased (0.0%)†** |
|  ***Index Funds (0.0%)†*** | ***Index Funds (0.0%)†*** | ***Index Funds (0.0%)†*** |
|  S&P 500 Index 11/21/2025 at USD 6,225.00, European Style <br>Notional Amount: USD 600 <br>Exchange Traded\* | 6 | 3924 |
|  S&P 500 Index 11/21/2025 at USD 6,250.00, European Style <br>Notional Amount: USD 600 <br>Exchange Traded\* | 6 | 4980 |
|  **Total Options Purchased (0.0%)†**<br> *(Cost $152,856)* |  | 8904 |
|  **Total Investments in Securities (99.9%)**<br> *(Cost $88,919,553)* | **Total Investments in Securities (99.9%)**<br> *(Cost $88,919,553)* | 92393873 |
|  **Other Assets Less Liabilities (0.1%)** | **Other Assets Less Liabilities (0.1%)** | 56533 |
|  **Net Assets (100%)** |  | $92450406 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

---

| | |
|:---|:---|
| *§* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At October 31, 2025, the market value of these securities amounted to $32,604,984 or 35.3% of net assets.*  |

---

*(e)* *Step Bond - Coupon rate increases or decreases in increments to maturity. Rate disclosed is as of October 31, 2025. Maturity date disclosed is the ultimate maturity date.* 

*(k)* *Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of October 31, 2025.* 

*(l)* *Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of October 31, 2025.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At October 31, 2025, the market value or fair value, as applicable, of these securities amounted to $1,197,319 or 1.3% of net assets.* 

*(q)* *Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.* 

*(s)* *All, or a portion of security held by broker as collateral for option contracts, with a total collateral value of $3,655,584.* 

See Notes to Financial Statements.

------

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2025

*(x)* *All or a portion of security is on loan at October 31, 2025.* 

*(y)* *Securities are perpetual and, thus, do not have a predetermined maturity date. The coupon rate for these securities are fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of October 31, 2025.* 

*(xx)* *At October 31, 2025, the Fund had loaned securities with a total value of $1,493,628. This was collateralized by $64,283 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.000%, maturing 11/20/25 – 11/15/51 and by cash of $1,465,954 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*AUD* *— Australian Dollar* 

*CLO* *— Collateralized Loan Obligation* 

*CVA* *— Dutch Certification* 

*ELN* *— Equity-Linked Note* 

*ICE* *— Intercontinental Exchange* 

*ICE IBA* *— ICE Benchmark Administration Limited* 

*MXN* *— Mexican Peso* 

*REIT* *— Real Estate Investment Trust* 

*SOFR* *— Secured Overnight Financing Rate* 

*TRY* *— Turkish Lira* 

*USD* *— United States Dollar* 

*UYU* *— Uruguayan Peso* 

Written Call Options Contracts as of October 31, 2025 (Note 1):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Number of<br>Contracts** | **Notional<br>Amount** | **Notional<br>Amount** | **Exercise<br>Price** | **Exercise<br>Price** | **Expiration<br>Date** | **Value<br>($)** |
|  S&P 500 Index | Exchange Traded | 12 | USD | (1200) | USD | 6635.00 | 11/21/2025 | (304320) |

---

Written Put Options Contracts as of October 31, 2025 (Note 1):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Number of<br>Contracts** | **Notional<br>Amount** | **Notional<br>Amount** | **Exercise Price** | **Exercise Price** | **Expiration<br>Date** | **Value<br>($)** |
|  S&P 500 Index | Exchange Traded | 6 | USD | (600) | USD | 5740.00 | 11/21/2025 | (1530) |
|  S&P 500 Index | Exchange Traded | 6 | USD | (600) | USD | 5770.00 | 11/21/2025 | (1680) |
|  |  |  |  |  |  |  |  | (3210) |
|  Total Written Options Contracts (Premiums Received ($275693)) | Total Written Options Contracts (Premiums Received ($275693)) | Total Written Options Contracts (Premiums Received ($275693)) | Total Written Options Contracts (Premiums Received ($275693)) | Total Written Options Contracts (Premiums Received ($275693)) | Total Written Options Contracts (Premiums Received ($275693)) | Total Written Options Contracts (Premiums Received ($275693)) | Total Written Options Contracts (Premiums Received ($275693)) | (307530) |

---

See Notes to Financial Statements.

------

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2025

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund's assets and liabilities carried at fair value as of October 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Fund's own assumptions<br>in determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Asset-Backed Securities** | $— | $638119 | $— | $638119 |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | 2309688 | 667723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 2977411 |
|  Consumer Discretionary | 1900852 | 1240519 |  | 3141371 |
|  Consumer Staples | 2011432 | 1204130 |  | 3215562 |
|  Energy | 1520638 | 230961 |  | 1751599 |
|  Financials | 2307970 | 1672236 |  | 3980206 |
|  Health Care | 2745743 | 1157168 |  | 3902911 |
|  Industrials | 1706628 | 1532085 |  | 3238713 |
|  Information Technology | 4095465 | 870221 |  | 4965686 |
|  Materials | 709040 | 596164 |  | 1305204 |
|  Real Estate | 925641 | 683671 |  | 1609312 |
|  Utilities | 1019289 | 319907 |  | 1339196 |
|  **Convertible Bonds** |  |  |  |  |
|  Industrials |  | 75950 |  | 75950 |
|  **Corporate Bonds** |  |  |  |  |
|  Communication Services |  | 2648861 |  | 2648861 |
|  Consumer Discretionary |  | 4740321 |  | 4740321 |
|  Consumer Staples |  | 449341 |  | 449341 |
|  Energy |  | 3538641 |  | 3538641 |
|  Financials |  | 12572209 |  | 12572209 |
|  Health Care |  | 554081 |  | 554081 |
|  Industrials |  | 3524991 |  | 3524991 |
|  Information Technology |  | 2481624 |  | 2481624 |
|  Materials |  | 1636673 |  | 1636673 |
|  Real Estate |  | 292765 |  | 292765 |
|  Utilities |  | 2509564 |  | 2509564 |
|  **Equity-Linked Notes** |  | 8316241 |  | 8316241 |
|  **Exchange Traded Funds** | 4585453 |  |  | 4585453 |
|  **Foreign Government Securities** |  | 3630750 |  | 3630750 |
|  **Options Purchased** |  |  |  |  |
|  Put Options Purchased | 8904 |  |  | 8904 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 1465954 |  |  | 1465954 |
|  **U.S. Treasury Obligations** |  | 7296260 |  | 7296260 |
|  **Total Assets** | $**27312697** | $**65081176** | $**—** | $**92393873** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Options Written** |  |  |  |  |
|  Call Options Written | $— | $(304320) | $— | $(304320) |
|  Put Options Written | (1530) | (1680) |  | (3210) |
|  **Total Liabilities** | $**(1530)** | $**(306000)** | $**—** | $**(307530)** |
|  **Total** | $**27311167** | $**64775176** | $**—** | $**92086343** |

---

See Notes to Financial Statements.

------

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2025

Fair Values of Derivative Instruments as of October 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Asset Derivatives** | **Fair Value** |
|  Equity contracts | Receivables, Net assets – Unrealized appreciation | $8904 |
|  **Total** |  | $8904 |
|  | **Liability Derivatives** |  |
|  Equity contracts | Payables, Net assets – Unrealized depreciation | $(307530) |
|  **Total** |  | $(307530) |

---

The Effect of Derivative Instruments on the Statement of Operations for the year ended October 31, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain or (Loss) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Options<br>Written** | **Total** |
|  Equity contracts | $(277489) | $(277489) |
|  **Total** | $(277489) | $(277489) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** | **Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives Contracts^** | **Options<br>Purchased(1)** | **Options<br>Written** | **Total** |
|  Equity contracts | $(143952) | $(205122) | $(349074) |
|  **Total** | $(143952) | $(205122) | $(349074) |

---

(1) Included in Change in unrealized appreciation (depreciation) on investment transactions in the Statement of Operations.

^ The Fund held option contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

---

| | |
|:---|:---|
| **Average Balances of Outstanding Derivative Financial Instruments** | |
|  Options |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average value of option contracts purchased | $61000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average value of option contracts written | 232000 |

---

Investment security transactions for the year ended October 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $149872561 |
|  Long-term U.S. government debt securities | 14386845 |
|  | $164259406 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $138841125 |
|  Long-term U.S. government debt securities | 9376687 |
|  | $148217812 |

---

As of October 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $4225992 |
|  Aggregate gross unrealized depreciation | (1550082) |
|  Net unrealized appreciation | $2675910 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $89410433 |

---

For the period ended October 31, 2025, the Fund incurred approximately $20 as brokerage commissions with Bernstein Institutional Services LLC, an affiliated broker/dealer.

See Notes to Financial Statements.

------

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

#### STATEMENT OF ASSETS AND LIABILITIES

#### October 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x)<br>(Cost $88,919,553) | $92393873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 1497308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $395,897) | 392208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 813390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 451082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Fund shares sold | 351198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid registration and filing fees | 12974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 3075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 5675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 95920783 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 1465954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 1309500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written, at value (Premiums received $275,693) | 307530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and distributions payable | 182316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Fund shares repurchased | 65555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees payable | 12684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 3399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable - Class A | 1284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable - Class R | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 121762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 3470377 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $92450406 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $88820317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 3630089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $92450406 |
|  **Class A** |  |
|  Net asset value and redemption price per share, $6,121,137 / 569,591 shares outstanding (unlimited amount authorized: $0.001 par value) | $10.75 |
|  Maximum sales charge (4.50% of offering price) | 0.51 |
|  Maximum offering price per share | $11.26 |
|  **Class I** |  |
|  Net asset value, offering and redemption price per share, $86,078,224 / 8,001,191 shares outstanding (unlimited amount authorized: $0.001 par value) | $10.76 |
|  **Class R** |  |
|  Net asset value, offering and redemption price per share, $251,045 / 23,381 shares outstanding (unlimited amount authorized: $0.001 par value) | $10.74 |

---

*(x)* *Includes value of securities on loan of $1,493,628.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended October 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest (net of $33,858 foreign withholding tax) | $3115692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $43,137 foreign withholding tax) | 865845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 29612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 4011149 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 522444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 120564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 116100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 107800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 95873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees | 35946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Licensing fees | 29993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 24934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees - Class A | 13558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 2791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees - Class R | 1175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 34023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 1105201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment adviser | (447461) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 657740 |
|  **NET INVESTMENT INCOME (LOSS)** | 3353409 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 4206665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net distributions of realized gain received from underlying funds | 29182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (81400) |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | (277489) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 3876958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (77905) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (306) |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | (205122) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (283333) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 3593625 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $6947034 |

---

See Notes to Financial Statements.

------

#### 1290 FUNDS
1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended October 31,** | **Year Ended October 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $3353409 | $2719265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 3876958 | 1684877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (283333) | 4796971 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 6947034 | 9201113 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (502645) | (267367) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (6847339) | (3098457) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | (20373) | (9496) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (7370357) | (3375320) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 172,479 and 149,459 shares, respectively ] | 1819448 | 1567603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 46,247 and 24,746 shares, respectively ] | 482704 | 259660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (129631) and (172778) shares, respectively ] | (1349141) | (1815861) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class A transactions | 953011 | 11402 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 2,157,127 and 1,735,979 shares, respectively ] | 22706254 | 18401348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 242,398 and 62,355 shares, respectively ] | 2535088 | 663366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (659782) and (358005) shares, respectively ] | (6868886) | (3817026) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class I transactions | 18372456 | 15247688 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 2,125 and 2,847 shares, respectively ] | 22101 | 30001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 991 and 407 shares, respectively ] | 10336 | 4284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (44) and (46) shares, respectively ] | (457) | (496) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class R transactions | 31980 | 33789 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 19357447 | 15292879 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 18934124 | 21118672 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 73516282 | 52397610 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $92450406 | $73516282 |

---

See Notes to Financial Statements.

------

#### 1290 FUNDS
1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| **Class A** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $10.86 | $9.85 | $9.94 | $12.54 | $11.47 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.41 | 0.43 | 0.46 | 0.16 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.47 | 1.13 | 0.10 | (1.46) | 1.91 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.88 | 1.56 | 0.56 | (1.30) | 1.98 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.42) | (0.41) | (0.45) | (0.24) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.57) | (0.14) | (0.20) | (1.06) | (0.79) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.99) | (0.55) | (0.65) | (1.30) | (0.91) |
|  Net asset value, end of year | $10.75 | $10.86 | $9.85 | $9.94 | $12.54 |
|  Total return | 8.62% | 16.13% | 5.53% | (11.35) | 18.12% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $6121 | $5219 | $4717 | $4469 | $5104 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.05% | 1.05% | 1.05% | 1.14 | 1.16 %(k) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.60% | 1.60% | 1.58% | 1.68 | 1.48% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 3.93% | 4.04% | 4.55% | 1.52 | 0.59 %(x) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 3.37% | 3.49% | 4.01% | 0.98 | 0.28 %(x) |
|  Portfolio turnover rate^ | 191% | 136% | 202% | 255 | 106% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class I** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| **Class I** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $10.87 | $9.86 | $9.95 | $12.57 | $11.49 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.44 | 0.45 | 0.49 | 0.18 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.46 | 1.14 | 0.09 | (1.45) | 1.92 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.90 | 1.59 | 0.58 | (1.27) | 2.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.44) | (0.44) | (0.47) | (0.29) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.57) | (0.14) | (0.20) | (1.06) | (0.79) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.01) | (0.58) | (0.67) | (1.35) | (0.94) |
|  Net asset value, end of year | $10.76 | $10.87 | $9.86 | $9.95 | $12.57 |
|  Total return | 8.88% | 16.40% | 5.77% | (11.10) | 18.47% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $86078 | $68077 | $47512 | $46354 | $70007 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.80% | 0.80% | 0.80% | 0.89 | 0.91 %(k) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.36% | 1.36% | 1.33% | 1.40 | 1.23% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 4.19% | 4.28% | 4.80% | 1.66 | 0.85 %(x) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 3.63% | 3.71% | 4.27% | 1.15 | 0.53 %(x) |
|  Portfolio turnover rate^ | 191% | 136% | 202% | 255 | 106% |

---

See Notes to Financial Statements.

------

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

FINANCIAL HIGHLIGHTS (Continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class R** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| **Class R** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $10.85 | $9.84 | $9.94 | $12.51 | $11.44 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.39 | 0.40 | 0.44 | 0.13 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.46 | 1.14 | 0.08 | (1.45) | 1.92 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.85 | 1.54 | 0.52 | (1.32) | 1.96 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.39) | (0.39) | (0.42) | (0.19) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.57) | (0.14) | (0.20) | (1.06) | (0.79) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.96) | (0.53) | (0.62) | (1.25) | (0.89) |
|  Net asset value, end of year | $10.74 | $10.85 | $9.84 | $9.94 | $12.51 |
|  Total return | 8.35% | 15.86% | 5.18% | (11.52) | 17.87% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $251 | $220 | $168 | $168 | $199 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.30% | 1.30% | 1.30% | 1.39 | 1.41 %(k) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.85% | 1.86% | 1.83% | 1.93 | 1.73% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 3.69% | 3.78% | 4.30% | 1.26 | 0.35 %(x) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 3.13% | 3.22% | 3.77% | 0.72 | 0.03 %(x) |
|  Portfolio turnover rate^ | 191% | 136% | 202% | 255 | 106% |

---

*\** *The portfolio turnover rate calculation includes purchase and sales made as a result of the replacement of the sub-adviser.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.17% for Class A, 0.92% for Class I and 1.42% for Class R.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers would be 1.20% for Class A, 0.95% for Class I and 1.45% for Class R.* 

*(x)* *Recognition of net investment income is affected by the timing of dividend declarations by the underlying funds in which the Fund invests.* 

See Notes to Financial Statements.

------

1290 MULTI-ALTERNATIVE STRATEGIES FUND

PORTFOLIO OF INVESTMENTS

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |
|  **Alternatives (25.0%)** | **Alternatives (25.0%)** | **Alternatives (25.0%)** |
|  iMGP DBi Managed Futures Strategy ETF | 100200 | $2842674 |
|  NYLI Merger Arbitrage ETF\* | 97530 | 3491574 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Alternatives** |  | 6334248 |
|  **Commodity (16.1%)** | **Commodity (16.1%)** | **Commodity (16.1%)** |
|  Invesco DB Agriculture Fund | 39360 | 1037923 |
|  Invesco DB Energy Fund | 53210 | 1018189 |
|  Invesco DB Precious Metals Fund | 22030 | 2024542 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Commodity** |  | 4080654 |
|  **Equity (28.6%)** | **Equity (28.6%)** | **Equity (28.6%)** |
|  iShares Core U.S. REIT ETF | 31660 | 1824882 |
|  JPMorgan Equity Premium Income ETF | 40950 | 2329236 |
|  JPMorgan Nasdaq Equity Premium Income ETF(x) | 21350 | 1261785 |
|  Vanguard Global ex-U.S. Real Estate ETF | 38570 | 1818190 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 7234093 |
|  **Fixed Income (29.3%)** | **Fixed Income (29.3%)** | **Fixed Income (29.3%)** |
|  iShares Convertible Bond ETF | 41400 | 4276620 |
|  Vanguard Short-Term Inflation-Protected Securities ETF | 63090 | 3157024 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 7433644 |
|  **Total Exchange Traded Funds (99.0%)**<br> *(Cost $22,397,351)* | **Total Exchange Traded Funds (99.0%)**<br> *(Cost $22,397,351)* | 25082639 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (0.5%)** | **Investment Companies (0.5%)** |  |
|  Invesco Government & Agency Portfolio, Institutional Shares 4.02% (7 day yield) (xx) | 121404 | $121404 |
|  **Total Short-Term Investments (0.5%)**<br> *(Cost $121,404)* | **Total Short-Term Investments (0.5%)**<br> *(Cost $121,404)* | 121404 |
|  **Total Investments in Securities (99.5%)**<br> *(Cost $22,518,755)* | **Total Investments in Securities (99.5%)**<br> *(Cost $22,518,755)* | 25204043 |
|  **Other Assets Less Liabilities (0.5%)** | **Other Assets Less Liabilities (0.5%)** | 126284 |
|  **Net Assets (100%)** |  | $25330327 |

---

*\** *Non-income producing.* 

*(x)* *All or a portion of security is on loan at October 31, 2025.* 

*(xx)* *At October 31, 2025, the Fund had loaned securities with a total value of $1,135,607. This was collateralized by $1,035,157 of various U.S. Government Treasury Securities, ranging from 0.125% – 4.875%, maturing 5/31/26 – 2/15/53 and by cash of $121,404 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*REIT* *— Real Estate Investment Trust* 

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund's assets and liabilities carried at fair value as of October 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Fund's own**<br> **assumptions in**<br> **determining the fair**<br> **value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** |  |
|  **Exchange Traded Funds** |  |  |  |  |
|  Exchange Traded Funds | $25082639 | $— | $— | $25082639 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 121404 |  |  | 121404 |
|  **Total Assets** | $**25204043** | $**—** | $**—** | $**25204043** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**25204043** | $**—** | $**—** | $**25204043** |

---

The Fund held no derivatives contracts during the year ended October 31, 2025.

See Notes to Financial Statements.

------

1290 MULTI-ALTERNATIVE STRATEGIES FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2025

Investment security transactions for the year ended October 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $11371968.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $4419227.0 |

---

As of October 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $2052789 |
|  Aggregate gross unrealized depreciation | (1871) |
|  Net unrealized appreciation | $2050918 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $23153125 |

---

See Notes to Financial Statements.

------

1290 MULTI-ALTERNATIVE STRATEGIES FUND

#### STATEMENT OF ASSETS AND LIABILITIES

#### October 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x)<br>(Cost $22,518,755) | $25204043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 217858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Fund shares sold | 73451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid registration and filing fees | 14874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from investment adviser | 6162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 1012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 25518399 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 121404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees payable | 5075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Fund shares repurchased | 2217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class R | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class A | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 59166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 188072 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $25330327 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $23854324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 1476003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $25330327 |
|  **Class A** |  |
|  Net asset value and redemption price per share, $352,520 / 33,428 shares outstanding (unlimited amount authorized: $0.001 par value) | $10.55 |
|  Maximum sales charge (5.50% of offering price) | 0.61 |
|  Maximum offering price per share | $11.16 |
|  **Class I** |  |
|  Net asset value, offering and redemption price per share, $24,797,590 / 2,346,210 shares outstanding (unlimited amount authorized: $0.001 par value) | $10.57 |
|  **Class R** |  |
|  Net asset value, offering and redemption price per share, $180,217 / 17,192 shares outstanding (unlimited amount authorized: $0.001 par value) | $10.48 |

---

*(x)* *Includes value of securities on loan of $1,135,607.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended October 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $616958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 7481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 4076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 628515 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 99438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 49198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 35100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees | 32798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 30020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 27770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 4400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class R | 830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class A | 780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 13094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 294136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment adviser | (123427) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 170709 |
|  **NET INVESTMENT INCOME (LOSS)** | 457806 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | 313685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities | 1711762 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 2025447 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $2483253 |

---

See Notes to Financial Statements.

------

#### 1290 FUNDS
1290 MULTI-ALTERNATIVE STRATEGIES FUND

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended October 31,** | **Year Ended October 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $457806 | $385153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 313685 | (304110) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 1711762 | 1843854 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 2483253 | 1924897 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (4079) | (10432) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (253077) | (455086) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | (1705) | (3389) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (258861) | (468907) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 3,849 and 1,160 shares, respectively ] | 39824 | 10596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 297 and 884 shares, respectively ] | 2833 | 7704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (3703) and (7754) shares, respectively ] | (36010) | (70366) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class A transactions | 6647 | (52066) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 952,376 and 294,087 shares, respectively ] | 9369577 | 2670112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 11,370 and 19,063 shares, respectively ] | 108361 | 166229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (283988) and (189080) shares, respectively ] | (2771582) | (1693723) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class I transactions | 6706356 | 1142618 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,452 and 3,216 shares, respectively ] | 14123 | 29875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 73 and 101 shares, respectively ] | 689 | 879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1050) and (52) shares, respectively ] | (10262) | (474) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class R transactions | 4550 | 30280 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 6717553 | 1120832 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 8941945 | 2576822 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 16388382 | 13811560 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $25330327 | $16388382 |

---

See Notes to Financial Statements.

------

#### 1290 FUNDS
1290 MULTI-ALTERNATIVE STRATEGIES FUND

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| **Class A** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $9.53 | $8.65 | $8.74 | $11.27 | $9.92 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.21 | 0.22 | 0.09 | 0.15 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.93 | 0.93 | 0.04 | (1.65) | 1.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.14 | 1.15 | 0.13 | (1.50) | 1.41 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.12) | (0.27) | (0.22) | (0.16) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.87) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.12) | (0.27) | (0.22) | (1.03) | (0.06) |
|  Net asset value, end of year | $10.55 | $9.53 | $8.65 | $8.74 | $11.27 |
|  Total return | 12.15% | 13.62% | 1.48% | (14.28)% | 14.24% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $353 | $314 | $335 | $440 | $670 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (f) | 1.10% | 1.10% | 1.10% | 1.10% | 1.13 %(j) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (f) | 1.72% | 1.88% | 2.01% | 1.86% | 1.78% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (f) | 2.20% | 2.42% | 1.07% | 1.55% | 2.34 %(x) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (f) | 1.58% | 1.64% | 0.16% | 0.79% | 1.69 %(x) |
|  Portfolio turnover rate^ | 22% | 34% | 66% | 26% | 66% |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| **Class I** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $9.55 | $8.66 | $8.76 | $11.29 | $9.94 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.23 | 0.24 | 0.11 | 0.17 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.94 | 0.94 | 0.03 | (1.64) | 1.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.17 | 1.18 | 0.14 | (1.47) | 1.43 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** | &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.15) | (0.29) | (0.24) | (0.19) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.87) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.15) | (0.29) | (0.24) | (1.06) | (0.08) |
|  Net asset value, end of year | $10.57 | $9.55 | $8.66 | $8.76 | $11.29 |
|  Total return | 12.40% | 14.00% | 1.63% | (14.04)% | 14.48% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of year (000's) | $24798 | $15916 | $13361 | $12070 | $16054 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (f) | 0.85% | 0.85% | 0.85% | 0.85% | 0.88 %(j) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (f) | 1.47% | 1.64% | 1.78% | 1.61% | 1.53% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (f) | 2.31% | 2.59% | 1.22% | 1.75% | 2.45 %(x) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (f) | 1.69% | 1.80% | 0.29% | 0.99% | 1.80 %(x) |
|  Portfolio turnover rate^ | 22% | 34% | 66% | 26% | 66% |

---

See Notes to Financial Statements.

------

1290 MULTI-ALTERNATIVE STRATEGIES FUND

FINANCIAL HIGHLIGHTS (Continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| **Class R** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $9.48 | $8.60 | $8.70 | $11.21 | $9.87 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.19 | 0.19 | 0.07 | 0.12 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.91 | 0.94 | 0.03 | (1.62) | 1.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.10 | 1.13 | 0.10 | (1.50) | 1.37 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.10) | (0.25) | (0.20) | (0.14) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.87) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.10) | (0.25) | (0.20) | (1.01) | (0.03) |
|  Net asset value, end of year | $10.48 | $9.48 | $8.60 | $8.70 | $11.21 |
|  Total return | 11.73% | 13.42% | 1.10% | (14.39)% | 13.95% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $180 | $158 | $116 | $131 | $187 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (f) | 1.35% | 1.35% | 1.35% | 1.35% | 1.38 %(j) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (f) | 1.96% | 2.14% | 2.27% | 2.11% | 2.03% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (f) | 1.91% | 2.05% | 0.77% | 1.25% | 1.96 %(x) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (f) | 1.29% | 1.26% | (0.15)% | 0.48% | 1.31 %(x) |
|  Portfolio turnover rate^ | 22% | 34% | 66% | 26% | 66% |

---

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.60% for Class A, 1.35% for Class I and 1.85% for Class R.* 

*(x)* *Recognition of net investment income is affected by the timing of dividend declarations by the underlying funds in which the Fund invests.* 

See Notes to Financial Statements.

