# EDGAR Filing Document

**Accession Number:** 0001605941
**File Stem:** 0001193125-25-153801
**Filing Date:** 2025-7
**Character Count:** 698472
**Document Hash:** b4da1eb1dc66da7acf541752d93862bb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-153801.hdr.sgml**: 20250701

**ACCESSION NUMBER**: 0001193125-25-153801

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250701

**DATE AS OF CHANGE**: 20250701

**EFFECTIVENESS DATE**: 20250701

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22959
- **FILM NUMBER:** 251094978

**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           |

### 1290 Retirement 2020 Fund (Series ID: S000052768)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000165728 | Class I      | TNIIX           |

### 1290 Retirement 2025 Fund (Series ID: S000052769)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000165731 | Class I      | TNJIX           |

### 1290 Retirement 2030 Fund (Series ID: S000052770)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000165736 | Class I      | TNKIX           |

### 1290 Retirement 2035 Fund (Series ID: S000052771)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000165740 | Class I      | TNLIX           |

### 1290 Retirement 2040 Fund (Series ID: S000052772)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000165744 | Class I      | TNNIX           |

### 1290 Retirement 2045 Fund (Series ID: S000052773)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000165748 | Class I      | TNOIX           |

### 1290 Retirement 2050 Fund (Series ID: S000052774)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000165752 | Class I      | TNWIX           |

### 1290 Retirement 2055 Fund (Series ID: S000052775)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000165756 | Class I      | TNQIX           |

### 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 Semi-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: April 30, 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;**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

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

#### Semi-Annual Shareholder Report - April 30, 2025
This semi-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 April 30, 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 six months?
(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 | $44 | 0.90% |

---

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

---

| | |
|:---|:---|
| **Fund Statistics** |  |
| (as of April 30, 2025) |  |
| Net Assets | $168766417 |
| Number of Portfolio Holdings | 190 |
| Portfolio Turnover Rate | 4% |

---

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

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

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Sector Weightings (as a % of Net Assets)** | **Sector Weightings (as a % of Net Assets)** |
| Information Technology | 42.1% |
| Consumer Discretionary | 16.3% |
| Communication Services | 12.7% |
| Financials | 7.6% |
| Industrials | 7.4% |
| Health Care | 6.5% |
| Consumer Staples | 3.7% |
| Energy | 2.2% |
| Materials | 0.6% |
| Utilities | 0.6% |
| Short-Term Investments | 0.1% |
| Cash and Other Assets Less Liabilities | 0.2% |

---

---

| | |
|:---|:---|
| **Top Ten Holdings (as a % of Net Assets)** | **Top Ten Holdings (as a % of Net Assets)** |
| Apple, Inc. | 10.7% |
| Microsoft Corp. | 9.4% |
| NVIDIA Corp. | 8.1% |
| Amazon.com, Inc. | 6.2% |
| Meta Platforms, Inc., Class A | 5.1% |
| Alphabet, Inc., Class A | 3.2% |
| Broadcom, Inc. | 3.0% |
| Alphabet, Inc., Class C | 2.7% |
| Mastercard, Inc., Class A | 1.8% |
| Netflix, Inc. | 1.6% |

---

------

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

---

| | |
|:---|:---|
| **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](g945978g01n01.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;**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

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

#### Semi-Annual Shareholder Report - April 30, 2025
This semi-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 April 30, 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 six months?
(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 | $32 | 0.65% |

---

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

---

| | |
|:---|:---|
| **Fund Statistics** |  |
| (as of April 30, 2025) |  |
| Net Assets | $168766417 |
| Number of Portfolio Holdings | 190 |
| Portfolio Turnover Rate | 4% |

---

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

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

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Sector Weightings (as a % of Net Assets)** | **Sector Weightings (as a % of Net Assets)** |
| Information Technology | 42.1% |
| Consumer Discretionary | 16.3% |
| Communication Services | 12.7% |
| Financials | 7.6% |
| Industrials | 7.4% |
| Health Care | 6.5% |
| Consumer Staples | 3.7% |
| Energy | 2.2% |
| Materials | 0.6% |
| Utilities | 0.6% |
| Short-Term Investments | 0.1% |
| Cash and Other Assets Less Liabilities | 0.2% |

---

---

| | |
|:---|:---|
| **Top Ten Holdings (as a % of Net Assets)** | **Top Ten Holdings (as a % of Net Assets)** |
| Apple, Inc. | 10.7% |
| Microsoft Corp. | 9.4% |
| NVIDIA Corp. | 8.1% |
| Amazon.com, Inc. | 6.2% |
| Meta Platforms, Inc., Class A | 5.1% |
| Alphabet, Inc., Class A | 3.2% |
| Broadcom, Inc. | 3.0% |
| Alphabet, Inc., Class C | 2.7% |
| Mastercard, Inc., Class A | 1.8% |
| Netflix, Inc. | 1.6% |

---

------

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

---

| | |
|:---|:---|
| **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](g945978g01n01.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;**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

## 1290 DIVERSIFIED BOND FUND CLASS A (TNUAX)

#### Semi-Annual Shareholder Report - April 30, 2025
This semi-annual shareholder report contains important information about the 1290 Diversified Bond Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?
(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 | $38 | 0.75% |

---

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

---

| | |
|:---|:---|
| **Fund Statistics** |  |
| (as of April 30, 2025) |  |
| Net Assets | $608794040 |
| Number of Portfolio Holdings | 109 |
| Portfolio Turnover Rate | 75% |

---

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

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

#### What did the Fund invest in?
(as of April 30, 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](g945978g00n05.jpg)

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

------

## 1290 DIVERSIFIED BOND FUND CLASS A (TNUAX)

---

| | |
|:---|:---|
| **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](g945978g01n01.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;**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

## 1290 DIVERSIFIED BOND FUND CLASS I (TNUIX)

#### Semi-Annual Shareholder Report - April 30, 2025
This semi-annual shareholder report contains important information about the 1290 Diversified Bond Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?
(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 | $25 | 0.50% |

---

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

---

| | |
|:---|:---|
| **Fund Statistics** |  |
| (as of April 30, 2025) |  |
| Net Assets | $608794040 |
| Number of Portfolio Holdings | 109 |
| Portfolio Turnover Rate | 75% |

---

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

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

#### What did the Fund invest in?
(as of April 30, 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](g945978g00n05.jpg)

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

------

## 1290 DIVERSIFIED BOND FUND CLASS I (TNUIX)

---

| | |
|:---|:---|
| **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](g945978g01n01.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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)
Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the 1290 Diversified Bond Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?

(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 | $50 | 1.00% |

---

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

---

| | |
|:---|:---|
| Fund Statistics |  |
| (as of April 30, 2025) |  |
| Net Assets | $608794040 |
| Number of Portfolio Holdings | 109 |
| Portfolio Turnover Rate | 75% |

---

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

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

What did the Fund invest in?

(as of April 30, 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](g945978g00n05.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](g945978g01n01.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;**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

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

#### Semi-Annual Shareholder Report - April 30, 2025
This semi-annual shareholder report contains important information about the 1290 Essex Small Cap Growth Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?
(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 | $55 | 1.13% |

---

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

---

| | |
|:---|:---|
| **Fund Statistics** |  |
| (as of April 30, 2025) |  |
| Net Assets | $63742994 |
| Number of Portfolio Holdings | 103 |
| Portfolio Turnover Rate | 20% |

---

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

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

#### What did th e F un d invest in?
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Sector Weightings (as a % of Net Assets)** | **Sector Weightings (as a % of Net Assets)** |
| Industrials | 31.3% |
| Health Care | 23.6% |
| Information Technology | 23.4% |
| Financials | 7.4% |
| Consumer Discretionary | 6.0% |
| Energy | 1.8% |
| Consumer Staples | 1.5% |
| Communication Services | 1.2% |
| Materials | 0.2% |
| Exchange Traded Fund | 1.1% |
| Short-Term Investments | 3.5% |
| Cash and Other Assets Less Liabilities | -1.0% |

---

---

| |
|:---|
| **Market Capitalization (as a % of Net Assets)** |
|  ![LOGO](g945978g00n11.jpg)  |

---

------

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

---

| | |
|:---|:---|
| **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](g945978g01n01.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;**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

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

#### Semi-Annual Shareholder Report - April 30, 2025
This semi-annual shareholder report contains important information about the 1290 Essex Small Cap Growth Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?
(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 | $43 | 0.88% |

---

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

---

| | |
|:---|:---|
| **Fund Statistics** |  |
| (as of April 30, 2025) |  |
| Net Assets | $63742994 |
| Number of Portfolio Holdings | 103 |
| Portfolio Turnover Rate | 20% |

---

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

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

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Sector Weightings (as a % of Net Assets)** | **Sector Weightings (as a % of Net Assets)** |
| Industrials | 31.3% |
| Health Care | 23.6% |
| Information Technology | 23.4% |
| Financials | 7.4% |
| Consumer Discretionary | 6.0% |
| Energy | 1.8% |
| Consumer Staples | 1.5% |
| Communication Services | 1.2% |
| Materials | 0.2% |
| Exchange Traded Fund | 1.1% |
| Short-Term Investments | 3.5% |
| Cash and Other Assets Less Liabilities | -1.0% |

---

---

| |
|:---|
| **Market Capitalization (as a % of Net Assets)** |
|  ![LOGO](g945978g00n11.jpg)  |

---

------

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

---

| | |
|:---|:---|
| **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](g945978g01n01.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;**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

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

#### Semi-Annual Shareholder Report - April 30, 2025
This semi-annual shareholder report contains important information about the 1290 Essex Small Cap Growth Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?
(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 | $67 | 1.38% |

---

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

---

| | |
|:---|:---|
| **Fund Statistics** |  |
| (as of April 30, 2025) |  |
| Net Assets | $63742994 |
| Number of Portfolio Holdings | 103 |
| Portfolio Turnover Rate | 20% |

---

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

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

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Sector Weightings (as a % of Net Assets)** | **Sector Weightings (as a % of Net Assets)** |
| Industrials | 31.3% |
| Health Care | 23.6% |
| Information Technology | 23.4% |
| Financials | 7.4% |
| Consumer Discretionary | 6.0% |
| Energy | 1.8% |
| Consumer Staples | 1.5% |
| Communication Services | 1.2% |
| Materials | 0.2% |
| Exchange Traded Fund | 1.1% |
| Short-Term Investments | 3.5% |
| Cash and Other Assets Less Liabilities | -1.0% |

---

---

| |
|:---|
| **Market Capitalization (as a % of Net Assets)** |
|  ![LOGO](g945978g00n11.jpg)  |

---

------

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

---

| | |
|:---|:---|
| **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](g945978g01n01.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;**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

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

#### Semi-Annual Shareholder Report - April 30, 2025
This semi-annual shareholder report contains important information about the 1290 GAMCO Small/Mid Cap Value Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?
(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 | $57 | 1.20% |

---

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

---

| | |
|:---|:---|
| **Fund Statistics** |  |
| (as of April 30, 2025) |  |
| Net Assets | $144471594 |
| Number of Portfolio Holdings | 180 |
| Portfolio Turnover Rate | 4% |

---

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

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

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Sector Weightings (as a % of Net Assets)** | **Sector Weightings (as a % of Net Assets)** |
| Industrials | 33.8% |
| Communication Services | 19.4% |
| Consumer Discretionary | 14.6% |
| Consumer Staples | 8.3% |
| Materials | 6.8% |
| Utilities | 5.6% |
| Health Care | 2.4% |
| Financials | 2.3% |
| Information Technology | 2.2% |
| Energy | 1.0% |
| Real Estate | 0.6% |
| Short-Term Investments | 5.9% |
| Cash and Other Assets Less Liabilities | -2.9% |

---

---

| | |
|:---|:---|
| **Top Ten Holdings (as a % of Net Assets)** | **Top Ten Holdings (as a % of Net Assets)** |
| JPMorgan Prime Money Market Fund, IM Shares | 2.8% |
| Mueller Industries, Inc. | 2.6% |
| National Fuel Gas Co. | 2.2% |
| Crane Co. | 2.1% |
| Madison Square Garden Sports Corp. | 2.0% |
| Paramount Global, Class A | 2.0% |
| Sinclair, Inc. | 1.7% |
| Astec Industries, Inc. | 1.7% |
| Iveco Group NV | 1.6% |
| AZZ, Inc. | 1.6% |

---

------

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

---

| | |
|:---|:---|
| **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](g945978g01n01.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;**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

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

#### Semi-Annual Shareholder Report - April 30, 2025
This semi-annual shareholder report contains important information about the 1290 GAMCO Small/Mid Cap Value Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?
(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 | $45 | 0.95% |

---

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

---

| | |
|:---|:---|
| **Fund Statistics** |  |
| (as of April 30, 2025) |  |
| Net Assets | $144471594 |
| Number of Portfolio Holdings | 180 |
| Portfolio Turnover Rate | 4% |

---

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

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

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Sector Weightings (as a % of Net Assets)** | **Sector Weightings (as a % of Net Assets)** |
| Industrials | 33.8% |
| Communication Services | 19.4% |
| Consumer Discretionary | 14.6% |
| Consumer Staples | 8.3% |
| Materials | 6.8% |
| Utilities | 5.6% |
| Health Care | 2.4% |
| Financials | 2.3% |
| Information Technology | 2.2% |
| Energy | 1.0% |
| Real Estate | 0.6% |
| Short-Term Investments | 5.9% |
| Cash and Other Assets Less Liabilities | -2.9% |

---

---

| | |
|:---|:---|
| **Top Ten Holdings (as a % of Net Assets)** | **Top Ten Holdings (as a % of Net Assets)** |
| JPMorgan Prime Money Market Fund, IM Shares | 2.8% |
| Mueller Industries, Inc. | 2.6% |
| National Fuel Gas Co. | 2.2% |
| Crane Co. | 2.1% |
| Madison Square Garden Sports Corp. | 2.0% |
| Paramount Global, Class A | 2.0% |
| Sinclair, Inc. | 1.7% |
| Astec Industries, Inc. | 1.7% |
| Iveco Group NV | 1.6% |
| AZZ, Inc. | 1.6% |

---

------

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

---

| | |
|:---|:---|
| **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](g945978g01n01.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;**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

## 1290 GAMCO SMALL/MID CAP VALUE FUND CLASS R (TNVRX)

#### Semi-Annual Shareholder Report - April 30, 2025
This semi-annual shareholder report contains important information about the 1290 GAMCO Small/Mid Cap Value Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?
(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 | $68 | 1.45% |

---

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

---

| | |
|:---|:---|
| **Fund Statistics** |  |
| (as of April 30, 2025) |  |
| Net Assets | $144471594 |
| Number of Portfolio Holdings | 180 |
| Portfolio Turnover Rate | 4% |

---

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

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

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Sector Weightings (as a % of Net Assets)** | **Sector Weightings (as a % of Net Assets)** |
| Industrials | 33.8% |
| Communication Services | 19.4% |
| Consumer Discretionary | 14.6% |
| Consumer Staples | 8.3% |
| Materials | 6.8% |
| Utilities | 5.6% |
| Health Care | 2.4% |
| Financials | 2.3% |
| Information Technology | 2.2% |
| Energy | 1.0% |
| Real Estate | 0.6% |
| Short-Term Investments | 5.9% |
| Cash and Other Assets Less Liabilities | -2.9% |

---

---

| | |
|:---|:---|
| **Top Ten Holdings (as a % of Net Assets)** | **Top Ten Holdings (as a % of Net Assets)** |
| JPMorgan Prime Money Market Fund, IM Shares | 2.8% |
| Mueller Industries, Inc. | 2.6% |
| National Fuel Gas Co. | 2.2% |
| Crane Co. | 2.1% |
| Madison Square Garden Sports Corp. | 2.0% |
| Paramount Global, Class A | 2.0% |
| Sinclair, Inc. | 1.7% |
| Astec Industries, Inc. | 1.7% |
| Iveco Group NV | 1.6% |
| AZZ, Inc. | 1.6% |

---

------

## 1290 GAMCO SMALL/MID CAP VALUE FUND CLASS R (TNVRX)

---

| | |
|:---|:---|
| **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](g945978g01n01.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;**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

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

#### Semi-Annual Shareholder Report - April 30, 2025
This semi-annual shareholder report contains important information about the 1290 High Yield Bond Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?
(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 | $50 | 1.00% |

---

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

---

| | |
|:---|:---|
| **Fund Statistics** |  |
| (as of April 30, 2025) |  |
| Net Assets | $79398837 |
| Number of Portfolio Holdings | 277 |
| Portfolio Turnover Rate | 17% |

---

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

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

#### What did the Fund invest in?
(as of April 30, 2025)

#### Credit Quality Ratings (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](g945978g00n23.jpg)

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

------

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

---

| | |
|:---|:---|
| **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](g945978g01n01.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;**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

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

#### Semi-Annual Shareholder Report - April 30, 2025
This semi-annual shareholder report contains important information about the 1290 High Yield Bond Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?
(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 | $37 | 0.75% |

---

---

| | |
|:---|:---|
| **Fund Statistics** |  |
| (as of April 30, 2025) |  |
| Net Assets | $79398837 |
| Number of Portfolio Holdings | 277 |
| Portfolio Turnover Rate | 17% |

---

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

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

#### What did the Fund invest in?
(as of April 30, 2025)

#### Credit Quality Ratings (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](g945978g00n23.jpg)

------

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

---

| | |
|:---|:---|
| **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](g945978g01n01.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;**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

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

#### Semi-Annual Shareholder Report - April 30, 2025
This semi-annual shareholder report contains important information about the 1290 High Yield Bond Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?
(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 | $62 | 1.25% |

---

---

| | |
|:---|:---|
| **Fund Statistics** |  |
| (as of April 30, 2025) |  |
| Net Assets | $79398837 |
| Number of Portfolio Holdings | 277 |
| Portfolio Turnover Rate | 17% |

---

#### What did the Fund invest in?
(as of April 30, 2025)

#### Credit Quality Ratings (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](g945978g00n23.jpg)

------

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

---

| | |
|:---|:---|
| **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](g945978g01n01.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;**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

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

#### Semi-Annual Shareholder Report - April 30, 2025
This semi-annual shareholder report contains important information about the 1290 Loomis Sayles Multi-Asset Income Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?
(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 | $52 | 1.05% |

---

---

| | |
|:---|:---|
| **Fund Statistics** |  |
| (as of April 30, 2025) |  |
| Net Assets | $77754631 |
| Number of Portfolio Holdings | 622 |
| Portfolio Turnover Rate | 111% |

---

#### What did the Fund invest in?
(as of April 30, 2025)

#### Asset Allocation (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](g945978g00n29.jpg)

------

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

---

| | |
|:---|:---|
| **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](g945978g01n01.jpg) |

---

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

## 1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND CLASS I (TNVDX)

#### Semi-Annual Shareholder Report - April 30, 2025
This semi-annual shareholder report contains important information about the 1290 Loomis Sayles Multi-Asset Income Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?
(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 | $40 | 0.80% |

---

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

---

| | |
|:---|:---|
| **Fund Statistics** |  |
| (as of April 30, 2025) |  |
| Net Assets | $77754631 |
| Number of Portfolio Holdings | 622 |
| Portfolio Turnover Rate | 111% |

---

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

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

#### What did the Fund invest in?
(as of April 30, 2025)

#### Asset Allocation (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](g945978g00n29.jpg)

------

## 1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND CLASS I (TNVDX)

---

| | |
|:---|:---|
| **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](g945978g01n01.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;**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

## 1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND CLASS R (TNYRX)

#### Semi-Annual Shareholder Report - April 30, 2025
This semi-annual shareholder report contains important information about the 1290 Loomis Sayles Multi-Asset Income Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?
(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 | $65 | 1.30% |

---

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

---

| | |
|:---|:---|
| **Fund Statistics** |  |
| (as of April 30, 2025) |  |
| Net Assets | $77754631 |
| Number of Portfolio Holdings | 622 |
| Portfolio Turnover Rate | 111% |

---

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

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

#### What did the Fund invest in?
(as of April 30, 2025)

#### Asset Allocation (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](g945978g00n29.jpg)

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

------

## 1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND CLASS R (TNYRX)

---

| | |
|:---|:---|
| **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](g945978g01n01.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;**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

## 1290 MULTI-ALTERNATIVE STRATEGIES FUND CLASS A (TNMAX)

#### Semi-Annual Shareholder Report - April 30, 2025
This semi-annual shareholder report contains important information about the 1290 Multi-Alternative Strategies Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?
(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 | $55 | 1.10% |

---

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

---

| | |
|:---|:---|
| **Fund Statistics** |  |
| (as of April 30, 2025) |  |
| Net Assets | $19564023 |
| Number of Portfolio Holdings | 11 |
| Portfolio Turnover Rate | 14% |

---

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

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

#### What did the Fund invest in?
(as of April 30, 2025)

#### Alternative Category and Strategy Allocation (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;
![LOGO](g945978g00n35.jpg)

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

------

## 1290 MULTI-ALTERNATIVE STRATEGIES FUND CLASS A (TNMAX)

---

| | |
|:---|:---|
| **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](g945978g01n01.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;**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

## 1290 MULTI-ALTERNATIVE STRATEGIES FUND CLASS I (TNMIX)

#### Semi-Annual Shareholder Report - April 30, 2025
This semi-annual shareholder report contains important information about the 1290 Multi-Alternative Strategies Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?
(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 | $43 | 0.85% |

---

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

---

| | |
|:---|:---|
| **Fund Statistics** |  |
| (as of April 30, 2025) |  |
| Net Assets | $19564023 |
| Number of Portfolio Holdings | 11 |
| Portfolio Turnover Rate | 14% |

---

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

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

#### What did the Fund invest in?
(as of April 30, 2025)

#### Alternative Category and Strategy Allocation (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](g945978g00n35.jpg)

------

## 1290 MULTI-ALTERNATIVE STRATEGIES FUND CLASS I (TNMIX)

---

| | |
|:---|:---|
| **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](g945978g01n01.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;**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

## 1290 MULTI-ALTERNATIVE STRATEGIES FUND CLASS R (TNMRX)

#### Semi-Annual Shareholder Report - April 30, 2025
This semi-annual shareholder report contains important information about the 1290 Multi-Alternative Strategies Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?
(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 | $67 | 1.35% |

---

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

---

| | |
|:---|:---|
| **Fund Statistics** |  |
| (as of April 30, 2025) |  |
| Net Assets | $19564023 |
| Number of Portfolio Holdings | 11 |
| Portfolio Turnover Rate | 14% |

---

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

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

#### What did the Fund invest in?
(as of April 30, 2025)

#### Alternative Category and Strategy Allocation (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](g945978g00n35.jpg)

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

------

## 1290 MULTI-ALTERNATIVE ST RATEGI ES FUND CLASS R (TNMRX)

---

| | |
|:---|:---|
| **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](g945978g01n01.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; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 RETIREMENT 2020 FUND CLASS I (TNIIX)
Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the 1290 Retirement 2020 Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?

(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 | $28 | 0.56% |

---

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

---

| | |
|:---|:---|
|  Fund Statistics |  |
|  (as of April 30, 2025) |  |
|  Net Assets | $1252061 |
|  Number of Portfolio Holdings | 17 |
|  Portfolio Turnover Rate | 1% |

---

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

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

What did the Fund invest in?

(as of April 30, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |
|  Exchange Traded Funds |  | 99.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | 57.7% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity | 42.0% |  |
|  Cash and Other Assets Less Liabilities |  | 0.3% |

---

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

------

## 1290 RETIREMENT 2020 FUND CLASS I (TNIIX)
Material Fund Changes

This is a summary of material Fund changes since November 1, 2024. For more information contact 1-888-310-0416.

At a meeting held on March 18-19, 2025, the Trust's Board of Trustees (the "Board"), upon the recommendation of Equitable Investment Management, LLC, the Trust's investment adviser, approved a Plan of Liquidation and Termination (the "Plan") pursuant to which the Fund would liquidate and terminate on or about May 30, 2025 (the "Liquidation Date"). Pursuant to the Plan, the Fund sold its portfolio securities for cash and converted any other assets to cash or cash equivalents to pay any liabilities by the Liquidation Date. On the Liquidation Date, the Fund made a liquidating distribution to each remaining shareholder equal to the shareholder's proportionate interest in the net assets of the Fund, in complete redemption and cancellation of the Fund's shares held by each shareholder. The Fund terminated upon completion of the distribution.

---

| | |
|:---|:---|
| 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](g945978g01n01.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; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 RETIREMENT 2025 FUND CLASS I (TNJIX)
Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the 1290 Retirement 2025 Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?

(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 | $28 | 0.55% |

---

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

---

| | |
|:---|:---|
|  Fund Statistics |  |
|  (as of April 30, 2025) |  |
|  Net Assets | $142368 |
|  Number of Portfolio Holdings | 17 |
|  Portfolio Turnover Rate | 3% |

---

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

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

What did the Fund invest in?

(as of April 30, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |
|  Exchange Traded Funds |  | 102.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity | 53.3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | 49.1% |  |
|  Cash and Other Assets Less Liabilities |  | -2.4% |

---

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

------

Material Fund Changes

This is a summary of material Fund changes since November 1, 2024. For more information contact 1-888-310-0416.

At a meeting held on March 18-19, 2025, the Trust's Board of Trustees (the "Board"), upon the recommendation of Equitable Investment Management, LLC, the Trust's investment adviser, approved a Plan of Liquidation and Termination (the "Plan") pursuant to which the Fund would liquidate and terminate on or about May 30, 2025 (the "Liquidation Date"). Pursuant to the Plan, the Fund sold its portfolio securities for cash and converted any other assets to cash or cash equivalents to pay any liabilities by the Liquidation Date. On the Liquidation Date, the Fund made a liquidating distribution to each remaining shareholder equal to the shareholder's proportionate interest in the net assets of the Fund, in complete redemption and cancellation of the Fund's shares held by each shareholder. The Fund terminated upon completion of the distribution.

---

| | |
|:---|:---|
| 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](g945978g01n01.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; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 RETIREMENT 2030 FUND CLASS I (TNKIX)
Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the 1290 Retirement 2030 Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?

(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 | $28 | 0.55% |

---

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

---

| | |
|:---|:---|
|  Fund Statistics |  |
|  (as of April 30, 2025) |  |
|  Net Assets | $1646329 |
|  Number of Portfolio Holdings | 17 |
|  Portfolio Turnover Rate | 3% |

---

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

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

What did the Fund invest in?

(as of April 30, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |
|  Exchange Traded Funds |  | 99.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity | 61.3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | 37.8% |  |
|  Cash and Other Assets Less Liabilities |  | 0.9% |

---

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

------

Material Fund Changes

This is a summary of material Fund changes since November 1, 2024. For more information contact 1-888-310-0416.

At a meeting held on March 18-19, 2025, the Trust's Board of Trustees (the "Board"), upon the recommendation of Equitable Investment Management, LLC, the Trust's investment adviser, approved a Plan of Liquidation and Termination (the "Plan") pursuant to which the Fund would liquidate and terminate on or about May 30, 2025 (the "Liquidation Date"). Pursuant to the Plan, the Fund sold its portfolio securities for cash and converted any other assets to cash or cash equivalents to pay any liabilities by the Liquidation Date. On the Liquidation Date, the Fund made a liquidating distribution to each remaining shareholder equal to the shareholder's proportionate interest in the net assets of the Fund, in complete redemption and cancellation of the Fund's shares held by each shareholder. The Fund terminated upon completion of the distribution.

---

| | |
|:---|:---|
| 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](g945978g01n01.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; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 RETIREMENT 2035 FUND CLASS I (TNLIX)
Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the 1290 Retirement 2035 Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?

(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 | $27 | 0.54% |

---

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

---

| | |
|:---|:---|
|  Fund Statistics |  |
|  (as of April 30, 2025) |  |
|  Net Assets | $1750887 |
|  Number of Portfolio Holdings | 14 |
|  Portfolio Turnover Rate | 7% |

---

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

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

What did the Fund invest in?

(as of April 30, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |
|  Exchange Traded Funds |  | 98.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity | 69.6% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | 28.6% |  |
|  Cash and Other Assets Less Liabilities |  | 1.8% |

---

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

------

Material Fund Changes

This is a summary of material Fund changes since November 1, 2024. For more information contact 1-888-310-0416.

At a meeting held on March 18-19, 2025, the Trust's Board of Trustees (the "Board"), upon the recommendation of Equitable Investment Management, LLC, the Trust's investment adviser, approved a Plan of Liquidation and Termination (the "Plan") pursuant to which the Fund would liquidate and terminate on or about May 30, 2025 (the "Liquidation Date"). Pursuant to the Plan, the Fund sold its portfolio securities for cash and converted any other assets to cash or cash equivalents to pay any liabilities by the Liquidation Date. On the Liquidation Date, the Fund made a liquidating distribution to each remaining shareholder equal to the shareholder's proportionate interest in the net assets of the Fund, in complete redemption and cancellation of the Fund's shares held by each shareholder. The Fund terminated upon completion of the distribution.

---

| | |
|:---|:---|
| 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](g945978g01n01.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; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 RETIREMENT 2040 FUND CLASS I (TNNIX)
Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the 1290 Retirement 2040 Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?

(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 | $27 | 0.54% |

---

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

---

| | |
|:---|:---|
|  Fund Statistics |  |
|  (as of April 30, 2025) |  |
|  Net Assets | $3566856 |
|  Number of Portfolio Holdings | 14 |
|  Portfolio Turnover Rate | 4% |

---

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

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

What did the Fund invest in?

(as of April 30, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |
|  Exchange Traded Funds |  | 98.6% |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity | 74.6% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | 24.0% |  |
|  Cash and Other Assets Less Liabilities |  | 1.4% |

---

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

------

Material Fund Changes

This is a summary of material Fund changes since November 1, 2024. For more information contact 1-888-310-0416.

At a meeting held on March 18-19, 2025, the Trust's Board of Trustees (the "Board"), upon the recommendation of Equitable Investment Management, LLC, the Trust's investment adviser, approved a Plan of Liquidation and Termination (the "Plan") pursuant to which the Fund would liquidate and terminate on or about May 30, 2025 (the "Liquidation Date"). Pursuant to the Plan, the Fund sold its portfolio securities for cash and converted any other assets to cash or cash equivalents to pay any liabilities by the Liquidation Date. On the Liquidation Date, the Fund made a liquidating distribution to each remaining shareholder equal to the shareholder's proportionate interest in the net assets of the Fund, in complete redemption and cancellation of the Fund's shares held by each shareholder. The Fund terminated upon completion of the distribution.

---

| | |
|:---|:---|
| 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](g945978g01n01.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; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 RETIREMENT 2045 FUND CLASS I (TNOIX)
Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the 1290 Retirement 2045 Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?

(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 | $27 | 0.54% |

---

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

---

| | |
|:---|:---|
|  Fund Statistics |  |
|  (as of April 30, 2025) |  |
|  Net Assets | $3799577 |
|  Number of Portfolio Holdings | 14 |
|  Portfolio Turnover Rate | 5% |

---

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

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

What did the Fund invest in?

(as of April 30, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |
|  Exchange Traded Funds |  | 98.6% |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity | 79.5% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | 19.1% |  |
|  Cash and Other Assets Less Liabilities |  | 1.4% |

---

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

------

Material Fund Changes

This is a summary of material Fund changes since November 1, 2024. For more information contact 1-888-310-0416.

At a meeting held on March 18-19, 2025, the Trust's Board of Trustees (the "Board"), upon the recommendation of Equitable Investment Management, LLC, the Trust's investment adviser, approved a Plan of Liquidation and Termination (the "Plan") pursuant to which the Fund would liquidate and terminate on or about May 30, 2025 (the "Liquidation Date"). Pursuant to the Plan, the Fund sold its portfolio securities for cash and converted any other assets to cash or cash equivalents to pay any liabilities by the Liquidation Date. On the Liquidation Date, the Fund made a liquidating distribution to each remaining shareholder equal to the shareholder's proportionate interest in the net assets of the Fund, in complete redemption and cancellation of the Fund's shares held by each shareholder. The Fund terminated upon completion of the distribution.

---

| | |
|:---|:---|
| 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](g945978g01n01.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; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 RETIREMENT 2050 FUND CLASS I (TNWIX)
Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the 1290 Retirement 2050 Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?

(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 | $27 | 0.53% |

---

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

---

| | |
|:---|:---|
|  Fund Statistics |  |
|  (as of April 30, 2025) |  |
|  Net Assets | $3982670 |
|  Number of Portfolio Holdings | 14 |
|  Portfolio Turnover Rate | 4% |

---

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

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

What did the Fund invest in?

(as of April 30, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |
|  Exchange Traded Funds |  | 98.6% |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity | 84.5% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | 14.1% |  |
|  Cash and Other Assets Less Liabilities |  | 1.4% |

---

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

------

Material Fund Changes

This is a summary of material Fund changes since November 1, 2024. For more information contact 1-888-310-0416.

At a meeting held on March 18-19, 2025, the Trust's Board of Trustees (the "Board"), upon the recommendation of Equitable Investment Management, LLC, the Trust's investment adviser, approved a Plan of Liquidation and Termination (the "Plan") pursuant to which the Fund would liquidate and terminate on or about May 30, 2025 (the "Liquidation Date"). Pursuant to the Plan, the Fund sold its portfolio securities for cash and converted any other assets to cash or cash equivalents to pay any liabilities by the Liquidation Date. On the Liquidation Date, the Fund made a liquidating distribution to each remaining shareholder equal to the shareholder's proportionate interest in the net assets of the Fund, in complete redemption and cancellation of the Fund's shares held by each shareholder. The Fund terminated upon completion of the distribution.

---

| | |
|:---|:---|
| 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](g945978g01n01.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; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 RETIREMENT 2055 FUND CLASS I (TNQIX)
Semi-Annual Shareholder Report - April 30, 2025

This semi-annual shareholder report contains important information about the 1290 Retirement 2055 Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?

(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 | $27 | 0.53% |

---

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

---

| | |
|:---|:---|
|  Fund Statistics |  |
|  (as of April 30, 2025) |  |
|  Net Assets | $3880288 |
|  Number of Portfolio Holdings | 14 |
|  Portfolio Turnover Rate | 7% |

---

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

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

What did the Fund invest in?

(as of April 30, 2025)

---

| | | |
|:---|:---|:---|
| Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) | Security Type & Asset Class (as a % of Net Assets) |
|  Exchange Traded Funds |  | 98.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity | 89.4% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | 9.1% |  |
|  Cash and Other Assets Less Liabilities |  | 1.5% |

---

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

------

Material Fund Changes

This is a summary of material Fund changes since November 1, 2024. For more information contact 1-888-310-0416.

At a meeting held on March 18-19, 2025, the Trust's Board of Trustees (the "Board"), upon the recommendation of Equitable Investment Management, LLC, the Trust's investment adviser, approved a Plan of Liquidation and Termination (the "Plan") pursuant to which the Fund would liquidate and terminate on or about May 30, 2025 (the "Liquidation Date"). Pursuant to the Plan, the Fund sold its portfolio securities for cash and converted any other assets to cash or cash equivalents to pay any liabilities by the Liquidation Date. On the Liquidation Date, the Fund made a liquidating distribution to each remaining shareholder equal to the shareholder's proportionate interest in the net assets of the Fund, in complete redemption and cancellation of the Fund's shares held by each shareholder. The Fund terminated upon completion of the distribution.

---

| | |
|:---|:---|
| 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](g945978g01n01.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;**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

## 1290 SMARTBETA EQUITY FUND CLASS A (TNBAX)

#### Semi-Annual Shareholder Report - April 30, 2025
This semi-annual shareholder report contains important information about the 1290 SmartBeta Equity Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?
(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 | $55 | 1.10% |

---

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

---

| | |
|:---|:---|
| **Fund Statistics** |  |
| (as of April 30, 2025) |  |
| Net Assets | $217470791 |
| Number of Portfolio Holdings | 274 |
| Portfolio Turnover Rate | 17% |

---

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

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

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Sector Weightings (as a % of Net Assets)** | **Sector Weightings (as a % of Net Assets)** |
| Financials | 19.7% |
| Information Technology | 19.3% |
| Industrials | 14.8% |
| Consumer Staples | 11.6% |
| Consumer Discretionary | 9.3% |
| Health Care | 8.9% |
| Communication Services | 6.7% |
| Utilities | 4.5% |
| Materials | 2.2% |
| Energy | 1.5% |
| Real Estate | 0.7% |
| Short-Term Investments | 0.6% |
| Cash and Other Assets Less Liabilities | 0.2% |

---

---

| | |
|:---|:---|
| **Regional Breakdown (as a % of Net Assets)** | **Regional Breakdown (as a % of Net Assets)** |
| North America | 81.5% |
| Europe EU | 9.6% |
| Asia | 4.1% |
| Europe non-EU | 2.4% |
| Australasia | 1.6% |
| United Kingdom | 0.6% |

---

------

## 1290 SMARTBETA EQUITY FUND CLASS A (TNBAX)

---

| | |
|:---|:---|
| **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](g945978g01n01.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;**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

## 1290 SMARTBETA EQUITY FUND CLASS I (TNBIX)

#### Semi-Annual Shareholder Report - April 30, 2025
This semi-annual shareholder report contains important information about the 1290 SmartBeta Equity Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?
(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 | $43 | 0.85% |

---

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

---

| | |
|:---|:---|
| **Fund Statistics** |  |
| (as of April 30, 2025) |  |
| Net Assets | $217470791 |
| Number of Portfolio Holdings | 274 |
| Portfolio Turnover Rate | 17% |

---

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

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

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Sector Weightings (as a % of Net Assets)** | **Sector Weightings (as a % of Net Assets)** |
| Financials | 19.7% |
| Information Technology | 19.3% |
| Industrials | 14.8% |
| Consumer Staples | 11.6% |
| Consumer Discretionary | 9.3% |
| Health Care | 8.9% |
| Communication Services | 6.7% |
| Utilities | 4.5% |
| Materials | 2.2% |
| Energy | 1.5% |
| Real Estate | 0.7% |
| Short-Term Investments | 0.6% |
| Cash and Other Assets Less Liabilities | 0.2% |

---

---

| | |
|:---|:---|
| **Regional Breakdown (as a % of Net Assets)** | **Regional Breakdown (as a % of Net Assets)** |
| North America | 81.5% |
| Europe EU | 9.6% |
| Asia | 4.1% |
| Europe non-EU | 2.4% |
| Australasia | 1.6% |
| United Kingdom | 0.6% |

---

------

## 1290 SMARTBETA EQUITY FUND CLASS I (TNBIX)

---

| | |
|:---|:---|
| **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](g945978g01n01.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;**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>

## 1290 SMARTBETA EQUITY FUND CLASS R (TNBRX)

#### Semi-Annual Shareholder Report - April 30, 2025
This semi-annual shareholder report contains important information about the 1290 SmartBeta Equity Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?
(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 | $68 | 1.35% |

---

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

---

| | |
|:---|:---|
| **Fund Statistics** |  |
| (as of April 30, 2025) |  |
| Net Assets | $217470791 |
| Number of Portfolio Holdings | 274 |
| Portfolio Turnover Rate | 17% |

---

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

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

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Sector Weightings (as a % of Net Assets)** | **Sector Weightings (as a % of Net Assets)** |
| Financials | 19.7% |
| Information Technology | 19.3% |
| Industrials | 14.8% |
| Consumer Staples | 11.6% |
| Consumer Discretionary | 9.3% |
| Health Care | 8.9% |
| Communication Services | 6.7% |
| Utilities | 4.5% |
| Materials | 2.2% |
| Energy | 1.5% |
| Real Estate | 0.7% |
| Short-Term Investments | 0.6% |
| Cash and Other Assets Less Liabilities | 0.2% |

---

---

| | |
|:---|:---|
| **Regional Breakdown (as a % of Net Assets)** | **Regional Breakdown (as a % of Net Assets)** |
| North America | 81.5% |
| Europe EU | 9.6% |
| Asia | 4.1% |
| Europe non-EU | 2.4% |
| Australasia | 1.6% |
| United Kingdom | 0.6% |

---

------

## 1290 SMARTBETA EQUITY FUND CLASS R (TNBRX)

---

| | |
|:---|:---|
| **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](g945978g01n01.jpg) |

---

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

------

---

| | |
|:---|:---|
| **Item 1(b):** | **Item 1(b):** |
| Not Applicable | Not Applicable |
| **Item 2.** | **Code of Ethics.** |
| Not required. | Not required. |
| **Item 3.** | **Audit Committee Financial Expert.** |
| Not required. | Not required. |
| **Item 4.** | **Principal Accountant Fees and Services.** |
| Not required. | Not required. |
| **Item 5.** | **Audit Committee of Listed Registrants.** |
| Not applicable | Not applicable |
| **Item 6.** | **Investments.** |
| (a) | Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR. |
| (b) | Not applicable. |
| **Item 7.** | **Financial Statements and Financial Highlights for Open-End Management Investment Companies.** |

---

------

![LOGO](g945978g37b39.jpg)

![LOGO](g945978g84x02.jpg)

## Semi-Annual Financial Statements and Additional Information

## April 30, 2025

------

## 1290 Funds

## Semi-Annual Report

## April 30, 2025

### **Table of Contents**

#### Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies

---

| | |
|:---|:---|
|  **Funds** |  |
|  [1290 Avantis<sup>®</sup> U.S. Large Cap Growth](#fintoc945978_1) | 1 |
|  [1290 Diversified Bond](#fintoc945978_2) | 9 |
|  [1290 Essex Small Cap Growth](#fintoc945978_3) | 20 |
|  [1290 GAMCO Small/Mid Cap Value](#fintoc945978_4) | 27 |
|  [1290 High Yield Bond](#fintoc945978_5) | 36 |
|  [1290 Loomis Sayles Multi-Asset Income](#fintoc945978_6) | 47 |
|  [1290 Multi-Alternative Strategies](#fintoc945978_7) | 65 |
|  [1290 Retirement 2020](#fintoc945978_8) | 71 |
|  [1290 Retirement 2025](#fintoc945978_9) | 76 |
|  [1290 Retirement 2030](#fintoc945978_10) | 80 |
|  [1290 Retirement 2035](#fintoc945978_11) | 84 |
|  [1290 Retirement 2040](#fintoc945978_12) | 88 |
|  [1290 Retirement 2045](#fintoc945978_13) | 91 |
|  [1290 Retirement 2050](#fintoc945978_14) | 95 |
|  [1290 Retirement 2055](#fintoc945978_15) | 99 |
|  [1290 SmartBeta Equity](#fintoc945978_16) | 103 |
|  **[Notes to Financial Statements](#fintoc945978_17)** | 113 |
|  **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#fintoc945978_19)** | 135 |
|  **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#fintoc945978_21)** | 135 |
|  **[Item 10: Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#fintoc945978_22)** | 135 |
|  **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#fintoc945978_23)** | 135 |

---

------

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

PORTFOLIO OF INVESTMENTS

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (12.7%)** | **Communication Services (12.7%)** | **Communication Services (12.7%)** |
|  ***Entertainment (1.6%)*** | ***Entertainment (1.6%)*** | ***Entertainment (1.6%)*** |
|  Netflix, Inc.\* | 2330 | $2636908 |
|  ***Interactive Media & Services (11.1%)*** | ***Interactive Media & Services (11.1%)*** | ***Interactive Media & Services (11.1%)*** |
|  Alphabet, Inc., Class A | 34522 | 5482093 |
|  Alphabet, Inc., Class C | 28458 | 4578608 |
|  Meta Platforms, Inc., Class A | 15749 | 8646201 |
|  |  | 18706902 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 21343810 |
|  **Consumer Discretionary (16.3%)** | **Consumer Discretionary (16.3%)** | **Consumer Discretionary (16.3%)** |
|  ***Automobiles (0.8%)*** | ***Automobiles (0.8%)*** | ***Automobiles (0.8%)*** |
|  Tesla, Inc.\* | 4941 | 1394152 |
|  ***Broadline Retail (6.6%)*** | ***Broadline Retail (6.6%)*** | ***Broadline Retail (6.6%)*** |
|  Amazon.com, Inc.\* | 56667 | 10450528 |
|  Coupang, Inc., Class A\* | 26592 | 621455 |
|  Etsy, Inc.\* | 328 | 14262 |
|  |  | 11086245 |
|  ***Distributors (0.2%)*** | ***Distributors (0.2%)*** | ***Distributors (0.2%)*** |
|  Pool Corp. | 1166 | 341801 |
|  ***Hotels, Restaurants & Leisure (2.5%)*** | ***Hotels, Restaurants & Leisure (2.5%)*** | ***Hotels, Restaurants & Leisure (2.5%)*** |
|  Airbnb, Inc., Class A\* | 2379 | 290048 |
|  Booking Holdings, Inc. | 69 | 351850 |
|  Chipotle Mexican Grill, Inc.\* | 24500 | 1237740 |
|  Choice Hotels International, Inc. (x) | 896 | 112995 |
|  Darden Restaurants, Inc. | 1320 | 264845 |
|  Domino's Pizza, Inc. | 159 | 77969 |
|  Expedia Group, Inc. | 867 | 136058 |
|  Hilton Worldwide Holdings, Inc. | 292 | 65840 |
|  Las Vegas Sands Corp. | 9740 | 357166 |
|  McDonald's Corp. | 334 | 106763 |
|  Norwegian Cruise Line Holdings Ltd.\* | 3780 | 60594 |
|  Planet Fitness, Inc., Class A\* | 114 | 10783 |
|  Royal Caribbean Cruises Ltd. | 1928 | 414347 |
|  Starbucks Corp. | 1335 | 106867 |
|  Texas Roadhouse, Inc., Class A | 2941 | 488088 |
|  Wingstop, Inc. | 143 | 37736 |
|  Wynn Resorts Ltd. | 130 | 10440 |
|  Yum! Brands, Inc. | 812 | 122157 |
|  |  | 4252286 |
|  ***Specialty Retail (4.9%)*** | ***Specialty Retail (4.9%)*** | ***Specialty Retail (4.9%)*** |
|  AutoZone, Inc.\* | 42 | 158029 |
|  Burlington Stores, Inc.\* | 2488 | 559900 |
|  CarMax, Inc.\* | 321 | 20759 |
|  Dick's Sporting Goods, Inc. | 162 | 30414 |
|  Floor & Decor Holdings, Inc., Class A\* | 2436 | 174028 |
|  Home Depot, Inc. (The) | 5467 | 1970799 |
|  Murphy USA, Inc. | 770 | 383899 |
|  O'Reilly Automotive, Inc.\* | 136 | 192467 |
|  Ross Stores, Inc. | 5194 | 721966 |
|  TJX Cos., Inc. (The) | 16836 | 2166456 |
|  Tractor Supply Co. | 20365 | 1030876 |
|  Ulta Beauty, Inc.\* | 1175 | 464877 |
|  Williams-Sonoma, Inc. | 2450 | 378452 |
|  |  | 8252922 |
|  ***Textiles, Apparel & Luxury Goods (1.3%)*** | ***Textiles, Apparel & Luxury Goods (1.3%)*** | ***Textiles, Apparel & Luxury Goods (1.3%)*** |
|  Crocs, Inc.\* | 1798 | 173363 |
|  Deckers Outdoor Corp.\* | 5694 | 631066 |
|  Lululemon Athletica, Inc.\* | 2871 | 777381 |
|  NIKE, Inc., Class B | 11986 | 676010 |
|  |  | 2257820 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 27585226 |
|  **Consumer Staples (3.7%)** | **Consumer Staples (3.7%)** | **Consumer Staples (3.7%)** |
|  ***Beverages (1.2%)*** | ***Beverages (1.2%)*** | ***Beverages (1.2%)*** |
|  Boston Beer Co., Inc. (The), Class A\* | 42 | 10324 |
|  Celsius Holdings, Inc.\* | 7385 | 258180 |
|  Coca-Cola Co. (The) | 13704 | 994225 |
|  Monster Beverage Corp.\* | 3180 | 191181 |
|  PepsiCo, Inc. | 4776 | 647530 |
|  |  | 2101440 |
|  ***Consumer Staples Distribution & Retail (1.5%)*** | ***Consumer Staples Distribution & Retail (1.5%)*** | ***Consumer Staples Distribution & Retail (1.5%)*** |
|  Casey's General Stores, Inc. | 169 | 78178 |
|  Costco Wholesale Corp. | 2113 | 2101378 |
|  Sysco Corp. | 4415 | 315231 |
|  |  | 2494787 |
|  ***Food Products (0.2%)*** | ***Food Products (0.2%)*** | ***Food Products (0.2%)*** |
|  Hershey Co. (The) | 1346 | 225038 |
|  Lamb Weston Holdings, Inc. | 1043 | 55081 |
|  |  | 280119 |
|  ***Household Products (0.8%)*** | ***Household Products (0.8%)*** | ***Household Products (0.8%)*** |
|  Clorox Co. (The) | 2026 | 288300 |
|  Colgate-Palmolive Co. | 2284 | 210562 |
|  Kimberly-Clark Corp. | 4725 | 622660 |
|  Procter & Gamble Co. (The) | 1373 | 223209 |
|  |  | 1344731 |
|  ***Personal Care Products (0.0%)†*** | ***Personal Care Products (0.0%)†*** | ***Personal Care Products (0.0%)†*** |
|  Estee Lauder Cos., Inc. (The), Class A | 527 | 31599 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 6252676 |
|  **Energy (2.2%)** | **Energy (2.2%)** | **Energy (2.2%)** |
|  ***Energy Equipment & Services (0.0%)†*** | ***Energy Equipment & Services (0.0%)†*** | ***Energy Equipment & Services (0.0%)†*** |
|  Weatherford International plc | 2064 | 85450 |
|  ***Oil, Gas & Consumable Fuels (2.2%)*** | ***Oil, Gas & Consumable Fuels (2.2%)*** | ***Oil, Gas & Consumable Fuels (2.2%)*** |
|  Antero Midstream Corp. | 3947 | 65323 |
|  Cheniere Energy, Inc. | 4268 | 986378 |
|  Hess Corp. | 4488 | 579176 |
|  Permian Resources Corp. | 3356 | 39601 |
|  Targa Resources Corp. | 8116 | 1387024 |
|  Texas Pacific Land Corp. | 469 | 604480 |
|  |  | 3661982 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 3747432 |
|  **Financials (7.6%)** | **Financials (7.6%)** | **Financials (7.6%)** |
|  ***Capital Markets (1.9%)*** | ***Capital Markets (1.9%)*** | ***Capital Markets (1.9%)*** |
|  Ameriprise Financial, Inc. | 2751 | 1295776 |
|  Blackstone, Inc. | 1949 | 256703 |
|  Charles Schwab Corp. (The) | 930 | 75702 |
|  FactSet Research Systems, Inc. | 468 | 202279 |
|  Goldman Sachs Group, Inc. (The) | 542 | 296772 |

---

See Notes to Financial Statements.

