1290 Funds NCSR Certified annual shareholder report (management investment company)

9463.1810040.8610003.4710042.110197.9110673.4110706.9810684.810647.6111131.0711145.1511128.2311699.2312249.5312394.4212213.0912176.6112698.4112967.9512680.692058475.351954427.92496989.321991923.421492544.871785128.122099181.431808491.591426554.82134763.572783933.772117945.81662019.351487520.331943967.071481972.621248372.1610000001000000.001000000100000011030001100675.821160384.781098719.9511260001181534.111284687.61175387.51288451.771350802.921504407.341341729.1811477.7111554.5310382.7210229.7010345.8710385.9712270.1413034.6412329.0912223.6811610.7211296.1410412.329989.3510630.6010135.4510094.399403.599551.101000010535.539722.371196639.041296451.841385282.061105722.671092080.241235839.331054948.211067671.661020901.14985143.56100000010000009839.8910140.2610549.5310371.1611702.5712611.6213423.7610658.9310481.711806.199451.8100001000010396.9810733.1410884.299971.6410143.2210743.4110813.810739.7511233.85966410883.9310712.0510775.7912090.812144.778447.6810993.249923.899987.0812796.0711735.1110063.113311.1712038.8311374.4414638.7813698.9411478.9715154.7413545.161221506.021209441.761069697.451060649.26896776.431143088.351024456.491146104.411056000110000010000008907.5310526.1710606.611973.912074.431000011000105401143110204.4611370.689451.8100009754.079805.3310054.2510567.7712740.8712677.9112506.9912712.4412792.9913487.3821109.1921129.9215956.716626.4716785.9216005.4718788.117979.9511892.711880.3210000001034347.231068879.581358484.031336806.421371123.921276856.961935354.91727500.61798441.352289842.1913371.7912394.2818701.6316603.7517205.3421792.761000010296.1610581.5613384.2113107.2813067.4614628.4211813.3812957.312321.1213721.5714279.9115992.159551.1100009874.4710802.8610782.8811790.2510875.1211891.9911632.8412881.6212182.2713209.299300.629806.041261371.881320482.851533978.771138482.261150945.791232883.091294306.541391787.341000000976147.421038985.8512622.0914592.8412558.7513438.6612131.93100009714.2810288.2211208.9711279.0612022.3515521.914609.6115508.4310541.281134910894.6211692.6112018.6112405.331236111024.1511727.7512398.4312362.111248212207.2712904.9413236.7213929.141352813140.4312768.7811789.5512626.551400016166.271547413759.9512940.9513962.8615096.181365514520.313510.6614977.5715789.961450616862.6515740.8417751.5319521.13168959451.8100001000010000100009952.7410727.3110611.92100000010550001158112.411174887.581302950.781405805.121665462.341480666.771564443.771822926.6913747.3716204.0914326.331052011482.1111589.4412801.271000017458.7615069.019610.5810272.869993.3110519.929792.3310616.3411187.119451.8100009168.2410000.589491.8510031.179756.0410103.5210622.289589.5410705.949731.6211220.3511057.1411828.1310000009710001007488.861038084.921025142.191068690.881049867.641202984.351033232.911050088.591197139.5210079.7410456.6810219.7711644.959968.7610078.6410000969010009.9110263.3611430.881200767.961117987.141000000100000010660001023612.481068594.531002594.611213120.511187158.421407112.61181482.391212297.8996195.911242865.77999744.051457971.021105179.691221910.021200532.041227614.281251718.101461446.491511161.891253928.731289566.781290769.371355231.681539332.631623325.471000000.001000000.001075000.001077785.421081435.291082087.981080000.001086540.261087526.691091884.611234998.901214935.791226546.591262380.211496130.351572500.941278913.141328886.511319855.431407913.011599343.211722921.611000000.001000000.001304435.051369676.291349009.751464805.481652805.181830580.731000000.001000000.001085000.001095097.691094561.991101129.581243513.181227973.961232750.181271399.401524963.431640409.281000000.001000000.001089000.001100708.641102713.681107591.431254767.661237077.881251752.291277911.301576189.981688617.841348337.041399899.551398184.821508839.141727234.471920632.561000000.001000000.001093000.001104100.781109731.321110636.631263388.411241566.451249706.311280218.331595011.541715508.951366941.201417655.281419688.081534592.511767031.551974817.741274120.041244813.221247999.651282833.511000000.001000000.001098000.001106845.491115848.451113730.581614587.281731683.401383489.231428568.611443205.601549165.941810469.362008190.702016928.381848482.481555169.911461287.921433558.241400272.341738015.761634709.011283322.691245290.961000000100000011020001108182.011122882.91115128.31283379.081246910.813994.1612726.1212083.9212580.4611889.3110246.789860.4710126.859707.44100009451.825305.3922761.5618930.0717458.0317134.1816447.921018.0719066.3614967.4914283.2114341.5310000001029402.871048316.361266866.391290401.331498992.971533464.232052816.211774471.11889085.692469320.461000010246.8312653.0312479.4810381.7414620.2214887.7119816.6817048.4818053.9423489.87false0001605941N-1A1290 Avantis® U.S. Large Cap Growth Fund (Class A) without Sales Charge1290 Avantis® U.S. Large Cap Growth Fund (Class A) with Sales Charge1290 Diversified Bond Fund (Class A) without Sales Charge1290 Diversified Bond Fund (Class A) with Sales Charge0.03800.05500.01400.02500.04800.34600.22500.24900.47400.47400.24900.22500.34600.04800.02500.01400.05500.03800.47400.24900.22500.34600.04800.02500.01400.05500.03801290 Avantis® U.S. Large Cap Growth Fund (Class A) without Sales Charge1290 Avantis® U.S. Large Cap Growth Fund (Class A) with Sales Charge0.27840.21470.39210.11480.27840.21470.39210.11480.11480.39210.21470.27841290 GAMCO® Small/Mid Cap Value Fund (Class A) without Sales Charge1290 GAMCO® Small/Mid Cap Value Fund (Class A) with Sales Charge1290 High Yield Bond Fund (Class A) without Sales Charge1290 High Yield Bond Fund (Class A) with Sales Charge0.04450.35200.38230.17140.00180.04800.04450.35200.38230.17140.00180.04800.04450.35200.38230.17140.00180.04801290 Loomis Sayles Multi-Asset Income Fund (Class A) without Sales Charge1290 Loomis Sayles Multi-Asset Income Fund (Class A) with Sales Charge0.4460.5120.0380.0040.4460.5120.0380.0040.4460.5120.0380.0041290 Multi-Alternative Strategies Fund (Class A) without Sales Charge1290 Multi-Alternative Strategies Fund (Class A) with Sales Charge0.1610.1620.1500.1280.1250.1070.1550.0120.1610.1620.1500.1280.1250.1070.1550.0120.1610.1620.1500.1280.1250.1070.1550.0121290 SmartBeta Equity Fund (Class A) without Sales Charge1290 SmartBeta Equity Fund (Class A) with Sales ChargeDate of inception: July 6, 2015Date of inception: November 30, 2023This index replaced the prior broad-based securities market index in order to satisfy a change in regulatory requirementsLess than 0.05%Date of inception: July 11, 2022Date of inception: November 12, 2014Date of inception: February 27, 2017Date of inception: March 7, 2016The 1290 Multi-Asset Income Index is a hypothetical combination of unmanaged indexes composed of the Bloomberg U.S. Aggregate Bond Index (30%); the MSCI World High Dividend Yield Index (20%); the Cboe S&P 500 BuyWrite Index SM (20%); and the Bloomberg U.S. Corporate High Yield Index (30%).

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)

1290 Avenue of the Americas

New York, New York 10104

(Address of principal executive offices)

SHANE DALY.

Executive Vice President, General Counsel and Secretary

Equitable Investment Management, LLC

1345 Avenue of the Americas

New York, New York 10105

(Name and Address of Agent for Service)

Copies to:

MARK C. AMOROSI, ESQ.

K&L Gates LLP

1601 K Street N.W.

Washington, D.C. 20006

Registrant’s telephone number, including area code: (212)

554-1234

Date of fiscal year end: October 31

Date of reporting period: October 31, 2024

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.

1290 AVANTIS

U.S. LARGE CAP GROWTH FUND CLASS A (TNRAX)

Annual Shareholder Report - October 31, 2024

This annual shareholder report contains important information about the 1290 Avantis

U.S. Large Cap Growth Fund (the “Fund”) for the period November 30, 2023 to October 31, 2024. 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.

How did the Fund perform last period and what affected its

performance

(Based on a hypothetical $10,000 investment)


Share Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$95	0.90%

How did the Fund perform last year and what affected its performance?

The Fund’s Class A shares returned 28.86% (without sales charge) for the year ended October 31, 2024, underperforming the Russell 1000

Index and the Russell 1000

Growth Index, which returned 38.07%, and 43.77% respectively, over the same period.

What helped performance during the period?

• The Fund’s overweight exposure to companies with the highest

book-to-market

and profitability characteristics, which outperformed, aided performance. Additionally, the Fund’s underweight to companies with the lowest

book-to-market

and profitability characteristics, which underperformed, also contributed to performance.

What hurt performance during the period?

• The Fund’s underweight to

mega-cap

stocks, which outperformed, and overweight exposure to large- and

mid-cap

stocks in the Russell 1000

Growth Index universe detracted from results.

1290 AVANTIS

U.S. LARGE CAP GROWTH FUND CLASS A (TNRAX)

How did the Fund perform since inception?

Index and the Russell 1000

Growth Index performed over the same period. This graph includes the deduction of the maximum sales charge, if any.


Average Annual Total Returns as of October 31, 2024	Since Inception*
1290 Avantis ® U.S. Large Cap Growth Fund (Class A)
without Sales Charge		28.86%
with Sales Charge		21.77%
Russell 1000 ® Index**		26.81%
Russell 1000 ® Growth Index		29.68%
S&P 500 ® Index		26.98%

Date of inception: November 30, 2023

This index replaced the prior broad-based securities market index in order to satisfy a change in regulatory requirements

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Visit https://www.1290funds.com/resources/#shareholderReports for most recent performance information.


Fund Statistics
(as of October 31, 2024)
Net Assets	$	174,297,086
Total number of portfolio holdings		197
Total Investment advisory fees (net of waiver)		$189,209
Portfolio turnover rate (for the year ended October 31, 2024)		22%

1290 AVANTIS

U.S. LARGE CAP GROWTH FUND CLASS A (TNRAX)

What did the Fund invest in?

(as of October 31, 2024)


Sector Weightings (as a % of Net Assets)

Information Technology	43.1	%

Consumer Discretionary	15.9	%

Communication Services	12.5	%

Industrials	8.2	%

Financials	6.7	%

Health Care	5.7	%

Consumer Staples	4.5	%

Energy	2.1	%

Materials	0.7	%

Utilities	0.3	%

Short-Term Investments	0.0	% #

Cash and Other Assets Less Liabilities	0.3	%


Top Ten Holdings (as a % of Net Assets)

Apple, Inc.	12.0	%

NVIDIA Corp.	9.5	%

Microsoft Corp.	9.4	%

Amazon.com, Inc.	6.1	%

Meta Platforms, Inc., Class A	5.2	%

Alphabet, Inc., Class A	3.4	%

Alphabet, Inc., Class C	2.9	%

Broadcom, Inc.	2.4	%

Costco Wholesale Corp.	2.2	%

Mastercard, Inc., Class A	1.5	%

# Less than 0.05%


Additional Information
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.

1290 AVANTIS

U.S. LARGE CAP GROWTH FUND CLASS I (TNXIX)

Annual Shareholder Report - October 31, 2024

This annual shareholder report contains important information about the 1290 Avantis

U.S. Large Cap Growth Fund (the “Fund”) for the period November 1, 2023 to October 31, 2024. 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.

How did the Fund perform last year and what affected its performance?

(Based on a hypothetical $10,000 investment)


Share Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$77	0.65%

How did the Fund perform last year and what affected its performance?

The Fund’s Class I shares returned 37.92% for the year ended October 31, 2024, underperforming the Russell 1000

Index and the Russell 1000

Growth Index, which returned 38.07%, and 43.77% respectively, over the same period.

What helped performance during the year?

•

The Fund’s overweight exposure to companies with the highest

book-to-market

and profitability characteristics, which outperformed, aided performance. Additionally, the Fund’s underweight to companies with the lowest

book-to-market

and profitability characteristics, which underperformed, also contributed to performance.

What hurt performance during the year?

•

The Fund’s underweight to

mega-cap

stocks, which outperformed, and overweight exposure to large- and

mid-cap

stocks in the Russell 1000

Growth Index universe detracted from results.

1290 AVANTIS

U.S. LARGE CAP GROWTH FUND CLASS I (TNXIX)

How did the Fund perform since inception?

The graph below shows how a hypothetical $1,000,000 investment in the Fund would have performed since inception, and how the S&P 500 Index, the Russell 1000

Index and the Russell 1000

Growth Index performed over the same period.


Average Annual Total Returns as of 10/31/24	1 Year		5 Years		Since Inception*
1290 Avantis ® U.S. Large Cap Growth Fund (Class I)		37.92%		9.82%		9.86%
Russell 1000 ® Index**		38.07%		15.00%		13.81%
Russell 1000 ® Growth Index		43.77%		19.00%		18.12%
S&P 500 ® Index		38.02%		15.27%		14.09%

Date of inception: February 27, 2017

This index replaced the prior broad-based securities market index in order to satisfy a change in regulatory requirements

The Fund’s past performance is not a good predictor of the Fund’s future performance.


Fund Statistics
(as of October 31, 2024)
Net Assets	$	174,297,086
Total number of portfolio holdings		197
Total Investment advisory fees (net of waiver)		$189,209
Portfolio turnover rate (for the year ended October 31, 2024)		22%

1290 AVANTIS

U.S. LARGE CAP GROWTH FUND CLASS I (TNXIX)

What did the Fund invest in?

(as of October 31, 2024)


Sector Weightings (as a % of Net Assets)

Information Technology	43.1%

Consumer Discretionary	15.9%

Communication Services	12.5%

Industrials	8.2%

Financials	6.7%

Health Care	5.7%

Consumer Staples	4.5%

Energy	2.1%

Materials	0.7%

Utilities	0.3%

Short-Term Investments	0.0%	#

Cash and Other Assets Less Liabilities	0.3%


		Top Ten Holdings (as a % of Net Assets)

		Apple, Inc.			12.0%

		NVIDIA Corp.			9.5%

		Microsoft Corp.			9.4%

		Amazon.com, Inc.			6.1%

		Meta Platforms, Inc., Class A			5.2%

		Alphabet, Inc., Class A			3.4%

		Alphabet, Inc., Class C			2.9%

		Broadcom, Inc.			2.4%

		Costco Wholesale Corp.			2.2%

		Mastercard, Inc., Class A			1.5%

Less than 0.05%

Material Changes to the Fund

Effective November 29, 2023, 1290 Retirement 2060 Fund was renamed 1290 Avantis

U.S. Large Cap Growth Fund.

Prior to November 29, 2023, the Fund was managed by the Adviser as a

fund-of-funds

under the name “1290 Retirement 2060 Fund” and pursued its investment objective through investments in underlying exchanged-traded funds, which incurred their own operating costs and expenses, including management fees payable to their investment advisers. The Fund’s performance as a

fund-of-funds

reflected the impact of these operating costs and expenses. On November 29, 2023, the Fund repositioned its investments in connection with a change in its investment objective and principal investment strategy and policies.


Additional Information
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.

1290 DIVERSIFIED BOND FUND CLASS A (TNUAX)

Annual Shareholder Report - October 31, 2024

This annual shareholder report contains important information about the 1290 Diversified Bond Fund (the “Fund”) for the period November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://www.1290funds.com/resources/#shareholderReports. You can also request this information by contacting us at

1-888-310-0416.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)


Share Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$80	0.75%

How did the Fund perform last year and what affected its performance?

The Fund’s Class A shares returned 12.95% (without sales charge) for the year ended October 31, 2024, outperforming the Bloomberg U.S. Aggregate Bond Index, which returned 10.55% over the same period.

What helped performance during the year?

• The Fund’s overweight exposure to U.S. Treasury bonds added to performance over the year ended 10/31/24.

• The Fund’s overweight to Agency mortgage-backed securities (MBS) added to performance over the period.

• The Fund’s overweight to duration in South African bonds added to performance over the period.

• Long Swiss franc and long New Zealand dollar positions added to performance over the period.

What hurt performance during the year?

• The Fund’s overweight exposure to U.K. government bonds was the largest detractor from performance over the year ended 10/31/24.

• The Fund’s underweight to US Government Agency MBS detracted from performance over the period.

• The Fund’s overweight to Brazilian government bonds detracted from performance over the period.

• Long Brazilian real and Australian dollar positions detracted from performance over the period.

1290 DIVERSIFIED BOND FUND CLASS A (TNUAX)

How did the Fund perform since inception?

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


Average Annual Total Returns as of October 31, 2024	1 Year		5 Years		Since Inception*
1290 Diversified Bond Fund (Class A)
without Sales Charge		12.95%		0.45%		2.06%
with Sales Charge		7.91%		(0.47%)		1.56%
Bloomberg U.S. Aggregate Bond Index		10.55%		(0.23%)		1.49%

Date of inception: July 6, 2015

The Fund’s past performance is not a good predictor of the Fund’s future performance.


Fund Statistics
(as of October 31, 2024)
Net Assets	$	632,633,526
Total number of portfolio holdings		88
Total Investment advisory fees (net of waiver)		$1,143,501
Portfolio turnover rate (for the year ended October 31, 2024)		151%

1290 DIVERSIFIED BOND FUND CLASS A (TNUAX)

What did the Fund invest in?

(as of October 31, 2024)

Sector Weightings (as a % of Net Assets)


Additional Information
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.

1290 DIVERSIFIED BOND FUND CLASS I (TNUIX)

Annual Shareholder Report - October 31, 2024

1-888-310-0416.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)


Share Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$53	0.50%

How did the Fund perform last year and what affected its performance?

The Fund’s Class I shares returned 13.16% for the year ended October 31, 2024, outperforming the Bloomberg U.S. Aggregate Bond Index, which returned 10.55% over the same period.

What helped performance during the year?

•

The Fund’s overweight exposure to U.S. Treasury bonds added to performance over the year ended 10/31/24.

•

The Fund’s overweight to Agency mortgage-backed securities (MBS) added to performance over the period.

•

The Fund’s overweight to duration in South African bonds added to performance over the period.

•

Long Swiss franc and long New Zealand dollar positions added to performance over the period.

What hurt performance during the year?

•

The Fund’s overweight exposure to U.K. government bonds was the largest detractor from performance over the year ended 10/31/24.

•

The Fund’s underweight to US Government Agency MBS detracted from performance over the period.

•

The Fund’s overweight to Brazilian government bonds detracted from performance over the period.

• Long Brazilian real and Australian dollar positions detracted from performance over the period.

1290 DIVERSIFIED BOND FUND CLASS I (TNUIX)

How did the Fund perform since inception?

The graph below shows how a hypothetical $1,000,000 investment in the Fund would have performed since inception, and how the Bloomberg U.S. Aggregate Bond Index performed over the same period.


Average Annual Total Returns as of 10/31/24	1 Year		5 Years		Since Inception*
1290 Diversified Bond Fund (Class I)		13.16%		0.65%		2.30%
Bloomberg U.S. Aggregate Bond Index		10.55%		(0.23%)		1.49%

Date of inception: July 6, 2015

The Fund’s past performance is not a good predictor of the Fund’s future performance.


Fund Statistics
(as of October 31, 2024)
Net Assets	$	632,633,526
Total number of portfolio holdings		88
Total Investment advisory fees (net of waiver)		$1,143,501
Portfolio turnover rate (for the year ended October 31, 2024)		151%

1290 DIVERSIFIED BOND FUND CLASS I (TNUIX)

What did the Fund invest in?

(as of October 31, 2024)

Sector Weightings (as a % of Net Assets)


Additional Information
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.