------

1290 SMARTBETA EQUITY FUND

PORTFOLIO OF INVESTMENTS

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (7.6%)** | **Communication Services (7.6%)** | **Communication Services (7.6%)** |
|  ***Diversified Telecommunication Services (1.7%)*** | ***Diversified Telecommunication Services (1.7%)*** | ***Diversified Telecommunication Services (1.7%)*** |
|  AT&T, Inc. | 14981 | $370780 |
|  Deutsche Telekom AG (Registered) | 16051 | 497497 |
|  Koninklijke KPN NV | 164274 | 760810 |
|  NTT, Inc. | 262500 | 269807 |
|  Swisscom AG (Registered) | 718 | 525953 |
|  Telstra Group Ltd. | 241443 | 770924 |
|  Verizon Communications, Inc. | 29361 | 1166806 |
|  |  | 4362577 |
|  ***Entertainment (0.3%)*** | ***Entertainment (0.3%)*** | ***Entertainment (0.3%)*** |
|  Electronic Arts, Inc. | 3753 | 750825 |
|  ***Interactive Media & Services (4.7%)*** | ***Interactive Media & Services (4.7%)*** | ***Interactive Media & Services (4.7%)*** |
|  Alphabet, Inc., Class A | 33568 | 9438986 |
|  Meta Platforms, Inc., Class A | 4675 | 3031036 |
|  |  | 12470022 |
|  ***Media (0.2%)*** | ***Media (0.2%)*** | ***Media (0.2%)*** |
|  Comcast Corp., Class A | 21804 | 606915 |
|  ***Wireless Telecommunication Services (0.7%)*** | ***Wireless Telecommunication Services (0.7%)*** | ***Wireless Telecommunication Services (0.7%)*** |
|  KDDI Corp. | 37900 | 605352 |
|  SoftBank Corp. | 391000 | 554875 |
|  T-Mobile US, Inc. | 3681 | 773194 |
|  |  | 1933421 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 20123760 |
|  **Consumer Discretionary (9.7%)** | **Consumer Discretionary (9.7%)** | **Consumer Discretionary (9.7%)** |
|  ***Automobile Components (0.2%)*** | ***Automobile Components (0.2%)*** | ***Automobile Components (0.2%)*** |
|  Bridgestone Corp. | 9000 | 395017 |
|  ***Automobiles (1.2%)*** | ***Automobiles (1.2%)*** | ***Automobiles (1.2%)*** |
|  Ferrari NV | 558 | 222862 |
|  Tesla, Inc.\* | 6634 | 3028819 |
|  |  | 3251681 |
|  ***Broadline Retail (2.7%)*** | ***Broadline Retail (2.7%)*** | ***Broadline Retail (2.7%)*** |
|  Amazon.com, Inc.\* | 21886 | 5344999 |
|  Dollarama, Inc. | 5463 | 710106 |
|  eBay, Inc. | 3013 | 244987 |
|  Wesfarmers Ltd. | 15570 | 855746 |
|  |  | 7155838 |
|  ***Hotels, Restaurants & Leisure (2.4%)*** | ***Hotels, Restaurants & Leisure (2.4%)*** | ***Hotels, Restaurants & Leisure (2.4%)*** |
|  Aristocrat Leisure Ltd. | 8814 | 365339 |
|  Booking Holdings, Inc. | 214 | 1086636 |
|  Chipotle Mexican Grill, Inc.\* | 10000 | 316900 |
|  Darden Restaurants, Inc. | 2805 | 505321 |
|  Hilton Worldwide Holdings, Inc. | 904 | 232292 |
|  Lottery Corp. Ltd. (The) | 111916 | 402747 |
|  McDonald's Corp. | 8291 | 2474283 |
|  Oriental Land Co. Ltd.(x) | 10200 | 206502 |
|  Yum! Brands, Inc. | 5011 | 692570 |
|  |  | 6282590 |
|  ***Household Durables (0.2%)*** | ***Household Durables (0.2%)*** | ***Household Durables (0.2%)*** |
|  Garmin Ltd. | 1213 | 259509 |
|  NVR, Inc.\* | 39 | 281222 |
|  |  | 540731 |
|  ***Leisure Products (0.1%)*** | ***Leisure Products (0.1%)*** | ***Leisure Products (0.1%)*** |
|  Bandai Namco Holdings, Inc. | 9600 | $299132 |
|  ***Specialty Retail (2.8%)*** | ***Specialty Retail (2.8%)*** | ***Specialty Retail (2.8%)*** |
|  Fast Retailing Co. Ltd. | 800 | 294127 |
|  Home Depot, Inc. (The) | 3711 | 1408658 |
|  Industria de Diseno Textil SA(x) | 5279 | 291464 |
|  Lowe's Cos., Inc. | 5383 | 1281854 |
|  O'Reilly Automotive, Inc.\* | 11177 | 1055556 |
|  Ross Stores, Inc. | 1704 | 270800 |
|  TJX Cos., Inc. (The) | 17513 | 2454272 |
|  Tractor Supply Co. | 7000 | 378770 |
|  |  | 7435501 |
|  ***Textiles, Apparel & Luxury Goods (0.1%)*** | ***Textiles, Apparel & Luxury Goods (0.1%)*** | ***Textiles, Apparel & Luxury Goods (0.1%)*** |
|  adidas AG | 1662 | 313792 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 25674282 |
|  **Consumer Staples (9.0%)** | **Consumer Staples (9.0%)** | **Consumer Staples (9.0%)** |
|  ***Beverages (2.1%)*** | ***Beverages (2.1%)*** | ***Beverages (2.1%)*** |
|  Anheuser-Busch InBev SA/NV | 7233 | 441034 |
|  Coca-Cola Co. (The) | 25766 | 1775277 |
|  Keurig Dr Pepper, Inc. | 11401 | 309651 |
|  Kirin Holdings Co. Ltd.(x) | 22000 | 308994 |
|  Monster Beverage Corp.\* | 4641 | 310158 |
|  PepsiCo, Inc. | 17114 | 2500184 |
|  |  | 5645298 |
|  ***Consumer Staples Distribution & Retail (2.8%)*** | ***Consumer Staples Distribution & Retail (2.8%)*** | ***Consumer Staples Distribution & Retail (2.8%)*** |
|  Coles Group Ltd. | 16046 | 231501 |
|  Costco Wholesale Corp. | 3501 | 3190986 |
|  Empire Co. Ltd., Class A | 9205 | 312729 |
|  George Weston Ltd. | 6300 | 383062 |
|  Kroger Co. (The) | 8438 | 536910 |
|  Loblaw Cos. Ltd. | 9200 | 365626 |
|  Seven & i Holdings Co. Ltd. | 18500 | 236007 |
|  Sysco Corp. | 3847 | 285755 |
|  Tesco plc | 41986 | 253391 |
|  Walmart, Inc. | 12975 | 1312811 |
|  Woolworths Group Ltd. | 18481 | 343537 |
|  |  | 7452315 |
|  ***Food Products (1.3%)*** | ***Food Products (1.3%)*** | ***Food Products (1.3%)*** |
|  Ajinomoto Co., Inc. | 10200 | 289433 |
|  Chocoladefabriken Lindt & Spruengli AG | 24 | 368910 |
|  Danone SA | 5704 | 504149 |
|  Hershey Co. (The) | 3500 | 593705 |
|  McCormick & Co., Inc. (Non-Voting) | 3756 | 240985 |
|  Mondelez International, Inc., Class A | 15006 | 862245 |
|  Nestle SA (Registered) | 6870 | 656310 |
|  |  | 3515737 |
|  ***Household Products (2.1%)*** | ***Household Products (2.1%)*** | ***Household Products (2.1%)*** |
|  Church & Dwight Co., Inc. | 4952 | 434241 |
|  Colgate-Palmolive Co. | 18509 | 1426118 |
|  Essity AB, Class B | 9638 | 264683 |
|  Henkel AG & Co. KGaA (Preference)(q) | 7013 | 567949 |
|  Kimberly-Clark Corp. | 7964 | 953370 |
|  Procter & Gamble Co. (The) | 12315 | 1851807 |
|  |  | 5498168 |

---

See Notes to Financial Statements.

------

1290 SMARTBETA EQUITY FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Personal Care Products (0.7%)*** | ***Personal Care Products (0.7%)*** | ***Personal Care Products (0.7%)*** |
|  Kao Corp. | 14300 | $604996 |
|  L'Oreal SA | 1418 | 592736 |
|  Unilever plc | 5289 | 318851 |
|  Unilever plc (Cboe Europe) | 4078 | 246777 |
|  |  | 1763360 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 23874878 |
|  **Energy (1.4%)** | **Energy (1.4%)** | **Energy (1.4%)** |
|  ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** | ***Energy Equipment & Services (0.1%)*** |
|  Baker Hughes Co. | 6002 | 290557 |
|  ***Oil, Gas & Consumable Fuels (1.3%)*** | ***Oil, Gas & Consumable Fuels (1.3%)*** | ***Oil, Gas & Consumable Fuels (1.3%)*** |
|  Cheniere Energy, Inc. | 2511 | 532332 |
|  Enbridge, Inc. | 23766 | 1108193 |
|  Equinor ASA | 26389 | 630465 |
|  Kinder Morgan, Inc. | 11611 | 304092 |
|  TC Energy Corp. | 9944 | 498990 |
|  Williams Cos., Inc. (The) | 7561 | 437555 |
|  |  | 3511627 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 3802184 |
|  **Financials (19.0%)** | **Financials (19.0%)** | **Financials (19.0%)** |
|  ***Banks (4.4%)*** | ***Banks (4.4%)*** | ***Banks (4.4%)*** |
|  Bank of Montreal(x) | 2662 | 330684 |
|  Bank of Nova Scotia (The) | 19316 | 1266892 |
|  Canadian Imperial Bank of Commerce | 14014 | 1161147 |
|  DBS Group Holdings Ltd. | 12100 | 501347 |
|  DNB Bank ASA | 18395 | 469080 |
|  Intesa Sanpaolo SpA | 49447 | 317805 |
|  JPMorgan Chase & Co. | 4341 | 1350572 |
|  National Bank of Canada | 4142 | 462765 |
|  Nordea Bank Abp (Aquis Stock Exchange) | 23265 | 397285 |
|  Nordea Bank Abp (Turquoise Stock Exchange) | 13972 | 238694 |
|  Oversea-Chinese Banking Corp. Ltd. | 22500 | 294388 |
|  Royal Bank of Canada | 16594 | 2430979 |
|  Sumitomo Mitsui Financial Group, Inc. | 9000 | 243118 |
|  Toronto-Dominion Bank (The) | 18501 | 1519072 |
|  United Overseas Bank Ltd. | 27600 | 735166 |
|  |  | 11718994 |
|  ***Capital Markets (3.8%)*** | ***Capital Markets (3.8%)*** | ***Capital Markets (3.8%)*** |
|  Ameriprise Financial, Inc. | 1500 | 679155 |
|  Bank of New York Mellon Corp. (The) | 7700 | 831061 |
|  Cboe Global Markets, Inc. | 3189 | 783346 |
|  Charles Schwab Corp. (The) | 8329 | 787257 |
|  CME Group, Inc. | 6481 | 1720641 |
|  Daiwa Securities Group, Inc.(x) | 33000 | 254711 |
|  Deutsche Boerse AG | 3831 | 969269 |
|  FactSet Research Systems, Inc. | 1119 | 298549 |
|  Intercontinental Exchange, Inc. | 6366 | 931282 |
|  Moody's Corp. | 1075 | 516322 |
|  MSCI, Inc. | 459 | 270144 |
|  Nasdaq, Inc. | 3781 | 323238 |
|  Raymond James Financial, Inc. | 1798 | 285289 |
|  S&P Global, Inc. | 1468 | 715224 |
|  Singapore Exchange Ltd. | 24100 | 313470 |
|  TMX Group Ltd. | 9500 | 350387 |
|  |  | 10029345 |
|  ***Consumer Finance (0.3%)*** | ***Consumer Finance (0.3%)*** | ***Consumer Finance (0.3%)*** |
|  American Express Co. | 2591 | $934651 |
|  ***Financial Services (3.4%)*** | ***Financial Services (3.4%)*** | ***Financial Services (3.4%)*** |
|  Berkshire Hathaway, Inc., Class B\* | 3523 | 1682374 |
|  Fiserv, Inc.\* | 3739 | 249354 |
|  Jack Henry & Associates, Inc. | 2161 | 321859 |
|  Mastercard, Inc., Class A | 6182 | 3412402 |
|  Visa, Inc., Class A | 9578 | 3263608 |
|  |  | 8929597 |
|  ***Insurance (7.1%)*** | ***Insurance (7.1%)*** | ***Insurance (7.1%)*** |
|  Aflac, Inc. | 5945 | 637245 |
|  AIA Group Ltd. | 31200 | 302944 |
|  Allianz SE (Registered) | 3381 | 1356974 |
|  Allstate Corp. (The) | 2843 | 544491 |
|  Aon plc, Class A | 2200 | 749496 |
|  Chubb Ltd. | 6108 | 1691549 |
|  Dai-ichi Life Holdings, Inc. | 29900 | 210509 |
|  Generali | 20746 | 797494 |
|  Great-West Lifeco, Inc. | 7112 | 301508 |
|  Hannover Rueck SE | 2056 | 586300 |
|  Hartford Insurance Group, Inc. (The) | 5178 | 643004 |
|  Insurance Australia Group Ltd. | 58770 | 302242 |
|  Intact Financial Corp. | 4371 | 815361 |
|  Loews Corp. | 5300 | 527668 |
|  MS&AD Insurance Group Holdings, Inc. | 13400 | 277025 |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 1758 | 1086939 |
|  Progressive Corp. (The) | 7665 | 1578990 |
|  QBE Insurance Group Ltd. | 33610 | 436302 |
|  Sampo OYJ, Class A | 52575 | 585886 |
|  Sompo Holdings, Inc. | 10600 | 323826 |
|  Sun Life Financial, Inc. | 10300 | 626497 |
|  Swiss Re AG | 2453 | 446859 |
|  Tokio Marine Holdings, Inc. | 9600 | 360179 |
|  Travelers Cos., Inc. (The) | 5330 | 1431745 |
|  W.R. Berkley Corp. | 5400 | 385236 |
|  Willis Towers Watson plc | 818 | 256116 |
|  Zurich Insurance Group AG | 2143 | 1488583 |
|  |  | 18750968 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 50363555 |
|  **Health Care (8.7%)** | **Health Care (8.7%)** | **Health Care (8.7%)** |
|  ***Biotechnology (0.6%)*** | ***Biotechnology (0.6%)*** | ***Biotechnology (0.6%)*** |
|  AbbVie, Inc. | 1312 | 286069 |
|  Amgen, Inc. | 1023 | 305294 |
|  CSL Ltd. | 2201 | 257060 |
|  Gilead Sciences, Inc. | 6013 | 720297 |
|  |  | 1568720 |
|  ***Health Care Equipment & Supplies (2.8%)*** | ***Health Care Equipment & Supplies (2.8%)*** | ***Health Care Equipment & Supplies (2.8%)*** |
|  Abbott Laboratories | 13267 | 1640067 |
|  Becton Dickinson & Co. | 3000 | 536130 |
|  Boston Scientific Corp.\* | 19992 | 2013594 |
|  Hoya Corp. | 2000 | 325547 |
|  IDEXX Laboratories, Inc.\* | 562 | 353785 |
|  Medtronic plc | 9934 | 901014 |
|  ResMed, Inc. | 1085 | 267865 |
|  Siemens Healthineers AG(m) | 5604 | 313735 |

---

See Notes to Financial Statements.

------

1290 SMARTBETA EQUITY FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  STERIS plc | 1185 | $279304 |
|  Stryker Corp. | 2001 | 712836 |
|  |  | 7343877 |
|  ***Health Care Providers & Services (1.3%)*** | ***Health Care Providers & Services (1.3%)*** | ***Health Care Providers & Services (1.3%)*** |
|  Cencora, Inc. | 3170 | 1070857 |
|  Cigna Group (The) | 1732 | 423318 |
|  Fresenius SE & Co. KGaA | 5720 | 329790 |
|  HCA Healthcare, Inc. | 1091 | 501511 |
|  McKesson Corp. | 1267 | 1027968 |
|  |  | 3353444 |
|  ***Health Care Technology (0.2%)*** | ***Health Care Technology (0.2%)*** | ***Health Care Technology (0.2%)*** |
|  Veeva Systems, Inc., Class A\* | 2262 | 658694 |
|  ***Life Sciences Tools & Services (0.4%)*** | ***Life Sciences Tools & Services (0.4%)*** | ***Life Sciences Tools & Services (0.4%)*** |
|  Agilent Technologies, Inc. | 2904 | 425029 |
|  Mettler-Toledo International, Inc.\* | 231 | 327163 |
|  Thermo Fisher Scientific, Inc. | 651 | 369371 |
|  |  | 1121563 |
|  ***Pharmaceuticals (3.4%)*** | ***Pharmaceuticals (3.4%)*** | ***Pharmaceuticals (3.4%)*** |
|  Bristol-Myers Squibb Co. | 19327 | 890395 |
|  Eli Lilly & Co. | 990 | 854231 |
|  Johnson & Johnson | 12263 | 2316113 |
|  Merck & Co., Inc. | 8133 | 699275 |
|  Novartis AG (Registered) | 10826 | 1335442 |
|  Novo Nordisk A/S (ADR) | 5097 | 252098 |
|  Otsuka Holdings Co. Ltd. | 4600 | 249954 |
|  Roche Holding AG | 1660 | 534047 |
|  Sanofi SA | 4752 | 479820 |
|  Shionogi & Co. Ltd. | 40300 | 674674 |
|  Zoetis, Inc. | 5625 | 810506 |
|  |  | 9096555 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 23142853 |
|  **Industrials (14.8%)** | **Industrials (14.8%)** | **Industrials (14.8%)** |
|  ***Aerospace & Defense (3.1%)*** | ***Aerospace & Defense (3.1%)*** | ***Aerospace & Defense (3.1%)*** |
|  GE Aerospace | 6651 | 2054826 |
|  General Dynamics Corp. | 5125 | 1767613 |
|  Howmet Aerospace, Inc. | 2520 | 518994 |
|  L3Harris Technologies, Inc. | 1095 | 316565 |
|  Lockheed Martin Corp. | 1158 | 569597 |
|  Northrop Grumman Corp. | 894 | 521604 |
|  RTX Corp. | 9606 | 1714671 |
|  Singapore Technologies Engineering Ltd. | 69900 | 455940 |
|  Thales SA | 847 | 241047 |
|  |  | 8160857 |
|  ***Air Freight & Logistics (0.2%)*** | ***Air Freight & Logistics (0.2%)*** | ***Air Freight & Logistics (0.2%)*** |
|  Expeditors International of Washington, Inc. | 4800 | 585120 |
|  ***Building Products (1.4%)*** | ***Building Products (1.4%)*** | ***Building Products (1.4%)*** |
|  Allegion plc | 5500 | 911735 |
|  Daikin Industries Ltd. | 2700 | 314921 |
|  Geberit AG (Registered) | 619 | 451510 |
|  Johnson Controls International plc | 7430 | 849918 |
|  Trane Technologies plc | 2751 | 1234236 |
|  |  | 3762320 |
|  ***Commercial Services & Supplies (1.3%)*** | ***Commercial Services & Supplies (1.3%)*** | ***Commercial Services & Supplies (1.3%)*** |
|  Brambles Ltd. | 40979 | $666560 |
|  Cintas Corp. | 6185 | 1133525 |
|  Copart, Inc.\* | 10314 | 443605 |
|  Republic Services, Inc. | 3877 | 807347 |
|  Secom Co. Ltd.(x) | 7600 | 257081 |
|  |  | 3308118 |
|  ***Construction & Engineering (0.5%)*** | ***Construction & Engineering (0.5%)*** | ***Construction & Engineering (0.5%)*** |
|  EMCOR Group, Inc. | 483 | 326402 |
|  Stantec, Inc. | 3784 | 419044 |
|  WSP Global, Inc. | 2894 | 553276 |
|  |  | 1298722 |
|  ***Electrical Equipment (0.7%)*** | ***Electrical Equipment (0.7%)*** | ***Electrical Equipment (0.7%)*** |
|  ABB Ltd. (Registered) | 10619 | 787238 |
|  Eaton Corp. plc | 3080 | 1175205 |
|  |  | 1962443 |
|  ***Ground Transportation (0.6%)*** | ***Ground Transportation (0.6%)*** | ***Ground Transportation (0.6%)*** |
|  Central Japan Railway Co. | 10500 | 256589 |
|  Union Pacific Corp. | 6189 | 1363870 |
|  |  | 1620459 |
|  ***Industrial Conglomerates (0.7%)*** | ***Industrial Conglomerates (0.7%)*** | ***Industrial Conglomerates (0.7%)*** |
|  Honeywell International, Inc. | 5234 | 1053761 |
|  Siemens AG (Registered) | 2531 | 716357 |
|  |  | 1770118 |
|  ***Machinery (3.3%)*** | ***Machinery (3.3%)*** | ***Machinery (3.3%)*** |
|  Atlas Copco AB, Class A | 35680 | 601474 |
|  Caterpillar, Inc. | 2584 | 1491640 |
|  Cummins, Inc. | 883 | 386471 |
|  Epiroc AB, Class A | 13403 | 283854 |
|  FANUC Corp. | 9600 | 305797 |
|  GEA Group AG | 9706 | 693633 |
|  Illinois Tool Works, Inc. | 4800 | 1170816 |
|  Komatsu Ltd. | 9600 | 321807 |
|  Kone OYJ, Class B | 4544 | 303364 |
|  Otis Worldwide Corp. | 7848 | 727980 |
|  Parker-Hannifin Corp. | 898 | 694001 |
|  Pentair plc | 5900 | 627465 |
|  Snap-on, Inc. | 1600 | 536880 |
|  Volvo AB, Class B | 22816 | 629225 |
|  |  | 8774407 |
|  ***Marine Transportation (0.1%)*** | ***Marine Transportation (0.1%)*** | ***Marine Transportation (0.1%)*** |
|  Kuehne + Nagel International AG (Registered) | 1632 | 312306 |
|  ***Professional Services (1.9%)*** | ***Professional Services (1.9%)*** | ***Professional Services (1.9%)*** |
|  Automatic Data Processing, Inc. | 3643 | 948273 |
|  Broadridge Financial Solutions, Inc. | 3747 | 825839 |
|  Leidos Holdings, Inc. | 2034 | 387416 |
|  Paychex, Inc. | 4091 | 478769 |
|  RELX plc | 5697 | 251243 |
|  SGS SA (Registered) | 2993 | 337031 |
|  Thomson Reuters Corp. | 4474 | 685319 |
|  Verisk Analytics, Inc. | 2496 | 546025 |
|  Wolters Kluwer NV | 4833 | 591893 |
|  |  | 5051808 |

---

See Notes to Financial Statements.

------

1290 SMARTBETA EQUITY FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Trading Companies & Distributors (0.9%)*** | ***Trading Companies & Distributors (0.9%)*** | ***Trading Companies & Distributors (0.9%)*** |
|  Fastenal Co. | 24884 | $1023977 |
|  ITOCHU Corp. | 9500 | 550545 |
|  W.W. Grainger, Inc. | 800 | 783200 |
|  |  | 2357722 |
|  ***Transportation Infrastructure (0.1%)*** | ***Transportation Infrastructure (0.1%)*** | ***Transportation Infrastructure (0.1%)*** |
|  Transurban Group(x) | 30331 | 287364 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 39251764 |
|  **Information Technology (21.2%)** | **Information Technology (21.2%)** | **Information Technology (21.2%)** |
|  ***Communications Equipment (1.1%)*** | ***Communications Equipment (1.1%)*** | ***Communications Equipment (1.1%)*** |
|  Cisco Systems, Inc. | 19733 | 1442680 |
|  Motorola Solutions, Inc. | 3398 | 1382000 |
|  |  | 2824680 |
|  ***Electronic Equipment, Instruments & Components (0.4%)*** | ***Electronic Equipment, Instruments & Components (0.4%)*** | ***Electronic Equipment, Instruments & Components (0.4%)*** |
|  CDW Corp. | 1993 | 317625 |
|  TE Connectivity plc | 2800 | 691628 |
|  |  | 1009253 |
|  ***IT Services (1.3%)*** | ***IT Services (1.3%)*** | ***IT Services (1.3%)*** |
|  Accenture plc, Class A | 6629 | 1657913 |
|  CGI, Inc. | 7409 | 644784 |
|  Fujitsu Ltd. | 15600 | 408044 |
|  International Business Machines Corp. | 1747 | 537045 |
|  VeriSign, Inc. | 1395 | 334521 |
|  |  | 3582307 |
|  ***Semiconductors & Semiconductor Equipment (6.7%)*** | ***Semiconductors & Semiconductor Equipment (6.7%)*** | ***Semiconductors & Semiconductor Equipment (6.7%)*** |
|  Broadcom, Inc. | 11030 | 4077019 |
|  NVIDIA Corp. | 63164 | 12790078 |
|  QUALCOMM, Inc. | 5299 | 958589 |
|  |  | 17825686 |
|  ***Software (6.7%)*** | ***Software (6.7%)*** | ***Software (6.7%)*** |
|  Autodesk, Inc.\* | 1948 | 587010 |
|  Constellation Software, Inc. | 238 | 626343 |
|  Intuit, Inc. | 1590 | 1061405 |
|  Microsoft Corp. | 20945 | 10845530 |
|  Oracle Corp. | 6669 | 1751346 |
|  Roper Technologies, Inc. | 1600 | 713840 |
|  Salesforce, Inc. | 4811 | 1252833 |
|  SAP SE | 2331 | 603058 |
|  Tyler Technologies, Inc.\* | 601 | 286232 |
|  |  | 17727597 |
|  ***Technology Hardware, Storage & Peripherals (5.0%)*** | ***Technology Hardware, Storage & Peripherals (5.0%)*** | ***Technology Hardware, Storage & Peripherals (5.0%)*** |
|  Apple, Inc. | 44981 | 12161513 |
|  NetApp, Inc. | 2900 | 341562 |
|  Seagate Technology Holdings plc | 2705 | 692156 |
|  |  | 13195231 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 56164754 |
|  **Materials (3.0%)** | **Materials (3.0%)** | **Materials (3.0%)** |
|  ***Chemicals (2.2%)*** | ***Chemicals (2.2%)*** | ***Chemicals (2.2%)*** |
|  Air Liquide SA | 1500 | 290329 |
|  Corteva, Inc. | 4190 | 257434 |
|  Ecolab, Inc. | 5697 | 1460711 |
|  Givaudan SA (Registered) | 154 | 631118 |
|  Linde plc | 5380 | 2250454 |
|  Sherwin-Williams Co. (The) | 2900 | $1000326 |
|  Solstice Advanced Materials, Inc.\* | 1308 | 58951 |
|  |  | 5949323 |
|  ***Construction Materials (0.1%)*** | ***Construction Materials (0.1%)*** | ***Construction Materials (0.1%)*** |
|  Heidelberg Materials AG | 1221 | 285840 |
|  ***Metals & Mining (0.7%)*** | ***Metals & Mining (0.7%)*** | ***Metals & Mining (0.7%)*** |
|  Franco-Nevada Corp. | 1300 | 242834 |
|  Newmont Corp. | 8091 | 655128 |
|  Wheaton Precious Metals Corp. | 8937 | 863083 |
|  |  | 1761045 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 7996208 |
|  **Real Estate (0.6%)** | **Real Estate (0.6%)** | **Real Estate (0.6%)** |
|  ***Real Estate Management & Development (0.2%)*** | ***Real Estate Management & Development (0.2%)*** | ***Real Estate Management & Development (0.2%)*** |
|  Daito Trust Construction Co. Ltd. | 18000 | 335975 |
|  Mitsui Fudosan Co. Ltd. | 26500 | 275386 |
|  |  | 611361 |
|  ***Residential REITs (0.2%)*** | ***Residential REITs (0.2%)*** | ***Residential REITs (0.2%)*** |
|  AvalonBay Communities, Inc. (REIT) | 2200 | 382624 |
|  ***Specialized REITs (0.2%)*** | ***Specialized REITs (0.2%)*** | ***Specialized REITs (0.2%)*** |
|  Digital Realty Trust, Inc. (REIT) | 1677 | 285777 |
|  Equinix, Inc. (REIT) | 371 | 313870 |
|  |  | 599647 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 1593632 |
|  **Utilities (4.0%)** | **Utilities (4.0%)** | **Utilities (4.0%)** |
|  ***Electric Utilities (1.8%)*** | ***Electric Utilities (1.8%)*** | ***Electric Utilities (1.8%)*** |
|  Duke Energy Corp. | 6042 | 751021 |
|  Enel SpA | 64680 | 653982 |
|  Eversource Energy | 5043 | 372224 |
|  Exelon Corp. | 8780 | 404934 |
|  Hydro One Ltd.(m) | 13760 | 507508 |
|  Iberdrola SA | 47505 | 961800 |
|  Southern Co. (The) | 7103 | 667966 |
|  Terna - Rete Elettrica Nazionale | 58178 | 595885 |
|  |  | 4915320 |
|  ***Gas Utilities (0.6%)*** | ***Gas Utilities (0.6%)*** | ***Gas Utilities (0.6%)*** |
|  Atmos Energy Corp. | 5688 | 976743 |
|  Hong Kong & China Gas Co. Ltd. | 308000 | 286574 |
|  Osaka Gas Co. Ltd. | 8900 | 279977 |
|  |  | 1543294 |
|  ***Multi-Utilities (1.6%)*** | ***Multi-Utilities (1.6%)*** | ***Multi-Utilities (1.6%)*** |
|  Consolidated Edison, Inc. | 7600 | 740316 |
|  E.ON SE | 37794 | 703111 |
|  National Grid plc | 26197 | 392331 |
|  Public Service Enterprise Group, Inc. | 12100 | 974776 |
|  Sempra | 10912 | 1003249 |
|  WEC Energy Group, Inc. | 2790 | 311727 |
|  |  | 4125510 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 10584124 |
|  **Total Common Stocks (99.0%)**<br> *(Cost $202,831,193)* |  | 262571994 |

---

See Notes to Financial Statements.