------

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

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  KKR & Co., Inc. | 1243 | $| 142038 |
|  LPL Financial Holdings, Inc. | 1933 |  | 618154 |
|  Moody's Corp. | 804 |  | 364308 |
|  MSCI, Inc. | 91 |  | 49605 |
|  |  |  | 3301337 |
|  ***Consumer Finance (0.4%)*** | ***Consumer Finance (0.4%)*** | ***Consumer Finance (0.4%)*** | ***Consumer Finance (0.4%)*** |
|  Ally Financial, Inc. | 843 |  | 27532 |
|  American Express Co. | 2507 |  | 667890 |
|  |  |  | 695422 |
|  ***Financial Services (3.7%)*** | ***Financial Services (3.7%)*** | ***Financial Services (3.7%)*** | ***Financial Services (3.7%)*** |
|  Apollo Global Management, Inc. | 5617 |  | 766608 |
|  Mastercard, Inc., Class A | 5400 |  | 2959524 |
|  Visa, Inc., Class A | 7289 |  | 2518350 |
|  |  |  | 6244482 |
|  ***Insurance (1.6%)*** | ***Insurance (1.6%)*** | ***Insurance (1.6%)*** | ***Insurance (1.6%)*** |
|  Allstate Corp. (The) | 311 |  | 61699 |
|  Everest Group Ltd. | 193 |  | 69254 |
|  Kinsale Capital Group, Inc. | 299 |  | 130143 |
|  Markel Group, Inc.\* | 59 |  | 107298 |
|  Marsh & McLennan Cos., Inc. | 888 |  | 200217 |
|  Progressive Corp. (The) | 7311 |  | 2059801 |
|  |  |  | 2628412 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  | 12869653 |
|  **Health Care (6.5%)** | **Health Care (6.5%)** | **Health Care (6.5%)** | **Health Care (6.5%)** |
|  ***Biotechnology (1.9%)*** | ***Biotechnology (1.9%)*** | ***Biotechnology (1.9%)*** | ***Biotechnology (1.9%)*** |
|  AbbVie, Inc. | 6851 |  | 1336630 |
|  Amgen, Inc. | 1588 |  | 461981 |
|  Exelixis, Inc.\* | 9528 |  | 373021 |
|  Regeneron Pharmaceuticals, Inc. | 57 |  | 34130 |
|  Vertex Pharmaceuticals, Inc.\* | 2016 |  | 1027152 |
|  |  |  | 3232914 |
|  ***Health Care Equipment & Supplies (1.6%)*** | ***Health Care Equipment & Supplies (1.6%)*** | ***Health Care Equipment & Supplies (1.6%)*** | ***Health Care Equipment & Supplies (1.6%)*** |
|  Align Technology, Inc.\* | 931 |  | 161342 |
|  Dexcom, Inc.\* | 7849 |  | 560262 |
|  Edwards Lifesciences Corp.\* | 3762 |  | 283993 |
|  IDEXX Laboratories, Inc.\* | 1750 |  | 757137 |
|  Intuitive Surgical, Inc.\* | 880 |  | 453904 |
|  Masimo Corp.\* | 1186 |  | 190899 |
|  ResMed, Inc. | 974 |  | 230439 |
|  Stryker Corp. | 170 |  | 63566 |
|  |  |  | 2701542 |
|  ***Health Care Providers & Services (0.6%)*** | ***Health Care Providers & Services (0.6%)*** | ***Health Care Providers & Services (0.6%)*** | ***Health Care Providers & Services (0.6%)*** |
|  Cardinal Health, Inc. | 306 |  | 43235 |
|  Cencora, Inc. | 1690 |  | 494612 |
|  Elevance Health, Inc. | 180 |  | 75705 |
|  HCA Healthcare, Inc. | 104 |  | 35888 |
|  McKesson Corp. | 118 |  | 84109 |
|  Molina Healthcare, Inc.\* | 588 |  | 192282 |
|  UnitedHealth Group, Inc. | 244 |  | 100391 |
|  |  |  | 1026222 |
|  ***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 |  | 290009 |
|  ***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 |  | 224286 |
|  ***Pharmaceuticals (2.1%)*** | ***Pharmaceuticals (2.1%)*** | ***Pharmaceuticals (2.1%)*** | ***Pharmaceuticals (2.1%)*** |
|  Eli Lilly & Co. | 2806 |  | 2522454 |
|  Merck & Co., Inc. | 5885 |  | 501402 |
|  Zoetis, Inc. | 2732 |  | 427285 |
|  |  |  | 3451141 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 10926114 |
|  **Industrials (7.4%)** | **Industrials (7.4%)** | **Industrials (7.4%)** | **Industrials (7.4%)** |
|  ***Aerospace & Defense (0.5%)*** | ***Aerospace & Defense (0.5%)*** | ***Aerospace & Defense (0.5%)*** | ***Aerospace & Defense (0.5%)*** |
|  Boeing Co. (The)\* | 154 |  | 28219 |
|  BWX Technologies, Inc. | 513 |  | 55979 |
|  GE Aerospace | 747 |  | 150550 |
|  Lockheed Martin Corp. | 1443 |  | 689393 |
|  TransDigm Group, Inc. | 20 |  | 28262 |
|  |  |  | 952403 |
|  ***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 |  | 45503 |
|  ***Building Products (0.6%)*** | ***Building Products (0.6%)*** | ***Building Products (0.6%)*** | ***Building Products (0.6%)*** |
|  Advanced Drainage Systems, Inc. | 2211 |  | 250927 |
|  Lennox International, Inc. | 952 |  | 520506 |
|  Trane Technologies plc | 498 |  | 190888 |
|  |  |  | 962321 |
|  ***Commercial Services & Supplies (1.0%)*** | ***Commercial Services & Supplies (1.0%)*** | ***Commercial Services & Supplies (1.0%)*** | ***Commercial Services & Supplies (1.0%)*** |
|  Cintas Corp. | 2048 |  | 433520 |
|  Copart, Inc.\* | 7396 |  | 451378 |
|  Rollins, Inc. | 2737 |  | 156365 |
|  Waste Management, Inc. | 2566 |  | 598802 |
|  |  |  | 1640065 |
|  ***Construction & Engineering (0.3%)*** | ***Construction & Engineering (0.3%)*** | ***Construction & Engineering (0.3%)*** | ***Construction & Engineering (0.3%)*** |
|  Comfort Systems USA, Inc. | 818 |  | 325196 |
|  EMCOR Group, Inc. | 528 |  | 211569 |
|  |  |  | 536765 |
|  ***Electrical Equipment (0.2%)*** | ***Electrical Equipment (0.2%)*** | ***Electrical Equipment (0.2%)*** | ***Electrical Equipment (0.2%)*** |
|  Vertiv Holdings Co., Class A | 3558 |  | 303782 |
|  ***Ground Transportation (0.9%)*** | ***Ground Transportation (0.9%)*** | ***Ground Transportation (0.9%)*** | ***Ground Transportation (0.9%)*** |
|  Old Dominion Freight Line, Inc. | 2648 |  | 405885 |
|  Saia, Inc.\* | 67 |  | 16348 |
|  Uber Technologies, Inc.\* | 1999 |  | 161939 |
|  U-Haul Holding Co. (Nasdaq Stock Exchange)(x)\* | 89 |  | 5464 |
|  U-Haul Holding Co. (New York Stock exchange) | 1153 |  | 63184 |
|  Union Pacific Corp. | 3816 |  | 822959 |
|  |  |  | 1475779 |
|  ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** | ***Industrial Conglomerates (0.0%)†*** |
|  Honeywell International, Inc. | 372 |  | 78306 |
|  ***Machinery (0.9%)*** | ***Machinery (0.9%)*** | ***Machinery (0.9%)*** | ***Machinery (0.9%)*** |
|  Caterpillar, Inc. | 2676 |  | 827607 |
|  Illinois Tool Works, Inc. | 1690 |  | 405448 |
|  Lincoln Electric Holdings, Inc. | 1302 |  | 229412 |
|  |  |  | 1462467 |
|  ***Passenger Airlines (0.0%)†*** | ***Passenger Airlines (0.0%)†*** | ***Passenger Airlines (0.0%)†*** | ***Passenger Airlines (0.0%)†*** |
|  American Airlines Group, Inc.\* | 1490 |  | 14825 |

---

See Notes to Financial Statements.

------

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

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Professional Services (1.7%)*** | ***Professional Services (1.7%)*** | ***Professional Services (1.7%)*** |
|  Automatic Data Processing, Inc. | 4566 | $1372540 |
|  Paychex, Inc. | 3227 | 474756 |
|  Paycom Software, Inc. | 1606 | 363582 |
|  Verisk Analytics, Inc. | 2160 | 640289 |
|  |  | 2851167 |
|  ***Trading Companies & Distributors (1.3%)*** | ***Trading Companies & Distributors (1.3%)*** | ***Trading Companies & Distributors (1.3%)*** |
|  Fastenal Co. | 11419 | 924597 |
|  United Rentals, Inc. | 283 | 178700 |
|  W.W. Grainger, Inc. | 1101 | 1127765 |
|  |  | 2231062 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 12554445 |
|  **Information Technology (42.1%)** | **Information Technology (42.1%)** | **Information Technology (42.1%)** |
|  ***Communications Equipment (0.9%)*** | ***Communications Equipment (0.9%)*** | ***Communications Equipment (0.9%)*** |
|  Arista Networks, Inc.\* | 8520 | 700940 |
|  Motorola Solutions, Inc. | 1643 | 723561 |
|  Ubiquiti, Inc. | 128 | 41786 |
|  |  | 1466287 |
|  ***Electronic Equipment, Instruments & Components (0.3%)*** | ***Electronic Equipment, Instruments & Components (0.3%)*** | ***Electronic Equipment, Instruments & Components (0.3%)*** |
|  CDW Corp. | 1289 | 206962 |
|  Jabil, Inc. | 1529 | 224090 |
|  |  | 431052 |
|  ***IT Services (0.4%)*** | ***IT Services (0.4%)*** | ***IT Services (0.4%)*** |
|  Gartner, Inc.\* | 765 | 322126 |
|  GoDaddy, Inc., Class A\* | 1952 | 367620 |
|  VeriSign, Inc.\* | 12 | 3386 |
|  |  | 693132 |
|  ***Semiconductors & Semiconductor Equipment (14.9%)*** | ***Semiconductors & Semiconductor Equipment (14.9%)*** | ***Semiconductors & Semiconductor Equipment (14.9%)*** |
|  Advanced Micro Devices, Inc.\* | 5610 | 546134 |
|  Applied Materials, Inc. | 7777 | 1172072 |
|  Broadcom, Inc. | 26324 | 5066580 |
|  KLA Corp. | 1698 | 1193168 |
|  Lam Research Corp. | 20460 | 1466368 |
|  NVIDIA Corp. | 124809 | 13594196 |
|  QUALCOMM, Inc. | 11760 | 1745890 |
|  Teradyne, Inc. | 2097 | 155618 |
|  Texas Instruments, Inc. | 1506 | 241035 |
|  |  | 25181061 |
|  ***Software (14.8%)*** | ***Software (14.8%)*** | ***Software (14.8%)*** |
|  Adobe, Inc.\* | 1230 | 461225 |
|  AppLovin Corp., Class A\* | 2746 | 739525 |
|  Crowdstrike Holdings, Inc., Class A\* | 943 | 404425 |
|  Dropbox, Inc., Class A\* | 875 | 24981 |
|  Fair Isaac Corp.\* | 128 | 254679 |
|  Fortinet, Inc.\* | 8787 | 911739 |
|  Intuit, Inc. | 1609 | 1009599 |
|  Microsoft Corp. | 40331 | 15941231 |
|  Nutanix, Inc., Class A\* | 445 | 30572 |
|  Oracle Corp. | 6696 | 942261 |
|  Palantir Technologies, Inc., Class A\* | 11588 | 1372483 |
|  Palo Alto Networks, Inc.\* | 3872 | 723793 |
|  RingCentral, Inc., Class A\* | 470 | 11985 |
|  Salesforce, Inc. | 4617 | 1240634 |
|  ServiceNow, Inc.\* | 993 | 948325 |
|  |  | 25017457 |
|  ***Technology Hardware, Storage & Peripherals (10.8%)*** | ***Technology Hardware, Storage & Peripherals (10.8%)*** | ***Technology Hardware, Storage & Peripherals (10.8%)*** |
|  Apple, Inc. | 85249 | 18115412 |
|  HP, Inc. | 670 | 17132 |
|  NetApp, Inc. | 932 | 83647 |
|  |  | 18216191 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 71005180 |
|  **Materials (0.6%)** | **Materials (0.6%)** | **Materials (0.6%)** |
|  ***Chemicals (0.3%)*** | ***Chemicals (0.3%)*** | ***Chemicals (0.3%)*** |
|  RPM International, Inc. | 1043 | 111340 |
|  Sherwin-Williams Co. (The) | 1340 | 472913 |
|  |  | 584253 |
|  ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** | ***Construction Materials (0.2%)*** |
|  Eagle Materials, Inc. | 1181 | 267366 |
|  Martin Marietta Materials, Inc. | 48 | 25151 |
|  |  | 292517 |
|  ***Containers & Packaging (0.0%)†*** | ***Containers & Packaging (0.0%)†*** | ***Containers & Packaging (0.0%)†*** |
|  Avery Dennison Corp. | 345 | 59033 |
|  ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** | ***Paper & Forest Products (0.1%)*** |
|  Louisiana-Pacific Corp. | 1657 | 143016 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 1078819 |
|  **Utilities (0.6%)** | **Utilities (0.6%)** | **Utilities (0.6%)** |
|  ***Electric Utilities (0.1%)*** | ***Electric Utilities (0.1%)*** | ***Electric Utilities (0.1%)*** |
|  Constellation Energy Corp. | 142 | 31728 |
|  NRG Energy, Inc. | 584 | 63995 |
|  |  | 95723 |
|  ***Independent Power and Renewable Electricity<br>Producers (0.5%)*** | ***Independent Power and Renewable Electricity<br>Producers (0.5%)*** | ***Independent Power and Renewable Electricity<br>Producers (0.5%)*** |
|  Vistra Corp. | 7013 | 909095 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 1004818 |
|  **Total Common Stocks (99.7%)**<br> *(Cost $155,219,405)* |  | 168368173 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (0.1%)** | **Investment Companies (0.1%)** |  |
|  Invesco Government & Agency Portfolio, Institutional Shares 4.26% (7 day yield) (xx) | 109272 | 109272 |
|  **Total Short-Term Investments (0.1%)**<br> *(Cost $109,272)* | **Total Short-Term Investments (0.1%)**<br> *(Cost $109,272)* | 109272 |
|  **Total Investments in Securities (99.8%)**<br> *(Cost $155,328,677)* | **Total Investments in Securities (99.8%)**<br> *(Cost $155,328,677)* | 168477445 |
|  **Other Assets Less Liabilities (0.2%)** | **Other Assets Less Liabilities (0.2%)** | 288972 |
|  **Net Assets (100%)** |  | $168766417 |

---

*\** *Non-income producing.* 

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

*(x)* *All or a portion of security is on loan at April 30, 2025.* 

*(xx)* *At April 30, 2025, the Fund had loaned securities with a total value of $106,556. This was collateralized by cash of $109,272 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

See Notes to Financial Statements.

------

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

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

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 April 30, 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 | $21343810 | $— | $— | $21343810 |
|  Consumer Discretionary | 27585226 |  |  | 27585226 |
|  Consumer Staples | 6252676 |  |  | 6252676 |
|  Energy | 3747432 |  |  | 3747432 |
|  Financials | 12869653 |  |  | 12869653 |
|  Health Care | 10926114 |  |  | 10926114 |
|  Industrials | 12554445 |  |  | 12554445 |
|  Information Technology | 71005180 |  |  | 71005180 |
|  Materials | 1078819 |  |  | 1078819 |
|  Utilities | 1004818 |  |  | 1004818 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 109272 |  |  | 109272 |
|  **Total Assets** | $**168477445** | $**—** | $**—** | $**168477445** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**168477445** | $**—** | $**—** | $**168477445** |

---

The Fund held no derivatives contracts during the six months ended April 30, 2025.

Investment security transactions for the six months ended April 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7521585 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $7741038 |

---

As of April 30, 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 | $19392031 |
|  Aggregate gross unrealized depreciation | (6245743) |
|  Net unrealized appreciation | $13146288 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155331157 |

---

See Notes to Financial Statements.

------

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

#### STATEMENT OF ASSETS AND LIABILITIES

#### April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) (Cost $155,328,677) | $168477445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 464517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Fund shares sold | 83540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 51958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid registration and filing fees | 25151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 169102855 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 109272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Fund shares repurchased | 80580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 44002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 19536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees payable | 5412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class A | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 77567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 336438 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $168766417 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $154499323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 14267094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $168766417 |
|  **Class A** |  |
|  Net asset value and redemption price per share, $418,743 / 24,716 shares outstanding (unlimited amount authorized: $0.001 par value) | $16.94 |
|  Maximum sales charge (5.50% of offering price) | 0.99 |
|  Maximum offering price per share | $17.93 |
|  **Class I** |  |
|  Net asset value, offering and redemption price per share, $168,347,674 / 9,912,410 shares outstanding (unlimited amount authorized: $0.001 par value) | $16.98 |

---

*(x)* *Includes value of securities on loan of $106,556.* 

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

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $661462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 5717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 667504 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 440238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 132072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 51896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 29852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 27394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees | 17870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 3201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 2937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class A | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 12157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 717934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment adviser | (145424) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 572510 |
|  **NET INVESTMENT INCOME (LOSS)** | 94994 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | 1084902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities | (6326629) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (5241727) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(5146733) |

---

See Notes to Financial Statements.

------

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

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **Year Ended<br>October 31, 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) | $94994 | $105416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1084902 | 665667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (6326629) | 18938095 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (5146733) | 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 [ 17,215 and 7,483 shares, respectively ] | 301363 | 103558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 18 and 0 shares ] | 338 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class A transactions | 301701 | 103558 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 674,496 and 10,017,211 shares, respectively ] | 11601775 | 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 [ (672493) and (610571) shares, respectively ] | (12151632) | (10392760) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class I transactions | 126603 | 148617700 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 428304 | 148721258 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (5530669) | 168287937 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 174297086 | 6009149 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $168766417 | $174297086 |

---

See Notes to Financial Statements.

------

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

FINANCIAL HIGHLIGHTS

---

| | | |
|:---|:---|:---|
| **Class A** | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **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) | (0.01) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.58) | 3.95 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.59) | 3.94 |
| &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 |  | (0.03) |
| &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;16.94 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.60 |
|  Total return (b) | (3.41) | 28.86 |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $419 | $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) | 1.07 | 1.25 |
|  Ratio of net investment income (loss) to average net assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | (0.16) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | (0.32) | (0.42) |
|  Portfolio turnover rate^ | 4 | 22 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| **Class I** | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $17.64 | $12.86 | $12.79 | $15.21 | $11.77 | $12.38 |
| &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) | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.58) | 4.84 | 0.36 | (2.36) | 3.66 | (0.61) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.57) | 4.86 | 0.60 | (2.11) | 3.82 | (0.37) |
| &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; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.02) | (0.04) | (0.28) | (0.16) | (0.22) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.07) | (0.04) | (0.25) | (0.15) | (0.16) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.09) | (0.08) | (0.53) | (0.31) | (0.38) | (0.24) |
|  Net asset value, end of period | $16.98 | $17.64 | $12.86 | $12.79 | $15.21 | $11.77 |
|  Total return (b) | (3.32)% | 37.92% | 4.63% | (14.17)% | 33.13% | (3.11) |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **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;168348 | $&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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3818 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 0.65 %(j) | 0.65 %(j) | 0.52 %(k) | 0.52 %(k) | 0.52 %(k) | 0.53 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | 0.82% | 0.94% | 2.75% | 2.75% | 3.24% | 4.31 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 0.11% | 0.12% | 1.77 %(x) | 1.84 %(x) | 1.13 %(x) | 2.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | (0.06)% | (0.17)% | (0.45)%(x) | (0.39)%(x) | (1.58)%(x) | (1.78) |
|  Portfolio turnover rate^ | 4 %(z) | 22 %(h) | 7% | 8% | 4% | 9 |

---

See Notes to Financial Statements.

------

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

FINANCIAL HIGHLIGHTS (Continued)

*\** *Commencement of operations.* 

*\*\** *Includes Tax expense of 0.01%.* 

*^* *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.* 

*(o)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 0.66% for Class I.* 

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

See Notes to Financial Statements.

------

1290 DIVERSIFIED BOND FUND

PORTFOLIO OF INVESTMENTS

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: |
|  **Asset-Backed Securities (1.8%)** | **Asset-Backed Securities (1.8%)** | **Asset-Backed Securities (1.8%)** |
|  OHA Credit Funding 2 Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A D1R2<br>6.969%, 1/21/38 (l)§ | $4650000 | $4586899 |
|  TRTX Issuer Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL6 C<br>6.716%, 9/18/42 (l)§ | 6150000 | 6106410 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Asset-Backed Securities** |  | 10693309 |
|  **Collateralized Mortgage Obligations (5.1%)** | **Collateralized Mortgage Obligations (5.1%)** | **Collateralized Mortgage Obligations (5.1%)** |
|  Connecticut Avenue Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R08 1M2<br>6.854%, 10/25/43 (l)§ | 11390000 | 11674331 |
|  FHLMC STACR REMIC Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA2 B1<br>9.104%, 2/25/42 (l)§ | 2430000 | 2536913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA6 M2<br>10.104%, 9/25/42 (l)§ | 6300000 | 6865488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-HQA1 M2<br>9.604%, 3/25/42 (l)§ | 4610000 | 4884794 |
|  Radnor Re Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1 M2<br>8.354%, 9/25/34 (l)§ | 5195000 | 5325945 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Collateralized Mortgage Obligations** |  | 31287471 |
|  **Commercial Mortgage-Backed Securities (1.2%)** | **Commercial Mortgage-Backed Securities (1.2%)** | **Commercial Mortgage-Backed Securities (1.2%)** |
|  CFCRE Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C4 D<br>5.004%, 5/10/58 (l)§ | 2200000 | 2096460 |
|  Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C31 B<br>4.482%, 11/15/48 (l) | 5030000 | 4966120 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Commercial Mortgage-Backed Securities** |  | 7062580 |
|  **Corporate Bonds (8.3%)** | **Corporate Bonds (8.3%)** | **Corporate Bonds (8.3%)** |
|  **Consumer Discretionary (0.3%)** | **Consumer Discretionary (0.3%)** |  |
|  ***Broadline Retail (0.3%)*** | ***Broadline Retail (0.3%)*** | ***Broadline Retail (0.3%)*** |
|  Saks Global Enterprises LLC<br>11.000%, 12/15/29§ | 3130000 | 1887234 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 1887234 |
|  **Energy (3.3%)** | **Energy (3.3%)** |  |
|  ***Oil, Gas & Consumable Fuels (3.3%)*** | ***Oil, Gas & Consumable Fuels (3.3%)*** | ***Oil, Gas & Consumable Fuels (3.3%)*** |
|  Baytex Energy Corp.<br>8.500%, 4/30/30§ | 4340000 | 4047050 |
|  NFE Financing LLC<br>12.000%, 11/15/29§ | 4906200 | 3428207 |
|  Petroleos Mexicanos<br>5.350%, 2/12/28 | 13980000 | 12874182 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 20349439 |
|  **Financials (4.1%)** | **Financials (4.1%)** |  |
|  ***Banks (1.2%)*** | ***Banks (1.2%)*** | ***Banks (1.2%)*** |
|  Bank of Nova Scotia (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.55%), 4.900%, 6/4/25 (k)(y) | 1780000 | 1774542 |
|  NatWest Group plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (USD Swap Semi 5 Year + 5.72%), 8.000%, 8/10/25 (k)(y) | 3060000 | 3067650 |
|  Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 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 | 2711488 |
|  |  | 7553680 |
|  ***Capital Markets (2.3%)*** | ***Capital Markets (2.3%)*** | ***Capital Markets (2.3%)*** |
|  Charles Schwab Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.17%), 4.000%, 6/1/26 (k)(y) | 5140000 | 4960100 |
|  Golub Capital BDC, Inc.<br>2.500%, 8/24/26 | 5235000 | 5037233 |
|  UBS Group AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.10%), 3.875%, 6/2/26 (k)(y)§ | 3830000 | 3691163 |
|  |  | 13688496 |
|  ***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%), 3.550%, 9/15/26 (k)(y) | 865000 | 826075 |
|  ***Financial Services (0.5%)*** | ***Financial Services (0.5%)*** | ***Financial Services (0.5%)*** |
|  Freedom Mortgage Corp.<br>6.625%, 1/15/27§ | 3210000 | 3177900 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 25246151 |
|  **Real Estate (0.3%)** | **Real Estate (0.3%)** |  |
|  ***Diversified REITs (0.3%)*** | ***Diversified REITs (0.3%)*** | ***Diversified REITs (0.3%)*** |
|  Trust Fibra Uno (REIT)<br>7.700%, 1/23/32§ | 1720000 | 1754830 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 1754830 |
|  **Utilities (0.3%)** | **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§ | 1541088 | 1526062 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 1526062 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bonds** |  | 50763716 |
|  **Foreign Government Securities (26.6%)** | **Foreign Government Securities (26.6%)** | **Foreign Government Securities (26.6%)** |
|  Mex Bonos Desarr Fix Rt<br>Series M<br>8.000%, 7/31/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1281600000 | 53205467 |

---

See Notes to Financial Statements.

------

1290 DIVERSIFIED BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  Notas do Tesouro Nacional<br>10.000%, 1/1/35 | 321380000 | $45091571 |
|  Republic of Panama<br>3.870%, 7/23/60 | $5660000 | 3064890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 1/19/63 | 4770000 | 2909700 |
|  Republic of South Africa<br>8.750%, 2/28/48 | 275900000 | 11305948 |
|  Titulos de Tesoreria<br>Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 10/26/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78550000000 | 10931384 |
|  U.K. Treasury Bonds<br>4.375%, 7/31/54 (m) | 30450000 | 35467951 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Government Securities** |  | 161976911 |
|  **Mortgage-Backed Securities (33.1%)** | **Mortgage-Backed Securities (33.1%)** | **Mortgage-Backed Securities (33.1%)** |
|  GNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 10/20/53 | $13132580 | 13343519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 11/20/53 | 22714264 | 23093304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 12/20/53 | 7930182 | 8062516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 2/20/54 | 4656063 | 4723575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 4/20/54 | 5819251 | 5884990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 5/20/54 | 9679283 | 9793921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 6/20/54 | 8864594 | 8978585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 7/20/54 | 20770837 | 21002235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 8/20/54 | 17626135 | 17823875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 9/20/54 | 19211147 | 19429670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 10/20/54 | 20301444 | 20535542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 11/20/54 | 13768330 | 13935699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 12/20/54 | 5305074 | 5371220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 1/20/55 | 15880617 | 16063737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 2/20/55 | 13084499 | 13247644 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Mortgage-Backed Securities** |  | 201290032 |
|  **U.S. Treasury Obligations (13.3%)** | **U.S. Treasury Obligations (13.3%)** | **U.S. Treasury Obligations (13.3%)** |
|  U.S. Treasury Inflation<br>Linked Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 2/15/55 TIPS | 31407872 | 30679313 |
|  U.S. Treasury Notes<br>3.875%, 8/15/33 | 51230000 | 50493605 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury<br>Obligations** |  | 81172918 |
|  **Total Long-Term Debt Securities (89.4%)**<br> *(Cost $558,709,475)* | **Total Long-Term Debt Securities (89.4%)**<br> *(Cost $558,709,475)* | 544246937 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Foreign Government Treasury Bills (3.1%)** | **Foreign Government Treasury Bills (3.1%)** |  |
|  Arab Republic of Egypt<br>25.89%, 10/14/25 (p) | 1080000000 | 18996994 |
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  **Investment Companies (1.1%)** | **Investment Companies (1.1%)** |  |
|  JPMorgan Prime Money<br>Market Fund, IM Shares<br>4.49% (7 day yield) | 6667769 | 6669103 |
|  **Total Short-Term Investments (4.2%)**<br> *(Cost $25,433,683)* | **Total Short-Term Investments (4.2%)**<br> *(Cost $25,433,683)* | 25666097 |
|  **Total Investments in Securities (93.6%)**<br> *(Cost $584,143,158)* | **Total Investments in Securities (93.6%)**<br> *(Cost $584,143,158)* | 569913034 |
|  **Other Assets Less Liabilities (6.4%)** | **Other Assets Less Liabilities (6.4%)** | 38881006 |
|  **Net Assets (100%)** |  | $608794040 |

---

---

| | |
|:---|:---|
| *§* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At April 30, 2025, the market value of these securities amounted to $63,589,686 or 10.4% of net assets.*  |

---

*(k)* *Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of April 30, 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 April 30, 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 April 30, 2025, the market value or fair value, as applicable, of these securities amounted to $35,467,951 or 5.8% of net assets.* 

*(p)* *Yield to maturity.* 

*(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 April 30, 2025.* 

*Glossary:* 

*AUD* *— Australian Dollar* 

*BRL* *— Brazilian Real* 

*CAD* *— Canadian Dollar* 

*CHF* *— Swiss Franc* 

*CLP* *— Chilean Peso* 

*CNY* *— Chinese Renminbi* 

*COP* *— Colombian Peso* 

*EGP* *— Egyptian Pound* 

*EUR* *— European Currency Unit* 

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

*GBP* *— British Pound* 

*GNMA* *— Government National Mortgage Association* 

*JPY* *— Japanese Yen* 

*KRW* *— Korean (South) Won* 

*MXN* *— Mexican Peso* 

*NOK* *— Norwegian Krone* 

*NZD* *— New Zealand Dollar* 

*REIT* *— Real Estate Investment Trust* 

*REMIC* *— Real Estate Mortgage Investment Conduit* 

*SEK* *— Swedish Krona* 

*STACR* *— Structured Agency Credit Risk* 

*TIPS* *— Treasury Inflation Protected Security* 

*USD* *— United States Dollar* 

*ZAR* *— South African Rand* 

See Notes to Financial Statements.

------

1290 DIVERSIFIED BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Country Diversification**<br> As a Percentage of Total Net Assets | |
| &nbsp;&nbsp;&nbsp; Brazil | 7.4% |
| &nbsp;&nbsp;&nbsp; Canada | 0.9 |
| &nbsp;&nbsp;&nbsp; Cayman Islands | 1.8 |
| &nbsp;&nbsp;&nbsp; Colombia | 1.8 |
| &nbsp;&nbsp;&nbsp; Egypt | 3.1 |
| &nbsp;&nbsp;&nbsp; Mexico | 11.4 |
| &nbsp;&nbsp;&nbsp; Panama | 1 |
| &nbsp;&nbsp;&nbsp; South Africa | 1.9 |
| &nbsp;&nbsp;&nbsp; Switzerland | 0.6 |
| &nbsp;&nbsp;&nbsp; United Kingdom | 6.3 |
| &nbsp;&nbsp;&nbsp; United States | 57.4 |
| &nbsp;&nbsp;&nbsp; Cash and Other | 6.4 |
|  | 100.0% |

---

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

Futures contracts outstanding as of April 30, 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 Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  Long Gilt | 633 | 6/2025 | GBP | 78893388 | 435105 |
|  U.S. Treasury 5 Year Note | 1388 | 6/2025 | USD | 151563094 | 2231469 |
|  U.S. Treasury 10 Year Ultra Note | 1666 | 6/2025 | USD | 191147469 | 1161431 |
|  |  |  |  |  | 3828005 |
|  **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** | **Short Contracts** |
|  Canada 10 Year Bond | (948) | 6/2025 | CAD | (85035311) | 331246 |
|  Euro-Bund | (256) | 6/2025 | EUR | (38217465) | (50370) |
|  Euro-Buxl | (138) | 6/2025 | EUR | (19400963) | 56494 |
|  |  |  |  |  | 337370 |
|  |  |  |  |  | 4165375 |

---

Forward Foreign Currency Contracts outstanding as of April 30, 2025 (Note 1):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation) ($)** |
|  EUR | 16510000 | USD | 17821885 | Citibank NA | 5/5/2025 | 884865 |
|  EUR | 102440000 | USD | 107819567 | JPMorgan Chase Bank | 5/5/2025 | 8250661 |
|  EUR | 11190000 | USD | 11778258 | Morgan Stanley | 5/5/2025 | 900635 |
|  EUR | 2830000 | USD | 3081509 | Standard Chartered Bank | 5/5/2025 | 125038 |
|  USD | 30514275 | EUR | 26720000 | JPMorgan Chase Bank | 5/5/2025 | 239026 |
|  USD | 2329343 | EUR | 2050000 | Wells Fargo Bank NA | 5/5/2025 | 6579 |
|  USD | 11689330 | ZAR | 215300000 | HSBC Bank plc | 5/13/2025 | 124984 |
|  ZAR | 18800000 | USD | 978719 | HSBC Bank plc | 5/13/2025 | 31079 |
|  CLP | 22850000000 | USD | 24046304 | HSBC Bank plc\*\* | 5/14/2025 | 82040 |
|  USD | 24699338 | CLP | 23310000000 | HSBC Bank plc\*\* | 5/14/2025 | 85260 |
|  CNY | 43460000 | USD | 5989361 | Wells Fargo Bank NA\*\* | 5/27/2025 | 6454 |
|  USD | 6031504 | CNY | 43460000 | JPMorgan Chase Bank\*\* | 5/27/2025 | 35689 |
|  JPY | 2773000000 | USD | 18780010 | Citibank NA | 6/13/2025 | 708323 |
|  JPY | 3540000000 | USD | 24003336 | HSBC Bank plc | 6/13/2025 | 875387 |
|  JPY | 129000000 | USD | 889753 | JPMorgan Chase Bank | 6/13/2025 | 16844 |
|  JPY | 72000000 | USD | 494545 | Morgan Stanley | 6/13/2025 | 11463 |

---

See Notes to Financial Statements.

------

1290 DIVERSIFIED BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation) ($)** |
|  NOK | 197500000 | USD | 18543513 | UBS AG | 6/13/2025 | 440964 |
|  USD | 1148687 | JPY | 163000000 | Standard Chartered Bank | 6/13/2025 | 3142 |
|  CHF | 21880000 | USD | 26551787 | Goldman Sachs Bank USA | 6/18/2025 | 116299 |
|  CHF | 590000 | USD | 718989 | JPMorgan Chase Bank | 6/18/2025 | 123 |
|  CHF | 15180000 | USD | 17969814 | UBS AG | 6/18/2025 | 532085 |
|  USD | 420495 | CHF | 340000 | Wells Fargo Bank NA | 6/18/2025 | 6092 |
|  KRW | 44370000000 | USD | 30816450 | Citibank NA\*\* | 7/8/2025 | 534504 |
|  USD | 30256574 | NZD | 50600000 | Morgan Stanley | 7/16/2025 | 128043 |
|  BRL | 141580000 | USD | 24258424 | HSBC Bank plc\*\* | 7/18/2025 | 227264 |
|  CAD | 53330000 | USD | 38788614 | Citibank NA | 7/28/2025 | 67985 |
|  Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation |  | 14440828 |
|  USD | 6060560 | EUR | 5350000 | Barclays Bank plc | 5/5/2025 | (1288) |
|  USD | 18367735 | EUR | 17000000 | HSBC Bank plc | 5/5/2025 | (894212) |
|  USD | 52401673 | EUR | 46480000 | JPMorgan Chase Bank | 5/5/2025 | (262757) |
|  USD | 19387814 | EUR | 17180000 | Standard Chartered Bank | 5/5/2025 | (78083) |
|  CLP | 460000000 | USD | 494624 | HSBC Bank plc\*\* | 5/14/2025 | (8889) |
|  AUD | 47360000 | USD | 30423543 | Morgan Stanley | 6/6/2025 | (75468) |
|  SEK | 9800000 | USD | 1022438 | Citibank NA | 6/10/2025 | (6020) |
|  USD | 49830897 | SEK | 497800000 | HSBC Bank plc | 6/10/2025 | (1798989) |
|  GBP | 800000 | USD | 1070983 | Morgan Stanley | 6/12/2025 | (4656) |
|  USD | 30666247 | GBP | 23770000 | HSBC Bank plc | 6/12/2025 | (1016980) |
|  USD | 1820377 | GBP | 1410000 | Standard Chartered Bank | 6/12/2025 | (59024) |
|  USD | 38092296 | JPY | 5426000000 | Citibank NA | 6/13/2025 | (41024) |
|  USD | 6037984 | JPY | 863000000 | HSBC Bank plc | 6/13/2025 | (27084) |
|  USD | 431070 | JPY | 62000000 | Standard Chartered Bank | 6/13/2025 | (4660) |
|  USD | 18624872 | NOK | 197500000 | UBS AG | 6/13/2025 | (359606) |
|  CHF | 14890000 | USD | 18319953 | UBS AG | 6/18/2025 | (171516) |
|  USD | 806986 | CHF | 700000 | Morgan Stanley | 6/18/2025 | (46198) |
|  USD | 58785816 | CHF | 51500000 | UBS AG | 6/18/2025 | (3984130) |
|  KRW | 42220000000 | USD | 29847055 | Citibank NA\*\* | 7/8/2025 | (15248) |
|  USD | 1859420 | KRW | 2640000000 | Citibank NA\*\* | 7/8/2025 | (5951) |
|  BRL | 2450000 | USD | 423729 | HSBC Bank plc\*\* | 7/18/2025 | (11) |
|  USD | 25675833 | BRL | 154720000 | HSBC Bank plc\*\* | 7/18/2025 | (1082365) |
|  USD | 12428319 | CAD | 17100000 | Goldman Sachs Bank USA | 7/28/2025 | (30857) |
|  USD | 536529 | CAD | 740000 | HSBC Bank plc | 7/28/2025 | (2640) |
|  USD | 30204886 | MXN | 600600000 | Citibank NA | 7/29/2025 | (62648) |
|  USD | 10996770 | COP | 47660000000 | JPMorgan Chase Bank\*\* | 7/30/2025 | (139704) |
|  EUR | 18190000 | USD | 20820183 | JPMorgan Chase Bank | 8/5/2025 | (88723) |
|  Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation |  | (10268731) |
|  Net unrealized appreciation | Net unrealized appreciation | Net unrealized appreciation | Net unrealized appreciation | Net unrealized appreciation |  | 4172097 |

---

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

Centrally Cleared Credit default swap contracts outstanding — sell protection as of April 30, 2025 (Note 1):

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Obligation/Index** | **Financing**<br>**Rate (Paid) /**<br>**Received by**<br>**the 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 | 4.16 | USD | 29250000 | 872295 | 311230 | 1183525 |
|  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 | 872295 | 311230 | 1183525 |

---

See Notes to Financial Statements.

------

1290 DIVERSIFIED BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

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 April 30, 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:** |  |  |  |  |
|  **Asset-Backed Securities** | $— | $10693309 | $— | $10693309 |
|  **Centrally Cleared Credit Default Swaps** |  | 311230 |  | 311230 |
|  **Collateralized Mortgage Obligations** |  | 31287471 |  | 31287471 |
|  **Commercial Mortgage-Backed Securities** |  | 7062580 |  | 7062580 |
|  **Corporate Bonds** |  |  |  |  |
|  Consumer Discretionary |  | 1887234 |  | 1887234 |
|  Energy |  | 20349439 |  | 20349439 |
|  Financials |  | 25246151 |  | 25246151 |
|  Real Estate |  | 1754830 |  | 1754830 |
|  Utilities |  | 1526062 |  | 1526062 |
|  **Foreign Government Securities** |  | 161976911 |  | 161976911 |
|  **Forward Currency Contracts** |  | 14440828 |  | 14440828 |
|  **Futures** | 4215745 |  |  | 4215745 |
|  **Mortgage-Backed Securities** |  | 201290032 |  | 201290032 |
|  **Short-Term Investments** |  |  |  |  |
|  Foreign Government Treasury Bill |  | 18996994 |  | 18996994 |
|  Investment Company | 6669103 |  |  | 6669103 |
|  **U.S. Treasury Obligations** |  | 81172918 |  | 81172918 |
|  **Total Assets** | $**10884848** | $**577995989** | $**—** | $**588880837** |
|  **Liabilities:** |  |  |  |  |
|  **Forward Currency Contracts** | $— | $(10268731) | $— | $(10268731) |
|  **Futures** | $(50370) | $— | $— | $(50370) |
|  **Total Liabilities** | $**(50370)** | $**(10268731)** | $**—** | $**(10319101)** |
|  **Total** | $**10834478** | $**567727258** | $**—** | $**578561736** |

---

See Notes to Financial Statements.

------

1290 DIVERSIFIED BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

Fair Values of Derivative Instruments as of April 30, 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 | $4215745 |
|  Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts – Receivables | 14440828 |
|  Credit contracts | Market value on OTC swap contracts & Variation Margin on Centrally Cleared Swaps – Receivables | 311230 |
|  **Total** |  | $18967803 |
|  | **Liability Derivatives** |  |
|  Interest rate contracts | Due to broker for futures variation margin, Net assets – Unrealized depreciation | $(50370) |
|  Foreign exchange contracts | Unrealized depreciation on forward foreign currency contracts – Payables | (10268731) |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10319101 |

---

\* 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 six months ended April 30, 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 | $(14178154) | $— | $— | $(14178154) |
|  Foreign exchange contracts |  | 2596243 |  | 2596243 |
|  Credit contracts |  |  | (98675) | (98675) |
|  **Total** | $(14178154) | $2596243 | $(98675) | $(11680586) |
| **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 | $11794691 | $— | $— | $11794691 |
|  Foreign exchange contracts |  | 3593858 |  | 3593858 |
|  Credit contracts |  |  | 311230 | 311230 |
|  **Total** | $11794691 | $3593858 | $311230 | $15699779 |

---

^ 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.

---

| | |
|:---|:---|
|  **Average Balances of Outstanding Derivative Financial Instruments** |  |
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $376539000.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | 291562000.0 |
|  Forward foreign currency exchange contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value purchased — in USD | $405116000.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average settlement value sold — in USD | 436210000.0 |
|  Credit index swaps |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — sell protection | $29250000.0 |

---

See Notes to Financial Statements.

------

1290 DIVERSIFIED BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

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 April 30, 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 | $2195677 | $(130891) | $— | $2064786 |
|  Goldman Sachs Bank USA | 116299 | (30857) |  | 85442 |
|  HSBC Bank plc | 1426014 | (1426014) |  |  |
|  JPMorgan Chase Bank | 8542343 | (491184) | (120000) | 7931159 |
|  Morgan Stanley | 1040141 | (126322) |  | 913819 |
|  Standard Chartered Bank | 128180 | (128180) |  |  |
|  UBS AG | 973049 | (973049) |  |  |
|  WELLS FARGO BANK NA | 19125 |  |  | 19125 |
|  **Total** | $14440828 | $(3306497) | $(120000) | $11014331 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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** |
|  Barclays Bank plc | $1288 | $— | $— | $1288 |
|  Citibank NA | 130891 | (130891) |  |  |
|  Goldman Sachs Bank USA | 30857 | (30857) |  |  |
|  HSBC Bank plc | 4831170 | (1426014) | (690000) | 2715156 |
|  JPMorgan Chase Bank | 491184 | (491184) |  |  |
|  Morgan Stanley | 126322 | (126322) |  |  |
|  Standard Chartered Bank | 141767 | (128180) |  | 13587 |
|  UBS AG | 4515252 | (973049) |  | 3542203 |
|  **Total** | $10268731 | $(3306497) | $(690000) | $6272234 |

---

*(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 six months ended April 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $313201612.0 |
|  Long-term U.S. government debt securities | 104134554.0 |
|  | $417336166.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $262369394.0 |
|  Long-term U.S. government debt securities | 171908471.0 |
|  | $434277865.0 |

---

As of April 30, 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 | $21870382 |
|  Aggregate gross unrealized depreciation | (21346567) |
|  Net unrealized appreciation | $523815 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $578910216 |

---

See Notes to Financial Statements.

------

1290 DIVERSIFIED BOND FUND

#### STATEMENT OF ASSETS AND LIABILITIES

#### April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (Cost $584,143,158) | $569913034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 878253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash held as collateral for forward foreign currency contracts | 590000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker for futures variation margin | 21300108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts | 14440828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 6947329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation Margin on Centrally Cleared Swaps | 3282409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 2329698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Fund shares sold | 301921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid registration and filing fees | 24072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 620007652 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts | 10268731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Fund shares repurchased | 395266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 107400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 75743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees payable | 46656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency overdraft payable | 25877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and distributions payable | 3300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class A | 818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class R | 514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 288465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 11213612 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $608794040 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $780263637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (171469597) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $608794040 |
|  **Class A** |  |
|  Net asset value and redemption price per share, $4,083,251 / 489,882 shares outstanding (unlimited amount authorized: $0.001 par value) | $8.34 |
|  Maximum sales charge (4.50% of offering price) | 0.39 |
|  Maximum offering price per share | $8.73 |
|  **Class I** |  |
|  Net asset value, offering and redemption price per share, $603,446,269 / 71,982,977 shares outstanding (unlimited amount authorized: $0.001 par value) | $8.38 |
|  **Class R** |  |
|  Net asset value, offering and redemption price per share, $1,264,520 / 152,959 shares outstanding (unlimited amount authorized: $0.001 par value) | $8.27 |

---

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

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest (net of $826,432 foreign withholding tax) | $19996899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 249068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 20246072 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 1823011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 455752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 136860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 121352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 87969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 73402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees | 27058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 10170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class A | 5470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class R | 4751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 40277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 2786072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment adviser | (1256725) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 1529347 |
|  **NET INVESTMENT INCOME (LOSS)** | 18716725 |
|  **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 | (8663580) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (14178154) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 2596243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (1846582) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | (98675) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (22190748) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 3287047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 11794691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 3593858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 127763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | 311230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 19114589 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (3076159) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $15640566 |

---

See Notes to Financial Statements.

------

#### 1290 FUNDS
1290 DIVERSIFIED BOND FUND

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **Year Ended<br>October 31, 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) | $18716725 | $36710379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (22190748) | 8596802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 19114589 | 29425596 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 15640566 | 74732777 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (150371) | (285397) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (21042804) | (39389194) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | (59676) | (177907) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (21252851) | (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 [ 28,398 and 133,597 shares, respectively ] | 233799 | 1144134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 18,145 and 32,960 shares, respectively ] | 148443 | 281797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (112253) and (250099) shares, respectively ] | (916788) | (2130265) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class A transactions | (534546) | (704334) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 7,403,973 and 12,494,140 shares, respectively ] | 61187951 | 108790279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 2,553,759 and 4,613,713 shares, respectively ] | 21011778 | 39644398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (11879039) and (14266315) shares, respectively ] | (97986317) | (123440903) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class I transactions | (15786588) | 24993774 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 129,174 and 170,179 shares, respectively ] | 1061704 | 1440510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 7,294 and 21,058 shares, respectively ] | 59529 | 178591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (373757) and (107781) shares, respectively ] | (3027300) | (922542) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class R transactions | (1906067) | 696559 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (18227201) | 24985999 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (23839486) | 59513759 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 632633526 | 573119767 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $608794040 | $632633526 |

---

See Notes to Financial Statements.

------

#### 1290 FUNDS
1290 DIVERSIFIED BOND FUND

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| **Class A** | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $8.41 | $7.92 | $8.33 | $10.70 | $10.68 | $10.34 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.24 | 0.48 | 0.45 | 0.27 | 0.29 | 0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.03) | 0.54 | (0.54) | (2.41) | 0.44 | 0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.21 | 1.02 | (0.09) | (2.14) | 0.73 | 0.82 |
| &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; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.28) | (0.53) | (0.21) | (0.23) | (0.47) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  | (0.22) | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.11) |  | (0.02) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.28) | (0.53) | (0.32) | (0.23) | (0.71) | (0.48) |
|  Net asset value, end of period | $8.34 | $8.41 | $7.92 | $8.33 | $10.70 | $10.68 |
|  Total return (b) | 2.61% | 12.95 | (1.50)% | (20.39)% | 6.73% | 8.32 |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $4083 | $4671 | $5062 | $6608 | $8550 | $7796 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 0.75% | 0.75 | 0.75% | 0.75% | 0.75% | 0.75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | 1.16% | 1.17 | 1.22% | 1.20% | 1.22% | 1.42 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 5.90% | 5.54 | 5.07% | 2.75% | 2.62% | 3.76 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | 5.49% | 5.12 | 4.60% | 2.31% | 2.15% | 3.09 |
|  Portfolio turnover rate^ | 75 %(z) | 151 | 193% | 244% | 165% | 200 |
|  | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| **Class I** | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $8.45 | $7.96 | $8.36 | $10.72 | $10.71 | $10.37 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.25 | 0.50 | 0.47 | 0.30 | 0.31 | 0.41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.03) | 0.54 | (0.54) | (2.42) | 0.43 | 0.41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.22 | 1.04 | (0.07) | (2.12) | 0.74 | 0.82 |
| &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; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.29) | (0.55) | (0.21) | (0.24) | (0.49) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  | (0.22) | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.12) |  | (0.02) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.29) | (0.55) | (0.33) | (0.24) | (0.73) | (0.48) |
|  Net asset value, end of period | $8.38 | $8.45 | $7.96 | $8.36 | $10.72 | $10.71 |
|  Total return (b) | 2.70% | 13.16 | (1.23)% | (20.18)% | 6.85% | 8.34 |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $603446 | $624708 | $565647 | $578149 | $673625 | $169409 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 0.50% | 0.50 | 0.50% | 0.50% | 0.50% | 0.50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | 0.91% | 0.92 | 0.97% | 0.95% | 0.96% | 1.17 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 6.16% | 5.81 | 5.30% | 3.04% | 2.79% | 3.95 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | 5.75% | 5.39 | 4.83% | 2.59% | 2.33% | 3.28 |
|  Portfolio turnover rate^ | 75 %(z) | 151 | 193% | 244% | 165% | 200 |

---

See Notes to Financial Statements.

------

1290 DIVERSIFIED BOND FUND

FINANCIAL HIGHLIGHTS (Continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br>**April 30, 2025**<br>**(Unaudited)** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| **Class R** | **Six Months Ended**<br>**April 30, 2025**<br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $8.34 | $7.86 | $8.27 | $10.64 | $10.63 | $10.34 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.23 | 0.45 | 0.42 | 0.26 | 0.25 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.03) | 0.54 | (0.52) | (2.42) | 0.45 | 0.41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.20 | 0.99 | (0.10) | (2.16) | 0.70 | 0.76 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.27) | (0.51) | (0.20) | (0.21) | (0.45) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  | (0.22) | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.11) |  | (0.02) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.27) | (0.51) | (0.31) | (0.21) | (0.69) | (0.47) |
|  Net asset value, end of period | $8.27 | $8.34 | $7.86 | $8.27 | $10.64 | $10.63 |
|  Total return (b) | 2.52% | 12.64 | (1.66)% | (20.60)% | 6.44% | 7.77 |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $1265 | $3254 | $2411 | $1808 | $1264 | $298 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 1.00% | 1.00 | 1.00% | 1.00% | 1.00% | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | 1.42% | 1.42 | 1.47% | 1.46% | 1.47% | 1.67 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 5.64% | 5.31 | 4.79% | 2.68% | 2.24% | 3.43 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | 5.22% | 4.89 | 4.32% | 2.22% | 1.77% | 2.75 |
|  Portfolio turnover rate^ | 75 %(z) | 151 | 193% | 244% | 165% | 200 |

---

*\** *Includes accretion, interest and inflation adjustments on Argentine TIPS Bonds. Without this income, the per share income for each class would have been $0.08 lower and the ratios for each class would have been 0.73% lower.* 

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

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

*(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.* 

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

See Notes to Financial Statements.