1290 DIVERSIFIED BOND FUND CLASS R (TNURX)

Annual Shareholder Report - October 31, 2024

1-888-310-0416.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)


Share Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R	$106	1.00%

How did the Fund perform last year and what affected its performance?

The Fund’s Class R shares returned 12.64% for the year ended October 31, 2024, outperforming the Bloomberg U.S. Aggregate Bond Index, which returned 10.55% over the same period.

What helped performance during the year?

•

The Fund’s overweight exposure to U.S. Treasury bonds added to performance over the year ended 10/31/24.

•

The Fund’s overweight to Agency mortgage-backed securities (MBS) added to performance over the period.

•

The Fund’s overweight to duration in South African bonds added to performance over the period.

•

Long Swiss franc and long New Zealand dollar positions added to performance over the period.

What hurt performance during the year?

•

The Fund’s overweight exposure to U.K. government bonds was the largest detractor from performance over the year ended 10/31/24.

•

The Fund’s underweight to US Government Agency MBS detracted from performance over the period.

•

The Fund’s overweight to Brazilian government bonds detracted from performance over the period.

• Long Brazilian real and Australian dollar positions detracted from performance over the period.

1290 DIVERSIFIED BOND FUND CLASS R (TNURX)

How did the Fund perform since inception?

The graph below shows how a hypothetical $10,000 investment in the Fund would have performed since inception, and how the Bloomberg U.S. Aggregate Bond Index performed over the same period.


Average Annual Total Returns as of 10/31/24	1 Year		5 Years		Since Inception*
1290 Diversified Bond Fund (Class R)		12.64%		0.18%		1.80%
Bloomberg U.S. Aggregate Bond Index		10.55%		(0.23%)		1.49%

Date of inception: July 6, 2015

The Fund’s past performance is not a good predictor of the Fund’s future performance.


Fund Statistics
(as of October 31, 2024)
Net Assets	$	632,633,526
Total number of portfolio holdings		88
Total Investment advisory fees (net of waiver)		$1,143,501
Portfolio turnover rate (for the year ended October 31, 2024)		151%

1290 DIVERSIFIED BOND FUND CLASS R (TNURX)

What did the Fund invest in?

(as of October 31, 2024)

Sector Weightings (as a % of Net Assets)


Additional Information
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.

1290 ESSEX SMALL CAP GROWTH FUND CLASS A (ESCFX)

Annual Shareholder Report - October 31, 2024

This annual shareholder report contains important information about the 1290 Essex Small Cap Growth Fund (the “Fund”) for the period November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://www.1290funds.com/resources/#shareholderReports. You can also request this information by contacting us at

1-888-310-0416.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)


Share Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$133	1.13%

How did the Fund perform last year and what affected its performance?

The Fund’s Class A shares returned 35.88% (without sales charge) for the year ended October 31, 2024, underperforming the Russell 3000

Index but performing in line with the Russell 2000

Growth Index, which returned 37.86%, and 36.49% respectively, over the same period.

What helped performance during the year?

• Stock selection was particularly strong in the Healthcare sector led by small-cap specialty pharmaceuticals and medical devices with a strong focus on new technologies in cancer care, robotics, and treatments for eye disease.

• Overall stock selection drove performance for the year with strong contributions from Financials (financial payment processors, capital markets, and insurance), Consumer Discretionary (growth restaurants, home building related, workforce training), and Materials (energy transition) sectors.

What hurt performance during the year?

• Market-cap positioning detracted the most from performance, with our significant overweight position in stocks under $1B (50.3% in the fund versus less than 10% in the Russell 2000 Growth Index). Stock selection added value versus the index in all market-cap buckets, but the overall impact was negative due to the Fund’s smaller market-cap footprint.

1290 ESSEX SMALL CAP GROWTH FUND CLASS A (ESCFX)

How did the Fund perform since inception?

The graph below shows how a hypothetical $10,000 investment in the Fund (reflecting the maximum applicable Class A sales charge) would have performed since inception, and how the Russell 3000

Index and the Russell 2000

Growth Index performed over the same period. This graph includes the deduction of the maximum sales charge, if any.


Average Annual Total Returns as of October 31, 2024	1 Year		Since Inception*
1290 Essex Small Cap Growth Fund (Class A)
without Sales Charge		35.88%		8.79%
with Sales Charge		28.37%		6.16%
Russell 3000 ® Index**		37.86%		19.75%
Russell 2000 ® Growth Index		36.49%		14.06%

Date of inception: July 11, 2022

This index replaced the prior broad-based securities market index in order to satisfy a change in regulatory requirements

The Fund’s past performance is not a good predictor of the Fund’s future performance.


Fund Statistics
(as of October 31, 2024)
Net Assets	$	64,532,475
Total number of portfolio holdings		104
Total Investment advisory fees (net of waiver)		$176,666
Portfolio turnover rate (for the year ended October 31, 2024)		73%

1290 ESSEX SMALL CAP GROWTH FUND CLASS A (ESCFX)

What did the Fund invest in?

(as of October 31, 2024)


Sector Weightings (as a % of Net Assets)

Industrials	30.7	%

Health Care	28.3	%

Information Technology	21.6	%

Financials	6.1	%

Consumer Discretionary	5.6	%

Energy	2.3	%

Communication Services	1.2	%

Consumer Staples	1.0	%

Materials	0.8	%

Exchange Traded Fund	0.7	%

Short-Term Investments	4.5	%

Cash and Other Assets Less Liabilities	(2.8	)%


		Market Capitalization (as a % of Net Assets)


Additional Information
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.

1290 ESSEX SMALL CAP GROWTH FUND CLASS I (ESCJX)

Annual Shareholder Report - October 31, 2024

1-888-310-0416.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)


Share Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$104	0.88%

How did the Fund perform last year and what affected its performance?

The Fund’s Class I shares returned 36.21% for the year ended October 31, 2024, underperforming the Russell 3000

Index but performing in line with the Russell 2000

Growth Index, which returned 37.86%, and 36.49% respectively, over the same period.

What helped performance during the year?

What hurt performance during the year?

1290 ESSEX SMALL CAP GROWTH FUND CLASS I (ESCJX)

How did the Fund perform since inception?

The graph below shows how a hypothetical $1,000,000 investment in the Fund would have performed since inception, and how the Russell 3000

Index and the Russell 2000

Growth Index performed over the same period.


Average Annual Total Returns as of 10/31/24	1 Year		Since Inception*
1290 Essex Small Cap Growth Fund (Class I)		36.21%		9.06%
Russell 3000 ® Index **		37.86%		19.75%
Russell 2000 ® Growth Index		36.49%		14.06%

Date of inception: July 11, 2022

This index replaced the prior broad-based securities market index in order to satisfy a change in regulatory requirements

The Fund’s past performance is not a good predictor of the Fund’s future performance.


Fund Statistics
(as of October 31, 2024)
Net Assets	$	64,532,475
Total number of portfolio holdings		104
Total Investment advisory fees ( net of waiver)		$176,666
Portfolio turnover rate (for the year ended October 31, 2024)		73%

1290 ESSEX SMALL CAP GROWTH FUND CLASS I (ESCJX)

What did the Fund invest in?

(as of October 31, 2024)


Sector Weightings (as a % of Net Assets)

Industrials	30.7	%

Health Care	28.3	%

Information Technology	21.6	%

Financials	6.1	%

Consumer Discretionary	5.6	%

Energy	2.3	%

Communication Services	1.2	%

Consumer Staples	1.0	%

Materials	0.8	%

Exchange Traded Fund	0.7	%

Short-Term Investments	4.5	%

Cash and Other Assets Less Liabilities	(2.8	)%


		Market Capitalization (as a % of Net Assets)


Additional Information
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.

1290 ESSEX SMALL CAP GROWTH FUND CLASS R (ESCKX)

Annual Shareholder Report - October 31, 2024

1-888-310-0416.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)


Share Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R	$163	1.38%

How did the Fund perform last year and what affected its performance?

The Fund’s Class R shares returned 35.55% for the year ended October 31, 2024, underperforming the Russell 3000

Index but performing in line with the Russell 2000

Growth Index, which returned 37.86%, and 36.49% respectively, over the same period.

What helped performance during the year?

What hurt performance during the year?

1290 ESSEX SMALL CAP GROWTH FUND CLASS R (ESCKX)

How did the Fund perform since inception?

The graph below shows how a hypothetical $10,000 investment in the Fund would have performed since inception, and how the Russell 3000

Index and the Russell 2000

Growth Index performed over the same period.


Average Annual Total Returns as of 10/31/24	1 Year		Since Inception*
1290 Essex Small Cap Growth Fund (Class R)		35.55%		8.51%
Russell 3000 ® Index **		37.86%		19.75%
Russell 2000 ® Growth Index		36.49%		14.06%

Date of inception: July 11, 2022

This index replaced the prior broad-based securities market index in order to satisfy a change in regulatory requirements

The Fund’s past performance is not a good predictor of the Fund’s future performance.


Fund Statistics
(as of October 31, 2024)
Net Assets	$	64,532,475
Total number of portfolio holdings		104
Total Investment advisory fees (net of waiver)		$176,666
Portfolio turnover rate (for the year ended October 31, 2024)		73%

1290 ESSEX SMALL CAP GROWTH FUND CLASS R (ESCKX)

What did the Fund invest in?

(as of October 31, 2024)


Sector Weightings (as a % of Net Assets)

Industrials	30.7	%

Health Care	28.3	%

Information Technology	21.6	%

Financials	6.1	%

Consumer Discretionary	5.6	%

Energy	2.3	%

Communication Services	1.2	%

Consumer Staples	1.0	%

Materials	0.8	%

Exchange Traded Fund	0.7	%

Short-Term Investments	4.5	%

Cash and Other Assets Less Liabilities	(2.8	)%


		Market Capitalization (as a % of Net Assets)


Additional Information
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.

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

Annual Shareholder Report - October 31, 2024

This annual shareholder report contains important information about the 1290 GAMCO Small/Mid Cap Value Fund (the “Fund”) for the period November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://www.1290funds.com/resources/#shareholderReports. You can also request this information by contacting us at

1-888-310-0416.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)


Share Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$136	1.20%

How did the Fund perform last year and what affected its performance?

The Fund’s Class A shares returned 26.96% (without sales charge) for the year ended October 31, 2024, underperforming the Russell 3000

Index and the Russell 2500

Value Index, which returned 37.86% and 32.42% respectively, over the same period.

What helped performance during the year?

• Industrial company exposure and performance was the largest contributor to absolute and relative returns during the period.

• The Fund’s Communication Services sector holdings were the second largest contributor to relative returns by sector for the period, with some tailwinds from election spending in this area over the period.

What hurt performance during the year?

• The Fund’s lower weighting in Financials was the largest detractor from relative performance for the period, mainly driven by the Fund’s much lower allocation to the sector.

• The Fund’s lower exposure to Information Technology companies hurt relative performance during the period.

Asset Class/Sector Overview

As interest rates continue to decline, the portfolio managers believe small to mid-sized companies are well-positioned to benefit from this trend throughout 2024 and into 2025. Lower interest rates generally act as a positive catalyst for equities by reducing borrowing costs, fostering robust corporate merger activity, increasing consumer spending, renewing investor risk appetite, and leading to higher valuation multiples.

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

How did the Fund perform since inception?

The graph below shows how a hypothetical $10,000 investment in the Fund (reflecting the maximum applicable Class A sales charge) would have performed since inception, and how the Russell 3000

Index and the Russell 2500

Value Index performed over the same period. This graph includes the deduction of the maximum sales charge, if any.


Average Annual Total Returns as of October 31, 2024	1 Year		5 Years		Since Inception*
1290 GAMCO Small/Mid Cap Value Fund (Class A)
without Sales Charge		26.96%		10.54%		8.40%
with Sales Charge		19.95%		9.28%		7.78%
Russell 3000 ® Index **		37.86%		14.60%		12.36%
Russell 2500 ® Value Index		32.42%		9.39%		7.79%

Date of inception: November 12, 2014

This index replaced the prior broad-based securities market index in order to satisfy a change in regulatory requirements

The Fund’s past performance is not a good predictor of the Fund’s future performance.


Fund Statistics
(as of October 31, 2024)
Net Assets	$	159,212,141
Total number of portfolio holdings		180
Total Investment advisory fees (net of waiver)		$707,215
Portfolio turnover rate (for the year ended October 31, 2024)		11%

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

What did the Fund invest in?

(as of October 31, 2024)


Sector Weightings (as a % of Net Assets)

Industrials	34.7	%

Communication Services	17.8	%

Consumer Discretionary	14.6	%

Consumer Staples	7.9	%

Materials	7.5	%

Utilities	4.5	%

Health Care	2.6	%

Financials	2.5	%

Information Technology	1.9	%

Energy	0.9	%

Other	0.6	%

Short-Term Investments	5.2	%

Cash and Other Assets Less Liabilities	(0.7	)%


Top Ten Holdings (as a % of Net Assets)

JPMorgan Prime Money Market Fund, IM Shares	4.4	%

Mueller Industries, Inc.	2.8	%

Herc Holdings, Inc.	2.4	%

Scotts Miracle-Gro Co. (The)	2.3	%

Modine Manufacturing Co.	2.0	%

Madison Square Garden Sports Corp.	1.9	%

Crane Co.	1.8	%

Sinclair, Inc.	1.8	%

Spectrum Brands Holdings, Inc.	1.7	%

Paramount Global, Class A	1.7	%


Additional Information
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.

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

Annual Shareholder Report - October 31, 2024

1-888-310-0416.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)


Share Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$107	0.95%

How did the Fund perform last year and what affected its performance?

The Fund’s Class I shares returned 27.32% for the year ended October 31, 2024, underperforming the Russell 3000

Index and the Russell 2500

Value Index, which returned 37.86% and 32.42% respectively, over the same period.

What helped performance during the year?

• Industrial company exposure and performance was the largest contributor to absolute and relative returns during the period.

What hurt performance during the year?

• The Fund’s lower weighting in Financials was the largest detractor from relative performance for the period, mainly driven by the Fund’s much lower allocation to the sector.

• The Fund’s lower exposure to Information Technology companies hurt relative performance during the period.

Asset Class/Sector Overview

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

How did the Fund perform since inception?

The graph below shows how a hypothetical $1,000,000 investment in the Fund would have performed since inception, and how the Russell 3000

Index and the Russell 2500

Value Index performed over the same period.


Average Annual Total Returns as of 10/31/24	1 Year		5 Years		Since Inception*
1290 GAMCO Small/Mid Cap Value Fund (Class I)		27.32%		10.80%		8.67%
Russell 3000 ® Index **		37.86%		14.60%		12.36%
Russell 2500 ® Value Index		32.42%		9.39%		7.79%

Date of inception: November 12, 2014

This index replaced the prior broad-based securities market index in order to satisfy a change in regulatory requirements

The Fund’s past performance is not a good predictor of the Fund’s future performance.


Fund Statistics
(as of October 31, 2024)
Net Assets	$	159,212,141
Total number of portfolio holdings		180
Total Investment advisory fees (net of waiver)		$707,215
Portfolio turnover rate (for the year ended October 31, 2024)		11%

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

What did the Fund invest in?

(as of October 31, 2024)


Sector Weightings (as a % of Net Assets)

Industrials	34.7	%

Communication Services	17.8	%

Consumer Discretionary	14.6	%

Consumer Staples	7.9	%

Materials	7.5	%

Utilities	4.5	%

Health Care	2.6	%

Financials	2.5	%

Information Technology	1.9	%

Energy	0.9	%

Other	0.6	%

Short-Term Investments	5.2	%

Cash and Other Assets Less Liabilities	(0.7	)%


Top Ten Holdings (as a % of Net Assets)

JPMorgan Prime Money Market Fund, IM Shares	4.4	%

Mueller Industries, Inc.	2.8	%

Herc Holdings, Inc.	2.4	%

Scotts Miracle-Gro Co. (The)	2.3	%

Modine Manufacturing Co.	2.0	%

Madison Square Garden Sports Corp.	1.9	%

Crane Co.	1.8	%

Sinclair, Inc.	1.8	%

Spectrum Brands Holdings, Inc.	1.7	%

Paramount Global, Class A	1.7	%


Additional Information
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.

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

Annual Shareholder Report - October 31, 2024

1-888-310-0416.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)


Share Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R	$164	1.45%

How did the Fund perform last year and what affected its performance?

The Fund’s Class R shares returned 26.66% for the year ended October 31, 2024, underperforming the Russell 3000

Index and the Russell 2500

Value Index, which returned 37.86% and 32.42% respectively, over the same period.

What helped performance during the year?

•

Industrial company exposure and performance was the largest contributor to absolute and relative returns during the period.

•

The Fund’s Communication Services sector holdings were the second largest contributor to relative returns by sector for the period, with some tailwinds from election spending in this area over the period.

What hurt performance during the year?

•

The Fund’s lower weighting in Financials was the largest detractor from relative performance for the period, mainly driven by the Fund’s much lower allocation to the sector.

•

The Fund’s lower exposure to Information Technology companies hurt relative performance during the period.

Asset Class/Sector Overview

As interest rates continue to decline, the portfolio managers believe small to

mid-sized

companies are well-positioned to benefit from this trend throughout 2024 and into 2025. Lower interest rates generally act as a positive catalyst for equities by reducing borrowing costs, fostering robust corporate merger activity, increasing consumer spending, renewing investor risk appetite, and leading to higher valuation multiples.

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

How did the Fund perform since inception?

The graph below shows how a hypothetical $10,000 investment in the Fund would have performed since inception, and how the Russell 3000

Index and the Russell 2500

Value Index performed over the same period.


Average Annual Total Returns as of 10/31/24	1 Year		5 Years		Since Inception*
1290 GAMCO Small/Mid Cap Value Fund (Class R)		26.66%		10.26%		8.13%
Russell 3000 ® Index**		37.86%		14.60%		12.36%
Russell 2500 ® Value Index		32.42%		9.39%		7.79%

Date of inception: November 12, 2014

This index replaced the prior broad-based securities market index in order to satisfy a change in regulatory requirements

The Fund’s past performance is not a good predictor of the Fund’s future performance.


Fund Statistics
(as of October 31, 2024)
Net Assets	$	159,212,141
Total number of portfolio holdings		180
Total Investment advisory fees (net of waiver)		$707,215
Portfolio turnover rate (for the year ended October 31, 2024)		11%

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

What did the Fund invest in?

(as of October 31, 2024)


Sector Weightings (as a % of Net Assets)

Industrials	34.7	%

Communication Services	17.8	%

Consumer Discretionary	14.6	%

Consumer Staples	7.9	%

Materials	7.5	%

Utilities	4.5	%

Health Care	2.6	%

Financials	2.5	%

Information Technology	1.9	%

Energy	0.9	%

Other	0.6	%

Short-Term Investments	5.2	%

Cash and Other Assets Less Liabilities	(0.7	)%


Top Ten Holdings (as a % of Net Assets)

JPMorgan Prime Money Market Fund, IM Shares	4.4	%

Mueller Industries, Inc.	2.8	%

Herc Holdings, Inc.	2.4	%

Scotts Miracle-Gro Co. (The)	2.3	%

Modine Manufacturing Co.	2.0	%

Madison Square Garden Sports Corp.	1.9	%

Crane Co.	1.8	%

Sinclair, Inc.	1.8	%

Spectrum Brands Holdings, Inc.	1.7	%

Paramount Global, Class A	1.7	%


Additional Information
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.

1290 HIGH YIELD BOND FUND CLASS A (TNHAX)

Annual Shareholder Report - October 31, 2024

This annual shareholder report contains important information about the 1290 High Yield Bond Fund (the “Fund”) for the period November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://www.1290funds.com/resources/#shareholderReports. You can also request this information by contacting us at

1-888-310-0416.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)


Share Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$108	1.00%

How did the Fund perform last year and what affected its performance?

The Fund’s Class A shares returned 15.90% (without sales charge) for the year ended October 31, 2024, performing similarly to the ICE BofA U.S. High Yield Index, which returned 16.55% over the same period.

What helped performance during the year?