------

1290 SMARTBETA EQUITY FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Warrants** | **Value<br>(Note 1)** |
|  WARRANTS: | WARRANTS: | WARRANTS: |
|  **Information Technology (0.0%)** | **Information Technology (0.0%)** | **Information Technology (0.0%)** |
|  ***Software (0.0%)*** | ***Software (0.0%)*** | ***Software (0.0%)*** |
|  Constellation Software, Inc., expiring 3/31/40(r)\* <br>*(Cost $—)* | 100 | $— |
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (1.0%)** | **Investment Companies (1.0%)** |  |
|  Invesco Government & Agency Portfolio, Institutional Shares 4.02% (7 day yield) (xx) | 996946 | 996946 |
|  JPMorgan Prime Money Market Fund, IM Shares 4.24% (7 day yield) | 1795513 | 1796231 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 2793177 |
|  **Total Short-Term Investments (1.0%)**<br> *(Cost $2,793,357)* | **Total Short-Term Investments (1.0%)**<br> *(Cost $2,793,357)* | 2793177 |
|  **Total Investments in Securities (100.0%)**<br> *(Cost $205,624,550)* | **Total Investments in Securities (100.0%)**<br> *(Cost $205,624,550)* | 265365171 |
|  **Other Assets Less Liabilities (0.0%)†** |  | (44185) |
|  **Net Assets (100%)** |  | $265320986 |

---

*\** *Non-income producing.* 

*†* *Percent shown is less than 0.05%.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(m)* *Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At October 31, 2025, the market value or fair value, as applicable, of these securities amounted to $821,243 or 0.3% of net assets.* 

*(q)* *Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.* 

*(x)* *All or a portion of security is on loan at October 31, 2025.* 

*(xx)* *At October 31, 2025, the Fund had loaned securities with a total value of $1,624,207. This was collateralized by $738,988 of various U.S. Government Treasury Securities, ranging from 0.125% – 6.125%, maturing 1/31/26 – 2/15/55 and by cash of $996,946 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*REIT* *— Real Estate Investment Trust* 

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund's assets and liabilities carried at fair value as of October 31, 2025:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Investment Type** | **Level 1<br>Quoted Prices in<br>Active Markets for<br>Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Fund's own**<br> **assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $16138542 | $3985218 | $— | $20123760 |
|  Consumer Discretionary | 22027554 | 3646728 |  | 25674282 |
|  Consumer Staples | 17645620 | 6229258 |  | 23874878 |
|  Energy | 3171719 | 630465 |  | 3802184 |
|  Financials | 37067160 | 13296395 |  | 50363555 |
|  Health Care | 18642784 | 4500069 |  | 23142853 |
|  Industrials | 29634985 | 9616779 |  | 39251764 |
|  Information Technology | 55153652 | 1011102 |  | 56164754 |
|  Materials | 6788921 | 1207287 |  | 7996208 |
|  Real Estate | 982271 | 611361 |  | 1593632 |
|  Utilities | 6710464 | 3873660 |  | 10584124 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 2793177 |  |  | 2793177 |
|  **Warrants** |  |  |  |  |
|  Information Technology |  |  | — (a) | — (a) |
|  **Total Assets** | $**216756849** | $**48608322** | $**—** | $**265365171** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**216756849** | $**48608322** | $**—** | $**265365171** |

---

(a) Value is zero.

See Notes to Financial Statements.

------

1290 SMARTBETA EQUITY FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2025

The Fund held no derivatives contracts during the year ended October 31, 2025.

Investment security transactions for the year ended October 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $101246843.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $73655021.0 |

---

As of October 31, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

---

| | |
|:---|:---|
|  Aggregate gross unrealized appreciation | $63766478 |
|  Aggregate gross unrealized depreciation | (4603435) |
|  Net unrealized appreciation | $59163043 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $206202128 |

---

See Notes to Financial Statements.

------

1290 SMARTBETA EQUITY FUND

#### STATEMENT OF ASSETS AND LIABILITIES

#### October 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x)<br>(Cost $205,624,550) | $265365171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 383000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $63,055) | 62907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Fund shares sold | 609120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 415316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid registration and filing fees | 26733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 2086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 266866191 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 996946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Fund shares repurchased | 256118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 108805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees payable | 38429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 33385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class R | 1798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class A | 1394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 108029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 1545205 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $265320986 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $194010877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 71310109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $265320986 |
|  **Class A** |  |
|  Net asset value and redemption price per share, $6,541,523 / 315,018 shares outstanding (unlimited amount authorized: $0.001 par value) | $20.77 |
|  Maximum sales charge (5.50% of offering price) | 1.21 |
|  Maximum offering price per share | $21.98 |
|  **Class I** |  |
|  Net asset value, offering and redemption price per share, $254,506,835 / 12,210,026 shares outstanding (unlimited amount authorized: $0.001 par value) | $20.84 |
|  **Class R** |  |
|  Net asset value, offering and redemption price per share, $4,272,628 / 206,516 shares outstanding (unlimited amount authorized: $0.001 par value) | $20.69 |

---

*(x)* *Includes value of securities on loan of $1,624,207.* 

*^* *See Note 2 in Notes to the Financial Statements.* 

#### STATEMENT OF OPERATIONS

#### For the Year Ended October 31, 2025

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $237,139 foreign withholding tax) | $4071615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 16872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 17654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 4106141 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 1593514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 341467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 243700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 116008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees | 45363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 33199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 31393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class R | 19417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class A | 15420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 7878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 36596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 2483955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment adviser | (513705) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 1970250 |
|  **NET INVESTMENT INCOME (LOSS)** | 2135891 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 10075911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (20279) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 10055632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 15082101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 4755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 15086856 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 25142488 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $27278379 |

---

See Notes to Financial Statements.

------

#### 1290 FUNDS
1290 SMARTBETA EQUITY FUND

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
| | **Year Ended October 31,** | **Year Ended October 31,** |
| | **2025** | **2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $2135891 | $2377117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 10055632 | 10181124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 15086856 | 40812304 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 27278379 | 53370545 |
|  **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (247696) | (68338) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (8815698) | (2810472) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | (137600) | (24199) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class T\*\* |  | (2483) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (9200994) | (2905492) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 40,304 and 47,641 shares, respectively ] | 789143 | 828562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 12,952 and 4,167 shares, respectively ] | 247655 | 68338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (46821) and (73974) shares, respectively ] | (899330) | (1324378) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class A transactions | 137468 | (427478) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 3,900,008 and 3,094,753 shares, respectively ] | 77560083 | 54891400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 459,291 and 171,020 shares, respectively ] | 8795418 | 2808138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (2754265) and (4491799) shares, respectively ] | (53369994) | (78668900) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class I transactions | 32985507 | (20969362) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 31,871 and 58,077 shares, respectively ] | 621654 | 1020710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 7,208 and 1,477 shares, respectively ] | 137600 | 24199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (17708) and (18051) shares, respectively ] | (349441) | (307750) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class R transactions | 409813 | 737159 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class T\*\*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ 0 and (10332) shares ] |  | (204085) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class T transactions |  | (204085) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 33532788 | (20863766) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 51610173 | 29601287 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 213710813 | 184109526 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $265320986 | $213710813 |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> \*\* After the close of business on October 15, 2024, operations for Class T terminated and shares of seed capital were fully redeemed. | &nbsp;&nbsp;&nbsp;&nbsp; <br> \*\* After the close of business on October 15, 2024, operations for Class T terminated and shares of seed capital were fully redeemed. | &nbsp;&nbsp;&nbsp;&nbsp; <br> \*\* After the close of business on October 15, 2024, operations for Class T terminated and shares of seed capital were fully redeemed. |

---

See Notes to Financial Statements.

------

#### 1290 FUNDS
1290 SMARTBETA EQUITY FUND

FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| **Class A** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $19.19 | $14.90 | $14.15 | $17.61 | $13.34 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.14 | 0.16 | 0.17 | 0.15 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.22 | 4.33 | 0.70 | (2.37) | 4.29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.36 | 4.49 | 0.87 | (2.22) | 4.43 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.18) | (0.20) | (0.12) | (0.13) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.60) |  |  | (1.11) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.78) | (0.20) | (0.12) | (1.24) | (0.16) |
|  Net asset value, end of year | $20.77 | $19.19 | $14.90 | $14.15 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.61 |
|  Total return | 12.68% | 30.38% | 6.14 | (13.73)% | 33.49% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $6542 | $5922 | $4929 | $4888 | $4978 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.10% | 1.10% | 1.10 | 1.10% | 1.10% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.33% | 1.37% | 1.41 | 1.42% | 1.48% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.71% | 0.91% | 1.15 | 0.96% | 0.89% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.48% | 0.64% | 0.84 | 0.64% | 0.51% |
|  Portfolio turnover rate^ | 33% | 32% | 34 | 38% | 59% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| **Class I** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $19.26 | $14.95 | $14.19 | $17.66 | $13.37 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.19 | 0.21 | 0.21 | 0.19 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.22 | 4.34 | 0.71 | (2.38) | 4.29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.41 | 4.55 | 0.92 | (2.19) | 4.48 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.23) | (0.24) | (0.16) | (0.17) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.60) |  |  | (1.11) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.83) | (0.24) | (0.16) | (1.28) | (0.19) |
|  Net asset value, end of year | $20.84 | $19.26 | $14.95 | $14.19 | $17.66 |
|  Total return | 12.90% | 30.72% | 6.46 | (13.56)% | 33.87% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $254507 | $204247 | $176892 | $150789 | $124320 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.85% | 0.85% | 0.85 | 0.85% | 0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.08% | 1.12% | 1.16 | 1.17% | 1.23% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.95% | 1.17% | 1.40 | 1.23% | 1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.73% | 0.90% | 1.09 | 0.90% | 0.78% |
|  Portfolio turnover rate^ | 33% | 32% | 34 | 38% | 59% |

---

See Notes to Financial Statements.

------

1290 SMARTBETA EQUITY FUND

FINANCIAL HIGHLIGHTS (Continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| **Class R** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of year | $19.13 | $14.85 | $14.10 | $17.56 | $13.30 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.09 | 0.11 | 0.14 | 0.11 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 2.21 | 4.33 | 0.69 | (2.37) | 4.29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.30 | 4.44 | 0.83 | (2.26) | 4.39 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.14) | (0.16) | (0.08) | (0.09) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.60) |  |  | (1.11) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.74) | (0.16) | (0.08) | (1.20) | (0.13) |
|  Net asset value, end of year | $20.69 | $19.13 | $14.85 | $14.10 | $17.56 |
|  Total return | 12.34% | 30.11% | 5.90 | (13.97)% | 33.21% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (000's) | $4273 | $3541 | $2134 | $1381 | $936 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 1.35% | 1.35% | 1.35 | 1.35% | 1.35% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 1.58% | 1.62% | 1.66 | 1.68% | 1.73% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (f) | 0.46% | 0.64% | 0.89 | 0.72% | 0.64% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (f) | 0.23% | 0.37% | 0.58 | 0.40% | 0.26% |
|  Portfolio turnover rate^ | 33% | 32% | 34 | 38% | 59% |

---

*#* *Per share amount is less than $0.005.* 

*^* *Portfolio turnover rate excludes derivatives, if any.* 

*(e)* *Net investment income (loss) per share is based on average shares outstanding.* 

*(f)* *Expenses do not include the expenses of the underlying funds ("indirect expenses"), if applicable.* 

See Notes to Financial Statements.

------

NOTES TO FINANCIAL STATEMENTS

October 31, 2025

Note 1 Organization and Significant Accounting Policies

1290 Funds (the "Trust") was organized as a Delaware statutory trust on March 1, 2013 and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open- end management investment company with eight diversified funds in operation (each, a "Fund" and collectively, the "Funds"). Equitable Investment Management, LLC ("EIM" or the "Adviser") is the investment adviser to each Fund. The Adviser is registered with the U.S. Securities and Exchange Commission ("SEC") as an investment adviser under the Investment Advisers Act of 1940, as amended, and is an indirect, wholly-owned subsidiary of Equitable Holdings, Inc., which is a publicly- owned company.

Each of the investment sub-advisers (each a "Sub-Adviser") independently chooses and maintains a portfolio of securities for their respective Fund.

The 1290 Multi-Alternative Strategies Fund is a type of mutual fund often described as "fund-of-funds." This Fund pursues its investment objectives by investing exclusively in other unaffiliated investment companies or exchange-traded funds ("ETFs").

Each underlying fund's financial statements are included in the underlying fund's annual report, which is filed with the SEC on Form N-CSR and is publicly available through the SEC's EDGAR database (https://www.sec.gov/edgar/searchedgar/companysearch.html).

The Trust has authorized three classes of shares, Class A, Class I and Class R, on behalf of each of the eight Funds. The Class T shares of the Trust, which were previously authorized but were not publicly offered for sale, have been terminated.

The Class A and Class R shares are subject to distribution fees imposed under distribution plans ("Distribution Plans") adopted pursuant to Rule 12b-1 under the 1940 Act. Under the Trust's multiple-class distribution system, all three classes of shares have identical voting, dividend, liquidation and other rights, other than the payment of distribution fees under the applicable Distribution Plan.

Additionally, Class A shares are sold at a maximum front-end sales charge of up to 4.50% for 1290 Diversified Bond Fund, 1290 Loomis Sayles Multi-Asset Income Fund and 1290 High Yield Bond Fund, and up to 5.50% for 1290 Avantis<sup>®</sup> U.S. Large Cap Growth Fund, 1290 GAMCO Small/ Mid Cap Value Fund, 1290 Essex Small Cap Growth Fund, 1290 Multi-Alternative Strategies Fund, and the 1290 SmartBeta Equity Fund. Class A shares sold without a front-end sales charge are subject to a contingent deferred sales charge ("CDSC") of 1% of the lesser of the original net asset value ("NAV") of the redeemed shares at the time of purchase or the aggregate NAV of the redeemed shares at the time of redemption, if redeemed within 12 months of purchase.

EIM contributed seed capital to the Fund below:

---

| | | | |
|:---|:---|:---|:---|
| **Funds:** | **Commencement<br>Date** | **Class** | **Seed capital** |
|  1290 Avantis<sup>®</sup> U.S. Large Cap Growth | 11/30/2023 | A | $100000 |
|  1290 Avantis<sup>®</sup> U.S. Large Cap Growth | 11/30/2023 | I | 18900000 |

---

*The investment objectives of each Fund are as follows:*

1290 Avantis<sup>®</sup> U.S. Large Cap Growth Fund (sub-advised by American Century Investment Management, Inc.) — Seeks to provide long-term growth of capital.

1290 Diversified Bond Fund (sub-advised by Brandywine Global Investment Management, LLC) — Seeks to maximize total return consisting of income and capital appreciation.

1290 Essex Small Cap Growth Fund (sub-advised by Essex Investment Management Company, LLC) — Seeks long-term growth of capital.

------

NOTES TO FINANCIAL STATEMENTS (Continued)

October 31, 2025

1290 GAMCO Small/Mid Cap Value Fund (sub-advised by GAMCO Asset Management, Inc.) — Seeks to maximize capital appreciation.

1290 High Yield Bond Fund (sub-advised by AXA Investment Managers US Inc.) — Seeks to maximize current income.

1290 Loomis Sayles Multi-Asset Income Fund (sub-advised by Loomis, Sayles & Company, L.P.) — Seeks to provide income and total return through principally investing in income generating securities and investments.

1290 Multi-Alternative Strategies Fund — Seeks long-term growth of capital.

1290 SmartBeta Equity Fund (sub-advised by AXA Investment Managers US Inc.) — Seeks to achieve long-term capital appreciation.

*The following is a summary of the significant accounting policies of the Trust:* 

The preparation of financial statements in accordance with United States of America generally accepted accounting principles ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates. The Funds are investment companies and, accordingly, follow the Investment Company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. GAAP.

Valuation:

Equity securities (including securities issued by ETFs) listed on national securities exchanges are generally valued at the last sale price or official closing price on the date of valuation or, if there is no sale or official closing price, at the latest available bid price. Securities listed on the NASDAQ Stock Market will be valued using the NASDAQ Official Closing Price ("NOCP"). Other unlisted stocks are generally valued at their last sale price or official closing price, or, if there is no such price, at a bid price estimated by a broker.

Corporate and municipal bonds and notes are generally valued on the basis of prices provided by a pricing service. The pricing services may utilize many inputs that are observable in making evaluations which may include, but are not limited to, trading activity for similar securities, issuer details, yields, default rates, credit spreads, quoted prices and any developments related to the specific securities. However, when such prices are not available, such bonds and notes are generally fair valued at a bid price estimated by a broker.

The Funds may invest in Equity-Linked Notes ("ELNs"). These are hybrid instruments which combine both debt and equity characteristics into a single note form. ELNs' values are linked to the performance of an underlying index or stock. ELNs are unsecured debt obligations of an issuer and may not be publicly listed or traded on an exchange. ELNs are valued daily, under procedures adopted by the Board, based on values provided by an approved pricing source. These notes have a coupon which is accrued and recorded as interest income on the Statements of Operations. Changes in the market value of ELNs are recorded as Change in net unrealized appreciation or depreciation on the Statements of Operations. The Fund realizes a gain or loss when an ELN is sold or matures, which is recorded as Net realized gain (loss) on transactions from investments in securities on the Statements of Operations.

Convertible preferred stocks listed on national securities exchanges are generally valued as of their last sale price or official closing price on the date of valuation or, if there is no sale, at the latest available bid price. Convertible bonds and unlisted convertible preferred stocks are generally valued using prices obtained from a pricing service for such investments or, if a pricing service price is not available, fair valued at bid prices obtained from one or more of the major dealers in such bonds or stocks. Convertible bonds may be matrix-priced based upon the conversion value to the underlying common stocks and market premiums.

------

NOTES TO FINANCIAL STATEMENTS (Continued)

October 31, 2025

Mortgage-backed and asset-backed securities are generally valued at evaluated prices obtained from a pricing service where available, or fair valued at a bid price obtained from one or more of the major dealers in such securities. The pricing service may utilize data such as issuer type, coupon, cash flows, collateral performance, mortgage prepayment projection tables and Adjustable Rate Mortgage evaluations that incorporate index data, periodic and life caps, the next coupon reset date and the convertibility of the bond in making evaluations. If a quoted price is unavailable, an equivalent yield or yield spread quotes may be obtained from a broker and converted to a price.

Options that are traded on an exchange are generally valued at their last sale price or official closing price on the date of valuation or, if there is no sale, at the latest available bid price. Options not traded on an exchange or not actively traded are valued according to fair value methods. The market value of a put or call option will usually reflect, among other factors, the market price of the underlying security.

U.S. Treasury securities and other obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities, are generally valued at prices obtained from a bond pricing service where available. The pricing service may utilize data received from active market makers and broker- dealers, yield curves and the spread over comparable U.S. Treasury issues in making evaluations. Debt securities with original or remaining maturities of 60 days or less may be valued at amortized cost.

Foreign securities, including foreign government securities, not traded directly in the U.S., or traded in American Depositary Receipts ("ADR") or similar form, are generally valued at representative quoted prices from the primary exchange in the currency of the country of origin. Foreign currency is converted into U.S. dollar equivalent at current exchange rates.

Investments in shares of open-end investment companies (other than ETFs) held by a Fund are generally valued at the net asset value ("NAV") of the shares of such funds as described in the underlying funds' prospectuses.

Futures contracts are generally valued at their last settlement price or, if there is no settlement price, at the latest available bid price.

Forward foreign currency contracts are generally valued by interpolating between the forward and spot currency rates as quoted by a pricing service as of a designated hour on the valuation date. The pricing service may utilize data such as actual trading information and foreign currency rates gathered from leading market makers and foreign currency trading centers throughout the world in making evaluations. Forward foreign currency contracts may be settled with the counterparty in U.S. dollars without the delivery of foreign currency.

Centrally cleared swaps are priced using the value determined by the central counterparty at the end of the day, which price may be provided to the Funds by an approved pricing service. With respect to over-the-counter swaps and centrally cleared swaps where the central counterparty price is unavailable, a price provided by an approved pricing service will be used. Central counterparties and approved pricing services may utilize evaluation techniques including fair value pricing models to provide pricing information.

Securities for which market quotations are readily available are valued at their market value. All other securities are valued at their fair value, as determined in good faith by the Board of Trustees. In accordance with Rule 2a-5 under the 1940 Act, the Board of Trustees (the "Board") of the Trust has designated the Adviser as the Funds' valuation designee (the "Valuation Designee"). As Valuation Designee, EIM, subject to the oversight of the Board, is responsible for determining in good faith the fair value of Fund investments for which market quotations are not readily available or are believed by the Adviser to be unreliable. In these circumstances, a Fund may use a fair value estimate made according to methods the Adviser has approved in the good-faith belief that the resulting valuation will reflect the fair value of the security. EIM's day-to-day responsibilities as Valuation Designee are performed by a valuation committee established by EIM (the "Committee").

------

NOTES TO FINANCIAL STATEMENTS (Continued)

October 31, 2025

The Adviser also serves as the administrator of the Funds. The Administrator oversees the calculation of the NAV of the Funds and their respective share classes. The Administrator has entered into a sub-administration agreement with JPMorgan Chase Bank, N.A. (the "Sub-Administrator") to assist in performing certain duties, including the calculation of the Funds' NAVs.

Due to the inherent uncertainty of the valuation of securities for which market quotations are not readily available, the fair value of such securities may differ significantly from the values that would have been used had a ready market for such securities existed.

Various inputs are used in determining the value of each Fund's assets or liabilities carried at fair value. These inputs are summarized in three broad levels below:

• Level 1 - quoted prices in active markets for identical assets

• Level 2 - other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

A summary of inputs used to value each Fund's assets and liabilities carried at fair value as of October 31, 2025, is included in the Portfolio of Investments for each Fund. Changes in valuation techniques may result in transfers in or out of an investment's assigned level.

Transfers into and transfers out of Level 3 are included in the Level 3 reconciliation following the Portfolio of Investments for each Fund, if any. Transfers between levels may be due to a decline, or an increase, in market activity (e.g., frequency of trades), which may result in a lack of, or an increase in, available observable market inputs to determine price.

The inputs or methodology used to fair value securities are not necessarily an indication of the risk associated with investing in those securities. An investment's level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement.

The Committee has the ability to meet and review reports based on the valuation techniques used to fair value Level 3 securities. As part of a review, the Committee would consider obtaining updates from its pricing vendors and Sub-Advisers for fair valued securities. For example, with respect to model driven prices, the Committee could receive reports regarding a review and recalculation of pricing models and related discounts. For those securities which are valued based on broker quotes, the Committee may evaluate variances between existing broker quotes and any alternative broker quotes provided by a Sub-Adviser or other pricing source.

To substantiate unobservable inputs used in a fair valuation, the Committee may perform an independent verification as well as additional research for fair value notifications received from the pricing agents. Among other factors, particular areas of focus may include: description of security, historical pricing, intra-day price movement, last trade information, corporate actions, related securities, any available company news and announcements, any available trade data or other information. The Committee also notes the materiality of holdings and price changes on a Fund's NAV.

The Committee reviews and considers changes in value for all fair valued securities that have occurred since the last review.

Events or circumstances affecting the values of Fund securities that occur between the closing of their principal markets and the time the NAV is determined may be reflected in the Trust's calculation of a NAV for each applicable Fund when the Committee deems that the particular event or circumstance would materially affect such Fund's NAV.

------

NOTES TO FINANCIAL STATEMENTS (Continued)

October 31, 2025

Security Transactions and Investment Income:

Securities transactions are recorded on the trade date net of brokerage fees, commissions, and transfer fees. Dividend income (net of withholding taxes) and distributions to shareholders are recorded on the ex-dividend date, except that certain dividends from foreign securities, if any, are recognized as soon as the Fund is informed of the ex-dividend date. Non-cash dividends, if any, are recorded at the market value or fair value, as applicable, of the asset received. Interest income (including amortization of premium and accretion of discount on long-term securities using the effective yield method) and interest expense are accrued daily. The Trust records paydown gains and losses realized on prepayments received on mortgage-backed securities as an adjustment to interest income.

The Funds record distributions received in excess of income from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Funds adjust the estimated amounts of components of distributions (and consequently its net investment income) as necessary once the issuers provide information about the actual composition of the distributions.

Realized gains and losses on the sale of investments are computed on the basis of the specific identified cost of the investments sold. Unrealized appreciation (depreciation) on investments and foreign currency denominated assets and liabilities, if any, is presented net of deferred taxes on unrealized appreciation in the Statements of Assets and Liabilities.

Foreign Taxes:

The Funds may be subject to foreign taxes on dividend and interest income, gains on investments or currency purchase/repatriation, all or a portion of which may be recoverable. Each Fund applies for refunds where available. The Funds will accrue such taxes and recoveries as applicable, based on their current interpretation of the tax rules and regulations that exist in the markets in which they invest.

Allocation of Expenses and Income:

Expenses attributable to a single Fund or class are charged to that Fund or class. Expenses of the Trust not attributable to a single Fund or class are charged to each Fund or class in proportion to the average net assets of each Fund or other appropriate allocation methods.