------

1290 ESSEX SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (1.2%)** | **Communication Services (1.2%)** | **Communication Services (1.2%)** |
|  ***Interactive Media & Services (0.9%)*** | ***Interactive Media & Services (0.9%)*** | ***Interactive Media & Services (0.9%)*** |
|  EverQuote, Inc., Class A\* | 23070 | $547682 |
|  ***Media (0.3%)*** | ***Media (0.3%)*** | ***Media (0.3%)*** |
|  Integral Ad Science Holding Corp.\* | 29778 | 210530 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 758212 |
|  **Consumer Discretionary (6.0%)** | **Consumer Discretionary (6.0%)** | **Consumer Discretionary (6.0%)** |
|  ***Automobile Components (1.1%)*** | ***Automobile Components (1.1%)*** | ***Automobile Components (1.1%)*** |
|  Patrick Industries, Inc. | 8934 | 687739 |
|  ***Diversified Consumer Services (3.1%)*** | ***Diversified Consumer Services (3.1%)*** | ***Diversified Consumer Services (3.1%)*** |
|  Frontdoor, Inc.\* | 13628 | 560247 |
|  Lincoln Educational Services Corp.\* | 84664 | 1430822 |
|  |  | 1991069 |
|  ***Hotels, Restaurants & Leisure (1.2%)*** | ***Hotels, Restaurants & Leisure (1.2%)*** | ***Hotels, Restaurants & Leisure (1.2%)*** |
|  Potbelly Corp.\* | 48734 | 394745 |
|  Sweetgreen, Inc., Class A\* | 17760 | 345965 |
|  |  | 740710 |
|  ***Specialty Retail (0.6%)*** | ***Specialty Retail (0.6%)*** | ***Specialty Retail (0.6%)*** |
|  Revolve Group, Inc., Class A\* | 20066 | 398912 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 3818430 |
|  **Consumer Staples (1.5%)** | **Consumer Staples (1.5%)** | **Consumer Staples (1.5%)** |
|  ***Food Products (1.5%)*** | ***Food Products (1.5%)*** | ***Food Products (1.5%)*** |
|  Mama's Creations, Inc.\* | 74366 | 490816 |
|  SunOpta, Inc.\* | 101403 | 438061 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 928877 |
|  **Energy (1.8%)** | **Energy (1.8%)** | **Energy (1.8%)** |
|  ***Energy Equipment & Services (1.2%)*** | ***Energy Equipment & Services (1.2%)*** | ***Energy Equipment & Services (1.2%)*** |
|  Expro Group Holdings NV\* | 34069 | 281751 |
|  TETRA Technologies, Inc.\* | 166859 | 475548 |
|  |  | 757299 |
|  ***Oil, Gas & Consumable Fuels (0.6%)*** | ***Oil, Gas & Consumable Fuels (0.6%)*** | ***Oil, Gas & Consumable Fuels (0.6%)*** |
|  Matador Resources Co. | 9765 | 386108 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 1143407 |
|  **Financials (7.4%)** | **Financials (7.4%)** | **Financials (7.4%)** |
|  ***Banks (0.9%)*** | ***Banks (0.9%)*** | ***Banks (0.9%)*** |
|  Bank of Marin Bancorp | 29198 | 599143 |
|  ***Capital Markets (1.9%)*** | ***Capital Markets (1.9%)*** | ***Capital Markets (1.9%)*** |
|  BGC Group, Inc., Class A | 76348 | 691713 |
|  Evercore, Inc., Class A | 2468 | 506655 |
|  |  | 1198368 |
|  ***Financial Services (1.7%)*** | ***Financial Services (1.7%)*** | ***Financial Services (1.7%)*** |
|  Paymentus Holdings, Inc., Class A\* | 34043 | 1105036 |
|  ***Insurance (2.9%)*** | ***Insurance (2.9%)*** | ***Insurance (2.9%)*** |
|  HCI Group, Inc. | 6129 | 896673 |
|  Universal Insurance Holdings, Inc. | 39005 | 945481 |
|  |  | 1842154 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 4744701 |
|  **Health Care (23.6%)**  |  |  |
|  ***Biotechnology (4.4%)*** | ***Biotechnology (4.4%)*** | ***Biotechnology (4.4%)*** |
|  Arcutis Biotherapeutics, Inc.\* | 43948 | 655265 |
|  Insmed, Inc.\* | 15505 | 1116360 |
|  Kiniksa Pharmaceuticals International plc, Class A\* | 37717 | 1017227 |
|  |  | 2788852 |
|  ***Health Care Equipment & Supplies (9.2%)*** | ***Health Care Equipment & Supplies (9.2%)*** | ***Health Care Equipment & Supplies (9.2%)*** |
|  AngioDynamics, Inc.\* | 51523 | 478649 |
|  Brainsway Ltd. (ADR)\* | 64275 | 557264 |
|  ClearPoint Neuro, Inc.\* | 71672 | 1031360 |
|  Myomo, Inc.\* | 172117 | 808950 |
|  NeuroPace, Inc.\* | 30378 | 355119 |
|  Novocure Ltd.\* | 27906 | 506215 |
|  PROCEPT BioRobotics Corp.\* | 9343 | 504335 |
|  Pulmonx Corp.\* | 66699 | 322156 |
|  SI-BONE, Inc.\* | 45874 | 626180 |
|  Stereotaxis, Inc.\* | 342793 | 685586 |
|  |  | 5875814 |
|  ***Health Care Providers & Services (1.3%)*** | ***Health Care Providers & Services (1.3%)*** | ***Health Care Providers & Services (1.3%)*** |
|  Nutex Health, Inc.\* | 7266 | 799042 |
|  ***Health Care Technology (0.9%)*** | ***Health Care Technology (0.9%)*** | ***Health Care Technology (0.9%)*** |
|  Phreesia, Inc.\* | 23660 | 590554 |
|  ***Life Sciences Tools & Services (1.6%)*** | ***Life Sciences Tools & Services (1.6%)*** | ***Life Sciences Tools & Services (1.6%)*** |
|  Adaptive Biotechnologies Corp.\* | 135901 | 1000231 |
|  ***Pharmaceuticals (6.2%)*** | ***Pharmaceuticals (6.2%)*** | ***Pharmaceuticals (6.2%)*** |
|  Evolus, Inc.\* | 39542 | 450779 |
|  EyePoint Pharmaceuticals, Inc.\* | 27470 | 187345 |
|  Ligand Pharmaceuticals, Inc.\* | 6276 | 689481 |
|  MediWound Ltd. (x)\* | 32620 | 577537 |
|  Ocular Therapeutix, Inc.\* | 83913 | 696478 |
|  Tarsus Pharmaceuticals, Inc.\* | 12561 | 652042 |
|  Xeris Biopharma Holdings, Inc.\* | 159963 | 731031 |
|  |  | 3984693 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 15039186 |
|  **Industrials (31.3%)** | **Industrials (31.3%)** | **Industrials (31.3%)** |
|  ***Aerospace & Defense (6.1%)*** | ***Aerospace & Defense (6.1%)*** | ***Aerospace & Defense (6.1%)*** |
|  Kratos Defense & Security Solutions, Inc.\* | 53331 | 1801788 |
|  Leonardo DRS, Inc. | 55906 | 2066286 |
|  |  | 3868074 |
|  ***Building Products (1.7%)*** | ***Building Products (1.7%)*** | ***Building Products (1.7%)*** |
|  Builders FirstSource, Inc.\* | 3102 | 371092 |
|  Griffon Corp. | 10677 | 727211 |
|  |  | 1098303 |
|  ***Commercial Services & Supplies (5.9%)*** | ***Commercial Services & Supplies (5.9%)*** | ***Commercial Services & Supplies (5.9%)*** |
|  ACV Auctions, Inc., Class A\* | 28811 | 423234 |
|  CECO Environmental Corp.\* | 33963 | 807980 |
|  Enviri Corp.\* | 75650 | 519715 |
|  Interface, Inc., Class A | 31226 | 587049 |
|  Liquidity Services, Inc.\* | 23339 | 741713 |
|  Montrose Environmental Group, Inc.\* | 23876 | 349306 |
|  Perma-Fix Environmental Services, Inc. (x)\* | 42064 | 344925 |
|  |  | 3773922 |

---

See Notes to Financial Statements.

------

1290 ESSEX SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Construction & Engineering (5.6%)*** | ***Construction & Engineering (5.6%)*** | ***Construction & Engineering (5.6%)*** |
|  Argan, Inc. | 7994 | $1224121 |
|  Everus Construction Group, Inc.\* | 8571 | 344897 |
|  Great Lakes Dredge & Dock Corp.\* | 65563 | 595968 |
|  Matrix Service Co.\* | 45605 | 529018 |
|  Sterling Infrastructure, Inc.\* | 5898 | 881338 |
|  |  | 3575342 |
|  ***Electrical Equipment (3.1%)*** | ***Electrical Equipment (3.1%)*** | ***Electrical Equipment (3.1%)*** |
|  American Superconductor Corp.\* | 32782 | 650723 |
|  Amprius Technologies, Inc.\* | 206040 | 445046 |
|  LSI Industries, Inc. | 58856 | 888137 |
|  |  | 1983906 |
|  ***Ground Transportation (0.9%)*** | ***Ground Transportation (0.9%)*** | ***Ground Transportation (0.9%)*** |
|  Covenant Logistics Group, Inc., Class A | 28825 | 573617 |
|  ***Machinery (1.5%)*** | ***Machinery (1.5%)*** | ***Machinery (1.5%)*** |
|  Graham Corp.\* | 30648 | 934151 |
|  ***Professional Services (4.4%)*** | ***Professional Services (4.4%)*** | ***Professional Services (4.4%)*** |
|  Fiverr International Ltd. (x)\* | 17070 | 434431 |
|  IBEX Holdings Ltd.\* | 12394 | 310346 |
|  Kelly Services, Inc., Class A | 37404 | 432016 |
|  Upwork, Inc.\* | 31279 | 411319 |
|  Willdan Group, Inc.\* | 30206 | 1184075 |
|  |  | 2772187 |
|  ***Trading Companies & Distributors (2.1%)*** | ***Trading Companies & Distributors (2.1%)*** | ***Trading Companies & Distributors (2.1%)*** |
|  MRC Global, Inc.\* | 58750 | 684438 |
|  Transcat, Inc. (x)\* | 8371 | 664071 |
|  |  | 1348509 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 19928011 |
|  **Information Technology (23.4%)** | **Information Technology (23.4%)** | **Information Technology (23.4%)** |
|  ***Communications Equipment (1.5%)*** | ***Communications Equipment (1.5%)*** | ***Communications Equipment (1.5%)*** |
|  Ceragon Networks Ltd.\* | 229052 | 499333 |
|  Extreme Networks, Inc.\* | 35756 | 470549 |
|  |  | 969882 |
|  ***Electronic Equipment, Instruments & Components (5.8%)*** | ***Electronic Equipment, Instruments & Components (5.8%)*** | ***Electronic Equipment, Instruments & Components (5.8%)*** |
|  908 Devices, Inc.\* | 104764 | 568869 |
|  Arlo Technologies, Inc.\* | 43673 | 429306 |
|  Identiv, Inc.\* | 88473 | 293730 |
|  Mirion Technologies, Inc., Class A\* | 70124 | 1106557 |
|  Novanta, Inc.\* | 4454 | 529402 |
|  Ouster, Inc.\* | 48180 | 357977 |
|  Powerfleet, Inc.\* | 77842 | 392324 |
|  |  | 3678165 |
|  ***IT Services (2.5%)*** | ***IT Services (2.5%)*** | ***IT Services (2.5%)*** |
|  Crexendo, Inc.\* | 159617 | 786912 |
|  Grid Dynamics Holdings, Inc.\* | 32073 | 454154 |
|  Research Solutions, Inc.\* | 126137 | 345615 |
|  |  | 1586681 |
|  ***Semiconductors & Semiconductor Equipment (3.4%)*** | ***Semiconductors & Semiconductor Equipment (3.4%)*** | ***Semiconductors & Semiconductor Equipment (3.4%)*** |
|  Ambarella, Inc.\* | 11160 | 535568 |
|  Penguin Solutions, Inc.\* | 35865 | 612216 |
|  Semtech Corp.\* | 11494 | 359188 |
|  Tower Semiconductor Ltd.\* | 19304 | 690697 |
|  |  | 2197669 |
|  ***Software (10.2%)*** | ***Software (10.2%)*** | ***Software (10.2%)*** |
|  Arteris, Inc.\* | 62720 | 417715 |
|  AvePoint, Inc.\* | 62988 | 1029854 |
|  Blend Labs, Inc., Class A\* | 90941 | 304652 |
|  Cognyte Software Ltd.\* | 75436 | 739273 |
|  Docebo, Inc.\* | 16311 | 509719 |
|  Olo, Inc., Class A\* | 85253 | 528569 |
|  OneSpan, Inc. | 48824 | 726013 |
|  RADCOM Ltd.\* | 49904 | 601343 |
|  Red Violet, Inc. | 13145 | 513444 |
|  SimilarWeb Ltd.\* | 57783 | 435684 |
|  Viant Technology, Inc., Class A\* | 22463 | 321445 |
|  Zeta Global Holdings Corp., Class A\* | 27808 | 363172 |
|  |  | 6490883 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 14923280 |
|  **Materials (0.2%)** | **Materials (0.2%)** | **Materials (0.2%)** |
|  ***Chemicals (0.2%)*** | ***Chemicals (0.2%)*** | ***Chemicals (0.2%)*** |
|  Aspen Aerogels, Inc.\* | 29831 | 161088 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 161088 |
|  **Total Common Stocks (96.4%)**<br> *(Cost $50,099,363)* |  | 61445192 |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |
|  **Equity (1.1%)** | **Equity (1.1%)** | **Equity (1.1%)** |
|  iShares Russell 2000 Growth ETF | 2841 | 720335 |
|  **Total Exchange Traded Funds (1.1%)**<br> *(Cost $727,145)* | **Total Exchange Traded Funds (1.1%)**<br> *(Cost $727,145)* | 720335 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (3.5%)** | **Investment Companies (3.5%)** |  |
|  Dreyfus Treasury Obligations Cash Management Fund 4.19% (7 day yield) (xx) | 200000 | 200000 |
|  Invesco Government & Agency Portfolio, Institutional Shares 4.26% (7 day yield) (xx) | 684849 | 684849 |
|  JPMorgan Prime Money Market Fund, IM Shares 4.49% (7 day yield) | 1355692 | 1355962 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 2240811 |
|  **Total Short-Term Investments (3.5%)**<br> *(Cost $2,240,830)* | **Total Short-Term Investments (3.5%)**<br> *(Cost $2,240,830)* | 2240811 |
|  **Total Investments in Securities (101.0%)**<br> *(Cost $53,067,338)* | **Total Investments in Securities (101.0%)**<br> *(Cost $53,067,338)* | 64406338 |
|  **Other Assets Less Liabilities (-1.0%)** | **Other Assets Less Liabilities (-1.0%)** | (663344) |
|  **Net Assets (100%)** |  | $63742994 |

---

*\** *Non-income producing.* 

*(x)* *All or a portion of security is on loan at April 30, 2025.* 

*(xx)* *At April 30, 2025, the Fund had loaned securities with a total value of $841,875. This was collateralized by cash of $884,849 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)

April 30, 2025 (Unaudited)

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 April 30, 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 | $758212 | $— | $— | $758212 |
|  Consumer Discretionary | 3818430 |  |  | 3818430 |
|  Consumer Staples | 928877 |  |  | 928877 |
|  Energy | 1143407 |  |  | 1143407 |
|  Financials | 4744701 |  |  | 4744701 |
|  Health Care | 15039186 |  |  | 15039186 |
|  Industrials | 19928011 |  |  | 19928011 |
|  Information Technology | 14923280 |  |  | 14923280 |
|  Materials | 161088 |  |  | 161088 |
|  **Exchange Traded Fund** | 720335 |  |  | 720335 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 2240811 |  |  | 2240811 |
|  **Total Assets** | $**64406338** | $**—** | $**—** | $**64406338** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**64406338** | $**—** | $**—** | $**64406338** |

---

The Fund held no derivatives contracts during the six months ended April 30, 2025.

Investment security transactions for the six months ended April 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $14670269.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $13355952.0 |

---

As of April 30, 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 | $16651024 |
|  Aggregate gross unrealized depreciation | (5560755) |
|  Net unrealized appreciation | $11090269 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $53316069 |

---

See Notes to Financial Statements.

------

1290 ESSEX SMALL CAP GROWTH FUND

#### STATEMENT OF ASSETS AND LIABILITIES

#### April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) (Cost $53,067,338) | $64406338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 300000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Fund shares sold | 102874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid registration and filing fees | 12324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 4724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 64827186 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 884849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 77325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Fund shares repurchased | 45953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 17029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees payable | 7917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 7465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class R | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class A | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 43553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 1084192 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $63742994 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $58454586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 5288408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $63742994 |
|  **Class A** |  |
|  Net asset value and redemption price per share, $221,617 / 19,177 shares outstanding (unlimited amount authorized: $0.001 par value) | $11.56 |
|  Maximum sales charge (5.50% of offering price) | 0.67 |
|  Maximum offering price per share | $12.23 |
|  **Class I** |  |
|  Net asset value, offering and redemption price per share, $63,374,274 / 5,455,014 shares outstanding (unlimited amount authorized: $0.001 par value) | $11.62 |
|  **Class R** |  |
|  Net asset value, offering and redemption price per share, $147,103 / 12,818 shares outstanding (unlimited amount authorized: $0.001 par value) | $11.48 |

---

*(x)* *Includes value of securities on loan of $841,875.* 

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

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $109775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 6850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 3127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 119752 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 252345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 50469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 37304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 35528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees | 16101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 15000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 4920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 1110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class R | 409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class A | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 6552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 419921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment adviser | (123303) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 296618 |
|  **NET INVESTMENT INCOME (LOSS)** | (176866) |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | 1169746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities | (3725992) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (2556246) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(2733112) |

---

See Notes to Financial Statements.

------

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

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **Year Ended<br>October 31, 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) | $(176866) | $(280305) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1169746 | (4378924) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (3725992) | 21241417 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (2733112) | 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 [ 8,826 and 195 shares, respectively ] | 99949 | 2155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1) and (3526) shares, respectively ] | (7) | (39680) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class A transactions | 99942 | (37525) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 731,273 and 1,356,056 shares, respectively ] | 9109412 | 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 [ (571578) and (1069086) shares, respectively ] | (7241201) | (11813923) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class I transactions | 1970647 | 3157184 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 3,236 and 918 shares, respectively ] | 38900 | 10050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (3390) and (735) shares, respectively ] | (39961) | (8525) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class R transactions | (1061) | 1525 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 2069528 | 3121184 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (789481) | 19703372 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 64532475 | 44829103 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $63742994 | $64532475 |

---

See Notes to Financial Statements.

------

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

FINANCIAL HIGHLIGHTS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **Year Ended October 31,** | **Year Ended October 31,** | **<br>July 11, 2022\* to<br>October 31, 2022** |
| **Class A** | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **2024** | **2023** | **<br>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) | (0.05) | (0.08) | (0.05) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.47) | 3.27 | (1.55) | 0.57 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.52) | 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 | $11.56 | $12.08 | $8.89 | $10.55 |
|  Total return (b) | (4.31)% | 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) | $222 | $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) | 1.50% | 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) | (0.79)% | (0.72)% | (0.49) | (0.61)%(l) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | (1.16)% | (1.16)% | (1.74) | (5.80)%(l) |
|  Portfolio turnover rate^ | 20 %(z) | 73% | 69 | 29 %(z) |
|  | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **Year Ended October 31,** | **Year Ended October 31,** | **July 11, 2022\* to<br>October 31, 2022** |
| **Class I** | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **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) | (0.03) | (0.05) | (0.03) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.48) | 3.28 | (1.55) | 0.57 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.51) | 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 | $11.62 | $12.15 | $8.92 | $10.56 |
|  Total return (b) | (4.19)% | 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) | $63374 | $64252 | $44594 | $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) | 1.25% | 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) | (0.52)% | (0.48)% | (0.24) | (0.35)%(l) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | (0.89)% | (0.92)% | (1.30) | (5.50)%(l) |
|  Portfolio turnover rate^ | 20 %(z) | 73% | 69 | 29 %(z) |

---

See Notes to Financial Statements.

------

1290 ESSEX SMALL CAP GROWTH FUND

FINANCIAL HIGHLIGHTS (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Class R** | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **Year Ended October 31,** | **Year Ended October 31,** | **July 11, 2022\* to<br>October 31, 2022** |
| **Class R** | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **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) | (0.06) | (0.11) | (0.08) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.47) | 3.26 | (1.54) | 0.57 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.53) | 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 | $11.48 | $12.01 | $8.86 | $10.54 |
|  Total return (b) | (4.41)% | 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) | $147 | $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) | 1.75% | 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) | (1.02)% | (0.98)% | (0.74) | (0.85)%(l) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | (1.38)% | (1.42)% | (1.95) | (6.00)%(l) |
|  Portfolio turnover rate^ | 20 %(z) | 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

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (19.4%)** | **Communication Services (19.4%)** | **Communication Services (19.4%)** |
|  ***Diversified Telecommunication Services (1.3%)*** | ***Diversified Telecommunication Services (1.3%)*** | ***Diversified Telecommunication Services (1.3%)*** |
|  Anterix, Inc.\* | 2000 | $59700 |
|  Telesat Corp.\* | 114000 | 1763580 |
|  |  | 1823280 |
|  ***Entertainment (5.6%)*** | ***Entertainment (5.6%)*** | ***Entertainment (5.6%)*** |
|  Atlanta Braves Holdings, Inc., Class A\* | 40500 | 1759725 |
|  Atlanta Braves Holdings, Inc., Class C\* | 33000 | 1315380 |
|  Liberty Media Corp.-Liberty Live, Class A\* | 1000 | 69980 |
|  Lions Gate Entertainment Corp., Class A\* | 37000 | 328560 |
|  Lions Gate Entertainment Corp., Class B\* | 22000 | 175560 |
|  Madison Square Garden Entertainment Corp., Class A\* | 19000 | 616360 |
|  Madison Square Garden Sports Corp.\* | 14700 | 2830779 |
|  Sphere Entertainment Co.(x)\* | 30000 | 817500 |
|  Vivendi SE | 50000 | 154860 |
|  |  | 8068704 |
|  ***Media (9.3%)*** | ***Media (9.3%)*** | ***Media (9.3%)*** |
|  Altice USA, Inc., Class A\* | 3000 | 7440 |
|  AMC Networks, Inc., Class A\* | 24050 | 153920 |
|  Clear Channel Outdoor Holdings, Inc.\* | 560000 | 551152 |
|  Corus Entertainment, Inc., Class B(x)\* | 85000 | 5857 |
|  EchoStar Corp., Class A(x)\* | 35500 | 798040 |
|  EW Scripps Co. (The), Class A\* | 60000 | 120600 |
|  Fox Corp., Class B | 12000 | 554880 |
|  Grupo Televisa SAB (ADR)(x) | 685000 | 1246700 |
|  JCDecaux SE\* | 38500 | 667742 |
|  News Corp., Class B | 20000 | 628400 |
|  Nexstar Media Group, Inc., Class A | 10200 | 1526532 |
|  Paramount Global, Class A | 124500 | 2821170 |
|  Paramount Global, Class B | 11200 | 131488 |
|  Sinclair, Inc. | 170000 | 2448000 |
|  Sirius XM Holdings, Inc.(x) | 30000 | 642600 |
|  TEGNA, Inc. | 66000 | 1071180 |
|  WideOpenWest, Inc.\* | 32500 | 142350 |
|  |  | 13518051 |
|  ***Wireless Telecommunication Services (3.2%)*** | ***Wireless Telecommunication Services (3.2%)*** | ***Wireless Telecommunication Services (3.2%)*** |
|  Gogo, Inc.\* | 12900 | 97653 |
|  Millicom International Cellular SA | 37500 | 1295250 |
|  Telephone and Data Systems, Inc. | 30000 | 1124700 |
|  United States Cellular Corp.\* | 30000 | 2059800 |
|  |  | 4577403 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 27987438 |
|  **Consumer Discretionary (14.6%)** | **Consumer Discretionary (14.6%)** | **Consumer Discretionary (14.6%)** |
|  ***Automobile Components (5.1%)*** | ***Automobile Components (5.1%)*** | ***Automobile Components (5.1%)*** |
|  Dana, Inc. | 117000 | 1607580 |
|  Garrett Motion, Inc. | 20000 | 184400 |
|  Gentex Corp. | 27000 | 588060 |
|  Gentherm, Inc.\* | 6000 | 156060 |
|  Goodyear Tire & Rubber Co. (The)\* | 140000 | 1523200 |
|  Modine Manufacturing Co.\* | 24200 | 1975688 |
|  Strattec Security Corp.\* | 42800 | 1426096 |
|  |  | 7461084 |
|  ***Automobiles (0.1%)*** | ***Automobiles (0.1%)*** | ***Automobiles (0.1%)*** |
|  Winnebago Industries, Inc. | 3000 | 95460 |
|  ***Diversified Consumer Services (0.5%)*** | ***Diversified Consumer Services (0.5%)*** | ***Diversified Consumer Services (0.5%)*** |
|  Graham Holdings Co., Class B | 800 | 736040 |
|  ***Hotels, Restaurants & Leisure (3.7%)*** | ***Hotels, Restaurants & Leisure (3.7%)*** | ***Hotels, Restaurants & Leisure (3.7%)*** |
|  Caesars Entertainment, Inc.\* | 55500 | 1501830 |
|  Churchill Downs, Inc. | 4000 | 361640 |
|  Golden Entertainment, Inc. | 26000 | 668200 |
|  Krispy Kreme, Inc. | 14500 | 59450 |
|  Nathan's Famous, Inc. | 19500 | 1906125 |
|  Ollamani SAB\* | 130000 | 312098 |
|  Wynn Resorts Ltd. | 6800 | 546108 |
|  |  | 5355451 |
|  ***Household Durables (0.9%)*** | ***Household Durables (0.9%)*** | ***Household Durables (0.9%)*** |
|  Bassett Furniture Industries, Inc. | 24000 | 423600 |
|  Lennar Corp., Class B | 8700 | 899319 |
|  |  | 1322919 |
|  ***Leisure Products (1.3%)*** | ***Leisure Products (1.3%)*** | ***Leisure Products (1.3%)*** |
|  Brunswick Corp. | 14000 | 644700 |
|  Johnson Outdoors, Inc., Class A | 45000 | 1027350 |
|  Mattel, Inc.\* | 12900 | 204981 |
|  |  | 1877031 |
|  ***Specialty Retail (3.0%)*** | ***Specialty Retail (3.0%)*** | ***Specialty Retail (3.0%)*** |
|  Advance Auto Parts, Inc.(x) | 60000 | 1963200 |
|  AutoNation, Inc.\* | 6500 | 1131975 |
|  Lands' End, Inc.\* | 10000 | 88800 |
|  Monro, Inc. | 62000 | 864280 |
|  Valvoline, Inc.\* | 7500 | 256950 |
|  |  | 4305205 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 21153190 |
|  **Consumer Staples (8.3%)** | **Consumer Staples (8.3%)** | **Consumer Staples (8.3%)** |
|  ***Beverages (1.5%)*** | ***Beverages (1.5%)*** | ***Beverages (1.5%)*** |
|  Boston Beer Co., Inc. (The), Class A\* | 2800 | 688240 |
|  National Beverage Corp. | 20000 | 888000 |
|  Remy Cointreau SA(x) | 10100 | 541654 |
|  |  | 2117894 |
|  ***Consumer Staples Distribution & Retail (0.3%)*** | ***Consumer Staples Distribution & Retail (0.3%)*** | ***Consumer Staples Distribution & Retail (0.3%)*** |
|  Ingles Markets, Inc., Class A | 2000 | 123380 |
|  Village Super Market, Inc., Class A | 8400 | 309540 |
|  |  | 432920 |
|  ***Food Products (3.2%)*** | ***Food Products (3.2%)*** | ***Food Products (3.2%)*** |
|  Bunge Global SA | 3500 | 275520 |
|  Calavo Growers, Inc. | 36000 | 994320 |
|  Farmer Bros Co.\* | 100000 | 187000 |
|  Hain Celestial Group, Inc. (The)\* | 37200 | 113088 |
|  J M Smucker Co. (The) | 12500 | 1453375 |
|  John B Sanfilippo & Son, Inc. | 5000 | 331350 |
|  Maple Leaf Foods, Inc. | 55000 | 1006565 |
|  McCormick & Co., Inc. (Non-Voting) | 2900 | 222401 |
|  |  | 4583619 |
|  ***Household Products (2.7%)*** | ***Household Products (2.7%)*** | ***Household Products (2.7%)*** |
|  Energizer Holdings, Inc. | 67000 | 1811680 |
|  Spectrum Brands Holdings, Inc. | 34000 | 2145400 |
|  |  | 3957080 |

---

See Notes to Financial Statements.

------

1290 GAMCO SMALL/MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Personal Care Products (0.6%)*** | ***Personal Care Products (0.6%)*** | ***Personal Care Products (0.6%)*** |
|  Edgewell Personal Care Co. | 27800 | $849290 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 11940803 |
|  **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 | 898450 |
|  RPC, Inc. | 104000 | 491920 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 1390370 |
|  **Financials (2.3%)** | **Financials (2.3%)** | **Financials (2.3%)** |
|  ***Banks (1.8%)*** | ***Banks (1.8%)*** | ***Banks (1.8%)*** |
|  Cadence Bank | 10000 | 292600 |
|  Flushing Financial Corp. | 27000 | 323190 |
|  SouthState Corp. | 6000 | 520680 |
|  Synovus Financial Corp. | 36000 | 1559520 |
|  |  | 2695990 |
|  ***Capital Markets (0.4%)*** | ***Capital Markets (0.4%)*** | ***Capital Markets (0.4%)*** |
|  Affiliated Managers Group, Inc. | 1200 | 198756 |
|  Janus Henderson Group plc | 10000 | 332100 |
|  |  | 530856 |
|  ***Financial Services (0.1%)*** | ***Financial Services (0.1%)*** | ***Financial Services (0.1%)*** |
|  NCR Atleos Corp.\* | 6000 | 167520 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 3394366 |
|  **Health Care (2.4%)** | **Health Care (2.4%)** | **Health Care (2.4%)** |
|  ***Health Care Equipment & Supplies (0.3%)*** | ***Health Care Equipment & Supplies (0.3%)*** | ***Health Care Equipment & Supplies (0.3%)*** |
|  Dentsply Sirona, Inc. | 7500 | 104250 |
|  QuidelOrtho Corp.\* | 12500 | 347375 |
|  |  | 451625 |
|  ***Health Care Providers & Services (0.6%)*** | ***Health Care Providers & Services (0.6%)*** | ***Health Care Providers & Services (0.6%)*** |
|  Henry Schein, Inc.\* | 5000 | 324850 |
|  Option Care Health, Inc.\* | 17500 | 565425 |
|  |  | 890275 |
|  ***Health Care Technology (0.2%)*** | ***Health Care Technology (0.2%)*** | ***Health Care Technology (0.2%)*** |
|  Evolent Health, Inc., Class A\* | 35000 | 345100 |
|  ***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 | 73224 |
|  ***Pharmaceuticals (1.2%)*** | ***Pharmaceuticals (1.2%)*** | ***Pharmaceuticals (1.2%)*** |
|  Perrigo Co. plc | 40000 | 1028800 |
|  Teva Pharmaceutical Industries Ltd. (ADR)\* | 40000 | 620400 |
|  |  | 1649200 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 3409424 |
|  **Industrials (33.8%)** | **Industrials (33.8%)** | **Industrials (33.8%)** |
|  ***Aerospace & Defense (6.0%)*** | ***Aerospace & Defense (6.0%)*** | ***Aerospace & Defense (6.0%)*** |
|  AAR Corp.\* | 21500 | 1149390 |
|  Ducommun, Inc.\* | 4000 | 229280 |
|  Embraer SA (ADR)\* | 2000 | 91880 |
|  Hexcel Corp. | 9000 | 436230 |
|  Moog, Inc., Class A | 9500 | 1588875 |
|  Moog, Inc., Class B | 12900 | 2157525 |
|  National Presto Industries, Inc. | 2000 | 168700 |
|  Park Aerospace Corp. | 3000 | 39210 |
|  Spirit AeroSystems Holdings, Inc., Class A\* | 12000 | 432000 |
|  Textron, Inc. | 28000 | 1970360 |
|  Triumph Group, Inc.\* | 14500 | 368300 |
|  |  | 8631750 |
|  ***Building Products (2.0%)*** | ***Building Products (2.0%)*** | ***Building Products (2.0%)*** |
|  AZZ, Inc. | 27200 | 2359872 |
|  Griffon Corp. | 9100 | 619801 |
|  |  | 2979673 |
|  ***Commercial Services & Supplies (1.0%)*** | ***Commercial Services & Supplies (1.0%)*** | ***Commercial Services & Supplies (1.0%)*** |
|  Matthews International Corp., Class A | 55000 | 1124750 |
|  OPENLANE, Inc.\* | 20000 | 370200 |
|  |  | 1494950 |
|  ***Construction & Engineering (1.3%)*** | ***Construction & Engineering (1.3%)*** | ***Construction & Engineering (1.3%)*** |
|  Arcosa, Inc. | 9500 | 760665 |
|  Everus Construction Group, Inc.\* | 600 | 24144 |
|  Valmont Industries, Inc. | 3600 | 1055592 |
|  |  | 1840401 |
|  ***Machinery (20.7%)*** | ***Machinery (20.7%)*** | ***Machinery (20.7%)*** |
|  Astec Industries, Inc. | 66000 | 2391180 |
|  CNH Industrial NV | 31000 | 358670 |
|  Commercial Vehicle Group, Inc.\* | 80000 | 76824 |
|  Crane Co. | 18500 | 2978130 |
|  Donaldson Co., Inc. | 1000 | 65730 |
|  Eastern Co. (The)(x) | 27000 | 566730 |
|  Enerpac Tool Group Corp., Class A | 21400 | 863918 |
|  Enpro, Inc. | 7200 | 1075680 |
|  Flowserve Corp. | 42000 | 1899660 |
|  Gorman-Rupp Co. (The) | 13000 | 466180 |
|  Graco, Inc. | 2500 | 204025 |
|  Hyster-Yale, Inc. | 35600 | 1368108 |
|  Ingersoll Rand, Inc. | 15200 | 1146536 |
|  ITT, Inc. | 12000 | 1644240 |
|  Iveco Group NV(x) | 150000 | 2379835 |
|  Kennametal, Inc. | 19000 | 370120 |
|  L B Foster Co., Class A\* | 42000 | 838740 |
|  Manitowoc Co., Inc. (The)\* | 24000 | 189120 |
|  Mueller Industries, Inc. | 50200 | 3692712 |
|  Mueller Water Products, Inc., Class A | 13700 | 359488 |
|  Park-Ohio Holdings Corp. | 72000 | 1433520 |
|  Shyft Group, Inc. (The) | 1500 | 12690 |
|  Snap-on, Inc. | 1300 | 407953 |
|  Tennant Co. | 9300 | 671088 |
|  Terex Corp. | 13000 | 457600 |
|  Timken Co. (The) | 1000 | 64250 |
|  Toro Co. (The) | 7500 | 512100 |
|  Trinity Industries, Inc. | 65400 | 1641540 |
|  Twin Disc, Inc. | 113000 | 829420 |
|  Watts Water Technologies, Inc., Class A | 4500 | 934875 |
|  |  | 29900662 |
|  ***Trading Companies & Distributors (2.8%)*** | ***Trading Companies & Distributors (2.8%)*** | ***Trading Companies & Distributors (2.8%)*** |
|  Ashtead Group plc | 2300 | 122302 |
|  GATX Corp. | 12900 | 1882884 |
|  Herc Holdings, Inc. | 18000 | 1969920 |
|  MSC Industrial Direct Co., Inc., Class A | 1000 | 76480 |
|  |  | 4051586 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 48899022 |
|  **Information Technology (2.2%)** | **Information Technology (2.2%)** | **Information Technology (2.2%)** |
|  ***Communications Equipment (0.1%)*** | ***Communications Equipment (0.1%)*** | ***Communications Equipment (0.1%)*** |
|  Viasat, Inc.\* | 14000 | 129780 |

---

See Notes to Financial Statements.

------

1290 GAMCO SMALL/MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Electronic Equipment, Instruments & Components (0.5%)*** | ***Electronic Equipment, Instruments & Components (0.5%)*** | ***Electronic Equipment, Instruments & Components (0.5%)*** |
|  Crane NXT Co. | 500 | $23460 |
|  Landis+Gyr Group AG | 9500 | 608893 |
|  Mirion Technologies, Inc., Class A\* | 5000 | 78900 |
|  |  | 711253 |
|  ***IT Services (1.4%)*** | ***IT Services (1.4%)*** | ***IT Services (1.4%)*** |
|  Kyndryl Holdings, Inc.\* | 64000 | 2074880 |
|  ***Software (0.2%)*** | ***Software (0.2%)*** | ***Software (0.2%)*** |
|  A10 Networks, Inc. | 12000 | 197760 |
|  NCR Voyix Corp.\* | 13200 | 113124 |
|  |  | 310884 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 3226797 |
|  **Materials (6.8%)** | **Materials (6.8%)** | **Materials (6.8%)** |
|  ***Chemicals (4.2%)*** | ***Chemicals (4.2%)*** | ***Chemicals (4.2%)*** |
|  Axalta Coating Systems Ltd.\* | 22000 | 715000 |
|  Core Molding Technologies, Inc.\* | 66000 | 1015080 |
|  Element Solutions, Inc. | 65900 | 1345019 |
|  HB Fuller Co. | 10000 | 540400 |
|  Huntsman Corp. | 17000 | 226270 |
|  Scotts Miracle-Gro Co. (The) | 44000 | 2216720 |
|  |  | 6058489 |
|  ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** |
|  Knife River Corp.\* | 600 | 56028 |
|  ***Containers & Packaging (1.3%)*** | ***Containers & Packaging (1.3%)*** | ***Containers & Packaging (1.3%)*** |
|  Ardagh Metal Packaging SA(x) | 60000 | 222600 |
|  Greif, Inc., Class A | 19000 | 997120 |
|  Myers Industries, Inc. | 60000 | 630000 |
|  |  | 1849720 |
|  ***Metals & Mining (1.3%)*** | ***Metals & Mining (1.3%)*** | ***Metals & Mining (1.3%)*** |
|  Ampco-Pittsburgh Corp.\* | 90000 | 186300 |
|  Freeport-McMoRan, Inc. | 20000 | 720600 |
|  Tredegar Corp.\* | 130000 | 1010100 |
|  |  | 1917000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 9881237 |
|  **Real Estate (0.6%)** | **Real Estate (0.6%)** | **Real Estate (0.6%)** |
|  ***Hotel & Resort REITs (0.2%)*** | ***Hotel & Resort REITs (0.2%)*** | ***Hotel & Resort REITs (0.2%)*** |
|  Ryman Hospitality Properties, Inc. (REIT) | 3000 | 263850 |
|  ***Real Estate Management & Development (0.3%)*** | ***Real Estate Management & Development (0.3%)*** | ***Real Estate Management & Development (0.3%)*** |
|  Seritage Growth Properties, Class A(x)\* | 13500 | 39960 |
|  St Joe Co. (The) | 11000 | 465520 |
|  |  | 505480 |
|  ***Specialized REITs (0.1%)*** | ***Specialized REITs (0.1%)*** | ***Specialized REITs (0.1%)*** |
|  Millrose Properties, Inc. (REIT) | 4350 | 108924 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 878254 |
|  **Utilities (5.6%)** | **Utilities (5.6%)** | **Utilities (5.6%)** |
|  ***Electric Utilities (0.4%)*** | ***Electric Utilities (0.4%)*** | ***Electric Utilities (0.4%)*** |
|  ALLETE, Inc. | 9500 | 622155 |
|  ***Gas Utilities (3.5%)*** | ***Gas Utilities (3.5%)*** | ***Gas Utilities (3.5%)*** |
|  MDU Resources Group, Inc. | 2400 | 41136 |
|  National Fuel Gas Co. | 41000 | 3147980 |
|  Southwest Gas Holdings, Inc. | 25000 | 1805250 |
|  |  | 4994366 |
|  ***Independent Power and Renewable Electricity Producers (0.5%)*** | ***Independent Power and Renewable Electricity Producers (0.5%)*** | ***Independent Power and Renewable Electricity Producers (0.5%)*** |
|  AES Corp. (The) | 54000 | 540000 |
|  XPLR Infrastructure LP | 21000 | 173040 |
|  |  | 713040 |
|  ***Multi-Utilities (1.2%)*** | ***Multi-Utilities (1.2%)*** | ***Multi-Utilities (1.2%)*** |
|  Algonquin Power & Utilities Corp. | 323000 | 1737740 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 8067301 |
|  **Total Common Stocks (97.0%)**<br> *(Cost $124,722,641)* |  | 140228202 |
|  | **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 | 4945 |
|  | **Number of<br>Warrants** | **Value<br>(Note 1)** |
|  WARRANTS: | WARRANTS: | WARRANTS: |
|  **Health Care (0.0%)†** | **Health Care (0.0%)†** | **Health Care (0.0%)†** |
|  ***Health Care Providers & Services (0.0%)†*** | ***Health Care Providers & Services (0.0%)†*** | ***Health Care Providers & Services (0.0%)†*** |
|  Option Care Health, Inc., expiring 6/30/25\* | 22 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 7 |
|  **Materials (0.0%)†** | **Materials (0.0%)†** | **Materials (0.0%)†** |
|  ***Metals & Mining (0.0%)†*** | ***Metals & Mining (0.0%)†*** | ***Metals & Mining (0.0%)†*** |
|  Ampco-Pittsburgh Corp., expiring 8/1/25\* | 30000 | 552 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 552 |
|  **Total Warrants (0.0%)†**<br> *(Cost $—)* |  | 559 |
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (5.9%)** | **Investment Companies (5.9%)** |  |
|  BlackRock Liquidity FedFund, Institutional Shares 4.22% (7 day yield) (xx) | 200000 | 200000 |
|  Invesco Government & Agency Portfolio, Institutional Shares 4.26% (7 day yield) (xx) | 4275199 | 4275199 |
|  JPMorgan Prime Money Market Fund, IM Shares 4.49% (7 day yield) | 4006015 | 4006817 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** |  | 8482016 |
|  **Total Short-Term Investments (5.9%)**<br> *(Cost $8,482,504)* |  | 8482016 |
|  **Total Investments in Securities (102.9%)**<br> *(Cost $133,205,145)* |  | 148715722 |
|  **Other Assets Less Liabilities (-2.9%)** |  | (4244128) |
|  **Net Assets (100%)** |  | $144471594 |

---

See Notes to Financial Statements.

------

1290 GAMCO SMALL/MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

*\** *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 April 30, 2025.* 

*(xx)* *At April 30, 2025, the Fund had loaned securities with a total value of $6,547,817. This was collateralized by $2,460,216 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.250%, maturing 5/8/25 – 8/15/54 and by cash of $4,475,199 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 April 30, 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 | $27164836 | $822602 | $— | $27987438 |
|  Consumer Discretionary | 21153190 |  |  | 21153190 |
|  Consumer Staples | 11176748 | 764055 |  | 11940803 |
|  Energy | 1390370 |  |  | 1390370 |
|  Financials | 3394366 |  |  | 3394366 |
|  Health Care | 3409424 |  |  | 3409424 |
|  Industrials | 44239360 | 4659662 |  | 48899022 |
|  Information Technology | 2617904 | 608893 |  | 3226797 |
|  Materials | 9881237 |  |  | 9881237 |
|  Real Estate | 769330 | 108924 |  | 878254 |
|  Utilities | 8067301 |  |  | 8067301 |
|  **Rights** |  |  |  |  |
|  Industrials |  |  | 4945 | 4945 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 8482016 |  |  | 8482016 |
|  **Warrants** |  |  |  |  |
|  Health Care |  | 7 |  | 7 |
|  Materials | 552 |  |  | 552 |
|  **Total Assets** | $**141746634** | $**6964143** | $**4945** | $**148715722** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**141746634** | $**6964143** | $**4945** | $**148715722** |

---

The Fund held no derivatives contracts during the six months ended April 30, 2025.

Investment security transactions for the six months ended April 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $8911299 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5591088 |

---

See Notes to Financial Statements.

------

1290 GAMCO SMALL/MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

As of April 30, 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 | $31025171 |
|  Aggregate gross unrealized depreciation | (19032122) |
|  Net unrealized appreciation | $11993049 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136722673 |

---

See Notes to Financial Statements.

------

1290 GAMCO SMALL/MID CAP VALUE FUND

#### STATEMENT OF ASSETS AND LIABILITIES

#### April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) (Cost $133,205,145) | $148715722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 331001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Fund shares sold | 255961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 38334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid registration and filing fees | 25038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 3150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 149369206 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 4475199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Fund shares repurchased | 240963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 56470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees payable | 32583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 17477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class A | 1176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class R | 553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 73191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 4897612 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $144471594 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $130494891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 13976703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $144471594 |
|  **Class A** |  |
|  Net asset value and redemption price per share, $5,849,668 / 377,237 shares outstanding (unlimited amount authorized: $0.001 par value) | $15.51 |
|  Maximum sales charge (5.50% of offering price) | 0.90 |
|  Maximum offering price per share | $16.41 |
|  **Class I** |  |
|  Net asset value, offering and redemption price per share, $137,263,111 / 8,831,158 shares outstanding (unlimited amount authorized: $0.001 par value) | $15.54 |
|  **Class R** |  |
|  Net asset value, offering and redemption price per share, $1,358,815 / 88,512 shares outstanding (unlimited amount authorized: $0.001 par value) | $15.35 |

---

*(x)* *Includes value of securities on loan of $6,547,817.* 

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

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $28,625 foreign withholding tax) | $1469718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 7863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 16130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 1493711 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 588371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 117954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 117674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 48818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees | 30833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 27574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class A | 8112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 6168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class R | 3681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 2636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 12272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 964093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment adviser | (211143) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 752950 |
|  **NET INVESTMENT INCOME (LOSS)** | 740761 |
|  **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 | 1582224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (1513) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1580711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (16547605) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (16547453) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (14966742) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(14225981) |

---

See Notes to Financial Statements.

------

#### 1290 FUNDS
1290 GAMCO SMALL/MID CAP VALUE FUND

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **Year Ended<br>October 31, 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) | $740761 | $1481678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1580711 | 5679570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (16547453) | 26242184 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | (14225981) | 33403432 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (302521) | (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 | (7517517) | (5311129) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 28,883 and 66,242 shares, respectively ] | 476540 | 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 [ (48375) and (75938) shares, respectively ] | (820905) | (1280318) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class A transactions | (54199) | 58872 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,122,990 and 2,251,846 shares, respectively ] | 19148046 | 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 [ (1071259) and (1975616) shares, respectively ] | (18127971) | (33450465) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class I transactions | 6916395 | 8911577 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 7,946 and 20,790 shares, respectively ] | 139777 | 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 [ (3604) and (18820) shares, respectively ] | (54921) | (320110) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class R transactions | 140755 | 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** | 7002951 | 8852011 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (14740547) | 36944314 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 159212141 | 122267827 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $144471594 | $159212141 |
| &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 GAMCO SMALL/MID CAP VALUE FUND

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class A** | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| **Class A** | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.81 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.54 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.19 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.46 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.06 | 0.13 | 0.10 | 0.06 | 0.09 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.57) | 3.74 | 0.45 | (1.82) | 5.73 | (0.90) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (1.51) | 3.87 | 0.55 | (1.76) | 5.82 | (0.86) |
| &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; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.14) | (0.11) |  | (0.26) | (0.04) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.65) | (0.49) | (0.32) | (0.86) |  | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.79) | (0.60) | (0.32) | (1.12) | (0.04) | (0.19) |
|  Net asset value, end of period | $15.51 | $17.81 | $14.54 | $14.31 | $17.19 | $11.41 |
|  Total return (b) | (9.04)% | 26.96% | 3.88% | (10.93)% | 51.10 | (7.04) |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $5850 | $6777 | $5478 | $5134 | $5904 | $3400 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.20 %(j) | 1.20 %(j) | 1.20 %(j) | 1.21 %(k) | 1.24 | 1.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.47% | 1.47% | 1.53% | 1.51% | 1.42 | 1.58 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.71% | 0.76% | 0.66% | 0.42% | 0.55 | 0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.44% | 0.49% | 0.33% | 0.13% | 0.37 | 0.07 |
|  Portfolio turnover rate^ | 4 %(z) | 11% | 14% | 27% | 35 | 19 |
| **Class I** | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| **Class I** | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $17.87 | $14.58 | $14.35 | $17.24 | $11.43 | $12.49 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.08 | 0.17 | 0.14 | 0.10 | 0.13 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.57) | 3.76 | 0.44 | (1.84) | 5.75 | (0.91) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (1.49) | 3.93 | 0.58 | (1.74) | 5.88 | (0.84) |
| &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; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.19) | (0.15) | (0.03) | (0.29) | (0.07) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.65) | (0.49) | (0.32) | (0.86) |  | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.84) | (0.64) | (0.35) | (1.15) | (0.07) | (0.22) |
|  Net asset value, end of period | $15.54 | $17.87 | $14.58 | $14.35 | $17.24 | $11.43 |
|  Total return (b) | (8.96)% | 27.32% | 4.11% | (10.74)% | 51.57 | (6.88) |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $137263 | $151008 | $115537 | $109572 | $145394 | $84537 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.95 %(j) | 0.95 %(j) | 0.95 %(j) | 0.96 %(k) | 0.99 | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.21% | 1.22% | 1.28% | 1.25% | 1.17 | 1.33 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.96% | 1.02% | 0.91% | 0.68% | 0.76 | 0.64 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.69% | 0.74% | 0.57% | 0.40% | 0.59 | 0.31 |
|  Portfolio turnover rate^ | 4 %(z) | 11% | 14% | 27% | 35 | 19 |

---

See Notes to Financial Statements.

------

1290 GAMCO SMALL/MID CAP VALUE FUND

FINANCIAL HIGHLIGHTS (Continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class R** | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| **Class R** | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.62 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.39 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.20 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.07 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.38 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.04 | 0.09 | 0.06 | 0.03 | 0.05 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.56) | 3.70 | 0.45 | (1.82) | 5.70 | (0.91) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (1.52) | 3.79 | 0.51 | (1.79) | 5.75 | (0.89) |
| &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; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.10) | (0.07) |  | (0.22) | (0.01) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.65) | (0.49) | (0.32) | (0.86) |  | (0.15) |
|  Total dividends and distributions | (0.75) | (0.56) | (0.32) | (1.08) | (0.01) | (0.16) |
|  Net asset value, end of period | $15.35 | $17.62 | $14.39 | $14.20 | $17.07 | $11.33 |
|  Total return (b) | (9.19)% | 26.66% | 3.62% | (11.17)% | 50.80 | (7.31) |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $1359 | $1427 | $1104 | $1022 | $1096 | $685 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.45 %(j) | 1.45 %(j) | 1.45 %(j) | 1.46 %(k) | 1.49 | 1.50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.72% | 1.72% | 1.78% | 1.76% | 1.67 | 1.83 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.46% | 0.51% | 0.41% | 0.17% | 0.28 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 0.19% | 0.24% | 0.08% | (0.12)% | 0.11 | (0.19) |
|  Portfolio turnover rate^ | 4 %(z) | 11% | 14% | 27% | 35 | 19 |

---

*(1)* *Includes income resulting from a special dividend. Without this dividend, the per share income amounts would be $0.04, $0.06 and $0.01 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 $0.02, $0.05 and $(0.02) for Class A, Class I and Class R , respectively.* 

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

*(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.* 

*(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.* 

*(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 0.09% lower.* 

*(bb)* *Includes income resulting from a special dividend. Without this dividend, the ratios for each class would have been 0.43% lower.* 

See Notes to Financial Statements.