•

Security selection in the highest yielding segment (lowest quality) of the market was a key positive contributor to the Fund’s relative performance.

•

Looking at performance by sector, security selection in the Telecommunications space was the top contributor to the Fund’s relative performance.

•

On an individual security basis, Mauser Packaging’s 9.25% note due 2027 was the top contributor to the Fund’s performance.

What hurt performance during the year?

•

From a macroeconomic risk-positioning perspective, a key detractor from the Fund’s relative performance was an underweight exposure to the highest-yielding (lowest-quality) segment of the market.

•

Looking at performance by sector, security selection in the Healthcare space was the top detractor from the Fund’s relative performance.

•

On an individual security basis, ARD Finance SA’s 6.5% note due 2027 was the top detractor from the Fund’s performance.

Asset Class/Sector Overview

The U.S. high-yield bond market has delivered solidly positive returns in 2024, due to moderating inflation data and the start of the Federal Reserve’s rate-cutting cycle. The default rate of the high-yield bond market remains below its long- term average as corporate earnings have held up well. Additionally, most companies have had little difficulty accessing the high-yield market as the supply/demand technical picture continues to be positive for issuers.

1290 HIGH YIELD BOND FUND CLASS A (TNHAX)

How did the Fund perform since inception?

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


Average Annual Total Returns as of October 31, 2024	1 Year		5 Years		Since Inception*
1290 High Yield Bond Fund (Class A)
without Sales Charge		15.90%		4.19%		4.12%
with Sales Charge		10.66%		3.22%		3.64%
ICE BofA U.S. High Yield Index		16.55%		4.42%		4.82%

Date of inception: November 12, 2014

The Fund’s past performance is not a good predictor of the Fund’s future performance.


Fund Statistics
(as of October 31, 2024)
Net Assets	$	74,442,835
Total number of portfolio holdings		291
Total Investment advisory fees (net of waiver)		$115,975
Portfolio turnover rate (for the year ended October 31, 2024)		35%

1290 HIGH YIELD BOND FUND CLASS A (TNHAX)

What did the Fund invest in?

(as of October 31, 2024)

Credit Quality Ratings (as a % of Net Assets)


Additional Information
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.

1290 HIGH YIELD BOND FUND CLASS I (TNHIX)

Annual Shareholder Report - October 31, 2024

1-888-310-0416.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)


Share Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$81	0.75%

How did the Fund perform last year and what affected its performance?

The Fund’s Class I shares returned 16.17% for the year ended October 31, 2024, performing similarly to the ICE BofA U.S. High Yield Index, which returned 16.55% over the same period.

What helped performance during the year?

•

Security selection in the highest yielding segment (lowest quality) of the market was a key positive contributor to the Fund’s relative performance.

•

Looking at performance by sector, security selection in the Telecommunications space was the top contributor to the Fund’s relative performance.

•

On an individual security basis, Mauser Packaging’s 9.25% note due 2027 was the top contributor to the Fund’s performance.

What hurt performance during the year?

•

From a macroeconomic risk-positioning perspective, a key detractor from the Fund’s relative performance was an underweight exposure to the highest-yielding (lowest-quality) segment of the market.

•

Looking at performance by sector, security selection in the Healthcare space was the top detractor from the Fund’s relative performance.

•

On an individual security basis, ARD Finance SA’s 6.5% note due 2027 was the top detractor from the Fund’s performance.

Asset Class/Sector Overview

1290 HIGH YIELD BOND FUND CLASS I (TNHIX)

How did the Fund perform since inception?

The graph below shows how a hypothetical $1,000,000 investment in the Fund would have performed since inception, and how the ICE BofA U.S. High Yield Index performed over the same period.


Average Annual Total Returns as of 10/31/24	1 Year		5 Years		Since Inception*
1290 High Yield Bond Fund (Class I)		16.17%		4.47%		4.39%
ICE BofA U.S. High Yield Index		16.55%		4.42%		4.82%

Date of inception: November 12, 2014

The Fund’s past performance is not a good predictor of the Fund’s future performance.


Fund Statistics
(as of October 31, 2024)
Net Assets	$	74,442,835
Total number of portfolio holdings		291
Total Investment advisory fees (net of waiver)		$115,975
Portfolio turnover rate (for the year ended October 31, 2024)		35%

1290 HIGH YIELD BOND FUND CLASS I (TNHIX)

What did the Fund invest in?

(as of October 31, 2024)

Credit Quality Ratings (as a % of Net Assets)


Additional Information
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.

1290 HIGH YIELD BOND FUND CLASS R (TNHRX)

Annual Shareholder Report - October 31, 2024

1-888-310-0416.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)


Share Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R	$135	1.25%

How did the Fund perform last year and what affected its performance?

The Fund’s Class R shares returned 15.61% for the year ended October 31, 2024, performing similarly to the ICE BofA U.S. High Yield Index, which returned 16.55% over the same period.

What helped performance during the year?

•

Security selection in the highest yielding segment (lowest quality) of the market was a key positive contributor to the Fund’s relative performance.

•

Looking at performance by sector, security selection in the Telecommunications space was the top contributor to the Fund’s relative performance.

•

On an individual security basis, Mauser Packaging’s 9.25% note due 2027 was the top contributor to the Fund’s performance.

What hurt performance during the year?

•

From a macroeconomic risk-positioning perspective, a key detractor from the Fund’s relative performance was an underweight exposure to the highest-yielding (lowest-quality) segment of the market.

•

Looking at performance by sector, security selection in the Healthcare space was the top detractor from the Fund’s relative performance.

•

On an individual security basis, ARD Finance SA’s 6.5% note due 2027 was the top detractor from the Fund’s performance.

Asset Class/Sector Overview

1290 HIGH YIELD BOND FUND CLASS R (TNHRX)

How did the Fund perform since inception?

The graph below shows how a hypothetical $10,000 investment in the Fund would have performed since inception, and how the ICE BofA U.S. High Yield Index performed over the same period.


Average Annual Total Returns as of 10/31/24	1 Year		5 Years		Since Inception*
1290 High Yield Bond Fund (Class R)		15.61%		3.95%		3.86%
ICE BofA U.S. High Yield Index		16.55%		4.42%		4.82%

Date of inception: November 12, 2014

The Fund’s past performance is not a good predictor of the Fund’s future performance.


Fund Statistics
(as of October 31, 2024)
Net Assets	$	74,442,835
Total number of portfolio holdings		291
Total Investment advisory fees (net of waiver)		$115,975
Portfolio turnover rate (for the year ended October 31, 2024)		35%

1290 HIGH YIELD BOND FUND CLASS R (TNHRX)

What did the Fu

d invest in?

(as of October 31, 2024)

Credit Quality Ratings (as a % of Net Assets)


Additional Information
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.

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

Annual Shareholder Report - October 31, 2024

This annual shareholder report contains important information about the 1290 Loomis Sayles Multi-Asset Income Fund (the “Fund”) for the period November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://www.1290funds.com/resources/#shareholderReports. You can also request this information by contacting us at

1-888-310-0416.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)


Share Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$113	1.05%

How did the Fund perform last year and what affected its performance?

The Fund’s Class A shares returned 16.13% (without sales charge) for the year ended October 31, 2024, outperforming the Bloomberg U.S. Aggregate Bond Index, which returned 10.55% over the same period.

What helped performance during the year?

•

The Fund delivered positive relative performance led by equities, with BuyWrite strategies (covered calls on equities) and investment-grade corporate bond investments also contributing.

•

Issuer selection was strong throughout BuyWrite and investment-grade corporates with a bias toward banking and technology names.

What hurt performance during the year?

•

Relative to the Multi-Asset Income Index the Fund’s underweight allocation to high-yield corporates detracted on an overall basis, with issuer selection marginally bolstering the detraction.

•

Relative to the Multi-Asset Income Index the Funds’s underweight allocation to investment-grade corporates similarly detracted, but the effect was offset by selection.

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

How did the Fund perform since inception?

The graph below shows how a hypothetical $10,000 investment in the Fund (reflecting the maximum applicable Class A sales charge) would have performed since inception, and how the Bloomberg U.S. Aggregate Bond Index, the 1290 Multi-Asset Income Index, the MSCI World High Dividend Yield Index, the Cboe S&P 500 BuyWrite Index

, and the Bloomberg U.S. Corporate High Yield Index performed over the same period. This graph includes the deduction of the maximum sales charge, if any.


Average Annual Total Returns as of October 31, 2024	1 Year		5 Years		Since Inception*
1290 Loomis Sayles Multi-Asset Income Fund (Class A)
without Sales Charge		16.13%		6.67%		6.92%
with Sales Charge		10.95%		5.48%		6.23%
Bloomberg U.S. Aggregate Bond Index**		10.55%		(0.23%)		1.36%
1290 Multi-Asset Income Index***		16.51%		4.05%		5.38%
MSCI World High Dividend Yield Index		23.63%		6.98%		8.04%
Cboe S&P 500 BuyWrite Index		18.52%		6.05%		6.86%
Bloomberg U.S. Corporate High Yield Index		16.47%		4.55%		6.25%

Date of inception: March 7, 2016

This index replaced the prior broad-based securities market index in order to satisfy a change in regulatory requirements

***

The 1290 Multi-Asset Income Index is a hypothetical combination of unmanaged indexes composed of the Bloomberg U.S. Aggregate Bond Index (30%); the MSCI World High Dividend Yield Index (20%); the Cboe S&P 500 BuyWrite Index SM (20%); and the Bloomberg U.S. Corporate High Yield Index (30%).

The Fund’s past performance is not a good predictor of the Fund’s future performance.


Fund Statistics
(as of October 31, 2024)
Net Assets	$	73,516,282
Total number of portfolio holdings		630
Total Investment advisory fees (net of waiver)		$55,878
Portfolio turnover rate (for the year ended October 31, 2024)		136%

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

What did the Fund invest in?

(as of October 31, 2024)

Asset Allocation (as a % of Net Assets)


Additional Information
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.

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

Annual Shareholder Report - October 31, 2024

1-888-310-0416.

What

were

the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)


Share Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$87	0.80%

How did the Fund perform last year and what affected its performance?

The Fund’s Class I shares returned 16.40% for the year ended October 31, 2024, outperforming the Bloomberg U.S. Aggregate Bond Index, which returned 10.55% over the same period.

What helped performance during the year?

• The Fund delivered positive relative performance led by equities, with BuyWrite strategies (covered calls on equities) and investment-grade corporate bond investments also contributing.

• Issuer selection was strong throughout BuyWrite and investment-grade corporates with a bias toward banking and technology names.

What hurt performance during the year?

• Relative to the Multi-Asset Income Index the Fund’s underweight allocation to high-yield corporates detracted on an overall basis, with issuer selection marginally bolstering the detraction.

• Relative to the Multi-Asset Income Index the Funds’s underweight allocation to investment-grade corporates similarly detracted, but the effect was offset by selection.

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

How did the Fund perform since inception?

The graph below shows how a hypothetical $1,000,000 investment in the Fund would have performed since inception, and how the Bloomberg U.S. Aggregate Bond Index, the 1290 Multi-Asset Income Index, the MSCI World High Dividend Yield Index, the Cboe S&P 500 BuyWrite Index

, and the Bloomberg U.S. Corporate High Yield Index performed over the same period.


Average Annual Total Returns as of 10/31/24	1 Year		5 Years		Since Inception*
1290 Loomis Sayles Multi-Asset Income Fund (Class I)		16.40%		6.95%		7.19%
Bloomberg U.S. Aggregate Bond Index**		10.55%		(0.23%)		1.36%
1290 Multi-Asset Income Index***		16.51%		4.05%		5.38%
MSCI World High Dividend Yield Index		23.63%		6.98%		8.04%
Cboe S&P 500 BuyWrite Index		18.52%		6.05%		6.86%
Bloomberg U.S. Corporate High Yield Index		16.47%		4.55%		6.25%

Date of inception: March 7, 2016

This index replaced the prior broad-based securities market index in order to satisfy a change in regulatory requirements

***

The Fund’s past performance is not a good predictor of the Fund’s future performance.


Fund Statistics
(as of October 31, 2024)
Net Assets	$	73,516,282
Total number of portfolio holdings		630
Total Investment advisory fees (net of waiver)		$55,878
Portfolio turnover rate (for the year ended October 31, 2024)		136%

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

What did the Fund invest in?

(as of October 31, 2024)

Asset Allocation (as a % of Net Assets)


Additional Information
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.

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

Annual Shareholder Report - October 31, 2024

What

were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)


Share Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R	$140	1.30%

How did the Fund perform last year and what affected its performance?

The Fund’s Class R shares returned 15.86% for the year ended October 31, 2024, outperforming the Bloomberg U.S. Aggregate Bond Index, which returned 10.55% over the same period.

What helped performance during the year?

• The Fund delivered positive relative performance led by equities, with BuyWrite strategies (covered calls on equities) and investment-grade corporate bond investments also contributing.

• Issuer selection was strong throughout BuyWrite and investment-grade corporates with a bias toward banking and technology names.

What hurt performance during the year?

• Relative to the Multi-Asset Income Index the Fund’s underweight allocation to high-yield corporates detracted on an overall basis, with issuer selection marginally bolstering the detraction.

• Relative to the Multi-Asset Income Index the Funds’s underweight allocation to investment-grade corporates similarly detracted, but the effect was offset by selection.

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

How did the Fund perform since inception?

The graph below shows how a hypothetical $10,000 investment in the Fund would have performed since inception, and how the Bloomberg U.S. Aggregate Bond Index, the 1290 Multi-Asset Income Index, the MSCI World High Dividend Yield Index, the Cboe S&P 500 BuyWrite Index

, and the Bloomberg U.S. Corporate High Yield Index performed over the same period.


Average Annual Total Returns as of 10/31/24	1 Year		5 Years		Since Inception*
1290 Loomis Sayles Multi-Asset Income Fund (Class R)		15.86%		6.40%		6.65%
Bloomberg U.S. Aggregate Bond Index**		10.55%		(0.23%)		1.36%
1290 Multi-Asset Income Index***		16.51%		4.05%		5.38%
MSCI World High Dividend Yield Index		23.63%		6.98%		8.04%
Cboe S&P 500 BuyWrite Index		18.52%		6.05%		6.86%
Bloomberg U.S. Corporate High Yield Index		16.47%		4.55%		6.25%

Date of inception: March 7, 2016

This index replaced the prior broad-based securities market index in order to satisfy a change in regulatory requirements

***

The Fund’s past performance is not a good predictor of the Fund’s future performance.


Fund Statistics
(as of October 31, 2024)
Net Assets	$	73,516,282
Total number of portfolio holdings		630
Total Investment advisory fees (net of waiver)		$55,878
Portfolio turnover rate (for the year ended October 31, 2024)		136%

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

What did the Fund invest in?

(as of October 31, 2024)

Asset Allocation (as a % of Net Assets)


Additional Information
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.

1290 MULTI-ALTERNATIVE STRATEGIES FUND CLASS A (TNMAX)

Annual Shareholder Report - October 31, 2024

This annual shareholder report contains important information about the 1290 Multi-Alternative Strategies Fund (the “Fund”) for the period November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://www.1290funds.com/resources/#shareholderReports. You can also request this information by contacting us

at 1-888-310-0416.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)


Share Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$118	1.10%

How did the Fund perform last year and what affected its performance?

The Fund’s Class A shares returned 13.62% (without sales charge) for the year ended October 31, 2024, outperforming the Bloomberg U.S. Aggregate Bond Index and the ICE BofA

3-Month

U.S. Treasury Bill Index, which returned 10.55%, and 5.42% respectively, over the same period.

What helped performance during the year?

•

Sector allocations to long/short equity and global real estate helped performance for the period.

•

Security selection in convertible bonds added performance over the year.

What hurt performance during the year?

•

Exposure to managed futures at a sector and security level detracted from performance over the year.

•

Within the Fund’s commodity exposure, energy securities hurt performance for the period.

1290 MULTI-ALTERNATIVE STRATEGIES FUND CLASS A (TNMAX)

How did the Fund perform since inception?

3-Month

Treasury Bill Index performed over the same period.This graph includes the deduction of the maximum sales charge, if any.


Average Annual Total Returns as of October 31, 2024	1 Year		5 Years		Since Inception*
1290 Multi-Alternative Strategies Fund (Class A)
without Sales Charge		13.62%		2.04%		1.70%
with Sales Charge		7.41%		0.90%		1.08%
Bloomberg U.S. Aggregate Bond Index**		10.55%		(0.23%)		1.49%
ICE BofA U.S. 3-Month Treasury Bill Index		5.42%		2.37%		1.82%

Date of inception: July 6, 2015

This index replaced the prior broad-based securities market index in order to satisfy a change in regulatory requirements

The Fund’s past performance is not a good predictor of the Fund’s future performance.


Fund Statistics
(as of October 31, 2024)
Net Assets	$	16,388,382
Total number of portfolio holdings		12
Total Investment advisory fees (net of waiver)		$0
Portfolio turnover rate (for the year ended October 31, 2024)		34%

1290 MULTI-ALTERNATIVE STRATEGIES FUND CLASS A (TNMAX)

What did the Fund invest in?

(as of October 31, 2024)

Alternative Category and Strategy Allocation (as a % of

Net Assets)


Additional Information
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.

1290 MULTI-ALTERNATIVE STRATEGIES FUND CLASS I (TNGIX)

Annual Shareholder Report - October 31, 2024

at 1-888-310-0416.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)


Share Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$91	0.85%

How did the Fund perform last year and what affected its performance?

The Fund’s Class I shares returned 14.00% for the year ended October 31, 2024, outperforming the Bloomberg U.S. Aggregate Bond Index and the ICE BofA

3-Month

U.S. Treasury Bill Index, which returned 10.55%, and 5.42% respectively, over the same period.

What helped performance during the year?

•

Sector allocations to long/short equity and global real estate helped performance for the period.

•

Security selection in convertible bonds added performance over the year.

What hurt performance during the year?

•

Exposure to managed futures at a sector and security level detracted from performance over the year.

•

Within the Fund’s commodity exposure, energy securities hurt performance for the period.

1290 MULTI-ALTERNATIVE STRATEGIES FUND CLASS I (TNGIX)

How did the Fund perform since inception?

The graph below shows how a hypothetical $1,000,000 investment in the Fund would have performed since inception, and how the Bloomberg U.S. Aggregate Bond Index and the ICE BofA U.S.

3-Month

Treasury Bill Index performed over the same period.


Average Annual Total Returns as of 10/31/24	1 Year		5 Years		Since Inception*
1290 Multi-Alternative Strategies Fund (Class I)		14.00%		2.30%		1.95%
Bloomberg U.S. Aggregate Bond Index**		10.55%		(0.23%)		1.49%
ICE BofA U.S. 3-Month Treasury Bill Index		5.42%		2.37%		1.82%

Date of inception: July 6, 2015

This index replaced the prior broad-based securities market index in order to satisfy a change in regulatory requirements

The Fund’s past performance is not a good predictor of the Fund’s future performance.


Fund Statistics
(as of October 31, 2024)
Net Assets	$	16,388,382
Total number of portfolio holdings		12
Total Investment advisory fees (net of waiver)		$0
Portfolio turnover rate (for the year ended October 31, 2024)		34%

1290 MULTI-ALTERNATIVE STRATEGIES FUND CLASS I (TNGIX)

What did the Fund invest in?

(as of October 31, 2024)

Alternative Category and Strategy Allocation (as a % of

Net Assets)


Additional Information
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.

1290 MULTI-ALTERNATIVE STRATEGIES FUND CLASS R (TNMRX)

Annual Shareholder Report - October 31, 2024

1-888-310-0416.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)


Share Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R	$144	1.35%

How did the Fund perform last year and what affected its performance?

The Fund’s Class R shares returned 13.42% for the year ended October 31, 2024, outperforming the Bloomberg U.S. Aggregate Bond Index and the ICE BofA

3-Month

U.S. Treasury Bill Index, which returned 10.55%, and 5.42% respectively, over the same period.

What helped performance during the year?

•

Sector allocations to long/short equity and global real estate helped performance for the period.