All income earned and expenses incurred by each Fund are borne on a pro-rata basis by each outstanding class of shares, based on the proportionate interest in the Fund represented by the daily net assets of such class, except for distribution fees, which are charged on a class-specific basis.

Offering costs incurred in connection with the offering of shares of a Fund will be amortized and recorded as an expense on a straight line basis over 12 months from the date of the Fund's commencement of public offering of shares. Amortized offering costs are disclosed in the Statement of Operations.

Foreign Currency Valuation:

The books and records of the Trust are kept in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at current exchange rates at the following dates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Market value or fair value, as applicable, of investment securities, other assets and liabilities — at the valuation date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Purchases and sales of investment securities, income and expenses — at the date of such transactions.

------

NOTES TO FINANCIAL STATEMENTS (Continued)

October 31, 2025

The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.

Taxes:

Each Fund intends to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies ("RICs") and to distribute substantially all of its net investment income and net realized capital gains to shareholders of each Fund. Therefore, no federal, state and local income tax provisions are required.

The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. However, the Funds' conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the year ended October 31, 2025, the Funds did not incur any interest or penalties. Each of the tax years in the four year ended October 31, 2025 remains subject to examination by the Internal Revenue Service, state and local taxing authorities.

Each Fund (other than the 1290 Diversified Bond Fund, 1290 High Yield Bond Fund and 1290 Loomis Sayles Multi-Asset Income Fund) generally distributes most or all of its net investment income and net realized gains, if any, annually. Each of the 1290 Diversified Bond Fund, 1290 High Yield Bond Fund and 1290 Loomis Sayles Multi-Asset Income Fund normally distributes dividends from its net investment income monthly and distributes its net realized gains, if any, annually. Dividends to shareholders of a Fund to which such gains are attributable from net realized short- term and long-term capital gains are declared and distributed at least annually. All distributions are calculated on a tax basis and, as such, the amounts may differ from financial statement investment income and realized gains. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by each Fund. Short-term capital gains and foreign currency gains are treated as capital gains for U.S. GAAP purposes but are considered ordinary income for tax purposes. The tax character of distributions for the years ended October 31, 2025 and October 31, 2024 and the tax composition of undistributed ordinary income and undistributed long term gains at October 31, 2025 are presented in the following table. For the Funds, the cumulative significant differences related to the tax composition of undistributed ordinary income and long term gains are primarily due to 1256 mark to market contracts (1290 Diversified Bond), capital loss carryforwards (1290 Multi-Alternative Strategies, 1290 Diversified Bond and 1290 High Yield Bond), deferral of losses on offsetting positions (1290 Diversified Bond and 1290 Loomis Sayles Multi-Asset Income), partnership basis adjustments (1290 Multi-Alternative Strategies) and wash sale loss deferrals (1290 Multi-Alternative Strategies, 1290 Loomis Sayles Multi-Asset Income and 1290 GAMCO Small/Mid Cap Value).

------

NOTES TO FINANCIAL STATEMENTS (Continued)

October 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended<br>October 31, 2025** | **Year Ended<br>October 31, 2025** | **As of October 31, 2025** | **As of October 31, 2025** | **Year Ended<br>October 31, 2024** | **Year Ended<br>October 31, 2024** |
| **Funds:** | **Distributed<br>Ordinary<br>Income** | **Distributed<br>Long Term<br>Gains** | **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Long Term<br>Gains** | **Distributed<br>Ordinary<br>Income** | **Distributed<br>Long Term<br>Gains** |
|  1290 Avantis U.S. Large Cap Growth | $156669 | $655571 | $285103 | $3081638 | $69351 | $73148 |
|  1290 Diversified Bond | 38029971 |  | 4184667 |  | 39852498 |  |
|  1290 Essex Small Cap Growth | 125352 | 545 |  | 1545468 |  |  |
|  1290 GAMCO Small/Mid Cap Value | 1703041 | 5814475 | 2220113 | 4689376 | 1401584 | 3909545 |
|  1290 High Yield Bond | 5036664 |  |  |  | 4371070 |  |
|  1290 Loomis Sayles Multi-Asset Income | 7334169 | 36188 | 2668834 | 509874 | 3375320 |  |
|  1290 Multi-Alternative Strategies | 258861 |  | 391172 |  | 468907 |  |
|  1290 SmartBeta Equity | 2503857 | 6697137 | 1932381 | 10210394 | 2905492 |  |

---

Ordinary losses incurred after December 31st and within the taxable year are deemed to arise on the first business day of a Fund's next taxable year. For the year ended October 31, 2025, the Fund elected to defer late year losses, in the amount listed below:

---

| | |
|:---|:---|
| **Fund:** | **Deferred Late Year Losses**<br>**from ordinary income** |
|  1290 Essex Small Cap Growth | $290260 |

---

The following Funds had a Return of Capital during the year ended October 31, 2025:

---

| | |
|:---|:---|
| **Funds:** | **Return of Capital** |
|  1290 High Yield Bond | $17305 |

---

The following Funds had a Return of Capital during the year ended October 31, 2024:

---

| | |
|:---|:---|
| **Funds:** | **Return of Capital** |
|  1290 Diversified Bond | $352519 |
|  1290 High Yield Bond | 30930 |

---

Permanent book and tax differences relating to shareholder distributions resulted in paid in capital and total distributable earnings gain (loss) at October 31, 2025 as follows:

---

| | | |
|:---|:---|:---|
| **Funds:** | **Paid in Capital** | **Total Distributable Earnings Gain (Loss)** |
|  1290 Essex Small Cap Growth | $(319423) | $319423 |

---

To the extent book and tax differences in shareholder distributions are permanent in nature, such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.

------

NOTES TO FINANCIAL STATEMENTS (Continued)

October 31, 2025

Net capital losses recognized by the Funds may get carried forward indefinitely, and retain their character as short-term and/or long-term losses. The following Funds utilized net capital loss carry forwards during the year and/or have capital losses incurred that will be carried forward:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Utilized** | **Utilized** | **Losses carried forward** | **Losses carried forward** |
| **Funds:** | **Short**<br>**Term** | **Long<br>Term** | **Short Term** | **Long Term** |
|  1290 Diversified Bond | $— | $— | $77264130 | $80860953 |
|  1290 Essex Small Cap Growth | 6541866 |  |  |  |
|  1290 High Yield Bond | 20658 |  | 986897 | 6555703 |
|  1290 Multi-Alternative Strategies | 50150 | 464690 |  | 965554 |

---

Accounting for Derivative Instruments:

Following is a description of how and why the Funds use derivative instruments, the type of derivatives utilized by the Funds during the reporting period, as well as the primary underlying risk exposures related to each instrument type. Derivatives accounted for as hedging instruments must be disclosed separately from those that do not qualify for hedge accounting. Even though the Funds may use derivatives in an attempt to achieve an economic hedge, the Funds' derivatives are not accounted for as hedging instruments because the Funds account for their derivatives at fair value and record any changes in fair value in current period earnings in the Statements of Operations. All open derivative positions at period end are reflected on each respective Fund's Portfolio of Investments. The volume of derivative activity, based on month-end notional amounts during the period is also noted in each respective Fund's Portfolio of Investments. Portfolio securities are reserved and/or pledged with the custodian as collateral for current or potential derivative holdings as necessary throughout the year.

Options:

Certain Funds may write (sell) covered options as a hedge to provide protection against adverse movements in the price of securities in the Fund or to enhance investment performance. Certain Funds purchase and sell exchange traded options on foreign currencies. When a Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted on a daily basis to the current market price of the option written. Premiums received from writing options that expire unexercised are recognized as gains on the expiration date. Premiums received from writing options that are exercised or are cancelled in closing purchase transactions are offset against the cost of any securities purchased or added to the proceeds or netted against the amount paid on the transaction to determine the realized gain or loss. In writing options, a Fund must assume that the option may be exercised at any time prior to the expiration of its obligation as a writer, and that in such circumstances the net proceeds of the sale (or cost of) purchase of the underlying securities and currencies pursuant to the call or put option may be substantially below or above the prevailing market price. A Fund also has the additional risk of not being able to enter into a closing purchase transaction if a liquid secondary market does not exist and bears the risk of unfavorable changes in the price of the financial instruments underlying the options.

Certain Funds may purchase put options on securities to increase the Fund's total investment return or to protect its holdings against a substantial decline in market value or fair value, as applicable. The purchase of put options on securities will enable a Fund to preserve, at least partially, unrealized gains in an appreciated security in its Fund without actually selling the security. In addition, the Funds will continue to receive interest or dividend income on the security. The Funds may also purchase call options on securities to protect against substantial increases in prices of securities that Funds intend to purchase pending their ability to invest in an orderly manner in those securities. The Funds may sell put or call options they have previously purchased, which could result in a net gain or loss depending on whether the amount received on the sale is more or less than the premium and other transaction costs paid on the put or call option which was bought.

------

NOTES TO FINANCIAL STATEMENTS (Continued)

October 31, 2025

Futures Contracts, Options on Futures Contracts, and Foreign Currency Contracts:

The futures contracts used by the Funds are agreements to buy or sell a financial instrument for a set price in the future. Options on futures contracts used by the Funds are rights to buy or sell a futures contract for a set price in the future. Certain Funds buy or sell futures contracts for the purpose of protecting their Fund securities against future changes in interest rates and indices which might adversely affect the value of the Funds' securities or the price of securities that they intend to purchase at a later date. Initial margin deposits are made upon entering into futures contracts and can be in cash, certain money market instruments, treasury securities or other liquid, high grade debt securities. During the period the futures contracts are open, changes in the market price of the contracts are recognized as unrealized gains or losses by "marking-to-market" at the end of each trading day. Variation margin payments on futures contracts are received or made, depending upon whether unrealized gains or losses are incurred. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the proceeds from or cost of the closing transactions and the Fund's basis in the contract. The Funds enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, a Fund's credit risk is limited to failure of the exchange or board of trade.

During the year ended October 31, 2025, certain Funds held forward foreign currency contracts to either gain exposure to certain currencies or enter into an economic hedge against changes in the values of securities held in the Fund that do not qualify for hedge accounting under Accounting Standards Codification ("ASC") 815. The Statement of Operations for each Fund reflects realized gains or losses, if any, on forward currency contracts and change in unrealized appreciation or depreciation, if any, on forward foreign currency contacts. Further information on the impact of these positions on the Funds' financial statements can be found in the Statement of Operations and Portfolio of Investments for each Fund.

The Funds may be exposed to foreign currency risks associated with Fund investments. Certain Funds may purchase foreign currency on a spot (or cash) basis. In addition, certain Funds enter into contracts to purchase or sell foreign currencies at a future date ("forward contracts"). A forward foreign currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Daily fluctuations in the value of such contracts are recognized as unrealized appreciation or depreciation by "marking-to-market". The gain or loss arising from the difference between the original contracts and the closing of such contracts is included in realized gains or losses from forward foreign currency contracts in the Statements of Operations of the Funds. The Funds may engage in these forward contracts to protect against uncertainty in the level of future rates in connection with the purchase and sale of Fund securities ("transaction hedging") and to protect the value of specific Fund positions ("position hedging"). The Funds also buy forward foreign currency contracts to gain exposure to currencies.

Swap Agreements:

Changes in market value or fair value, as applicable, if any, are reflected as a component of net changes in unrealized appreciation (depreciation) on the Statements of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for the change in value as appropriate ("variation margin") on the Statements of Assets and Liabilities. Over-the-counter ("OTC") swap payments received or made at the beginning of the measurement period are reflected as such on the Statements of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). These upfront premiums are recorded as realized gains or losses on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Fund are included as part of realized gains or losses on the Statement of Operations.

------

NOTES TO FINANCIAL STATEMENTS (Continued)

October 31, 2025

Total return swap agreements involve commitments where cash flows are exchanged based on the price of an underlying reference and based on a fixed or variable rate. Total return swap agreements may involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific reference asset, which may include an underlying equity, index, or bond, and in return receives a fixed or variable rate. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference less a financing rate, if any. As a receiver, the Fund would receive payments based on any positive total return and would owe payments in the event of a negative total return. As the payer, the Fund would owe payments on any net positive total return, and would receive payment in the event of a negative total return. In connection with total return swap agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Interest rate swaps involve the exchange between two parties of payments calculated by reference to specified interest rates (e.g., an exchange of floating rate payments for fixed rate payments). The purchase of an interest rate cap entitles the purchaser, to the extent that a specified index exceeds a predetermined interest rate, to receive payments of interest on a notional principal amount from the party selling such interest rate cap. The purchase of an interest rate floor entitles the purchaser, to the extent that a specified index falls below a predetermined interest rate, to receive payments of interest on a notional principal amount from the party selling such interest rate floor. Caps and floors may be less liquid than swaps. In addition, the value of interest rate transactions will fluctuate based on changes in interest rates.

Credit default swap agreements involve greater risks than if a Fund had invested in the reference obligation directly since, in addition to general market risks, credit default swaps are subject to illiquidity risk, counterparty risk and credit risk. A Fund will enter into credit default swap agreements only with counterparties that meet certain standards of creditworthiness. A buyer generally also will lose its investment and recover nothing should no credit event occur and the swap is held to its termination date. If a credit event were to occur, the value of any deliverable obligation received by the seller, coupled with the upfront or periodic payments previously received, may be less than the full notional value it pays to the buyer, resulting in a loss of value to the seller.

A Fund's obligations under a credit default swap agreement will be accrued daily (offset against any amounts owing to the Fund). In connection with credit default swaps in which a Fund is the buyer, the Fund will segregate or "earmark" cash or assets determined to be liquid, or enter into certain offsetting positions, with a value at least equal to the Fund's exposure (any accrued but unpaid net amounts owed by the Fund to any counterparty), on a marked-to-market basis. In connection with credit default swaps in which a Fund is the seller, the Fund will segregate or "earmark" cash or assets determined to be liquid, or enter into offsetting positions, with a value at least equal to the full notional amount of the swap (minus any amounts owed to the Fund). Such segregation or "earmarking" is intended to ensure that the Fund has assets available to satisfy its obligations with respect to the transaction and limit any potential leveraging of the Fund. Such segregation or "earmarking" will not limit the Fund's exposure to loss. To the extent that credit default swaps are entered into for hedging purposes or are covered as described above, the Adviser believes such obligations do not constitute "senior securities" under the 1940 Act and, accordingly, will not treat them as being subject to the Fund's senior security and borrowing restrictions.

A Fund may use inflation-linked swaps to provide inflation protection within its portfolio. These are agreements between counterparties to exchange interest payments based on interest rates over the life of the swap. One cash flow stream will typically be a floating rate payment based upon the Consumer Price Index while the other is a pre-determined fixed interest rate. The use of swaps exposes the Fund to interest rate risk. Swaptions are marked-to-market daily based upon values from third party vendors.

An option on a swap agreement, also called a "swaption," is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying

------

NOTES TO FINANCIAL STATEMENTS (Continued)

October 31, 2025

a market-based "premium." A receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate, or index. A payer swaption gives the owner the right to pay the total return of a specified asset, reference rate, or index. A purchaser of a swaption risks losing only the amount of the premium they have paid should they decide to let the option expire, whereas the seller of a swaption is subject to the risk that they will become obligated if the option is exercised. Swaptions also include options that allow an existing swap to be terminated or extended by one of the counterparties.

Forward Settling Transactions:

Certain Funds make contracts to purchase or sell securities for a fixed price at a future date beyond customary settlement time ("forward settling transactions"). Funds will designate the segregation, either on their records or with the Trust's custodian, of cash or other liquid securities in an amount sufficient to meet the purchase price, or may enter into offsetting contracts for the forward sale of other securities they own. These commitments are reported at market value or fair value, as applicable, in the financial statements. Forward settling transactions may be considered securities in themselves and involve a risk of loss if the value of the security to be purchased declines or if the value of the security to be sold increases prior to the settlement date, which is a risk in addition to the risk of decline in the value of the Funds' other assets. Where such purchases or sales are made through dealers, a Fund relies on the dealer to consummate the sale. The dealer's failure to do so may result in the loss to a Fund of an advantageous yield or price. Market risk exists on these commitments to the same extent as if the securities were owned on a settled basis and gains and losses are recorded and reported in the same manner. However, during the commitment period, these investments earn no interest or dividends.

Certain Funds may enter into to-be-announced purchase or sale commitments ("TBA transactions"), pursuant to which it agrees to purchase or sell, respectively, mortgage backed securities for a fixed unit price, with payment and delivery at a scheduled future date beyond the customary settlement period for such securities. With TBA transactions, the particular securities to be received or delivered by a Fund are not identified at the trade date; however, the securities must meet specified terms, including issuer, rate, and mortgage term, and be within industry-accepted "good delivery" standards. Funds may enter into TBA transactions with the intention of taking possession of or relinquishing the underlying securities, may elect to extend the settlement by "rolling" the transaction, and/or may use TBA transactions to gain or reduce interim exposure to underlying securities. Until settlement, a Fund maintains liquid assets sufficient to settle its commitment to purchase a TBA or, in the case of a sale commitment, a Fund maintains an entitlement to the security to be sold.

Master netting arrangements and collateral:

International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreements") govern bilateral OTC derivative transactions entered into by the Sub-Advisers on behalf of the Funds with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. In limited circumstances, the ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level. These amounts, if any, may be segregated with a third- party custodian. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Portfolio of Investments.

Master Securities Forward Transaction Agreements ("Master Forward Agreements") govern certain forward settling transactions, such as TBA transactions, delayed-delivery or sale-buybacks by

------

NOTES TO FINANCIAL STATEMENTS (Continued)

October 31, 2025

and between the Sub-Advisers on behalf of the Funds and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral. The market value of forward settling transactions, collateral pledged and/or received, and the net exposure by counterparty as of period end is disclosed in the Portfolio of Investments.

ISDA Master Agreements and Master Forward Agreements are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Under most ISDA Master Agreements and Master Forward Agreements, collateral is routinely pledged if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant master agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 (on a per counterparty basis) depending on the counterparty and the type of master agreement.

Collateral on OTC derivatives and centrally cleared derivatives may be in the form of cash or debt securities issued by the U.S. government or related agencies or foreign governments. Cash pledged as collateral by a Fund is reflected as cash held as collateral at the broker in the accompanying financial statements and generally is restricted from withdrawal by the Fund; securities pledged as collateral by a Fund are so noted in the accompanying Portfolio of Investments; both remain in the Fund's assets. Securities received as collateral by counterparties are not included in the Fund's assets because the Fund does not obtain effective control over those securities. The obligation to return cash collateral received from counterparties is included as a liability in the accompanying financial statements. Collateral posted or received by the Fund may be held in a segregated account at the respective counterparty or Fund's custodian.

Securities Lending:

During the year ended October 31, 2025, certain Funds entered into securities lending transactions. To generate additional income, a Fund may lend its portfolio securities, up to 30% of the market value of the Fund's total assets, to brokers, dealers, and other financial institutions.

JPMorgan serves as securities lending agent for the securities lending program of the Trust. Securities lending transactions are considered to be overnight and continuous and can be terminated by a Fund or the borrower at any time.

The Funds' securities lending policies and procedures require that the borrower (i) deliver collateral consisting of cash or U.S. Government securities, equal to at least 102% of the value of the portfolio securities loaned with respect to each new loan of U.S. securities, and equal to at least 105% of the value of the portfolio securities loaned with respect to each new loan of non-U.S. securities; and, for loans of U.S. Treasury securities, collateral equal to the lesser of 102% of the loaned securities' current market value or 100% of the loaned securities' par value; (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. Cash collateral received is permitted to be invested in short-term, highly liquid investments, such as government money market funds and repurchase agreements, and shown in the Portfolio of Investments and included in calculating the Fund's total assets. The Trust currently limits reinvestment of cash collateral under the program to investment in government money market funds. U.S. Government securities received as collateral, if any, are held in safekeeping by JPMorgan and cannot be sold or repledged by the Fund and accordingly are not reflected in the Fund's total assets. For additional information on the non-cash collateral received, please refer to note (xx) in the Portfolio of Investments. Certain of the securities on loan may have been sold prior to the close of the reporting period and are included in Receivables for Securities Sold on the Statements of Assets and Liabilities.

The Funds receive payments from the lending agent equivalent to any dividends and/or interest that would have been earned on the securities loaned while simultaneously seeking to earn income on the investment of cash collateral. Securities lending income includes any fees charged to borrowers less

------

NOTES TO FINANCIAL STATEMENTS (Continued)

October 31, 2025

expenses associated with the loan. Income from the securities lending program is recorded when earned from the lending agent and reflected in the Statements of Operations under "Securities lending (net)." The Funds may invest cash collateral in government money market funds or repurchase agreements as indicated on the Portfolio of Investments, and record a liability in the Statements of Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Such liabilities, if any, are reflected in the Statements of Assets and Liabilities under "Payable for return of collateral on securities loaned". The Funds do not have the right to vote on securities while they are on loan. There may be risks of delay or restrictions in recovery of the securities or disposal of collateral should the borrower of the securities fail financially. Loans are made, however, only to borrowers deemed by the lending agent to be of good standing and creditworthy and approved by EIM. Loans are subject to termination by a Fund or the borrower at any time, and, therefore, are not considered to be illiquid investments. The lending agent receives a fee based on a percentage of earnings derived from the investment of cash collateral. The Funds currently receive 90% of the net earnings from the securities lending program up to $45 million of aggregate earnings across all Funds within a calendar year and 92% thereafter.

The Securities Lending Agreement between the Trust and JPMorgan provides that in the event of a default by a borrower with respect to any loan, a Fund may terminate the loan and JPMorgan will exercise any and all remedies provided under the applicable borrower agreement to make the Fund whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting borrower against the purchase cost of the replacement securities. If, despite such efforts by JPMorgan to exercise these remedies, the Fund sustains losses as a result of a borrower's default, JPMorgan indemnifies the Fund by purchasing replacement securities at JPMorgan's expense, or paying the Fund an amount equal to the market value of the replacement securities, subject to certain limitations which are set forth in detail in the Securities Lending Agreement between the Fund and JPMorgan.

At October 31, 2025, the Securities Lending Agreement does not permit a Fund to enforce a netting arrangement.

Market, Credit and Other Risk:

A Fund's investments in financial instruments expose the Fund to various risks such as, but not limited to, market, interest rate, foreign currency, foreign securities, forward settling transactions, equity, and credit risks.

The market values of a Fund's investments may decline due to factors that are specifically related to a particular company or issuer, as well as general market conditions, such as real or perceived adverse economic or political conditions, changes in the general outlook for corporate earnings, inflation rates and/or investor expectations concerning such rates, changes in interest rates or currency rates, recessions or adverse investor sentiment generally. The market values of a Fund's investments may also decline due to factors that affect a particular sector or industry, such as the imposition (or threat) of tariffs; labor shortages; or increased production costs and competitive conditions within the sector or industry. During a general downturn in the securities markets, multiple asset classes may decline in value simultaneously. Even when markets perform well, there is no assurance that the investments held by a Fund will increase in value along with the broader market. World markets, or those in a particular region, may all react in similar fashion to important economic, political or other developments.

Events such as environmental, natural or man-made disasters or other catastrophes, public health crises (such as epidemics and pandemics), social unrest, supply chain disruptions, widespread and prolonged power outages, and cybersecurity incidents, and governments' reactions (or failure to react) to such events, could cause uncertainty in the markets and may adversely affect the performance of the global economy. Geopolitical and other events, including acts of terrorism, tensions, war or other open conflicts between nations, or political or economic dysfunction within some nations that are global economic powers or major producers of oil or other commodities, may lead to overall instability in world economies and markets generally and have led, and may in the

------

NOTES TO FINANCIAL STATEMENTS (Continued)

October 31, 2025

future lead, to increased market volatility and may have adverse long-term effects. Impacts from climate change may include significant risks to global financial assets and economic growth. Furthermore, impacts from the rapidly growing use of artificial intelligence technologies, including by market participants, may include significant risks to global financial markets.

Changes in government or central bank policies, changes to regulations involving the securities markets, and political, diplomatic and other events within the United States and abroad may affect investor and consumer confidence and may increase uncertainty in or impair the operation of the U.S. or other security markets, perhaps suddenly and to a significant degree. High public debt and deficits in the United States and other countries creates ongoing systemic and market risks and policymaking uncertainty, and may negatively affect economic conditions and the values of markets, sectors, or companies in which a Fund invests.

Changes in interest rates may affect the yield, liquidity and value of investments in debt securities or other income-producing securities. Changes in interest rates also may affect the value of other securities. When interest rates rise, the value of a Fund's debt securities generally declines. Conversely, when interest rates decline, the value of a Fund's debt securities generally rises. Typically, the longer the maturity (i.e., the term of a debt security) or duration (i.e., a measure of the sensitivity of a debt security to changes in market interest rates, based on the entire cash flow associated with the security) of a debt security, the greater the effect a change in interest rates could have on the security's price. Thus, the sensitivity of a Fund's debt securities to interest rate risk will increase the greater the duration of those securities. Changes in government or central bank monetary policy may have a substantial and immediate impact on interest rates, which could result in losses to a Fund. It is difficult to predict accurately the timing, frequency, magnitude or direction of interest rate changes, and the evaluation of macro-economic and other conditions or events could cause a change in approach in the future. Fixed-income and related markets may continue to experience heightened levels of interest rate volatility. Inflation risk is the uncertainty over the future real value (after inflation) of an investment. A Fund's investments may not keep pace with inflation, and the value of an investment in a Fund may be eroded over time by inflation. Changes in government or central bank policies could negatively affect the value and liquidity of a Fund's investments and cause it to lose money.

If a Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in financial derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund's base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, a Fund's investments in foreign currency denominated securities may reduce the Fund's returns. The Funds are subject to off-balance sheet risk to the extent of the value of the contracts for purchase of foreign currency and in an unlimited amount for sales of foreign currency.

Foreign (non-U.S.) securities in this report are classified by the country of risk of a holding. Investments in foreign securities, including depositary receipts, involve risks not associated with, or more prevalent than those that may be associated with, investments in U.S. securities. Foreign markets may be less liquid, more volatile and subject to less government supervision and regulation than U.S. markets. Differences between U.S. and foreign legal, political and economic systems, regulatory regimes and market practices, as well as changes in international trading patterns, trade barriers and other protectionist trade policies (including those of the United States), tariffs, or governmental instability, also may adversely impact security values, and it may take more time to clear and settle trades involving foreign securities. In addition, securities issued by U.S. entities with substantial foreign operations or holdings can involve risks relating to conditions in foreign countries.

------

NOTES TO FINANCIAL STATEMENTS (Continued)

October 31, 2025

Tensions, wars, or other open conflicts between nations, such as between Russia and Ukraine, in the Middle East, and in eastern Asia, the resulting responses by the United States and other countries, and the potential for wider conflict have had, and could continue to have, severe adverse effects on regional and global economies and could further increase volatility and uncertainty in the financial markets. The extent and duration of ongoing hostilities or military actions and the repercussions of such actions are impossible to predict. These events have resulted in, and could continue to result in, significant market disruptions, including in certain industries or sectors such as the oil and natural gas markets, and may further strain global supply chains and negatively affect inflation and global growth. The resulting adverse market conditions could be prolonged. These and any related events could significantly impact a Fund's performance and the value of an investment in a Fund, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries or regions directly affected.