------

1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: |
|  **Corporate Bonds (94.7%)** | **Corporate Bonds (94.7%)** | **Corporate Bonds (94.7%)** |
|  **Communication Services (10.0%)** | **Communication Services (10.0%)** |  |
|  ***Diversified Telecommunication Services (3.4%)*** | ***Diversified Telecommunication Services (3.4%)*** | ***Diversified Telecommunication Services (3.4%)*** |
|  CCO Holdings LLC<br>5.500%, 5/1/26§ | $187000 | $186065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 9/1/29 (x)§ | 290000 | 292465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 2/1/32§ | 386000 | 346501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/1/32 | 426000 | 378075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 6/1/33 (x)§ | 468000 | 405882 |
|  Level 3 Financing, Inc.<br>4.500%, 4/1/30§ | 372000 | 308760 |
|  Windstream Escrow LLC<br>7.750%, 8/15/28 | 250 | 3 |
|  Windstream Services LLC<br>8.250%, 10/1/31§ | 185000 | 189146 |
|  Zayo Group Holdings, Inc.<br>4.000%, 3/1/27§ | 436000 | 401081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 3/1/28§ | 212000 | 172780 |
|  |  | 2680758 |
|  ***Entertainment (0.2%)*** | ***Entertainment (0.2%)*** | ***Entertainment (0.2%)*** |
|  Live Nation Entertainment, Inc.<br>6.500%, 5/15/27§ | 186000 | 188100 |
|  ***Media (6.4%)*** | ***Media (6.4%)*** | ***Media (6.4%)*** |
|  CMG Media Corp.<br>8.875%, 6/18/29§ | 242778 | 212431 |
|  CSC Holdings LLC<br>11.750%, 1/31/29§ | 400000 | 377000 |
|  Gray Media, Inc.<br>10.500%, 7/15/29§ | 143000 | 146218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 10/15/30§ | 414000 | 245295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 11/15/31§ | 100000 | 59375 |
|  McGraw-Hill Education, Inc.<br>8.000%, 8/1/29§ | 440000 | 435899 |
|  Neptune Bidco US, Inc.<br>9.290%, 4/15/29§ | 520000 | 462800 |
|  Nexstar Media, Inc.<br>5.625%, 7/15/27§ | 351000 | 345735 |
|  Outfront Media Capital LLC<br>5.000%, 8/15/27§ | 362000 | 354919 |
|  Sinclair Television Group, Inc.<br>5.500%, 3/1/30§ | 161000 | 113505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125%, 2/15/33 (x)§ | 120000 | 118093 |
|  Sirius XM Radio LLC<br>3.125%, 9/1/26§ | 374000 | 362690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 9/1/31 (x)§ | 563000 | 482953 |
|  Stagwell Global LLC<br>5.625%, 8/15/29§ | 475000 | 446167 |
|  TEGNA, Inc.<br>4.750%, 3/15/26§ | 253000 | 249047 |
|  Univision Communications, Inc.<br>8.500%, 7/31/31§ | 444000 | 419802 |
|  VZ Secured Financing BV<br>5.000%, 1/15/32§ | 270000 | 235615 |
|  |  | 5067544 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 7936402 |
|  **Consumer Discretionary (17.2%)** | **Consumer Discretionary (17.2%)** |  |
|  ***Automobile Components (1.3%)*** | ***Automobile Components (1.3%)*** | ***Automobile Components (1.3%)*** |
|  Clarios Global LP<br>8.500%, 5/15/27§ | 228000 | 228855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 5/15/28§ | 467000 | 474355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 2/15/30 (x)§ | 74000 | 75018 |
|  Forvia SE<br>8.000%, 6/15/30§ | 250000 | 248100 |
|  |  | 1026328 |
|  ***Broadline Retail (0.8%)*** | ***Broadline Retail (0.8%)*** | ***Broadline Retail (0.8%)*** |
|  Getty Images, Inc.<br>9.750%, 3/1/27§ | 604000 | 594940 |
|  ***Distributors (1.9%)*** | ***Distributors (1.9%)*** | ***Distributors (1.9%)*** |
|  RB Global Holdings, Inc.<br>6.750%, 3/15/28§ | 396000 | 402831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 3/15/31§ | 305000 | 318987 |
|  Resideo Funding, Inc.<br>6.500%, 7/15/32 (x)§ | 239000 | 236013 |
|  Velocity Vehicle Group LLC<br>8.000%, 6/1/29§ | 135000 | 136100 |
|  Windsor Holdings III LLC<br>8.500%, 6/15/30 (x)§ | 396000 | 415448 |
|  |  | 1509379 |
|  ***Diversified Consumer Services (0.8%)*** | ***Diversified Consumer Services (0.8%)*** | ***Diversified Consumer Services (0.8%)*** |
|  Belron UK Finance plc<br>5.750%, 10/15/29§ | 200000 | 199910 |
|  Service Corp. International<br>5.750%, 10/15/32 | 182000 | 179725 |
|  Wand NewCo 3, Inc.<br>7.625%, 1/30/32§ | 283000 | 290409 |
|  |  | 670044 |
|  ***Hotels, Restaurants & Leisure (9.1%)*** | ***Hotels, Restaurants & Leisure (9.1%)*** | ***Hotels, Restaurants & Leisure (9.1%)*** |
|  1011778 BC ULC<br>3.875%, 1/15/28§ | 261000 | 250234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 9/15/29§ | 276000 | 274244 |
|  Caesars Entertainment, Inc.<br>7.000%, 2/15/30§ | 937000 | 955740 |
|  Carnival Corp.<br>7.000%, 8/15/29§ | 426000 | 444288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 2/15/33§ | 311000 | 308279 |
|  CEC Entertainment LLC<br>6.750%, 5/1/26§ | 166000 | 162768 |
|  Churchill Downs, Inc.<br>5.750%, 4/1/30§ | 397000 | 386206 |
|  Flutter Treasury DAC<br>6.375%, 4/29/29 (x)§ | 200000 | 204000 |
|  Great Canadian Gaming Corp.<br>8.750%, 11/15/29§ | 326000 | 322740 |
|  Hilton Domestic Operating Co., Inc.<br>5.750%, 5/1/28§ | 112000 | 111888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 2/15/32§ | 282000 | 248868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 3/15/33§ | 167000 | 166382 |
|  MajorDrive Holdings IV LLC<br>6.375%, 6/1/29§ | 224000 | 163240 |
|  Marriott International, Inc.<br>5.350%, 3/15/35 | 268000 | 262610 |
|  NCL Corp. Ltd.<br>8.125%, 1/15/29§ | 34000 | 35615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 2/1/32 (x)§ | 240000 | 234600 |

---

See Notes to Financial Statements.

------

1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Ontario Gaming GTA LP<br>8.000%, 8/1/30§ | $| 361000 | $| 347441 |
|  Royal Caribbean Cruises Ltd.<br>5.375%, 7/15/27§ |  | 286000 |  | 285642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 2/1/33§ |  | 712000 |  | 712000 |
|  Scientific Games Holdings LP<br>6.625%, 3/1/30§ |  | 269000 |  | 255550 |
|  Six Flags Entertainment Corp.<br>6.625%, 5/1/32 (x)§ |  | 314000 |  | 316754 |
|  Station Casinos LLC<br>4.500%, 2/15/28§ |  | 188000 |  | 180480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 12/1/31§ |  | 150000 |  | 135576 |
|  Wyndham Hotels & Resorts, Inc.<br>4.375%, 8/15/28§ |  | 203000 |  | 194119 |
|  Yum! Brands, Inc.<br>5.375%, 4/1/32(x) |  | 276000 |  | 270480 |
|  |  |  |  | 7229744 |
|  ***Household Durables (0.3%)*** | ***Household Durables (0.3%)*** | ***Household Durables (0.3%)*** | ***Household Durables (0.3%)*** | ***Household Durables (0.3%)*** |
|  Newell Brands, Inc.<br>6.625%, 5/15/32 |  | 281000 |  | 249387 |
|  ***Specialty Retail (1.6%)*** | ***Specialty Retail (1.6%)*** | ***Specialty Retail (1.6%)*** | ***Specialty Retail (1.6%)*** | ***Specialty Retail (1.6%)*** |
|  Cougar JV Subsidiary LLC<br>8.000%, 5/15/32§ |  | 105000 |  | 108697 |
|  eG Global Finance plc<br>12.000%, 11/30/28§ |  | 400000 |  | 439776 |
|  LBM Acquisition LLC<br>6.250%, 1/15/29§ |  | 256000 |  | 223667 |
|  LCM Investments Holdings II LLC<br>4.875%, 5/1/29§ |  | 218000 |  | 205579 |
|  White Cap Buyer LLC<br>6.875%, 10/15/28§ |  | 271000 |  | 262870 |
|  |  |  |  | 1240589 |
|  ***Textiles, Apparel & Luxury Goods (1.4%)*** | ***Textiles, Apparel & Luxury Goods (1.4%)*** | ***Textiles, Apparel & Luxury Goods (1.4%)*** | ***Textiles, Apparel & Luxury Goods (1.4%)*** | ***Textiles, Apparel & Luxury Goods (1.4%)*** |
|  Champ Acquisition Corp.<br>8.375%, 12/1/31§ |  | 222000 |  | 232545 |
|  Crocs, Inc.<br>4.125%, 8/15/31 (x)§ |  | 192000 |  | 167760 |
|  Hanesbrands, Inc.<br>9.000%, 2/15/31§ |  | 326000 |  | 337410 |
|  S&S Holdings LLC<br>8.375%, 10/1/31§ |  | 402000 |  | 378382 |
|  |  |  |  | 1116097 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  |  |  | 13636508 |
|  **Consumer Staples (5.1%)** | **Consumer Staples (5.1%)** | **Consumer Staples (5.1%)** |  |  |
|  ***Beverages (0.3%)*** | ***Beverages (0.3%)*** | ***Beverages (0.3%)*** | ***Beverages (0.3%)*** | ***Beverages (0.3%)*** |
|  Primo Water Holdings, Inc.<br>4.375%, 4/30/29§ |  | 222000 |  | 209513 |
|  ***Consumer Staples Distribution & Retail (1.1%)*** | ***Consumer Staples Distribution & Retail (1.1%)*** | ***Consumer Staples Distribution & Retail (1.1%)*** | ***Consumer Staples Distribution & Retail (1.1%)*** | ***Consumer Staples Distribution & Retail (1.1%)*** |
|  Performance Food Group, Inc.<br>6.125%, 9/15/32§ |  | 143000 |  | 142405 |
|  United Natural Foods, Inc.<br>6.750%, 10/15/28§ |  | 306000 |  | 300645 |
|  US Foods, Inc.<br>4.625%, 6/1/30§ |  | 222000 |  | 211511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 1/15/32 (x)§ |  | 185000 |  | 193787 |
|  |  |  |  | 848348 |
|  ***Food Products (2.7%)*** | ***Food Products (2.7%)*** | ***Food Products (2.7%)*** | ***Food Products (2.7%)*** | ***Food Products (2.7%)*** |
|  Darling Ingredients, Inc.<br>6.000%, 6/15/30 (x)§ |  | 366000 |  | 363255 |
|  Fiesta Purchaser, Inc.<br>7.875%, 3/1/31§ |  | 153000 |  | 160268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.625%, 9/15/32§ |  | 265000 |  | 277190 |
|  Post Holdings, Inc.<br>5.500%, 12/15/29§ |  | 74000 |  | 72613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 9/15/31§ |  | 289000 |  | 261955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 10/15/34§ |  | 207000 |  | 205251 |
|  Sigma Holdco BV<br>7.875%, 5/15/26§ |  | 200000 |  | 197750 |
|  Simmons Foods, Inc.<br>4.625%, 3/1/29§ |  | 158000 |  | 146545 |
|  Viking Baked Goods Acquisition Corp.<br>8.625%, 11/1/31§ |  | 503000 |  | 476743 |
|  |  |  |  | 2161570 |
|  ***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 (x)§ |  | 272000 |  | 261528 |
|  ***Personal Care Products (0.7%)*** | ***Personal Care Products (0.7%)*** | ***Personal Care Products (0.7%)*** | ***Personal Care Products (0.7%)*** | ***Personal Care Products (0.7%)*** |
|  Herbalife Nutrition Ltd.<br>7.875%, 9/1/25§ |  | 74000 |  | 73907 |
|  Opal Bidco SAS<br>6.500%, 3/31/32§ |  | 200000 |  | 200796 |
|  Prestige Brands, Inc.<br>3.750%, 4/1/31§ |  | 308000 |  | 276430 |
|  |  |  |  | 551133 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  |  |  | 4032092 |
|  **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%)*** |
|  Aris Water Holdings LLC<br>7.250%, 4/1/30§ |  | 484000 |  | 478555 |
|  Transocean, Inc.<br>8.750%, 2/15/30§ |  | 185600 |  | 182816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, 5/15/31 (x)§ |  | 156000 |  | 120427 |
|  |  |  |  | 781798 |
|  ***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 |  | 122519 |
|  Ascent Resources Utica Holdings LLC<br>6.625%, 10/15/32§ |  | 224000 |  | 221249 |
|  Blue Racer Midstream LLC<br>6.625%, 7/15/26§ |  | 230000 |  | 228275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 7/15/32 (x)§ |  | 193000 |  | 197242 |
|  Chord Energy Corp.<br>6.750%, 3/15/33§ |  | 319000 |  | 309405 |
|  Crescent Energy Finance LLC<br>7.625%, 4/1/32§ |  | 452000 |  | 410190 |
|  Delek Logistics Partners LP<br>8.625%, 3/15/29§ |  | 512000 |  | 527068 |
|  Encino Acquisition Partners Holdings LLC<br>8.500%, 5/1/28§ |  | 205000 |  | 205256 |
|  Genesis Energy LP<br>7.750%, 2/1/28 |  | 382000 |  | 380293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 5/15/32 (x) |  | 475000 |  | 461890 |
|  Kinder Morgan, Inc.<br>4.800%, 2/1/33 |  | 284000 |  | 271517 |

---

See Notes to Financial Statements.

------

1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Kinetik Holdings LP<br>5.875%, 6/15/30§ | $| 479000 | $| 465818 |
|  NGL Energy Operating LLC<br>8.375%, 2/15/32§ |  | 547000 |  | 498098 |
|  NuStar Logistics LP<br>6.000%, 6/1/26 |  | 175000 |  | 174988 |
|  Permian Resources Operating LLC<br>5.875%, 7/1/29§ |  | 151000 |  | 147690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 2/1/33§ |  | 233000 |  | 227466 |
|  Summit Midstream Holdings LLC<br>8.625%, 10/31/29§ |  | 656000 |  | 645891 |
|  Sunoco LP<br>4.500%, 4/30/30 |  | 110000 |  | 103125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 5/1/32§ |  | 204000 |  | 211395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 7/1/33§ |  | 227000 |  | 226433 |
|  |  |  |  | 6035808 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  |  | 6817606 |
|  **Financials (5.9%)** | **Financials (5.9%)** | **Financials (5.9%)** |  |  |
|  ***Capital Markets (0.4%)*** | ***Capital Markets (0.4%)*** | ***Capital Markets (0.4%)*** | ***Capital Markets (0.4%)*** | ***Capital Markets (0.4%)*** |
|  Aretec Group, Inc.<br>10.000%, 8/15/30§ |  | 150000 |  | 161105 |
|  MSCI, Inc.<br>3.250%, 8/15/33 (x)§ |  | 186000 |  | 158843 |
|  |  |  |  | 319948 |
|  ***Consumer Finance (1.2%)*** | ***Consumer Finance (1.2%)*** | ***Consumer Finance (1.2%)*** | ***Consumer Finance (1.2%)*** | ***Consumer Finance (1.2%)*** |
|  Bread Financial Holdings, Inc.<br>9.750%, 3/15/29§ |  | 198000 |  | 207652 |
|  Enova International, Inc.<br>9.125%, 8/1/29§ |  | 309000 |  | 315245 |
|  GGAM Finance Ltd.<br>8.000%, 2/15/27§ |  | 199000 |  | 203975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 6/15/28§ |  | 260000 |  | 272025 |
|  |  |  |  | 998897 |
|  ***Financial Services (2.4%)*** | ***Financial Services (2.4%)*** | ***Financial Services (2.4%)*** | ***Financial Services (2.4%)*** | ***Financial Services (2.4%)*** |
|  Armor Holdco, Inc.<br>8.500%, 11/15/29§ |  | 409000 |  | 372190 |
|  Freedom Mortgage Corp.<br>12.000%, 10/1/28§ |  | 186000 |  | 198609 |
|  Freedom Mortgage Holdings LLC<br>9.250%, 2/1/29§ |  | 232000 |  | 236060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 4/1/32§ |  | 166000 |  | 161438 |
|  Rocket Mortgage LLC<br>2.875%, 10/15/26§ |  | 129000 |  | 123840 |
|  Shift4 Payments LLC<br>4.625%, 11/1/26§ |  | 335000 |  | 329138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 8/15/32§ |  | 463000 |  | 467852 |
|  |  |  |  | 1889127 |
|  ***Insurance (1.7%)*** | ***Insurance (1.7%)*** | ***Insurance (1.7%)*** | ***Insurance (1.7%)*** | ***Insurance (1.7%)*** |
|  Acrisure LLC<br>8.250%, 2/1/29§ |  | 453000 |  | 462626 |
|  Alliant Holdings Intermediate LLC<br>6.750%, 10/15/27§ |  | 196000 |  | 195265 |
|  BroadStreet Partners, Inc.<br>5.875%, 4/15/29§ |  | 222000 |  | 213881 |
|  HUB International Ltd.<br>7.250%, 6/15/30§ |  | 304000 |  | 314640 |
|  Panther Escrow Issuer LLC<br>7.125%, 6/1/31§ |  | 189000 |  | 193253 |
|  |  |  |  | 1379665 |
|  ***Mortgage Real Estate Investment Trusts (REITs) (0.2%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.2%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.2%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.2%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.2%)*** |
|  Starwood Property Trust, Inc. (REIT)<br>6.500%, 7/1/30§ |  | 135000 |  | 135506 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  |  |  | 4723143 |
|  **Health Care (6.1%)** | **Health Care (6.1%)** | **Health Care (6.1%)** |  |  |
|  ***Health Care Equipment & Supplies (0.9%)*** | ***Health Care Equipment & Supplies (0.9%)*** | ***Health Care Equipment & Supplies (0.9%)*** | ***Health Care Equipment & Supplies (0.9%)*** | ***Health Care Equipment & Supplies (0.9%)*** |
|  Medline Borrower LP<br>5.250%, 10/1/29§ |  | 232000 |  | 219530 |
|  Neogen Food Safety Corp.<br>8.625%, 7/20/30§ |  | 323000 |  | 324615 |
|  Varex Imaging Corp.<br>7.875%, 10/15/27 (x)§ |  | 204000 |  | 196889 |
|  |  |  |  | 741034 |
|  ***Health Care Providers & Services (3.2%)*** | ***Health Care Providers & Services (3.2%)*** | ***Health Care Providers & Services (3.2%)*** | ***Health Care Providers & Services (3.2%)*** | ***Health Care Providers & Services (3.2%)*** |
|  AdaptHealth LLC<br>5.125%, 3/1/30§ |  | 229000 |  | 204405 |
|  HealthEquity, Inc.<br>4.500%, 10/1/29§ |  | 448000 |  | 423374 |
|  Heartland Dental LLC<br>10.500%, 4/30/28 (x)§ |  | 423000 |  | 445774 |
|  Star Parent, Inc.<br>9.000%, 10/1/30§ |  | 269000 |  | 269673 |
|  Surgery Center Holdings, Inc.<br>7.250%, 4/15/32§ |  | 374000 |  | 373181 |
|  Tenet Healthcare Corp.<br>6.250%, 2/1/27 |  | 270000 |  | 269665 |
|  US Acute Care Solutions LLC<br>9.750%, 5/15/29§ |  | 524000 |  | 530550 |
|  |  |  |  | 2516622 |
|  ***Health Care Technology (1.1%)*** | ***Health Care Technology (1.1%)*** | ***Health Care Technology (1.1%)*** | ***Health Care Technology (1.1%)*** | ***Health Care Technology (1.1%)*** |
|  IQVIA, Inc.<br>5.000%, 10/15/26§ |  | 200000 |  | 197706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 5/15/27§ |  | 260000 |  | 256646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 5/15/28 |  | 200000 |  | 203121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 2/1/29 |  | 219000 |  | 227346 |
|  |  |  |  | 884819 |
|  ***Pharmaceuticals (0.9%)*** | ***Pharmaceuticals (0.9%)*** | ***Pharmaceuticals (0.9%)*** | ***Pharmaceuticals (0.9%)*** | ***Pharmaceuticals (0.9%)*** |
|  1261229 BC Ltd.<br>10.000%, 4/15/32§ |  | 400000 |  | 391520 |
|  Cheplapharm Arzneimittel GmbH<br>5.500%, 1/15/28§ |  | 400000 |  | 354400 |
|  |  |  |  | 745920 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  |  | 4888395 |
|  **Industrials (16.5%)** | **Industrials (16.5%)** | **Industrials (16.5%)** |  |  |
|  ***Aerospace & Defense (0.6%)*** | ***Aerospace & Defense (0.6%)*** | ***Aerospace & Defense (0.6%)*** | ***Aerospace & Defense (0.6%)*** | ***Aerospace & Defense (0.6%)*** |
|  Goat Holdco LLC<br>6.750%, 2/1/32§ |  | 255000 |  | 248625 |
|  Rolls-Royce plc<br>5.750%, 10/15/27§ |  | 200000 |  | 204500 |
|  |  |  |  | 453125 |

---

See Notes to Financial Statements.

------

1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  ***Building Products (2.1%)*** | ***Building Products (2.1%)*** | ***Building Products (2.1%)*** |
|  Advanced Drainage Systems, Inc.<br>6.375%, 6/15/30§ | $164000 | $166050 |
|  AmeriTex HoldCo Intermediate LLC<br>10.250%, 10/15/28 (x)§ | 473000 | 486007 |
|  Camelot Return Merger Sub, Inc.<br>8.750%, 8/1/28§ | 270000 | 235238 |
|  EMRLD Borrower LP<br>6.625%, 12/15/30§ | 363000 | 367494 |
|  New Enterprise Stone & Lime Co., Inc.<br>5.250%, 7/15/28§ | 158000 | 152470 |
|  Standard Industries, Inc.<br>4.375%, 7/15/30§ | 274000 | 254135 |
|  |  | 1661394 |
|  ***Commercial Services & Supplies (5.4%)*** | ***Commercial Services & Supplies (5.4%)*** | ***Commercial Services & Supplies (5.4%)*** |
|  ACCO Brands Corp.<br>4.250%, 3/15/29(x)§ | 152000 | 131480 |
|  ADT Security Corp. (The)<br>4.875%, 7/15/32 (x)§ | 218000 | 205308 |
|  Allied Universal Holdco LLC<br>9.750%, 7/15/27§ | 394000 | 394985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 6/1/29§ | 248000 | 232250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 2/15/31§ | 150000 | 153235 |
|  Aramark Services, Inc.<br>5.000%, 2/1/28§ | 268000 | 262640 |
|  Garda World Security Corp.<br>6.000%, 6/1/29 (x)§ | 409000 | 382620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, 8/1/32§ | 153000 | 149557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 11/15/32§ | 503000 | 494826 |
|  Madison IAQ LLC<br>5.875%, 6/30/29 (x)§ | 303000 | 286146 |
|  Matthews International Corp.<br>8.625%, 10/1/27§ | 254000 | 262890 |
|  OPENLANE, Inc.<br>5.125%, 6/1/25§ | 61000 | 60695 |
|  Raven Acquisition Holdings LLC<br>6.875%, 11/15/31§ | 344000 | 336119 |
|  Veritiv Operating Co.<br>10.500%, 11/30/30§ | 409000 | 425360 |
|  Waste Pro USA, Inc.<br>7.000%, 2/1/33§ | 147000 | 150050 |
|  Williams Scotsman, Inc.<br>7.375%, 10/1/31§ | 391000 | 405096 |
|  |  | 4333257 |
|  ***Construction & Engineering (1.4%)*** | ***Construction & Engineering (1.4%)*** | ***Construction & Engineering (1.4%)*** |
|  Arcosa, Inc.<br>6.875%, 8/15/32§ | 213000 | 217462 |
|  Brand Industrial Services, Inc.<br>10.375%, 8/1/30§ | 260000 | 246025 |
|  Dycom Industries, Inc.<br>4.500%, 4/15/29§ | 243000 | 228420 |
|  Pike Corp.<br>8.625%, 1/31/31§ | 230000 | 241212 |
|  Weekley Homes LLC<br>4.875%, 9/15/28§ | 172000 | 160970 |
|  |  | 1094089 |
|  ***Electrical Equipment (0.2%)*** | ***Electrical Equipment (0.2%)*** | ***Electrical Equipment (0.2%)*** |
|  EnerSys<br>6.625%, 1/15/32§ | 164000 | 166480 |
|  ***Ground Transportation (2.4%)*** | ***Ground Transportation (2.4%)*** | ***Ground Transportation (2.4%)*** |
|  EquipmentShare.com, Inc.<br>9.000%, 5/15/28§ | 200000 | 203454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625%, 5/15/32§ | 93000 | 94628 |
|  Genesee & Wyoming, Inc.<br>6.250%, 4/15/32§ | 211000 | 212899 |
|  NESCO Holdings II, Inc.<br>5.500%, 4/15/29§ | 417000 | 376930 |
|  RXO, Inc.<br>7.500%, 11/15/27§ | 198000 | 203719 |
|  Star Leasing Co. LLC<br>7.625%, 2/15/30§ | 205000 | 184061 |
|  Watco Cos. LLC<br>7.125%, 8/1/32§ | 325000 | 323242 |
|  XPO, Inc.<br>7.125%, 6/1/31§ | 278000 | 284255 |
|  |  | 1883188 |
|  ***Machinery (2.2%)*** | ***Machinery (2.2%)*** | ***Machinery (2.2%)*** |
|  ATS Corp.<br>4.125%, 12/15/28§ | 305000 | 282082 |
|  Chart Industries, Inc.<br>7.500%, 1/1/30§ | 653000 | 677487 |
|  Hillenbrand, Inc.<br>6.250%, 2/15/29 | 241000 | 239447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 3/1/31 | 84000 | 72660 |
|  Husky Injection Molding Systems Ltd.<br>9.000%, 2/15/29 (x)§ | 264000 | 268039 |
|  Terex Corp.<br>6.250%, 10/15/32§ | 241000 | 230613 |
|  |  | 1770328 |
|  ***Professional Services (0.5%)*** | ***Professional Services (0.5%)*** | ***Professional Services (0.5%)*** |
|  Amentum Holdings, Inc.<br>7.250%, 8/1/32§ | 153000 | 155104 |
|  VT Topco, Inc.<br>8.500%, 8/15/30§ | 212000 | 221540 |
|  |  | 376644 |
|  ***Trading Companies & Distributors (1.7%)*** | ***Trading Companies & Distributors (1.7%)*** | ***Trading Companies & Distributors (1.7%)*** |
|  Beacon Roofing Supply, Inc.<br>6.750%, 4/30/32§ | 169000 | 169583 |
|  United Rentals North America, Inc.<br>6.000%, 12/15/29§ | 252000 | 255150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 3/15/34 (x)§ | 210000 | 211722 |
|  WESCO Distribution, Inc.<br>7.250%, 6/15/28§ | 341000 | 344308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 3/15/32§ | 182000 | 185412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 3/15/33§ | 199000 | 200741 |
|  |  | 1366916 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 13105421 |
|  **Information Technology (11.6%)** | **Information Technology (11.6%)** |  |
|  ***Communications Equipment (0.5%)*** | ***Communications Equipment (0.5%)*** | ***Communications Equipment (0.5%)*** |
|  CommScope LLC<br>8.250%, 3/1/27§ | 206000 | 186945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 9/1/29 (x)§ | 214000 | 188806 |
|  |  | 375751 |

---

See Notes to Financial Statements.

------

1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  ***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 | $162621 |
|  ***IT Services (1.6%)*** | ***IT Services (1.6%)*** | ***IT Services (1.6%)*** |
|  Ahead DB Holdings LLC<br>6.625%, 5/1/28§ | 414000 | 401559 |
|  Fortress Intermediate 3, Inc.<br>7.500%, 6/1/31 (x)§ | 193000 | 196656 |
|  ION Trading Technologies Sarl<br>5.750%, 5/15/28§ | 400000 | 360000 |
|  Unisys Corp.<br>6.875%, 11/1/27§ | 348000 | 334856 |
|  |  | 1293071 |
|  ***Software (8.9%)*** | ***Software (8.9%)*** | ***Software (8.9%)*** |
|  ACI Worldwide, Inc.<br>5.750%, 8/15/26§ | 437000 | 434815 |
|  AthenaHealth Group, Inc.<br>6.500%, 2/15/30 (x)§ | 512000 | 489600 |
|  Camelot Finance SA<br>4.500%, 11/1/26§ | 228000 | 224648 |
|  Capstone Borrower, Inc.<br>8.000%, 6/15/30§ | 251000 | 256334 |
|  Central Parent, Inc.<br>7.250%, 6/15/29§ | 164000 | 141040 |
|  Clarivate Science Holdings Corp.<br>4.875%, 7/1/29§ | 378000 | 342681 |
|  Cloud Software Group, Inc.<br>6.500%, 3/31/29§ | 163000 | 163000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%, 9/30/29§ | 720000 | 723434 |
|  Ellucian Holdings, Inc.<br>6.500%, 12/1/29§ | 180000 | 180279 |
|  Gen Digital, Inc.<br>7.125%, 9/30/30§ | 251000 | 258373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 4/1/33§ | 281000 | 280298 |
|  Helios Software Holdings, Inc.<br>4.625%, 5/1/28§ | 200000 | 180000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750%, 5/1/29§ | 200000 | 194750 |
|  McAfee Corp.<br>7.375%, 2/15/30§ | 584000 | 502748 |
|  NCR Voyix Corp.<br>5.000%, 10/1/28§ | 225000 | 217575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 4/15/29§ | 101000 | 96136 |
|  Open Text Corp.<br>6.900%, 12/1/27§ | 258000 | 262822 |
|  Open Text Holdings, Inc.<br>4.125%, 12/1/31§ | 334000 | 298673 |
|  Rocket Software, Inc.<br>6.500%, 2/15/29§ | 292000 | 274845 |
|  SS&C Technologies, Inc.<br>5.500%, 9/30/27§ | 406000 | 404023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 6/1/32§ | 335000 | 338768 |
|  UKG, Inc.<br>6.875%, 2/1/31§ | 162000 | 166293 |
|  ZoomInfo Technologies LLC<br>3.875%, 2/1/29§ | 698000 | 640415 |
|  |  | 7071550 |
|  ***Technology Hardware, Storage & Peripherals (0.4%)*** | ***Technology Hardware, Storage & Peripherals (0.4%)*** | ***Technology Hardware, Storage & Peripherals (0.4%)*** |
|  Dell International LLC<br>4.850%, 2/1/35 | 296000 | 278770 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 9181763 |
|  **Materials (12.0%)** | **Materials (12.0%)** |  |
|  ***Chemicals (5.7%)*** | ***Chemicals (5.7%)*** | ***Chemicals (5.7%)*** |
|  Avient Corp.<br>7.125%, 8/1/30§ | 248000 | 251720 |
|  Axalta Coating Systems LLC<br>4.750%, 6/15/27§ | 178000 | 175330 |
|  Celanese US Holdings LLC<br>6.750%, 4/15/33 (x) | 450000 | 420300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950%, 11/15/33 (e) | 76000 | 76229 |
|  HB Fuller Co.<br>4.250%, 10/15/28 | 226000 | 214135 |
|  Illuminate Buyer LLC<br>9.000%, 7/1/28§ | 722000 | 722000 |
|  INEOS Quattro Finance 2 plc<br>9.625%, 3/15/29§ | 400000 | 385000 |
|  Minerals Technologies, Inc.<br>5.000%, 7/1/28§ | 508000 | 488315 |
|  NOVA Chemicals Corp.<br>8.500%, 11/15/28§ | 185000 | 194120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 12/1/31§ | 115000 | 118916 |
|  Nufarm Australia Ltd.<br>5.000%, 1/27/30§ | 360000 | 331200 |
|  Olympus Water US Holding Corp.<br>6.250%, 10/1/29 (x)§ | 200000 | 184106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 6/15/31 (x)§ | 354000 | 353115 |
|  WR Grace Holdings LLC<br>5.625%, 8/15/29§ | 684000 | 603630 |
|  |  | 4518116 |
|  ***Containers & Packaging (5.5%)*** | ***Containers & Packaging (5.5%)*** | ***Containers & Packaging (5.5%)*** |
|  Ardagh Metal Packaging Finance USA LLC<br>4.000%, 9/1/29§ | 400000 | 349520 |
|  Ardagh Packaging Finance plc<br>4.125%, 8/15/26 (x)§ | 200000 | 176000 |
|  Clydesdale Acquisition Holdings, Inc.<br>8.750%, 4/15/30§ | 579000 | 595646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 4/15/32§ | 166000 | 169531 |
|  Graphic Packaging International LLC<br>6.375%, 7/15/32§ | 156000 | 156390 |
|  Intelligent Packaging Ltd. Finco, Inc.<br>6.000%, 9/15/28§ | 298000 | 295324 |
|  LABL, Inc.<br>10.500%, 7/15/27 (x)§ | 244000 | 218380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 11/1/28§ | 178000 | 147241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625%, 10/1/31 (x)§ | 270000 | 220725 |
|  Mauser Packaging Solutions Holding Co.<br>7.875%, 4/15/27§ | 285000 | 285219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250%, 4/15/27§ | 750000 | 686719 |
|  Owens-Brockway Glass Container, Inc.<br>6.625%, 5/13/27§ | 270000 | 268855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 5/15/31§ | 250000 | 248308 |
|  Sealed Air Corp.<br>6.125%, 2/1/28§ | 153000 | 153678 |
|  Trivium Packaging Finance BV<br>5.500%, 8/15/26(e)§ | 400000 | 395000 |
|  |  | 4366536 |
|  ***Metals & Mining (0.4%)*** | ***Metals & Mining (0.4%)*** | ***Metals & Mining (0.4%)*** |
|  Kaiser Aluminum Corp.<br>4.500%, 6/1/31§ | 212000 | 189740 |

---

See Notes to Financial Statements.

------

1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  Novelis Corp.<br>6.875%, 1/30/30 (x)§ | $| 118000 | $119623 |
|  |  |  | 309363 |
|  ***Paper & Forest Products (0.4%)*** | ***Paper & Forest Products (0.4%)*** | ***Paper & Forest Products (0.4%)*** | ***Paper & Forest Products (0.4%)*** |
|  Magnera Corp.<br>7.250%, 11/15/31 (x)§ |  | 344000 | 324251 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 9518266 |
|  **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 | 201947 |
|  ***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 | 199149 |
|  Pebblebrook Hotel LP (REIT)<br>6.375%, 10/15/29 (x)§ |  | 198000 | 194783 |
|  |  |  | 393932 |
|  ***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 | 281414 |
|  Greystar Real Estate Partners LLC<br>7.750%, 9/1/30 (x)§ |  | 202000 | 212288 |
|  |  |  | 493702 |
|  ***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 | 291906 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  | 1381487 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bonds** |  |  | 75221083 |
|  **Total Long-Term Debt Securities (94.7%)**<br> *(Cost $76,195,289)* |  |  | 75221083 |
|  | **Number of<br>Shares** | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |
|  **Investment Companies (11.6%)** | **Investment Companies (11.6%)** | **Investment Companies (11.6%)** |  |
|  BlackRock Liquidity FedFund, Institutional Shares 4.22% (7 day yield) (xx) |  | 900000 | 900000 |
|  Dreyfus Treasury Obligations Cash Management Fund 4.19% (7 day yield) (xx) |  | 900000 | 900000 |
|  Invesco Government & Agency Portfolio, Institutional Shares 4.26% (7 day yield) (xx) |  | 5414185 | 5414185 |
|  JPMorgan Prime Money Market Fund, IM Shares 4.49% (7 day yield) |  | 1986680 | 1987077 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** | 9201262 |
|  **Total Short-Term Investments (11.6%)**<br> *(Cost $9,201,427)* | **Total Short-Term Investments (11.6%)**<br> *(Cost $9,201,427)* | **Total Short-Term Investments (11.6%)**<br> *(Cost $9,201,427)* | 9201262 |
|  **Total Investments in Securities (106.3%)**<br> *(Cost $85,396,716)* | **Total Investments in Securities (106.3%)**<br> *(Cost $85,396,716)* | **Total Investments in Securities (106.3%)**<br> *(Cost $85,396,716)* | 84422345 |
|  **Other Assets Less Liabilities (-6.3%)** | **Other Assets Less Liabilities (-6.3%)** | **Other Assets Less Liabilities (-6.3%)** | (5023508) |
|  **Net Assets (100%)** |  |  | $79398837 |

---

---

| | |
|:---|:---|
| *§* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At April 30, 2025, the market value of these securities amounted to $70,487,317 or 88.8% of net assets.*  |

---

*(e)* *Step Bond - Coupon rate increases or decreases in increments to maturity. Rate disclosed is as of April 30, 2025. Maturity date disclosed is the ultimate maturity date.* 

*(x)* *All or a portion of security is on loan at April 30, 2025.* 

*(xx)* *At April 30, 2025, the Fund had loaned securities with a total value of $7,040,061. This was collateralized by cash of $7,214,185 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*Glossary:*

*REIT* *— Real Estate Investment Trust* 

See Notes to Financial Statements.

------

1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

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 April 30, 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 | $— | $7936402 | $— | $7936402 |
|  Consumer Discretionary |  | 13636508 |  | 13636508 |
|  Consumer Staples |  | 4032092 |  | 4032092 |
|  Energy |  | 6817606 |  | 6817606 |
|  Financials |  | 4723143 |  | 4723143 |
|  Health Care |  | 4888395 |  | 4888395 |
|  Industrials |  | 13105421 |  | 13105421 |
|  Information Technology |  | 9181763 |  | 9181763 |
|  Materials |  | 9518266 |  | 9518266 |
|  Real Estate |  | 1381487 |  | 1381487 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 9201262 |  |  | 9201262 |
|  **Total Assets** | $**9201262** | $**75221083** | $**—** | $**84422345** |
|  **Total** | $**9201262** | $**75221083** | $**—** | $**84422345** |

---

The Fund held no derivatives contracts during the six months ended April 30, 2025.

Investment security transactions for the six months ended April 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $16719636 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12400309 |

---

As of April 30, 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 | $848083 |
|  Aggregate gross unrealized depreciation | (2427868) |
|  Net unrealized depreciation | $(1579785) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86002130 |

---

See Notes to Financial Statements.

------

1290 HIGH YIELD BOND FUND

#### STATEMENT OF ASSETS AND LIABILITIES

#### April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x)<br>(Cost $85,396,716) | $84422345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 895000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 1367254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Fund shares sold | 92952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid registration and filing fees | 23495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 2590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 86803636 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 7214185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Fund shares repurchased | 65384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and distributions payable | 29412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 15198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees payable | 11928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 9702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class A | 371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class R | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 58397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 7404799 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $79398837 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $88426837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (9028000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $79398837 |
|  **Class A** |  |
|  Net asset value and redemption price per share, $1,823,102 / 217,745 shares outstanding (unlimited amount authorized: $0.001 par value) | $8.37 |
|  Maximum sales charge (4.50% of offering price) | 0.39 |
|  Maximum offering price per share | $8.76 |
|  **Class I** |  |
|  Net asset value, offering and redemption price per share, $77,029,155 / 9,191,291 shares outstanding (unlimited amount authorized: $0.001 par value) | $8.38 |
|  **Class R** |  |
|  Net asset value, offering and redemption price per share, $546,580 / 65,310 shares outstanding (unlimited amount authorized: $0.001 par value) | $8.37 |

---

*(x)* *Includes value of securities on loan of $7,040,061.* 

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

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $2608889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 50007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 18418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 2677314 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 231395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 57850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 49516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 46322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees | 18509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 16123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 4747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class A | 2224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class R | 1332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 1276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 9535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 438829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment adviser | (146049) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 292780 |
|  **NET INVESTMENT INCOME (LOSS)** | 2384534 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | (397846) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities | (887020) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (1284866) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $1099668 |

---

See Notes to Financial Statements.

------

#### 1290 FUNDS
1290 HIGH YIELD BOND FUND

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br>**April 30, 2025**<br>**(Unaudited)** | **Year Ended<br>October 31, 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) | $2384534 | $4372086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (397846) | (288474) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (887020) | 5884149 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 1099668 | 9967761 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (54425) | (114723) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (2385373) | (4221829) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | (15601) | (27587) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class T\*\* |  | (6931) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (2455399) | (4371070) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Tax return of capital:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A |  | (812) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I |  | (29874) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  | (195) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class T\*\* |  | (49) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total tax return of capital |  | (30930) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 12,870 and 43,566 shares, respectively ] | 109247 | 363458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 5,679 and 12,348 shares, respectively ] | 48179 | 103195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (9310) and (80347) shares, respectively ] | (79318) | (672951) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class A transactions | 78108 | (206298) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,573,673 and 2,472,189 shares, respectively ] | 13385686 | 20744759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 260,402 and 466,309 shares, respectively ] | 2210945 | 3905745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1108061) and (2032619) shares, respectively ] | (9397584) | (16952551) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class I transactions | 6199047 | 7697953 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 5,073 and 17,430 shares, respectively ] | 42988 | 145785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 1,213 and 2,038 shares, respectively ] | 10286 | 17064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (2212) and (5262) shares, respectively ] | (18696) | (43763) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class R transactions | 34578 | 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** | 6311733 | 7488840 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 4956002 | 13054601 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 74442835 | 61388234 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $79398837 | $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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br>**April 30, 2025**<br>**(Unaudited)** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| **Class A** | **Six Months Ended**<br>**April 30, 2025**<br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $8.51 | $7.81 | $7.95 | $9.24 | $9.01 | $9.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.25 | 0.51 | 0.47 | 0.40 | 0.39 | 0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.13) | 0.71 | (0.13) | (1.27) | 0.26 | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.12 | 1.22 | 0.34 | (0.87) | 0.65 | 0.41 |
| &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; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.26) | (0.52) | (0.48) | (0.40) | (0.42) | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  | (0.02) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.26) | (0.52) | (0.48) | (0.42) | (0.42) | (0.46) |
|  Net asset value, end of period | $8.37 | $8.51 | $7.81 | $7.95 | $9.24 | $9.01 |
|  Total return (b) | 1.37% | 15.90 | 4.30 | (9.60)% | 7.27 | 4.72% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **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;1823 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1775 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1819 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1844 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2145 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2115 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 1.00% | 1.00 | 1.00 | 1.00% | 1.00 | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | 1.38% | 1.43 | 1.50 | 1.43% | 1.44 | 1.68% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 5.94% | 6.15 | 5.83 | 4.61% | 4.24 | 4.97% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | 5.56% | 5.72 | 5.33 | 4.18% | 3.80 | 4.29% |
|  Portfolio turnover rate^ | 17 %(z) | 35 | 35 | 43% | 39 | 59% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br>**April 30, 2025**<br>**(Unaudited)** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| **Class I** | **Six Months Ended**<br>**April 30, 2025**<br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $8.52 | $7.82 | $7.95 | $9.25 | $9.01 | $9.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.26 | 0.54 | 0.49 | 0.42 | 0.42 | 0.47 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.13) | 0.70 | (0.12) | (1.28) | 0.26 | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.13 | 1.24 | 0.37 | (0.86) | 0.68 | 0.43 |
| &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; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.27) | (0.54) | (0.50) | (0.42) | (0.44) | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  | (0.02) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.27) | (0.54) | (0.50) | (0.44) | (0.44) | (0.48) |
|  Net asset value, end of period | $8.38 | $8.52 | $7.82 | $7.95 | $9.25 | $9.01 |
|  Total return (b) | 1.50% | 16.17 | 4.69 | (9.47)% | 7.65 | 4.98% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **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;77029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72146 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59091 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53821 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66473 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42159 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 0.75% | 0.75 | 0.75 | 0.75% | 0.75 | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | 1.13% | 1.18 | 1.26 | 1.18% | 1.18 | 1.43% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 6.19% | 6.39 | 6.09 | 4.84% | 4.47 | 5.22% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | 5.81% | 5.96 | 5.58 | 4.42% | 4.04 | 4.54% |
|  Portfolio turnover rate^ | 17 %(z) | 35 | 35 | 43% | 39 | 59% |

---

See Notes to Financial Statements.

------

1290 HIGH YIELD BOND FUND

FINANCIAL HIGHLIGHTS (Continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br>**April 30, 2025**<br>**(Unaudited)** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| **Class R** | **Six Months Ended**<br>**April 30, 2025**<br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $8.51 | $7.81 | $7.95 | $9.23 | $9.00 | $9.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.24 | 0.49 | 0.45 | 0.37 | 0.37 | 0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.13) | 0.71 | (0.13) | (1.25) | 0.25 | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.11 | 1.20 | 0.32 | (0.88) | 0.62 | 0.39 |
| &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; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.25) | (0.50) | (0.46) | (0.38) | (0.39) | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  | (0.02) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.25) | (0.50) | (0.46) | (0.40) | (0.39) | (0.44) |
|  Net asset value, end of period | $8.37 | $8.51 | $7.81 | $7.95 | $9.23 | $9.00 |
|  Total return (b) | 1.25% | 15.61 | 4.04 | (9.72)% | 7.01 | 4.46% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **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;547 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 1.25% | 1.25 | 1.25 | 1.25% | 1.25 | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | 1.63% | 1.68 | 1.76 | 1.67% | 1.69 | 1.92% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 5.69% | 5.89 | 5.59 | 4.29% | 3.98 | 4.69% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | 5.31% | 5.46 | 5.08 | 3.87% | 3.54 | 4.01% |
|  Portfolio turnover rate^ | 17 %(z) | 35 | 35 | 43% | 39 | 59% |

---

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

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

*(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.* 

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

See Notes to Financial Statements.

------

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value**<br> **(Note 1)** |
|  LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: | LONG-TERM DEBT SECURITIES: |
|  **Asset-Backed Securities (1.8%)** | **Asset-Backed Securities (1.8%)** | **Asset-Backed Securities (1.8%)** |
|  Battalion CLO XVI Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-16A BR2<br>6.019%, 1/20/38(l)§ | $390000 | $385849 |
|  Magnetite XXVII Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-27A AR<br>5.671%, 10/20/34(l)§ | 335000 | 335123 |
|  OHA Credit Funding 8 Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-8A CR<br>6.019%, 1/20/38(l)§ | 320000 | 316598 |
|  Sound Point CLO XXVII Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2A AR<br>5.723%, 10/25/34(l)§ | 340000 | 339078 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Asset-Backed Securities** |  | 1376648 |
|  **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 | 59413 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 59413 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Convertible Bond** |  | 59413 |
|  **Corporate Bonds (38.8%)** | **Corporate Bonds (38.8%)** | **Corporate Bonds (38.8%)** |
|  **Communication Services (3.9%)** | **Communication Services (3.9%)** |  |
|  ***Diversified Telecommunication Services (0.9%)*** | ***Diversified Telecommunication Services (0.9%)*** | ***Diversified Telecommunication Services (0.9%)*** |
|  CCO Holdings LLC<br>4.500%, 5/1/32 | 84000 | 74550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 1/15/34§ | 104000 | 87256 |
|  Frontier Communications Holdings LLC<br>6.750%, 5/1/29§ | 232000 | 232580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 1/15/30§ | 16000 | 16065 |
|  Level 3 Financing, Inc.<br>4.875%, 6/15/29§ | 179152 | 155862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.750%, 12/15/30§ | 14011 | 15500 |
|  Telecom Italia Capital SA<br>7.200%, 7/18/36 | 16000 | 16390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.721%, 6/4/38 | 103000 | 107120 |
|  |  | 705323 |
|  ***Entertainment (0.5%)*** | ***Entertainment (0.5%)*** | ***Entertainment (0.5%)*** |
|  Live Nation Entertainment, Inc.<br>3.750%, 1/15/28§ | 216000 | 206265 |
|  ROBLOX Corp.<br>3.875%, 5/1/30§ | 195000 | 180373 |
|  |  | 386638 |
|  ***Interactive Media & Services (0.6%)*** | ***Interactive Media & Services (0.6%)*** | ***Interactive Media & Services (0.6%)*** |
|  Alphabet, Inc.<br>5.250%, 5/15/55 | 425000 | 423141 |
|  ***Media (1.2%)*** | ***Media (1.2%)*** | ***Media (1.2%)*** |
|  Directv Financing LLC<br>8.875%, 2/1/30§ | 145000 | 138330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000%, 2/15/31§ | 217000 | 205043 |
|  DISH Network Corp.<br>11.750%, 11/15/27§ | 183000 | 191693 |
|  EchoStar Corp.<br>10.750%, 11/30/29 | 120034 | 126936 |
|  GCI LLC<br>4.750%, 10/15/28§ | 33000 | 31208 |
|  Scripps Escrow II, Inc.<br>3.875%, 1/15/29(x)§ | 103000 | 78483 |
|  TEGNA, Inc.<br>5.000%, 9/15/29 | 197000 | 182779 |
|  |  | 954472 |
|  ***Wireless Telecommunication Services (0.7%)*** | ***Wireless Telecommunication Services (0.7%)*** | ***Wireless Telecommunication Services (0.7%)*** |
|  Millicom International Cellular SA<br>4.500%, 4/27/31(m) | 245000 | 218221 |
|  T-Mobile USA, Inc.<br>5.150%, 4/15/34(x) | 155000 | 154987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 1/15/35 | 170000 | 162297 |
|  |  | 535505 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 3005079 |
|  **Consumer Discretionary (4.2%)** | **Consumer Discretionary (4.2%)** |  |
|  ***Automobile Components (0.8%)*** | ***Automobile Components (0.8%)*** | ***Automobile Components (0.8%)*** |
|  Allison Transmission, Inc.<br>3.750%, 1/30/31§ | 216000 | 193050 |
|  Garrett Motion Holdings, Inc.<br>7.750%, 5/31/32§ | 80000 | 80153 |
|  Patrick Industries, Inc.<br>4.750%, 5/1/29§ | 198000 | 188041 |
|  Phinia, Inc.<br>6.750%, 4/15/29§ | 153000 | 154828 |
|  |  | 616072 |
|  ***Automobiles (0.2%)*** | ***Automobiles (0.2%)*** | ***Automobiles (0.2%)*** |
|  Stellantis Finance US, Inc.<br>6.450%, 3/18/35§ | 200000 | 195326 |
|  ***Broadline Retail (0.7%)*** | ***Broadline Retail (0.7%)*** | ***Broadline Retail (0.7%)*** |
|  Go Daddy Operating Co. LLC<br>3.500%, 3/1/29§ | 71000 | 66020 |
|  GrubHub Holdings, Inc.<br>5.500%, 7/1/27§ | 96000 | 85920 |
|  Nordstrom, Inc.<br>4.375%, 4/1/30 | 24000 | 21240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/15/44 | 121000 | 84430 |
|  Rakuten Group, Inc.<br>9.750%, 4/15/29§ | 200000 | 211340 |
|  Saks Global Enterprises LLC<br>11.000%, 12/15/29§ | 73000 | 44016 |
|  Wayfair LLC<br>7.750%, 9/15/30§ | 17000 | 15486 |
|  |  | 528452 |
|  ***Distributors (0.2%)*** | ***Distributors (0.2%)*** | ***Distributors (0.2%)*** |
|  RB Global Holdings, Inc.<br>6.750%, 3/15/28§ | 179000 | 182088 |
|  ***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 | 169972 |
|  StoneMor, Inc.<br>8.500%, 5/15/29§ | 44000 | 39600 |
|  |  | 209572 |

---

See Notes to Financial Statements.