•

Security selection in convertible bonds added performance over the year.

What hurt performance during the year?

•

Exposure to managed futures at a sector and security level detracted from performance over the year.

•

Within the Fund’s commodity exposure, energy securities hurt performance for the period.

1290 MULTI-ALTERNATIVE STRATEGIES FUND CLASS R (TNMRX)

How did the Fund perform since inception?

The graph below shows how a hypothetical $10,000 investment in the Fund would have performed since inception, and how the Bloomberg U.S. Aggregate Bond Index and the ICE BofA U.S.

3-Month

Treasury Bill Index performed over the same period.


Average Annual Total Returns as of 10/31/24	1 Year		5 Years		Since Inception*
1290 Multi-Alternative Strategies Fund (Class R)		13.42%		1.80%		1.45%
Bloomberg U.S. Aggregate Bond Index **		10.55%		(0.23%)		1.49%
ICE BofA U.S. 3-Month Treasury Bill Index		5.42%		2.37%		1.82%

Date of inception: July 6, 2015

This index replaced the prior broad-based securities market index in order to satisfy a change in regulatory requirements

The Fund’s past performance is not a good predictor of the Fund’s future performance.


Fund Statistics
(as of October 31, 2024)
Net Assets	$	16,388,382
Total number of portfolio holdings		12
Total Investment advisory fees (net of waiver)		$0
Portfolio turnover rate (for the year ended October 31, 2024)		34%

1290 MULTI-ALTERNATIVE STRATEGIES FUND CLASS R (TNMRX)

What did the Fund invest in?

(as of October 31, 2024)

Alternative Category and Strategy Allocation (as a % of

Net Assets)


Additional Information
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.

1290 RETIREMENT 2020 FUND CLASS I (TNIIX)

Annual Shareholder Report - October 31, 2024

This annual shareholder report contains important information about the 1290 Retirement 2020 Fund (the “Fund”) for the period November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://www.1290funds.com/resources/#shareholderReports. You can also request this information by contacting us at

1-888-310-0416.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)


Share Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$61	0.56%

How did the Fund perform last year and what affected its performance?

The Fund’s Class I shares returned 17.31% for the year ended October 31, 2024, underperforming the S&P Target Date 2020 Index, which returned 19.00%, over the same period.

What helped performance during the year?

• The Fund’s 43.8% allocation to global equities, roughly in line with index levels, was the largest absolute contributor to total return during the year ended in October.

• The Fund’s substantial holdings in U.S. large-capitalization stocks were the largest single contributor in the past year.

• The Fund’s modest allocations to international developed stocks were also positive for total return, as were emerging markets equity holdings, although the latter contributed only marginally to the Fund’s performance.

What hurt performance during the year?

• The Fund’s structural allocation to

low-volatility

equity holdings held back returns in most equity markets throughout the world.

• Despite attractive returns from the overall bond market, the Fund’s 55.8% allocation to bonds, roughly matching the benchmark’s level, produced only modest returns on an absolute basis—with intermediate-term bonds generating the bulk of gains in this asset class, driven by a generally normalizing U.S. yield curve.

• Holding some cash, about 0.4% for the period, detracted from performance.

1290 RETIREMENT 2020 FUND CLASS I (TNIIX)

How did the Fund perform since inception?

The graph below shows how a hypothetical $1,000,000 investment in the Fund would have performed since inception, and how the S&P 500 Index and the S&P Target Date 2020 Index performed over the same period.


Average Annual Total Returns as of 10/31/24	1 Year		5 Years		Since Inception*
1290 Retirement 2020 Fund (Class I)		17.31%		3.96%		5.04%
Bloomberg U.S. Aggregate Bond Index **		10.55%		(0.23%)		1.31%
S&P Target Date 2020 Index		19.00%		5.44%		5.82%

Date of inception: February 27, 2017

This index replaced the prior broad-based securities market index in order to satisfy a change in regulatory requirements

The Fund’s past performance is not a good predictor of the Fund’s future performance.


Fund Statistics
(as of October 31, 2024)
Net Assets	$	6,354,982
Total number of portfolio holdings		18
Total Investment advisory fees (net of waiver)		$0
Portfolio turnover rate (for the year ended October 31, 2024)		7%

1290 RETIREMENT 2020 FUND CLASS I (TNIIX)

What did the Fund invest in?

(as of October 31, 2024)


Security Type & Asset Class (as a % of Net Assets)

Exchange Traded Funds				99.9	%

	Fixed Income	57.5	%

	Equity	42.4	%

Short-Term Investments				1.2	%

Cash and Other Assets Less Liabilities				(1.1	)%


Additional Information
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.

1290 RETIREMENT 2025 FUND CLASS I (TNJIX)

Annual Shareholder Report - October 31, 2024

This annual shareholder report contains important information about the 1290 Retirement 2025 Fund (the “Fund”) for the period November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://www.1290funds.com/resources/#shareholderReports. You can also request this information by contacting us at 1-888-310-0416.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)


Share Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$60	0.55%

How did the Fund perform last year and what affected its performance?

The Fund’s Class I shares returned 19.26% for the year ended October 31, 2024, underperforming the S&P Target Date 2025 Index, which returned 19.78%, over the same period.

What helped performance during the year?

• The Fund’s 53.0% allocation to global equities, an overweight compared to index levels, was the largest absolute contributor to total return during the year ended in October.

• The Fund’s substantial holdings in U.S. large-capitalization stocks were the largest single contributor in the past year.

• The Fund’s modest allocations to international developed stocks were also positive for total return, as were emerging markets equity holdings, although the latter’s small allocation contributed only marginally to the Fund’s performance.

What hurt performance during the year?

• The Fund’s structural allocation to

low-volatility

equity holdings held back returns in most equity markets throughout the world.

• The Fund’s 46.9% allocation to bonds, an underweight compared to that of the benchmark, produced only modest returns on an absolute basis—with intermediate-term bonds generating the bulk of gains in this asset class.

• Holding some cash, about 0.4% for the period, detracted from performance.

1290 RETIREMENT 2025 FUND CLASS I (TNJIX)

How did the Fund perform since inception?

The graph below shows how a hypothetical $1,000,000 investment in the Fund would have performed since inception, and how the S&P 500 Index and the S&P Target Date 2025 Index performed over the same period.


Average Annual Total Returns as of 10/31/24	1 Year		5 Years		Since Inception*
1290 Retirement 2025 Fund (Class I)		19.26%		4.73%		5.78%
S&P 500 ® Index		38.02%		15.27%		14.09%
S&P Target Date 2025 Index		19.78%		6.22%		6.52%

Date of inception: February 27, 2017

The Fund’s past performance is not a good predictor of the Fund’s future performance.


Fund Statistics
(as of October 31, 2024)
Net Assets	$	16,977,686
Total number of portfolio holdings		17
Total Investment advisory fees (net of waiver)		$0
Portfolio turnover rate (for the year ended October 31, 2024)		23%

1290 RETIREMENT 2025 FUND CLASS I (TNJIX)

What did the Fund invest in?

(as of October 31, 2024)


Security Type & Asset Class (as a % of Net Assets)

Exchange Traded Funds				99.9	%

	Equity	53.0	%

	Fixed Income	46.9	%

Cash and Other Assets Less Liabilities				0.1	%


Additional Information
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.

1290 RETIREMENT 2030 FUND CLASS I (TNKIX)

Annual Shareholder Report - October 31, 2024

This annual shareholder report contains important information about the 1290 Retirement 2030 Fund (the “Fund”) for the period November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://www.1290funds.com/resources/#shareholderReports. You can also request this information by contacting us at 1-888-310-0416.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)


Share Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$60	0.55%

How did the Fund perform last year and what affected its performance?

The Fund’s Class I shares returned 21.18% for the year ended October 31, 2024, underperforming the S&P Target Date 2030 Index, which returned 22.37%, over the same period.

What helped performance during the year?

• The Fund’s 63.4% allocation to global equities, above the index levels, was the largest absolute contributor to total return during the year ended in October.

• The Fund’s substantial holdings in U.S. large-capitalization stocks were the largest single contributor in the past year.

What hurt performance during the year?

• The Fund’s structural allocation to

low-volatility

equity holdings held back returns in most equity markets throughout the world.

• Despite attractive returns from the overall bond market, the Fund’s 36.0% allocation to bonds, an underweight relative to the benchmark, produced only modest returns on an absolute basis—with intermediate-term bonds generating the bulk of gains in this asset class, driven by a generally normalizing U.S. yield curve.

• Holding some cash, about 0.6% for the period, detracted from performance.

1290 RETIREMENT 2030 FUND CLASS I (TNKIX)

How did the Fund perform since inception?

The graph below shows how a hypothetical $1,000,000 investment in the Fund would have performed since inception, and how the S&P 500 Index and the S&P Target Date 2030 Index performed over the same period.


Average Annual Total Returns as of 10/31/24	1 Year		5 Years		Since Inception*
1290 Retirement 2030 Fund (Class I)		21.18%		5.31%		6.31%
S&P 500 ® Index		38.02%		15.27%		14.09%
S&P Target Date 2030 Index		22.37%		7.24%		7.35%

Date of inception: February 27, 2017

The Fund’s past performance is not a good predictor of the Fund’s future performance.


Fund Statistics
(as of October 31, 2024)
Net Assets	$	12,611,048
Total number of portfolio holdings		18
Total Investment advisory fees (net of waiver)		$0
Portfolio turnover rate (for the year ended October 31, 2024)		9%

1290 RETIREMENT 2030 FUND CLASS I (TNKIX)

What did the Fund invest in?

(as of October 31, 2024)


Security Type & Asset Class (as a % of Net Assets)

Exchange Traded Funds				99.5	%

	Equity	63.0	%

	Fixed Income	36.5	%

Short-Term Investments				0.3	%

Cash and Other Assets Less Liabilities				0.2	%


Additional Information
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.

1290 RETIREMENT 2035 FUND CLASS I (TNLIX)

Annual Shareholder Report - October 31, 2024

This annual shareholder report contains important information about the 1290 Retirement 2035 Fund (the “Fund”) for the period November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://www.1290funds.com/resources/#shareholderReports. You can also request this information by contacting us at

1-888-310-0416.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)


Share Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$60	0.54%

How did the Fund perform last year and what affected its performance?

The Fund’s Class I shares returned 22.52% for the year ended October 31, 2024, underperforming the S&P Target Date 2035 Index which returned 24.97%, over the same period.

What helped performance during the year?

•

The Fund’s 71.5% allocation to global equities, above the index levels, was the largest absolute contributor to total return during the year ended in October.

•

The Fund’s substantial holdings in U.S. large-capitalization stocks were the largest single contributor in the past year.

•

The Fund’s modest allocations to international developed stocks were also positive for total return, as were emerging markets equity holdings, although the latter contributed only marginally to the Fund’s performance.

What hurt performance during the year?

•

The Fund’s structural allocation to low-volatility equity holdings held back returns in most equity markets throughout the world.

•

Despite attractive returns from the overall bond market, the Fund’s 27.9% allocation to bonds, an underweight relative to the benchmark, produced only modest returns on an absolute basis—with intermediate-term bonds generating the bulk of gains in this asset class, driven by a generally normalizing U.S. yield curve.

•

Holding some cash, about 0.8% for the period, detracted from performance.

1290 RETIREMENT 2035 FUND CLASS I (TNLIX)

How did the Fund perform since inception?

The graph below shows how a hypothetical $1,000,000 investment in the Fund would have performed since inception, and how the S&P 500

Index and the S&P Target Date 2035 Index performed over the same period.


Average Annual Total Returns as of 10/31/24	1 Year		5 Years		Since Inception*
1290 Retirement 2035 Fund (Class I)		22.52%		5.86%		6.77%
S&P 500 ® Index		38.02%		15.27%		14.09%
S&P Target Date 2035 Index		24.97%		8.31%		8.20%

Date of inception: February 27, 2017

The Fund’s past performance is not a good predictor of the Fund’s future performance.


Fund Statistics
(as of October 31, 2024)
Net Assets	$	15,844,078
Total number of portfolio holdings		15
Total Investment advisory fees (net of waiver)		$0
Portfolio turnover rate (for the year ended October 31, 2024)		2%

1290 RETIREMENT 2035 FUND CLASS I (TNLIX)

What did the Fund invest in?

(as of October 31, 2024)


Security Type & Asset Class (as a % of Net Assets)

Exchange Traded Funds				99.7	%

	Equity	71.8	%

	Fixed Income	27.9	%

Short-Term Investments				0.1	%

Cash and Other Assets Less Liabilities				0.2	%


Additional Information
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.

1290 RETIREMENT 2040 FUND CLASS I (TNNIX)

Annual Shareholder Report - October 31, 2024

This annual shareholder report contains important information about the 1290 Retirement 2040 Fund (the “Fund”) for the period November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://www.1290funds.com/resources/#shareholderReports. You can also request this information by contacting us at

1-888-310-0416.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)


Share Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$60	0.54%

How did the Fund perform last year and what affected its performance?

The Fund’s Class I shares returned 23.53% for the year ended October 31, 2024, underperforming the S&P Target Date 2040 Index which returned 27.29%, over the same period.

What helped performance during the year?

•

The Fund’s 75.8% allocation to global equities, comparable to the benchmark levels, was the largest absolute contributor to total return during the year ended in October.

•

The Fund’s substantial holdings in U.S. large-capitalization stocks were the largest single contributor in the past year.

•

What hurt performance during the year?

•

The Fund’s structural allocation to low-volatility equity holdings held back returns in most equity markets throughout the world.

•

Despite attractive returns from the overall bond market, the Fund’s 23.7% allocation to bonds, somewhat higher than the benchmark level, produced only modest returns on an absolute basis—with intermediate-term bonds generating the bulk of gains in this asset class, driven by a generally normalizing U.S. yield curve.

•

Holding some cash, about 0.6% for the period, detracted from performance.

1290 RETIREMENT 2040 FUND CLASS I (TNNIX)

How did the Fund perform since inception?

The graph below shows how a hypothetical $1,000,000 investment in the Fund would have performed since inception, and how the S&P 500

Index and the S&P Target Date 2040 Index performed over the same period.


Average Annual Total Returns as of 10/31/24	1 Year		5 Years		Since Inception*
1290 Retirement 2040 Fund (Class I)		23.53%		6.60%		7.38%
S&P 500 ® Index		38.02%		15.27%		14.09%
S&P Target Date 2040 Index		27.29%		9.20%		8.88%

Date of inception: February 27, 2017

The Fund’s past performance is not a good predictor of the Fund’s future performance.


Fund Statistics
(as of October 31, 2024)
Net Assets	$	7,858,779
Total number of portfolio holdings		14
Total Investment advisory fees (net of waiver)		$0
Portfolio turnover rate (for the year ended October 31, 2024)		19%

1290 RETIREMENT 2040 FUND CLASS I (TNNIX)

What did the Fund invest in?

(as of October 31, 2024)


Security Type & Asset Class (as a % of Net Assets)

Exchange Traded Funds				99.5	%

	Equity	75.8	%

	Fixed Income	23.7	%

Cash and Other Assets Less Liabilities				0.5	%


Additional Information
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.

1290 RETIREMENT 2045 FUND CLASS I (TNOIX)

Annual Shareholder Report - October 31, 2024

This annual shareholder report contains important information about the 1290 Retirement 2045 Fund (the “Fund”) for the period November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://www.1290funds.com/resources/#shareholderReports. You can also request this information by contacting us at

1-888-310-0416.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)


Share Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$60	0.54%

How did the Fund perform last year and what affected its performance?

The Fund’s Class I shares returned 24.47% for the year ended October 31, 2024, underperforming the S&P Target Date 2045 Index which returned 28.69%, over the same period.

What helped performance during the year?

•

The Fund’s 81.1% allocation to global equities, slightly lower than the benchmark levels, was the largest absolute contributor to total return during the year ended in October.

•

The Fund’s substantial holdings in U.S. large-capitalization stocks were the largest single contributor in the past year.

•

What hurt performance during the year?

•

The Fund’s structural allocation to low-volatility equity holdings held back returns in most equity markets throughout the world.

•

Despite attractive returns from the overall bond market, the Fund’s 18.0% allocation to bonds, an overweight relative to the benchmark, produced only modest returns on an absolute basis—with intermediate-term bonds generating the bulk of gains in this asset class, driven by a generally normalizing U.S. yield curve.

•

Holding some cash, about 0.9% for the period, detracted from performance.

1290 RETIREMENT 2045 FUND CLASS I (TNOIX)

How did the Fund perform since inception?

The graph below shows how a hypothetical $1,000,000 investment in the Fund would have performed since inception, and how the S&P 500 Index and the S&P Target Date 2045 Index performed over the same period.


Average Annual Total Returns as of 10/31/24	1 Year		5 Years		Since Inception*
1290 Retirement 2045 Fund (Class I)		24.47%		6.94%		7.70%
S&P 500 ® Index		38.02%		15.27%		14.09%
S&P Target Date 2045 Index		28.69%		9.73%		9.27%

Date of inception: February 27, 2017

The Fund’s past performance is not a good predictor of the Fund’s future performance.


Fund Statistics
(as of October 31, 2024)
Net Assets	$	11,916,348
Total number of portfolio holdings		15
Total Investment advisory fees (net of waiver)		$0
Portfolio turnover rate (for the year ended October 31, 2024)		1%

1290 RETIREMENT 2045 FUND CLASS I (TNOIX)

What did the Fund invest in?

(as of October 31, 2024)


Security Type & Asset Class (as a % of Net Assets)

Exchange Traded Funds				100.5	%

	Equity	81.5	%

	Fixed Income	19.0	%

Short-Term Investments				0.3	%

Cash and Other Assets Less Liabilities				(0.8	)%


Additional Information
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.

1290 RETIREMENT 2050 FUND CLASS I (TNWIX)

Annual Shareholder Report - October 31, 2024

This annual shareholder report contains important information about the 1290 Retirement 2050 Fund (the “Fund”) for the period November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://www.1290funds.com/resources/#shareholderReports. You can also request this information by contacting us at

1-888-310-0416.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)


Share Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$60	0.53%

How did the Fund perform last year and what affected its performance?

The Fund’s Class I shares returned 25.45% for the year ended October 31, 2024, underperforming the S&P Target Date 2050 Index which returned 29.63%, over the same period.

What helped performance during the year?

•

The Fund’s 86.1% allocation to global equities, slightly lower than the benchmark levels, was the largest absolute contributor to total return during the year ended in October.

•

The Fund’s substantial holdings in U.S. large-capitalization stocks were the largest single contributor in the past year.

•

What hurt performance during the year?

•

The Fund’s structural allocation to low-volatility equity holdings held back returns in most equity markets throughout the world.

•

Despite attractive returns from the overall bond market, the Fund’s 13.1% allocation to bonds, an overweight relative to the benchmark, produced only modest returns on an absolute basis—with intermediate-term bonds generating the bulk of gains in this asset class, driven by a generally normalizing U.S. yield curve.

•

Holding some cash, about 0.8% for the period, detracted from performance.

1290 RETIREMENT 2050 FUND CLASS I (TNWIX)

How did the Fund perform since inception?

The graph below shows how a hypothetical $1,000,000 investment in the Fund would have performed since inception, and how the S&P 500 Index and the S&P Target Date 2050 Index performed over the same period.


Average Annual Total Returns as of 10/31/24	1 Year		5 Years		Since Inception*
1290 Retirement 2050 Fund (Class I)		25.45%		7.28%		8.04%
S&P 500 ® Index		38.02%		15.27%		14.09%
S&P Target Date 2050 Index		29.63%		10.04%		9.51%

Date of inception: February 27, 2017

The Fund’s past performance is not a good predictor of the Fund’s future performance.


Fund Statistics
(as of October 31, 2024)
Net Assets	$	11,935,894
Total number of portfolio holdings		15
Total Investment advisory fees (net of waiver)		$0
Portfolio turnover rate (for the year ended October 31, 2024)		3%

1290 RETIREMENT 2050 FUND CLASS I (TNWIX)

What did the Fund invest in?