Forward settling transactions and forward foreign currency contracts involve elements of both market and credit risk in excess of the amounts reflected in the Statements of Assets and Liabilities. They are executed directly with the counterparty and not through an exchange and can be terminated only by agreement of both parties to such contracts. With respect to such transactions there is no daily margin settlement. There is also the risk that the security will not be issued or that the other party to the transaction will not meet its obligations. If this occurs, a Fund may lose both the investment opportunity for its assets if set aside to pay for the security and any gain in the security. The use of forward settling transactions may result in market risk to the Funds that is greater than if the Funds had engaged solely in transactions that settle in the customary time.

The use of futures contracts involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the underlying hedged assets. Should interest rates or indices move unexpectedly, the Fund may not achieve the anticipated benefits of the futures contracts and may incur a loss. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional value of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss.

Equity securities and equity related investments generally have greater market price volatility than fixed income securities, although under certain market conditions fixed income securities may have comparable or greater price volatility. In addition, common stock prices may be particularly sensitive to rising interest rates, which increase borrowing costs and the costs of capital.

A Fund will be exposed to credit risk with respect to the parties with whom it trades and will also bear the risk of settlement default. A Fund is subject to the risk that the issuer or guarantor of a fixed income security, or the counterparty to a transaction, is unable or unwilling, or is perceived as unable or unwilling, to make timely interest or principal payments or otherwise honor its obligations, which may cause the Fund's holding to lose value. The downgrade of a security's credit rating may decrease its value. Lower credit quality also may lead to greater volatility in the price of a security and may negatively affect a security's liquidity. The credit quality of a security can deteriorate suddenly and rapidly.

Certain Funds may invest in below investment grade high-yield securities (commonly known as "junk bonds"). These securities are considered to be high risk investments. Securities rated below investment grade are speculative in nature, involve greater risk of default by the issuing entity and may be subject to greater market fluctuations than higher rated fixed income securities because such securities are generally unsecured and subordinated to other creditors' claims. The retail secondary market for these "junk bonds" may be less liquid than that of higher rated securities and adverse economic conditions could make it difficult to sell certain securities or could result in lower prices than those used in calculating a Fund's NAV.

A Fund that invests in affiliated mutual funds, unaffiliated mutual funds and ETFs will indirectly pay a portion of the expenses incurred by the underlying funds and ETFs. As a result, the cost of investing in the Fund may be higher than the cost of investing in a Fund that invests directly in individual

------

NOTES TO FINANCIAL STATEMENTS (Continued)

October 31, 2025

securities and financial instruments. The Fund also is subject to certain risks related to the underlying funds' and ETFs' investments in securities and financial instruments (such as fixed income securities, including high yield, asset-backed and mortgage-related securities, equity securities, foreign and emerging markets securities, commodities and real estate securities) and the ability of the Fund to meet its investment objective will directly depend on the ability of the underlying funds or ETFs to meet their investment objectives. With respect to a Fund's investments in index-based ETFs, there is also the risk that an ETF's performance may not match that of the index it seeks to track. It is also possible that an active trading market for an ETF may not develop or be maintained, in which case the liquidity and value of a Fund's investments in the ETF could be substantially and adversely affected. The extent to which the investment performance and risks associated with a Fund correlate to those of a particular underlying fund or ETF will depend upon the extent to which the Fund's assets are allocated from time to time for investment in the underlying fund or ETF, which will vary.

Offsetting Assets and Liabilities:

The Funds may be subject to various netting arrangements with select counterparties ("Master Agreements"). Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. As the Master Agreements are specific to unique operations of different asset types; they allow a Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes the Statements of Assets and Liabilities generally show derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Segment Reporting:

In accordance with FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures ("ASU 2023-07"), a management committee of EIM, which serves as the chief operating decision maker ("CODM") with respect to each Fund, has determined that each Fund has a single operating segment. The CODM decision is based on the fact that each Fund has a single investment strategy that is disclosed in the Fund's prospectus; each Fund's performance is assessed, and resources are allocated, at a Fund level; and each Fund's operating results are reviewed for the Fund as a whole. For each Fund, the financial information reviewed by the CODM is consistent with the Fund's Financial Statements included herein.

Recent Accounting Pronouncement:

In December 2023, FASB issued Accounting Standards Update ("ASU") 2023-09 ("ASU 2023-09") Improvements to Income Tax Disclosures, which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024; early adoption is permitted. Management is currently evaluating the amendment and its impact to the financial statements.

Note 2 Agreements

The Trust, on behalf of each Fund, has entered into an investment advisory agreement (the "Advisory Agreement") with the Adviser which provides that the Adviser is responsible for (i) providing a continuous investment program for the Funds; (ii) monitoring the implementation of the investment program for each Fund; (iii) assessing the investment objectives and policies, composition, investment style and investment process for each Fund; (iv) effecting transactions for each Fund and selecting brokers or dealers to execute such transactions; (v) developing and evaluating strategic initiatives with respect to the Funds; (vi) making recommendations to the Board regarding the investment programs of the Funds, including any changes to the investment objectives and policies of a Fund; (vii) coordinating and/or implementing strategic initiatives

------

NOTES TO FINANCIAL STATEMENTS (Continued)

October 31, 2025

approved by the Board; and (viii) preparing and providing reports to the Board on the impact of such strategic initiatives. The Adviser is paid a fee for these services. The fee is accrued daily and paid monthly based on the Fund's average daily net assets, at an annual rate of:

---

| | |
|:---|:---|
| **Funds:** | **Investment Advisory Fees** |
|  1290 Avantis<sup>®</sup> U.S. Large Cap Growth | 0.500% of average daily net assets |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** |
| **Funds:** | **First<br>$1 Billion** | **Next<br>$1 Billion** | **Next<br>$3 Billion** | **Next<br>$5 Billion** | **Thereafter** |
|  1290 Essex Small Cap Growth | 0.750% | 0.700% | 0.675% | 0.650% | 0.625% |
|  1290 GAMCO Small/Mid Cap Value | 0.750 | 0.700 | 0.675 | 0.650 | 0.625 |
|  1290 Loomis Sayles Multi-Asset Income | 0.650 | 0.600 | 0.575 | 0.550 | 0.525 |
|  1290 SmartBeta Equity | 0.700 | 0.650 | 0.625 | 0.600 | 0.575 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** |
| **Fund:** | **First<br>$4 Billion** | **Next<br>$4 Billion** | **Next<br>$2 Billion** | **Thereafter** |
|  1290 Multi-Alternative Strategies | 0.500% | 0.490% | 0.480% | 0.470% |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** | **(as a percentage of average daily net assets)** |
| **Funds:** | **First<br>$4 Billion** | **Next<br>$4 Billion** | **Thereafter** |
|  1290 Diversified Bond | 0.600% | 0.580% | 0.560% |
|  1290 High Yield Bond | 0.600 | 0.580 | 0.560 |

---

On behalf of the Trust, the Adviser has entered into an investment sub-advisory agreement ("Sub-Advisory Agreements") with each of the Sub-Advisers. Each of the Sub-Advisory Agreements obligates the Sub-Advisers for the respective Funds to: (i) continuously furnish investment programs for the Funds; (ii) place all orders for the purchase and sale of investments for the Funds with brokersor dealers selected by the Adviser or the respective Sub-Advisers; and (iii) perform certain limited related administrative functions in connection therewith. The Adviser pays the expenses of providing investment sub-advisory services to the Funds, including the fees of the Sub-Advisers of each Fund.

For administrative services, each Fund pays the Administrator an asset-based administration fee of 0.15% of the average daily net assets of the Fund. The asset-based administration fee is calculated and billed monthly, and subject to an annual minimum of $30,000 per Fund or $30,000 for each allocated portion (or sleeve) of a Fund, as applicable. The Administrator has contracted with the Sub-Administrator to provide, pursuant to a sub-administration agreement, the Funds with certain administrative services, including monitoring of Fund compliance and Fund accounting services.

The Trust, on behalf of the Funds, has entered into a distribution agreement (the "Distribution Agreement") with ALPS Distributors, Inc. ("ALPS" or the "Distributor"), under which ALPS serves as Distributor for each Fund's Class A, Class I and Class R shares. The Board has approved Distribution Plans pursuant to Rule 12b-1 under the 1940 Act for Class A and Class R shares for each Fund. Pursuant to the Distribution Plans, the Funds will pay the Distributor annual fees at the following rates:

---

| | |
|:---|:---|
| **Share Class:** | **Distribution Fee and/or Service Fee<br>(as a % of average daily net<br>assets attributable to the class)** |
|  Class A | 0.25% |
|  Class R | 0.50 |

---

------

NOTES TO FINANCIAL STATEMENTS (Continued)

October 31, 2025

The Trust, on behalf of the Funds, has entered into a transfer agency and service agreement (the "Transfer Agency Agreement") with SS&C GIDS, Inc. ("Transfer Agent"). Pursuant to the Transfer Agency Agreement, the Transfer Agent is responsible for, among other things, the issuance, transfer and redemption of shares, the opening and maintenance of shareholder accounts, the handling of certain communications between shareholders and the Trust, and the payment of dividends and distributions payable by the Funds. Under the Transfer Agency Agreement, the Transfer Agent receives a monthly fee comprised of a fixed base fee plus a fee computed on the basis of the number of shareholder accounts it maintains for the Trust during the month.

The Trust, on behalf of the Funds, has entered into a custody agreement (the "Custody Agreement") with JPMorgan Chase Bank, N.A. (in this capacity, the "Custodian"). The Custody Agreement provides for an annual fee based on the amount of assets under custody plus transaction charges. The Custodian serves as custodian of the Trust's Fund securities and other assets. Under the terms of the Custody Agreement between the Trust and the Custodian, the Custodian maintains and deposits in each Fund's account, cash, securities and other assets of the Funds. The Custodian is also required, upon the order of the Trust, to deliver securities held by the Custodian, and to make payments for securities purchased by the Trust. The Custodian has also entered into sub-custodian agreements with a number of foreign banks and clearing agencies, pursuant to which Fund securities purchased outside the United States are maintained in the custody of these entities. As of October 31, 2025, certain of the Funds maintain significant cash balances with the Custodian or its affiliates. These balances are presented as cash on each Fund's Statement of Assets and Liabilities.

The Adviser has contractually agreed to limit the expenses of certain Funds (exclusive of certain items noted below) through April 30, 2026 (unless the Board consents to an earlier revision or termination of this arrangement) ("Expense Limitation Agreement"). Pursuant to the Expense Limitation Agreement, the Adviser has agreed to waive its and its affiliates' management, administrative and other fees and, if necessary, make payments to a Fund to limit the expenses of each Fund listed below so that the total annual operating expenses of each Fund (exclusive of taxes, interest, brokerage commissions, dividend and interest expenses on securities sold short, capitalized expenses (other than offering costs), fees and expenses of other investment companies in which a Fund invests (except as noted in the table below), 12b-1 fees, and extraordinary expenses not incurred in the ordinary course of such Fund's business) do not exceed the following annual rates:

---

| | |
|:---|:---|
| **Funds:** | **Total Expense Limited<br>For All Share Classes to<br>(% of daily net assets)** |
|  1290 Avantis<sup>®</sup> U.S. Large Cap Growth\* | 0.65% |
|  1290 Diversified Bond | 0.50 |
|  1290 Essex Small Cap Growth | 0.88 |
|  1290 GAMCO Small/Mid Cap Value\* | 0.95 |
|  1290 High Yield Bond | 0.75 |
|  1290 Loomis Sayles Multi-Asset Income | 0.80 |
|  1290 Multi-Alternative Strategies | 0.85 |
|  1290 SmartBeta Equity | 0.85 |

---

\* Includes fees and expenses of other investment companies in which the Fund invests.

The Adviser first waives its advisory fees, then waives its administration fees, and then reimburses the Fund's expenses out of its own resources. Each Fund may at a later date reimburse to the Adviser the amount of any such waivers or payments provided that the waivers or payments are reimbursed within three years of the waivers or payments being recorded and the Fund's expense ratio, after the reimbursement is taken into account, does not exceed the Fund's expense cap at the time of the waiver or the Fund's expense cap at the time of the reimbursement, whichever is lower. Consequently, no reimbursement by a Fund will be made unless the Fund's total annual expense ratio is less than the respective percentages stated above for the respective period. Any reimbursement, called recoupment fees on the Statement of Operations of the Fund, will be based on the earliest fees waived or assumed by the Adviser. During the year ended October 31, 2025, the

------

NOTES TO FINANCIAL STATEMENTS (Continued)

October 31, 2025

Funds did not incur recoupment fees and as of October 31, 2025, no commitment or contingent liability is expected. At October 31, 2025, under the Expense Limitation Agreement, the amount that would be recoverable from each Fund is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Amount Eligible Through** | **Amount Eligible Through** | **Amount Eligible Through** | **Total Eligible<br>For**<br>**Reimbursement** |
| **Funds:** | **2026** | **2027** | **2028** | **Total Eligible<br>For**<br>**Reimbursement** |
|  1290 Avantis<sup>®</sup> U.S. Large Cap Growth | $129096 | $264400 | $269130 | $662626 |
|  1290 Diversified Bond | 3030013 | 2652034 | 2288963 | 7971010 |
|  1290 Essex Small Cap Growth | 412087 | 254364 | 269742 | 936193 |
|  1290 GAMCO Small/Mid Cap Value | 411133 | 402629 | 396042 | 1209804 |
|  1290 High Yield Bond | 299929 | 294924 | 303464 | 898317 |
|  1290 Loomis Sayles Multi-Asset Income | 282902 | 359264 | 447461 | 1089627 |
|  1290 Multi-Alternative Strategies | 122841 | 117430 | 123427 | 363698 |
|  1290 SmartBeta Equity | 556893 | 553875 | 513705 | 1624473 |

---

Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts with vendors and others that provide for general indemnifications. A Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund. However, based on experience, the Trust and management expect the risk of loss to be remote.

Note 3 Sales Charges

The Distributor receives sales charges on the Funds' Class A shares and the proceeds of contingent deferred sales charges paid by the investor in connection with certain redemptions of the Funds' Class A shares. Sales loads and contingent deferred sales charges imposed on purchases and redemptions of Fund shares are retained by the Trust's Distributor and do not represent expenses or income of the Funds. The Distributor has advised the Funds that for the year ended October 31, 2025, the proceeds retained from sales and redemptions are as follows:

---

| | | |
|:---|:---|:---|
|  | **Class A** | **Class A** |
| **Funds:** | **Front<br>End<br>Sales<br>Charge** | **Contingent<br>Deferred<br>Sales<br>Charge** |
|  1290 Avantis<sup>®</sup> U.S. Large Cap Growth | $32883 | $— |
|  1290 Diversified Bond | 7616 |  |
|  1290 Essex Small Cap Growth | 11214 |  |
|  1290 GAMCO Small/Mid Cap Value | 23225 |  |
|  1290 High Yield Bond | 35543 |  |
|  1290 Loomis Sayles Multi-Asset Income | 56545 |  |
|  1290 Multi-Alternative Strategies | 1710 |  |
|  1290 SmartBeta Equity | 33498 |  |

---

Note 4 Compensation of Officers

Each officer of the Trust is an employee of Equitable Financial Life Insurance Company ("Equitable Financial"), EIM, Equitable Investment Management Group, LLC ("EIMG") and/or Equitable Distributors, LLC. No officer of the Trust, other than the Chief Compliance Officer, receives compensation paid by the Trust. During the year ended October 31, 2025, the two trusts in the fund complex reimbursed EIM and EIMG for $280,000 of the Chief Compliance Officer's compensation, including $2,435 reimbursed by the Trust.

---

| | |
|:---|:---|
| Note 5 | Percentage of Ownership by Affiliates  |

---

Equitable Investment Management Group, LLC, a wholly-owned subsidiary of Equitable Financial Life Insurance company, may be deemed to be a control person with respect to the

------

NOTES TO FINANCIAL STATEMENTS (Continued)

October 31, 2025

1290 Funds by virtue of its ownership of a substantial majority of the 1290 Funds' shares. Shareholders owning more than 25% of the outstanding shares of a Fund may be able to determine the outcome of most issues that are submitted to shareholders for a vote.

At October 31, 2025, EIMG and Equitable Financial held investments in each of the Funds as follows:

---

| | |
|:---|:---|
| **Funds:** | **Percentage of<br>Ownership** |
|  1290 Avantis<sup>®</sup> U.S. Large Cap Growth | 19% |
|  1290 Essex Small Cap Growth | 18 |
|  1290 GAMCO Small/ Mid Cap Value | 15 |
|  1290 High Yield Bond | 6 |
|  1290 Loomis Sayles Multi-Asset Income | 49 |
|  1290 Multi-Alternative Strategies | 42 |

---

Shares of 1290 Avantis<sup>®</sup> U.S. Large Cap Growth, 1290 Diversified Bond, 1290 Essex Small Cap Growth, 1290 GAMCO Small/Mid Cap Value, 1290 High Yield Bond and 1290 SmartBeta Equity Funds may be held as an underlying investment by certain series of the EQ Advisors Trust. The following table shows the percentage of ownership of the net assets of each Fund by a series of EQ Advisors Trust as of October 31, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolios:** | **1290 Avantis<sup>®</sup><br>U.S. Large Cap<br>Growth Fund** | **1290 Diversified<br>Bond** | **1290 Essex<br>Small Cap<br>Growth** | **1290 GAMCO<br>Small/Mid Cap<br>Value** | **1290 High<br>Yield Bond** | **1290<br>SmartBeta<br>Equity** |
|  EQ/Aggressive Allocation Portfolio | 12.36% | 2.58% | —% | —% | —% | —% |
|  EQ/All Asset Growth Allocation Portfolio | 5.02 | 1.41 |  |  |  |  |
|  EQ/Conservative Allocation Portfolio | 1.08 | 4.42 |  |  |  |  |
|  EQ/Conservative-Plus Allocation Portfolio | 2.09 | 3.99 |  |  |  |  |
|  EQ/Moderate Allocation Portfolio | 14.28 | 22.77 |  |  |  |  |
|  EQ/Moderate-Plus Allocation Portfolio | 22.54 | 17.50 |  |  |  |  |
|  Equitable Conservative Growth MF/ETF | 0.65 | 5.00 | 3.19 | 2.06 | 7.90 | 3.37 |
|  Equitable Growth MF/ETF Portfolio | 0.75 | 0.31 | 3.18 | 2.07 | 2.28 | 4.17 |
|  Equitable Moderate Growth MF/ETF Portfolio | 0.51 | 1.34 | 2.44 | 1.59 | 2.31 | 2.73 |
|  Target 2015 Allocation |  | 0.60 |  |  |  |  |
|  Target 2025 Allocation |  | 2.23 |  |  |  |  |
|  Target 2035 Allocation |  | 2.37 |  |  |  |  |
|  Target 2045 Allocation |  | 1.29 |  |  |  |  |
|  Target 2055 Allocation |  | 0.29 |  |  |  |  |

---

The 1290 Funds and EQ Advisors Trust are part of the same fund complex and are advised by affiliated investment advisers. EIM, the investment adviser to the 1290 Funds, and EIMG, the investment adviser to the EQ Advisors Trust, are both indirect, wholly-owned subsidiaries of Equitable Holdings, Inc.

Note 6 Subsequent Events

The Adviser evaluated subsequent events from October 31, 2025, the date of these financial statements, through the date these financial statements were issued. There are no subsequent events that require recognition or disclosure in the financial statements.

------

![LOGO](g98897g35x39.jpg)

#### Report of Independent Registered Public Accounting Firm
To the Board of Trustees of 1290 Funds and Shareholders of each of the eight funds listed in the table below

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of each of the funds listed in the table below (constituting 1290 Funds, hereafter collectively referred to as the "Funds") as of October 31, 2025, the related statements of operations for the year ended October 31, 2025, the statements of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2025 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;1290 Avantis U.S. Large Cap Growth Fund | 1290 High Yield Bond Fund |
| &nbsp;&nbsp;&nbsp;1290 Diversified Bond Fund | 1290 Loomis Sayles Multi-Asset Income Fund |
| &nbsp;&nbsp;&nbsp;1290 Essex Small Cap Growth Fund | 1290 Multi-Alternative Strategies Fund |
| &nbsp;&nbsp;&nbsp;1290 GAMCO Small/Mid Cap Value Fund | 1290 SmartBeta Equity Fund |

---

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agents and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

December 18, 2025

We have served as the auditor of one or more investment companies in the Equitable Investment Management LLC – advised mutual fund complex since 1997.

------

#### Federal Income Tax Information (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Funds:** | **70% Dividend<br>Received<br>Reduction** | **Foreign<br>Taxes** | **Foreign<br>Source Income** | **Long Term<br>Capital Gain** |
|  1290 Avantis U.S. Large Cap Growth | 100.00% | $— | $— | $655571 |
|  1290 Diversified Bond | 0.00 |  |  |  |
|  1290 Essex Small Cap Growth | 87.14 |  |  | 545 |
|  1290 GAMCO Small/Mid Cap Value | 100.00 |  |  | 5814475 |
|  1290 High Yield Bond | 0.00 |  |  |  |
|  1290 Loomis Sayles Multi-Asset Income | 6.54 |  |  | 36188 |
|  1290 Multi-Alternative Strategies | 6.16 | 5306 | 57855 |  |
|  1290 SmartBeta Equity | 85.36 |  |  | 6697137 |

---

------

#### Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)

Note: This is not applicable for any Fund included in this document.

#### Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)

Note: This is not applicable for any Fund included in this document.

#### Item 10: Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
(Unaudited)

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial

Statements and Financial Highlights for Open-End Management Investment Companies.

------

#### Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

#### 1290 FUNDS

#### DISCLOSURE REGARDING ADVISORY CONTRACT APPROVALS

#### APPROVALS OF INVESTMENT ADVISORY AND INVESTMENT SUB-ADVISORY AGREEMENTS DURING THE SIX-MONTH PERIOD ENDED OCTOBER 31, 2025 (UNAUDITED)
At an in-person meeting held on July 22-23, 2025, the Board of Trustees (the "Board") of 1290 Funds (the "Trust"), including those Trustees who are not parties to any Agreement (as defined below) or "interested persons" (as that term is defined in the Investment Company Act of 1940, as amended) of such parties or the Trust (the "Independent Trustees"), considered and unanimously approved the renewal of the Investment Advisory Agreement (the "Advisory Agreement") between the Trust and Equitable Investment Management, LLC ("EIM" or the "Adviser") and, as applicable, the renewal of the Investment Sub-Advisory Agreement (each, a "Sub-Advisory Agreement" and together with the Advisory Agreement, the "Agreements") between the Adviser and each investment sub-adviser (each, a "Sub-Adviser" and together, the "Sub-Advisers"), as shown in the table below with respect to each series of the Trust (each, a "Fund" and together, the "Funds") listed below, for an additional one-year term. As noted below, the Board considered, and made a decision with respect to, each Agreement for each Fund separately.

---

| | |
|:---|:---|
| **Funds** | **Agreement(s) Renewed by the Trust's Board**<br> **with respect to the Funds** |
|  1290 High Yield Bond Fund\*<br> 1290 Multi-Alternative Strategies Fund<br> 1290 SmartBeta Equity Fund\* | Advisory Agreement with EIM |
|  1290 Avantis<sup>®</sup> U.S. Large Cap Growth Fund | Advisory Agreement with EIM<br> Sub-Advisory Agreement with American Century Investment Management Inc. |
|  1290 Diversified Bond Fund | Advisory Agreement with EIM<br> Sub-Advisory Agreement with Brandywine Global Investment Management LLC |
|  1290 Essex Small Cap Growth Fund | Advisory Agreement with EIM<br> Sub-Advisory Agreement with Essex Investment Management Company, LLC |
|  1290 GAMCO Small/Mid Cap Value Fund | Advisory Agreement with EIM<br> Sub-Advisory Agreement with GAMCO Asset Management, Inc. |
|  1290 Loomis Sayles Multi-Asset Income Fund | Advisory Agreement with EIM<br> Sub-Advisory Agreement with Loomis, Sayles & Company, L.P. |

---

\* The Board noted that it had approved a new investment sub-advisory agreement between the Adviser and AXA Investment Managers US Inc. with respect to the Fund at its June 2-3, 2025 meeting. A discussion of the process followed by the Board in its approval of the new investment sub-advisory agreement, including the information reviewed, certain material factors considered, and certain related conclusions reached, is provided elsewhere in this Form N-CSR. 

In reaching its decision to renew the Agreement(s) with respect to each Fund, the Board considered the overall fairness of the Agreement and whether the Agreement was in the best interests of the Fund and its shareholders. The Board further considered all factors it deemed relevant with respect to each Fund, including: (1) the nature, quality and extent of the overall services provided to the Fund by the Adviser, the relevant Sub-Adviser and, where applicable, their respective affiliates, including the investment performance of the Fund; (2) the level of the Fund's advisory fee and, where applicable, sub-advisory fee, and the Fund's expense ratios relative to those of peer funds; (3) the costs of the services provided by, and the profits (if any) realized by, the Adviser and its affiliates from their relationships with the Fund; (4) the anticipated effect of growth and size on the Fund's performance and expenses, including any potential economies of scale and whether any such economies of scale are equitably shared with shareholders; and (5) "fall-out" benefits that may accrue to the Adviser, the relevant Sub-Adviser, and their respective affiliates (that is, indirect benefits that they would not receive but for their relationships with the Fund). The Board also considered other factors, including conditions and trends prevailing generally in the economy, the securities markets, and the mutual fund industry.

------

In connection with its deliberations, the Board took into account a broad range of information (both written and oral) provided to the Board, including its various committees, throughout the year, as well as information provided specifically in connection with the annual renewal process. The Trustees also recognized that the contractual arrangements for the Funds have been reviewed by the Trustees and discussed with the Adviser in prior years and that the Trustees' conclusions may take into account conclusions reached during their consideration of these same arrangements in prior years. The Board is assisted by counsel for the Trust, and the Independent Trustees are also separately assisted by independent legal counsel, throughout the year, as well as during the annual renewal process.

Information provided and discussed throughout the year included investment performance reports and related financial and general market outlook information for each Fund, as well as periodic reports on, among other matters, brokerage allocation and execution; pricing and valuation of portfolio securities; legal and compliance matters; shareholder and other services and support provided to the Funds by the Adviser, the relevant Sub-Adviser and their respective affiliates, as well as other third-party providers; actual and potential conflicts of interest that could impact the business operations and relationships of the Adviser and the Trust or affect the Adviser's recommendations about Sub-Advisers; sales and marketing activity; risk management; and overall market and regulatory developments. In addition, the sub-groups of the Board's Investment Committee, composed of Independent Trustees, met individually with, and engaged in extensive discussions along with management representatives with, Sub-Advisers during presentations made at regularly scheduled Investment Committee meetings during the year. The meetings, discussions and presentations throughout the year also provide a means for the Board to evaluate and consider the level, breadth and quality of services provided by the Adviser, the Sub-Advisers and, where applicable, their respective affiliates, and how such services have changed over time in light of new or modified regulatory requirements, changes to market conditions or other factors.