------

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value**<br> **(Note 1)** |
|  ***Hotels, Restaurants & Leisure (1.3%)*** | ***Hotels, Restaurants & Leisure (1.3%)*** | ***Hotels, Restaurants & Leisure (1.3%)*** |
|  1011778 BC ULC<br>3.500%, 2/15/29§ | $17000 | $15897 |
|  Brinker International, Inc.<br>8.250%, 7/15/30§ | 81000 | 84746 |
|  Hilton Domestic Operating Co., Inc.<br>5.875%, 4/1/29§ | 230000 | 231725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 5/1/29§ | 17000 | 15961 |
|  Hyatt Hotels Corp.<br>5.750%, 3/30/32 | 70000 | 70026 |
|  Life Time, Inc.<br>6.000%, 11/15/31§ | 30000 | 29925 |
|  Royal Caribbean Cruises Ltd.<br>5.625%, 9/30/31§ | 274000 | 272153 |
|  Sabre GLBL, Inc.<br>8.625%, 6/1/27(x)§ | 100000 | 95875 |
|  Wyndham Hotels & Resorts, Inc.<br>4.375%, 8/15/28§ | 184000 | 175950 |
|  |  | 992258 |
|  ***Household Durables (0.4%)*** | ***Household Durables (0.4%)*** | ***Household Durables (0.4%)*** |
|  Somnigroup International, Inc.<br>4.000%, 4/15/29§ | 199000 | 184877 |
|  Taylor Morrison Communities, Inc.<br>5.875%, 6/15/27§ | 178000 | 178931 |
|  |  | 363808 |
|  ***Specialty Retail (0.3%)*** | ***Specialty Retail (0.3%)*** | ***Specialty Retail (0.3%)*** |
|  Evergreen Acqco 1 LP<br>9.750%, 4/26/28§ | 85000 | 87231 |
|  Michaels Cos., Inc. (The)<br>5.250%, 5/1/28§ | 80000 | 43200 |
|  Victoria's Secret & Co.<br>4.625%, 7/15/29§ | 100000 | 87000 |
|  |  | 217431 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 3305007 |
|  **Consumer Staples (1.1%)** | **Consumer Staples (1.1%)** |  |
|  ***Consumer Staples Distribution & Retail (0.8%)*** | ***Consumer Staples Distribution & Retail (0.8%)*** | ***Consumer Staples Distribution & Retail (0.8%)*** |
|  Albertsons Cos., Inc.<br>6.250%, 3/15/33§ | 76000 | 76859 |
|  Walgreens Boots Alliance, Inc.<br>8.125%, 8/15/29 | 131000 | 136270 |
|  Walmart, Inc.<br>4.900%, 4/28/35 | 365000 | 367054 |
|  |  | 580183 |
|  ***Food Products (0.2%)*** | ***Food Products (0.2%)*** | ***Food Products (0.2%)*** |
|  B&G Foods, Inc.<br>8.000%, 9/15/28§ | 100000 | 99205 |
|  JBS USA LUX Sarl<br>5.950%, 4/20/35§ | 75000 | 77163 |
|  |  | 176368 |
|  ***Household Products (0.0%)†*** | ***Household Products (0.0%)†*** | ***Household Products (0.0%)†*** |
|  Central Garden & Pet Co.<br>4.125%, 10/15/30 | 18000 | 16403 |
|  ***Personal Care Products (0.1%)*** | ***Personal Care Products (0.1%)*** | ***Personal Care Products (0.1%)*** |
|  Edgewell Personal Care Co.<br>4.125%, 4/1/29§ | 17000 | 15810 |
|  Prestige Brands, Inc.<br>5.125%, 1/15/28§ | 95000 | 93575 |
|  |  | 109385 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 882339 |
|  **Energy (3.1%)** | **Energy (3.1%)** |  |
|  ***Energy Equipment & Services (0.3%)*** | ***Energy Equipment & Services (0.3%)*** | ***Energy Equipment & Services (0.3%)*** |
|  Aris Water Holdings LLC<br>7.250%, 4/1/30§ | 44000 | 43505 |
|  Enerflex Ltd.<br>9.000%, 10/15/27§ | 167000 | 170262 |
|  USA Compression Partners LP<br>7.125%, 3/15/29§ | 16000 | 16140 |
|  |  | 229907 |
|  ***Oil, Gas & Consumable Fuels (2.8%)*** | ***Oil, Gas & Consumable Fuels (2.8%)*** | ***Oil, Gas & Consumable Fuels (2.8%)*** |
|  DT Midstream, Inc.<br>4.125%, 6/15/29§ | 125000 | 117240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 6/15/31(x)§ | 76000 | 69899 |
|  Energy Transfer LP<br>5.700%, 4/1/35(x) | 120000 | 118401 |
|  Exxon Mobil Corp.<br>3.095%, 8/16/49 | 225000 | 149506 |
|  Genesis Energy LP<br>8.000%, 5/15/33 | 120000 | 116400 |
|  Gulfport Energy Operating Corp.<br>6.750%, 9/1/29§ | 167000 | 164077 |
|  Hess Midstream Operations LP<br>5.875%, 3/1/28§ | 192000 | 192392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 2/15/30§ | 300000 | 281628 |
|  NuStar Logistics LP<br>6.000%, 6/1/26 | 175000 | 174988 |
|  Raizen Fuels Finance SA<br>6.700%, 2/25/37§ | 375000 | 367425 |
|  Saudi Arabian Oil Co.<br>5.750%, 7/17/54§ | 275000 | 256435 |
|  Summit Midstream Holdings LLC<br>8.625%, 10/31/29§ | 91000 | 89598 |
|  TransMontaigne Partners LLC<br>8.500%, 6/15/30§ | 26000 | 26171 |
|  Western Midstream Operating LP<br>6.150%, 4/1/33 | 20000 | 20176 |
|  |  | 2144336 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 2374243 |
|  **Financials (13.5%)** | **Financials (13.5%)** |  |
|  ***Banks (5.3%)*** | ***Banks (5.3%)*** | ***Banks (5.3%)*** |
|  Banco Bilbao Vizcaya Argentaria SA<br>5.381%, 3/13/29 | 200000 | 204824 |
| &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 | 394002 |
|  Banco Santander SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T<br>Note Constant Maturity<br>5 Year + 3.91%), 8.000%,<br>2/1/34(k)(y) | 200000 | 203630 |

---

See Notes to Financial Statements.

------

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  Bank of America Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.91%),<br>5.425%, 8/15/35(k) | $| 350000 | $| 341160 |
|  Barclays plc |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.57%),<br>7.119%, 6/27/34(k) |  | 265000 |  | 282592 |
|  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%),<br>7.625%, 2/11/35(k)§ |  | 200000 |  | 201300 |
|  BNP Paribas SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.88%),<br>5.738%, 2/20/35(k)(x)§ |  | 220000 |  | 224617 |
|  Credit Agricole SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE IBA - USD SOFR ICE Swap<br>Rate 5 Year + 3.60%),<br>6.700%, 9/23/34(k)(y)§ |  | 365000 |  | 345131 |
|  HSBC Holdings plc |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.64%),<br>6.950%, 8/27/31(k)(y) |  | 380000 |  | 370975 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.02%),<br>7.399%, 11/13/34(k) |  | 270000 |  | 295072 |
|  Intesa Sanpaolo SpA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.90%),<br>7.778%, 6/20/54(k)§ |  | 265000 |  | 283425 |
|  JPMorgan Chase & Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.32%),<br>5.502%, 1/24/36(k) |  | 90000 |  | 91421 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.68%),<br>5.572%, 4/22/36(k) |  | 200000 |  | 203133 |
|  NatWest Group plc |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity<br>5 Year + 3.75%),<br>8.125%, 11/10/33(k)(y) |  | 200000 |  | 206250 |
|  Societe Generale SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.95%),<br>7.132%, 1/19/55(k)§ |  | 200000 |  | 194423 |
|  UniCredit SpA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (USD ICE Swap Rate 5 Year + 4.91%),<br>7.296%, 4/2/34(k)§ |  | 240000 |  | 251100 |
|  |  |  |  | 4093055 |
|  ***Capital Markets (4.3%)*** | ***Capital Markets (4.3%)*** | ***Capital Markets (4.3%)*** | ***Capital Markets (4.3%)*** | ***Capital Markets (4.3%)*** |
|  Antares Holdings LP<br>6.350%, 10/23/29§ |  | 250000 |  | 249227 |
|  Aretec Group, Inc.<br>7.500%, 4/1/29§ |  | 86000 |  | 83958 |
|  Bain Capital Specialty Finance, Inc.<br>5.950%, 3/15/30 |  | 90000 |  | 87756 |
|  BGC Group, Inc.<br>4.375%, 12/15/25 |  | 345000 |  | 343968 |
|  Blue Owl Capital Corp.<br>5.950%, 3/15/29 |  | 180000 |  | 178326 |
|  Blue Owl Capital Corp.<br>II<br>8.450%, 11/15/26 |  | 70000 |  | 72916 |
|  Citadel LP<br>6.375%, 1/23/32§ |  | 55000 |  | 56306 |
|  Deutsche Bank AG |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.65%),<br>7.079%, 2/10/34(k) |  | 200000 |  | 208517 |
|  Goldman Sachs Group, Inc. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.21%),<br>5.049%, 7/23/30(k) |  | 270000 |  | 272731 |
|  Series X |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.81%),<br>7.500%, 5/10/29(k)(y) |  | 300000 |  | 305625 |
|  Jane Street Group<br>7.125%, 4/30/31§ |  | 183000 |  | 188604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 5/1/33§ |  | 57000 |  | 57298 |
|  LPL Holdings, Inc.<br>5.150%, 6/15/30 |  | 225000 |  | 225379 |
|  Marex Group plc<br>6.404%, 11/4/29 |  | 115000 |  | 117278 |
|  Morgan Stanley |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.56%),<br>5.320%, 7/19/35(k) |  | 160000 |  | 158319 |
|  Sixth Street Lending Partners<br>6.125%, 7/15/30§ |  | 105000 |  | 105168 |
|  UBS Group AG |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (ICE IBA - USD SOFR ICE Swap Rate 5 Year + 3.08%),<br>7.000%, 2/10/30(k)(y)§ |  | 310000 |  | 299963 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.76%),<br>9.250%, 11/13/33(k)(y)§ |  | 270000 |  | 301388 |
|  VFH Parent LLC<br>7.500%, 6/15/31§ |  | 72000 |  | 73710 |
|  |  |  |  | 3386437 |
|  ***Consumer Finance (1.9%)*** | ***Consumer Finance (1.9%)*** | ***Consumer Finance (1.9%)*** | ***Consumer Finance (1.9%)*** | ***Consumer Finance (1.9%)*** |
|  AerCap Ireland Capital DAC<br>4.625%, 9/10/29 |  | 150000 |  | 148506 |
|  Azorra Finance Ltd.<br>7.750%, 4/15/30§ |  | 16000 |  | 15861 |
|  Bread Financial Holdings, Inc.<br>9.750%, 3/15/29§ |  | 163000 |  | 170946 |
|  Capital One Financial Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.04%),<br>6.183%, 1/30/36(k) |  | 260000 |  | 255760 |
|  Enova International, Inc.<br>11.250%, 12/15/28§ |  | 73000 |  | 77437 |
|  EZCORP, Inc.<br>7.375%, 4/1/32§ |  | 163000 |  | 170570 |
|  Global Aircraft Leasing Co. Ltd.<br>8.750%, 9/1/27§ |  | 174000 |  | 172695 |
|  goeasy Ltd.<br>7.375%, 10/1/30§ |  | 146000 |  | 143445 |

---

See Notes to Financial Statements.

------

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value**<br> **(Note 1)** |
|  Synchrony Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 2.13%),<br>5.935%, 8/2/30(k) | 65000 | 65685 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.68%),<br>5.450%, 3/6/31(k) | 65000 | 64594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 2/2/33 | 122000 | 124078 |
|  TrueNoord Capital DAC<br>8.750%, 3/1/30§ | 61000 | 62130 |
|  |  | 1471707 |
|  ***Financial Services (0.3%)*** | ***Financial Services (0.3%)*** | ***Financial Services (0.3%)*** |
|  Armor Holdco, Inc.<br>8.500%, 11/15/29§ | 34000 | 30940 |
|  Freedom Mortgage Holdings LLC<br>9.250%, 2/1/29§ | 141000 | 143468 |
|  Planet Financial Group LLC<br>10.500%, 12/15/29§ | 75000 | 73890 |
|  |  | 248298 |
|  ***Insurance (1.2%)*** | ***Insurance (1.2%)*** | ***Insurance (1.2%)*** |
|  200 Park Funding Trust<br>5.740%, 2/15/55§ | 210000 | 203654 |
|  Allianz SE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.23%),<br>6.350%, 9/6/53(k)§ | 200000 | 205000 |
|  APH Somerset Investor 2 LLC<br>7.875%, 11/1/29§ | 152000 | 148390 |
|  HUB International Ltd.<br>7.375%, 1/31/32§ | 141000 | 145198 |
|  Liberty Mutual Group, Inc.<br>4.300%, 2/1/61§ | 230000 | 141737 |
|  Panther Escrow Issuer LLC<br>7.125%, 6/1/31§ | 17000 | 17383 |
|  USI, Inc.<br>7.500%, 1/15/32§ | 36000 | 37080 |
|  |  | 898442 |
|  ***Mortgage Real Estate Investment Trusts (REITs) (0.5%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.5%)*** | ***Mortgage Real Estate Investment Trusts (REITs) (0.5%)*** |
|  Apollo Commercial Real Estate Finance, Inc.<br>(REIT) 4.625%, 6/15/29§ | 104000 | 96041 |
|  Blackstone Mortgage Trust, Inc.<br>(REIT) 7.750%, 12/1/29§ | 91000 | 94071 |
|  Starwood Property Trust, Inc.<br>(REIT) 6.500%, 7/1/30§ | 145000 | 145544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 10/15/30§ | 53000 | 53397 |
|  |  | 389053 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 10486992 |
|  **Health Care (0.8%)** | **Health Care (0.8%)** |  |
|  ***Biotechnology (0.0%)†*** | ***Biotechnology (0.0%)†*** | ***Biotechnology (0.0%)†*** |
|  Emergent BioSolutions, Inc.<br>3.875%, 8/15/28§ | 52000 | 33329 |
|  ***Health Care Providers & Services (0.4%)*** | ***Health Care Providers & Services (0.4%)*** | ***Health Care Providers & Services (0.4%)*** |
|  DaVita, Inc.<br>4.625%, 6/1/30§ | 235000 | 217257 |
|  Encompass Health Corp.<br>4.625%, 4/1/31 | 46000 | 43571 |
|  MPH Acquisition Holdings LLC<br>5.750%, 12/31/30§ | 64006 | 49925 |
|  Pediatrix Medical Group, Inc.<br>5.375%, 2/15/30§ | 17000 | 16402 |
|  Surgery Center Holdings, Inc.<br>7.250%, 4/15/32§ | 16000 | 15965 |
|  |  | 343120 |
|  ***Pharmaceuticals (0.4%)*** | ***Pharmaceuticals (0.4%)*** | ***Pharmaceuticals (0.4%)*** |
|  Bausch Health Cos., Inc.<br>4.875%, 6/1/28§ | 255000 | 207098 |
|  HLF Financing Sarl LLC<br>12.250%, 4/15/29§ | 34000 | 36111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 6/1/29§ | 102000 | 78412 |
|  |  | 321621 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 698070 |
|  **Industrials (4.1%)** | **Industrials (4.1%)** |  |
|  ***Aerospace & Defense (0.7%)*** | ***Aerospace & Defense (0.7%)*** | ***Aerospace & Defense (0.7%)*** |
|  Axon Enterprise, Inc.<br>6.125%, 3/15/30§ | 40000 | 40612 |
|  Boeing Co. (The)<br>6.388%, 5/1/31 | 25000 | 26571 |
|  Bombardier, Inc.<br>7.450%, 5/1/34§ | 100000 | 104819 |
|  General Dynamics Corp.<br>4.950%, 8/15/35 | 55000 | 55021 |
|  Moog, Inc.<br>4.250%, 12/15/27§ | 162000 | 155784 |
|  Spirit AeroSystems, Inc.<br>4.600%, 6/15/28 | 134000 | 129304 |
|  |  | 512111 |
|  ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** | ***Air Freight & Logistics (0.1%)*** |
|  Rand Parent LLC<br>8.500%, 2/15/30(x)§ | 102000 | 94962 |
|  ***Commercial Services & Supplies (1.0%)*** | ***Commercial Services & Supplies (1.0%)*** | ***Commercial Services & Supplies (1.0%)*** |
|  Deluxe Corp.<br>8.125%, 9/15/29§ | 175000 | 174563 |
|  Enviri Corp.<br>5.750%, 7/31/27§ | 77000 | 73920 |
|  Garda World Security Corp.<br>8.250%, 8/1/32§ | 107000 | 104592 |
|  Interface, Inc.<br>5.500%, 12/1/28§ | 64000 | 62080 |
|  Madison IAQ LLC<br>5.875%, 6/30/29(x)§ | 100000 | 94438 |
|  Pitney Bowes, Inc.<br>6.875%, 3/15/27§ | 79000 | 78643 |
|  Republic Services, Inc.<br>5.000%, 4/1/34 | 50000 | 50199 |
|  Rollins, Inc.<br>5.250%, 2/24/35§ | 35000 | 34725 |
|  Wrangler Holdco Corp.<br>6.625%, 4/1/32§ | 70000 | 71575 |
|  |  | 744735 |
|  ***Construction & Engineering (0.2%)*** | ***Construction & Engineering (0.2%)*** | ***Construction & Engineering (0.2%)*** |
|  Brand Industrial Services, Inc.<br>10.375%, 8/1/30§ | 91000 | 86109 |

---

See Notes to Financial Statements.

------

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Principal<br>Amount** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  Great Lakes Dredge & Dock Corp.<br>5.250%, 6/1/29§ | $| 17000 | $| 15513 |
|  Tutor Perini Corp.<br>11.875%, 4/30/29§ |  | 42000 |  | 45202 |
|  |  |  |  | 146824 |
|  ***Ground Transportation (0.1%)*** | ***Ground Transportation (0.1%)*** | ***Ground Transportation (0.1%)*** | ***Ground Transportation (0.1%)*** | ***Ground Transportation (0.1%)*** |
|  Avis Budget Car Rental LLC<br>5.375%, 3/1/29§ |  | 131000 |  | 120875 |
|  ***Machinery (0.5%)*** | ***Machinery (0.5%)*** | ***Machinery (0.5%)*** | ***Machinery (0.5%)*** | ***Machinery (0.5%)*** |
|  Deere & Co.<br>5.700%, 1/19/55 |  | 85000 |  | 86821 |
|  Mueller Water Products, Inc.<br>4.000%, 6/15/29§ |  | 186000 |  | 173902 |
|  SPX FLOW, Inc.<br>8.750%, 4/1/30§ |  | 40000 |  | 40298 |
|  Titan International, Inc.<br>7.000%, 4/30/28 |  | 94000 |  | 92590 |
|  |  |  |  | 393611 |
|  ***Passenger Airlines (0.8%)*** | ***Passenger Airlines (0.8%)*** | ***Passenger Airlines (0.8%)*** | ***Passenger Airlines (0.8%)*** | ***Passenger Airlines (0.8%)*** |
|  Allegiant Travel Co.<br>7.250%, 8/15/27§ |  | 170000 |  | 157037 |
|  JetBlue Airways Corp.<br>9.875%, 9/20/31§ |  | 93000 |  | 84863 |
|  Mileage Plus Holdings LLC<br>6.500%, 6/20/27§ |  | 119250 |  | 119223 |
|  United Airlines, Inc.<br>4.625%, 4/15/29§ |  | 228000 |  | 214320 |
|  VistaJet Malta Finance plc<br>7.875%, 5/1/27§ |  | 90000 |  | 87300 |
|  |  |  |  | 662743 |
|  ***Professional Services (0.5%)*** | ***Professional Services (0.5%)*** | ***Professional Services (0.5%)*** | ***Professional Services (0.5%)*** | ***Professional Services (0.5%)*** |
|  Paychex, Inc.<br>5.350%, 4/15/32 |  | 350000 |  | 354927 |
|  ***Trading Companies & Distributors (0.2%)*** | ***Trading Companies & Distributors (0.2%)*** | ***Trading Companies & Distributors (0.2%)*** | ***Trading Companies & Distributors (0.2%)*** | ***Trading Companies & Distributors (0.2%)*** |
|  Alta Equipment Group, Inc.<br>9.000%, 6/1/29§ |  | 75000 |  | 63071 |
|  Beacon Roofing Supply, Inc.<br>6.750%, 4/30/32§ |  | 78000 |  | 78269 |
|  |  |  |  | 141340 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  |  | 3172128 |
|  **Information Technology (2.6%)** | **Information Technology (2.6%)** | **Information Technology (2.6%)** |  |  |
|  ***Communications Equipment (0.6%)*** | ***Communications Equipment (0.6%)*** | ***Communications Equipment (0.6%)*** | ***Communications Equipment (0.6%)*** | ***Communications Equipment (0.6%)*** |
|  Ciena Corp.<br>4.000%, 1/31/30(x)§ |  | 179000 |  | 164904 |
|  CommScope LLC<br>4.750%, 9/1/29§ |  | 144000 |  | 127047 |
|  Viavi Solutions, Inc.<br>3.750%, 10/1/29(x)§ |  | 188000 |  | 171804 |
|  |  |  |  | 463755 |
|  ***Electronic Equipment, Instruments & Components (0.2%)*** | ***Electronic Equipment, Instruments & Components (0.2%)*** | ***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 |  | 25330 |
|  TTM Technologies, Inc.<br>4.000%, 3/1/29§ |  | 175000 |  | 162531 |
|  |  |  |  | 187861 |
|  ***IT Services (0.4%)*** | ***IT Services (0.4%)*** | ***IT Services (0.4%)*** | ***IT Services (0.4%)*** | ***IT Services (0.4%)*** |
|  Arches Buyer, Inc.<br>6.125%, 12/1/28§ |  | 98000 |  | 87710 |
|  Newfold Digital Holdings Group, Inc.<br>11.750%, 10/15/28§ |  | 43000 |  | 26230 |
|  Twilio, Inc.<br>3.625%, 3/15/29 |  | 198000 |  | 184140 |
|  |  |  |  | 298080 |
|  ***Semiconductors & Semiconductor Equipment (0.5%)*** | ***Semiconductors & Semiconductor Equipment (0.5%)*** | ***Semiconductors & Semiconductor Equipment (0.5%)*** | ***Semiconductors & Semiconductor Equipment (0.5%)*** | ***Semiconductors & Semiconductor Equipment (0.5%)*** |
|  Broadcom, Inc.<br>4.150%, 4/15/32§ |  | 240000 |  | 227552 |
|  Micron Technology, Inc.<br>6.050%, 11/1/35 |  | 125000 |  | 126214 |
|  |  |  |  | 353766 |
|  ***Software (0.5%)*** | ***Software (0.5%)*** | ***Software (0.5%)*** | ***Software (0.5%)*** | ***Software (0.5%)*** |
|  Crowdstrike Holdings, Inc.<br>3.000%, 2/15/29(x) |  | 182000 |  | 168736 |
|  Fair Isaac Corp.<br>5.250%, 5/15/26§ |  | 167000 |  | 166374 |
|  SS&C Technologies, Inc.<br>6.500%, 6/1/32§ |  | 29000 |  | 29326 |
|  Synopsys, Inc.<br>5.150%, 4/1/35 |  | 50000 |  | 49995 |
|  |  |  |  | 414431 |
|  ***Technology Hardware, Storage & Peripherals (0.4%)*** | ***Technology Hardware, Storage & Peripherals (0.4%)*** | ***Technology Hardware, Storage & Peripherals (0.4%)*** | ***Technology Hardware, Storage & Peripherals (0.4%)*** | ***Technology Hardware, Storage & Peripherals (0.4%)*** |
|  Dell International LLC<br>5.750%, 2/1/33(x) |  | 155000 |  | 160108 |
|  NetApp, Inc.<br>5.700%, 3/17/35(x) |  | 55000 |  | 55026 |
|  Xerox Holdings Corp.<br>5.000%, 8/15/25§ |  | 124000 |  | 123231 |
|  |  |  |  | 338365 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  |  | 2056258 |
|  **Materials (1.6%)** | **Materials (1.6%)** | **Materials (1.6%)** |  |  |
|  ***Chemicals (0.1%)*** | ***Chemicals (0.1%)*** | ***Chemicals (0.1%)*** | ***Chemicals (0.1%)*** | ***Chemicals (0.1%)*** |
|  Rain Carbon, Inc.<br>12.250%, 9/1/29§ |  | 80000 |  | 81300 |
|  ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** | ***Construction Materials (0.0%)†*** |
|  Knife River Corp.<br>7.750%, 5/1/31§ |  | 12000 |  | 12552 |
|  ***Containers & Packaging (0.4%)*** | ***Containers & Packaging (0.4%)*** | ***Containers & Packaging (0.4%)*** | ***Containers & Packaging (0.4%)*** | ***Containers & Packaging (0.4%)*** |
|  Ball Corp.<br>2.875%, 8/15/30 |  | 18000 |  | 15932 |
|  Crown Americas LLC<br>4.250%, 9/30/26 |  | 186000 |  | 182680 |
|  LABL, Inc.<br>9.500%, 11/1/28§ |  | 19000 |  | 16578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625%, 10/1/31§ |  | 79000 |  | 64582 |
|  |  |  |  | 279772 |
|  ***Metals & Mining (0.9%)*** | ***Metals & Mining (0.9%)*** | ***Metals & Mining (0.9%)*** | ***Metals & Mining (0.9%)*** | ***Metals & Mining (0.9%)*** |
|  Carpenter Technology Corp.<br>7.625%, 3/15/30 |  | 169000 |  | 173974 |
|  JW Aluminum Continuous Cast Co.<br>10.250%, 4/1/30§ |  | 82000 |  | 80253 |

---

See Notes to Financial Statements.

------

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Value**<br> **(Note 1)** | **Value**<br> **(Note 1)** |
|  Novelis Corp.<br>4.750%, 1/30/30§ | $228000 | $| 211497 |
|  Rio Tinto Finance USA plc 5.250%, 3/14/35 | 115000 |  | 115203 |
|  SunCoke Energy, Inc.<br>4.875%, 6/30/29§ | 91000 |  | 83747 |
|  TMS International Corp.<br>6.250%, 4/15/29§ | 43000 |  | 39667 |
|  |  |  | 704341 |
|  ***Paper & Forest Products (0.2%)*** | ***Paper & Forest Products (0.2%)*** | ***Paper & Forest Products (0.2%)*** | ***Paper & Forest Products (0.2%)*** |
|  Louisiana-Pacific Corp.<br>3.625%, 3/15/29§ | 184000 |  | 171120 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 1249085 |
|  **Real Estate (0.8%)** | **Real Estate (0.8%)** |  |  |
|  ***Health Care REITs (0.4%)*** | ***Health Care REITs (0.4%)*** | ***Health Care REITs (0.4%)*** | ***Health Care REITs (0.4%)*** |
|  CTR Partnership LP (REIT)<br>3.875%, 6/30/28§ | 186000 |  | 178095 |
|  MPT Operating Partnership LP (REIT)<br>5.000%, 10/15/27 | 150000 |  | 132938 |
|  |  |  | 311033 |
|  ***Office REITs (0.2%)*** | ***Office REITs (0.2%)*** | ***Office REITs (0.2%)*** | ***Office REITs (0.2%)*** |
|  Brandywine Operating Partnership LP (REIT)<br>8.875%, 4/12/29 | 165000 |  | 172798 |
|  ***Real Estate Management & Development (0.2%)*** | ***Real Estate Management & Development (0.2%)*** | ***Real Estate Management & Development (0.2%)*** | ***Real Estate Management & Development (0.2%)*** |
|  Anywhere Real Estate Group LLC<br>7.000%, 4/15/30(x)§ | 75774 |  | 66901 |
|  Five Point Operating Co. LP<br>10.500%, 1/15/28(e)§ | 73000 |  | 74007 |
|  |  |  | 140908 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  | 624739 |
|  **Utilities (3.1%)** | **Utilities (3.1%)** |  |  |
|  ***Electric Utilities (1.8%)*** | ***Electric Utilities (1.8%)*** | ***Electric Utilities (1.8%)*** | ***Electric Utilities (1.8%)*** |
|  Edison International<br>6.250%, 3/15/30 | 10000 |  | 10094 |
|  Electricite de France SA<br>5.750%, 1/13/35§ | 290000 |  | 294932 |
|  Long Ridge Energy LLC<br>8.750%, 2/15/32§ | 77000 |  | 73150 |
|  NRG Energy, Inc.<br>3.375%, 2/15/29§ | 260000 |  | 240500 |
|  Pacific Gas and Electric Co.<br>5.700%, 3/1/35 | 145000 |  | 142756 |
|  PPL Capital Funding, Inc.<br>5.250%, 9/1/34 | 40000 |  | 39813 |
|  Southwestern Public Service Co.<br>6.000%, 6/1/54 | 130000 |  | 130010 |
|  Virginia Electric and Power Co.<br>5.050%, 8/15/34 | 60000 |  | 59239 |
|  Vistra Operations Co. LLC<br>5.500%, 9/1/26§ | 16000 |  | 15903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 5/1/29§ | 235000 |  | 226018 |
|  XPLR Infrastructure Operating Partners LP<br>7.250%, 1/15/29(x)§ | 195000 |  | 193070 |
|  |  |  | 1425485 |
|  ***Gas Utilities (0.3%)*** | ***Gas Utilities (0.3%)*** | ***Gas Utilities (0.3%)*** | ***Gas Utilities (0.3%)*** |
|  AmeriGas Partners LP<br>9.375%, 6/1/28§ | 126000 |  | 125370 |
|  Suburban Propane Partners LP<br>5.000%, 6/1/31§ | 101000 |  | 92294 |
|  |  |  | 217664 |
|  ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** | ***Independent Power and Renewable Electricity Producers (0.1%)*** |
|  Calpine Corp.<br>4.500%, 2/15/28§ | 16000 |  | 15600 |
|  TransAlta Corp.<br>6.500%, 3/15/40 | 79000 |  | 72087 |
|  |  |  | 87687 |
|  ***Multi-Utilities (0.9%)*** | ***Multi-Utilities (0.9%)*** | ***Multi-Utilities (0.9%)*** | ***Multi-Utilities (0.9%)*** |
|  Dominion Energy, Inc.<br>Series A (US Treasury Yield<br>Curve Rate T Note Constant<br>Maturity 5 Year + 2.39%),<br>6.875%, 2/1/55(k) | 185000 |  | 189696 |
|  Engie SA<br>5.250%, 4/10/29§ | 200000 |  | 203831 |
|  Public Service Enterprise Group, Inc.<br>5.450%, 4/1/34 | 255000 |  | 256956 |
|  |  |  | 650483 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  |  | 2381319 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bonds** |  |  | 30235259 |
|  **Foreign Government Securities (3.7%)** | **Foreign Government Securities (3.7%)** | **Foreign Government Securities (3.7%)** | **Foreign Government Securities (3.7%)** |
|  Argentine Republic<br>4.125%, 7/9/35(e) | 755000 |  | 501320 |
|  Commonwealth of Australia<br>2.750%, 6/21/35(m) | 710000 |  | 401844 |
|  Federative Republic of Brazil<br>6.625%, 3/15/35 | $380000 |  | 379240 |
|  Norway Government Bond<br>3.750%, 6/12/35(m) | 4190000 |  | 398763 |
|  Oriental Republic of Uruguay<br>9.750%, 7/20/33 | 15370000 |  | 367556 |
|  Republic of Turkiye<br>36.000%, 8/12/26 | 17390000 |  | 413125 |
|  Switzerland Government Bond<br>0.250%, 6/23/35(m) | 355000 |  | 428744 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Government Securities** |  |  | 2890592 |
|  **U.S. Treasury Obligations (7.7%)** | **U.S. Treasury Obligations (7.7%)** | **U.S. Treasury Obligations (7.7%)** | **U.S. Treasury Obligations (7.7%)** |
|  U.S. Treasury Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 8/15/54 | $1575000 |  | 1463105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 2/15/55 | 1500000 |  | 1486580 |
|  U.S. Treasury Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 2/28/30 | 1520000 |  | 1537670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 2/15/35 | 1475000 |  | 1527712 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** | &nbsp;&nbsp;&nbsp;&nbsp; **Total U.S. Treasury Obligations** |  | 6015067 |
|  **Total Long-Term Debt Securities (52.1%)**<br> *(Cost $40,541,073)* |  |  | 40576979 |

---

See Notes to Financial Statements.

------

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (3.3%)** | **Communication Services (3.3%)** | **Communication Services (3.3%)** |
|  ***Diversified Telecommunication Services (0.5%)*** | ***Diversified Telecommunication Services (0.5%)*** | ***Diversified Telecommunication Services (0.5%)*** |
|  AT&T, Inc. | 1845 | $51106 |
|  Telstra Group Ltd. | 37126 | 107253 |
|  Verizon Communications, Inc. | 5996 | 264184 |
|  |  | 422543 |
|  ***Entertainment (0.5%)*** | ***Entertainment (0.5%)*** | ***Entertainment (0.5%)*** |
|  HUYA, Inc. (ADR) | 2077 | 7809 |
|  International Games System Co. Ltd. | 406 | 10561 |
|  Netflix, Inc. (s)\* | 126 | 142597 |
|  Nintendo Co. Ltd. | 1900 | 157204 |
|  Walt Disney Co. (The) | 507 | 46112 |
|  XD, Inc. (m)\* | 734 | 3398 |
|  |  | 367681 |
|  ***Interactive Media & Services (1.9%)*** | ***Interactive Media & Services (1.9%)*** | ***Interactive Media & Services (1.9%)*** |
|  Alphabet, Inc., Class A (s) | 1469 | 233277 |
|  Alphabet, Inc., Class C (s) | 3674 | 591110 |
|  Hello Group, Inc. (ADR) | 1076 | 6144 |
|  Meta Platforms, Inc., Class A (s) | 1241 | 681309 |
|  |  | 1511840 |
|  ***Media (0.3%)*** | ***Media (0.3%)*** | ***Media (0.3%)*** |
|  Comcast Corp., Class A | 6253 | 213853 |
|  ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** | ***Wireless Telecommunication Services (0.1%)*** |
|  KDDI Corp. | 5100 | 90011 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 2605928 |
|  **Consumer Discretionary (4.3%)** | **Consumer Discretionary (4.3%)** | **Consumer Discretionary (4.3%)** |
|  ***Automobile Components (0.2%)*** | ***Automobile Components (0.2%)*** | ***Automobile Components (0.2%)*** |
|  Bridgestone Corp. | 2500 | 104752 |
|  Denso Corp. | 4900 | 63315 |
|  Tong Yang Industry Co. Ltd. | 2151 | 8844 |
|  |  | 176911 |
|  ***Automobiles (0.6%)*** | ***Automobiles (0.6%)*** | ***Automobiles (0.6%)*** |
|  Honda Motor Co. Ltd. | 5000 | 50812 |
|  Tesla, Inc. (s)\* | 731 | 206259 |
|  Toyota Motor Corp. | 13100 | 250034 |
|  |  | 507105 |
|  ***Broadline Retail (1.1%)*** | ***Broadline Retail (1.1%)*** | ***Broadline Retail (1.1%)*** |
|  Amazon.com, Inc. (s)\* | 4275 | 788395 |
|  Wesfarmers Ltd. | 2173 | 109015 |
|  |  | 897410 |
|  ***Hotels, Restaurants & Leisure (0.8%)*** | ***Hotels, Restaurants & Leisure (0.8%)*** | ***Hotels, Restaurants & Leisure (0.8%)*** |
|  Atour Lifestyle Holdings Ltd. (ADR) | 290 | 7088 |
|  Booking Holdings, Inc. | 13 | 66291 |
|  Chipotle Mexican Grill, Inc.\* | 863 | 43599 |
|  Kangwon Land, Inc. | 777 | 8855 |
|  Marriott International, Inc., Class A | 192 | 45807 |
|  McDonald's Corp. | 1019 | 325723 |
|  Starbucks Corp. | 1830 | 146491 |
|  |  | 643854 |
|  ***Household Durables (0.1%)*** | ***Household Durables (0.1%)*** | ***Household Durables (0.1%)*** |
|  Cury Construtora e Incorporadora SA | 1800 | 8694 |
|  Lennar Corp., Class A | 391 | 42466 |
|  Merry Electronics Co. Ltd. | 2151 | 7600 |
|  |  | 58760 |
|  ***Specialty Retail (1.0%)*** | ***Specialty Retail (1.0%)*** | ***Specialty Retail (1.0%)*** |
|  CCC SA\* | 170 | 9782 |
|  Foschini Group Ltd. | 914 | 6352 |
|  Grupo SBF SA | 3700 | 6885 |
|  Home Depot, Inc. (The) (s) | 1320 | 475847 |
|  Industria de Diseno Textil SA (x) | 1434 | 76742 |
|  Lojas Renner SA | 3860 | 9883 |
|  Lowe's Cos., Inc. | 247 | 55219 |
|  Mr Price Group Ltd. | 582 | 7417 |
|  O'Reilly Automotive, Inc.\* | 32 | 45286 |
|  Ross Stores, Inc. | 337 | 46843 |
|  Truworths International Ltd. | 1203 | 4805 |
|  |  | 745061 |
|  ***Textiles, Apparel & Luxury Goods (0.5%)*** | ***Textiles, Apparel & Luxury Goods (0.5%)*** | ***Textiles, Apparel & Luxury Goods (0.5%)*** |
|  Cie Financiere Richemont SA (Registered) | 784 | 137973 |
|  LVMH Moet Hennessy Louis Vuitton SE | 329 | 181844 |
|  Makalot Industrial Co. Ltd. | 1066 | 9466 |
|  Mavi Giyim Sanayi ve Ticaret A/S, Class B (m) | 7476 | 6269 |
|  NIKE, Inc., Class B | 222 | 12521 |
|  Xtep International Holdings Ltd. | 11315 | 7747 |
|  |  | 355820 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 3384921 |
|  **Consumer Staples (5.2%)** | **Consumer Staples (5.2%)** | **Consumer Staples (5.2%)** |
|  ***Beverages (1.3%)*** | ***Beverages (1.3%)*** | ***Beverages (1.3%)*** |
|  Anadolu Efes Biracilik ve Malt Sanayii A/S, Class B | 899 | 3727 |
|  Coca-Cola Co. (The) | 4987 | 361807 |
|  Constellation Brands, Inc., Class A | 188 | 35258 |
|  Diageo plc | 3362 | 93733 |
|  Keurig Dr Pepper, Inc. | 2475 | 85610 |
|  Kirin Holdings Co. Ltd. | 6300 | 95130 |
|  Monster Beverage Corp.\* | 837 | 50320 |
|  PepsiCo, Inc. | 1820 | 246756 |
|  |  | 972341 |
|  ***Consumer Staples Distribution & Retail (0.7%)*** | ***Consumer Staples Distribution & Retail (0.7%)*** | ***Consumer Staples Distribution & Retail (0.7%)*** |
|  Costco Wholesale Corp. (s) | 107 | 106412 |
|  Koninklijke Ahold Delhaize NV | 2103 | 86099 |
|  Kroger Co. (The) | 1084 | 78276 |
|  Sysco Corp. | 1388 | 99103 |
|  Target Corp. | 396 | 38293 |
|  Tesco plc | 13704 | 67702 |
|  Walmart, Inc. (s) | 1063 | 103377 |
|  |  | 579262 |
|  ***Food Products (0.9%)*** | ***Food Products (0.9%)*** | ***Food Products (0.9%)*** |
|  AVI Ltd. | 1234 | 5997 |
|  Danone SA | 1480 | 127356 |
|  General Mills, Inc. | 2069 | 117395 |
|  Mondelez International, Inc., Class A | 1892 | 128902 |
|  Nestle SA (Registered) | 3113 | 330932 |
|  Samyang Foods Co. Ltd. | 16 | 10918 |
|  Tiger Brands Ltd. | 289 | 4505 |
|  |  | 726005 |

---

See Notes to Financial Statements.

------

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Household Products (1.1%)*** | ***Household Products (1.1%)*** | ***Household Products (1.1%)*** |
|  Church & Dwight Co., Inc. | 424 | $42120 |
|  Colgate-Palmolive Co. | 1795 | 165481 |
|  Kimberly-Clark Corp. | 722 | 95145 |
|  Procter & Gamble Co. (The) (s) | 2814 | 457472 |
|  Reckitt Benckiser Group plc | 1278 | 82401 |
|  |  | 842619 |
|  ***Personal Care Products (0.3%)*** | ***Personal Care Products (0.3%)*** | ***Personal Care Products (0.3%)*** |
|  Kenvue, Inc. | 3042 | 71791 |
|  Unilever plc | 2750 | 174414 |
|  VT Co. Ltd.\* | 203 | 5469 |
|  |  | 251674 |
|  ***Tobacco (0.9%)*** | ***Tobacco (0.9%)*** | ***Tobacco (0.9%)*** |
|  Altria Group, Inc. | 2204 | 130367 |
|  British American Tobacco plc | 2572 | 111332 |
|  Japan Tobacco, Inc. | 2500 | 77056 |
|  Philip Morris International, Inc. | 2140 | 366710 |
|  |  | 685465 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 4057366 |
|  **Energy (3.0%)** | **Energy (3.0%)** | **Energy (3.0%)** |
|  ***Energy Equipment & Services (0.7%)*** | ***Energy Equipment & Services (0.7%)*** | ***Energy Equipment & Services (0.7%)*** |
|  Helmerich & Payne, Inc. | 13270 | 250670 |
|  NOV, Inc. | 18468 | 214414 |
|  Schlumberger NV | 969 | 32219 |
|  |  | 497303 |
|  ***Oil, Gas & Consumable Fuels (2.3%)*** | ***Oil, Gas & Consumable Fuels (2.3%)*** | ***Oil, Gas & Consumable Fuels (2.3%)*** |
|  Chevron Corp. | 2166 | 294706 |
|  ConocoPhillips | 2322 | 206937 |
|  EOG Resources, Inc. | 301 | 33209 |
|  Exxon Mobil Corp. (s) | 5601 | 591634 |
|  Kinder Morgan, Inc. | 3260 | 85738 |
|  Occidental Petroleum Corp. | 984 | 38779 |
|  ONEOK, Inc. | 870 | 71479 |
|  Phillips 66 | 700 | 72842 |
|  Suncor Energy, Inc. | 2100 | 74169 |
|  Targa Resources Corp. | 270 | 46143 |
|  TotalEnergies SE | 2959 | 171494 |
|  Williams Cos., Inc. (The) | 788 | 46153 |
|  Woodside Energy Group Ltd. | 6008 | 79816 |
|  |  | 1813099 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 2310402 |
|  **Financials (5.2%)** | **Financials (5.2%)** | **Financials (5.2%)** |
|  ***Banks (1.3%)*** | ***Banks (1.3%)*** | ***Banks (1.3%)*** |
|  Alior Bank SA | 341 | 9225 |
|  Banco del Bajio SA (m) | 2159 | 5181 |
|  Bank of America Corp. | 1751 | 69830 |
|  BNK Financial Group, Inc. | 1275 | 9283 |
|  Citigroup, Inc. | 655 | 44789 |
|  Citizens Financial Group, Inc. | 1311 | 48363 |
|  DBS Group Holdings Ltd. | 2400 | 78003 |
|  Fifth Third Bancorp | 1894 | 68071 |
|  Huntington Bancshares, Inc. | 2803 | 40728 |
|  JB Financial Group Co. Ltd. | 739 | 8874 |
|  JPMorgan Chase & Co. (s) | 652 | 159492 |
|  M&T Bank Corp. | 366 | 62132 |
|  Oversea-Chinese Banking Corp. Ltd. | 6000 | 74190 |
|  PNC Financial Services Group, Inc. (The) | 546 | 87737 |
|  United Overseas Bank Ltd. | 2400 | 63652 |
|  US Bancorp | 2165 | 87336 |
|  Wells Fargo & Co. | 902 | 64051 |
|  |  | 980937 |
|  ***Capital Markets (1.5%)*** | ***Capital Markets (1.5%)*** | ***Capital Markets (1.5%)*** |
|  3i Group plc | 1722 | 97167 |
|  Bank of New York Mellon Corp. (The) | 1898 | 152618 |
|  Blackrock, Inc. | 208 | 190166 |
|  Blackstone, Inc. | 1113 | 146593 |
|  CME Group, Inc. | 512 | 141865 |
|  Goldman Sachs Group, Inc. (The) | 117 | 64063 |
|  Hong Kong Exchanges & Clearing Ltd. | 1800 | 79096 |
|  Intercontinental Exchange, Inc. | 259 | 43504 |
|  KIWOOM Securities Co. Ltd. | 104 | 10023 |
|  KKR & Co., Inc. | 295 | 33710 |
|  Morgan Stanley | 386 | 44552 |
|  S&P Global, Inc. | 91 | 45505 |
|  Samsung Securities Co. Ltd. | 288 | 10576 |
|  State Street Corp. | 868 | 76471 |
|  XTB SA (m) | 492 | 10673 |
|  |  | 1146582 |
|  ***Consumer Finance (0.1%)*** | ***Consumer Finance (0.1%)*** | ***Consumer Finance (0.1%)*** |
|  American Express Co. | 172 | 45823 |
|  Capital One Financial Corp. | 243 | 43803 |
|  FinVolution Group (ADR) | 932 | 7372 |
|  |  | 96998 |
|  ***Financial Services (0.6%)*** | ***Financial Services (0.6%)*** | ***Financial Services (0.6%)*** |
|  Berkshire Hathaway, Inc., Class B (s)\* | 386 | 205835 |
|  Fiserv, Inc.\* | 209 | 38575 |
|  Genertec Universal Medical Group Co. Ltd. (m) | 13000 | 8599 |
|  Mastercard, Inc., Class A (s) | 165 | 90430 |
|  Visa, Inc., Class A (s) | 367 | 126798 |
|  |  | 470237 |
|  ***Insurance (1.7%)*** | ***Insurance (1.7%)*** | ***Insurance (1.7%)*** |
|  Aflac, Inc. | 937 | 101833 |
|  Allianz SE (Registered) | 544 | 224384 |
|  Allstate Corp. (The) | 113 | 22418 |
|  Anadolu Anonim Turk Sigorta Sirketi | 2706 | 6147 |
|  AXA SA\* | 3411 | 160633 |
|  Chubb Ltd. | 63 | 18023 |
|  Manulife Financial Corp. | 2400 | 73553 |
|  MetLife, Inc. | 1596 | 120291 |
|  Momentum Group Ltd. | 5476 | 9998 |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)\* | 219 | 149253 |
|  Progressive Corp. (The) | 191 | 53812 |
|  Prudential Financial, Inc. | 334 | 34305 |
|  Swiss Re AG | 568 | 101681 |
|  Tokio Marine Holdings, Inc. | 2400 | 95812 |
|  Travelers Cos., Inc. (The) | 102 | 26941 |
|  Zurich Insurance Group AG | 223 | 157358 |
|  |  | 1356442 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 4051196 |

---

See Notes to Financial Statements.

------

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  **Health Care (4.7%)** | **Health Care (4.7%)** | **Health Care (4.7%)** |
|  ***Biotechnology (1.0%)*** | ***Biotechnology (1.0%)*** | ***Biotechnology (1.0%)*** |
|  3SBio, Inc. (m)\* | 5686 | $8768 |
|  AbbVie, Inc. | 2361 | 460631 |
|  Amgen, Inc. | 629 | 182989 |
|  Gilead Sciences, Inc. | 424 | 45173 |
|  Hugel, Inc.\* | 13 | 3343 |
|  Seegene, Inc. | 508 | 9399 |
|  Vertex Pharmaceuticals, Inc.\* | 98 | 49931 |
|  |  | 760234 |
|  ***Health Care Equipment & Supplies (0.6%)*** | ***Health Care Equipment & Supplies (0.6%)*** | ***Health Care Equipment & Supplies (0.6%)*** |
|  Abbott Laboratories | 447 | 58445 |
|  Becton Dickinson & Co. | 163 | 33756 |
|  Boston Scientific Corp.\* | 564 | 58019 |
|  Intuitive Surgical, Inc.\* | 103 | 53127 |
|  Medtronic plc | 2088 | 176979 |
|  Solventum Corp.\* | 1 | 66 |
|  Stryker Corp. | 102 | 38140 |
|  Zimmer Biomet Holdings, Inc. | 395 | 40705 |
|  |  | 459237 |
|  ***Health Care Providers & Services (0.4%)*** | ***Health Care Providers & Services (0.4%)*** | ***Health Care Providers & Services (0.4%)*** |
|  Cencora, Inc. | 178 | 52095 |
|  Cigna Group (The) | 120 | 40805 |
|  CVS Health Corp. | 1146 | 76450 |
|  Elevance Health, Inc. | 42 | 17664 |
|  KPJ Healthcare Bhd. | 14500 | 9678 |
|  MLP Saglik Hizmetleri A/S, Class B (m)\* | 532 | 4512 |
|  UnitedHealth Group, Inc. (s) | 216 | 88871 |
|  |  | 290075 |
|  ***Life Sciences Tools & Services (0.1%)*** | ***Life Sciences Tools & Services (0.1%)*** | ***Life Sciences Tools & Services (0.1%)*** |
|  Danaher Corp. | 190 | 37873 |
|  Thermo Fisher Scientific, Inc. | 110 | 47190 |
|  |  | 85063 |
|  ***Pharmaceuticals (2.6%)*** | ***Pharmaceuticals (2.6%)*** | ***Pharmaceuticals (2.6%)*** |
|  AstraZeneca plc | 1738 | 248485 |
|  Bristol-Myers Squibb Co. | 719 | 36094 |
|  Eli Lilly & Co. (s) | 193 | 173497 |
|  Johnson & Johnson | 3013 | 470962 |
|  Merck & Co., Inc. | 3135 | 267102 |
|  Novartis AG (Registered) | 2333 | 265114 |
|  Pfizer, Inc. | 6545 | 159763 |
|  Roche Holding AG | 849 | 277017 |
|  Sanofi SA | 1244 | 135149 |
|  Simcere Pharmaceutical Group Ltd. (m) | 5320 | 6009 |
|  |  | 2039192 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 3633801 |
|  **Industrials (3.5%)** | **Industrials (3.5%)** | **Industrials (3.5%)** |
|  ***Aerospace & Defense (0.4%)*** | ***Aerospace & Defense (0.4%)*** | ***Aerospace & Defense (0.4%)*** |
|  BAE Systems plc | 4609 | 106540 |
|  Embraer SA\* | 750 | 8612 |
|  GE Aerospace (s) | 327 | 65904 |
|  General Dynamics Corp. | 41 | 11157 |
|  Lockheed Martin Corp. | 236 | 112749 |
|  RTX Corp. | 247 | 31154 |
|  |  | 336116 |
|  ***Air Freight & Logistics (0.3%)*** | ***Air Freight & Logistics (0.3%)*** | ***Air Freight & Logistics (0.3%)*** |
|  Deutsche Post AG | 2385 | 101346 |
|  United Parcel Service, Inc., Class B | 1206 | 114932 |
|  |  | 216278 |
|  ***Building Products (0.3%)*** | ***Building Products (0.3%)*** | ***Building Products (0.3%)*** |
|  Carrier Global Corp. | 517 | 32333 |
|  China Lesso Group Holdings Ltd. | 15386 | 8193 |
|  Cie de Saint-Gobain SA | 1045 | 113056 |
|  Johnson Controls International plc | 1027 | 86165 |
|  |  | 239747 |
|  ***Commercial Services & Supplies (0.0%)†*** | ***Commercial Services & Supplies (0.0%)†*** | ***Commercial Services & Supplies (0.0%)†*** |
|  KEPCO Plant Service & Engineering Co. Ltd. | 331 | 10269 |
|  ***Construction & Engineering (0.3%)*** | ***Construction & Engineering (0.3%)*** | ***Construction & Engineering (0.3%)*** |
|  Acter Group Corp. Ltd. | 1076 | 13508 |
|  IJM Corp. Bhd. | 10100 | 5314 |
|  Quanta Services, Inc. | 128 | 37464 |
|  Vinci SA | 1063 | 147637 |
|  |  | 203923 |
|  ***Electrical Equipment (0.1%)*** | ***Electrical Equipment (0.1%)*** | ***Electrical Equipment (0.1%)*** |
|  Cheryong Electric Co. Ltd. | 92 | 2016 |
|  Eaton Corp. plc | 170 | 50043 |
|  |  | 52059 |
|  ***Ground Transportation (0.5%)*** | ***Ground Transportation (0.5%)*** | ***Ground Transportation (0.5%)*** |
|  CSX Corp. | 1422 | 39916 |
|  Norfolk Southern Corp. | 331 | 74161 |
|  Uber Technologies, Inc.\* | 738 | 59785 |
|  Union Pacific Corp. | 917 | 197760 |
|  |  | 371622 |
|  ***Industrial Conglomerates (0.4%)*** | ***Industrial Conglomerates (0.4%)*** | ***Industrial Conglomerates (0.4%)*** |
|  3M Co. | 751 | 104321 |
|  CJ Corp. | 81 | 7083 |
|  Honeywell International, Inc. | 202 | 42521 |
|  Siemens AG (Registered) | 770 | 176160 |
|  |  | 330085 |
|  ***Machinery (0.6%)*** | ***Machinery (0.6%)*** | ***Machinery (0.6%)*** |
|  Caterpillar, Inc. | 155 | 47937 |
|  Cummins, Inc. | 240 | 70521 |
|  Deere & Co. | 109 | 50528 |
|  HD Hyundai MIPO | 44 | 5160 |
|  Hyundai Rotem Co. Ltd. | 125 | 9866 |
|  Ingersoll Rand, Inc. | 467 | 35226 |
|  Marcopolo SA (Preference) (q) | 6600 | 8176 |
|  Otis Worldwide Corp. | 388 | 37353 |
|  PACCAR, Inc. | 797 | 71897 |
|  Randon SA Implementos e Participacoes (Preference) (q) | 2532 | 4015 |
|  Sunonwealth Electric Machine Industry Co. Ltd. | 2732 | 7355 |
|  Volvo AB, Class B | 4307 | 117016 |
|  |  | 465050 |
|  ***Professional Services (0.3%)*** | ***Professional Services (0.3%)*** | ***Professional Services (0.3%)*** |
|  Automatic Data Processing, Inc. | 135 | 40581 |

---

See Notes to Financial Statements.