(as of October 31, 2024)


Security Type & Asset Class (as a % of Net Assets)

Exchange Traded Funds				99.5	%

	Equity	85.7	%

	Fixed Income	13.8	%

Short-Term Investments				0.1	%

Cash and Other Assets Less Liabilities				0.4	%


Additional Information
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.

1290 RETIREMENT 2055 FUND CLASS I (TNQIX)

Annual Shareholder Report - October 31, 2024

This annual shareholder report contains important information about the 1290 Retirement 2055 Fund (the “Fund”) for the period November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://www.1290funds.com/resources/#shareholderReports. You can also request this information by contacting us at

1-888-310-0416.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)


Share Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$60	0.53%

How did the Fund perform last year and what affected its performance?

The Fund’s Class I shares returned 26.50% for the year ended October 31, 2024, underperforming the S&P Target Date 2055 Index which returned 29.69%, over the same period.

What helped performance during the year?

• The Fund’s 91.0% allocation to global equities, somewhat higher than the benchmark levels, was the largest absolute contributor to total return during the year ended in October.

• The Fund’s substantial holdings in U.S. large-capitalization stocks were the largest single contributor in the past year.

What hurt performance during the year?

• The Fund’s structural allocation to low-volatility equity holdings held back returns in most equity markets throughout the world.

• Despite attractive returns from the overall bond market, the Fund’s 8.1% allocation to bonds, an underweight relative to the benchmark, produced only modest returns on an absolute basis—with intermediate-term bonds generating the bulk of gains in this asset class, driven by a generally normalizing U.S. yield curve.

• Holding some cash, about 0.9% for the period, detracted from performance.

1290 RETIREMENT 2055 FUND CLASS I (TNQIX)

How did the Fund perform since inception?

The graph below shows how a hypothetical $1,000,000 investment in the Fund would have performed since inception, and how the S&P 500 Index and the S&P Target Date 2055 Index performed over the same period.


Average Annual Total Returns as of 10/31/24	1 Year		5 Years		Since Inception*
1290 Retirement 2055 Fund (Class I)		26.50%		7.57%		8.34%
S&P 500 ® Index		38.02%		15.27%		14.09%
S&P Target Date 2055 Index		29.69%		10.10%		9.57%

Date of inception: February 27, 2017

The Fund’s past performance is not a good predictor of the Fund’s future performance.


Fund Statistics
(as of October 31, 2024)
Net Assets	$	8,417,016
Total number of portfolio holdings		15
Total Investment advisory fees (net of waiver)		$0
Portfolio turnover rate (for the year ended October 31, 2024)		2%

1290 RETIREMENT 2055 FUND CLASS I (TNQIX)

What did the Fund invest in?

(as of October 31, 2024)


Security Type & Asset Class (as a % of Net Assets)

Exchange Traded Funds				99.3	%

	Equity	90.5	%

	Fixed Income	8.8	%

Short-Term Investments				0.1	%

Cash and Other Assets Less Liabilities				0.6	%


Additional Information
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.

1290 SMARTBETA EQUITY FUND CLASS A (TNBAX)

Annual Shareholder Report - October 31, 2024

This annual shareholder report contains important information about the 1290 SmartBeta Equity Fund (the “Fund”) for the period November 1, 2023 to October 31, 2024. You can find additional information about the Fund at https://www.1290funds.com/resources/#shareholderReports. You can also request this information by contacting us at

1-888-310-0416.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)


Share Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$127	1.10%

How did the Fund perform last year and what affected its performance?

The Fund’s Class A shares returned 30.38% (without sales charge) for the year ended October 31, 2024, underperforming the Morgan Stanley Capital International (MSCI) World Index, which returned 33.68% over the same period.

What helped performance during the year?

• Generally speaking, active sector exposure(s) were rewarded overall, with an underweight to Energy proving especially helpful.

• An underweight to Tesla, Inc. (0.94%*), which exhibited high levels of volatility over the period, was the top contributor to performance at a stock level.

What hurt performance during the year?

• The focus on low volatility, which is an inherently defensive factor, was not rewarded in a predominantly bullish market environment.

• The concentration of returns in a narrow group of U.S. mega-cap tech stocks that prevailed for most of the period proved challenging for our well-diversified portfolio.

• In relation to the point above, an underweight exposure in NVIDIA Corp. (4.45%*) and Meta Platforms, Inc. (1.52%*) featured among the top detractors from performance at an individual stock level.

Asset Class/Sector Overview

Global equities pushed higher over the period against a backdrop of mixed economic, monetary, and political developments. There were sharp sell-off periods in April and in August amid fears that the U.S. Federal Reserve (Fed) would be forced to keep interest rates higher for longer, and from fears of a recession, but these episodes swiftly corrected. At the end of the period the Fed followed the Bank of England and European Central Bank into an interest rate cut as inflation fell across all regions.

% of total market value of the Fund’s holdings as of October 31, 2024. Subject to change.

1290 SMARTBETA EQUITY FUND CLASS A (TNBAX)

How did the Fund perform since inception?

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


Average Annual Total Returns as of October 31, 2024	1 Year		5 Years		Since Inception*
1290 SmartBeta Equity Fund (Class A)
without Sales Charge		30.38%		10.22%		9.22%
with Sales Charge		23.19%		8.97%		8.60%
MSCI World (Net) Index		33.68%		12.03%		9.76%

Date of inception: November 12, 2014

The Fund’s past performance is not a good predictor of the Fund’s future performance.


Fund Statistics
(as of October 31, 2024)
Net Assets	$	213,710,813
Total number of portfolio holdings		281
Total Investment advisory fees (net of waiver)		$888,069
Portfolio turnover rate (for the year ended October 31, 2024)		32%

1290 SMARTBETA EQUITY FUND CLASS A (TNBAX)

What did the Fund invest in?

(as of October 31, 2024)


Sector Weightings (as a % of Net Assets)

Information Technology	20.6	%

Industrials	17.4	%

Financials	17.1	%

Health Care	9.9	%

Consumer Staples	9.6	%

Consumer Discretionary	9.2	%

Communication Services	7.0	%

Utilities	3.8	%

Materials	1.9	%

Energy	1.0	%

Other	0.7	%

Short-Term Investments	1.7	%

Cash and Other Assets Less Liabilities	0.1	%


Regional Breakdown (as a % of Net Assets)

North America	81.9	%

Europe EU	8.2	%

Asia	4.7	%

Europe non-EU	2.9	%

Australasia	1.5	%

United Kingdom	0.5	%

South America	0.2	%


Additional Information
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.

1290 SMARTBETA EQUITY FUND CLASS I (TNBIX)

Annual Shareholder Report - October 31, 2024

1-888-310-0416.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)


Share Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$98	0.85%

How did the Fund perform last year and what affected its performance?

The Fund’s Class I shares returned 30.72% for the year ended October 31, 2024, underperforming the Morgan Stanley Capital International (MSCI) World Index, which returned 33.68% over the same period.

What helped performance during the year?

• Generally speaking, active sector exposure(s) were rewarded overall, with an underweight to Energy proving especially helpful.

• An underweight to Tesla, Inc. (0.94%*), which exhibited high levels of volatility over the period, was the top contributor to performance at a stock level.

What hurt performance during the year?

• The focus on low volatility, which is an inherently defensive factor, was not rewarded in a predominantly bullish market environment.

• The concentration of returns in a narrow group of U.S. mega-cap tech stocks that prevailed for most of the period proved challenging for our well-diversified portfolio.

• In relation to the point above, an underweight exposure in NVIDIA Corp. (4.45%*) and Meta Platforms, Inc. (1.52%*) featured among the top detractors from performance at an individual stock level.

Asset Class/Sector Overview

% of total market value of the Fund’s holdings as of October 31, 2024. Subject to change.

1290 SMARTBETA EQUITY FUND CLASS I (TNBIX)

How did the Fund perform since inception?

The graph below shows how a hypothetical $1,000,000 investment in the Fund would have performed since inception, and how the MSCI World (Net) Index performed over the same period.


Average Annual Total Returns as of 10/31/24	1 Year		5 Years		Since Inception*
1290 SmartBeta Equity Fund (Class I)		30.72%		10.50%		9.49%
MSCI World (Net) Index		33.68%		12.03%		9.76%

Date of inception: November 12, 2014

The Fund’s past performance is not a good predictor of the Fund’s future performance.


Fund Statistics
(as of October 31, 2024)
Net Assets	$	213,710,813
Total number of portfolio holdings		281
Total Investment advisory fees (net of waiver)		$888,069
Portfolio turnover rate (for the year ended October 31, 2024)		32%

1290 SMARTBETA EQUITY FUND CLASS I (TNBIX)

What did the Fund invest in?

(as of October 31, 2024)


Sector Weightings (as a % of Net Assets)

Information Technology	20.6	%

Industrials	17.4	%

Financials	17.1	%

Health Care	9.9	%

Consumer Staples	9.6	%

Consumer Discretionary	9.2	%

Communication Services	7.0	%

Utilities	3.8	%

Materials	1.9	%

Energy	1.0	%

Other	0.7	%

Short-Term Investments	1.7	%

Cash and Other Assets Less Liabilities	0.1	%


Regional Breakdown (as a % of Net Assets)

North America	81.9	%

Europe EU	8.2	%

Asia	4.7	%

Europe non-EU	2.9	%

Australasia	1.5	%

United Kingdom	0.5	%

South America	0.2	%


Additional Information
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.

1290 SMARTBETA EQUITY FUND CLASS R (TNBRX)

Annual Shareholder Report - October 31, 2024

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)


Share Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class R	$155	1.35%

How did the Fund perform last year and what affected its performance?

The Fund’s Class R shares returned 30.11% for the year ended October 31, 2024, underperforming the Morgan Stanley Capital International (MSCI) World Index, which returned 33.68% over the same period.

What helped performance during the year?

• Generally speaking, active sector exposure(s) were rewarded overall, with an underweight to Energy proving especially helpful.

• An underweight to Tesla, Inc. (0.94%*), which exhibited high levels of volatility over the period, was the top contributor to performance at a stock level.

What hurt performance during the year?

• The focus on low volatility, which is an inherently defensive factor, was not rewarded in a predominantly bullish market environment.

• The concentration of returns in a narrow group of U.S. mega-cap tech stocks that prevailed for most of the period proved challenging for our well-diversified portfolio.

• In relation to the point above, an underweight exposure in NVIDIA Corp. (4.45%*) and Meta Platforms, Inc. (1.52%*) featured among the top detractors from performance at an individual stock level.

Asset Class/Sector Overview

% of total market value of the Fund’s holdings as of October 31, 2024. Subject to change.

1290 SMARTBETA EQUITY FUND CLASS R (TNBRX)

How did the Fund perform since inception?

The graph below shows how a hypothetical $10,000 investment in the Fund would have performed since inception, and how the MSCI World (Net) Index performed over the same period.


Average Annual Total Returns as of 10/31/24	1 Year		5 Years		Since Inception*
1290 SmartBeta Equity Fund (Class R)		30.11%		9.95%		8.95%
MSCI World (Net) Index		33.68%		12.03%		9.76%

Date of inception: November 12, 2014

The Fund’s past performance is not a good predictor of the Fund’s future performance.


Fund Statistics
(as of October 31, 2024)
Net Assets	$	213,710,813
Total number of portfolio holdings		281
Total Investment advisory fees (net of waiver)		$888,069
Portfolio turnover rate (for the year ended October 31, 2024)		32%

1290 SMARTBETA EQUITY FUND CLASS R (TNBRX)

What did the Fund invest in?

(as of October 31, 2024)


Sector Weightings (as a % of Net Assets)

Information Technology	20.6	%

Industrials	17.4	%

Financials	17.1	%

Health Care	9.9	%

Consumer Staples	9.6	%

Consumer Discretionary	9.2	%

Communication Services	7.0	%

Utilities	3.8	%

Materials	1.9	%

Energy	1.0	%

Other	0.7	%

Short-Term Investments	1.7	%

Cash and Other Assets Less Liabilities	0.1	%


Regional Breakdown (as a % of Net Assets)

North America	81.9	%

Europe EU	8.2	%

Asia	4.7	%

Europe non-EU	2.9	%

Australasia	1.5	%

United Kingdom	0.5	%

South America	0.2	%


Additional Information
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.

ITEM 1(b):

Not applicable.

ITEM 2.

CODE OF ETHICS.

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

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT.

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

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Audit Fees for fiscal year 2024: $579,552 and for fiscal year 2023: $560,388.

(b) Audit-Related Fees fiscal year 2024: $0 and for fiscal year 2023: $0.

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

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

(d) All Other Fees for fiscal year 2024: $0 and for fiscal year 2023: $0.

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

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

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

(f) Not applicable.

(g) For fiscal year 2024: $0 and for fiscal year 2023: $0.

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

(i) Not applicable.

(j) Not applicable.

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6.

INVESTMENTS.

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

(b) Not applicable.

ITEM 7.

FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES

LOGO

Annual Report

October 31, 2024

1290 Funds

Annual Report

October 31, 2024

Table of Contents

1290 FUNDS

1290 AVANTIS^® U.S. LARGE CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS

October 31, 2024



	Number of Shares		Value (Note 1)
COMMON STOCKS:
Communication Services (12.5%)
Entertainment (1.0%)
Live Nation Entertainment, Inc.*		418	$	48,964
Netflix, Inc.*		2,330		1,761,550

				1,810,514

Interactive Media & Services (11.5%)
Alphabet, Inc., Class A		35,092		6,004,592
Alphabet, Inc., Class C		29,023		5,011,982
Meta Platforms, Inc., Class A		15,834		8,987,062

				20,003,636

Total Communication Services				21,814,150

Consumer Discretionary (15.9%)
Automobiles (0.5%)
Tesla, Inc.*		3,680		919,448

Broadline Retail (6.5%)
Amazon.com, Inc.*		56,667		10,562,729
Coupang, Inc., Class A*		26,592		685,808
Etsy, Inc.*		328		16,872

				11,265,409

Distributors (0.3%)
Pool Corp.		1,166		421,672

Hotels, Restaurants & Leisure (2.6%)
Airbnb, Inc., Class A*		2,379		320,665
Booking Holdings, Inc.		69		322,661
Chipotle Mexican Grill, Inc.*		24,500		1,366,365
Choice Hotels International, Inc.		896		125,001
Darden Restaurants, Inc.		1,320		211,226
Domino’s Pizza, Inc.		159		65,783
Expedia Group, Inc.*		867		135,521
Hilton Worldwide Holdings, Inc.		292		68,576
Las Vegas Sands Corp.		9,740		505,019
McDonald’s Corp.		334		97,565
Norwegian Cruise Line Holdings Ltd.*		3,780		95,785
Planet Fitness, Inc., Class A*		114		8,951
Royal Caribbean Cruises Ltd.		1,928		397,843
Starbucks Corp.		1,335		130,430
Texas Roadhouse, Inc., Class A		2,941		562,084
Wingstop, Inc.		143		41,140
Wynn Resorts Ltd.		130		12,483
Yum! Brands, Inc.		812		106,502

				4,573,600

Specialty Retail (4.9%)
AutoZone, Inc.*		42		126,378
Burlington Stores, Inc.*		2,488		616,452
CarMax, Inc.*		321		23,234
Dick’s Sporting Goods, Inc.		162		31,711
Floor & Decor Holdings, Inc., Class A*		2,932		302,143
Home Depot, Inc. (The)		5,700		2,244,375
Murphy USA, Inc.		770		376,107
O’Reilly Automotive, Inc.*		136		156,827
Ross Stores, Inc.		5,834		815,126
TJX Cos., Inc. (The)		18,027		2,037,592
Tractor Supply Co.		4,073		1,081,422
Ulta Beauty, Inc.*		1,175		433,551
Williams-Sonoma, Inc.		2,450		328,619

				8,573,537

Textiles, Apparel & Luxury Goods (1.1%)
Crocs, Inc.*		1,798		193,860
Deckers Outdoor Corp.*		5,694		916,108
Lululemon Athletica, Inc.*		1,585		472,171
NIKE, Inc., Class B		4,935		380,637
Skechers USA, Inc., Class A*		175		10,755

				1,973,531

Total Consumer Discretionary				27,727,197

Consumer Staples (4.5%)
Beverages (1.1%)
Coca-Cola Co. (The)		13,704		895,008
Monster Beverage Corp.*		3,180		167,523
PepsiCo, Inc.		4,776		793,198

				1,855,729

Consumer Staples Distribution & Retail (2.5%)
Casey’s General Stores, Inc.		169		66,590
Costco Wholesale Corp.		4,324		3,779,954
Performance Food Group Co.*		1,650		134,063
Sysco Corp.		4,415		330,904

				4,311,511

Food Products (0.1%)
Hershey Co. (The)		1,346		239,023
Lamb Weston Holdings, Inc.		198		15,382

				254,405

Household Products (0.8%)
Clorox Co. (The)		2,026		321,222
Colgate-Palmolive Co.		2,284		214,034
Kimberly-Clark Corp.		4,725		634,001
Procter & Gamble Co. (The)		1,373		226,792

				1,396,049

Personal Care Products (0.0%)†
Estee Lauder Cos., Inc. (The), Class A		527		36,331

Total Consumer Staples				7,854,025

Energy (2.1%)
Energy Equipment & Services (0.1%)
Weatherford International plc		2,064		163,056

Oil, Gas & Consumable Fuels (2.0%)
Antero Midstream Corp.		3,947		56,719
Cheniere Energy, Inc.		4,268		816,810
Hess Corp.		4,488		603,546
Permian Resources Corp.		3,356		45,742
Targa Resources Corp.		8,116		1,355,047
Texas Pacific Land Corp.		469		546,854

				3,424,718

Total Energy				3,587,774

Financials (6.7%)
Capital Markets (2.0%)
Ameriprise Financial, Inc.		2,751		1,403,835
Blackstone, Inc.		1,949		326,945

See Notes to Financial Statements.