Information provided and discussed specifically in connection with the annual renewal process included a report prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of mutual fund industry data, as well as additional substantial material prepared by management. Broadridge provided its report to the Independent Trustees and included in its report comparative fee, expense and investment performance information for each Fund. The materials provided by Broadridge in connection with the July 2025 annual renewal process reflected certain enhancements to the presentation and format of the materials provided by Broadridge in connection with the July 2024 annual renewal process. The enhancements were based on a review of the materials undertaken by the Adviser, in consultation with fund counsel, and the Independent Trustees, in consultation with their independent legal counsel, intended to ensure that the Independent Trustees continue to receive comparative fee, expense, and investment performance information in a format that facilitates and enhances their review of the Funds' investment advisory and sub-advisory arrangements. The additional material prepared by management generally included Fund-by-Fund information showing, among other information, each Fund's average net assets; advisory fees and, where applicable, sub-advisory fees; expense ratios; expense limitation arrangements; investment performance (in addition to the performance information prepared by Broadridge); and profitability information, including information regarding the profitability of the Adviser's operations on a Fund-by-Fund basis, as well as on an overall Trust basis. In addition, for each Fund, the Adviser and, where applicable, the relevant Sub-Adviser provided separate materials describing the Fund's investment performance over various time periods and the services provided and the fees charged with respect to the Fund and discussing whether the Fund had performed as expected over time and other matters.

The annual renewal process extends over at least two regular meetings of the Board in June and July (although the Independent Trustees believe that, in fact, the process extends year-round, and the Independent Trustees receive information on an ongoing basis) to ensure that the Adviser and the Sub-Advisers have time to respond to any questions the Independent Trustees may have on their initial review of the materials and that the Independent Trustees have time to consider those responses. The Independent Trustees were assisted by independent legal counsel prior to and during the meeting at which the Board approved the renewal of the Agreements and during their deliberations regarding the Agreements and received from legal counsel materials outlining, among other things, their fiduciary duties and the legal standards applicable to their consideration of the proposed renewal of the Agreements. The Independent Trustees also held a conference call in advance of the meeting at which the Board approved the renewal of the Agreements to review the information provided and communicated follow-up questions for management to address at the renewal meeting. The Independent Trustees also met in executive sessions with their independent legal counsel during the meeting to discuss the Agreements and the information provided and consider their responsibilities under applicable law. When invited, management

------

representatives attended portions of the executive sessions to review and discuss matters relating to the Agreements and to provide additional information requested by the Independent Trustees. At the meeting and during the portions of the executive sessions attended by management, the Independent Trustees and management engaged in extensive discussions regarding the Agreements. In addition, the Independent Trustees requested and reviewed information and met during the year to discuss information relevant to their annual consideration of the Agreements.

The Board also noted that the Trust is an affiliated investment company of EQ Advisors Trust, which is managed by Equitable Investment Management Group, LLC ("EIMG"), an affiliate of the Adviser, and that all of the Board members also currently serve on the Board of Trustees of EQ Advisors Trust. The Board noted that EIMG served as the investment adviser to the Trust prior to January 1, 2023. The Board also noted that all but one of the Sub-Advisers currently serve as investment sub-advisers for one or more series, or allocated portion(s) of series, of EQ Advisors Trust. The Trustees took into account information relating to the Adviser, EIMG and the Sub-Advisers provided to the Trustees, in their capacities as Trustees of EQ Advisors Trust, at prior meetings of the Board of Trustees of EQ Advisors Trust, and the Trustees noted their experience and familiarity with the Adviser, EIMG, the Sub-Advisers, and the series of EQ Advisors Trust gained from their service on the Boards of Trustees of EQ Advisors Trust and the Trust.

Although the Board approved the renewal of the Agreements for all of the Funds at the same Board meeting, the Board considered each Fund and each relevant Agreement separately and, in doing so, noted the respective roles of the Adviser and, as applicable, the relevant Sub-Adviser in providing services to the Fund. The Board's decision to renew the relevant Agreement(s) with respect to each Fund was not based on a single identified factor, but rather reflected the comprehensive consideration of all the information provided to the Board and its committees throughout the year as well as the materials prepared specifically in connection with the annual renewal process. Each Trustee may have attributed different levels of importance to the various factors and information considered in connection with the renewal process and may have placed different emphasis on the relevant information year to year in light of, among other things, changing market and economic conditions. With respect to each Sub-Advisory Agreement, the Board also took into account the Adviser's recommendation to approve the renewal of the Sub-Advisory Agreement. In approving the renewal of the relevant Agreement(s) with respect to each Fund, each Trustee, including the Independent Trustees, after considering all factors and information they deemed relevant, reached a determination, with the assistance of Independent Trustees' counsel and fund counsel and through the exercise of their own business judgment, that the advisory fee and, where applicable, sub-advisory fee were fair and reasonable and that the renewal of the Agreement(s) was in the best interests of the applicable Fund and its shareholders. Although the Board gave attention to all information provided, the following discusses some of the primary factors and information it deemed relevant to its decision to renew the Agreements.

#### Nature, Quality and Extent of Services
The Board evaluated the nature, quality and extent of the overall services provided to each Fund and its shareholders by the Adviser, the relevant Sub-Adviser and, where applicable, their respective affiliates. In addition to the investment performance and fee and expense information discussed below, the Board considered the Adviser's and each relevant Sub-Adviser's responsibilities with respect to each Fund and the Adviser's and each relevant Sub-Adviser's experience in serving as an investment adviser for the Fund(s) and for funds and accounts similar to the Fund(s) each advises, including, as applicable, series (or allocated portion(s) of series) of EQ Advisors Trust.

With respect to the Adviser, the Board considered that the Adviser is responsible for, among other things, developing investment strategies for the Funds (and the portions thereof); researching, selecting and hiring Sub-Advisers, conducting ongoing due diligence on and monitoring Sub-Advisers, and, when necessary or advisable, terminating or replacing Sub-Advisers; allocating and rebalancing Fund assets among Sub-Advisers; overseeing the selection of investments for the Funds (or the portions thereof) that the Sub-Advisers sub-advise; making investment decisions for the Fund that it manages directly; monitoring and evaluating the investment performance of the Funds (or the portions thereof); monitoring the investment operations and composition of the Funds (or the portions thereof) and, in connection therewith, monitoring compliance with the Funds' investment objectives, policies and restrictions, as well as the Funds' compliance with applicable law and the Trust's compliance policies and procedures; monitoring brokerage selection, commission and other trading costs, quality of execution, and other brokerage matters; coordinating and managing the flow of information and communications relating to

------

the Funds among the Sub-Advisers and other applicable parties; coordinating responses to regulatory agency inquiries relating to the operations of the Trust and coordinating litigation matters involving the Adviser and the Trust; and implementing Board directives as they relate to the Funds. The Board also considered information regarding the Adviser's process for selecting and monitoring the Sub-Advisers and the other service providers to the Funds and its process for making investment decisions for the Fund that it manages directly, as well as information regarding the qualifications and experience of, and resources available to, the Adviser's personnel who perform those functions with respect to the Funds. In addition, the Board considered the quality of the Adviser's communications with the Board and the Adviser's responsiveness to Board inquiries and requests made from time to time with respect to the Funds. The Board further considered that the Adviser also provides the Trust with personnel, including Trust officers, in connection with carrying out its responsibilities and is responsible for coordinating the development of new initiatives and evaluating the impact of proposed products and services on the Trust and its assets. The Board also considered that the Adviser assumes significant entrepreneurial risk in sponsoring new Funds or recommending and implementing changes (for example, investment objective, strategy or policy changes) to existing Funds and that the Adviser also bears and assumes significant ongoing risks, including investment, operational, cybersecurity, enterprise, litigation, regulatory and compliance risks, with respect to all Funds. The Board considered that the Adviser's responsibilities with respect to all Funds include daily monitoring of investment, operational, cybersecurity, enterprise, litigation, regulatory and compliance risks as they relate to the Funds. The Board also considered periodic reports provided to the Board regarding the Adviser's ongoing risk monitoring and risk management activities. The Board also noted that the Funds operate in an increasingly complex regulatory environment.

With respect to the Sub-Advisers, the Board considered that each Sub-Adviser, subject to the oversight of the Adviser, is responsible for making investment decisions for the Fund (or the portion thereof) that it sub-advises; placing with brokers or dealers orders for the purchase and sale of investments for the Fund (or the portion thereof) that it sub-advises; and performing certain related administrative functions. The Board also reviewed information regarding each Sub-Adviser's process for selecting investments for the Fund (or the portion thereof) that it sub-advises, as well as information regarding the qualifications and experience of the Sub-Adviser's portfolio managers who provide services to the Fund that it sub-advises, as well as information on staffing levels and succession planning. The Board also considered information regarding each Sub-Adviser's policies for executing portfolio transactions for the Fund (or the portion thereof) that it sub-advises and, where applicable, information regarding a Sub-Adviser's policies for obtaining research from brokers and dealers.

In addition, the Board considered the allocation of Fund brokerage, including allocations to broker-dealers affiliated with the Adviser or a Sub-Adviser. The Board also considered the Sub-Advisers' use of "soft" commission dollars to pay for research services, as applicable, and noted that the Adviser does not engage in "soft dollar" transactions. In this regard, the Board also considered the Adviser's and each Sub-Adviser's trading experience and received information regarding how the Adviser and each Sub-Adviser seek to achieve "best execution" on behalf of a Fund (or portion thereof), including a report by an independent portfolio trading analytical firm and reports from the Trust's Chief Compliance Officer regarding the monitoring of execution quality.

The Board also considered the Trust's Chief Compliance Officer's evaluation of the Adviser's and each Sub-Adviser's compliance programs, policies and procedures, including those relating to cybersecurity and business continuity, and any compliance matters involving the Adviser and any applicable Sub-Adviser that had been brought to the Board's attention during the year. In addition, the Board considered whether there were any pending lawsuits, enforcement proceedings or regulatory investigations involving the Adviser and the Sub-Advisers and received information regarding the Adviser's and each Sub-Adviser's financial condition and history of operations and potential conflicts of interest in managing the Funds. The Board also considered information as to the overall amount of assets sub-advised by each Sub-Adviser and noted the largest Sub-Adviser relationships, both in terms of aggregate net assets sub-advised and, for smaller Sub-Advisers, in terms of net assets sub-advised as a percentage of the Sub-Adviser's total assets under management. In addition to periodic reports throughout the year, the Independent Trustees received information about business relationships that the Adviser and/or its affiliates, including Equitable Financial Life Insurance Company, have with the Sub-Advisers and/or their affiliates in addition to the relationships involving the Funds. In this regard, the Board also received materials regarding the practices, policies and procedures (as well as periodic enhancements thereto) adopted by the Adviser and the Trust to identify and mitigate actual and potential conflicts of interest, including conflicts that may arise in connection with those additional business relationships.

------

The Board also considered periodic reports provided to the Board regarding the services provided by the Adviser, the Sub-Advisers and, where applicable, their affiliates. The Board also considered actions taken by the Adviser and the Sub-Advisers in response to market conditions and other developments over the past year and considered the overall performance of the Adviser and the Sub-Advisers in this context. The Board also considered information about the Adviser's and each Sub-Adviser's ability to continue to provide the same scope and quality of services to its respective Fund(s). The Board noted that, at the Independent Trustees' request, the Adviser had continued to provide the Board with regular updates on market volatility, the operation of the Trust and the Funds, developments related to the Adviser's business, and the Adviser's ongoing oversight and enhanced monitoring of the Funds' Sub-Advisers, in light of a variety of market, economic and other factors, as well as changing regulatory requirements. The Independent Trustees also requested and received information about the Adviser's, the Sub-Advisers', and other key service providers' use of artificial intelligence ("AI") technologies in providing services to the Funds, as well as the Adviser's oversight and monitoring of these activities. The Board also noted that, at the Independent Trustees' request, the Adviser had continued to provide the Board with periodically updated assets under management and Fund average net assets information, as well as updated investment performance information.

The Board also considered strategic and other actions taken by the Adviser in response to recent events within the mutual fund industry, including actions taken in response to legal and regulatory developments, including U.S. Securities and Exchange Commission rulemaking and other actions affecting the mutual fund industry. The Board also requested and received throughout the past year information from the Adviser and various service providers on various topics impacting mutual funds generally, including pricing and valuation of portfolio securities; liquidity and derivatives risk management; the use of AI in the asset management industry; cybersecurity; trustee independence; and mutual fund board governance "best practices". The Board noted that certain of these topics may present significant ongoing challenges for mutual funds and result in an increase in the responsibilities and costs of mutual fund service providers, including the Adviser. The Board also noted the increasing complexity of the financial markets.

The Board also considered the benefits to shareholders from participation in a Fund sponsored by the Adviser, including the Adviser's experience operating a fund complex that offers a range of portfolios, sub-advisers and investment styles. The Board likewise considered that shareholders have chosen to invest in mutual funds sponsored by the Adviser. In addition, the Board considered the nature, quality and extent of the administrative, shareholder servicing and distribution support services that the Adviser and its affiliates provide to the Funds and their shareholders. The Board also noted that, throughout the past year, the Adviser and its affiliates had continued or undertaken strategic and other actions and initiatives intended to enhance various aspects of the Trust's and the Board's operations and shareholders' experience with the mutual funds sponsored by the Adviser. In this regard, the Board also noted that the Adviser continually reviews the overall line-up of investment options and conducts in-depth analysis of its entire fund complex to provide recommendations to the Board to streamline and strengthen the fund complex's line-up. The Board recognized that certain of these strategic and other actions and initiatives may also have a positive impact on the profitability and financial position of the Adviser and its affiliates. The Board also noted the intense competition among the broad range of financial institutions and other providers within the financial services industry.

For purposes of evaluating the nature, quality and extent of the overall services provided to each Fund, the Board also considered discussions with the Adviser and, where applicable, the relevant Sub-Adviser about Fund investment performance that occur at Board and Investment Committee meetings throughout the year. In this regard, the Board noted that, as part of regularly scheduled Fund reviews and other detailed reports to the Board on Fund performance, the Board periodically received and considered information regarding each Fund's performance over various time periods on both an absolute basis and relative to the performance of a recognized securities market index ("benchmark") and/or a custom blended index developed by the Adviser that comprises multiple recognized indexes ("blended benchmark"), and a peer group of other mutual funds deemed by Broadridge to be comparable to the Fund ("peer group"). The performance information generally included, among other information, annual total returns, average annual total returns, cumulative returns and/or rolling period total returns. The Board also reviewed information about performance attribution (including factors that contributed to, or detracted from, Fund performance) and reviewed performance in relation to certain measures of the degree of investment risk undertaken by the portfolio managers. The Board also considered the Adviser's effectiveness in monitoring the performance of the Sub-Advisers, and the Adviser's responses to performance issues when identified. The Board also considered certain information, reflected in Appendix A, provided to the Board

------

regarding each Fund's performance relative to the performance of a benchmark and/or a blended benchmark and a peer group for the one-, three-, five- and ten-year periods, as applicable, ended March 31, 2025. The Board noted that this information supplemented other performance information provided to the Board throughout the year and in connection with the annual renewal process. The Board also considered information, provided to the Board by Broadridge, regarding each Fund's performance over various time periods relative to the performance of a benchmark and/or a blended benchmark and Broadridge's "performance universe" consisting of a peer group of funds. The Board also took note of the relatively small size of each Fund and the likely impact that a Fund's size has on its relative expenses and performance. The Board also noted that, at the Independent Trustees' request, the Adviser had provided the Board with updated performance information for all of the Funds for periods ended June 30, 2025, as well as market commentary, in connection with the annual renewal process.

The Board received a description of, and factored into its evaluation of each Fund's performance the limitations inherent in, Broadridge's methodology for developing and constructing peer groups and determining, from year to year, which mutual funds should be included in which peer groups, among other things. The Board also noted that the number of mutual funds included in a peer group may be relatively small and may differ significantly from peer group to peer group and from year to year and that the constituent mutual funds included in a peer group also may differ from year to year, which, among other factors, can limit the relevance of the comparisons. While recognizing these inherent limitations, the Board believed the independent analysis conducted by Broadridge provided a useful measure of comparative performance. The Board noted that while the Adviser requested that the Board be provided certain supplemental peer group performance information, Broadridge's selection of peer funds, and its identification of a peer group, for each Fund for purposes of performance comparisons followed Broadridge's independent and proprietary methodology.

In evaluating the Funds' performance, the Board generally considered longer-term performance over a full market cycle (typically five years or longer, if applicable) to be more important than short-term performance and generally placed greater emphasis on investment results relative to benchmarks consistent with each Fund's objective. The Board also took into account factors including general market conditions (including the amount of volatility in the market over the past year, and the concentrated market environment largely driven by the dominance of a small number of "mega cap" companies often called the "Magnificent Seven"); interest rate and inflation levels and credit conditions; the "style" in which the Funds are managed, as applicable, and whether that style is in or out of favor in the market; issuer-specific information; and fund cash flows. In this regard, the Board also noted how selecting different time periods for performance calculations (for example, whether a one-year period is from December to December or March to March) can produce significantly different results in terms of a Fund's returns and peer ranking on a relative basis, particularly during periods of market volatility. The Board also recognized that market and economic conditions may significantly impact a Fund's performance, particularly over shorter periods, and such performance may be more reflective of such market or economic conditions and not necessarily reflective of management skill. The Board further acknowledged that longer-term performance could be impacted by even one period of significant outperformance or underperformance. The Board also considered that variations in performance among a Fund's operating classes reflect variations in class expenses, which result in lower performance for higher expense classes.

The following paragraphs, in which the Funds are grouped by investment strategy (for example, allocation strategies and active strategies), provide additional information that the Board considered in evaluating the performance of each Fund.

<u>Allocation Fund</u> 

With respect to the performance of the 1290 Loomis Sayles Multi-Asset Income Fund, the Board considered that the Fund allocates its assets between equity and fixed income investments and is advised by a single Sub-Adviser. In evaluating the performance of the Fund, the Board also noted that, in August 2022, the Fund had replaced its former sub-adviser with a new Sub-Adviser, and had changed its investment objective, policies and strategy, performance benchmark, fee and expense structure, and name. Therefore, the Board focused on the Fund's performance since that time.

The Board also factored into its evaluation of the Fund's performance the limitations inherent in comparing the performance of an asset allocation fund, such as the Fund, which may invest in equity and fixed income investments, to the performance of a benchmark that consists entirely of equity or fixed income securities and to the performance of a peer group that includes funds that may allocate their assets between equity and fixed

------

income investments in different percentages over time than the Fund and among other asset classes. In this respect, the Board noted that the Adviser had developed and implemented for the Fund a custom blended benchmark that has weighted levels of exposure to equity and fixed income securities. The Board considered the Fund's blended benchmark in evaluating the Fund's performance.

<u>Active Funds</u> 

With respect to the performance of the 1290 Avantis<sup>®</sup> U.S. Large Cap Growth, 1290 Diversified Bond, 1290 Essex Small Cap Growth, 1290 GAMCO Small/Mid Cap Value, 1290 High Yield Bond and 1290 SmartBeta Equity Funds, the Board considered that each Fund is actively managed and advised by a single Sub-Adviser.

In evaluating the performance of the 1290 Avantis<sup>®</sup> U.S. Large Cap Growth Fund, the Board also noted that, in November 2023, the Fund had changed from a fund-of-funds managed by the Adviser to a fund that invests directly in securities and other instruments and is actively managed by a single Sub-Adviser, and had changed its investment objective, policies and strategy, performance benchmark, and name. Therefore, the Board focused on the Fund's performance since that time.

The Board also noted that the 1290 Essex Small Cap Growth Fund had only a short operating history on which to evaluate performance.

With respect to the performance of the 1290 Multi-Alternative Strategies Fund, the Board considered that the Fund operates as a fund-of-funds managed by the Adviser and invests in exchange traded securities of other investment companies or investment vehicles ("ETFs") and recognized, therefore, that the Fund's performance is based, in part, on the total returns of the ETFs in which it invests.

<u>All Funds</u> 

The Board and the Adviser discussed the performance of each Fund, including whether each Fund had performed as expected over time. The Board and the Adviser also discussed, where applicable, the reasons for a Fund's underperformance for certain periods relative to its peer group and/or benchmark and/or blended benchmark, as applicable, and efforts to improve the Fund's performance. Where applicable, the Board also considered steps that the Adviser and, where applicable, the relevant Sub-Adviser had taken to address a Fund's performance, including any changes to the Sub-Advisers or portfolio managers advising a Fund and any changes to the investment strategies of a Fund. In this regard, the Board noted that performance, especially short-term performance, is only one of the factors that it deems relevant to its consideration of a Fund's Agreement(s) and that, after considering all relevant factors, it can reach a decision to renew an Agreement notwithstanding a Fund's relative underperformance.

Based on its review and the explanations provided by the Adviser and, where applicable, the relevant Sub-Adviser regarding the performance of each Fund, the Board determined, with respect to each Fund, that (i) the Fund and its shareholders would benefit from the Adviser's and, where applicable, the relevant Sub-Adviser's continued management of the Fund, and (ii) the nature, quality and extent of the overall services provided by the Adviser, the relevant Sub-Adviser and, where applicable, their respective affiliates were appropriate for the Fund in light of its investment objective(s) and, thus, supported a decision to approve the renewal of the Agreement(s).

#### Fees and Expenses
The Board considered each Fund's advisory fee and, where applicable, sub-advisory fee in light of the nature, quality and extent of the overall services provided by the Adviser and, where applicable, the relevant Sub-Adviser. The Board also reviewed comparative fee and expense information for each Fund provided to the Board by Broadridge. The information provided by Broadridge included an analysis of how each Fund's contractual advisory fee, actual advisory fee, other expense components, and total expense ratio compared with those of peer groups of other mutual funds selected by Broadridge as constituting an appropriate expense comparison for the Fund (typically, both a smaller expense "group" of funds selected for similarity in terms of asset size as well as other factors, and a broader expense "universe" consisting of a larger group of funds more broadly comparable to the Fund) (a Fund's "Broadridge category"). For each Fund, Broadridge provided information on the Fund's contractual advisory fee in comparison with the contractual advisory fee that would have been charged by other funds within a Broadridge category assuming the other funds were similar in size to the Fund, as well as information on the Fund's actual advisory fee and total expense ratio in comparison with those of other funds within a Broadridge category. The advisory fee analysis includes within such fee any separate administrative fee paid by a fund, including the administrative fee a Fund paid to the Adviser in its capacity as administrator for the Fund. The

------

contractual advisory fee analysis does not take into account any fee reimbursements or waivers, whereas the actual advisory fee analysis does take into account any advisory (including any administrative) fee reimbursements or waivers that benefit a fund. The total expense ratio represents a fund's total net operating expenses and takes into account any expense reimbursements or fee waivers that benefit a fund. Broadridge provided, and the Board considered, total expense ratio comparisons including and excluding any 12b-1 or non-12b-1 service fees and, as applicable, including fees and expenses of any underlying funds in which a fund invests.

The Broadridge expense data was derived in part from fund financial statements available to Broadridge as of the date of its analysis. For each Fund, the Broadridge expense data was based upon information taken from each Fund's audited financial statements for the period ended October 31, 2024, which reflect historical asset levels that may be quite different from those currently existing, particularly in a period of market volatility. Broadridge provided expense data for Class I shares of each Fund. The Board reviewed the expense data for Class I shares as a proxy for all of a Fund's operational share classes. In this regard, the Board noted that the expenses for a Fund's Class I shares are generally lower than the expenses for a Fund's other share classes and that the expense comparisons may differ for different share classes. The Board also took note of the relatively small size of each Fund and the likely impact that a Fund's size has on its relative expenses.

The Board received a description of, and factored into its evaluation of each Fund's fees and expenses the limitations inherent in, Broadridge's methodology for developing and constructing Broadridge categories and for determining, from year to year, which mutual funds should be included in which Broadridge categories, among other things. The Board recognized these inherent limitations and, taking into account commentary and supporting data presented by management, also recognized that comparisons between a Fund and other mutual funds in a Broadridge category may not be as relevant in certain circumstances, given that in some cases a Fund may exhibit notable differences (for example, in its objective(s), management techniques, and relative size) when compared to other mutual funds in a Broadridge category. The Board also noted that the number of mutual funds included in a Broadridge category may be relatively small and may differ significantly from category to category and from year to year and that the constituent mutual funds included in a Broadridge category (as well as their respective advisory/administrative fees and total expense ratios) also may differ from year to year, which can limit the relevance of the comparisons. The Board noted that it generally considered the more-narrow expense "group" comparisons to be more important in the first instance than the broader expense "universe" comparisons, but took into account the broader expense universe comparisons as well, including, among other circumstances, when the number of mutual funds in the more-narrow expense group was small or other aspects of the Fund differed appreciably from those of the mutual funds in the more-narrow expense group. For uniformity, the Fund-specific contractual advisory fee and total expense ratio comparisons provided below are relative to the broader expense universe. The Board also noted that there is no standard definition of advisory and administrative services, meaning that different mutual funds may receive different services, rendering fee and expense comparisons more difficult. Nonetheless, the Board believed that the independent analysis conducted by Broadridge assisted the Board in evaluating the reasonableness of each Fund's advisory fee and total expense ratio.

The Board noted that the Broadridge expense groups and universes for the Funds excluded ETFs because ETFs have a different structure from open-end funds like the Funds and shares of ETFs are accessed differently by investors. The Board also noted that the Broadridge expense groups and universes for the actively managed Funds excluded passive, or index, funds because passive funds pursue their investment strategies differently from the actively managed Funds. The Board noted that, in each case, the excluded funds could have lower advisory fees and total expenses, and that including these funds in Broadridge expense groups and universes would have the effect of lowering the averages and medians of the expense measurements in the Broadridge expense groups and universes. The Board also noted that, as with performance peer groups, Broadridge's selection of peer funds, and its identification of a peer group, for each Fund for purposes of fee and expense comparisons followed Broadridge's independent and proprietary methodology.

In addition, with respect to each sub-advised Fund, the Board further considered the relative levels of the sub-advisory fee paid by the Adviser to the relevant Sub-Adviser and the advisory fee retained by the Adviser in light of, among other factors, the nature and extent of responsibilities retained and risks assumed by the Adviser and not delegated to or assumed by the relevant Sub-Adviser, and the information prepared by management regarding the level of profits realized by the Adviser and its affiliates in connection with the operation of the Fund. The Board also considered the sub-advisory fee paid to a Sub-Adviser in light of fees charged by the Sub-Adviser to funds advised or sub-advised by the Sub-Adviser that follow investment strategies similar to those of the Fund (if any) and, where applicable, the rationale for differences in the Fund's sub-advisory fee and the fees charged to those other funds.

------

Fund-specific contractual advisory fee and total expense ratio comparisons are provided in the following paragraphs, in which the Funds are grouped by investment strategy (for example, allocation strategies and active strategies). The total expense ratio comparisons exclude any 12b-1 or non-12b-1 service fees. For certain Funds, as noted below, the total expense ratio comparisons include fees and expenses of any underlying funds in which a fund invests.

<u>Allocation Fund</u> 

The Board considered that the contractual advisory fee for the 1290 Loomis Sayles Multi-Asset Income Fund was above the median for the Fund's Broadridge category. The Board considered that the Adviser had been waiving advisory fees for the Fund and noted that the actual advisory fee after waivers for the Fund was below the median for the Fund's Broadridge category. The Board also considered that the total expense ratio for the Class I shares of the Fund was above the median for the Fund's Broadridge category.