------

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Paychex, Inc. | 962 | $| 141529 |
|  Verisk Analytics, Inc. | 148 |  | 43872 |
|  |  |  | 225982 |
|  ***Trading Companies & Distributors (0.3%)*** | ***Trading Companies & Distributors (0.3%)*** | ***Trading Companies & Distributors (0.3%)*** | ***Trading Companies & Distributors (0.3%)*** |
|  Fastenal Co. | 1025 |  | 82994 |
|  ITOCHU Corp. (x) | 1700 |  | 86582 |
|  Mitsui & Co. Ltd. | 4100 |  | 83101 |
|  |  |  | 252677 |
|  ***Transportation Infrastructure (0.0%)†*** | ***Transportation Infrastructure (0.0%)†*** | ***Transportation Infrastructure (0.0%)†*** | ***Transportation Infrastructure (0.0%)†*** |
|  TAV Havalimanlari Holding A/S\* | 580 |  | 3443 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 2707251 |
|  **Information Technology (5.4%)** | **Information Technology (5.4%)** | **Information Technology (5.4%)** | **Information Technology (5.4%)** |
|  ***Communications Equipment (0.4%)*** | ***Communications Equipment (0.4%)*** | ***Communications Equipment (0.4%)*** | ***Communications Equipment (0.4%)*** |
|  Arcadyan Technology Corp. | 1152 |  | 8500 |
|  Cisco Systems, Inc. | 5612 |  | 323981 |
|  |  |  | 332481 |
|  ***Electronic Equipment, Instruments & Components (0.4%)*** | ***Electronic Equipment, Instruments & Components (0.4%)*** | ***Electronic Equipment, Instruments & Components (0.4%)*** | ***Electronic Equipment, Instruments & Components (0.4%)*** |
|  Amphenol Corp., Class A | 871 |  | 67023 |
|  Asia Optical Co., Inc. | 808 |  | 3410 |
|  Corning, Inc. | 1365 |  | 60579 |
|  Dynapack International Technology Corp.\* | 1373 |  | 7427 |
|  Kyocera Corp. | 8000 |  | 94671 |
|  Primax Electronics Ltd. | 3227 |  | 7517 |
|  Taiwan Surface Mounting Technology Corp. | 2253 |  | 7185 |
|  TE Connectivity plc | 324 |  | 47427 |
|  Tripod Technology Corp. | 1347 |  | 7728 |
|  TXC Corp. | 2985 |  | 8260 |
|  |  |  | 311227 |
|  ***IT Services (0.5%)*** | ***IT Services (0.5%)*** | ***IT Services (0.5%)*** | ***IT Services (0.5%)*** |
|  Accenture plc, Class A (s) | 193 |  | 57736 |
|  Cognizant Technology Solutions Corp., Class A | 478 |  | 35166 |
|  International Business Machines Corp. | 1264 |  | 305661 |
|  |  |  | 398563 |
|  ***Semiconductors & Semiconductor Equipment (1.8%)*** | ***Semiconductors & Semiconductor Equipment (1.8%)*** | ***Semiconductors & Semiconductor Equipment (1.8%)*** | ***Semiconductors & Semiconductor Equipment (1.8%)*** |
|  Advanced Micro Devices, Inc.\* | 437 |  | 42542 |
|  Analog Devices, Inc. | 182 |  | 35476 |
|  Applied Materials, Inc. (s) | 284 |  | 42802 |
|  Broadcom, Inc. (s) | 1036 |  | 199399 |
|  DB HiTek Co. Ltd. | 73 |  | 1969 |
|  Elan Microelectronics Corp. | 1433 |  | 5870 |
|  Everlight Electronics Co. Ltd. | 3464 |  | 8296 |
|  Fitipower Integrated Technology, Inc. | 1345 |  | 9231 |
|  Foxsemicon Integrated Technology, Inc. | 1078 |  | 9235 |
|  ITE Technology, Inc. | 1613 |  | 6531 |
|  Lam Research Corp. | 637 |  | 45654 |
|  Microchip Technology, Inc. | 1105 |  | 50918 |
|  NVIDIA Corp. (s) | 5845 |  | 636637 |
|  Pixart Imaging, Inc. | 1091 |  | 7300 |
|  QUALCOMM, Inc. | 333 |  | 49437 |
|  Radiant Opto-Electronics Corp. | 1613 |  | 7464 |
|  Raydium Semiconductor Corp. | 539 |  | 5486 |
|  Sigurd Microelectronics Corp. | 3510 |  | 7913 |
|  Sitronix Technology Corp. | 1076 |  | 7149 |
|  Texas Instruments, Inc. | 1248 |  | 199742 |
|  |  |  | 1379051 |
|  ***Software (1.5%)*** | ***Software (1.5%)*** | ***Software (1.5%)*** | ***Software (1.5%)*** |
|  Adobe, Inc.\* | 125 |  | 46872 |
|  Intuit, Inc. | 91 |  | 57100 |
|  Microsoft Corp. (s) | 1723 |  | 681033 |
|  Oracle Corp. (s) | 391 |  | 55022 |
|  Palantir Technologies, Inc., Class A\* | 742 |  | 87882 |
|  Palo Alto Networks, Inc.\* | 219 |  | 40938 |
|  Salesforce, Inc. | 260 |  | 69865 |
|  ServiceNow, Inc.\* | 70 |  | 66851 |
|  Synopsys, Inc.\* | 94 |  | 43147 |
|  Tuya, Inc. (ADR) | 1310 |  | 3078 |
|  |  |  | 1151788 |
|  ***Technology Hardware, Storage & Peripherals (0.8%)*** | ***Technology Hardware, Storage & Peripherals (0.8%)*** | ***Technology Hardware, Storage & Peripherals (0.8%)*** | ***Technology Hardware, Storage & Peripherals (0.8%)*** |
|  Apple, Inc. (s) | 2487 |  | 528488 |
|  Chicony Electronics Co. Ltd. | 2161 |  | 10405 |
|  Getac Holdings Corp.\* | 1613 |  | 5396 |
|  HP, Inc. | 1919 |  | 49069 |
|  |  |  | 593358 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 4166468 |
|  **Materials (1.2%)** | **Materials (1.2%)** | **Materials (1.2%)** | **Materials (1.2%)** |
|  ***Chemicals (0.6%)*** | ***Chemicals (0.6%)*** | ***Chemicals (0.6%)*** | ***Chemicals (0.6%)*** |
|  Air Products and Chemicals, Inc. | 293 |  | 79429 |
|  Akzo Nobel NV | 1506 |  | 94789 |
|  Dow, Inc. | 1383 |  | 42306 |
|  Hyosung TNC Corp. | 5 |  | 835 |
|  KCC Corp. | 35 |  | 6143 |
|  Linde plc | 113 |  | 51215 |
|  LyondellBasell Industries NV, Class A | 1346 |  | 78351 |
|  PPG Industries, Inc. | 354 |  | 38537 |
|  Sherwin-Williams Co. (The) | 97 |  | 34233 |
|  Sinofert Holdings Ltd.\* | 52000 |  | 7845 |
|  |  |  | 433683 |
|  ***Construction Materials (0.1%)*** | ***Construction Materials (0.1%)*** | ***Construction Materials (0.1%)*** | ***Construction Materials (0.1%)*** |
|  GCC SAB de CV | 476 |  | 4000 |
|  Holcim AG | 1055 |  | 117087 |
|  |  |  | 121087 |
|  ***Metals & Mining (0.5%)*** | ***Metals & Mining (0.5%)*** | ***Metals & Mining (0.5%)*** | ***Metals & Mining (0.5%)*** |
|  Agnico Eagle Mines Ltd. | 1000 |  | 117532 |
|  Anglo American plc | 1894 |  | 51215 |
|  EVERGREEN Steel Corp. | 1882 |  | 4855 |
|  Glencore plc | 19911 |  | 64852 |
|  Nucor Corp. | 304 |  | 36288 |
|  Rio Tinto plc | 1658 |  | 98262 |
|  |  |  | 373004 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 927774 |
|  **Real Estate (2.0%)** | **Real Estate (2.0%)** | **Real Estate (2.0%)** | **Real Estate (2.0%)** |
|  ***Diversified REITs (0.0%)†*** | ***Diversified REITs (0.0%)†*** | ***Diversified REITs (0.0%)†*** | ***Diversified REITs (0.0%)†*** |
|  Gladstone Commercial Corp. (REIT) | 478 |  | 6754 |
|  ***Health Care REITs (0.3%)*** | ***Health Care REITs (0.3%)*** | ***Health Care REITs (0.3%)*** | ***Health Care REITs (0.3%)*** |
|  American Healthcare REIT, Inc. (REIT) | 866 |  | 27955 |

---

See Notes to Financial Statements.

------

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  CareTrust REIT, Inc. (REIT) | 944 | $| 27631 |
|  Healthpeak Properties, Inc. (REIT) | 1761 |  | 31416 |
|  National Health Investors, Inc. (REIT) | 340 |  | 25728 |
|  Omega Healthcare Investors, Inc. (REIT) | 785 |  | 30654 |
|  Welltower, Inc. (REIT) | 381 |  | 58137 |
|  |  |  | 201521 |
|  ***Hotel & Resort REITs (0.1%)*** | ***Hotel & Resort REITs (0.1%)*** | ***Hotel & Resort REITs (0.1%)*** | ***Hotel & Resort REITs (0.1%)*** |
|  Invincible Investment Corp. (REIT) | 58 |  | 23933 |
|  Summit Hotel Properties, Inc. (REIT) | 4100 |  | 16687 |
|  |  |  | 40620 |
|  ***Industrial REITs (0.2%)*** | ***Industrial REITs (0.2%)*** | ***Industrial REITs (0.2%)*** | ***Industrial REITs (0.2%)*** |
|  Americold Realty Trust, Inc. (REIT) | 1419 |  | 27443 |
|  First Industrial Realty Trust, Inc. (REIT) | 520 |  | 24742 |
|  Goodman Group (REIT) | 341 |  | 6548 |
|  Industrial & Infrastructure Fund Investment Corp. (REIT) | 30 |  | 24507 |
|  Plymouth Industrial REIT, Inc. (REIT) | 685 |  | 10186 |
|  Prologis, Inc. (REIT) | 768 |  | 78490 |
|  Warehouses De Pauw CVA (REIT)\* | 289 |  | 7360 |
|  |  |  | 179276 |
|  ***Office REITs (0.1%)*** | ***Office REITs (0.1%)*** | ***Office REITs (0.1%)*** | ***Office REITs (0.1%)*** |
|  COPT Defense Properties (REIT) | 416 |  | 10862 |
|  Nippon Building Fund, Inc. (REIT) | 24 |  | 22257 |
|  Orix JREIT, Inc. (REIT) | 21 |  | 26408 |
|  |  |  | 59527 |
|  ***Real Estate Management & Development (0.4%)*** | ***Real Estate Management & Development (0.4%)*** | ***Real Estate Management & Development (0.4%)*** | ***Real Estate Management & Development (0.4%)*** |
|  Advancetek Enterprise Co. Ltd. | 2736 |  | 6159 |
|  Azrieli Group Ltd. | 356 |  | 25905 |
|  CK Asset Holdings Ltd. | 7100 |  | 29066 |
|  Daiwa House Industry Co. Ltd. | 2800 |  | 100951 |
|  Howard Hughes Holdings, Inc.\* | 35 |  | 2329 |
|  Hulic Co. Ltd. | 1900 |  | 19807 |
|  International Workplace Group plc | 10817 |  | 26655 |
|  Multiplan Empreendimentos Imobiliarios SA\* | 2000 |  | 9050 |
|  Onewo, Inc., Class H | 2700 |  | 7467 |
|  Poly Property Services Co. Ltd., Class H (m) | 2263 |  | 9031 |
|  PSP Swiss Property AG (Registered) | 166 |  | 29545 |
|  Sirius Real Estate Ltd. (REIT) | 22072 |  | 27194 |
|  Starts Corp., Inc. | 700 |  | 18996 |
|  Sun Hung Kai Properties Ltd. | 500 |  | 4748 |
|  Sunac Services Holdings Ltd. (m) | 35127 |  | 8334 |
|  UOL Group Ltd. | 5900 |  | 26065 |
|  |  |  | 351302 |
|  ***Residential REITs (0.2%)*** | ***Residential REITs (0.2%)*** | ***Residential REITs (0.2%)*** | ***Residential REITs (0.2%)*** |
|  American Homes 4 Rent (REIT), Class A | 860 |  | 32155 |
|  AvalonBay Communities, Inc. (REIT) | 287 |  | 60264 |
|  Boardwalk REIT (REIT) | 450 |  | 21221 |
|  Centerspace (REIT) | 376 |  | 22695 |
|  Ingenia Communities Group (REIT) | 677 |  | 2407 |
|  UMH Properties, Inc. (REIT) | 1485 |  | 26240 |
|  |  |  | 164982 |
|  ***Retail REITs (0.3%)*** | ***Retail REITs (0.3%)*** | ***Retail REITs (0.3%)*** | ***Retail REITs (0.3%)*** |
|  CBL & Associates Properties, Inc. (REIT) | 829 |  | 19456 |
|  Frontier Real Estate Investment Corp. (REIT) | 43 |  | 23849 |
|  Getty Realty Corp. (REIT) | 829 |  | 23204 |
|  NNN REIT, Inc. (REIT) | 701 |  | 28818 |
|  Phillips Edison & Co., Inc. (REIT) | 734 |  | 25470 |
|  Realty Income Corp. (REIT) | 631 |  | 36510 |
|  Tanger, Inc. (REIT) | 796 |  | 25082 |
|  Whitestone REIT (REIT) | 1721 |  | 22442 |
|  |  |  | 204831 |
|  ***Specialized REITs (0.4%)*** | ***Specialized REITs (0.4%)*** | ***Specialized REITs (0.4%)*** | ***Specialized REITs (0.4%)*** |
|  Equinix, Inc. (REIT) | 135 |  | 116201 |
|  Iron Mountain, Inc. (REIT) | 425 |  | 38110 |
|  Keppel DC REIT (REIT) | 16585 |  | 27428 |
|  Lamar Advertising Co. (REIT), Class A | 267 |  | 30387 |
|  Millrose Properties, Inc. (REIT) | 218 |  | 5459 |
|  National Storage REIT (REIT) | 17474 |  | 25744 |
|  Public Storage (REIT) | 142 |  | 42661 |
|  Safestore Holdings plc (REIT) | 2238 |  | 18775 |
|  |  |  | 304765 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  | 1513578 |
|  **Utilities (1.7%)** | **Utilities (1.7%)** | **Utilities (1.7%)** | **Utilities (1.7%)** |
|  ***Electric Utilities (1.3%)*** | ***Electric Utilities (1.3%)*** | ***Electric Utilities (1.3%)*** | ***Electric Utilities (1.3%)*** |
|  American Electric Power Co., Inc. | 1599 |  | 173236 |
|  Duke Energy Corp. | 1215 |  | 148254 |
|  Entergy Corp. | 871 |  | 72441 |
|  Eversource Energy | 647 |  | 38484 |
|  Fortis, Inc. | 2100 |  | 103995 |
|  Hydro One Ltd. (m) | 2500 |  | 96184 |
|  Iberdrola SA | 10266 |  | 184856 |
|  NextEra Energy, Inc. | 3056 |  | 204385 |
|  |  |  | 1021835 |
|  ***Multi-Utilities (0.4%)*** | ***Multi-Utilities (0.4%)*** | ***Multi-Utilities (0.4%)*** | ***Multi-Utilities (0.4%)*** |
|  DTE Energy Co. | 519 |  | 71103 |
|  National Grid plc | 7249 |  | 104626 |
|  Sempra | 1141 |  | 84742 |
|  |  |  | 260471 |
|  ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** | ***Water Utilities (0.0%)†*** |
|  Cia de Saneamento de Minas Gerais Copasa MG | 1100 |  | 4150 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  |  | 1286456 |
|  **Total Common Stocks (39.5%)** <br> *(Cost $31,142,806)* | **Total Common Stocks (39.5%)** <br> *(Cost $31,142,806)* |  | 30645141 |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |
|  **Equity (0.3%)** | **Equity (0.3%)** | **Equity (0.3%)** | **Equity (0.3%)** |
|  iShares MSCI India Small-Cap ETF (x) <br>*(Cost $268,382)* | 3264 |  | 226946 |
|  SHORT-TERM INVESTMENTS: | SHORT-TERM INVESTMENTS: |  |  |
|  **Investment Companies (1.4%)** | **Investment Companies (1.4%)** |  |  |
|  Invesco Government & Agency Portfolio, Institutional Shares 4.26% (7 day yield) (xx) | 1074892 |  | 1074892 |

---

See Notes to Financial Statements.

------

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  **U.S. Treasury Obligations (7.0%)** | **U.S. Treasury Obligations (7.0%)** |  |
|  U.S. Treasury Bills<br>4.17%, 7/15/25 (p) | $5550000 | $5501554 |
|  **Total Short-Term Investments (8.4%)**<br> *(Cost $6,576,225)* | **Total Short-Term Investments (8.4%)**<br> *(Cost $6,576,225)* | 6576446 |
|  **Total Investments in Securities (100.3%)**<br> *(Cost $78,528,486)* | **Total Investments in Securities (100.3%)**<br> *(Cost $78,528,486)* | 78025512 |
|  **Other Assets Less Liabilities (-0.3%)** | **Other Assets Less Liabilities (-0.3%)** | (270881) |
|  **Net Assets (100%)** |  | $77754631 |

---

*\** *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 April 30, 2025, the market value of these securities amounted to $20,404,779 or 26.2% of net assets.*  |

---

*(e)* *Step Bond - Coupon rate increases or decreases in increments to maturity. Rate disclosed is as of April 30, 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 April 30, 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 April 30, 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 April 30, 2025, the market value or fair value, as applicable, of these securities amounted to $1,614,530 or 2.1% of net assets.* 

*(p)* *Yield to maturity.* 

*(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 $4,030,743.* 

*(x)* *All or a portion of security is on loan at April 30, 2025.* 

*(xx)* *At April 30, 2025, the Fund had loaned securities with a total value of $1,176,377. This was collateralized by $142,384 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.250%, maturing 6/30/25 – 2/15/55 and by cash of $1,074,892 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

*(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 April 30, 2025.* 

*Glossary:* 

*ADR* *— American Depositary Receipt* 

*AUD* *— Australian Dollar* 

*CHF* *— Swiss Franc* 

*CLO* *— Collateralized Loan Obligation* 

*CVA* *— Dutch Certification* 

*ICE* *— Intercontinental Exchange* 

*ICE IBA* *— ICE Benchmark Administration Limited* 

*NOK* *— Norwegian Krone* 

*REIT* *— Real Estate Investment Trust* 

*SOFR* *— Secured Overnight Financing Rate* 

*TRY* *— Turkish Lira* 

*USD* *— United States Dollar* 

*UYU* *— Uruguayan Peso* 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Country Diversification**<br> As a Percentage of Total Net Assets | &nbsp;&nbsp;&nbsp; **Country Diversification**<br> As a Percentage of Total Net Assets |
| &nbsp;&nbsp;&nbsp; Argentina | 0.6 |
| &nbsp;&nbsp;&nbsp; Australia | 1.3 |
| &nbsp;&nbsp;&nbsp; Belgium | 0 |
| &nbsp;&nbsp;&nbsp; Brazil | 1 |
| &nbsp;&nbsp;&nbsp; Canada | 2.1 |
| &nbsp;&nbsp;&nbsp; Cayman Islands | 1.5 |
| &nbsp;&nbsp;&nbsp; China | 0.1 |
| &nbsp;&nbsp;&nbsp; France | 2.8 |
| &nbsp;&nbsp;&nbsp; Germany | 1.4 |
| &nbsp;&nbsp;&nbsp; Guatemala | 0.3 |
| &nbsp;&nbsp;&nbsp; Hong Kong | 0.1 |
| &nbsp;&nbsp;&nbsp; Ireland | 0.3 |
| &nbsp;&nbsp;&nbsp; Israel | 0 |
| &nbsp;&nbsp;&nbsp; Italy | 0.8 |
| &nbsp;&nbsp;&nbsp; Japan | 2.2 |
| &nbsp;&nbsp;&nbsp; Malaysia | 0 |
| &nbsp;&nbsp;&nbsp; Mexico | 0.3 |
| &nbsp;&nbsp;&nbsp; Netherlands | 0.2 |
| &nbsp;&nbsp;&nbsp; Norway | 0.5 |
| &nbsp;&nbsp;&nbsp; Poland | 0 |
| &nbsp;&nbsp;&nbsp; Saudi Arabia | 0.3 |
| &nbsp;&nbsp;&nbsp; Singapore | 0.3 |
| &nbsp;&nbsp;&nbsp; South Africa | 0.1 |
| &nbsp;&nbsp;&nbsp; South Korea | 0.2 |
| &nbsp;&nbsp;&nbsp; Spain | 1.4 |
| &nbsp;&nbsp;&nbsp; Sweden | 0.2 |
| &nbsp;&nbsp;&nbsp; Switzerland | 2 |
| &nbsp;&nbsp;&nbsp; Taiwan | 0.3 |
| &nbsp;&nbsp;&nbsp; Turkiye | 0.6 |
| &nbsp;&nbsp;&nbsp; United Kingdom | 3.1 |
| &nbsp;&nbsp;&nbsp; United States | 75.8 |
| &nbsp;&nbsp;&nbsp; Uruguay | 0.5 |
| &nbsp;&nbsp;&nbsp; Cash and Other | (0.3) |
|  | 100 |

---

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

See Notes to Financial Statements.

------

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

Written Call Options Contracts as of April 30, 2025 (Note 1):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Number of<br>Contracts** | **Notional<br>Amount** | **Exercise Price** | **Expiration<br>Date** | **Value<br>($)** |
|  S&P 500 Index | Exchange Traded | 18 | USD (1800) | USD 5,275.00 | 5/16/2025 | (461880) |
|  Total Written Options Contracts (Premiums Received ($317573)) | Total Written Options Contracts (Premiums Received ($317573)) | Total Written Options Contracts (Premiums Received ($317573)) | Total Written Options Contracts (Premiums Received ($317573)) | Total Written Options Contracts (Premiums Received ($317573)) | Total Written Options Contracts (Premiums Received ($317573)) | (461880) |

---

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 April 30, 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** | $— | $1376648 | $— | $1376648 |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | 2237501 | 368427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 2605928 |
|  Consumer Discretionary | 2333297 | 1051624 |  | 3384921 |
|  Consumer Staples | 2780595 | 1276771 |  | 4057366 |
|  Energy | 2059092 | 251310 |  | 2310402 |
|  Financials | 2686569 | 1364627 |  | 4051196 |
|  Health Care | 2666327 | 967474 |  | 3633801 |
|  Industrials | 1703606 | 1003645 |  | 2707251 |
|  Information Technology | 3929525 | 236943 |  | 4166468 |
|  Materials | 481891 | 445883 |  | 927774 |
|  Real Estate | 958980 | 554598 |  | 1513578 |
|  Utilities | 996974 | 289482 |  | 1286456 |
|  **Convertible Bonds** |  |  |  |  |
|  Industrials |  | 59413 |  | 59413 |
|  **Corporate Bonds** |  |  |  |  |
|  Communication Services |  | 3005079 |  | 3005079 |
|  Consumer Discretionary |  | 3305007 |  | 3305007 |
|  Consumer Staples |  | 882339 |  | 882339 |
|  Energy |  | 2374243 |  | 2374243 |
|  Financials |  | 10486992 |  | 10486992 |
|  Health Care |  | 698070 |  | 698070 |
|  Industrials |  | 3172128 |  | 3172128 |
|  Information Technology |  | 2056258 |  | 2056258 |
|  Materials |  | 1249085 |  | 1249085 |
|  Real Estate |  | 624739 |  | 624739 |
|  Utilities |  | 2381319 |  | 2381319 |
|  **Exchange Traded Fund** | 226946 |  |  | 226946 |
|  **Foreign Government Securities** |  | 2890592 |  | 2890592 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Company | 1074892 |  |  | 1074892 |
|  U.S. Treasury Obligation |  | 5501554 |  | 5501554 |
|  **U.S. Treasury Obligations** |  | 6015067 |  | 6015067 |
|  **Total Assets** | $**24136195** | $**53889317** | $**—** | $**78025512** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  **Options Written** |  |  |  |  |
|  Call Options Written | $(461880) | $— | $— | $(461880) |
|  **Total Liabilities** | $**(461880)** | $**—** | $**—** | $**(461880)** |
|  **Total** | $**23674315** | $**53889317** | $**—** | $**77563632** |

---

See Notes to Financial Statements.

------

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **Derivatives Contracts^** | **Liability Derivatives** | **Fair Value** |
|  Equity contracts | Payables, Net assets – Unrealized depreciation | $(461880) |
|  **Total** |  | $(461880) |

---

The Effect of Derivative Instruments on the Statement of Operations for the six months ended April 30, 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 | $981864 | $981864 |
|  **Total** | $981864 | $981864 |

---

---

| | | |
|:---|:---|:---|
| **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>Written** | **Total** |
|  Equity contracts | $(317592) | $(317592) |
|  **Total** | $(317592) | $(317592) |

---

^ 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 written | $230000 |

---

Investment security transactions for the six months ended April 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $74767377 |
|  Long-term U.S. government debt securities | 7484632 |
|  | $82252009 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $76030791 |
|  Long-term U.S. government debt securities | 3890638 |
|  | $79921429 |

---

As of April 30, 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 | $2231597 |
|  Aggregate gross unrealized depreciation | (3476489) |
|  Net unrealized depreciation | $(1244892) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $78808524 |

---

For the six months ended April 30, 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

#### April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) (Cost $78,528,486) | $78025512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 1443379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $85,598) | 86244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for securities sold | 1198441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 656689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Fund shares sold | 49898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid registration and filing fees | 26052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 1496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 20139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 81507850 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 1724696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 1074892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written, at value (Premiums received $317,573) | 461880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker | 250272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and distributions payable | 147943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Fund shares repurchased | 15912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 9417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees payable | 6260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 4093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class A | 1008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class R | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 56617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 3753219 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $77754631 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $78431821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (677190) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $77754631 |
|  **Class A** |  |
|  Net asset value and redemption price per share, $4,989,345 / 488,896 shares outstanding (unlimited amount authorized: $0.001 par value) | $10.21 |
|  Maximum sales charge (4.50% of offering price) | 0.48 |
|  Maximum offering price per share | $10.69 |
|  **Class I** |  |
|  Net asset value, offering and redemption price per share, $72,533,231 / 7,099,867 shares outstanding (unlimited amount authorized: $0.001 par value) | $10.22 |
|  **Class R** |  |
|  Net asset value, offering and redemption price per share, $232,055 / 22,758 shares outstanding (unlimited amount authorized: $0.001 par value) | $10.20 |

---

*(x)* *Includes value of securities on loan of $1,176,377.* 

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

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest (net of $33,858 foreign withholding tax) | $1392548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $18,746 foreign withholding tax) | 409071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 12430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 1814049 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 242342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 55926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 46380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 44671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 31736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees | 17605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 15016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Licensing fees | 14867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class A | 6461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 1231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class R | 564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 16703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 493502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment adviser | (188308) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 305194 |
|  **NET INVESTMENT INCOME (LOSS)** | 1508855 |
|  **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 | 2657802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net distributions of realized gain received from underlying funds | 29182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (74695) |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | 981864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 3594153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (4055199) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 4824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | (317592) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (4367967) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | (773814) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $735041 |

---

See Notes to Financial Statements.

------

#### 1290 FUNDS
1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **Year Ended<br>October 31, 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) | $1508855 | $2719265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 3594153 | 1684877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (4367967) | 4796971 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 735041 | 9201113 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (383973) | (267367) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (5066074) | (3098457) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | (15596) | (9496) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (5465643) | (3375320) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 68,663 and 149,459 shares, respectively ] | 723935 | 1567603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 35,281 and 24,746 shares, respectively ] | 366789 | 259660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (95544) and (172778) shares, respectively ] | (984968) | (1815861) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class A transactions | 105756 | 11402 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 980,539 and 1,735,979 shares, respectively ] | 10243089 | 18401348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 168,451 and 62,355 shares, respectively ] | 1752240 | 663366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (310571) and (358005) shares, respectively ] | (3157508) | (3817026) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class I transactions | 8837821 | 15247688 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,709 and 2,847 shares, respectively ] | 17682 | 30001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 762 and 407 shares, respectively ] | 7918 | 4284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (22) and (46) shares, respectively ] | (226) | (496) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class R transactions | 25374 | 33789 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 8968951 | 15292879 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 4238349 | 21118672 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 73516282 | 52397610 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $77754631 | $73516282 |

---

See Notes to Financial Statements.

------

#### 1290 FUNDS
1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| **Class A** | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.86 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.85 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.94 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.54 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.20 | 0.43 | 0.46 | 0.16 | 0.07 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.09) | 1.13 | 0.10 | (1.46) | 1.91 | 0.70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.11 | 1.56 | 0.56 | (1.30) | 1.98 | 0.82 |
| &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; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.19) | (0.41) | (0.45) | (0.24) | (0.12) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.57) | (0.14) | (0.20) | (1.06) | (0.79) | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.76) | (0.55) | (0.65) | (1.30) | (0.91) | (0.58) |
|  Net asset value, end of period | $10.21 | $10.86 | $9.85 | $9.94 | $12.54 | $11.47 |
|  Total return (b) | 1.04% | 16.13% | 5.53% | (11.35) | 18.12% | 7.64% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $4989 | $5219 | $4717 | $4469 | $5104 | $3520 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.05% | 1.05% | 1.05% | 1.14 | 1.16 %(k) | 1.16 %(k) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.55% | 1.60% | 1.58% | 1.68 | 1.48% | 1.61% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 3.80% | 4.04% | 4.55% | 1.52 | 0.59 %(x) | 1.05 %(x) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 3.30% | 3.49% | 4.01% | 0.98 | 0.28 %(x) | 0.60 %(x) |
|  Portfolio turnover rate^ | 111 %(z) | 136% | 202% | 255 | 106% | 131% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| **Class I** | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $10.87 | $9.86 | $9.95 | $12.57 | $11.49 | $11.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.21 | 0.45 | 0.49 | 0.18 | 0.10 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.08) | 1.14 | 0.09 | (1.45) | 1.92 | 0.70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.13 | 1.59 | 0.58 | (1.27) | 2.02 | 0.85 |
| &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; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.21) | (0.44) | (0.47) | (0.29) | (0.15) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.57) | (0.14) | (0.20) | (1.06) | (0.79) | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.78) | (0.58) | (0.67) | (1.35) | (0.94) | (0.61) |
|  Net asset value, end of period | $10.22 | $10.87 | $9.86 | $9.95 | $12.57 | $11.49 |
|  Total return (b) | 1.16% | 16.40% | 5.77% | (11.10) | 18.47% | 7.89% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **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;72533 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68077 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47512 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46354 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70007 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62303 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 0.80% | 0.80% | 0.80% | 0.89 | 0.91 %(k) | 0.91 %(k) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.31% | 1.36% | 1.33% | 1.40 | 1.23% | 1.36% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 4.07% | 4.28% | 4.80% | 1.66 | 0.85 %(x) | 1.35 %(x) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 3.56% | 3.71% | 4.27% | 1.15 | 0.53 %(x) | 0.89 %(x) |
|  Portfolio turnover rate^ | 111 %(z) | 136% | 202% | 255 | 106% | 131% |

---

See Notes to Financial Statements.

------

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

FINANCIAL HIGHLIGHTS (Continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| **Class R** | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.85 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.84 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.94 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.51 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.44 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.18 | 0.40 | 0.44 | 0.13 | 0.04 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.08) | 1.14 | 0.08 | (1.45) | 1.92 | 0.70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.10 | 1.54 | 0.52 | (1.32) | 1.96 | 0.79 |
| &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; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.18) | (0.39) | (0.42) | (0.19) | (0.10) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.57) | (0.14) | (0.20) | (1.06) | (0.79) | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.75) | (0.53) | (0.62) | (1.25) | (0.89) | (0.56) |
|  Net asset value, end of period | $10.20 | $10.85 | $9.84 | $9.94 | $12.51 | $11.44 |
|  Total return (b) | 0.91% | 15.86% | 5.18% | (11.52) | 17.87% | 7.30% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $232 | $220 | $168 | $168 | $199 | $179 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 1.30% | 1.30% | 1.30% | 1.39 | 1.41 %(k) | 1.41 %(k) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 1.81% | 1.86% | 1.83% | 1.93 | 1.73% | 1.86% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers (a)(f) | 3.57% | 3.78% | 4.30% | 1.26 | 0.35 %(x) | 0.84 %(x) |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers (a)(f) | 3.06% | 3.22% | 3.77% | 0.72 | 0.03 %(x) | 0.39 %(x) |
|  Portfolio turnover rate^ | 111 %(z) | 136% | 202% | 255 | 106% | 131% |

---

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

*(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.* 

*(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.* 

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

See Notes to Financial Statements.

------

1290 MULTI-ALTERNATIVE STRATEGIES FUND

PORTFOLIO OF INVESTMENTS

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |
|  **Alternatives (27.4%)** | **Alternatives (27.4%)** | **Alternatives (27.4%)** |
|  iMGP DBi Managed Futures Strategy ETF | 88890 | $2245361 |
|  NYLI Merger Arbitrage ETF\* | 89770 | 3101554 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Alternatives** |  | 5346915 |
|  **Commodity (16.8%)** | **Commodity (16.8%)** | **Commodity (16.8%)** |
|  Invesco DB Agriculture Fund | 30740 | 824139 |
|  Invesco DB Energy Fund | 46750 | 793773 |
|  Invesco DB Precious Metals Fund | 22750 | 1673490 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Commodity** |  | 3291402 |
|  **Equity (25.5%)** | **Equity (25.5%)** | **Equity (25.5%)** |
|  iShares Core U.S. REIT ETF | 21720 | 1215017 |
|  JPMorgan Equity Premium Income ETF | 29700 | 1651023 |
|  JPMorgan Nasdaq Equity Premium Income ETF (x) | 17090 | 877400 |
|  Vanguard Global ex-U.S. Real Estate ETF | 29150 | 1250535 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 4993975 |
|  **Fixed Income (29.3%)** | **Fixed Income (29.3%)** | **Fixed Income (29.3%)** |
|  iShares Convertible Bond ETF | 35030 | 2969143 |
|  Vanguard Short-Term Inflation-Protected Securities ETF | 55090 | 2766069 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 5735212 |
|  **Total Investments in Securities (99.0%)**<br> *(Cost $18,465,036)* | **Total Investments in Securities (99.0%)**<br> *(Cost $18,465,036)* | 19367504 |
|  **Other Assets Less Liabilities (1.0%)** | **Other Assets Less Liabilities (1.0%)** | 196519 |
|  **Net Assets (100%)** |  | $19564023 |

---

*\** *Non-income producing.* 

*(x)* *All or a portion of security is on loan at April 30, 2025, the Fund had loaned securities with a total value of $292,638. This was collateralized by $303,782 of various U.S. Government Treasury Securities, ranging from 0.125% - 6.250%, maturing 10/15/25 - 8/15/49.* 

*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 April 30, 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 | $19367504 | $— | $— | $19367504 |
|  **Total Assets** | $**19367504** | $**—** | $**—** | $**19367504** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**19367504** | $**—** | $**—** | $**19367504** |

---

The Fund held no derivatives contracts during the six months ended April 30, 2025.

Investment security transactions for the six months ended April 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $5673649.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $2454073.0 |

---

See Notes to Financial Statements.

------

1290 MULTI-ALTERNATIVE STRATEGIES FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

As of April 30, 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 | $1193231 |
|  Aggregate gross unrealized depreciation | (627147) |
|  Net unrealized appreciation | $566084 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $18801420 |

---

See Notes to Financial Statements.

------

1290 MULTI-ALTERNATIVE STRATEGIES FUND

#### STATEMENT OF ASSETS AND LIABILITIES

#### April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) (Cost $18,465,036) | $19367504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 170978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Fund shares sold | 34115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid registration and filing fees | 15186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 19590566 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees payable | 3304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 1210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Fund shares repurchased | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable - Class R | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable - Class A | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 21787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 26543 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $19564023 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $20264885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (700862) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $19564023 |
|  **Class A** |  |
|  Net asset value and redemption price per share, $301,659 / 31,544 shares outstanding (unlimited amount authorized: $0.001 par value) | $9.56 |
|  Maximum sales charge (5.50% of offering price) | 0.56 |
|  Maximum offering price per share | $10.12 |
|  **Class I** |  |
|  Net asset value, offering and redemption price per share, $19,102,349 / 1,995,591 shares outstanding (unlimited amount authorized: $0.001 par value) | $9.57 |
|  **Class R** |  |
|  Net asset value, offering and redemption price per share, $160,015 / 16,812 shares outstanding (unlimited amount authorized: $0.001 par value) | $9.52 |

---

*(x)* *Includes value of securities on loan of $292,638.* 

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

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $332265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 3079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 1126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 336470 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 44015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 22885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 15916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees | 15708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 13205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 7448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 2076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees - Class R | 398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees - Class A | 384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 4403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 126723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment adviser | (51117) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 75606 |
|  **NET INVESTMENT INCOME (LOSS)** | 260864 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | 116582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities | (71058) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 45524 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $306388 |

---

See Notes to Financial Statements.

------

#### 1290 FUNDS
1290 MULTI-ALTERNATIVE STRATEGIES FUND

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **Year Ended<br>October 31, 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) | $260864 | $385153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 116582 | (304110) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (71058) | 1843854 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 306388 | 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 [ 10 and 1,160 shares, respectively ] | 95 | 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 [ (1748) and (7754) shares, respectively ] | (16521) | (70366) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class A transactions | (13593) | (52066) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 496,661 and 294,087 shares, respectively ] | 4738734 | 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 [ (178892) and (189080) shares, respectively ] | (1706331) | (1693723) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class I transactions | 3140764 | 1142618 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 678 and 3,216 shares, respectively ] | 6441 | 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 [ (656) and (52) shares, respectively ] | (6187) | (474) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class R transactions | 943 | 30280 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | 3128114 | 1120832 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 3175641 | 2576822 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 16388382 | 13811560 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $19564023 | $16388382 |

---

See Notes to Financial Statements.

------

#### 1290 FUNDS
1290 MULTI-ALTERNATIVE STRATEGIES FUND

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| **Class A** | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $9.53 | $8.65 | $8.74 | $11.27 | $9.92 | $10.32 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.14 | 0.22 | 0.09 | 0.15 | 0.26 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.01 | 0.93 | 0.04 | (1.65) | 1.15 | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.15 | 1.15 | 0.13 | (1.50) | 1.41 | (0.20) |
| &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; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.12) | (0.27) | (0.22) | (0.16) | (0.06) | (0.20) |
| &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) | (0.20) |
|  Net asset value, end of period | $9.56 | $9.53 | $8.65 | $8.74 | $11.27 | $9.92 |
|  Total return (b) | 1.63% | 13.62% | 1.48% | (14.28)% | 14.24% | (2.01) |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $302 | $314 | $335 | $440 | $670 | $556 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 1.10% | 1.10% | 1.10% | 1.10% | 1.13 %(j) | 1.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | 1.68% | 1.88% | 2.01% | 1.86% | 1.78% | 1.97 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 2.87% | 2.42% | 1.07% | 1.55% | 2.34 %(x) | 1.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | 2.28% | 1.64% | 0.16% | 0.79% | 1.69 %(x) | 0.12 |
|  Portfolio turnover rate^ | 14 %(z) | 34% | 66% | 26% | 66% | 15 |
|  | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| **Class I** | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $9.55 | $8.66 | $8.76 | $11.29 | $9.94 | $10.34 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.14 | 0.24 | 0.11 | 0.17 | 0.27 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.03 | 0.94 | 0.03 | (1.64) | 1.16 | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.17 | 1.18 | 0.14 | (1.47) | 1.43 | (0.18) |
| &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; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.15) | (0.29) | (0.24) | (0.19) | (0.08) | (0.22) |
| &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) | (0.22) |
|  Net asset value, end of period | $9.57 | $9.55 | $8.66 | $8.76 | $11.29 | $9.94 |
|  Total return (b) | 1.76% | 14.00% | 1.63% | (14.04)% | 14.48% | (1.76) |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **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;19102 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15916 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13361 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12070 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16054 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13776 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 0.85% | 0.85% | 0.85% | 0.85% | 0.88 %(j) | 0.81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | 1.43% | 1.64% | 1.78% | 1.61% | 1.53% | 1.71 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 2.97% | 2.59% | 1.22% | 1.75% | 2.45 %(x) | 1.36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | 2.39% | 1.80% | 0.29% | 0.99% | 1.80 %(x) | 0.46 |
|  Portfolio turnover rate^ | 14 %(z) | 34% | 66% | 26% | 66% | 15 |

---

See Notes to Financial Statements.

------

1290 MULTI-ALTERNATIVE STRATEGIES FUND

FINANCIAL HIGHLIGHTS (Continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| **Class R** | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $9.48 | $8.60 | $8.70 | $11.21 | $9.87 | $10.27 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.12 | 0.19 | 0.07 | 0.12 | 0.21 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.02 | 0.94 | 0.03 | (1.62) | 1.16 | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.14 | 1.13 | 0.10 | (1.50) | 1.37 | (0.23) |
| &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; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.10) | (0.25) | (0.20) | (0.14) | (0.03) | (0.17) |
| &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) | (0.17) |
|  Net asset value, end of period | $9.52 | $9.48 | $8.60 | $8.70 | $11.21 | $9.87 |
|  Total return (b) | 1.50% | 13.42% | 1.10% | (14.39)% | 13.95% | (2.27) |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **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;160 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 1.35% | 1.35% | 1.35% | 1.35% | 1.38 %(j) | 1.31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | 1.93% | 2.14% | 2.27% | 2.11% | 2.03% | 2.23 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 2.58% | 2.05% | 0.77% | 1.25% | 1.96 %(x) | 0.65 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | 2.00% | 1.26% | (0.15)% | 0.48% | 1.31 %(x) | (0.26) |
|  Portfolio turnover rate^ | 14 %(z) | 34% | 66% | 26% | 66% | 15 |

---

*\*\** *Includes Tax expense of 0.01%.* 

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

*(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.* 

*(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.* 

*(k)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.66% for Class A, 1.41% for Class I and 1.91% 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.* 

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

See Notes to Financial Statements.

------

1290 RETIREMENT 2020 FUND

PORTFOLIO OF INVESTMENTS

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |
|  **Equity (42.0%)** | **Equity (42.0%)** | **Equity (42.0%)** |
|  Invesco S&P 500 Low Volatility ETF | 866 | $63071 |
|  Invesco S&P Emerging Markets Low Volatility ETF | 76 | 1899 |
|  Invesco S&P International Developed Low Volatility ETF | 1135 | 36388 |
|  Invesco S&P MidCap Low Volatility ETF | 593 | 35592 |
|  Invesco S&P SmallCap Low Volatility ETF | 231 | 10330 |
|  iShares Core MSCI EAFE ETF | 910 | 71626 |
|  iShares Core MSCI Emerging Markets ETF | 69 | 3738 |
|  iShares Core S&P Total U.S. Stock Market ETF | 1578 | 190922 |
|  iShares MSCI EAFE Min Vol Factor ETF | 446 | 36764 |
|  iShares MSCI Emerging Markets Min Vol Factor ETF | 31 | 1845 |
|  iShares MSCI USA Min Vol Factor ETF | 691 | 63945 |
|  SPDR SSGA US Small Cap Low Volatility Index ETF | 85 | 10120 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 526240 |
|  **Fixed Income (57.7%)** | **Fixed Income (57.7%)** | **Fixed Income (57.7%)** |
|  iShares Broad USD High Yield Corporate Bond ETF | 1310 | 47946 |
|  iShares Core U.S. Aggregate Bond ETF | 4068 | 402813 |
|  iShares TIPS Bond ETF | 990 | 109415 |
|  Vanguard Short-Term Bond ETF | 1294 | 101941 |
|  Vanguard Total International Bond ETF | 1200 | 59460 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 721575 |
|  **Total Investments in<br>Securities (99.7%)**<br> *(Cost $1,143,553)* |  | 1247815 |
|  **Other Assets Less Liabilities (0.3%)** | **Other Assets Less Liabilities (0.3%)** | 4246 |
|  **Net Assets (100%)** |  | $1252061 |

---

*Glossary:* 

*TIPS* *— Treasury Inflation Protected Security* 

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 April 30, 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 | $1247815 | $— | $— | $1247815 |
|  **Total Assets** | $**1247815** | $**—** | $**—** | $**1247815** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**1247815** | $**—** | $**—** | $**1247815** |

---

The Fund held no derivatives contracts during the six months ended April 30, 2025.

Investment security transactions for the six months ended April 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $41501 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5199259 |

---

See Notes to Financial Statements.

------

1290 RETIREMENT 2020 FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

As of April 30, 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 | $105742 |
|  Aggregate gross unrealized depreciation | (69385) |
|  Net unrealized appreciation | $36357 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1211458 |

---

See Notes to Financial Statements.

------

1290 RETIREMENT 2020 FUND

#### STATEMENT OF ASSETS AND LIABILITIES

#### April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value<br>(Cost $1,143,553) | $1247815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 8338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid registration and filing fees | 7884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from investment adviser | 2524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1268241 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued professional fees | 12193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees payable | 1017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 2907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 16180 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $1252061 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $1064199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 187862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1252061 |
|  **Class I** |  |
|  Net asset value, offering and redemption price per share, $1,252,061 / 120,242 shares outstanding (unlimited amount authorized: $0.001 par value) | $10.41 |

---

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

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $57257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 57956 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees | 17415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 9096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 8210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 7083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 4422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 2463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 1217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 2334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 52303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment adviser | (10673) |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | (32443) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 9187 |
|  **NET INVESTMENT INCOME (LOSS)** | 48769 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | 142390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities | (85903) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 56487 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $105256 |

---

See Notes to Financial Statements.

------

#### 1290 FUNDS
1290 RETIREMENT 2020 FUND

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **Year Ended<br>October 31, 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) | $48769 | $169925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 142390 | 185590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (85903) | 732170 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 105256 | 1087685 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (346560) | (261255) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 4,910 and 68,814 shares, respectively ] | 51745 | 710608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 25,285 and 21,409 shares, respectively ] | 260429 | 215378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (495579) and (201280) shares, respectively ] | (5173791) | (2085580) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (4861617) | (1159594) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (5102921) | (333164) |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 6354982 | 6688146 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $1252061 | $6354982 |

---

See Notes to Financial Statements.

------

#### 1290 FUNDS
1290 RETIREMENT 2020 FUND

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class I** | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| **Class I** | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $10.85 | $9.60 | $10.33 | $12.61 | $11.30 | $11.57 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.16 | 0.27 | 0.22 | 0.25 | 0.17 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.11 | 1.36 | 0.07 | (1.91) | 1.60 | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.27 | 1.63 | 0.29 | (1.66) | 1.77 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.32) | (0.25) | (0.27) | (0.15) | (0.20) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.39) | (0.13) | (0.75) | (0.47) | (0.26) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.71) | (0.38) | (1.02) | (0.62) | (0.46) | (0.39) |
|  Net asset value, end of period | $10.41 | $10.85 | $9.60 | $10.33 | $12.61 | $11.30 |
|  Total return (b) | 2.62% | 17.31% | 2.52% | (13.85)% | 15.99% | 1.03 |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $1252 | $6355 | $6688 | $7905 | $12810 | $12168 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 0.56 %(j) | 0.56 %(j) | 0.55 %(j) | 0.55 %(j) | 0.54 %(j) | 0.53 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | 3.19% | 2.42% | 2.18% | 1.86% | 1.60% | 1.93 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f)(x) | 2.97% | 2.56% | 2.21% | 2.18% | 1.38% | 1.95 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f)(x) | 0.34% | 0.70% | 0.59% | 0.87% | 0.31% | 0.56 |
|  Portfolio turnover rate^ | 1 %(z) | 7% | 5% | 13% | 17% | 32 |

---

*\*\** *Includes tax expense of less than 0.005%.* 

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

*(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.* 

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

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

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

See Notes to Financial Statements.