1290 FUNDS

1290 AVANTIS^® U.S. LARGE CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2024



	Number of Shares		Value (Note 1)
Charles Schwab Corp. (The)		930	$	65,872
FactSet Research Systems, Inc.		468		212,500
Goldman Sachs Group, Inc. (The)		542		280,642
Jefferies Financial Group, Inc.		1,413		90,404
KKR & Co., Inc.		1,243		171,833
LPL Financial Holdings, Inc.		1,933		545,454
Moody’s Corp.		804		365,048
MSCI, Inc.		91		51,979

				3,514,512

Consumer Finance (0.2%)
Ally Financial, Inc.		843		29,547
American Express Co.		1,009		272,511

				302,058

Financial Services (3.2%)
Apollo Global Management, Inc.		5,617		804,691
Mastercard, Inc., Class A		5,400		2,697,786
Visa, Inc., Class A		7,289		2,112,717

				5,615,194

Insurance (1.3%)
Allstate Corp. (The)		311		58,008
Everest Group Ltd.		193		68,633
Kinsale Capital Group, Inc.		299		128,005
Markel Group, Inc.*		59		90,978
Marsh & McLennan Cos., Inc.		888		193,797
Progressive Corp. (The)		7,311		1,775,330

				2,314,751

Total Financials				11,746,515

Health Care (5.7%)
Biotechnology (1.9%)
AbbVie, Inc.		7,695		1,568,780
Alnylam Pharmaceuticals, Inc.*		222		59,183
Amgen, Inc.		1,588		508,414
GRAIL, Inc. (x)*		27		366
Regeneron Pharmaceuticals, Inc.*		57		47,777
Vertex Pharmaceuticals, Inc.*		2,216		1,054,772

				3,239,292

Health Care Equipment & Supplies (1.2%)
Align Technology, Inc.*		931		190,883
Dexcom, Inc.*		3,048		214,823
Edwards Lifesciences Corp.*		3,762		252,092
IDEXX Laboratories, Inc.*		1,297		527,775
Intuitive Surgical, Inc.*		880		443,379
ResMed, Inc.		1,486		360,310
Stryker Corp.		170		60,568

				2,049,830

Health Care Providers & Services (0.5%)
Cardinal Health, Inc.		306		33,207
Cencora, Inc.		1,690		385,455
Cigna Group (The)		90		28,333
Elevance Health, Inc.		180		73,037
HCA Healthcare, Inc.		104		37,309
McKesson Corp.		118		59,070
Molina Healthcare, Inc.*		588		188,877
UnitedHealth Group, Inc.		244		137,738

				943,026

Health Care Technology (0.1%)
Veeva Systems, Inc., Class A*		1,241		259,158

Life Sciences Tools & Services (0.3%)
Waters Corp.*		645		208,406
West Pharmaceutical Services, Inc.		792		243,881

				452,287

Pharmaceuticals (1.7%)
Eli Lilly and Co.		2,806		2,328,250
Merck & Co., Inc.		1,483		151,741
Zoetis, Inc.		2,732		488,427

				2,968,418

Total Health Care				9,912,011

Industrials (8.2%)
Aerospace & Defense (0.7%)
Boeing Co. (The)*		154		22,994
BWX Technologies, Inc.		513		62,458
General Electric Co.		747		128,320
Lockheed Martin Corp.		1,793		979,067
TransDigm Group, Inc.		20		26,046

				1,218,885

Air Freight & Logistics (0.0%)†
Expeditors International of Washington, Inc.		414		49,266

Building Products (0.6%)
AAON, Inc.		736		84,066
Advanced Drainage Systems, Inc.		2,211		331,385
Lennox International, Inc.		269		162,091
Trane Technologies plc		498		184,340
Trex Co., Inc.*		3,300		233,805

				995,687

Commercial Services & Supplies (0.9%)
Cintas Corp.		2,048		421,499
Copart, Inc.*		7,396		380,672
Rollins, Inc.		2,737		129,022
Waste Management, Inc.		2,566		553,871

				1,485,064

Construction & Engineering (0.4%)
Comfort Systems USA, Inc.		818		319,870
EMCOR Group, Inc.		528		235,525
Quanta Services, Inc.		279		84,155

				639,550

Electrical Equipment (0.3%)
Generac Holdings, Inc.*		526		87,079
Vertiv Holdings Co., Class A		3,558		388,854

				475,933

Ground Transportation (1.0%)
Old Dominion Freight Line, Inc.		2,648		533,095
Saia, Inc.*		67		32,737
Uber Technologies, Inc.*		1,999		144,028
U-Haul Holding Co. (Nasdaq Stock Exchange) (x)*		89		6,527

See Notes to Financial Statements.

1290 FUNDS

1290 AVANTIS^® U.S. LARGE CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2024



	Number of Shares		Value (Note 1)
U-Haul Holding Co. (New York Stock exchange)		1,153	$	78,704
Union Pacific Corp.		3,816		885,579

				1,680,670

Industrial Conglomerates (0.0%)†
Honeywell International, Inc.		372		76,513

Machinery (1.4%)
Caterpillar, Inc.		4,468		1,680,861
Illinois Tool Works, Inc.		1,690		441,310
Lincoln Electric Holdings, Inc.		1,423		274,013

				2,396,184

Passenger Airlines (0.0%)†
American Airlines Group, Inc.*		1,490		19,966

Professional Services (1.6%)
Automatic Data Processing, Inc.		4,566		1,320,670
Paychex, Inc.		4,327		602,881
Paycom Software, Inc.		1,606		335,702
Verisk Analytics, Inc.		2,160		593,395

				2,852,648

Trading Companies & Distributors (1.3%)
Fastenal Co.		11,419		892,738
United Rentals, Inc.		283		230,022
W.W. Grainger, Inc.		1,101		1,221,262

				2,344,022

Total Industrials				14,234,388

Information Technology (43.1%)
Communications Equipment (0.9%)
Arista Networks, Inc.*		2,130		823,117
Motorola Solutions, Inc.		1,643		738,282
Ubiquiti, Inc.		128		34,009

				1,595,408

Electronic Equipment, Instruments & Components (0.3%)
CDW Corp.		1,289		242,629
Jabil, Inc.		1,860		228,947

				471,576

IT Services (0.4%)
Gartner, Inc.*		765		384,412
GoDaddy, Inc., Class A*		1,952		325,594
VeriSign, Inc.*		12		2,122

				712,128

Semiconductors & Semiconductor Equipment (16.2%)
Advanced Micro Devices, Inc.*		5,610		808,233
Applied Materials, Inc.		7,777		1,412,148
Broadcom, Inc.		24,320		4,128,806
KLA Corp.		1,698		1,131,259
Lam Research Corp.		20,460		1,521,201
NVIDIA Corp.		124,809		16,569,643
QUALCOMM, Inc.		12,382		2,015,418
Teradyne, Inc.		2,097		222,722
Texas Instruments, Inc.		1,982		402,663

				28,212,093

Software (13.2%)
Adobe, Inc.*		1,230		588,038
AppLovin Corp., Class A*		2,746		465,145
Dropbox, Inc., Class A*		875		22,619
Fair Isaac Corp.*		128		255,118
Fortinet, Inc.*		3,381		265,949
Intuit, Inc.		1,477		901,413
Manhattan Associates, Inc.*		952		250,719
Microsoft Corp.		40,331		16,388,502
Nutanix, Inc., Class A*		445		27,634
Oracle Corp.		6,696		1,123,857
Palo Alto Networks, Inc.*		1,936		697,599
Pegasystems, Inc.		819		65,061
Salesforce, Inc.		3,769		1,098,174
ServiceNow, Inc.*		993		926,459

				23,076,287

Technology Hardware, Storage & Peripherals (12.1%)
Apple, Inc.		92,877		20,981,843
HP, Inc.		670		23,798
NetApp, Inc.		932		107,469

				21,113,110

Total Information Technology				75,180,602

Materials (0.7%)
Chemicals (0.4%)
RPM International, Inc.		1,043		132,575
Sherwin-Williams Co. (The)		1,340		480,752

				613,327

Construction Materials (0.2%)
Eagle Materials, Inc.		1,181		337,128
Martin Marietta Materials, Inc.		48		28,433

				365,561

Containers & Packaging (0.0%)†
Avery Dennison Corp.		345		71,425

Paper & Forest Products (0.1%)
Louisiana-Pacific Corp.		1,431		141,526

Total Materials				1,191,839

Utilities (0.3%)
Electric Utilities (0.0%)†
Constellation Energy Corp.		142		37,340
NRG Energy, Inc.		584		52,794

				90,134

Independent Power and Renewable Electricity Producers (0.3%)
Vistra Corp.		3,927		490,718

Total Utilities				580,852

Total Common Stocks (99.7%) (Cost $154,353,956)				173,829,353

See Notes to Financial Statements.

1290 FUNDS

1290 AVANTIS^® U.S. LARGE CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2024



	Number of Shares		Value (Note 1)
SHORT-TERM INVESTMENTS:
Investment Companies (0.0%)†
Invesco Government & Agency Portfolio, Institutional Shares 4.78% (7 day yield) (xx)		6,384	$	6,384

Total Short-Term Investments (0.0%)† (Cost $6,384)				6,384

Total Investments in Securities (99.7%) (Cost $154,360,340)				173,835,737
Other Assets Less Liabilities (0.3%)				461,349

Net Assets (100%)			$	174,297,086

*	Non-income producing.

†	Percent shown is less than 0.05%.

(x)	All or a portion of security is on loan at October 31, 2024.

(xx)	At October 31, 2024, the Fund had loaned securities with a total value of $6,192. This was collateralized by cash of $6,384 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of October 31, 2024:

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



Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for 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)		Total
Assets:
Common Stocks
Communication Services	$	21,814,150	$	—	$	—	$	21,814,150
Consumer Discretionary		27,727,197		—		—		27,727,197
Consumer Staples		7,854,025		—		—		7,854,025
Energy		3,587,774		—		—		3,587,774
Financials		11,746,515		—		—		11,746,515
Health Care		9,912,011		—		—		9,912,011
Industrials		14,234,388		—		—		14,234,388
Information Technology		75,180,602		—		—		75,180,602
Materials		1,191,839		—		—		1,191,839
Utilities		580,852		—		—		580,852
Short-Term Investments
Investment Companies		6,384		—		—		6,384

Total Assets	$	173,835,737	$	—	$	—	$	173,835,737

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	173,835,737	$	—	$	—	$	173,835,737

The Fund held no derivatives contracts during the year ended October 31, 2024.

Investment security transactions for the year ended October 31, 2024 were as follows:


Cost of Purchases:
Long-term investments other than U.S. government debt securities	$	167,822,210
Net Proceeds of Sales and Redemptions:
Long-term investments other than U.S. government debt securities	$	19,593,020

See Notes to Financial Statements.

1290 FUNDS

1290 AVANTIS^® U.S. LARGE CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2024

As of October 31, 2024, 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	$	22,099,741
Aggregate gross unrealized depreciation		(2,626,824	)

Net unrealized appreciation	$	19,472,917

Federal income tax cost of investments in securities and derivative instruments, if applicable	$	154,362,820

For the year ended October 31, 2024, the Fund incurred approximately $1,553 as brokerage commissions with Sanford C. Bernstein & Co., LLC, an affiliated broker/dealer.

See Notes to Financial Statements.

1290 FUNDS

1290 AVANTIS^® U.S. LARGE CAP GROWTH FUND

STATEMENT OF ASSETS AND LIABILITIES

October 31, 2024


ASSETS
Investments in Securities, at value (x) (Cost $154,360,340)	$	173,835,737
Cash		479,316
Receivable for Fund shares sold		117,509
Dividends, interest and other receivables		50,135
Prepaid registration and filing fees		13,550
Securities lending income receivable		227
Other assets		623

Total assets		174,497,097

LIABILITIES
Payable for Fund shares repurchased		54,988
Administrative fees payable		22,498
Transfer agent fees payable		7,006
Payable for return of collateral on securities loaned		6,384
Investment advisory fees payable		5,519
Distribution fees payable - Class A		28
Accrued expenses		103,588

Total liabilities		200,011

Commitments and contingent liabilities^
NET ASSETS	$	174,297,086

Net assets were comprised of:
Paid in capital	$	154,071,019
Total distributable earnings (loss)		20,226,067

Net assets	$	174,297,086

Class A
Net asset value and redemption price per share, $131,697 / 7,483 shares outstanding (unlimited amount authorized: $0.001 par value)	$	17.60
Maximum sales charge (5.50% of offering price)		1.02

Maximum offering price per share	$	18.62

Class I
Net asset value, offering and redemption price per share, $174,165,389 / 9,875,065 shares outstanding (unlimited amount authorized: $0.001 par value)	$	17.64

(x)	Includes value of securities on loan of $6,192.

^	See Note 2 in Notes to the Financial Statements.

STATEMENT OF OPERATIONS

For the Year Ended October 31, 2024


INVESTMENT INCOME
Dividends	$	681,326
Interest		11,723
Securities lending (net)		1,415

Total income		694,464

EXPENSES
Investment advisory fees		453,609
Administrative fees		136,085
Professional fees		85,505
Printing and mailing expenses		72,082
Transfer agent fees		34,600
Registration and filing fees		23,159
Custodian fees		12,700
Trustees’ fees		2,644
Distribution fees - Class A		271
Miscellaneous		32,793

Gross expenses		853,448
Less: Waiver from investment adviser		(264,400	)

Net expenses		589,048

NET INVESTMENT INCOME (LOSS)		105,416

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on investments in securities		665,667
Net change in unrealized appreciation (depreciation) on investments in securities		18,938,095

NET REALIZED AND UNREALIZED GAIN (LOSS)		19,603,762

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	19,709,178

See Notes to Financial Statements.

1290 FUNDS

1290 AVANTIS^® U.S. LARGE CAP GROWTH FUND

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended October 31,
	2024			2023
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	105,416		$	102,821
Net realized gain (loss)		665,667			71,819
Net change in unrealized appreciation (depreciation)		18,938,095			48,443

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		19,709,178			223,083

Distributions to shareholders:
Class A		(540	)		—
Class I		(141,959	)		(211,104	)

Total distributions to shareholders		(142,499	)		(211,104	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 7,483 and 0 shares, respectively ]		103,558			—

Total Class A transactions		103,558			—

Class I
Capital shares sold [ 10,017,211 and 112,639 shares, respectively ]		158,993,681			1,484,540
Capital shares issued in reinvestment of dividends [ 1,188 and 6,061 shares, respectively ]		16,779			78,969
Capital shares repurchased [ (610,571) and (55,092) shares, respectively ]		(10,392,760	)		(729,068	)

Total Class I transactions		148,617,700			834,441

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		148,721,258			834,441

TOTAL INCREASE (DECREASE) IN NET ASSETS		168,287,937			846,420
NET ASSETS:
Beginning of year		6,009,149			5,162,729

End of year	$	174,297,086		$	6,009,149

See Notes to Financial Statements.

1290 FUNDS

1290 AVANTIS^® U.S. LARGE CAP GROWTH FUND

FINANCIAL HIGHLIGHTS


Class A	November 30, 2023* to October 31, 2024
Net asset value, beginning of period	$	13.73

Income (loss) from investment operations:
Net investment income (loss) (e)		(0.01	)†
Net realized and unrealized gain (loss)		3.95

Total from investment operations		3.94

Less distributions:
Dividends from net investment income		(0.03	)
Distributions from net realized gains		(0.04	)

Total dividends and distributions		(0.07	)

Net asset value, end of period	$	17.60

Total return (b)		28.86	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	132
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		0.90	%(j)
Before waivers and reimbursements (a)(f)		1.25	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)(f)		(0.06	)%(l)
Before waivers and reimbursements (a)(f)		(0.42	)%(l)
Portfolio turnover rate^		22	%(h)


	Year Ended October 31,
Class I	2024			2023			2022			2021			2020
Net asset value, beginning of year	$	12.86		$	12.79		$	15.21		$	11.77		$	12.38

Income (loss) from investment operations:
Net investment income (loss) (e)		0.02			0.24	(x)		0.25	(x)		0.16	(x)		0.24	(x)
Net realized and unrealized gain (loss)		4.84			0.36			(2.36	)		3.66			(0.61	)

Total from investment operations		4.86			0.60			(2.11	)		3.82			(0.37	)

Less distributions:
Dividends from net investment income		(0.04	)		(0.28	)		(0.16	)		(0.22	)		(0.22	)
Distributions from net realized gains		(0.04	)		(0.25	)		(0.15	)		(0.16	)		(0.02	)

Total dividends and distributions		(0.08	)		(0.53	)		(0.31	)		(0.38	)		(0.24	)

Net asset value, end of year	$	17.64		$	12.86		$	12.79		$	15.21		$	11.77

Total return		37.92	%		4.63	%		(14.17	)%		33.13	%		(3.11	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	174,165		$	6,009		$	5,163		$	5,658		$	3,818
Ratio of expenses to average net assets:
After waivers and reimbursements (f)		0.65	%(j)		0.52	%(k)		0.52	%(k)		0.52	%(k)		0.53	%**(o)
Before waivers and reimbursements (f)		0.94	%		2.75	%		2.75	%		3.24	%		4.31	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (f)		0.12	%		1.77	%(x)		1.84	%(x)		1.13	%(x)		2.01	%(x)
Before waivers and reimbursements (f)		(0.17	)%		(0.45	)%(x)		(0.39	)%(x)		(1.58	)%(x)		(1.78	)%(x)
Portfolio turnover rate^		22	%(h)		7	%		8	%		4	%		9	%

See Notes to Financial Statements.

1290 FUNDS

1290 AVANTIS^® 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.

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

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

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

See Notes to Financial Statements.

1290 FUNDS

1290 DIVERSIFIED BOND FUND

PORTFOLIO OF INVESTMENTS

October 31, 2024



	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Collateralized Mortgage Obligations (2.5%)
Connecticut Avenue Securities Trust,
Series 2023-R08 1M2 7.357%, 10/25/43 (l)§	$	11,390,000	$	11,692,680
Series 2024-R06 1B1 6.907%, 9/25/44 (l)§		1,630,000		1,634,000
FHLMC STACR REMIC Trust,
Series 2022-DNA2 B1 9.607%, 2/25/42 (l)§		2,430,000		2,558,870

Total Collateralized Mortgage Obligations				15,885,550

Commercial Mortgage-Backed Securities (1.4%)
CFCRE Commercial Mortgage Trust,
Series 2016-C4 D 4.835%, 5/10/58 (l)§		2,200,000		2,040,348
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2015-C24 D 3.257%, 5/15/48§		2,520,000		2,222,304
Wells Fargo Commercial Mortgage Trust,
Series 2015-C31 B 4.482%, 11/15/48 (l)		5,030,000		4,928,764

Total Commercial Mortgage-Backed Securities				9,191,416

Corporate Bonds (4.8%)
Energy (3.1%)
Oil, Gas & Consumable Fuels (3.1%)
Baytex Energy Corp. 8.500%, 4/30/30§		5,720,000		5,805,800
Petroleos Mexicanos 5.350%, 2/12/28		14,860,000		13,830,053

Total Energy				19,635,853

Financials (1.5%)
Capital Markets (1.0%)
Ares Capital Corp. 4.250%, 3/1/25		1,070,000		1,063,725
Golub Capital BDC, Inc. 2.500%, 8/24/26		5,275,000		4,994,083

				6,057,808

Financial Services (0.5%)
Freedom Mortgage Corp. 6.625%, 1/15/27§		3,210,000		3,161,850

Total Financials				9,219,658

Utilities (0.2%)
Independent Power and Renewable Electricity Producers (0.2%)
FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple
7.250%, 1/31/41§		1,550,000		1,551,666

Total Utilities				1,551,666

Total Corporate Bonds				30,407,177

Foreign Government Securities (22.5%)
Mex Bonos Desarr Fix Rt
Series M 8.000%, 7/31/53	MXN	1,343,500,000		52,694,629
Notas do Tesouro Nacional 10.000%, 1/1/35	BRL	228,320,000		33,718,608
6.000%, 8/15/50 TIPS		85,202,690		13,470,102
Republic of Panama 3.870%, 7/23/60	$	5,660,000		3,178,090
4.500%, 1/19/63		4,770,000		3,005,100
U.K. Treasury Bonds 4.375%, 7/31/54(m)	GBP	30,440,000		36,152,003

Total Foreign Government Securities				142,218,532

Mortgage-Backed Securities (34.6%)
FNMA UMBS 5.500%, 12/1/52	$	8,823,158		8,767,930
5.500%, 1/1/53		18,390,027		18,251,927
5.500%, 2/1/54		5,235,335		5,184,568
GNMA 5.500%, 10/20/52		22,309,884		22,190,297
5.500%, 1/20/53		10,152,543		10,113,985
5.500%, 2/20/53		6,423,387		6,392,970
5.500%, 4/20/53		9,244,051		9,203,167
5.500%, 5/20/53		14,734,167		14,669,001
5.500%, 6/20/53		7,693,839		7,657,406
5.500%, 9/20/53		13,205,299		13,142,768
5.500%, 10/20/53		13,904,646		13,830,113
6.000%, 4/20/54		6,865,125		6,919,610
5.500%, 5/20/54		4,461,185		4,437,272
6.000%, 5/20/54		10,712,720		10,801,090
6.000%, 6/20/54		4,542,843		4,581,737
6.000%, 7/20/54		26,178,489		26,386,257
6.000%, 8/20/54		2,428,433		2,447,897
5.500%, 9/20/54		17,333,706		17,243,500
6.000%, 9/20/54		10,364,288		10,453,833
6.000%, 10/20/54		6,190,000		6,243,480

Total Mortgage-Backed Securities				218,918,808

U.S. Treasury Obligations (24.9%)
U.S. Treasury Bonds 2.875%, 5/15/52		61,830,000		45,714,054
U.S. Treasury Notes
(US Treasury 3 Month Bill Money Market Yield + 0.13%), 4.687%, 7/31/25 (k)		6,950,000		6,944,350
3.875%, 8/15/33		107,760,000		104,641,932

Total U.S. Treasury Obligations				157,300,336

Total Long-Term Debt Securities (90.7%) (Cost $590,440,915)				573,921,819

See Notes to Financial Statements.