<u>Active Funds</u> 

The Board considered that the contractual advisory fee for each of the 1290 Avantis<sup>®</sup> U.S. Large Cap Growth and 1290 Multi-Alternative Strategies Funds was at the median for the Fund's respective Broadridge category. The Board considered that the Adviser had been waiving advisory fees for each of these Funds and noted that the actual advisory fee after waivers for each of these Funds was below the median for the Fund's respective Broadridge category. The Board also considered that the total expense ratio for the Class I shares of the 1290 Avantis<sup>®</sup> U.S. Large Cap Growth Fund was below the median for the Fund's Broadridge category, and the total expense ratio for the Class I shares of the 1290 Multi-Alternative Strategies Fund was above the median for the Fund's Broadridge category.

The Board considered that the contractual advisory fee for each of the 1290 Diversified Bond, 1290 Essex Small Cap Growth, 1290 GAMCO Small/Mid Cap Value, 1290 High Yield Bond and 1290 SmartBeta Equity Funds was above (but, in the case of the 1290 Essex Small Cap Growth Fund, within five basis points of) the median for the Fund's respective Broadridge category. The Board considered that the Adviser had been waiving advisory fees for each of these Funds and noted that the actual advisory fee after waivers for each of the 1290 Diversified Bond, 1290 Essex Small Cap Growth, 1290 GAMCO Small/Mid Cap Value and 1290 High Yield Bond Funds was below the median for the Fund's respective Broadridge category. The Board also considered that the total expense ratio for the Class I shares of each of the 1290 Diversified Bond and 1290 Essex Small Cap Growth Funds was below the median for the Fund's respective Broadridge category, and the total expense ratio for the Class I shares of each of the 1290 GAMCO Small/Mid Cap Value, 1290 High Yield Bond and 1290 SmartBeta Equity Funds was above (but, in the case of the 1290 GAMCO Small/Mid Cap Value Fund, within five basis points of) the median for the Fund's respective Broadridge category.

The Board also considered the 1290 Multi-Alternative Strategies Fund's advisory fee rate relative to the advisory fee rates of other portfolios managed by the Adviser that, like the Fund, are structured as funds-of-funds, and noted that differences in the level of the fees reflected differences between the Fund and other funds-of-funds managed by the Adviser.

<u>All Funds</u> 

The Board further considered that the advisory fee rate schedules for all Funds include breakpoints that reduce the fee rate as a Fund's assets increase above certain levels. The Board noted that any such reduction in a Fund's effective advisory fee would result in corresponding reductions in the Fund's total expense ratios. In addition, the Board considered that the Adviser had contractually agreed to waive all or a portion of its and its affiliates' advisory, administrative and other fees and, if necessary, make payments to a Fund so that each Fund's total expense ratios (excluding certain items noted in "Economies of Scale" below) do not exceed certain levels as set forth in the Fund's prospectus. In this regard, the Board also noted that the current expense limitation arrangements for the 1290 Avantis<sup>®</sup> U.S. Large Cap Growth and 1290 GAMCO Small/Mid Cap Value Funds include the fees and expenses of any underlying funds in which a Fund invests and, thus, such fees and expenses, if any, would not cause a Fund's annual operating expenses to exceed its expense limitation. The Board also noted that, as a result of the expense limitation arrangements, each Fund's actual advisory fee was lower than its contractual advisory fee.

------

Based on its review, the Board determined, with respect to each Fund, that the Adviser's advisory fee is fair and reasonable, and the Board determined, with respect to each sub-advised Fund, that the Sub-Adviser's sub-advisory fee is fair and reasonable.

#### Profitability and Costs
The Board also considered the level of profits realized by the Adviser and its affiliates in connection with the operation of each Fund. In this respect, the Board reviewed profitability information setting forth the overall profitability of the Trust to the Adviser and its affiliates, as well as the Adviser's and its affiliates' profits in providing management and other services to each of the individual Funds during the 12-month period ended December 31, 2024, which was the most recent fiscal year for the Adviser and its affiliates. The Board also considered a year-over-year comparison of profitability information for the one-year periods ended December 31, 2024, 2023, and 2022. The Board noted that the Adviser was heavily subsidizing the Funds' expenses and that the Funds were not profitable.

In reviewing the Adviser's profitability analysis, attention was given to the methodology the Adviser followed in determining and allocating costs to each Fund. The Board recognized that there is no uniform methodology within the asset management industry regarding the allocation of firm-wide or complex-wide expenses for determining profitability for this purpose; cost allocation methodologies are inherently subjective; and various cost allocation methodologies may each be reasonable while producing different results. In this regard, the Board noted that the Adviser's cost allocation methodology was consistent with the cost allocation methodology followed in the profitability report presentation for the Funds during the July 2024 annual renewal process. The Board also noted that, in consultation with and through independent legal counsel, the Board's Audit Committee has engaged an outside consultant to conduct periodic assessments of the cost allocation methodology, including adjustments to the methodology, as part of the Board's review of the Adviser's profitability analysis in connection with the annual renewal process. In addition to the annual profitability report presentation and extensive discussions with management, the Board took into account the series of assessments and noted that, following each such assessment, the consultant found that the Adviser's overall cost allocation methodology was reasonable in all material respects and generally consistent with observed industry practices. The Board also took into account management's ongoing costs and expenditures in providing and improving services for the Funds, as well as the need to meet additional regulatory and compliance requirements resulting from changes in rules and other regulations and to adapt to other challenges impacting the mutual fund industry. In addition, the Board considered information prepared by management and from third-party sources comparing the profitability of the Adviser on an overall basis to the profitability of other publicly held asset managers (including asset managers similar to the Adviser) over various time periods, including information about profitability trends over time.

In addition, with respect to the sub-advised Funds, the Board noted that the Board and the Adviser generally are aware of the fees charged by the Sub-Advisers to other clients (this information having been provided to the Board and the Adviser by the Sub-Advisers in conjunction with the proposed renewal of the Sub-Advisory Agreements) and that the Adviser believes that the fees agreed upon with the Sub-Advisers are reasonable in light of the nature, quality and extent of the investment sub-advisory services provided. The Board acknowledged that each Sub-Adviser's fee is paid by the Adviser and not the sub-advised Fund and that the Adviser is incentivized to negotiate a favorable fee. The Board also noted that many responsibilities related to the advisory function are retained by the Adviser. The Adviser further advised the Board that it does not regard Sub-Adviser profitability as meaningful to its evaluation of the Sub-Advisory Agreements. The Board acknowledged the Adviser's view of Sub-Adviser profitability, noting the Board's findings as to the reasonableness of the sub-advisory fees and that the fees paid to the Sub-Advisers are the product of negotiations with the Adviser and reflect levels of profitability acceptable to the Adviser and the Sub-Advisers based on the particular circumstances for each of them.

Based on its consideration of the factors above, the Board determined that the level of profits realized by the Adviser and its affiliates from providing services to each Fund was not excessive in view of the nature, quality and extent of the services provided and the risks assumed.

#### Economies of Scale
The Board also considered whether economies of scale or efficiencies are realized by the Adviser as a Fund grows larger, the extent to which this is reflected in the level of advisory and administrative fees charged, and whether there is potential for realization of any further economies of scale or efficiencies. While recognizing that

------

any precise determination is inherently subject to assumptions and subjective assessments, the Board considered that any realized economies of scale or efficiencies may be shared with funds and their shareholders in a variety of ways, including: (i) breakpoints in the advisory fee or other fees so that a fund's effective fee rate declines as the fund grows in size, (ii) subsidizing a fund's expenses by waiving all or a portion of the advisory fee or other fees or making payments to the fund so that the fund's total expense ratio does not exceed certain levels, (iii) setting the advisory fee or other fees so that a fund is priced to scale, which assumes that the fund has sufficient assets from inception to operate at a competitive fee rate without any fee waiver or expense reimbursement from the manager, and (iv) reinvestment in, and enhancements to, the services that the manager and its affiliates provide to a fund and its shareholders. The Board noted that the advisory fee rate schedules for all Funds include breakpoints that reduce the fee rate as Fund assets increase above certain levels and considered whether such breakpoints are set at appropriate asset levels. The Board also noted that the Adviser was subsidizing all of the Funds' expenses by waiving all or a portion of its and its affiliates' advisory, administrative and other fees and, if necessary, making payments to the Funds so that each Fund's total expense ratios (exclusive of taxes, interest, brokerage commissions, dividend and interest expenses on securities sold short, capitalized expenses (other than offering costs), fees and expenses of any underlying funds in which the Fund invests (unless otherwise noted above), 12b-1 fees, and extraordinary expenses not incurred in the ordinary course of the Fund's business) do not exceed certain contractual levels as set forth in the Fund's prospectus. The Board recognized that expense limitation arrangements can have an effect similar to breakpoints in sharing economies of scale with shareholders and can provide protection from an increase in expenses if a Fund's assets decline. In addition, the Board considered that the Adviser shares any realized economies of scale with the Funds in other ways, which may include setting a Fund's fees so that they are priced to scale. The Board considered that the effect of this pricing strategy is that the Adviser could lose money in the early stages of a Fund's operation (and bears the risk that the Fund will never become profitable), while the Fund's shareholders receive the benefit of economies of scale that the Adviser expects the Fund will achieve as it grows. The Board further considered that the Adviser shares any realized economies of scale with the Funds through reinvestment in, and enhancements to, the services that the Adviser and its affiliates provide to the Funds and their shareholders, such as hiring additional personnel, providing additional resources in areas relating to management and administration of the Funds, and the ongoing development of the Adviser's infrastructure and information technology to support the Funds through, among other things, cybersecurity, business continuity planning, and risk management. The Board also noted that the Adviser can share economies of scale with Funds by maintaining existing expense structures in the face of a rising cost environment.

In addition, the Board noted that the sub-advisory fee schedule for one of the Sub-Advisers aggregates the assets managed by the Sub-Adviser in a Fund and in another mutual fund for which the Sub-Adviser serves as investment sub-adviser and EIMG serves as investment adviser. The Board also noted that the sub-advisory fee schedules for certain Sub-Advisers include breakpoints that reduce the sub-advisory fee rate as applicable Fund assets under the Sub-Adviser's management increase above certain levels. In this regard, the Board acknowledged that, at some levels, the breakpoints in a sub-advisory fee schedule may result in savings to the Adviser and not to shareholders. The Board also noted that the aggregation of assets may result in the affected Fund(s) reaching a breakpoint sooner than if the sub-advisory fee schedule did not aggregate assets, which also has the potential to benefit the Adviser. With respect to sub-advisory fees that do not include breakpoints, the Board considered the Sub-Advisers' explanations that the sub-advisory fees are priced at a competitive level.

Based on its consideration of the factors above and recognizing that the Funds have relatively low asset levels to date, the Board determined that there was a reasonable sharing of any realized economies of scale or efficiencies under the advisory, administrative and, as applicable, sub-advisory fee schedules at the present time.

#### "Fall-Out" and Other Benefits
The Board also considered the extent to which fall-out benefits may accrue to the Adviser and its affiliates. In this connection, the Board considered several possible fall-out benefits and other types of benefits, including the following. The Board noted that the Adviser also serves as the administrator for the Funds and receives compensation for acting in this capacity. The Board also noted that Equitable Distributors, LLC, an affiliate of the Adviser, provides distribution support services for the Trust pursuant to an agreement with the Trust's distributor, ALPS Distributors, Inc. Equitable Distributors, LLC may receive from the Funds compensation (which may include payments pursuant to Rule 12b-1 plans with respect to their Class A and Class R shares) for providing shareholder services and selling activities, which could lead to growth in the Trust's assets and corresponding benefits from such growth, including economies of scale. The Board also recognized that other broker-dealers that are affiliated

------

with the Adviser may sell, and earn sales commissions and/or other compensation with respect to, shares of the Funds. Further, the Board considered that Sanford C. Bernstein & Co., LLC, a registered broker-dealer, is an affiliate of the Adviser and may, from time to time, receive brokerage commissions from the Funds in connection with the purchase and sale of portfolio securities; provided, however, that those transactions, among other things, are consistent with seeking best execution. The Board also noted the aforementioned business relationships that the Adviser and/or its affiliates, including Equitable Financial Life Insurance Company, have with the Sub-Advisers and/or their affiliates in addition to the relationships involving the Funds. Based on its review, the Board determined that any fall-out benefits and other types of benefits that may accrue to the Adviser are fair and reasonable.

The Board also considered possible fall-out benefits and other types of benefits that may accrue to a Sub-Adviser, including the following. The Board considered that a Sub-Adviser, through its position as a Sub-Adviser to its respective Fund, may engage in "soft dollar" transactions. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers who may, from time to time, receive brokerage commissions from a Fund in connection with the purchase and sale of portfolio securities; provided, however, that those transactions, among other things, are consistent with seeking best execution. The Board also noted that certain Sub-Advisers currently serve as investment sub-advisers for other funds advised by the Adviser or EIMG and receive sub-advisory fees with respect to those funds. The Board also recognized that a Sub-Adviser and its affiliates may sell, and earn sales commissions and/or other compensation with respect to, the Funds and other investment products issued by the Adviser or its affiliates. In addition, the Board noted that a Sub-Adviser may benefit from greater exposure in the marketplace with respect to the Sub-Adviser's investment process and from expanding its level of assets under management, and a Sub-Adviser may derive benefits from its association with the Adviser. Based on its review, the Board determined that any fall-out benefits and other types of benefits that may accrue to the Sub-Advisers are fair and reasonable.

------

#### Appendix A
The Board noted that the following information regarding each Fund's performance relative to the performance of a benchmark and/or a blended benchmark and a peer group for the one-, three-, five- and ten-year periods, as applicable, ended March 31, 2025, supplemented other performance information (including performance based on rolling time periods) provided to the Board throughout the year and in connection with the annual renewal process. The performance results may differ from the performance results for more recent periods, including those shown in the Funds' annual shareholder reports for the period ended October 31, 2025.

#### 1290 Funds Investment Performance (%)

#### For periods ended March 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **1 Year** | **1 Year** | **3 Year** | **3 Year** | **5 Year** | **5 Year** | **10 Year** | **10 Year** |
|  | **Without<br>Sales<br>Charge** | **With<br>Sales<br>Charge** | **Without<br>Sales<br>Charge** | **With<br>Sales<br>Charge** | **Without<br>Sales<br>Charge** | **With<br>Sales<br>Charge** | **Without<br>Sales<br>Charge** | **With<br>Sales<br>Charge** |
|  **1290 Avantis<sup>®</sup> U.S. Large Cap Growth Fund - Class I** | **5.03** | **n/a** | **6.70** | **n/a** | **13.42** | **n/a** | **n/a** | **n/a** |
|  Lipper Large-Cap Growth Funds | 4.75 | n/a | 8.32 | n/a | 17.10 | n/a | n/a | n/a |
|  Russell 1000 Index | 7.82 | n/a | 8.65 | n/a | 18.47 | n/a | n/a | n/a |
|  Russell 1000 Growth Index | 7.72 | n/a | 10.09 | n/a | 20.08 | n/a | n/a | n/a |
|  **1290 Essex Small Cap Growth Fund - Class I** | **(1.81)** | **n/a** | **n/a** | **n/a** | **n/a** | **n/a** | **n/a** | **n/a** |
|  Lipper Small-Cap Growth Funds | (5.61) | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
|  Russell 3000 Index | 7.22 | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
|  Russell 2000 Growth Index | (4.86) | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
|  **1290 GAMCO Small/Mid Cap Value Fund - Class I** | **(4.92)** | **n/a** | **3.72** | **n/a** | **17.85** | **n/a** | **7.52** | **n/a** |
|  Lipper Small-Cap Core Funds | (3.44) | n/a | 1.90 | n/a | 15.39 | n/a | 6.56 | n/a |
|  Russell 3000 Index | 7.22 | n/a | 8.22 | n/a | 18.18 | n/a | 11.80 | n/a |
|  Russell 2500 Value Index | (1.47) | n/a | 2.27 | n/a | 16.65 | n/a | 6.84 | n/a |
|  **1290 Multi-Alternative Strategies Fund - Class I** | **6.45** | **n/a** | **1.49** | **n/a** | **5.02** | **n/a** | **n/a** | **n/a** |
|  Lipper Alternative Multi-Strategy Funds | 1.32 | n/a | 3.48 | n/a | 5.20 | n/a | n/a | n/a |
|  Bloomberg U.S. Aggregate Bond Index | 4.88 | n/a | 0.52 | n/a | (0.40) | n/a | n/a | n/a |
|  ICE BofA U.S. 3-Month Treasury Bill Index | 5.00 | n/a | 4.26 | n/a | 2.57 | n/a | n/a | n/a |
|  **1290 SmartBeta Equity Fund - Class I** | **9.37** | **n/a** | **7.49** | **n/a** | **14.39** | **n/a** | **9.38** | **n/a** |
|  Lipper Global Large-Cap Core Funds | 4.54 | n/a | 6.03 | n/a | 13.85 | n/a | 8.32 | n/a |
|  MSCI World (Net) Index | 7.04 | n/a | 7.58 | n/a | 16.13 | n/a | 9.50 | n/a |
|  **1290 High Yield Bond Fund - Class I** | **6.98** | **n/a** | **4.64** | **n/a** | **6.50** | **n/a** | **4.49** | **n/a** |
|  Lipper High Yield Funds | 6.63 | n/a | 4.16 | n/a | 6.69 | n/a | 4.16 | n/a |
|  ICE BofA U.S. High Yield Index | 7.68 | n/a | 4.91 | n/a | 7.26 | n/a | 4.94 | n/a |
|  **1290 Diversified Bond Fund - Class I** | **2.22** | **n/a** | **(2.77)** | **n/a** | **1.56** | **n/a** | **n/a** | **n/a** |
|  Lipper Global Income Funds | 3.77 | n/a | 0.41 | n/a | 0.76 | n/a | n/a | n/a |
|  Bloomberg U.S. Aggregate Bond Index | 4.88 | n/a | 0.52 | n/a | (0.40) | n/a | n/a | n/a |
|  **1290 Loomis Sayles Multi-Asset Income Fund - Class I** | **5.70** | **n/a** | **4.80** | **n/a** | **9.02** | **n/a** | **n/a** | **n/a** |
|  Lipper Mixed-Asset Target Allocation Moderate Funds | 4.91 | n/a | 3.68 | n/a | 8.58 | n/a | n/a | n/a |
|  Bloomberg U.S. Aggregate Bond Index | 4.88 | n/a | 0.52 | n/a | (0.40) | n/a | n/a | n/a |
|  20% MSCI World High Dividend Yield Index / 20% Cboe S&P 500 BuyWrite Index<sup>SM</sup> / 30% Bloomberg U.S. Corporate High Yield Index / 30% Bloomberg U.S. Aggregate Bond Index | 7.62 | n/a | 3.87 | n/a | 6.85 | n/a | n/a | n/a |

---

------

#### 1290 FUNDS

#### DISCLOSURE REGARDING ADVISORY CONTRACT APPROVAL

#### APPROVAL OF INVESTMENT SUB-ADVISORY AGREEMENT DURING THE SIX-MONTH PERIOD ENDED OCTOBER 31, 2025 (UNAUDITED)
At an in-person meeting held on June 2-3, 2025 (the "June 2025 Meeting"), the Board of Trustees (the "Board") of 1290 Funds (the "Trust"), including those Trustees who are not parties to the Replacement Agreement (as defined below) or "interested persons" (as that term is defined in the Investment Company Act of 1940, as amended (the "1940 Act")) of such parties or the Trust (the "Independent Trustees"), considered and unanimously approved a new Investment Sub-Advisory Agreement (the "Replacement Agreement") between Equitable Investment Management, LLC ("the "Adviser"), which serves as the Trust's investment adviser, and AXA Investment Managers US Inc. ("AXA IM" or the "Sub-Adviser") with respect to the following series of the Trust: 1290 High Yield Bond Fund and 1290 SmartBeta Equity Fund (each, a "Fund" and together, the "Funds").

In December 2024, AXA SA, the direct parent company of AXA Investment Managers SA, and BNP Paribas Cardif ("BNPP") announced that they had signed a Share Purchase Agreement for AXA Investment Managers SA. In connection with BNPP's acquisition of AXA Investment Managers SA (the "Acquisition"), AXA Investment Managers SA, the indirect parent company of the Sub-Adviser, would become a wholly owned subsidiary of BNPP, and BNPP would indirectly acquire 100% of the ownership interests of the Sub-Adviser. The Acquisition closed, and the Replacement Agreement went into effect, in early July 2025.

At the time of the June 2025 Meeting, the Sub-Adviser was serving as the investment sub-adviser for each Fund pursuant to an existing Investment Sub-Advisory Agreement between the Adviser and the Sub-Adviser dated January 1, 2023 (the "Existing Agreement"). The Board considered that the Acquisition would be deemed to result in a change of control of the Sub-Adviser under the 1940 Act, which in turn would result in the automatic termination of the Existing Agreement. In anticipation of the change of control of the Sub-Adviser, at the June 2025 Meeting, the Board considered, with respect to each Fund, whether it would be in the best interests of the Fund and its shareholders to approve a new Investment Sub-Advisory Agreement between the Adviser and the Sub-Adviser (*i.e.*, the Replacement Agreement) that would replace the Existing Agreement upon the closing of the Acquisition and, thereby, enable the Sub-Adviser to continue to provide uninterrupted investment sub-advisory services for each Fund.

The Trustees recognized that the contractual arrangements for the Funds have been reviewed by the Trustees and discussed with the Adviser in prior years and that the Trustees' conclusions may take into account conclusions reached during their consideration of these same arrangements in prior years. In this regard, the Board noted that it had most recently considered and approved the renewal of the Existing Agreement with respect to each Fund at a meeting held on July 17-18, 2024 (the "July 2024 Meeting"), in connection with the 2024 annual renewal of the Existing Agreement with respect to each Fund. At the July 2024 Meeting, the Board, including the Independent Trustees, on the basis of their business judgment after review of the information provided, concluded that the renewal of the Existing Agreement was in the best interests of each Fund and its shareholders and that the sub-advisory fee rate with respect to each Fund as set forth in the Existing Agreement was fair and reasonable. At the June 2025 Meeting, the Trustees recognized that the Board was initially scheduled to consider the 2025 annual renewal of the Existing Agreement with respect to each Fund in connection with an annual renewal process that extends over the June 2025 Meeting and a regular meeting of the Board being held on July 22-23, 2025, but that, because the Acquisition was expected to close – and, therefore, the Existing Agreement was expected to terminate – in early July, the Board was considering the approval of the Replacement Agreement with respect to each Fund at the June 2025 Meeting. The Board also recognized that, except for the effective date and minor clerical updates, the terms of the Replacement Agreement and the terms of the Existing Agreement are substantially identical, including with respect to the fees payable and services provided thereunder. In determining to approve the Replacement Agreement with respect to each Fund, the Board considered at its June 2025 Meeting the same factors it reviewed and conclusions it reached, as applicable, in connection with its 2024 annual renewal of the Existing Agreement, including the Board's general satisfaction with the nature and quality of the services being provided by the Sub-Adviser, and focused its review on the potential impact of the Acquisition on these factors and conclusions. The Board also considered that, notwithstanding that Section 15(c) of the 1940 Act permits new advisory (including sub-advisory) agreements such as the Replacement Agreement to have an initial term of two years from the date of execution, the Board intends to conduct an annual review of the Replacement Agreement with respect to each Fund during 2026.

------

The Board also noted that the Trust is an affiliated investment company of EQ Advisors Trust ("EQAT"), which is managed by an affiliate of the Adviser, and that all of the Board members also currently serve on the Board of Trustees of EQAT. The Board noted that AXA IM currently serves as the investment sub-adviser to allocated portions of the 1290 VT High Yield Bond Portfolio and the EQ/Core Plus Bond Portfolio, each a series of EQAT, using the same U.S. Core High Yield investment strategy and portfolio management team that AXA IM uses for the 1290 High Yield Bond Fund, and that AXA IM currently serves as the investment sub-adviser to the 1290 VT SmartBeta Equity ESG Portfolio, a series of EQAT, using the same SmartBeta Equity investment strategy and portfolio management team that AXA IM uses for the 1290 SmartBeta Equity Fund. The Board also noted that it had most recently considered and approved the renewal of the existing Investment Sub-Advisory Agreement between the Adviser's affiliate and AXA IM with respect to each series of EQAT at the July 2024 Meeting, in connection with the 2024 annual renewal of the agreement with respect to those series. The Trustees also noted that, in their capacities as Trustees of EQAT, they were concurrently considering a new (*i.e.*, replacement) Investment Sub-Advisory Agreement between the Adviser's affiliate and AXA IM with respect to each series of EQAT, for the same reasons discussed above.

In reaching its decision to approve the Replacement Agreement with respect to each Fund, the Board considered the overall fairness of the Replacement Agreement and whether the Replacement Agreement was in the best interests of the Fund and its shareholders. The Board further considered all factors it deemed relevant with respect to each Fund and the Replacement Agreement, including: (1) the nature, quality and extent of the overall services provided to the Fund by the Sub-Adviser; (2) comparative performance information; (3) the level of the sub-advisory fee; (4) economies of scale that may be realized by the Fund; and (5) "fall out" benefits that may accrue to the Sub-Adviser and its affiliates (*i.e.*, indirect benefits that the Sub-Adviser or its affiliates would not receive but for the relationship with the Fund). The Board also considered other factors, including conditions and trends prevailing generally in the economy, the securities markets, and the mutual fund industry.

In connection with its deliberations at the June 2025 Meeting, the Board took into account information requested by the Independent Trustees and prepared by the Adviser and AXA IM, including memoranda and other materials addressing the factors set out above, which were provided to the Trustees prior to and during the meeting. The Board also took into account information, including information relating to AXA IM, provided to the Trustees at prior Board and committee meetings, including AXA IM's presentations to sub-groups of the Board's Investment Committee during the committee's meetings held on April 25, 2024 and November 14, 2024. The information provided to the Trustees described, among other things, the services being provided by AXA IM, as well as AXA IM's investment personnel, sub-advisory fees, performance information, and other matters. The Board also requested and evaluated information relating to the potential impact of the change of control on the Funds and their investment processes, and on the operations, personnel, organizational structure, and financial and other resources of AXA IM. The Trustees also took into account information relating to AXA IM provided to the Trustees, in their capacities as Trustees of EQAT, at prior meetings of the Board of Trustees of EQAT, and the Trustees noted their experience and familiarity with AXA IM gained from their service on the Boards of Trustees of the Trust as well as EQAT.

The Independent Trustees were assisted by independent legal counsel prior to and during the meeting at which the Board approved the Replacement Agreement with respect to each Fund and during their deliberations regarding the Replacement Agreement and received from legal counsel materials outlining, among other things, their fiduciary duties and the legal standards applicable to their consideration of the Replacement Agreement. During the meeting, the Trustees met with senior representatives of the Adviser to discuss the Replacement Agreement and the information provided. The Independent Trustees also met in executive session with their independent legal counsel during the meeting to discuss the Replacement Agreement and the information provided and consider their responsibilities under applicable law.