------

1290 RETIREMENT 2025 FUND

PORTFOLIO OF INVESTMENTS

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |
|  **Equity (53.3%)** | **Equity (53.3%)** | **Equity (53.3%)** |
|  Invesco S&P 500 Low Volatility ETF | 116 | $8448 |
|  Invesco S&P Emerging Markets Low Volatility ETF | 47 | 1175 |
|  Invesco S&P International Developed Low Volatility ETF | 145 | 4649 |
|  Invesco S&P MidCap Low Volatility ETF | 75 | 4502 |
|  Invesco S&P SmallCap Low Volatility ETF | 49 | 2191 |
|  iShares Core MSCI EAFE ETF | 119 | 9366 |
|  iShares Core MSCI Emerging Markets ETF | 43 | 2329 |
|  iShares Core S&P Total U.S. Stock Market ETF | 222 | 26860 |
|  iShares MSCI EAFE Min Vol Factor ETF | 55 | 4534 |
|  iShares MSCI Emerging Markets Min Vol Factor ETF | 18 | 1071 |
|  iShares MSCI USA Min Vol Factor ETF | 92 | 8514 |
|  SPDR SSGA US Small Cap Low Volatility Index ETF | 19 | 2262 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 75901 |
|  **Fixed Income (49.1%)** | **Fixed Income (49.1%)** | **Fixed Income (49.1%)** |
|  iShares Broad USD High Yield Corporate Bond ETF | 146 | 5344 |
|  iShares Core U.S. Aggregate Bond ETF | 425 | 42083 |
|  iShares TIPS Bond ETF | 95 | 10499 |
|  Vanguard Short-Term Bond ETF | 84 | 6618 |
|  Vanguard Total International Bond ETF | 108 | 5351 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 69895 |
|  **Total Investments in Securities (102.4%)**<br> *(Cost $143,349)* |  | 145796 |
|  **Other Assets Less Liabilities (-2.4%)** | **Other Assets Less Liabilities (-2.4%)** | (3428) |
|  **Net Assets (100%)** |  | $142368 |

---

*Glossary:* 

*TIPS* *— Treasury Inflation Protected Security* 

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 April 30, 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 | $145796 | $— | $— | $145796 |
|  **Total Assets** | $**145796** | $**—** | $**—** | $**145796** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**145796** | $**—** | $**—** | $**145796** |

---

The Fund held no derivatives contracts during the six months ended April 30, 2025.

Investment security transactions for the six months ended April 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $220678.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $17190030.0 |

---

As of April 30, 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 | $3616 |
|  Aggregate gross unrealized depreciation | (210472) |
|  Net unrealized depreciation | $(206856) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $352652 |

---

See Notes to Financial Statements.

------

1290 RETIREMENT 2025 FUND

#### STATEMENT OF ASSETS AND LIABILITIES

#### April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value<br>(Cost $143,349) | $145796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 3715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid registration and filing fees | 8083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from investment adviser | 1580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 159452 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued professional fees | 12814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued filing fees | 1728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees payable | 1019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 1429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 17084 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $142368 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $(1001864) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 1144232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $142368 |
|  **Class I** |  |
|  Net asset value, offering and redemption price per share, $142,368 / 12,384 shares outstanding (unlimited amount authorized: $0.001 par value) | $11.50 |

---

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

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $143882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 144710 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 19604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees | 18011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 9906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 6757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 5882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 5401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 1476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 2816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 70012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment adviser | (25486) |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | (22887) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 21639 |
|  **NET INVESTMENT INCOME (LOSS)** | 123071 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | 1346090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities | (1192951) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 153139 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $276210 |

---

See Notes to Financial Statements.

------

#### 1290 FUNDS
1290 RETIREMENT 2025 FUND

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **Year Ended<br>October 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $123071 | $397684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1346090 | 445972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (1192951) | 2023444 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 276210 | 2867100 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (882517) | (673799) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 24,999 and 439,009 shares, respectively ] | 285358 | 4841457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 78,045 and 62,574 shares, respectively ] | 881911 | 673299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1535773) and (503345) shares, respectively ] | (17396280) | (5597497) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (16229011) | (82741) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (16835318) | 2110560 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 16977686 | 14867126 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $142368 | $16977686 |

---

See Notes to Financial Statements.

------

#### 1290 FUNDS
1290 RETIREMENT 2025 FUND

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| **Class I** | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $11.75 | $10.28 | $10.68 | $13.13 | $11.42 | $11.81 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.18 | 0.27 | 0.22 | 0.23 | 0.17 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.23 | 1.67 | 0.11 | (2.00) | 1.96 | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.41 | 1.94 | 0.33 | (1.77) | 2.13 | 0.06 |
| &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; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.30) | (0.25) | (0.25) | (0.17) | (0.20) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.36) | (0.22) | (0.48) | (0.51) | (0.22) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.66) | (0.47) | (0.73) | (0.68) | (0.42) | (0.45) |
|  Net asset value, end of period | $11.50 | $11.75 | $10.28 | $10.68 | $13.13 | $11.42 |
|  Total return (b) | 3.60% | 19.26% | 2.94% | (14.20)% | 19.05% | 0.47 |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $142 | $16978 | $14867 | $16597 | $23581 | $20456 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 0.55 %(j) | 0.55 %(j) | 0.55 %(j) | 0.55 %(j) | 0.54 %(j) | 0.54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | 1.79% | 1.33% | 1.35% | 1.26% | 1.18% | 1.43 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f)(x) | 3.14% | 2.42% | 2.11% | 2.00% | 1.33% | 1.88 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f)(x) | 1.91% | 1.63% | 1.31% | 1.29% | 0.68% | 0.99 |
|  Portfolio turnover rate^ | 3 %(z) | 23% | 12% | 7% | 17% | 34 |

---

*\*\** *Includes tax expense of less than 0.005%.* 

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

*(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.* 

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

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

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

See Notes to Financial Statements.

------

1290 RETIREMENT 2030 FUND

PORTFOLIO OF INVESTMENTS

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |
|  **Equity (61.3%)** | **Equity (61.3%)** | **Equity (61.3%)** |
|  Invesco S&P 500 Low Volatility ETF | 1526 | $111139 |
|  Invesco S&P Emerging Markets Low Volatility ETF | 614 | 15344 |
|  Invesco S&P International Developed Low Volatility ETF | 2085 | 66845 |
|  Invesco S&P MidCap Low Volatility ETF | 1016 | 60980 |
|  Invesco S&P SmallCap Low Volatility ETF | 620 | 27726 |
|  iShares Core MSCI EAFE ETF | 1649 | 129793 |
|  iShares Core MSCI Emerging Markets ETF | 553 | 29956 |
|  iShares Core S&P Total U.S. Stock Market ETF | 2853 | 345185 |
|  iShares MSCI EAFE Min Vol Factor ETF | 810 | 66768 |
|  iShares MSCI Emerging Markets Min Vol Factor ETF | 252 | 14997 |
|  iShares MSCI USA Min Vol Factor ETF | 1223 | 113176 |
|  SPDR SSGA US Small Cap Low Volatility Index ETF | 227 | 27026 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 1008935 |
|  **Fixed Income (37.8%)** | **Fixed Income (37.8%)** | **Fixed Income (37.8%)** |
|  iShares Broad USD High Yield Corporate Bond ETF | 704 | 25766 |
|  iShares Core U.S. Aggregate Bond ETF | 4475 | 443114 |
|  iShares TIPS Bond ETF | 851 | 94053 |
|  Vanguard Short-Term Bond ETF | 424 | 33403 |
|  Vanguard Total International Bond ETF | 537 | 26608 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 622944 |
|  **Total Investments in Securities (99.1%)**<br> *(Cost $1,552,857)* | **Total Investments in Securities (99.1%)**<br> *(Cost $1,552,857)* | 1631879 |
|  **Other Assets Less Liabilities (0.9%)** | **Other Assets Less Liabilities (0.9%)** | 14450 |
|  **Net Assets (100%)** |  | $1646329 |

---

*Glossary:* 

*TIPS* *— Treasury Inflation Protected Security* 

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 April 30, 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 | $1631879 | $— | $— | $1631879 |
|  **Total Assets** | $**1631879** | $**—** | $**—** | $**1631879** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**1631879** | $**—** | $**—** | $**1631879** |

---

The Fund held no derivatives contracts during the six months ended April 30, 2025.

Investment security transactions for the six months ended April 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $191600.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $11248667.0 |

---

As of April 30, 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 | $79317 |
|  Aggregate gross unrealized depreciation | (111228) |
|  Net unrealized depreciation | $(31911) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1663790 |

---

See Notes to Financial Statements.

------

1290 RETIREMENT 2030 FUND

#### STATEMENT OF ASSETS AND LIABILITIES

#### April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (Cost $1,552,857) | $1631879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 19064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid registration and filing fees | 7994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from investment adviser | 2148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1662895 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued professional fees | 12373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees payable | 1043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 3150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 16566 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $1646329 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $784949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 861380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1646329 |
|  **Class I** |  |
|  Net asset value, offering and redemption price per share, $1,646,329 / 132,377 shares outstanding (unlimited amount authorized: $0.001 par value) | $12.44 |

---

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

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $108411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 109563 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees | 17698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 16497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 9651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 6626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 5347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 4949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 1235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 2928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 65059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment adviser | (21446) |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | (25545) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 18068 |
|  **NET INVESTMENT INCOME (LOSS)** | 91495 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | 883975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities | (738799) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 145176 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $236671 |

---

See Notes to Financial Statements.

------

#### 1290 FUNDS
1290 RETIREMENT 2030 FUND

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **Year Ended**<br>**October 31,<br>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) | $91495 | $236158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 883975 | 82578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (738799) | 1650665 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 236671 | 1969401 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (383592) | (271641) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 21,552 and 287,043 shares, respectively ] | 266933 | 3377486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 27,078 and 20,470 shares, respectively ] | 334407 | 232125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (924892) and (144694) shares, respectively ] | (11419138) | (1673755) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (10817798) | 1935856 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (10964719) | 3633616 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 12611048 | 8977432 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $1646329 | $12611048 |

---

See Notes to Financial Statements.

------

#### 1290 FUNDS
1290 RETIREMENT 2030 FUND

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class I** | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| **Class I** | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $12.50 | $10.61 | $11.14 | $13.31 | $11.57 | $11.89 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.17 | 0.25 | 0.22 | 0.24 | 0.16 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.17 | 1.97 | 0.16 | (2.13) | 2.30 | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.34 | 2.22 | 0.38 | (1.89) | 2.46 | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.26) | (0.23) | (0.25) | (0.14) | (0.20) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.14) | (0.10) | (0.66) | (0.14) | (0.52) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.40) | (0.33) | (0.91) | (0.28) | (0.72) | (0.24) |
|  Net asset value, end of period | $12.44 | $12.50 | $10.61 | $11.14 | $13.31 | $11.57 |
|  Total return (b) | 2.77% | 21.18% | 3.20% | (14.52)% | 21.98% | (0.68) |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $1646 | $12611 | $8977 | $8528 | $10698 | $5682 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 0.55 %(j) | 0.55 %(j) | 0.55 %(j) | 0.54 %(j) | 0.54 %(j) | 0.54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | 1.97% | 1.69% | 1.91% | 1.85% | 2.14% | 2.88 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f)(x) | 2.77% | 2.14% | 1.99% | 1.97% | 1.24% | 1.95 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f)(x) | 1.35% | 1.00% | 0.62% | 0.66% | (0.36)% | (0.40) |
|  Portfolio turnover rate^ | 3 %(z) | 9% | 9% | 30% | 8% | 38 |

---

*\*\** *Includes tax expense of less than 0.005%.* 

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

*(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.* 

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

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

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

See Notes to Financial Statements.

------

1290 RETIREMENT 2035 FUND

PORTFOLIO OF INVESTMENTS

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |
|  **Equity (69.6%)** | **Equity (69.6%)** | **Equity (69.6%)** |
|  Invesco S&P 500 Low Volatility ETF | 1855 | $135100 |
|  Invesco S&P Emerging Markets Low Volatility ETF | 680 | 16993 |
|  Invesco S&P International Developed Low Volatility ETF | 2444 | 78355 |
|  Invesco S&P MidCap Low Volatility ETF | 1286 | 77186 |
|  Invesco S&P SmallCap Low Volatility ETF | 757 | 33853 |
|  iShares Core MSCI EAFE ETF | 1983 | 156082 |
|  iShares Core MSCI Emerging Markets ETF | 638 | 34560 |
|  iShares Core S&P Total U.S. Stock Market ETF | 3476 | 420561 |
|  iShares MSCI EAFE Min Vol Factor ETF | 957 | 78885 |
|  iShares MSCI Emerging Markets Min Vol Factor ETF | 309 | 18389 |
|  iShares MSCI USA Min Vol Factor ETF | 1472 | 136219 |
|  SPDR SSGA US Small Cap Low Volatility Index ETF | 270 | 32145 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 1218328 |
|  **Fixed Income (28.6%)** | **Fixed Income (28.6%)** | **Fixed Income (28.6%)** |
|  iShares Core U.S. Aggregate Bond ETF | 4295 | 425291 |
|  iShares TIPS Bond ETF | 682 | 75375 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 500666 |
|  **Total Investments in Securities (98.2%)**<br> *(Cost $1,619,091)* | **Total Investments in Securities (98.2%)**<br> *(Cost $1,619,091)* | 1718994 |
|  **Other Assets Less Liabilities (1.8%)** | **Other Assets Less Liabilities (1.8%)** | 31893 |
|  **Net Assets (100%)** |  | $1750887 |

---

*Glossary:* 

*TIPS* *— Treasury Inflation Protected Security* 

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 April 30, 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 | $1718994 | $— | $— | $1718994 |
|  **Total Assets** | $**1718994** | $**—** | $**—** | $**1718994** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**1718994** | $**—** | $**—** | $**1718994** |

---

The Fund held no derivatives contracts during the six months ended April 30, 2025.

Investment security transactions for the six months ended April 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $584233.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $14839397.0 |

---

As of April 30, 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 | $99903 |
|  Aggregate gross unrealized depreciation | (81055) |
|  Net unrealized appreciation | $18848 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700146 |

---

See Notes to Financial Statements.

------

1290 RETIREMENT 2035 FUND

#### STATEMENT OF ASSETS AND LIABILITIES

#### April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value<br>(Cost $1,619,091) | $1718994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 36167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid registration and filing fees | 8065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from investment adviser | 3207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1767633 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued professional fees | 12538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees payable | 1081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 3117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 16746 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $1750887 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $(534490) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 2285377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1750887 |
|  **Class I** |  |
|  Net asset value, offering and redemption price per share, $1,750,887 / 132,107 shares outstanding (unlimited amount authorized: $0.001 par value) | $13.25 |

---

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

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $134087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 1062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 135244 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 20759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees | 17896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 9939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 6761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 6228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 5872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 1947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 3291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 72857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment adviser | (26987) |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | (23392) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 22478 |
|  **NET INVESTMENT INCOME (LOSS)** | 112766 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | 2260412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities | (2077577) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 182835 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $295601 |

---

See Notes to Financial Statements.

------

#### 1290 FUNDS
1290 RETIREMENT 2035 FUND

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **Year Ended<br>October 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $112766 | $283185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 2260412 | 56747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (2077577) | 2240744 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 295601 | 2580676 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (372405) | (346821) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 40,256 and 341,450 shares, respectively ] | 529943 | 4153540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 25,441 and 25,362 shares, respectively ] | 335308 | 301300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (1133789) and (85440) shares, respectively ] | (14881638) | (1060117) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (14016387) | 3394723 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (14093191) | 5628578 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 15844078 | 10215500 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $1750887 | $15844078 |

---

See Notes to Financial Statements.

------

#### 1290 FUNDS
1290 RETIREMENT 2035 FUND

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| **Class I** | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $13.20 | $11.12 | $11.59 | $13.71 | $11.62 | $12.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.18 | 0.25 | 0.22 | 0.24 | 0.16 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.18 | 2.21 | 0.19 | (2.20) | 2.52 | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.36 | 2.46 | 0.41 | (1.96) | 2.68 | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.26) | (0.22) | (0.27) | (0.16) | (0.21) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.05) | (0.16) | (0.61) |  | (0.38) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.31) | (0.38) | (0.88) | (0.16) | (0.59) | (0.31) |
|  Net asset value, end of period | $13.25 | $13.20 | $11.12 | $11.59 | $13.71 | $11.62 |
|  Total return (b) | 2.75% | 22.52% | 3.42% | (14.46)% | 23.70% | (0.87) |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $1751 | $15844 | $10216 | $10448 | $14195 | $9521 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 0.54 %(j) | 0.54 %(j) | 0.54 %(j) | 0.54 %(j) | 0.54 %(j) | 0.54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | 1.75% | 1.45% | 1.76% | 1.60% | 1.63% | 2.17 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f)(x) | 2.72% | 2.01% | 1.92% | 1.91% | 1.23% | 1.92 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f)(x) | 1.50% | 1.11% | 0.69% | 0.85% | 0.14% | 0.28 |
|  Portfolio turnover rate^ | 7 %(z) | 2% | 11% | 10% | 1% | 40 |

---

*\*\** *Includes tax expense of less than 0.005%.* 

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

*(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.* 

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

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

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

See Notes to Financial Statements.

------

1290 RETIREMENT 2040 FUND

PORTFOLIO OF INVESTMENTS

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |
|  **Equity (74.6%)** | **Equity (74.6%)** | **Equity (74.6%)** |
|  Invesco S&P 500 Low Volatility ETF | 4056 | $295399 |
|  Invesco S&P Emerging Markets Low Volatility ETF | 1562 | 39034 |
|  Invesco S&P International Developed Low Volatility ETF | 5575 | 178735 |
|  Invesco S&P MidCap Low Volatility ETF | 2713 | 162834 |
|  Invesco S&P SmallCap Low Volatility ETF | 1577 | 70524 |
|  iShares Core MSCI EAFE ETF | 4376 | 344435 |
|  iShares Core MSCI Emerging Markets ETF | 1407 | 76217 |
|  iShares Core S&P Total U.S. Stock Market ETF | 7457 | 902222 |
|  iShares MSCI EAFE Min Vol Factor ETF | 2161 | 178131 |
|  iShares MSCI Emerging Markets Min Vol Factor ETF | 641 | 38146 |
|  iShares MSCI USA Min Vol Factor ETF | 3291 | 304549 |
|  SPDR SSGA US Small Cap Low Volatility Index ETF | 577 | 68696 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 2658922 |
|  **Fixed Income (24.0%)** | **Fixed Income (24.0%)** | **Fixed Income (24.0%)** |
|  iShares Core U.S. Aggregate Bond ETF | 7345 | 727302 |
|  iShares TIPS Bond ETF | 1171 | 129419 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 856721 |
|  **Total Investments in Securities (98.6%)**<br> *(Cost $3,086,805)* |  | 3515643 |
|  **Other Assets Less Liabilities (1.4%)** |  | 51213 |
|  **Net Assets (100%)** |  | $3566856 |

---

*Glossary:* 

*TIPS* *— Treasury Inflation Protected Security* 

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 April 30, 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<br>for 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:** |  |
|  **Exchange Traded Funds** |  |  |  |  |
|  Exchange Traded Funds | $3515643 | $— | $— | $3515643 |
|  **Total Assets** | $**3515643** | $**—** | $**—** | $**3515643** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**3515643** | $**—** | $**—** | $**3515643** |

---

The Fund held no derivatives contracts during the six months ended April 30, 2025.

Investment security transactions for the six months ended April 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $212226.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $4636471.0 |

---

As of April 30, 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 | $399455 |
|  Aggregate gross unrealized depreciation |  |
|  Net unrealized appreciation | $399455 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $3116188 |

---

See Notes to Financial Statements.

------

1290 RETIREMENT 2040 FUND

#### STATEMENT OF ASSETS AND LIABILITIES

#### April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (Cost $3,086,805) | $3515643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 54971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid registration and filing fees | 7924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from investment adviser | 2035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 2472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 3583263 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees payable | 1054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 15341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 16407 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $3566856 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $2380707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 1186149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $3566856 |
|  **Class I** |  |
|  Net asset value, offering and redemption price per share, $3,566,856 / 257,809 shares outstanding (unlimited amount authorized: $0.001 par value) | $13.84 |

---

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

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $76655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 1377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 78078 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees | 17497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 13908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 9401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 7374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 5056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 4172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 1234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 2510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 61252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment adviser | (18080) |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | (28171) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 15001 |
|  **NET INVESTMENT INCOME (LOSS)** | 63077 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | 776738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities | (660075) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 116663 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $179740 |

---

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **Year Ended<br>October 31, 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) | $63077 | $152672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 776738 | 447570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (660075) | 970563 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 179740 | 1570805 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (616113) | (190060) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 16,100 and 134,971 shares, respectively ] | 229221 | 1789519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 24,109 and 8,188 shares, respectively ] | 332948 | 106859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (320584) and (157441) shares, respectively ] | (4417719) | (2116075) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (3855550) | (219697) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (4291923) | 1161048 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 7858779 | 6697731 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $3566856 | $7858779 |

---

See Notes to Financial Statements.

------

#### 1290 FUNDS
1290 RETIREMENT 2040 FUND

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class I** | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| **Class I** | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $14.60 | $12.12 | $11.99 | $14.32 | $11.80 | $12.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.16 | 0.28 | 0.24 | 0.25 | 0.17 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.21 | 2.53 | 0.21 | (2.28) | 2.82 | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.37 | 2.81 | 0.45 | (2.03) | 2.99 | (0.03) |
| &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; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.28) | (0.23) | (0.26) | (0.16) | (0.22) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.85) | (0.10) | (0.06) | (0.14) | (0.25) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.13) | (0.33) | (0.32) | (0.30) | (0.47) | (0.22) |
|  Net asset value, end of period | $13.84 | $14.60 | $12.12 | $11.99 | $14.32 | $11.80 |
|  Total return (b) | 2.57% | 23.53% | 3.70 | (14.46)% | 25.92% | (0.24) |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $3567 | $7859 | $6698 | $6003 | $5715 | $4185 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 0.54 %(j) | 0.54 %(j) | 0.54 | 0.54 %(j) | 0.53 %(j) | 0.53 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | 2.20% | 2.19% | 2.48 | 2.57% | 3.05% | 3.86 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f)(x) | 2.27% | 2.01% | 1.94 | 1.91% | 1.22% | 1.93 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f)(x) | 0.61% | 0.35% |  | (0.12)% | (1.29)% | (1.39) |
|  Portfolio turnover rate^ | 4 %(z) | 19% | 4 | 2% | 4% | 20 |

---

*\*\** *Includes tax expense of less than 0.005%.* 

---

| | |
|:---|:---|
| *‡‡* | *Amount is less than 0.005%.*  |

---

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

*(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.* 

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

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

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

See Notes to Financial Statements.

------

1290 RETIREMENT 2045 FUND

PORTFOLIO OF INVESTMENTS

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |
|  **Equity (79.5%)** | **Equity (79.5%)** | **Equity (79.5%)** |
|  Invesco S&P 500 Low Volatility ETF | 4676 | $340553 |
|  Invesco S&P Emerging Markets Low Volatility ETF | 1768 | 44182 |
|  Invesco S&P International Developed Low Volatility ETF | 6228 | 199670 |
|  Invesco S&P MidCap Low Volatility ETF | 3053 | 183241 |
|  Invesco S&P SmallCap Low Volatility ETF | 1785 | 79825 |
|  iShares Core MSCI EAFE ETF | 4916 | 386938 |
|  iShares Core MSCI Emerging Markets ETF | 1593 | 86293 |
|  iShares Core S&P Total U.S. Stock Market ETF | 8501 | 1028536 |
|  iShares MSCI EAFE Min Vol Factor ETF | 2413 | 198904 |
|  iShares MSCI Emerging Markets Min Vol Factor ETF | 725 | 43145 |
|  iShares MSCI USA Min Vol Factor ETF | 3806 | 352207 |
|  SPDR SSGA US Small Cap Low Volatility Index ETF | 654 | 77864 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 3021358 |
|  **Fixed Income (19.1%)** | **Fixed Income (19.1%)** | **Fixed Income (19.1%)** |
|  iShares Core U.S. Aggregate Bond ETF | 6223 | 616201 |
|  iShares TIPS Bond ETF | 992 | 109636 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 725837 |
|  **Total Investments in Securities (98.6%)**<br> *(Cost $3,321,085)* | **Total Investments in Securities (98.6%)**<br> *(Cost $3,321,085)* | 3747195 |
|  **Other Assets Less Liabilities (1.4%)** | **Other Assets Less Liabilities (1.4%)** | 52382 |
|  **Net Assets (100%)** |  | $3799577 |

---

*Glossary:* 

*TIPS* *— Treasury Inflation Protected Security* 

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 April 30, 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:** |  |
|  **Exchange Traded Funds** |  |  |  |  |
|  Exchange Traded Funds | $3747195 | $— | $— | $3747195 |
|  **Total Assets** | $**3747195** | $**—** | $**—** | $**3747195** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**3747195** | $**—** | $**—** | $**3747195** |

---

The Fund held no derivatives contracts during the six months ended April 30, 2025.

Investment security transactions for the six months ended April 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $360684 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8782206 |

---

As of April 30, 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 | $411217 |
|  Aggregate gross unrealized depreciation |  |
|  Net unrealized appreciation | $411217 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3335978 |

---

See Notes to Financial Statements.

------

1290 RETIREMENT 2045 FUND

#### STATEMENT OF ASSETS AND LIABILITIES

#### April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (Cost $3,321,085) | $3747195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 56823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid registration and filing fees | 7999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from investment adviser | 1454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 2515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 3816209 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees payable | 1081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 15533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 16632 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $3799577 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $1349588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 2449989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $3799577 |
|  **Class I** |  |
|  Net asset value, offering and redemption price per share, $3,799,577 / 268,328 shares outstanding (unlimited amount authorized: $0.001 par value) | $14.16 |

---

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

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $109337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 1467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 110913 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 19428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees | 17692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 9779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 6815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 5828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 5510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 1086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 3028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 69310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment adviser | (25256) |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | (23236) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 20818 |
|  **NET INVESTMENT INCOME (LOSS)** | 90095 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | 2027569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities | (1829690) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 197879 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $287974 |

---

See Notes to Financial Statements.

------

#### 1290 FUNDS
1290 RETIREMENT 2045 FUND

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **Year Ended<br>October 31, 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) | $90095 | $198733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 2027569 | 24533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (1829690) | 1905738 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 287974 | 2129004 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (241536) | (284189) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 29,392 and 164,685 shares, respectively ] | 414340 | 2170899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 12,077 and 14,756 shares, respectively ] | 171001 | 184746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (618672) and (43924) shares, respectively ] | (8748550) | (578725) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (8163209) | 1776920 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (8116771) | 3621735 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 11916348 | 8294613 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $3799577 | $11916348 |

---

See Notes to Financial Statements.

------

#### 1290 FUNDS
1290 RETIREMENT 2045 FUND

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| **Class I** | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $14.09 | $11.68 | $11.67 | $14.46 | $11.83 | $12.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.16 | 0.25 | 0.22 | 0.24 | 0.16 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.19 | 2.56 | 0.24 | (2.18) | 3.03 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.35 | 2.81 | 0.46 | (1.94) | 3.19 | (0.13) |
| &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; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.25) | (0.22) | (0.26) | (0.18) | (0.23) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.03) | (0.18) | (0.19) | (0.67) | (0.33) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.28) | (0.40) | (0.45) | (0.85) | (0.56) | (0.22) |
|  Net asset value, end of period | $14.16 | $14.09 | $11.68 | $11.67 | $14.46 | $11.83 |
|  Total return (b) | 2.50% | 24.47% | 3.86% | (14.30)% | 27.63 | (1.08) |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $3800 | $11916 | $8295 | $7584 | $8138 | $6625 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 0.54 %(j) | 0.54 %(j) | 0.53 %(j) | 0.53 %(j) | 0.53 | 0.53 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | 1.78% | 1.76% | 2.13% | 2.16% | 2.18 | 2.78 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f)(x) | 2.32% | 1.90% | 1.86% | 1.90% | 1.21 | 1.92 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f)(x) | 1.07% | 0.68% | 0.26% | 0.27% | (0.43) | (0.33) |
|  Portfolio turnover rate^ | 5 %(z) | 1% | 10% | 5% | 18 | 18 |

---

*\*\** *Includes tax expense of less than 0.005%.* 

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

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

*(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.* 

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

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

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

See Notes to Financial Statements.

------

1290 RETIREMENT 2050 FUND

PORTFOLIO OF INVESTMENTS

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of**<br> **Shares** | **Value<br>(Note 1)** |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |
|  **Equity (84.5%)** | **Equity (84.5%)** | **Equity (84.5%)** |
|  Invesco S&P 500 Low Volatility ETF | 5280 | $384542 |
|  Invesco S&P Emerging Markets Low Volatility ETF | 1964 | 49080 |
|  Invesco S&P International Developed Low Volatility ETF | 6901 | 221246 |
|  Invesco S&P MidCap Low Volatility ETF | 3374 | 202507 |
|  Invesco S&P SmallCap Low Volatility ETF | 1982 | 88635 |
|  iShares Core MSCI EAFE ETF | 5445 | 428576 |
|  iShares Core MSCI Emerging Markets ETF | 1769 | 95827 |
|  iShares Core S&P Total U.S. Stock Market ETF | 9444 | 1142630 |
|  iShares MSCI EAFE Min Vol Factor ETF | 2649 | 218357 |
|  iShares MSCI Emerging Markets Min Vol Factor ETF | 805 | 47906 |
|  iShares MSCI USA Min Vol Factor ETF | 4301 | 398015 |
|  SPDR SSGA US Small Cap Low Volatility Index ETF | 726 | 86436 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 3363757 |
|  **Fixed Income (14.1%)** | **Fixed Income (14.1%)** | **Fixed Income (14.1%)** |
|  iShares Core U.S. Aggregate Bond ETF | 4826 | 477870 |
|  iShares TIPS Bond ETF | 769 | 84990 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 562860 |
|  **Total Investments in Securities (98.6%)**<br> *(Cost $3,407,989)* |  | 3926617 |
|  **Other Assets Less Liabilities (1.4%)** |  | 56053 |
|  **Net Assets (100%)** |  | $3982670 |

---

*Glossary:* 

*TIPS* *— Treasury Inflation Protected Security* 

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 April 30, 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 | $3926617 | $— | $— | $3926617 |
|  **Total Assets** | $**3926617** | $**—** | $**—** | $**3926617** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**3926617** | $**—** | $**—** | $**3926617** |

---

The Fund held no derivatives contracts during the six months ended April 30, 2025.

Investment security transactions for the six months ended April 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $294290 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8456773 |

---

See Notes to Financial Statements.

------

1290 RETIREMENT 2050 FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

As of April 30, 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 | $474387 |
|  Aggregate gross unrealized depreciation |  |
|  Net unrealized appreciation | $474387 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3452230 |

---

See Notes to Financial Statements.

------

1290 RETIREMENT 2050 FUND

#### STATEMENT OF ASSETS AND LIABILITIES

#### April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (Cost $3,407,989) | $3926617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 60962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid registration and filing fees | 7979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from investment adviser | 1018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 2719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 3999521 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees payable | 1053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 15779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 16851 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $3982670 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $1427542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 2555128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $3982670 |
|  **Class I** |  |
|  Net asset value, offering and redemption price per share, $3,982,670 / 257,083 shares outstanding (unlimited amount authorized: $0.001 par value) | $15.49 |

---

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

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $107553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 1447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 109085 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 19579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees | 18050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 9781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 6504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 5873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 4824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 1322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 2984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 69062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment adviser | (25452) |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | (22769) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 20841 |
|  **NET INVESTMENT INCOME (LOSS)** | 88244 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | 2070327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities | (1861423) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 208904 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $297148 |

---

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br>**April 30, 2025**<br>**(Unaudited)** | **Year Ended**<br>**October 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $88244 | $193216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 2070327 | 101714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (1861423) | 1942111 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 297148 | 2237041 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (309874) | (189958) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 20,058 and 142,453 shares, respectively ] | 312222 | 2055184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 13,472 and 8,752 shares, respectively ] | 209353 | 120078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (544733) and (53450) shares, respectively ] | (8462073) | (760203) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (7940498) | 1415059 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (7953224) | 3462142 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 11935894 | 8473752 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $3982670 | $11935894 |

---

See Notes to Financial Statements.

------

#### 1290 FUNDS
1290 RETIREMENT 2050 FUND

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended**<br>**April 30, 2025**<br>**(Unaudited)** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| **Class I** | **Six Months Ended**<br>**April 30, 2025**<br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $15.54 | $12.64 | $12.43 | $14.82 | $11.76 | $12.24 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.17 | 0.27 | 0.24 | 0.26 | 0.16 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.18 | 2.90 | 0.30 | (2.34) | 3.24 | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.35 | 3.17 | 0.54 | (2.08) | 3.40 | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.27) | (0.22) | (0.27) | (0.16) | (0.21) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.13) | (0.05) | (0.06) | (0.15) | (0.13) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.40) | (0.27) | (0.33) | (0.31) | (0.34) | (0.24) |
|  Net asset value, end of period | $15.49 | $15.54 | $12.64 | $12.43 | $14.82 | $11.76 |
|  Total return (b) | 2.26% | 25.45% | 4.32% | (14.31)% | 29.37% | (2.05) |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of period (000's) | $3983 | $11936 | $8474 | $6743 | $6432 | $4761 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 0.53 %(j) | 0.53 %(j) | 0.53 %(j) | 0.53 %(j) | 0.53 %(j) | 0.53 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | 1.76% | 1.74% | 2.17% | 2.39% | 2.75% | 3.80 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f)(x) | 2.25% | 1.84% | 1.83% | 1.93% | 1.17% | 1.90 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f)(x) | 1.02% | 0.63% | 0.19% | 0.07% | (1.05)% | (1.37) |
|  Portfolio turnover rate^ | 4 %(z) | 3% | 2% | 2% | 5% | 21 |

---

*\*\** *Includes tax expense of less than 0.005%.* 

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

*(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.* 

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

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

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

See Notes to Financial Statements.

------

1290 RETIREMENT 2055 FUND

PORTFOLIO OF INVESTMENTS

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |
|  **Equity (89.4%)** | **Equity (89.4%)** | **Equity (89.4%)** |
|  Invesco S&P 500 Low Volatility ETF | 5474 | $398671 |
|  Invesco S&P Emerging Markets Low Volatility ETF | 2014 | 50330 |
|  Invesco S&P International Developed Low Volatility ETF | 7008 | 224677 |
|  Invesco S&P MidCap Low Volatility ETF | 3447 | 206889 |
|  Invesco S&P SmallCap Low Volatility ETF | 2033 | 90916 |
|  iShares Core MSCI EAFE ETF | 5547 | 436604 |
|  iShares Core MSCI Emerging Markets ETF | 1814 | 98264 |
|  iShares Core S&P Total U.S. Stock Market ETF | 9830 | 1189332 |
|  iShares MSCI EAFE Min Vol Factor ETF | 2721 | 224292 |
|  iShares MSCI Emerging Markets Min Vol Factor ETF | 826 | 49155 |
|  iShares MSCI USA Min Vol Factor ETF | 4468 | 413469 |
|  SPDR SSGA US Small Cap Low Volatility Index ETF | 744 | 88579 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 3471178 |
|  **Fixed Income (9.1%)** | **Fixed Income (9.1%)** | **Fixed Income (9.1%)** |
|  iShares Core U.S. Aggregate Bond ETF | 3020 | 299040 |
|  iShares TIPS Bond ETF | 482 | 53271 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 352311 |
|  **Total Investments in Securities (98.5%)**<br> *(Cost $3,333,992)* | **Total Investments in Securities (98.5%)**<br> *(Cost $3,333,992)* | 3823489 |
|  **Other Assets Less Liabilities (1.5%)** | **Other Assets Less Liabilities (1.5%)** | 56799 |
|  **Net Assets (100%)** |  | $3880288 |

---

*Glossary:* 

*TIPS* *— Treasury Inflation Protected Security* 

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 April 30, 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:** |  |
|  **Exchange Traded Funds** |  |  |  |  |
|  Exchange Traded Funds | $3823489 | $— | $— | $3823489 |
|  **Total Assets** | $**3823489** | $**—** | $**—** | $**3823489** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**3823489** | $**—** | $**—** | $**3823489** |

---

The Fund held no derivatives contracts during the six months ended April 30, 2025.

Investment security transactions for the six months ended April 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $408495 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5100777 |

---

See Notes to Financial Statements.

------

1290 RETIREMENT 2055 FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

As of April 30, 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 | $486595 |
|  Aggregate gross unrealized depreciation |  |
|  Net unrealized appreciation | $486595 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3336894 |

---

See Notes to Financial Statements.

------

1290 RETIREMENT 2055 FUND

#### STATEMENT OF ASSETS AND LIABILITIES

#### April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (Cost $3,333,992) | $3823489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 59775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid registration and filing fees | 7926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from investment adviser | 2651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 2605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 3896671 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees payable | 1030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 15330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 16383 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $3880288 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $1806885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 2073403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $3880288 |
|  **Class I** |  |
|  Net asset value, offering and redemption price per share, $3,880,288 / 251,214 shares outstanding (unlimited amount authorized: $0.001 par value) | $15.45 |

---

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

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | $78247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 1415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 79727 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees | 17488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 15186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 9484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 7864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 4920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 4556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 1096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 2902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 63605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment adviser | (19742) |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | (27795) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 16068 |
|  **NET INVESTMENT INCOME (LOSS)** | 63659 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments in securities | 1577120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments in securities | (1421350) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 155770 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $219429 |

---

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **Year Ended<br>October 31, 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) | $63659 | $124414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1577120 | 34022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (1421350) | 1372452 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 219429 | 1530888 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (171728) | (265313) |
|  **CAPITAL SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 26,116 and 132,037 shares, respectively ] | 403182 | 1896042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 6,009 and 8,276 shares, respectively ] | 93196 | 111719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (327693) and (15706) shares, respectively ] | (5080807) | (227518) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS** | (4584429) | 1780243 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (4536728) | 3045818 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 8417016 | 5371198 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $3880288 | $8417016 |

---

See Notes to Financial Statements.

------

#### 1290 FUNDS
1290 RETIREMENT 2055 FUND

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| **Class I** | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $15.39 | $12.72 | $12.65 | $15.00 | $11.73 | $12.32 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e)(x) | 0.16 | 0.26 | 0.24 | 0.26 | 0.16 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.21 | 3.02 | 0.32 | (2.37) | 3.45 | (0.58) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.37 | 3.28 | 0.56 | (2.11) | 3.61 | (0.35) |
| &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; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.25) | (0.23) | (0.27) | (0.17) | (0.21) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.06) | (0.38) | (0.22) | (0.07) | (0.13) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.31) | (0.61) | (0.49) | (0.24) | (0.34) | (0.24) |
|  Net asset value, end of period | $15.45 | $15.39 | $12.72 | $12.65 | $15.00 | $11.73 |
|  Total return (b) | 2.42% | 26.50% | 4.36% | (14.34)% | 31.27% | (2.97) |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **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;3880 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8417 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5371 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5120 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5478 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3883 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 0.53 %(j) | 0.53 %(j) | 0.53 %(j) | 0.52 %(j) | 0.52 %(j) | 0.53 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | 2.09% | 2.31% | 2.83% | 2.86% | 3.11% | 4.34 |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f)(x) | 2.10% | 1.77% | 1.81% | 1.88% | 1.16% | 1.97 |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f)(x) | 0.53% | (0.02)% | (0.49)% | (0.46)% | (1.43)% | (1.84) |
|  Portfolio turnover rate^ | 7 %(z) | 2% | 12% | 5% | 2% | 6 |

---

*\*\** *Includes Tax expense of 0.01%.* 

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

*(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.* 

*(j)* *Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 0.65% for the six months ended April 30, 2025, and for the years ended 2024, 2023, 2022, 2021, and 0.66% in 2020.* 

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

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

See Notes to Financial Statements.

------

1290 SMARTBETA EQUITY FUND

PORTFOLIO OF INVESTMENTS

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
|  **Communication Services (6.7%)** | **Communication Services (6.7%)** | **Communication Services (6.7%)** |
|  ***Diversified Telecommunication Services (1.8%)*** | ***Diversified Telecommunication Services (1.8%)*** | ***Diversified Telecommunication Services (1.8%)*** |
|  AT&T, Inc. | 28500 | $789450 |
|  Deutsche Telekom AG (Registered) | 9864 | 353112 |
|  Koninklijke KPN NV | 113411 | 526116 |
|  Nippon Telegraph & Telephone Corp. | 262500 | 274103 |
|  Quebecor, Inc., Class B | 11538 | 316529 |
|  Telstra Group Ltd. | 133153 | 384663 |
|  Verizon Communications, Inc. | 29361 | 1293646 |
|  |  | 3937619 |
|  ***Entertainment (0.3%)*** | ***Entertainment (0.3%)*** | ***Entertainment (0.3%)*** |
|  Electronic Arts, Inc. | 3753 | 544523 |
|  ***Interactive Media & Services (3.5%)*** | ***Interactive Media & Services (3.5%)*** | ***Interactive Media & Services (3.5%)*** |
|  Alphabet, Inc., Class A | 32244 | 5120347 |
|  Meta Platforms, Inc., Class A | 4339 | 2382111 |
|  |  | 7502458 |
|  ***Media (0.3%)*** | ***Media (0.3%)*** | ***Media (0.3%)*** |
|  Comcast Corp., Class A | 21804 | 745697 |
|  ***Wireless Telecommunication Services (0.8%)*** | ***Wireless Telecommunication Services (0.8%)*** | ***Wireless Telecommunication Services (0.8%)*** |
|  KDDI Corp. | 20600 | 363576 |
|  SoftBank Corp. | 391000 | 590410 |
|  T-Mobile US, Inc. | 3486 | 860868 |
|  |  | 1814854 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 14545151 |
|  **Consumer Discretionary (9.3%)** | **Consumer Discretionary (9.3%)** | **Consumer Discretionary (9.3%)** |
|  ***Automobile Components (0.2%)*** | ***Automobile Components (0.2%)*** | ***Automobile Components (0.2%)*** |
|  Bridgestone Corp. | 9000 | 377109 |
|  ***Automobiles (0.7%)*** | ***Automobiles (0.7%)*** | ***Automobiles (0.7%)*** |
|  Tesla, Inc.\* | 5105 | 1440427 |
|  ***Broadline Retail (2.5%)*** | ***Broadline Retail (2.5%)*** | ***Broadline Retail (2.5%)*** |
|  Amazon.com, Inc.\* | 21886 | 4036216 |
|  Dollarama, Inc. | 5463 | 674058 |
|  Wesfarmers Ltd. | 15570 | 781114 |
|  |  | 5491388 |
|  ***Hotels, Restaurants & Leisure (2.6%)*** | ***Hotels, Restaurants & Leisure (2.6%)*** | ***Hotels, Restaurants & Leisure (2.6%)*** |
|  Aristocrat Leisure Ltd. | 8814 | 377366 |
|  Booking Holdings, Inc. | 171 | 871977 |
|  Chipotle Mexican Grill, Inc.\* | 10000 | 505200 |
|  Darden Restaurants, Inc. | 1421 | 285109 |
|  McDonald's Corp. | 7537 | 2409202 |
|  Restaurant Brands International, Inc. | 3652 | 235316 |
|  Starbucks Corp. | 2633 | 210772 |
|  Yum! Brands, Inc. | 5011 | 753855 |
|  |  | 5648797 |
|  ***Household Durables (0.1%)*** | ***Household Durables (0.1%)*** | ***Household Durables (0.1%)*** |
|  Garmin Ltd. | 1213 | 226673 |
|  ***Specialty Retail (2.9%)*** | ***Specialty Retail (2.9%)*** | ***Specialty Retail (2.9%)*** |
|  AutoZone, Inc.\* | 200 | 752520 |
|  Fast Retailing Co. Ltd. | 800 | 262862 |
|  Home Depot, Inc. (The) | 4828 | 1740446 |
|  Industria de Diseno Textil SA (x) | 5279 | 282510 |
|  Lowe's Cos., Inc. | 4100 | 916596 |
|  O'Reilly Automotive, Inc.\* | 572 | 809494 |
|  TJX Cos., Inc. (The) | 9003 | 1158506 |
|  Tractor Supply Co. | 7000 | 354340 |
|  |  | 6277274 |
|  ***Textiles, Apparel & Luxury Goods (0.3%)*** | ***Textiles, Apparel & Luxury Goods (0.3%)*** | ***Textiles, Apparel & Luxury Goods (0.3%)*** |
|  adidas AG | 1662 | 379760 |
|  NIKE, Inc., Class B | 6880 | 388032 |
|  |  | 767792 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 20229460 |
|  **Consumer Staples (11.6%)** | **Consumer Staples (11.6%)** | **Consumer Staples (11.6%)** |
|  ***Beverages (2.4%)*** | ***Beverages (2.4%)*** | ***Beverages (2.4%)*** |
|  Anheuser-Busch InBev SA/NV | 4111 | 268252 |
|  Coca-Cola Co. (The) | 25766 | 1869323 |
|  Keurig Dr Pepper, Inc. | 11401 | 394361 |
|  Monster Beverage Corp.\* | 4641 | 279017 |
|  PepsiCo, Inc. | 17114 | 2320316 |
|  |  | 5131269 |
|  ***Consumer Staples Distribution & Retail (3.2%)*** | ***Consumer Staples Distribution & Retail (3.2%)*** | ***Consumer Staples Distribution & Retail (3.2%)*** |
|  Costco Wholesale Corp. | 2721 | 2706035 |
|  Empire Co. Ltd., Class A | 9205 | 341866 |
|  George Weston Ltd. | 2100 | 409154 |
|  Koninklijke Ahold Delhaize NV | 14652 | 599870 |
|  Kroger Co. (The) | 4778 | 345019 |
|  Loblaw Cos. Ltd. | 2300 | 373379 |
|  Seven & i Holdings Co. Ltd. | 18500 | 273592 |
|  Walmart, Inc. | 15550 | 1512238 |
|  Woolworths Group Ltd. | 18481 | 373726 |
|  |  | 6934879 |
|  ***Food Products (1.8%)*** | ***Food Products (1.8%)*** | ***Food Products (1.8%)*** |
|  Chocoladefabriken Lindt & Spruengli AG | 24 | 350106 |
|  Danone SA | 5704 | 490836 |
|  General Mills, Inc. | 15721 | 892010 |
|  Hershey Co. (The) | 3500 | 585165 |
|  J M Smucker Co. (The) | 2200 | 255794 |
|  Kraft Heinz Co. (The) | 8508 | 247583 |
|  McCormick & Co., Inc. (Non-Voting) | 3756 | 287935 |
|  Nestle SA (Registered) | 6870 | 730325 |
|  |  | 3839754 |
|  ***Household Products (3.3%)*** | ***Household Products (3.3%)*** | ***Household Products (3.3%)*** |
|  Church & Dwight Co., Inc. | 4952 | 491931 |
|  Clorox Co. (The) | 1586 | 225688 |
|  Colgate-Palmolive Co. | 18509 | 1706345 |
|  Essity AB, Class B | 9638 | 277608 |
|  Henkel AG & Co. KGaA (Preference) (q) | 7013 | 543416 |
|  Kimberly-Clark Corp. | 7964 | 1049496 |
|  Procter & Gamble Co. (The) | 17894 | 2909027 |
|  |  | 7203511 |
|  ***Personal Care Products (0.9%)*** | ***Personal Care Products (0.9%)*** | ***Personal Care Products (0.9%)*** |
|  Beiersdorf AG | 2994 | 420577 |
|  Kao Corp. | 14300 | 610786 |
|  L'Oreal SA\* | 776 | 340209 |
|  Unilever plc | 5289 | 335445 |
|  Unilever plc (Cboe Europe) | 4078 | 258614 |
|  |  | 1965631 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 25075044 |

---

See Notes to Financial Statements.