1290 FUNDS

1290 DIVERSIFIED BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2024



	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Foreign Government Treasury Bills (4.2%)
Arab Republic of Egypt 27.67%, 12/17/24 (p)	EGP	737,225,000	$	14,542,535
28.39%, 2/4/25 (p)		625,000,000		11,881,001

Total Foreign Government Treasury Bills				26,423,536


	Number of Shares		Value (Note 1)
Investment Companies (1.3%)
JPMorgan Prime Money Market Fund, IM Shares 5.02% (7 day yield)		8,402,426		8,405,786

Total Short-Term Investments (5.5%) (Cost $35,827,397)				34,829,322

Total Investments in Securities (96.2%) (Cost $626,268,312)				608,751,141
Other Assets Less Liabilities (3.8%)				23,882,385

Net Assets (100%)			$	632,633,526

§	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At October 31, 2024, the market value of these securities amounted to $30,667,518 or 4.8% of net assets.

(l)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of October 31, 2024.

(m)

Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At October 31, 2024, the market value or fair value, as applicable, of these securities amounted to $36,152,003 or 5.7% of net assets.

(p)	Yield to maturity.

(k)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of October 31, 2024.

Glossary:

AUD

— Australian Dollar

BRL

— Brazilian Real

CAD

— Canadian Dollar

CHF

— Swiss Franc

CLP

— Chilean Peso

CNY

— Chinese Renminbi

EGP

— Egyptian Pound

EUR

— European Currency Unit

FHLMC

— Federal Home Loan Mortgage Corp.

FNMA

— Federal National Mortgage Association

GBP

— British Pound

GNMA

— Government National Mortgage Association

HUF

— Hungarian Forint

JPY

— Japanese Yen

KRW

— Korean (South) Won

MXN

— Mexican Peso

NOK

— Norwegian Krone

REMIC

— Real Estate Mortgage Investment Conduit

SEK

— Swedish Krona

STACR

— Structured Agency Credit Risk

TIPS

— Treasury Inflation Protected Security

TRY

— Turkish Lira

UMBS

— Uniform Mortgage-Backed Securities

USD

— United States Dollar



Country Diversification As a Percentage of Total Net Assets
Brazil	7.4	%
Canada	0.9
Egypt	4.2
Mexico	10.8
Panama	1.0
United Kingdom	5.7
United States	66.2
Cash and Other	3.8

	100.0	%

Futures contracts outstanding as of October 31, 2024 (Note 1):


Description	Number of Contracts		Expiration Date		Trading Currency		Notional Amount ($)		Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
Long Gilt		897		12/2024		GBP		108,770,111		(5,998,716	)
U.S. Treasury 5 Year Note		1,514		12/2024		USD		162,352,844		(3,557,291	)
U.S. Treasury 10 Year Ultra Note		1,670		12/2024		USD		189,962,500		(2,957,032	)

										(12,513,039	)

See Notes to Financial Statements.

1290 FUNDS

1290 DIVERSIFIED BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2024

Futures contracts outstanding as of October 31, 2024 (Note 1):


Description	Number of Contracts			Expiration Date		Trading Currency		Notional Amount ($)			Value and Unrealized Appreciation (Depreciation) ($)
Short Contracts
Canada 10 Year Bond		(990	)		12/2024		CAD		(86,738,320	)		2,033,993
Euro-Bobl		(1,600	)		12/2024		EUR		(205,628,260	)		732,743
Euro-Bund		(1,120	)		12/2024		EUR		(160,569,304	)		2,116,987

												4,883,723

												(7,629,316	)

Forward Foreign Currency Contracts outstanding as of October 31, 2024 (Note 1):


Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation) ($)
EUR	11,470,000		USD	12,466,915	JPMorgan Chase Bank		11/7/2024		11,406
EUR	29,710,000		USD	32,285,708	Morgan Stanley		11/7/2024		36,081
USD	20,150,118		EUR	18,050,000	Barclays Bank plc		11/7/2024		513,352
USD	33,243,778		EUR	29,870,000	Citibank NA		11/7/2024		747,924
USD	33,475,214		EUR	30,500,000	HSBC Bank plc		11/7/2024		293,976
USD	13,283,024		EUR	12,010,000	Morgan Stanley		11/7/2024		217,232
USD	19,928,253		NOK	213,900,000	Citibank NA		11/12/2024		481,706
TRY	484,800,000		USD	12,985,962	Citibank NA		11/22/2024		903,458
USD	12,558,367		AUD	18,840,000	Goldman Sachs Bank USA		12/6/2024		155,607
CHF	6,260,000		USD	7,261,128	Barclays Bank plc		12/12/2024		19,171
USD	12,556,863		CHF	10,710,000	Morgan Stanley		12/12/2024		101,272
USD	53,754,102		CHF	45,350,000	UBS AG		12/12/2024		1,012,638
USD	17,491,603		GBP	13,310,000	Citibank NA		12/12/2024		330,211
USD	40,293,262		GBP	30,710,000	HSBC Bank plc		12/12/2024		696,994
USD	32,446,500		GBP	25,000,000	JPMorgan Chase Bank		12/12/2024		212,482
USD	28,711,057		JPY	3,995,000,000	JPMorgan Chase Bank		12/13/2024		2,279,661
USD	19,443,918		KRW	25,630,000,000	Citibank NA**		12/13/2024		838,537
USD	30,772,389		BRL	176,760,000	HSBC Bank plc**		1/22/2025		494,229

Total unrealized appreciation									9,345,937

EUR	1,770,000		USD	1,942,892	Citibank NA		11/7/2024		(17,292	)
EUR	17,380,000		USD	18,933,598	Goldman Sachs Bank USA		11/7/2024		(25,732	)
EUR	17,460,000		USD	19,105,011	JPMorgan Chase Bank		11/7/2024		(110,113	)
EUR	24,360,000		USD	26,783,260	UBS AG		11/7/2024		(281,786	)
NOK	213,900,000		USD	20,400,572	Citibank NA		11/12/2024		(954,026	)
USD	13,695,109		TRY	484,800,000	Citibank NA		11/22/2024		(194,311	)
USD	19,249,512		CNY	137,070,000	JPMorgan Chase Bank**		11/27/2024		(48,379	)
AUD	67,640,000		USD	46,177,820	Morgan Stanley		12/6/2024		(1,649,015	)
GBP	9,780,000		USD	12,714,489	Barclays Bank plc		12/12/2024		(104,541	)
USD	12,877,282		CHF	11,080,000	UBS AG		12/12/2024		(8,615	)
JPY	3,995,000,000		USD	28,329,215	JPMorgan Chase Bank		12/13/2024		(1,897,818	)
JPY	3,869,000,000		USD	26,026,706	Morgan Stanley		12/13/2024		(428,942	)
KRW	25,630,000,000		USD	19,333,912	Citibank NA**		12/13/2024		(728,531	)
USD	12,646,118		JPY	1,930,000,000	Citibank NA		12/13/2024		(122,991	)
CLP	12,650,000,000		USD	14,132,499	HSBC Bank plc**		1/15/2025		(979,586	)
CAD	44,740,000		USD	32,637,280	Citibank NA		1/27/2025		(406,543	)
MXN	550,900,000		USD	27,263,909	Citibank NA		1/29/2025		(134,276	)
HUF	11,880,000,000		USD	31,721,153	HSBC Bank plc		1/31/2025		(217,009	)
CLP	5,360,000,000		USD	5,972,677	HSBC Bank plc**		2/14/2025		(400,577	)
USD	31,698,650		SEK	336,200,000	Morgan Stanley		2/24/2025		(57,615	)

Total unrealized depreciation									(8,767,698	)

Net unrealized appreciation									578,239

**	Non-deliverable forward.

See Notes to Financial Statements.

1290 FUNDS

1290 DIVERSIFIED BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2024

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of October 31, 2024:

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



Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities			Level 2 Significant Other Observable Inputs (including quoted prices for 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)		Total
Assets:
Collateralized Mortgage Obligations	$	—		$	15,885,550		$	—	$	15,885,550
Commercial Mortgage-Backed Securities		—			9,191,416			—		9,191,416
Corporate Bonds
Energy		—			19,635,853			—		19,635,853
Financials		—			9,219,658			—		9,219,658
Utilities		—			1,551,666			—		1,551,666
Foreign Government Securities		—			142,218,532			—		142,218,532
Forward Currency Contracts		—			9,345,937			—		9,345,937
Futures		4,883,723			—			—		4,883,723
Mortgage-Backed Securities		—			218,918,808			—		218,918,808
Short-Term Investments
Foreign Government Treasury Bills		—			26,423,536			—		26,423,536
Investment Company		8,405,786			—			—		8,405,786
U.S. Treasury Obligations		—			157,300,336			—		157,300,336

Total Assets	$	13,289,509		$	609,691,292		$	—	$	622,980,801


Liabilities:
Forward Currency Contracts	$	—		$	(8,767,698	)	$	—	$	(8,767,698	)
Futures		(12,513,039	)		—			—		(12,513,039	)

Total Liabilities	$	(12,513,039	)	$	(8,767,698	)	$	—	$	(21,280,737	)

Total	$	776,470		$	600,923,594		$	—	$	601,700,064

Fair Values of Derivative Instruments as of October 31, 2024:


	Statement of Assets and Liabilities
Derivatives Contracts^	Asset Derivatives	Fair Value
Interest rate contracts	Receivables, Net assets – Unrealized appreciation	$	4,883,723	*
Foreign exchange contracts	Receivables		9,345,937

Total		$	14,229,660


	Liability Derivatives
Interest rate contracts	Payables, Net assets – Unrealized depreciation	$	(12,513,039	)*
Foreign exchange contracts	Payables		(8,767,698	)

Total		$	(21,280,737	)

*	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.

See Notes to Financial Statements.

1290 FUNDS

1290 DIVERSIFIED BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2024

The Effect of Derivative Instruments on the Statement of Operations for the year ended October 31, 2024:


Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives Contracts^	Futures		Forward Foreign Currency Contracts		Swaps			Total
Interest rate contracts	$	10,235,655	$	—	$	—		$	10,235,655
Foreign exchange contracts		—		570,404		—			570,404
Credit contracts		—		—		(2,732	)		(2,732	)

Total	$	10,235,655	$	570,404	$	(2,732	)	$	10,803,327


Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives Contracts^	Futures		Forward Foreign Currency Contracts		Total
Interest rate contracts	$	206,317	$	—	$	206,317
Foreign exchange contracts		—		5,030,240		5,030,240

Total	$	206,317	$	5,030,240	$	5,236,557

^ The Fund held forward foreign currency contracts and futures 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
Average notional value of contracts — long	$	512,363,000
Average notional value of contracts — short		210,633,000
Forward foreign currency exchange contracts
Average settlement value purchased — in USD	$	419,894,000
Average settlement value sold — in USD		369,379,000

The following table presents the Fund’s gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or pledged by the Fund as of October 31, 2024:


Counterparty	Gross Amount of Derivative Assets Presented in the Statement of Assets and Liabilities (a)		Derivatives Available for Offset			Collateral Received			Net Amount Due from Counterparty
Barclays Bank plc	$	532,523	$	(104,541	)	$	—		$	427,982
Citibank NA		3,301,836		(2,557,970	)		(160,000	)		583,866
Goldman Sachs Bank USA		155,607		(25,732	)		—			129,875
HSBC Bank plc		1,485,199		(1,485,199	)		—			—
JPMorgan Chase Bank		2,503,549		(2,056,310	)		—			447,239
Morgan Stanley		354,585		(354,585	)		—			—
UBS AG		1,012,638		(290,401	)		—			722,237

Total	$	9,345,937	$	(6,874,738	)	$	(160,000	)	$	2,311,199

See Notes to Financial Statements.

1290 FUNDS

1290 DIVERSIFIED BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2024


Counterparty	Gross Amount of Derivative Liabilities Presented in the Statement of Assets and Liabilities (a)		Derivatives Available for Offset			Collateral Pledged			Net Amount Due to Counterparty
Barclays Bank plc	$	104,541	$	(104,541	)	$	—		$	—
Citibank NA		2,557,970		(2,557,970	)		—			—
Goldman Sachs Bank USA		25,732		(25,732	)		—			—
HSBC Bank plc		1,597,172		(1,485,199	)		(111,973	)		—
JPMorgan Chase Bank		2,056,310		(2,056,310	)		—			—
Morgan Stanley		2,135,572		(354,585	)		—			1,780,987
UBS AG		290,401		(290,401	)		—			—

Total	$	8,767,698	$	(6,874,738	)	$	(111,973	)	$	1,780,987

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

Investment security transactions for the year ended October 31, 2024 were as follows:


Cost of Purchases:
Long-term investments other than U.S. government debt securities	$	408,766,689
Long-term U.S. government debt securities		453,957,277

	$	862,723,966

Net Proceeds of Sales and Redemptions:
Long-term investments other than U.S. government debt securities	$	332,377,973
Long-term U.S. government debt securities		528,835,469

	$	861,213,442


Aggregate gross unrealized appreciation	$	16,589,004
Aggregate gross unrealized depreciation		(35,052,015	)

Net unrealized depreciation	$	(18,463,011	)

Federal income tax cost of investments in securities and derivative instruments, if applicable	$	620,163,075

See Notes to Financial Statements.

1290 FUNDS

1290 DIVERSIFIED BOND FUND

STATEMENT OF ASSETS AND LIABILITIES

October 31, 2024


ASSETS
Investments in Securities, at value (Cost $626,268,312)	$	608,751,141
Cash		878,000
Foreign cash (Cost $794)		793
Cash held as collateral for forward foreign currency contracts		950,000
Due from broker for futures variation margin		16,792,776
Unrealized appreciation on forward foreign currency contracts		9,345,937
Dividends, interest and other receivables		6,296,986
Receivable for Fund shares sold		1,065,077
Prepaid registration and filing fees		30,576
Variation Margin on Centrally Cleared Swaps		39
Securities lending income receivable		14
Other assets		5,483

Total assets		644,116,822

LIABILITIES
Unrealized depreciation on forward foreign currency contracts		8,767,698
Payable for securities purchased		1,329,762
Payable for Fund shares repurchased		696,160
Payable for return of cash collateral on forward foreign currency contracts		160,000
Investment advisory fees payable		141,239
Administrative fees payable		82,491
Transfer agent fees payable		49,179
Dividends and distributions payable		6,611
Distribution fees payable – Class R		1,405
Distribution fees payable – Class A		940
Trustees’ fees payable		891
Accrued expenses		246,920

Total liabilities		11,483,296

Commitments and contingent liabilities^
NET ASSETS	$	632,633,526

Net assets were comprised of:
Paid in capital	$	798,490,838
Total distributable earnings (loss)		(165,857,312	)

Net assets	$	632,633,526

Class A
Net asset value and redemption price per share, $4,671,015 / 555,592 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.41
Maximum sales charge (4.50% of offering price)		0.40

Maximum offering price per share	$	8.81

Class I
Net asset value, offering and redemption price per share, $624,708,167 / 73,904,284 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.45

Class R
Net asset value, offering and redemption price per share, $3,254,344 / 390,248 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.34

^	See Note 2 in Notes to the Financial Statements.

STATEMENT OF OPERATIONS

For the Year Ended October 31, 2024


INVESTMENT INCOME
Interest	$	39,189,615
Dividends		710,615
Securities lending (net)		548

Total income		39,900,778

EXPENSES
Investment advisory fees		3,795,535
Administrative fees		949,022
Transfer agent fees		302,900
Professional fees		279,390
Printing and mailing expenses		186,450
Custodian fees		137,599
Registration and filing fees		59,161
Trustees’ fees		20,412
Distribution fees – Class R		15,012
Distribution fees – Class A		11,776
Miscellaneous		85,176

Gross expenses		5,842,433
Less: Waiver from investment adviser		(2,652,034	)

Net expenses		3,190,399

NET INVESTMENT INCOME (LOSS)		36,710,379

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Investments in securities		(875,505	)
Futures contracts		10,235,655
Forward foreign currency contracts		570,404
Foreign currency transactions		(1,331,020	)
Swaps		(2,732	)

Net realized gain (loss)		8,596,802

Change in unrealized appreciation (depreciation) on:
Investments in securities		24,170,935
Futures contracts		206,317
Forward foreign currency contracts		5,030,240
Foreign currency translations		18,104

Net change in unrealized appreciation (depreciation)		29,425,596

NET REALIZED AND UNREALIZED GAIN (LOSS)		38,022,398

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	74,732,777

See Notes to Financial Statements.

1290 FUNDS

1290 DIVERSIFIED BOND FUND

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended October 31,
	2024			2023
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	36,710,379		$	34,077,947
Net realized gain (loss)		8,596,802			(75,492,316	)
Net change in unrealized appreciation (depreciation)		29,425,596			33,325,189

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		74,732,777			(8,089,180	)

Distributions to shareholders:
Class A		(285,397	)		(163,937	)
Class I		(39,389,194	)		(15,397,087	)
Class R		(177,907	)		(45,660	)

Total distributions to shareholders		(39,852,498	)		(15,606,684	)

Tax return of capital:
Class A		(2,525	)		(88,150	)
Class I		(348,420	)		(8,279,101	)
Class R		(1,574	)		(24,551	)

Total tax return of capital		(352,519	)		(8,391,802	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 133,597 and 83,483 shares, respectively ]		1,144,134			742,404
Capital shares issued in reinvestment of dividends [ 32,960 and 24,703 shares, respectively ]		281,797			224,297
Capital shares repurchased [ (250,099) and (262,790) shares, respectively ]		(2,130,265	)		(2,310,066	)

Total Class A transactions		(704,334	)		(1,343,365	)

Class I
Capital shares sold [ 12,494,140 and 17,626,727 shares, respectively ]		108,790,279			156,148,768
Capital shares issued in reinvestment of dividends [ 4,613,713 and 2,592,764 shares, respectively ]		39,644,398			23,622,504
Capital shares repurchased [ (14,266,315) and (18,330,147) shares, respectively ]		(123,440,903	)		(160,540,380	)

Total Class I transactions		24,993,774			19,230,892

Class R
Capital shares sold [ 170,179 and 200,824 shares, respectively ]		1,440,510			1,767,395
Capital shares issued in reinvestment of dividends [ 21,058 and 7,726 shares, respectively ]		178,591			69,671
Capital shares repurchased [ (107,781) and (120,330) shares, respectively ]		(922,542	)		(1,083,042	)

Total Class R transactions		696,559			754,024

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		24,985,999			18,641,551

TOTAL INCREASE (DECREASE) IN NET ASSETS		59,513,759			(13,446,115	)
NET ASSETS:
Beginning of year		573,119,767			586,565,882

End of year	$	632,633,526		$	573,119,767

See Notes to Financial Statements.