Although the Board approved the Replacement Agreement for both of the Funds at the same Board meeting, the Board considered each Fund separately. In considering the Replacement Agreement with respect to each Fund, the Board members did not identify any particular factor or information that was all-important or controlling, and each Trustee may have given different weights to different factors and, thus, each Trustee may have had a different basis for his or her decision. The Board also took into account the Adviser's recommendation to approve the Replacement Agreement with respect to each Fund. In approving the Replacement Agreement with respect to each Fund, each Trustee, including the Independent Trustees, after considering all factors and information they deemed relevant, reached a determination, with the assistance of Independent Trustees' counsel and fund counsel and through the exercise of their own business judgment, that the sub-advisory fee was fair and reasonable and

------

that the approval of the Replacement Agreement, to take effect upon the closing of the Acquisition, was in the best interests of the Fund and its shareholders. Although the Board gave attention to all information provided, the following discusses some of the primary factors and information it deemed relevant to its decision to approve the Replacement Agreement with respect to each Fund.

#### Nature, Quality and Extent of Services
The Board evaluated the nature, quality and extent of the overall services currently being provided to each Fund and its shareholders by the Sub-Adviser. In addition to the investment performance and fee and expense information discussed below, the Board considered the Sub-Adviser's responsibilities with respect to each Fund and the Sub-Adviser's experience in serving as an investment sub-adviser for the Funds and as an investment adviser or sub-adviser for funds and accounts similar to the Funds, including, as applicable, series (or allocated portions thereof) of EQAT.

The Board considered that the Sub-Adviser, subject to the oversight of the Adviser, is responsible for making investment decisions for the Funds; placing with brokers or dealers orders for the purchase and sale of investments for the Funds; and performing certain related administrative functions. The Board also reviewed information regarding the Sub-Adviser's process for selecting investments for the Funds, as well as information regarding the qualifications and experience of the Sub-Adviser's portfolio managers who provide services to the Funds, as well as information on staffing levels and succession planning. The Board also considered information regarding the Sub-Adviser's policies and procedures for executing portfolio transactions for the Funds. In this regard, the Board also considered information regarding the Sub-Adviser's trading experience and how the Sub-Adviser seeks to achieve "best execution" on behalf of each Fund. The Board also considered its general satisfaction with the nature and quality of the services being provided to the Funds by the Sub-Adviser.

In connection with its approval of the Replacement Agreement with respect to each Fund, the Board also considered the Sub-Adviser's representations that (i) the resources available for servicing the Funds would not diminish after the change of control; (ii) the change of control is not expected to impact the day-to-day portfolio management of the Funds or result in any diminution in the services provided to the Funds; (iii) the same portfolio managers who are primarily responsible for the securities selection, research and trading for the Funds immediately prior to the change of control would continue to manage the Funds after the change of control; (iv) the Sub-Adviser's principal business activities would not be affected by the change of control; and (v) the Sub-Adviser's senior management personnel are not expected to change as a result of the change of control. In this regard, the Board also noted that, except for the effective date and minor clerical updates, the terms of the Replacement Agreement and the terms of the Existing Agreement are substantially identical, including with respect to the fees payable and services provided thereunder.

The Board also considered the Trust's Chief Compliance Officer's evaluation of the Sub-Adviser's compliance program, policies and procedures and, in this regard, also considered the Sub-Adviser's representation that the change of control is not expected to have a material impact on the Sub-Adviser's compliance or risk management programs. The Board also considered the Sub-Adviser's representation that there were no material pending lawsuits, enforcement proceedings or regulatory investigations that would impact the Sub-Adviser's ability to provide services to the Funds, and received information regarding the Sub-Adviser's financial condition and history of operations and potential conflicts of interest in managing the Funds. The Board also noted its discussion with the Adviser about certain business relationships that an affiliate of the Adviser has with an affiliate of BNPP. In this regard, the Board also received materials regarding the practices, policies and procedures (as well as periodic enhancements thereto) adopted by the Adviser and the Trust to identify and mitigate actual and potential conflicts of interest, including conflicts that may arise in connection with business relationships in addition to the Sub-Adviser's and/or its affiliates' relationships involving the Funds.

For purposes of evaluating the nature, quality and extent of the overall services provided to each Fund, the Board also considered discussions with the Adviser and the Sub-Adviser about Fund investment performance that occurred at Board and Investment Committee meetings since the July 2024 Meeting, as well as its review, at the June 2025 Meeting, of peer group and benchmark investment performance comparison data relating to each Fund, including information provided directly to the Board by Broadridge Financial Solutions, Inc., an independent provider of mutual fund industry data. The Board also received and reviewed performance data, for various time periods, relating to the Sub-Adviser's management of each Fund and fund(s) or account(s), including series (or allocated portions thereof) of EQAT, with a similar investment strategy as that for each Fund, as compared to an appropriate benchmark and peer group. The Board also took into account factors including general market

------

conditions, interest rate and inflation levels, and credit conditions. The Trustees also noted that they had reviewed the Sub-Adviser's performance through their oversight of its management of the Funds since its appointment as sub-adviser to the Funds. The Board generally considered longer-term performance over a full market cycle (typically five years or longer) to be more important than short-term performance. In this regard, the Board also considered the Sub-Adviser's representations that the same portfolio managers who are primarily responsible for the securities selection, research and trading for the Funds immediately prior to the change of control would continue to manage the Funds after the change of control, and the investment processes of the Funds are not expected to change as a result of the change of control. Notwithstanding the foregoing, the Board recognized that personnel changes may occur in the future in the ordinary course.

Based on its review, the Board determined, with respect to each Fund, that the nature, quality and extent of the overall services provided by the Sub-Adviser were appropriate for the Fund in light of its investment objective and, thus, supported a decision to approve the Replacement Agreement.

#### Fees and Expenses
The Board also considered the sub-advisory fee with respect to each Fund in light of the nature, quality and extent of the overall services provided by the Sub-Adviser. The Board considered the Adviser's representation that each Fund's fees and expenses were not expected to change as a result of the approval of the Replacement Agreement. The Board also considered that, for each Fund, the sub-advisory fee that the Sub-Adviser would receive under the Replacement Agreement would be based on the same fee rate schedule in effect under the Existing Agreement. In addition, the Board considered the relative levels of the sub-advisory fee to be paid to the Sub-Adviser with respect to each Fund and the advisory fee to be retained by the Adviser in light of, among other factors, the nature and extent of responsibilities retained and risks assumed by the Adviser and not delegated to or assumed by the Sub-Adviser. The Board also considered, with respect to each Fund, the sub-advisory fee rate schedule for the Sub-Adviser in light of the fees that the Sub-Adviser charges under other (sub-)advisory agreements with other comparable clients that follow an investment strategy similar to that of the Fund and, where applicable, the rationale for differences in the Fund's sub-advisory fee and the fees charged to those other clients. The Board also noted that the sub-advisory fee rate schedule for the 1290 High Yield Bond Fund is the same sub-advisory fee rate schedule that the Sub-Adviser charges to its allocated portions of both the 1290 VT High Yield Bond Portfolio and the EQ/Core Plus Bond Portfolio, and that the sub-advisory fee rate schedule for the 1290 SmartBeta Equity Fund is the same sub-advisory fee rate schedule that the Sub-Adviser charges to the 1290 VT SmartBeta Equity ESG Portfolio. The Board also noted that the advisory fee paid by each Fund to the Adviser would not change as a result of the approval of the Replacement Agreement.

The Board further noted that the Adviser, and not a Fund, would pay the Sub-Adviser and that the sub-advisory fee was negotiated between the Sub-Adviser and the Adviser. Moreover, the Board noted that the Board and the Adviser generally are aware of the fees charged by the Sub-Adviser to other clients (this information having been provided to the Board and the Adviser by the Sub-Adviser in conjunction with the proposed approval of the Replacement Agreement) and that the Adviser believes that the fees agreed upon with the Sub-Adviser are reasonable in light of the nature, quality and extent of the investment sub-advisory services provided. Based on its review, the Board determined, with respect to each Fund, that the sub-advisory fee for the Sub-Adviser is fair and reasonable.

#### Profitability and Costs
The Board also considered the estimated impact of the sub-advisory fees on the profitability of the Adviser. In this regard, the Board noted again that the Funds' fees and expenses were not expected to change as a result of the approval of the Replacement Agreement. The Adviser advised the Board that it does not regard Sub-Adviser profitability as meaningful to its evaluation of the Replacement Agreement. The Board acknowledged the Adviser's view of Sub-Adviser profitability, noting the Board's findings as to the reasonableness of the sub-advisory fees and that the fees paid to the Sub-Adviser are the product of negotiations with the Adviser and reflect levels of profitability acceptable to the Adviser and the Sub-Adviser based on the particular circumstances for each of them. The Board noted again that the Sub-Adviser's fees are paid by the Adviser and not the Funds and that many responsibilities related to the advisory function are retained by the Adviser. In light of all the factors considered, the Board determined that the anticipated profitability to the Adviser remained within the reasonable range of profitability levels previously reported.

------

#### Economies of Scale
The Board also considered whether economies of scale would be realized as a Fund grows larger and the extent to which this is reflected in the sub-advisory fee rate schedule with respect to the Fund. While recognizing that any precise determination is inherently subject to assumptions and subjective assessments, the Board noted that (i) the sub-advisory fee rate schedule for the 1290 High Yield Bond Fund aggregates the assets managed by the Sub-Adviser in this Fund and in the allocated portions of both the 1290 VT High Yield Bond Portfolio and the EQ/Core Plus Bond Portfolio, and (ii) the sub-advisory fee rate schedule for the 1290 SmartBeta Equity Fund aggregates the assets managed by the Sub-Adviser in this Fund and in the 1290 VT SmartBeta Equity ESG Portfolio. The Board also noted that the sub-advisory fee rate schedule for each Fund includes breakpoints that reduce the sub-advisory fee rate as aggregate assets under the Sub-Adviser's management increase above certain levels. In this regard, the Board acknowledged that, at some levels, the breakpoints in a sub-advisory fee rate schedule may result in savings to the Adviser and not to shareholders. The Board also noted that the aggregation of assets may result in the Funds reaching a breakpoint sooner than if the sub-advisory fee rate schedules did not aggregate assets, which also has the potential to benefit the Adviser. The Board also noted that the sub-advisory fee rate and breakpoint schedules will not change under the Replacement Agreement. The Board considered these factors, and the relationship they bear to the fee structures charged to the Funds by the Adviser, and concluded that there would be a reasonable sharing of benefits from any economies of scale with the Funds.

#### Fall-Out and Other Benefits
The Board also considered possible fall-out benefits and other types of benefits that may accrue to the Sub-Adviser, including the following. The Board noted that the Sub-Adviser currently serves as investment sub-adviser for series of EQAT and receives sub-advisory fees with respect to those series. In addition, the Board noted that the Sub-Adviser may benefit from greater exposure in the marketplace with respect to its investment process and from expanding its level of assets under management, and the Sub-Adviser may derive benefits from its association with the Adviser. The Board also noted that, as the applicable principal business activities of the Sub-Adviser with respect to the Funds would not be affected by the change of control, such fall-out benefits were expected to remain after the change of control. Based on its review, the Board determined that any fall-out benefits and other types of benefits that may accrue to the Sub-Adviser are fair and reasonable.

#### Conclusion
At the June 2025 Meeting, the Board, including a majority of the Independent Trustees, considered and unanimously approved the Replacement Agreement with respect to each Fund, to take effect upon the closing of the Acquisition. The Board's approval was based on its determination, made in the exercise of its business judgment, that it would be in the best interests of each Fund and its shareholders for the Sub-Adviser to continue to provide uninterrupted investment sub-advisory services for the Fund.

------

---

| | |
|:---|:---|
| **ITEM 8.** | **CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**  |

---

This is not applicable for any Fund included in this document.

---

| | |
|:---|:---|
| **ITEM 9.** | **PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**  |

---

This is not applicable for any Fund included in this document.

---

| | |
|:---|:---|
| **ITEM 10.** | **REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.**  |

---

This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

---

| | |
|:---|:---|
| **ITEM 11.** | **STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.**  |

---

See ITEM 7.

---

| | |
|:---|:---|
| **ITEM 12.** | **DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.**  |

---

Not applicable to this registrant.

---

| | |
|:---|:---|
| **ITEM 13.** | **PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES**  |

---

Not applicable to this registrant.

---

| | |
|:---|:---|
| **ITEM 14.** | **PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.**  |

---

Not applicable to this registrant.

---

| | |
|:---|:---|
| **ITEM 15.** | **SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.**  |

---

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Trustees implemented after the registrant last provided disclosure in response to this item.

---

| | |
|:---|:---|
| **ITEM 16.** | **CONTROLS AND PROCEDURES.**  |

---

(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) The registrant's certifying officers are not aware of any change in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

------

---

| | |
|:---|:---|
| **ITEM 17.** | **DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.**  |

---

Not Applicable to this registrant.

---

| | |
|:---|:---|
| **ITEM 18.** | **RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.**  |

---

Not applicable

---

| | |
|:---|:---|
| **ITEM 19.** | **EXHIBITS.**  |

---

(a)(1) [The Code of Ethics for Senior Officers of the Registrant is filed herewith.](d98897dex99codeeth.htm)

(a)(2) Not applicable.

(a)(3) [Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are filed herewith.](d98897dex99cert.htm)

(b) [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are filed herewith.](d98897dex99906cert.htm)

(101) Inline Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document.

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

1290 FUNDS

---

| | |
|:---|:---|
| By: | /s/ Steven M. Joenk |
|  | Steven M. Joenk |
|  | Chief Executive Officer |
|  | January 7, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| |
|:---|
| /s/ Steven M. Joenk |
|  Steven M. Joenk |
|  Chief Executive Officer |
|  January 7, 2026 |
| /s/ Brian E. Walsh |
|  Brian E. Walsh |
|  Chief Financial Officer |
|  January 7, 2026 |

---

## Ex-99.Code

Exhibit (a)(1)

**CODE OF ETHICS FOR SENIOR OFFICERS OF** 

**EQ ADVISORS TRUST** 

**1290 FUNDS** 

**(individually a "Trust" and collectively, the "Trusts")** 

**(Effective as of June 10, 2014)** 

This Code of Ethics for Senior Officers ("Code") has been adopted by each of the investment companies for which Equitable Investment Management Group, LLC and Equitable Investment Management, LLC (collectively, "EIM" or "Adviser") acts as investment adviser to effectuate compliance with Section 406 of the Sarbanes-Oxley Act of 2002 and the rules adopted to implement Section 406.

This Code applies to each Trust's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions ("Covered Officers"). A listing of positions corresponding to Covered Officers is attached as Exhibit A.<sup>1</sup> Equitable Investment Management, LLC ("Administrator") serves as administrator to the Trusts and is generally responsible for monitoring, testing and maintaining compliance policies, procedures and other items for the Trusts, and thus assists in monitoring compliance with applicable requirements pursuant to this Code.

1. <u>Purpose of the Code of Ethics for Senior Officers of the Trusts</u> 

This Code sets forth standards and procedures that are reasonably designed to deter wrongdoing and promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely and understandable disclosure in reports and documents that a Trust files with, or
submits to, the U.S. Securities and Exchange Commission ("SEC") and in other public communications made by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable governmental laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prompt internal reporting of violations of this Code to the Code Administrator identified below; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to this Code.

<sup>1</sup> The obligations imposed by this Code on Covered Officers are in addition to any obligations imposed on such persons as Covered Persons under the Code of Ethics adopted by the Trusts pursuant to Rule 17j-1 under the Investment Company Act of 1940, as amended, and any other code of conduct (*e.g.*, Equitable Financial's Policy Statement on Ethics) applicable to Covered Officers. This Code does not incorporate by reference any of such other codes and, accordingly, violations of those codes will not be necessarily considered violations of this Code and waivers granted under those codes will not necessarily require a waiver to be granted under this Code. Sanctions imposed under those codes, however, will be considered in determining sanctions under this Code. 

------

In general, the principles that govern honest and ethical conduct, including the avoidance of conflicts of interest between personal and professional relationships, reflect, at the minimum, the following: (1) the duty at all times in performing any responsibilities as a Covered Officer to place the interests of the Trusts ahead of personal economic issues; (2) the fundamental standard that Covered Officers should not take inappropriate advantage of their positions; and (3) the duty to assure that a Trust's financial statements are prepared honestly and accurately in accordance with applicable rules, regulations and accounting standards.

2. <u>Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest</u> 

For purposes of this Code, a "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to a Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position in a Trust.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Trusts and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended ("Investment Company Act"), and the Investment Advisers Act of 1940, as amended ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Trust because of their status as "affiliated persons" of a Trust. The Trusts' and the Adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts also arise from, or as a result of, the contractual relationship between a Trust and the Adviser, of which the Covered Officers are also officers or employees. This Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for a Trust or for the Adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Adviser and a Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between each Trust and the Adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Trusts. If addressed in conformity with the provisions of the Investment Company Act and Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by each Trust's Board of Trustees that the Covered Officers also may be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. In reading the prohibitions listed in Section 3 below, Covered Officers should keep in mind that the list is not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Trust.

3. <u>Prohibitions</u> 

A Covered Officer shall not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use his or her position with a Trust for private economic gain to himself or herself, his or her family or
friends or any other person, or in a manner detrimental to the interests of any Trust;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use his or her personal influence or personal relationships to influence the preparation and issuance of
financial reports of a Trust whereby the Covered Officer would benefit personally to the detriment of the Trust and its shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cause a Trust to take action, or fail to take action, for the individual personal benefit of the Covered Officer
rather than the benefit of the Trust; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exercise inappropriate influence in connection with his or her official acts on behalf of a Trust that causes a
Trust to violate applicable laws, rules and regulations.

Specifically, a Covered Officer shall not, in connection with carrying out his or her official duties and responsibilities on behalf of a Trust:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) employ any device, scheme or artifice to defraud a Trust or its shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) intentionally cause a Trust to make any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading in its official documents, filings, financial statements or communications to the public;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon a Trust or its shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) engage in any manipulative practice with respect to a Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) use his or her personal influence or personal relationships to influence investment decisions or financial reporting by a Trust whereby the Covered Officer would benefit personally to the detriment of the Trust or its shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) intentionally cause a Trust to fail to comply with applicable laws, rules and regulations, including failure to comply with the requirement to provide full, fair, accurate, timely and understandable disclosure in reports and documents that the Trust files with, or submits to, the Commission and in other public communications made by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) intentionally mislead or omit to provide material information to a Trust's independent auditors or Board of Trustees or other officers of the Trust or its Adviser in connection with financial reporting matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) fail to notify the Code Administrator promptly if he or she becomes aware of any existing or potential violation of this Code or applicable laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) retaliate against others for, or otherwise discourage the reporting of, actual or apparent violations of the Code or applicable laws;<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) serve as a director on the board of any public or private company;

<sup>2</sup> Covered Officers should make clear to officers and other employees that the Covered Officers maintain an "open door" policy that encourages the exchange of information, including the reporting of concerns of the type that this Code is designed to address.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) have any ownership interest in, or any consulting or employment relationship with, any of the Trusts' service providers, other than its Adviser, principal underwriter, administrator or any affiliated person thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) fail to acknowledge or certify compliance with this Code.

4. <u>Reports of Conflicts of Interest</u> 

If a Covered Officer becomes aware of a conflict of interest or, to the Covered Officer's reasonable belief, the appearance of one, he or she must immediately report the matter to the Code Administrator. Failure to do so is itself a violation of this Code.

Upon receipt of such a report of a conflict, the Code Administrator will take proper steps to determine whether a conflict exists. If the Code Administrator determines that an actual conflict exists, the Code Administrator will take steps to resolve the conflict in the interests of the Trust and its shareholders. If the Code Administrator determines that no conflict exists and informs the Covered Officer of that conclusion, no further action is required.

In lieu of the procedures described above, the Code Administrator may refer the matter to the appropriate Trust's Board of Trustees for resolution.

5. <u>Waivers</u> 

Any Covered Officer may request a waiver of any of the provisions of this Code by submitting a written request for such waiver to the Code Administrator, setting forth the basis of such request and explaining how the waiver would be consistent with the standards of conduct described herein. The Code Administrator shall review such request and make a determination thereon in writing, which shall be binding.

In determining whether to waive any of the provisions of this Code, the Code Administrator shall consider whether the proposed waiver:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) would permit a Covered Officer to engage in activities that are prohibited by Section 3 above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is consistent with honest and ethical conduct; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) will result in a conflict of interest between the Covered Officer's personal and professional relationships.

In lieu of determining whether to grant a waiver, the Code Administrator may refer the matter to the appropriate Trust's Board of Trustees for resolution.

6. <u>Reporting and Accountability</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All Covered Officers shall be provided with a copy of the Code and shall, at least annually, certify in writing that they have read and understands the Code and recognize that they are subject thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All Covered Officers shall certify annually in writing that they have complied with the requirements of the Code and that they have disclosed or reported any violations of the Code.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Code Administrator, with the assistance of the Administrator, shall submit a report to the Board of Trustees of each Trust no less frequently than annually containing: (i) a description of any report of a conflict of interest or apparent conflict of interest and the disposition thereof; (ii) a description of any request for a waiver from the Code and the disposition thereof; (iii) any violation and the sanction imposed; (iv) interpretations issued under the Code by the Code Administrator; and (v) any other significant information arising under the Code, including any proposed amendments thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Code Administrator, with the assistance of Administrator, will arrange for any required disclosure of any waivers granted or any "implicit waivers." An "implicit waiver" is the failure to take action within a reasonable period of time regarding a material departure from a provision of the Code that has been made known to an executive officer of the Trust or EIM or the Code Administrator.

7. <u>Periodic Review</u> 

The Board of Trustees of each Trust shall periodically review, as necessary, the Code and determine whether any amendments are necessary or desirable.

8. <u>Sanctions</u> 

Any violation of this Code shall be subject to the imposition of such sanctions by the Code Administrator as may be deemed appropriate under the circumstances to achieve the purposes of this Code, and taking into account sanctions imposed under any other code of conduct applicable to the Covered Officer, and may include a letter of censure, suspension from employment or termination of employment, in the discretion of the Code Administrator.

9. <u>Administration and Construction</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The administration of this Code shall be the responsibility of the (1) General Counsel of the Adviser or other designated senior legal officer of each Trust's Adviser ("Code Administrator") and (2) Chief Compliance Officer ("CCO") of the Trust, acting under the terms of this Code and the oversight of each Trust's Board of Trustees. Administrator shall provide assistance with this process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The duties of such Code Administrator and the CCO, with the assistance of Administrator, will include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Continuous maintenance of a current list of the names of all Covered Officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Furnishing all Covered Officers with a copy of this Code and initially and periodically informing them of their duties and obligations thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Maintaining or supervising the maintenance of all records required by the Code, as set forth in Section 10 below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Issuing any interpretation of this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Conducting such inspections or investigations as shall reasonably be required to detect and report, with his or her recommendations, any apparent violations of this Code to Equitable and to the Trustees or the affected Trusts or any committee appointed by them to deal with such information; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Periodically conducting educational training programs as needed to explain and reinforce the terms of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In rendering decisions and interpretations and in conducting inspections or investigations under the Code, the Code Administrator and CCO may consult at his or her discretion with such persons as he or she determines to be appropriate, including, but not limited to, counsel to a Trust and independent auditors or other consultants, subject to any requirement to seek pre-approval from the appropriate Trust's audit committee for the retention of independent auditors to perform permissible non-audit services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Trust shall protect, indemnify and hold harmless the Code Administrator and CCO from any liability hereunder or under any applicable law, rule or regulation, for decisions made in good faith based upon his or her reasonable judgement.

10. <u>Required Records</u> 

The Code Administrator, with the assistance of Administrator, shall maintain and cause to be maintained in an easily accessible place the following records for the period required by applicable SEC rules (currently six years following the end of the fiscal year of a Trust in which the applicable event or report occurred):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A copy of any Code that has been in effect during the period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A record of any violation of such Code and of any action taken as a result of such violation during the period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A copy of each annual report made by a Covered Officer during the period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A copy of each report made by the Code Administrator during the period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A list of all Covered Officers who are or have been required to make reports pursuant to this Code during the
period, plus those person(s) who are or were responsible for reviewing these reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) A record of any request to waive any requirement of the Code, the decision thereon and the reasons supporting
the decision during the period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) A record of any report of a conflict of interest or appearance of a conflict of interest made during the
period, the decision thereon and the reasons supporting the decision during the period.

All reports and records prepared or maintained pursuant to this Code shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or by the Code, such matters shall not be disclosed to anyone other than the Adviser, each Trust's Board of Trustees, counsel to the Independent Trustees of each Trust, and counsel to each Trust.

11. <u>Amendments and Modifications</u> 

This Code may not be amended or modified except in a written form that is specifically approved by a majority vote of the Independent Trustees of each Trust.

------

12. <u>Internal Use</u> 

The Code is intended solely for the internal use by each Trust and does not constitute an admission, by or on behalf of any Trust, as to any fact, circumstance, or legal conclusion.

Adopted by the Board of Trustees: March 16, 2011

Predecessor Procedures of the Investment Manager Adopted: September 17; 2003

Amendment Approved: July 24, 2008

Adopted by the EQ Advisors Trust Board of Trustees March 1, 2011

Predecessor Procedures of the Investment Manager Adopted: September 10, 2003

Amendment Approved: July 9, 2008

Adopted by the 1290 Funds Board of Trustees June 10, 2014

Amended: August 2021

Amended: January 2023

Amended: November 2023

------

**Exhibit A** 

**Positions Covered by the Code of Ethics for Senior Officers** 

<u>Each Trust (as appropriate)</u>

Chief Executive Officer

Chief Financial Officer

Treasurer

Assistant Treasurer

Controller

Assistant Controller

## Ex-99.Cert

**Exhibit (a)(3)** 

**EX-99.CERT** 

**CERTIFICATIONS** 

I, Steven M. Joenk, certify that:

1. I have reviewed this report on Form N-CSR of 1290 Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal controls over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: January 7, 2026 | /s/ Steven M. Joenk |
|  | Steven M. Joenk |
|  | Chief Executive Officer |

---

------

I, Brian E. Walsh, certify that:

1. I have reviewed this report on Form N-CSR of 1290 Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal controls over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: January 7, 2026 | /s/ Brian E. Walsh |
|  | Brian E. Walsh |
|  | Chief Financial Officer |

---

## Exhibit 99.906

**Exhibit (b)** 

**EX-99.906CERT** 

Certifications Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Report on Form N-CSR for 1290 Funds (the "Registrant"), the undersigned hereby certifies, to the best of his knowledge, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: January 7, 2026

---

| |
|:---|
| /s/ Steven M. Joenk |
| Steven M. Joenk |
| Chief Executive Officer |

---

In connection with the Report on Form N-CSR for 1290 Funds (the "Registrant"), the undersigned hereby certifies, to the best of his knowledge, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: January 7, 2026

---

| |
|:---|
| /s/ Brian E. Walsh |
| Brian E. Walsh |
| Chief Financial Officer |

---

These certifications are being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and are not being filed as part of the Report with the Securities and Exchange Commission.