------

1290 SMARTBETA EQUITY FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  **Energy (1.5%)** | **Energy (1.5%)** | **Energy (1.5%)** |
|  ***Oil, Gas & Consumable Fuels (1.5%)*** | ***Oil, Gas & Consumable Fuels (1.5%)*** | ***Oil, Gas & Consumable Fuels (1.5%)*** |
|  Cheniere Energy, Inc. | 1250 | $288888 |
|  Enbridge, Inc. | 23766 | 1111413 |
|  EOG Resources, Inc. | 2036 | 224632 |
|  Equinor ASA | 26389 | 603451 |
|  Idemitsu Kosan Co. Ltd. | 47300 | 292606 |
|  TC Energy Corp. | 9944 | 502393 |
|  TotalEnergies SE | 4294 | 248866 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 3272249 |
|  **Financials (19.7%)** | **Financials (19.7%)** | **Financials (19.7%)** |
|  ***Banks (4.9%)*** | ***Banks (4.9%)*** | ***Banks (4.9%)*** |
|  Bank of Montreal | 2662 | 255058 |
|  Bank of Nova Scotia (The) | 19316 | 966501 |
|  Canadian Imperial Bank of Commerce | 14014 | 883880 |
|  Commonwealth Bank of Australia | 4270 | 455676 |
|  DBS Group Holdings Ltd. | 12100 | 393266 |
|  DNB Bank ASA | 18395 | 457603 |
|  Intesa Sanpaolo SpA | 49447 | 262267 |
|  JPMorgan Chase & Co. | 5354 | 1309695 |
|  National Bank of Canada | 4142 | 363785 |
|  Nordea Bank Abp (Aquis Stock Exchange) | 23265 | 320881 |
|  Nordea Bank Abp (Turquoise Stock Exchange) | 13972 | 190813 |
|  Oversea-Chinese Banking Corp. Ltd. | 22500 | 278214 |
|  Royal Bank of Canada | 16493 | 1979615 |
|  Toronto-Dominion Bank (The) | 18501 | 1182180 |
|  United Overseas Bank Ltd. | 27600 | 731999 |
|  Wells Fargo & Co. | 8028 | 570068 |
|  |  | 10601501 |
|  ***Capital Markets (3.8%)*** | ***Capital Markets (3.8%)*** | ***Capital Markets (3.8%)*** |
|  Ameriprise Financial, Inc. | 1500 | 706530 |
|  Bank of New York Mellon Corp. (The) | 7700 | 619157 |
|  Cboe Global Markets, Inc. | 3189 | 707320 |
|  CME Group, Inc. | 5581 | 1546383 |
|  Daiwa Securities Group, Inc. | 33000 | 215615 |
|  Deutsche Boerse AG | 3831 | 1230375 |
|  FactSet Research Systems, Inc. | 567 | 245069 |
|  Intercontinental Exchange, Inc. | 6366 | 1069297 |
|  Moody's Corp. | 1075 | 487104 |
|  MSCI, Inc. | 459 | 250206 |
|  S&P Global, Inc. | 1534 | 767077 |
|  TMX Group Ltd. | 9500 | 385003 |
|  |  | 8229136 |
|  ***Financial Services (3.7%)*** | ***Financial Services (3.7%)*** | ***Financial Services (3.7%)*** |
|  Berkshire Hathaway, Inc., Class B\* | 4022 | 2144731 |
|  Fiserv, Inc.\* | 5339 | 985419 |
|  Jack Henry & Associates, Inc. | 1472 | 255289 |
|  Mastercard, Inc., Class A | 3361 | 1842030 |
|  Visa, Inc., Class A | 8277 | 2859704 |
|  |  | 8087173 |
|  ***Insurance (7.3%)*** | ***Insurance (7.3%)*** | ***Insurance (7.3%)*** |
|  Aflac, Inc. | 5945 | 646103 |
|  Allianz SE (Registered) | 2318 | 956107 |
|  Allstate Corp. (The) | 1723 | 341826 |
|  Aon plc, Class A | 2200 | 780538 |
|  Chubb Ltd. | 3283 | 939201 |
|  Generali (x) | 20746 | 755358 |
|  Great-West Lifeco, Inc. | 7112 | 276566 |
|  Hannover Rueck SE | 1052 | 336552 |
|  Hartford Insurance Group, Inc. (The) | 2600 | 318942 |
|  Intact Financial Corp. | 4371 | 970745 |
|  Loews Corp. | 5300 | 460199 |
|  Marsh & McLennan Cos., Inc. | 7000 | 1578290 |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)\* | 1413 | 962991 |
|  NN Group NV | 7846 | 479082 |
|  Progressive Corp. (The) | 5411 | 1524495 |
|  QBE Insurance Group Ltd. | 33610 | 464809 |
|  Sampo OYJ, Class A | 52575 | 525196 |
|  Sompo Holdings, Inc. | 10600 | 344363 |
|  Sun Life Financial, Inc. | 10300 | 613771 |
|  Tokio Marine Holdings, Inc. | 9600 | 383248 |
|  Travelers Cos., Inc. (The) | 2160 | 570521 |
|  W.R. Berkley Corp. | 5400 | 387126 |
|  Willis Towers Watson plc | 818 | 251780 |
|  Zurich Insurance Group AG | 1542 | 1088097 |
|  |  | 15955906 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 42873716 |
|  **Health Care (8.9%)** | **Health Care (8.9%)** | **Health Care (8.9%)** |
|  ***Biotechnology (0.4%)*** | ***Biotechnology (0.4%)*** | ***Biotechnology (0.4%)*** |
|  AbbVie, Inc. | 1312 | 255971 |
|  Gilead Sciences, Inc. | 6013 | 640625 |
|  |  | 896596 |
|  ***Health Care Equipment & Supplies (2.9%)*** | ***Health Care Equipment & Supplies (2.9%)*** | ***Health Care Equipment & Supplies (2.9%)*** |
|  Abbott Laboratories | 15318 | 2002829 |
|  Becton Dickinson & Co. | 3000 | 621270 |
|  Boston Scientific Corp.\* | 13634 | 1402530 |
|  IDEXX Laboratories, Inc.\* | 562 | 243149 |
|  Medtronic plc | 12999 | 1101795 |
|  ResMed, Inc. | 1085 | 256700 |
|  Stryker Corp. | 2001 | 748214 |
|  |  | 6376487 |
|  ***Health Care Providers & Services (1.5%)*** | ***Health Care Providers & Services (1.5%)*** | ***Health Care Providers & Services (1.5%)*** |
|  Cardinal Health, Inc. | 2372 | 335140 |
|  Cencora, Inc. | 2200 | 643874 |
|  HCA Healthcare, Inc. | 1091 | 376482 |
|  McKesson Corp. | 455 | 324319 |
|  UnitedHealth Group, Inc. | 3531 | 1452795 |
|  |  | 3132610 |
|  ***Life Sciences Tools & Services (0.4%)*** | ***Life Sciences Tools & Services (0.4%)*** | ***Life Sciences Tools & Services (0.4%)*** |
|  Agilent Technologies, Inc. | 2904 | 312471 |
|  Thermo Fisher Scientific, Inc. | 1257 | 539253 |
|  |  | 851724 |
|  ***Pharmaceuticals (3.7%)*** | ***Pharmaceuticals (3.7%)*** | ***Pharmaceuticals (3.7%)*** |
|  Bristol-Myers Squibb Co. | 11794 | 592059 |
|  Eli Lilly & Co. | 990 | 889960 |
|  Johnson & Johnson | 12263 | 1916830 |
|  Merck & Co., Inc. | 3006 | 256111 |
|  Merck KGaA | 1756 | 242494 |
|  Novartis AG (Registered) | 10826 | 1230230 |
|  Novo Nordisk A/S (ADR) | 3753 | 249387 |
|  Otsuka Holdings Co. Ltd. | 4600 | 223823 |
|  Roche Holding AG | 2433 | 793853 |
|  Sanofi SA | 4752 | 516259 |

---

See Notes to Financial Statements.

------

1290 SMARTBETA EQUITY FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** | **Value<br>(Note 1)** |
|  Takeda Pharmaceutical Co. Ltd. | 10400 | $| 315171 |
|  Zoetis, Inc. | 5625 |  | 879750 |
|  |  |  | 8105927 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 19363344 |
|  **Industrials (14.8%)** | **Industrials (14.8%)** | **Industrials (14.8%)** | **Industrials (14.8%)** |
|  ***Aerospace & Defense (2.1%)*** | ***Aerospace & Defense (2.1%)*** | ***Aerospace & Defense (2.1%)*** | ***Aerospace & Defense (2.1%)*** |
|  GE Aerospace | 6651 |  | 1340443 |
|  L3Harris Technologies, Inc. | 1095 |  | 240922 |
|  Lockheed Martin Corp. | 2248 |  | 1073982 |
|  Northrop Grumman Corp. | 894 |  | 434931 |
|  RTX Corp. | 9419 |  | 1188018 |
|  Singapore Technologies Engineering Ltd. | 69900 |  | 396569 |
|  |  |  | 4674865 |
|  ***Air Freight & Logistics (0.5%)*** | ***Air Freight & Logistics (0.5%)*** | ***Air Freight & Logistics (0.5%)*** | ***Air Freight & Logistics (0.5%)*** |
|  Deutsche Post AG | 8646 |  | 367396 |
|  Expeditors International of Washington, Inc. | 4800 |  | 527568 |
|  United Parcel Service, Inc., Class B | 2762 |  | 263219 |
|  |  |  | 1158183 |
|  ***Building Products (1.2%)*** | ***Building Products (1.2%)*** | ***Building Products (1.2%)*** | ***Building Products (1.2%)*** |
|  Allegion plc | 5500 |  | 765600 |
|  Geberit AG (Registered) | 619 |  | 427641 |
|  Trane Technologies plc | 3431 |  | 1315137 |
|  |  |  | 2508378 |
|  ***Commercial Services & Supplies (1.8%)*** | ***Commercial Services & Supplies (1.8%)*** | ***Commercial Services & Supplies (1.8%)*** | ***Commercial Services & Supplies (1.8%)*** |
|  Brambles Ltd. | 40979 |  | 538631 |
|  Cintas Corp. | 3376 |  | 714632 |
|  Copart, Inc.\* | 10314 |  | 629463 |
|  Republic Services, Inc. | 3877 |  | 972158 |
|  Secom Co. Ltd. | 7600 |  | 278954 |
|  Waste Management, Inc. | 2953 |  | 689112 |
|  |  |  | 3822950 |
|  ***Construction & Engineering (0.4%)*** | ***Construction & Engineering (0.4%)*** | ***Construction & Engineering (0.4%)*** | ***Construction & Engineering (0.4%)*** |
|  Stantec, Inc. | 3784 |  | 332122 |
|  WSP Global, Inc. | 2894 |  | 512968 |
|  |  |  | 845090 |
|  ***Electrical Equipment (1.0%)*** | ***Electrical Equipment (1.0%)*** | ***Electrical Equipment (1.0%)*** | ***Electrical Equipment (1.0%)*** |
|  ABB Ltd. (Registered) | 10619 |  | 555685 |
|  Eaton Corp. plc | 3080 |  | 906660 |
|  Emerson Electric Co. | 2195 |  | 230716 |
|  Schneider Electric SE | 2328 |  | 538531 |
|  |  |  | 2231592 |
|  ***Ground Transportation (0.2%)*** | ***Ground Transportation (0.2%)*** | ***Ground Transportation (0.2%)*** | ***Ground Transportation (0.2%)*** |
|  Union Pacific Corp. | 2065 |  | 445338 |
|  ***Industrial Conglomerates (0.1%)*** | ***Industrial Conglomerates (0.1%)*** | ***Industrial Conglomerates (0.1%)*** | ***Industrial Conglomerates (0.1%)*** |
|  Siemens AG (Registered) | 1241 |  | 283915 |
|  ***Machinery (3.6%)*** | ***Machinery (3.6%)*** | ***Machinery (3.6%)*** | ***Machinery (3.6%)*** |
|  Atlas Copco AB, Class A(x) | 35680 |  | 553168 |
|  Caterpillar, Inc. | 2584 |  | 799154 |
|  Cummins, Inc. | 1658 |  | 487187 |
|  Epiroc AB, Class A | 13403 |  | 289540 |
|  FANUC Corp. | 9600 |  | 245338 |
|  GEA Group AG | 5420 |  | 351825 |
|  Illinois Tool Works, Inc. | 4800 |  | 1151568 |
|  Knorr-Bremse AG | 3781 |  | 373504 |
|  Komatsu Ltd. | 9600 |  | 275350 |
|  Kone OYJ, Class B | 4544 |  | 280548 |
|  Otis Worldwide Corp. | 7848 |  | 755527 |
|  Parker-Hannifin Corp. | 898 |  | 543344 |
|  Pentair plc | 5900 |  | 535307 |
|  Snap-on, Inc. | 1600 |  | 502096 |
|  Volvo AB, Class B | 22816 |  | 619883 |
|  |  |  | 7763339 |
|  ***Marine Transportation (0.1%)*** | ***Marine Transportation (0.1%)*** | ***Marine Transportation (0.1%)*** | ***Marine Transportation (0.1%)*** |
|  Kuehne + Nagel International AG (Registered) | 1085 |  | 248261 |
|  ***Professional Services (2.7%)*** | ***Professional Services (2.7%)*** | ***Professional Services (2.7%)*** | ***Professional Services (2.7%)*** |
|  Automatic Data Processing, Inc. | 5705 |  | 1714923 |
|  Broadridge Financial Solutions, Inc. | 2400 |  | 581760 |
|  Leidos Holdings, Inc. | 2034 |  | 299364 |
|  Paychex, Inc. | 4091 |  | 601868 |
|  RELX plc | 5697 |  | 308783 |
|  Thomson Reuters Corp. | 4474 |  | 832522 |
|  Verisk Analytics, Inc. | 2496 |  | 739889 |
|  Wolters Kluwer NV | 4833 |  | 851099 |
|  |  |  | 5930208 |
|  ***Trading Companies & Distributors (1.1%)*** | ***Trading Companies & Distributors (1.1%)*** | ***Trading Companies & Distributors (1.1%)*** | ***Trading Companies & Distributors (1.1%)*** |
|  Fastenal Co. | 12442 |  | 1007429 |
|  ITOCHU Corp. | 9500 |  | 483837 |
|  W.W. Grainger, Inc. | 800 |  | 819448 |
|  |  |  | 2310714 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 32222833 |
|  **Information Technology (19.3%)** | **Information Technology (19.3%)** | **Information Technology (19.3%)** | **Information Technology (19.3%)** |
|  ***Communications Equipment (0.8%)*** | ***Communications Equipment (0.8%)*** | ***Communications Equipment (0.8%)*** | ***Communications Equipment (0.8%)*** |
|  Cisco Systems, Inc. | 10505 |  | 606454 |
|  Motorola Solutions, Inc. | 2700 |  | 1189053 |
|  |  |  | 1795507 |
|  ***Electronic Equipment, Instruments & Components (0.7%)*** | ***Electronic Equipment, Instruments & Components (0.7%)*** | ***Electronic Equipment, Instruments & Components (0.7%)*** | ***Electronic Equipment, Instruments & Components (0.7%)*** |
|  Amphenol Corp., Class A | 9437 |  | 726177 |
|  CDW Corp. | 1993 |  | 319996 |
|  TE Connectivity plc | 2800 |  | 409864 |
|  |  |  | 1456037 |
|  ***IT Services (1.9%)*** | ***IT Services (1.9%)*** | ***IT Services (1.9%)*** | ***IT Services (1.9%)*** |
|  Accenture plc, Class A | 4060 |  | 1214549 |
|  CGI, Inc. | 7409 |  | 785614 |
|  Fujitsu Ltd. | 15600 |  | 343794 |
|  Gartner, Inc.\* | 900 |  | 378972 |
|  International Business Machines Corp. | 2773 |  | 670567 |
|  NEC Corp. | 13500 |  | 328200 |
|  VeriSign, Inc.\* | 1395 |  | 393557 |
|  |  |  | 4115253 |
|  ***Semiconductors & Semiconductor Equipment (4.5%)*** | ***Semiconductors & Semiconductor Equipment (4.5%)*** | ***Semiconductors & Semiconductor Equipment (4.5%)*** | ***Semiconductors & Semiconductor Equipment (4.5%)*** |
|  Broadcom, Inc. | 8859 |  | 1705092 |
|  NVIDIA Corp. | 69522 |  | 7572336 |
|  QUALCOMM, Inc. | 3526 |  | 523470 |
|  |  |  | 9800898 |
|  ***Software (6.7%)*** | ***Software (6.7%)*** | ***Software (6.7%)*** | ***Software (6.7%)*** |
|  Autodesk, Inc.\* | 1948 |  | 534239 |
|  Constellation Software, Inc. | 309 |  | 1113608 |
|  Dassault Systemes SE | 7350 |  | 273441 |

---

See Notes to Financial Statements.

------

1290 SMARTBETA EQUITY FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Fair Isaac Corp.\* | 200 | $397936 |
|  Intuit, Inc. | 1083 | 679550 |
|  Microsoft Corp. | 20478 | 8094134 |
|  Oracle Corp. | 3386 | 476478 |
|  Palo Alto Networks, Inc.\* | 2232 | 417228 |
|  Roper Technologies, Inc. | 1600 | 896128 |
|  Salesforce, Inc. | 2826 | 759374 |
|  SAP SE | 3390 | 980444 |
|  |  | 14622560 |
|  ***Technology Hardware, Storage & Peripherals (4.7%)*** | ***Technology Hardware, Storage & Peripherals (4.7%)*** | ***Technology Hardware, Storage & Peripherals (4.7%)*** |
|  Apple, Inc. | 44981 | 9558462 |
|  Canon, Inc. (x) | 10500 | 323416 |
|  NetApp, Inc. | 2900 | 260275 |
|  |  | 10142153 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 41932408 |
|  **Materials (2.2%)** | **Materials (2.2%)** | **Materials (2.2%)** |
|  ***Chemicals (2.2%)*** | ***Chemicals (2.2%)*** | ***Chemicals (2.2%)*** |
|  Air Liquide SA | 1500 | 306821 |
|  Ecolab, Inc. | 3400 | 854862 |
|  Givaudan SA (Registered) | 154 | 742991 |
|  Linde plc | 3351 | 1518774 |
|  Sherwin-Williams Co. (The) | 2900 | 1023468 |
|  Symrise AG, Class A | 2583 | 297151 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 4744067 |
|  **Real Estate (0.7%)** | **Real Estate (0.7%)** | **Real Estate (0.7%)** |
|  ***Real Estate Management & Development (0.2%)*** | ***Real Estate Management & Development (0.2%)*** | ***Real Estate Management & Development (0.2%)*** |
|  Swiss Prime Site AG (Registered) | 2427 | 341988 |
|  ***Residential REITs (0.3%)*** | ***Residential REITs (0.3%)*** | ***Residential REITs (0.3%)*** |
|  AvalonBay Communities, Inc. (REIT) | 2200 | 461956 |
|  Equity Residential (REIT) | 3400 | 238884 |
|  |  | 700840 |
|  ***Specialized REITs (0.2%)*** | ***Specialized REITs (0.2%)*** | ***Specialized REITs (0.2%)*** |
|  Public Storage (REIT) | 1598 | 480087 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 1522915 |
|  **Utilities (4.5%)** | **Utilities (4.5%)** | **Utilities (4.5%)** |
|  ***Electric Utilities (2.3%)*** | ***Electric Utilities (2.3%)*** | ***Electric Utilities (2.3%)*** |
|  Duke Energy Corp. | 6042 | 737245 |
|  Enel SpA | 64680 | 560097 |
|  Eversource Energy | 10900 | 648332 |
|  Exelon Corp. | 8780 | 411782 |
|  Hydro One Ltd. (m) | 13760 | 529400 |
|  Iberdrola SA | 47505 | 855406 |
|  Southern Co. (The) | 7103 | 652694 |
|  Terna - Rete Elettrica Nazionale | 58178 | 577872 |
|  |  | 4972828 |
|  ***Gas Utilities (0.5%)*** | ***Gas Utilities (0.5%)*** | ***Gas Utilities (0.5%)*** |
|  Atmos Energy Corp. | 5688 | 913663 |
|  Hong Kong & China Gas Co. Ltd. | 308000 | 277596 |
|  |  | 1191259 |
|  ***Multi-Utilities (1.7%)*** | ***Multi-Utilities (1.7%)*** | ***Multi-Utilities (1.7%)*** |
|  Consolidated Edison, Inc. | 7600 | 856900 |
|  E.ON SE | 37794 | 659992 |
|  National Grid plc | 26197 | 378105 |
|  Public Service Enterprise Group, Inc. | 12100 | 967153 |
|  Sempra | 10912 | 810434 |
|  |  | 3672584 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 9836671 |
|  **Total Common Stocks (99.2%)**<br> *(Cost $172,935,223)* |  | 215617858 |
|  | **Number of<br>Warrants** | **Value<br>(Note 1)** |
|  WARRANTS: | WARRANTS: |  |
|  **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 (0.6%)** | **Investment Companies (0.6%)** |  |
|  Invesco Government & Agency Portfolio, Institutional Shares 4.26% (7 day yield) (xx) | 485667 | 485667 |
|  JPMorgan Prime Money Market Fund, IM Shares 4.49% (7 day yield) | 882229 | 882405 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** |  | 1368072 |
|  **Total Short-Term Investments (0.6%)**<br> *(Cost $1,368,072)* | **Total Short-Term Investments (0.6%)**<br> *(Cost $1,368,072)* | 1368072 |
|  **Total Investments in Securities (99.8%)**<br> *(Cost $174,303,295)* | **Total Investments in Securities (99.8%)**<br> *(Cost $174,303,295)* | 216985930 |
|  **Other Assets Less Liabilities (0.2%)** | **Other Assets Less Liabilities (0.2%)** | 484861 |
|  **Net Assets (100%)** |  | $217470791 |

---

*\** *Non-income producing.* 

*(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 April 30, 2025, the market value or fair value, as applicable, of these securities amounted to $529,400 or 0.2% 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.* 

*(r)* *Fair value determined using significant unobservable inputs.* 

*(x)* *All or a portion of security is on loan at April 30, 2025.* 

*(xx)* *At April 30, 2025, the Fund had loaned securities with a total value of $1,693,848. This was collateralized by $1,329,969 of various U.S. Government Treasury Securities, ranging from 0.000% - 4.875%, maturing 6/30/25 - 11/15/54 and by cash of $485,667 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.* 

See Notes to Financial Statements.

------

1290 SMARTBETA EQUITY FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

*Glossary:*

*ADR* *— American Depositary Receipt* 

*AUD* *— Australian Dollar* 

*CAD* *— Canadian Dollar* 

*CHF* *— Swiss Franc* 

*DKK* *— Denmark Krone* 

*EUR* *— European Currency Unit* 

*GBP* *— British Pound* 

*HKD* *— Hong Kong Dollar* 

*ILS* *— Israel New Shekel* 

*JPY* *— Japanese Yen* 

*NOK* *— Norwegian Krone* 

*NZD* *— New Zealand Dollar* 

*REIT* *— Real Estate Investment Trust* 

*SEK* *— Swedish Krona* 

*SGD* *— Singapore Dollar* 

*USD* *— United States Dollar* 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Country Diversification**<br> As a Percentage of Total Net Assets | |
| &nbsp;&nbsp;&nbsp; Australia | 1.6% |
| &nbsp;&nbsp;&nbsp; Belgium | 0.1 |
| &nbsp;&nbsp;&nbsp; Canada | 7.4 |
| &nbsp;&nbsp;&nbsp; Denmark | 0.1 |
| &nbsp;&nbsp;&nbsp; Finland | 0.6 |
| &nbsp;&nbsp;&nbsp; France | 0.8 |
| &nbsp;&nbsp;&nbsp; Germany | 4 |
| &nbsp;&nbsp;&nbsp; Hong Kong | 0.1 |
| &nbsp;&nbsp;&nbsp; Ireland | 0.6 |
| &nbsp;&nbsp;&nbsp; Italy | 1 |
| &nbsp;&nbsp;&nbsp; Japan | 3.1 |
| &nbsp;&nbsp;&nbsp; Netherlands | 1.1 |
| &nbsp;&nbsp;&nbsp; Norway | 0.5 |
| &nbsp;&nbsp;&nbsp; Singapore | 0.8 |
| &nbsp;&nbsp;&nbsp; Spain | 0.5 |
| &nbsp;&nbsp;&nbsp; Sweden | 0.8 |
| &nbsp;&nbsp;&nbsp; Switzerland | 1.9 |
| &nbsp;&nbsp;&nbsp; United Kingdom | 0.6 |
| &nbsp;&nbsp;&nbsp; United States | 74.2 |
| &nbsp;&nbsp;&nbsp; Cash and Other | 0.2 |
|  | 100.0% |

---

Foreign cash on the statement of assets and liabilities is maintained at JPMorgan or its affiliates and is comprised of the following (in USD): AUD 1,969, CAD 40,780, CHF 34,006, DKK 1,518, EUR 27,444, GBP 4,319, HKD 1,289, ILS 1,408, JPY 699, NOK 961, NZD 1,188, SEK 1,035 and SGD 1,531.

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 April 30, 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 | $12053171 | $2491980 | $— | $14545151 |
|  Consumer Discretionary | 17768739 | 2460721 |  | 20229460 |
|  Consumer Staples | 19201682 | 5873362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 25075044 |
|  Energy | 2127326 | 1144923 |  | 3272249 |
|  Financials | 32041204 | 10832512 |  | 42873716 |
|  Health Care | 16041514 | 3321830 |  | 19363344 |
|  Industrials | 23954375 | 8268458 |  | 32222833 |
|  Information Technology | 39683113 | 2249295 |  | 41932408 |
|  Materials | 3397104 | 1346963 |  | 4744067 |
|  Real Estate | 1180927 | 341988 |  | 1522915 |
|  Utilities | 6527603 | 3309068 |  | 9836671 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 1368072 |  |  | 1368072 |

---

See Notes to Financial Statements.

------

1290 SMARTBETA EQUITY FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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** |
|  **Warrants** |  |  |  |  |
|  Information Technology | $— | $— | $— (a) | $— (a) |
|  **Total Assets** | $**175344830** | $**41641100** | $**—** | $**216985930** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**175344830** | $**41641100** | $**—** | $**216985930** |

---

(a) Value is zero.

The Fund held no derivatives contracts during the six months ended April 30, 2025.

Investment security transactions for the six months ended April 30, 2025 were as follows:

---

| | |
|:---|:---|
|  **Cost of Purchases:** |  |
|  Long-term investments other than U.S. government debt securities | $39569768.0 |
|  **Net Proceeds of Sales and Redemptions:** |  |
|  Long-term investments other than U.S. government debt securities | $36833591.0 |

---

As of April 30, 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 | $47042242 |
|  Aggregate gross unrealized depreciation | (4733390) |
|  Net unrealized appreciation | $42308852 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $174677078 |

---

See Notes to Financial Statements.

------

1290 SMARTBETA EQUITY FUND

#### STATEMENT OF ASSETS AND LIABILITIES

#### April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at value (x) (Cost $174,303,295) | $216985930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 383000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign cash (Cost $117,961) | 118147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends, interest and other receivables | 551042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Fund shares sold | 330480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid registration and filing fees | 27603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income receivable | 3388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 218399590 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for return of collateral on securities loaned | 485667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Fund shares repurchased | 200061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 81131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees payable | 33438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees payable | 25972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class R | 1472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees payable – Class A | 1158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 99900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 928799 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingent liabilities^** |  |
|  **NET ASSETS** | $217470791 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | $169265909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 48204882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $217470791 |
|  **Class A** |  |
|  Net asset value and redemption price per share, $5,836,811 / 310,786 shares outstanding (unlimited amount authorized: $0.001 par value) | $18.78 |
|  Maximum sales charge (5.50% of offering price) | 1.09 |
|  Maximum offering price per share | $19.87 |
|  **Class I** |  |
|  Net asset value, offering and redemption price per share, $207,910,178 / 11,042,574 shares outstanding (unlimited amount authorized: $0.001 par value) | $18.83 |
|  **Class R** |  |
|  Net asset value, offering and redemption price per share, $3,723,802 / 198,761 shares outstanding (unlimited amount authorized: $0.001 par value) | $18.74 |

---

*(x)* *Includes value of securities on loan of $1,693,848.* 

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

#### STATEMENT OF OPERATIONS

#### For the Six Months Ended April 30, 2025 (Unaudited)

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of $122,474 foreign withholding tax) | $2038740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 8905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending (net) | 7129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 2054774 |
|  **EXPENSES** | **EXPENSES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 758558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 162549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 115192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 57218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and mailing expenses | 34913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees | 21699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 14601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class R | 9111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees – Class A | 7439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 3595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 18707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 1203582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Waiver from investment adviser | (266072) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 937510 |
|  **NET INVESTMENT INCOME (LOSS)** | 1117264 |
|  **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 | 5028511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (14452) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 5014059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (1975885) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 17714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (1958171) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS)** | 3055888 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $4173152 |

---

See Notes to Financial Statements.

------

#### 1290 FUNDS
1290 SMARTBETA EQUITY FUND

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **Year Ended<br>October 31, 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) | $1117264 | $2377117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 5014059 | 10181124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (1958171) | 40812304 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 4173152 | 53370545 |
| &nbsp;&nbsp;&nbsp;&nbsp; **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 [ 18,858 and 47,641 shares, respectively ] | 359766 | 828562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of dividends [ 12,952 and 4,167 shares, respectively ] | 247656 | 68338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares repurchased [ (29607) and (73974) shares, respectively ] | (552024) | (1324378) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class A transactions | 55398 | (427478) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 1,457,414 and 3,094,753 shares, respectively ] | 27657845 | 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 [ (1479123) and (4491799) shares, respectively ] | (27979267) | (78668900) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class I transactions | 8473996 | (20969362) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold [ 13,325 and 58,077 shares, respectively ] | 253054 | 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 [ (6917) and (18051) shares, respectively ] | (132228) | (307750) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Class R transactions | 258426 | 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** | 8787820 | (20863766) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 3759978 | 29601287 |
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 213710813 | 184109526 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $217470791 | $213710813 |
| &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 SMARTBETA EQUITY FUND

FINANCIAL HIGHLIGHTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| **Class A** | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $19.19 | $14.90 | $14.15 | $17.61 | $13.34 | $13.34 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.07 | 0.16 | 0.17 | 0.15 | 0.14 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.30 | 4.33 | 0.70 | (2.37) | 4.29 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.37 | 4.49 | 0.87 | (2.22) | 4.43 | 0.28 |
| &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; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.18) | (0.20) | (0.12) | (0.13) | (0.08) | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.60) |  |  | (1.11) | (0.08) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.78) | (0.20) | (0.12) | (1.24) | (0.16) | (0.28) |
|  Net asset value, end of period | $18.78 | $19.19 | $14.90 | $14.15 | $17.61 | $13.34 |
|  Total return (b) | 1.88% | 30.38% | 6.14 | (13.73)% | 33.49% | 2.07% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $5837 | $5922 | $4929 | $4888 | $4978 | $3278 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 1.10% | 1.10% | 1.10 | 1.10% | 1.10% | 1.14% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | 1.35% | 1.37% | 1.41 | 1.42% | 1.48% | 1.83% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 0.79% | 0.91% | 1.15 | 0.96% | 0.89% | 1.04% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | 0.54% | 0.64% | 0.84 | 0.64% | 0.51% | 0.35% |
|  Portfolio turnover rate^ | 17 %(z) | 32% | 34 | 38% | 59% | 42% |
|  | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| **Class I** | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $19.26 | $14.95 | $14.19 | $17.66 | $13.37 | $13.37 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.10 | 0.21 | 0.21 | 0.19 | 0.19 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.30 | 4.34 | 0.71 | (2.38) | 4.29 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.40 | 4.55 | 0.92 | (2.19) | 4.48 | 0.31 |
| &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; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.23) | (0.24) | (0.16) | (0.17) | (0.11) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.60) |  |  | (1.11) | (0.08) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.83) | (0.24) | (0.16) | (1.28) | (0.19) | (0.31) |
|  Net asset value, end of period | $18.83 | $19.26 | $14.95 | $14.19 | $17.66 | $13.37 |
|  Total return (b) | 2.01% | 30.72% | 6.46 | (13.56)% | 33.87% | 2.30% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **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;207910 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204247 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176892 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150789 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124320 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46777 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 0.85% | 0.85% | 0.85 | 0.85% | 0.85% | 0.89% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | 1.10% | 1.12% | 1.16 | 1.17% | 1.23% | 1.58% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 1.05% | 1.17% | 1.40 | 1.23% | 1.16% | 1.27% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | 0.80% | 0.90% | 1.09 | 0.90% | 0.78% | 0.58% |
|  Portfolio turnover rate^ | 17 %(z) | 32% | 34 | 38% | 59% | 42% |

---

See Notes to Financial Statements.

------

1290 SMARTBETA EQUITY FUND

FINANCIAL HIGHLIGHTS (Continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| **Class R** | **Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $19.13 | $14.85 | $14.10 | $17.56 | $13.30 | $13.31 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) (e) | 0.05 | 0.11 | 0.14 | 0.11 | 0.10 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.30 | 4.33 | 0.69 | (2.37) | 4.29 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.35 | 4.44 | 0.83 | (2.26) | 4.39 | 0.24 |
| &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; **Less distributions:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.14) | (0.16) | (0.08) | (0.09) | (0.05) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.60) |  |  | (1.11) | (0.08) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.74) | (0.16) | (0.08) | (1.20) | (0.13) | (0.25) |
|  Net asset value, end of period | $18.74 | $19.13 | $14.85 | $14.10 | $17.56 | $13.30 |
|  Total return (b) | 1.76% | 30.11% | 5.90 | (13.97)% | 33.21% | 1.75% |
|  **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  Net assets, end of period (000's) | $3724 | $3541 | $2134 | $1381 | $936 | $236 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 1.35% | 1.35% | 1.35 | 1.35% | 1.35% | 1.39% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | 1.60% | 1.62% | 1.66 | 1.68% | 1.73% | 2.09% |
|  Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; After waivers and reimbursements (a)(f) | 0.55% | 0.64% | 0.89 | 0.72% | 0.64% | 0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers and reimbursements (a)(f) | 0.30% | 0.37% | 0.58 | 0.40% | 0.26% | 0.07% |
|  Portfolio turnover rate^ | 17 %(z) | 32% | 34 | 38% | 59% | 42% |

---

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

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

*(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.* 

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

See Notes to Financial Statements.

------

NOTES TO FINANCIAL STATEMENTS

April 30, 2025 (Unaudited)

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 sixteen 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.

Effective November 29, 2023, the name of the 1290 Retirement 2060 Fund changed to 1290 Avantis<sup>®</sup> U.S. Large Cap Growth Fund; American Century Investment Management, Inc. became the Fund's sub-adviser; and the Fund's investment objective and principal investment strategy changed. Effective November 29, 2023, the Fund seeks to provide long-term growth of capital and pursues its investment objective by investing directly in large capitalization U.S. equity securities. Prior to November 29, 2023, the Fund was managed by the Adviser as a fund-of-funds.

Each of the investment sub-advisers (each a "Sub-Adviser") independently chooses and maintains a portfolio of securities for their respective Fund.

The 1290 Retirement 2020 Fund, 1290 Retirement 2025 Fund, 1290 Retirement 2030 Fund, 1290 Retirement 2035 Fund, 1290 Retirement 2040 Fund, 1290 Retirement 2045 Fund, 1290 Retirement 2050 Fund and 1290 Retirement 2055 Fund (each, a "1290 Retirement Fund" and together, the "1290 Retirement Funds") as well as the 1290 Multi-Alternative Strategies Fund are types of mutual funds often described as "fund-of-funds." These Funds pursue their 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 sixteen Funds. The Class T shares of the Trust, which were previously authorized but were not publicly offered for sale, have been terminated. Additionally, the 1290 Retirement Funds currently only offer Class I shares for sale.

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, 1290 SmartBeta Equity Fund and each 1290 Retirement 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.

------

NOTES TO FINANCIAL STATEMENTS (Continued)

April 30, 2025 (Unaudited)

EIM contributed seed capital to the Fund below:

---

| | | | |
|:---|:---|:---|:---|
| **Funds:** | **Redemption<br>Date** | **Class** | **Seed capital** |
|  1290 GAMCO Small/Mid Cap Value | 10/15/2024 | T | $184904 |
|  1290 High Yield Bond | 10/15/2024 | T | 121901 |
|  1290 SmartBeta Equity | 10/15/2024 | T | 204084 |

---

*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.

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 Retirement 2020 Fund — Seeks the highest total return over time consistent with its asset mix while managing portfolio volatility. Total return includes capital growth and income.

1290 Retirement 2025 Fund — Seeks the highest total return over time consistent with its asset mix while managing portfolio volatility. Total return includes capital growth and income.

1290 Retirement 2030 Fund — Seeks the highest total return over time consistent with its asset mix while managing portfolio volatility. Total return includes capital growth and income.

1290 Retirement 2035 Fund — Seeks the highest total return over time consistent with its asset mix while managing portfolio volatility. Total return includes capital growth and income.

1290 Retirement 2040 Fund — Seeks the highest total return over time consistent with its asset mix while managing portfolio volatility. Total return includes capital growth and income.

1290 Retirement 2045 Fund — Seeks the highest total return over time consistent with its asset mix while managing portfolio volatility. Total return includes capital growth and income.

1290 Retirement 2050 Fund — Seeks the highest total return over time consistent with its asset mix while managing portfolio volatility. Total return includes capital growth and income.

1290 Retirement 2055 Fund — Seeks the highest total return over time consistent with its asset mix while managing portfolio volatility. Total return includes capital growth and income.

1290 SmartBeta Equity Fund (sub-advised by AXA Investment Managers US Inc.) — Seeks to achieve long-term capital appreciation.

------

NOTES TO FINANCIAL STATEMENTS (Continued)

April 30, 2025 (Unaudited)

*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.

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.

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.

------

NOTES TO FINANCIAL STATEMENTS (Continued)

April 30, 2025 (Unaudited)

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").

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 April 30, 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.

------

NOTES TO FINANCIAL STATEMENTS (Continued)

April 30, 2025 (Unaudited)

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.

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.

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NOTES TO FINANCIAL STATEMENTS (Continued)

April 30, 2025 (Unaudited)

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.

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, 2024, the Funds did not incur any interest or penalties. Each of the tax years in the four year ended October 31, 2024 remains subject to examination by the Internal Revenue Service, state and local taxing authorities.

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NOTES TO FINANCIAL STATEMENTS (Continued)

April 30, 2025 (Unaudited)

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 April 30, 2025 and October 31, 2024 and the tax composition of undistributed ordinary income and undistributed long term gains at April 30, 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 Diversified Bond, 1290 Essex Small Cap Growth, 1290 High Yield Bond and 1290 Multi-Alternative Strategies), deferral of losses on offsetting positions (1290 Loomis Sayles Multi-Asset Income), partnership basis adjustments (1290 Multi-Alternative Strategies) and wash sale loss deferrals (1290 GAMCO Small/Mid Cap Value, 1290 High Yield Bond, 1290 Loomis Sayles Multi-Asset Income, 1290 Multi-Alternative Strategies, 1290 Retirement 2020, 1290 Retirement 2025, 1290 Retirement 2030 and 1290 Retirement 2035).

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended**<br>**October 31, 2024** | **Year Ended**<br>**October 31, 2024** | **As of October 31, 2024** | **As of October 31, 2024** | **Year Ended**<br>**October 31, 2023** | **Year Ended**<br>**October 31, 2023** |
| **Funds:** | **Distributed<br>Ordinary<br>Income** | **Distributed<br>Long Term<br>Gains** | **Accumulated<br>Undistributed<br>Ordinary<br>Income** | **Accumulated<br>Undistributed<br>Long Term<br>Gains** | **Distributed<br>Ordinary<br>Income** | **Distributed<br>Long Term<br>Gains** |
|  1290 Avantis<sup>®</sup> U.S. Large Cap Growth | $69351 | $73148 | $98115 | $655036 | $112234 | $98870 |
|  1290 Diversified Bond | 39852498 |  |  |  | 15606684 |  |
|  1290 Essex Small Cap Growth |  |  | 125352 |  | 73637 |  |
|  1290 GAMCO Small/Mid Cap Value | 1401584 | 3909545 | 1366441 | 5813221 | 248039 | 2550136 |
|  1290 High Yield Bond | 4371070 |  |  |  | 3658332 |  |
|  1290 Loomis Sayles Multi-Asset Income | 3375320 |  | 4189641 | 24235 | 2420631 | 1048196 |
|  1290 Multi-Alternative Strategies | 468907 |  | 95074 |  | 349910 |  |
|  1290 Retirement 2020 | 170559 | 90696 | 116864 | 190041 | 204241 | 570728 |
|  1290 Retirement 2025 | 360448 | 313351 | 278569 | 485874 | 389577 | 735181 |
|  1290 Retirement 2030 | 190618 | 81023 | 166899 | 134514 | 195023 | 519067 |
|  1290 Retirement 2035 | 202820 | 144001 | 205456 | 60298 | 242334 | 550396 |
|  1290 Retirement 2040 | 132682 | 57378 | 100164 | 462828 | 132662 | 27410 |
|  1290 Retirement 2045 | 154515 | 129674 | 135568 | 27076 | 162933 | 122800 |
|  1290 Retirement 2050 | 152737 | 37221 | 129176 | 102868 | 147935 | 33174 |
|  1290 Retirement 2055 | 100195 | 165118 | 83769 | 33986 | 109392 | 87850 |
|  1290 SmartBeta Equity | 2905492 |  | 2254072 | 6694377 | 1704970 |  |

---

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NOTES TO FINANCIAL STATEMENTS (Continued)

April 30, 2025 (Unaudited)

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, 2024, 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 | $252330 |

---

The following Funds had a Return of Capital during the year ended October 31, 2024:

---

| | |
|:---|:---|
| **Fund:** | **Return of Capital** |
|  1290 Diversified Bond | $352519 |
|  1290 High Yield Bond | 30930 |

---

The following Funds had a Return of Capital during the year ended October 31, 2023:

---

| | |
|:---|:---|
| **Fund:** | **Return of Capital** |
|  1290 Diversified Bond | $8391802 |
|  1290 High Yield Bond | 31809 |

---

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 Term** | **Long Term** | **Short Term** | **Long Term** |
|  1290 Diversified Bond | $7144828 | $893695 | $69967706 | $77385361 |
|  1290 Essex Small Cap Growth |  |  | 6541866 |  |
|  1290 High Yield Bond | 129970 |  | 1007555 | 5939974 |
|  1290 Multi-Alternative Strategies |  |  | 50150 | 1429922 |
|  1290 SmartBeta Equity | 3119662 |  |  |  |

---

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

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NOTES TO FINANCIAL STATEMENTS (Continued)

April 30, 2025 (Unaudited)

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.

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 six months ended April 30, 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

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NOTES TO FINANCIAL STATEMENTS (Continued)

April 30, 2025 (Unaudited)

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.

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.

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NOTES TO FINANCIAL STATEMENTS (Continued)

April 30, 2025 (Unaudited)

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 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

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NOTES TO FINANCIAL STATEMENTS (Continued)

April 30, 2025 (Unaudited)

"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 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 six months ended April 30, 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.

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NOTES TO FINANCIAL STATEMENTS (Continued)

April 30, 2025 (Unaudited)

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 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 April 30, 2025, the Securities Lending Agreement does not permit a Fund to enforce a netting arrangement.

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NOTES TO FINANCIAL STATEMENTS (Continued)

April 30, 2025 (Unaudited)

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 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 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.

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NOTES TO FINANCIAL STATEMENTS (Continued)

April 30, 2025 (Unaudited)

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, 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.

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

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NOTES TO FINANCIAL STATEMENTS (Continued)

April 30, 2025 (Unaudited)

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 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"), EIM's Chief Operating Officer, who 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's decision is based on the

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NOTES TO FINANCIAL STATEMENTS (Continued)

April 30, 2025 (Unaudited)

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.

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 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:

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| | |
|:---|:---|
| **Funds:** | **Investment Advisory Fees** |
|  1290 Avantis<sup>®</sup> U.S. Large Cap Growth | 0.500% of average daily net assets |
|  1290 Retirement 2020 | 0.500% of average daily net assets |
|  1290 Retirement 2025 | 0.500% of average daily net assets |
|  1290 Retirement 2030 | 0.500% of average daily net assets |
|  1290 Retirement 2035 | 0.500% of average daily net assets |
|  1290 Retirement 2040 | 0.500% of average daily net assets |
|  1290 Retirement 2045 | 0.500% of average daily net assets |
|  1290 Retirement 2050 | 0.500% of average daily net assets |
|  1290 Retirement 2055 | 0.500% of average daily net assets |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **(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 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **(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% |

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| | | | |
|:---|:---|:---|:---|
|  | **(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 |

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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 brokers

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NOTES TO FINANCIAL STATEMENTS (Continued)

April 30, 2025 (Unaudited)

or 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:

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| | |
|:---|:---|
| **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 |

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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 April 30, 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.

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NOTES TO FINANCIAL STATEMENTS (Continued)

April 30, 2025 (Unaudited)

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:

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| | |
|:---|:---|
| **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 Retirement 2020\* | 0.65 |
|  1290 Retirement 2025\* | 0.65 |
|  1290 Retirement 2030\* | 0.65 |
|  1290 Retirement 2035\* | 0.65 |
|  1290 Retirement 2040\* | 0.65 |
|  1290 Retirement 2045\* | 0.65 |
|  1290 Retirement 2050\* | 0.65 |
|  1290 Retirement 2055\* | 0.65 |
|  1290 SmartBeta Equity | 0.85 |

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\* 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 six months ended April 30, 2025, the Funds did not incur recoupment fees and as of April 30, 2025, no commitment or contingent liability is expected. At April 30, 2025, under the Expense Limitation Agreement, the amount that would be recoverable from each Fund is as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Amount Eligible Through** | **Amount Eligible Through** | **Amount Eligible Through** | **Amount Eligible Through** | **Total Eligible<br>For**<br>**Reimbursement** |
| **Funds:** | **2025** | **2026** | **2027** | **2028** | **Total Eligible<br>For**<br>**Reimbursement** |
|  1290 Avantis<sup>®</sup> U.S. Large Cap Growth | $72452 | $129096 | $264400 | $145424 | $611372 |
|  1290 Diversified Bond | 1529042 | 3030013 | 2652034 | 1256725 | 8467814 |
|  1290 Essex Small Cap Growth | 202116 | 412087 | 254364 | 123303 | 991870 |
|  1290 GAMCO Small/Mid Cap Value | 256887 | 411133 | 402629 | 211143 | 1281792 |
|  1290 High Yield Bond | 151527 | 299929 | 294924 | 146049 | 892429 |

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NOTES TO FINANCIAL STATEMENTS (Continued)

April 30, 2025 (Unaudited)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Amount Eligible Through** | **Amount Eligible Through** | **Amount Eligible Through** | **Amount Eligible Through** | **Total Eligible<br>For**<br>**Reimbursement** |
| **Funds:** | **2025** | **2026** | **2027** | **2028** | **Total Eligible<br>For**<br>**Reimbursement** |
|  1290 Loomis Sayles Multi-Asset Income | $207029 | $282902 | $359264 | $188308 | $1037503 |
|  1290 Multi-Alternative Strategies | 61260 | 122841 | 117430 | 51117 | 352648 |
|  1290 Retirement 2020 | 71429 | 126214 | 123477 | 43116 | 364236 |
|  1290 Retirement 2025 | 72629 | 133596 | 129041 | 48373 | 383639 |
|  1290 Retirement 2030 | 70373 | 127176 | 126387 | 46991 | 370927 |
|  1290 Retirement 2035 | 72116 | 129923 | 127597 | 50379 | 380015 |
|  1290 Retirement 2040 | 71923 | 126010 | 125766 | 46251 | 369950 |
|  1290 Retirement 2045 | 72987 | 127739 | 127346 | 48492 | 376564 |
|  1290 Retirement 2050 | 71977 | 127733 | 126727 | 48221 | 374658 |
|  1290 Retirement 2055 | 72452 | 126530 | 125584 | 47537 | 372103 |
|  1290 SmartBeta Equity | 275339 | 556893 | 553875 | 266072 | 1652179 |

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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 six months ended April 30, 2025, the proceeds retained from sales and redemptions are as follows:

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| | | |
|:---|:---|:---|
|  | **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 | $10598 | $— |
|  1290 Diversified Bond | 4864 |  |
|  1290 Essex Small Cap Growth | 2557 |  |
|  1290 GAMCO Small/Mid Cap Value | 13013 |  |
|  1290 High Yield Bond | 696 |  |
|  1290 Loomis Sayles Multi-Asset Income | 21287 |  |
|  1290 Multi-Alternative Strategies | 5 |  |
|  1290 SmartBeta Equity | 15077 |  |

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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 six months ended April 30, 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.

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NOTES TO FINANCIAL STATEMENTS (Continued)

April 30, 2025 (Unaudited)

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| | |
|:---|:---|
| Note 5 | Percentage of Ownership by Affiliates  |

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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 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 April 30, 2025, EIMG and Equitable Financial held investments in each of the Funds as follows:

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| | |
|:---|:---|
| **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 | 16 |
|  1290 High Yield Bond | 7 |
|  1290 Loomis Sayles Multi-Asset Income | 56 |
|  1290 Multi-Alternative Strategies | 49 |
|  1290 Retirement 2020 | 100 |
|  1290 Retirement 2025 | 88 |
|  1290 Retirement 2030 | 93 |
|  1290 Retirement 2035 | 91 |
|  1290 Retirement 2040 | 97 |
|  1290 Retirement 2045 | 93 |
|  1290 Retirement 2050 | 97 |
|  1290 Retirement 2055 | 100 |

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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 April 30, 2025.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolios:** | **1290 Avantis<sup>®</sup> U.S.<br>Large Cap Growth<br>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/All Asset Growth Allocation | 5.08% | 1.18% | —% | —% | —% | —% |
|  EQ/Conservative Allocation | 1.41 | 4.18 |  |  |  |  |
|  EQ/Conservative-Plus Allocation | 2.26 | 3.69 |  |  |  |  |
|  EQ/Moderate Allocation | 14.66 | 20.79 |  |  |  |  |
|  EQ/Moderate-Plus Allocation | 24.01 | 15.67 |  |  |  |  |
|  EQ/Aggressive Allocation | 12.34 | 2.22 |  |  |  |  |
|  Equitable Conservative Growth MF/ETF | 0.65 | 4.43 | 4.24 | 2.34 | 8.44 | 3.49 |
|  Equitable Growth MF/ETF | 0.71 | 0.48 | 3.69 | 2.06 | 2.16 | 3.95 |
|  Equitable Moderate Growth MF/ETF | 0.41 | 1.11 | 2.49 | 1.38 | 1.83 | 2.22 |
|  Target 2015 Allocation |  | 0.57 |  |  |  |  |
|  Target 2025 Allocation |  | 1.98 |  |  |  |  |
|  Target 2035 Allocation |  | 1.88 |  |  |  |  |
|  Target 2045 Allocation |  | 1.01 |  |  |  |  |
|  Target 2055 Allocation |  | 0.24 |  |  |  |  |

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NOTES TO FINANCIAL STATEMENTS (Concluded)

April 30, 2025 (Unaudited)

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 April 30, 2025, the date of these financial statements, through the date these financial statements were issued. The 1290 Retirement Funds, at a meeting held on March 18-19, 2025, received approval from the Board of Trustees (the "Board"), upon the recommendation of Equitable Investment Management, LLC, the Trust's investment adviser, for a Plan of Liquidation and Termination (the "Plan") pursuant to which the 1290 Retirement Funds would liquidate and terminate on or about May 30, 2025 (the "Liquidation Date"). Pursuant to the Plan, the 1290 Retirement Funds sold their respective portfolio securities for cash and converted any other assets to cash or cash equivalents to pay any liabilities by the Liquidation Date. On the Liquidation Date, each of the 1290 Retirement Funds made a liquidating distribution to each remaining shareholder equal to the shareholder's proportionate interest in the net assets of each Fund, in complete redemption and cancellation of each Fund's shares held by each shareholder. The 1290 Retirement Funds terminated upon completion of the distribution.

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| | |
|:---|:---|
| **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.

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| | |
|:---|:---|
| **Item 9:** | **Proxy Disclosures for Open-End Management Investment Companies (Unaudited)**  |

---

Note: This is not applicable for any Fund included in this document.

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| | |
|:---|:---|
| **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

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| | |
|:---|:---|
| **Item 11:** | **Statement Regarding Basis for Approval of Investment Advisory Contract (Unaudited)**  |

---

Note: this is not applicable for any Fund included in this document. This information is disclosed as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies in the Funds' Annual Report.

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**Item 12.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** <br>

Not applicable.

**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.** <br>

Not applicable.

**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** <br>

Not applicable.

**Item 15.** **Submission of Matters to a Vote of Security Holders.** <br>

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

**Item 16.** **Controls and Procedures.** <br>

(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 ("1940 Act") are effective as of a date within 90 days prior to the filing date 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.

(b) The registrant's certifying officers are not aware of any changes 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.** <br>

Not Applicable.

**Item 18.** **Recovery of Erroneously Awarded Compensation.** <br>

Not applicable.

**Item 19.** **Exhibits.** <br>

(a)(1) Registrant's Code of Ethics - Not applicable (please see Item 2).

(a)(2) Not applicable.

(a)(3)(i) [Principal Executive Officer's Section 302 certification attached hereto.](d945978dex99cert.htm)

(a)(3)(ii) [Principal Financial Officer's Section 302 certification attached hereto.](d945978dex99cert1.htm)

(b) [Combined Section 906 certification attached hereto.](d945978dex99906cert.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.

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#### 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 and Principal Executive Officer |
|  | July 1, 2025 |

---

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.

---

| | |
|:---|:---|
| By: | /s/ Steven M. Joenk |
|  | Steven M. Joenk |
|  | Chief Executive Officer and Principal Executive Officer |
|  | July 1, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Brian E. Walsh |
|  | Brian E. Walsh |
|  | Chief Financial Officer and Principal Financial Officer |
|  | July 1, 2025 |

---

## Ex-99.Cert

**Exhibit (a)(3)(i)** 

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: July 1, 2025 | /s/ Steven M. Joenk |
|  | Steven M. Joenk |
|  | Chief Executive Officer and Principal Executive Officer |

---

## Ex-99.Cert

**Exhibit (a)(3)(ii)** 

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: July 1, 2025 | /s/ Brian E. Walsh |
|  | Brian E. Walsh |
|  | Chief Financial Officer Principal Financial Officer |

---

## Exhibit 99.906

**Exhibit (b)** 

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: July 1, 2025 | /s/ Steven M. Joenk |
|  | Steven M. Joenk |
|  | Chief Executive Officer and Principal 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: July 1, 2025 | /s/ Brian E. Walsh |
|  | Brian E. Walsh |
|  | Chief Financial Officer and Principal Financial Officer |

---

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to 1290 Funds and will be retained by 1290 Funds and furnished to the Securities and Exchange Commission or its staff upon request.