1290 FUNDS

1290 DIVERSIFIED BOND FUND

FINANCIAL HIGHLIGHTS


	Year Ended October 31,
Class A	2024			2023			2022			2021			2020
Net asset value, beginning of year	$	7.92		$	8.33		$	10.70		$	10.68		$	10.34

Income (loss) from investment operations:
Net investment income (loss) (e)		0.48			0.45			0.27			0.29			0.39
Net realized and unrealized gain (loss)		0.54			(0.54	)		(2.41	)		0.44			0.43

Total from investment operations		1.02			(0.09	)		(2.14	)		0.73			0.82

Less distributions:
Dividends from net investment income		(0.53	)		(0.21	)		(0.23	)		(0.47	)		(0.15	)
Distributions from net realized gains		—			—			—			(0.22	)		(0.33	)
Return of capital		—	#		(0.11	)		—			(0.02	)		—

Total dividends and distributions		(0.53	)		(0.32	)		(0.23	)		(0.71	)		(0.48	)

Net asset value, end of year	$	8.41		$	7.92		$	8.33		$	10.70		$	10.68

Total return		12.95	%		(1.50	)%		(20.39	)%		6.73	%		8.32	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	4,671		$	5,062		$	6,608		$	8,550		$	7,796
Ratio of expenses to average net assets:
After waivers and reimbursements (f)		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Before waivers and reimbursements (f)		1.17	%		1.22	%		1.20	%		1.22	%		1.42	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (f)		5.54	%		5.07	%		2.75	%		2.62	%		3.76	%*
Before waivers and reimbursements (f)		5.12	%		4.60	%		2.31	%		2.15	%		3.09	%*
Portfolio turnover rate^		151	%		193	%		244	%		165	%		200	%


	Year Ended October 31,
Class I	2024			2023			2022			2021			2020
Net asset value, beginning of year	$	7.96		$	8.36		$	10.72		$	10.71		$	10.37

Income (loss) from investment operations:
Net investment income (loss) (e)		0.50			0.47			0.30			0.31			0.41
Net realized and unrealized gain (loss)		0.54			(0.54	)		(2.42	)		0.43			0.41

Total from investment operations		1.04			(0.07	)		(2.12	)		0.74			0.82

Less distributions:
Dividends from net investment income		(0.55	)		(0.21	)		(0.24	)		(0.49	)		(0.15	)
Distributions from net realized gains		—			—			—			(0.22	)		(0.33	)
Return of capital		—	#		(0.12	)		—			(0.02	)		—

Total dividends and distributions		(0.55	)		(0.33	)		(0.24	)		(0.73	)		(0.48	)

Net asset value, end of year	$	8.45		$	7.96		$	8.36		$	10.72		$	10.71

Total return		13.16	%		(1.23	)%		(20.18	)%		6.85	%		8.34	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	624,708		$	565,647		$	578,149		$	673,625		$	169,409
Ratio of expenses to average net assets:
After waivers and reimbursements (f)		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Before waivers and reimbursements (f)		0.92	%		0.97	%		0.95	%		0.96	%		1.17	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (f)		5.81	%		5.30	%		3.04	%		2.79	%		3.95	%*
Before waivers and reimbursements (f)		5.39	%		4.83	%		2.59	%		2.33	%		3.28	%*
Portfolio turnover rate^		151	%		193	%		244	%		165	%		200	%

See Notes to Financial Statements.

1290 FUNDS

1290 DIVERSIFIED BOND FUND

FINANCIAL HIGHLIGHTS (Continued)


	Year Ended October 31,
Class R	2024			2023			2022			2021			2020
Net asset value, beginning of year	$	7.86		$	8.27		$	10.64		$	10.63		$	10.34

Income (loss) from investment operations:
Net investment income (loss) (e)		0.45			0.42			0.26			0.25			0.35	*
Net realized and unrealized gain (loss)		0.54			(0.52	)		(2.42	)		0.45			0.41

Total from investment operations		0.99			(0.10	)		(2.16	)		0.70			0.76

Less distributions:
Dividends from net investment income		(0.51	)		(0.20	)		(0.21	)		(0.45	)		(0.14	)
Distributions from net realized gains		—			—			—			(0.22	)		(0.33	)
Return of capital		—	#		(0.11	)		—			(0.02	)		—

Total dividends and distributions		(0.51	)		(0.31	)		(0.21	)		(0.69	)		(0.47	)

Net asset value, end of year	$	8.34		$	7.86		$	8.27		$	10.64		$	10.63

Total return		12.64	%		(1.66	)%		(20.60	)%		6.44	%		7.77	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	3,254		$	2,411		$	1,808		$	1,264		$	298
Ratio of expenses to average net assets:
After waivers and reimbursements (f)		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
Before waivers and reimbursements (f)		1.42	%		1.47	%		1.46	%		1.47	%		1.67	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (f)		5.31	%		4.79	%		2.68	%		2.24	%		3.43	%*
Before waivers and reimbursements (f)		4.89	%		4.32	%		2.22	%		1.77	%		2.75	%*
Portfolio turnover rate^		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.

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

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

See Notes to Financial Statements.

1290 FUNDS

1290 ESSEX SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS

October 31, 2024



	Number of Shares		Value (Note 1)
COMMON STOCKS:
Communication Services (1.2%)
Interactive Media & Services (0.6%)
EverQuote, Inc., Class A*		22,540	$	405,269

Media (0.6%)
Integral Ad Science Holding Corp.*		29,093		344,461

Total Communication Services				749,730

Consumer Discretionary (5.6%)
Automobile Components (1.1%)
Patrick Industries, Inc.		5,819		733,078

Diversified Consumer Services (2.7%)
Frontdoor, Inc.*		13,315		661,622
Lincoln Educational Services Corp.*		82,718		1,098,495

				1,760,117

Hotels, Restaurants & Leisure (1.0%)
Sweetgreen, Inc., Class A*		17,467		630,559

Specialty Retail (0.8%)
Revolve Group, Inc., Class A*		19,605		486,596

Total Consumer Discretionary				3,610,350

Consumer Staples (1.0%)
Food Products (1.0%)
SunOpta, Inc.*		99,073		648,433

Total Consumer Staples				648,433

Energy (2.3%)
Energy Equipment & Services (1.5%)
Expro Group Holdings NV*		33,381		425,608
TETRA Technologies, Inc.*		163,025		546,134

				971,742

Oil, Gas & Consumable Fuels (0.8%)
Matador Resources Co.		9,540		497,129

Total Energy				1,468,871

Financials (6.1%)
Capital Markets (2.1%)
BGC Group, Inc., Class A		75,055		703,265
Evercore, Inc., Class A		2,411		636,914

				1,340,179

Financial Services (1.5%)
Paymentus Holdings, Inc., Class A*		41,202		1,013,981

Insurance (2.5%)
HCI Group, Inc.		7,548		855,264
Universal Insurance Holdings, Inc.		38,109		759,893

				1,615,157

Total Financials				3,969,317

Health Care (28.3%)
Biotechnology (6.8%)
Amicus Therapeutics, Inc.*		52,053		594,445
Arcutis Biotherapeutics, Inc.*		32,133		267,025
Avita Medical, Inc. (x)*		55,984		565,439
Day One Biopharmaceuticals, Inc.*		36,117		531,642
Insmed, Inc.*		15,149		1,019,225
Kiniksa Pharmaceuticals International plc, Class A*		36,851		832,464
Myriad Genetics, Inc.*		26,262		576,714

				4,386,954

Health Care Equipment & Supplies (9.4%)
Brainsway Ltd. (ADR)*		62,799		627,990
ClearPoint Neuro, Inc. (x)*		87,436		1,083,332
Myomo, Inc.*		168,162		615,473
Novocure Ltd.*		31,714		481,419
PROCEPT BioRobotics Corp.*		11,692		1,052,280
QuidelOrtho Corp.*		13,586		516,947
SI-BONE, Inc.*		45,118		622,628
Stereotaxis, Inc.*		259,478		508,577
Tactile Systems Technology, Inc.*		38,690		561,392

				6,070,038

Health Care Providers & Services (2.1%)
Biodesix, Inc.*		179,590		305,303
Nutex Health, Inc.*		22,664		505,181
Performant Financial Corp.*		133,486		519,260

				1,329,744

Health Care Technology (1.4%)
Health Catalyst, Inc.*		63,312		491,934
Phreesia, Inc.*		23,117		422,810

				914,744

Life Sciences Tools & Services (1.0%)
Adaptive Biotechnologies Corp.*		132,779		642,650

Pharmaceuticals (7.6%)
Aquestive Therapeutics, Inc. (x)*		132,884		729,533
Evolus, Inc.*		38,869		634,342
EyePoint Pharmaceuticals, Inc.*		26,839		315,627
Ligand Pharmaceuticals, Inc.*		6,133		648,258
MediWound Ltd.*		25,113		454,545
Ocular Therapeutix, Inc.*		81,984		863,292
Tarsus Pharmaceuticals, Inc.*		21,387		951,508
Xeris Biopharma Holdings, Inc.*		102,020		328,504

				4,925,609

Total Health Care				18,269,739

Industrials (30.7%)
Aerospace & Defense (4.4%)
Kratos Defense & Security Solutions, Inc.*		52,105		1,183,826
Leonardo DRS, Inc.*		54,965		1,652,797

				2,836,623

Air Freight & Logistics (0.9%)
Forward Air Corp. (x)		17,351		613,011

Building Products (2.3%)
Builders FirstSource, Inc.*		3,041		521,228
Caesarstone Ltd. (x)*		71,501		288,149
Griffon Corp.		10,432		655,964

				1,465,341

Commercial Services & Supplies (6.3%)
ACV Auctions, Inc., Class A*		28,149		486,696
CECO Environmental Corp.*		33,223		790,707

See Notes to Financial Statements.

1290 FUNDS

1290 ESSEX SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2024



	Number of Shares		Value (Note 1)
Enviri Corp.*		73,912	$	566,166
Interface, Inc., Class A		30,508		532,975
Liquidity Services, Inc.*		22,803		492,088
Montrose Environmental Group, Inc.*		23,502		619,748
Perma-Fix Environmental Services, Inc. (x)*		41,097		551,522

				4,039,902

Construction & Engineering (4.8%)
Argan, Inc.		7,830		1,033,873
Great Lakes Dredge & Dock Corp.*		64,057		732,172
Matrix Service Co.*		44,557		500,375
Sterling Infrastructure, Inc.*		5,452		842,061

				3,108,481

Electrical Equipment (3.3%)
American Superconductor Corp.*		49,170		1,205,648
LSI Industries, Inc.		57,504		940,766

				2,146,414

Ground Transportation (0.9%)
Covenant Logistics Group, Inc., Class A		11,113		562,318

Machinery (2.2%)
Graham Corp.*		34,649		970,865
Shyft Group, Inc. (The)		34,492		445,637

				1,416,502

Professional Services (3.3%)
Kelly Services, Inc., Class A		15,044		300,729
Upwork, Inc.*		30,561		414,407
Willdan Group, Inc.*		29,512		1,396,213

				2,111,349

Trading Companies & Distributors (2.3%)
MRC Global, Inc.*		57,400		703,724
Transcat, Inc.*		8,177		781,476

				1,485,200

Total Industrials				19,785,141

Information Technology (21.6%)
Communications Equipment (1.4%)
Ceragon Networks Ltd.*		235,627		584,355
Lantronix, Inc.*		88,747		347,001

				931,356

Electronic Equipment, Instruments & Components (4.3%)
Arlo Technologies, Inc.*		42,670		433,527
Identiv, Inc. (x)*		86,440		305,998
Mirion Technologies, Inc., Class A*		68,513		1,013,993
Novanta, Inc.*		4,351		740,714
Ouster, Inc.*		47,378		314,116

				2,808,348

IT Services (1.8%)
Crexendo, Inc.*		155,949		860,838
Research Solutions, Inc.*		123,239		324,119

				1,184,957

Semiconductors & Semiconductor Equipment (2.0%)
Ambarella, Inc.*		10,978		616,854
Tower Semiconductor Ltd.*		15,411		646,645

				1,263,499

Software (11.0%)
Arteris, Inc.*		61,279		417,310
AvePoint, Inc.*		61,541		747,108
Blend Labs, Inc., Class A*		88,851		322,529
Cognyte Software Ltd.*		73,702		478,326
Docebo, Inc.*		15,936		727,638
Logility Supply Chain Solutions, Inc.		50,271		530,359
Olo, Inc., Class A*		83,295		417,308
OneSpan, Inc.*		47,702		795,669
Ooma, Inc.*		3,755		44,910
RADCOM Ltd.*		6,168		65,072
Red Violet, Inc.*		12,843		386,318
SimilarWeb Ltd.*		56,456		491,732
Zeta Global Holdings Corp., Class A*		60,021		1,661,381

				7,085,660

Technology Hardware, Storage & Peripherals (1.1%)
Turtle Beach Corp.*		43,718		698,176

Total Information Technology				13,971,996

Materials (0.8%)
Chemicals (0.8%)
Aspen Aerogels, Inc.*		29,145		519,947

Total Materials				519,947

Total Common Stocks (97.6%) (Cost $47,920,558)				62,993,524

EXCHANGE TRADED FUNDS (ETF):
Equity (0.7%)
iShares Russell 2000 Growth ETF		1,471		412,527

Total Exchange Traded Funds (0.7%) (Cost $420,501)				412,527

SHORT-TERM INVESTMENTS:
Investment Companies (4.5%)
BlackRock Liquidity FedFund, Institutional Shares 4.76% (7 day yield) (xx)		200,000		200,000
Dreyfus Treasury Obligations Cash Management Fund, Institutional Shares 4.72% (7 day yield) (xx)		200,000		200,000
Invesco Government & Agency Portfolio, Institutional Shares 4.78% (7 day yield) (xx)		1,397,481		1,397,481
JPMorgan Prime Money Market Fund, IM Shares 5.02% (7 day yield)		1,122,951		1,123,401

Total Investment Companies				2,920,882

Total Short-Term Investments (4.5%) (Cost $2,920,882)				2,920,882

Total Investments in Securities (102.8%) (Cost $51,261,941)				66,326,933
Other Assets Less Liabilities (-2.8%)				(1,794,458	)

Net Assets (100%)			$	64,532,475

See Notes to Financial Statements.

1290 FUNDS

1290 ESSEX SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2024

*	Non-income producing.

(x)	All or a portion of security is on loan at October 31, 2024.

(xx)

At October 31, 2024, the Fund had loaned securities with a total value of $1,765,987. This was collateralized by $115,877 of various U.S. Government Treasury Securities, ranging from 0.000% - 5.000%, maturing 11/7/24 - 2/15/54 and by cash of $1,797,481 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.

Glossary:

ADR

— American Depositary Receipt

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of October 31, 2024:

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



Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for 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)		Total
Assets:
Common Stocks
Communication Services	$	749,730	$	—	$	—	$	749,730
Consumer Discretionary		3,610,350		—		—		3,610,350
Consumer Staples		648,433		—		—		648,433
Energy		1,468,871		—		—		1,468,871
Financials		3,969,317		—		—		3,969,317
Health Care		18,269,739		—		—		18,269,739
Industrials		19,785,141		—		—		19,785,141
Information Technology		13,971,996		—		—		13,971,996
Materials		519,947		—		—		519,947
Exchange Traded Fund		412,527		—		—		412,527
Short-Term Investments
Investment Companies		2,920,882		—		—		2,920,882

Total Assets	$	66,326,933	$	—	$	—	$	66,326,933

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	66,326,933	$	—	$	—	$	66,326,933

The Fund held no derivatives contracts during the year ended October 31, 2024.

Investment security transactions for the year ended October 31, 2024 were as follows:


Cost of Purchases:
Long-term investments other than U.S. government debt securities	$	43,090,571
Net Proceeds of Sales and Redemptions:
Long-term investments other than U.S. government debt securities	$	40,804,329


Aggregate gross unrealized appreciation	$	17,442,836
Aggregate gross unrealized depreciation		(2,626,575	)

Net unrealized appreciation	$	14,816,261

Federal income tax cost of investments in securities and derivative instruments, if applicable	$	51,510,672

See Notes to Financial Statements.

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1290 ESSEX SMALL CAP GROWTH FUND

STATEMENT OF ASSETS AND LIABILITIES

October 31, 2024


ASSETS
Investments in Securities, at value (x) (Cost $51,261,941)	$	66,326,933
Cash		300,000
Receivable for Fund shares sold		137,194
Prepaid registration and filing fees		17,152
Securities lending income receivable		5,045
Dividends, interest and other receivables		4,077
Other assets		807

Total assets		66,791,208

LIABILITIES
Payable for return of collateral on securities loaned		1,797,481
Payable for securities purchased		321,947
Payable for Fund shares repurchased		41,424
Investment advisory fees payable		15,612
Transfer agent fees payable		9,900
Administrative fees payable		8,242
Distribution fees payable – Class R		67
Distribution fees payable – Class A		27
Accrued expenses		64,033

Total liabilities		2,258,733

Commitments and contingent liabilities^
NET ASSETS	$	64,532,475

Net assets were comprised of:
Paid in capital	$	56,385,058
Total distributable earnings (loss)		8,147,417

Net assets	$	64,532,475

Class A
Net asset value and redemption price per share, $125,066 / 10,352 shares outstanding (unlimited amount authorized: $0.001 par value)	$	12.08
Maximum sales charge (5.50% of offering price)		0.70

Maximum offering price per share	$	12.78

Class I
Net asset value, offering and redemption price per share, $64,251,590 / 5,287,793 shares outstanding (unlimited amount authorized: $0.001 par value)	$	12.15

Class R
Net asset value, offering and redemption price per share, $155,819 / 12,972 shares outstanding (unlimited amount authorized: $0.001 par value)	$	12.01

(x)	Includes value of securities on loan of $1,765,987.

^	See Note 2 in Notes to the Financial Statements.

STATEMENT OF OPERATIONS

For the Year Ended October 31, 2024


INVESTMENT INCOME
Dividends (net of $3,339 foreign withholding tax)	$	191,564
Interest		16,686
Securities lending (net)		18,662

Total income		226,912

EXPENSES
Investment advisory fees		431,030
Administrative fees		86,215
Professional fees		74,516
Transfer agent fees		64,401
Registration and filing fees		38,588
Printing and mailing expenses		37,528
Custodian fees		10,900
Trustees’ fees		1,873
Distribution fees – Class R		710
Distribution fees – Class A		328
Miscellaneous		15,492

Gross expenses		761,581
Less: Waiver from investment adviser		(254,364	)

Net expenses		507,217

NET INVESTMENT INCOME (LOSS)		(280,305	)

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on investments in securities		(4,378,924	)
Net change in unrealized appreciation (depreciation) on investments in securities		21,241,417

NET REALIZED AND UNREALIZED GAIN (LOSS)		16,862,493

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	16,582,188

See Notes to Financial Statements.

1290 FUNDS

1290 ESSEX SMALL CAP GROWTH FUND

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended October 31,
	2024			2023
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(280,305	)	$	(96,000	)
Net realized gain (loss)		(4,378,924	)		(2,166,435	)
Net change in unrealized appreciation (depreciation)		21,241,417			(6,673,955	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		16,582,188			(8,936,390	)

Distributions to shareholders:
Class A		—			(663	)
Class I		—			(72,415	)
Class R		—			(559	)

Total distributions to shareholders		—			(73,637	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 195 and 2,339 shares, respectively ]		2,155			25,259
Capital shares issued in reinvestment of dividends [ 0 and 10 shares ]		—			105
Capital shares repurchased [ (3,526) and (543) shares, respectively ]		(39,680	)		(6,000	)

Total Class A transactions		(37,525	)		19,364

Class I
Capital shares sold [ 1,356,056 and 4,556,929 shares, respectively ]		14,971,107			48,783,568
Capital shares issued in reinvestment of dividends [ 0 and 1,695 shares ]		—			17,682
Capital shares repurchased [ (1,069,086) and (537,801) shares, respectively ]		(11,813,923	)		(5,591,615	)

Total Class I transactions		3,157,184			43,209,635

Class R
Capital shares sold [ 918 and 2,789 shares, respectively ]		10,050			29,602
Capital shares repurchased [ (735) and 0 shares, respectively ]		(8,525	)		—

Total Class R transactions		1,525			29,602

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		3,121,184			43,258,601

TOTAL INCREASE (DECREASE) IN NET ASSETS		19,703,372			34,248,574
NET ASSETS:
Beginning of year		44,829,103			10,580,529

End of year	$	64,532,475		$	44,829,103

See Notes to Financial Statements.

1290 FUNDS

1290 ESSEX SMALL CAP GROWTH FUND

FINANCIAL HIGHLIGHTS


	Year Ended October 31,						July 11, 2022* to October 31, 2022
Class A	2024			2023			July 11, 2022* to October 31, 2022
Net asset value, beginning of period	$	8.89		$	10.55		$	10.00

Income (loss) from investment operations:
Net investment income (loss) (e)		(0.08	)		(0.05	)(1)		(0.02	)
Net realized and unrealized gain (loss)		3.27			(1.55	)		0.57

Total from investment operations		3.19			(1.60	)		0.55

Less distributions:
Distributions from net realized gains		—			(0.06	)		—

Net asset value, end of period	$	12.08		$	8.89		$	10.55

Total return (b)		35.88	%		(15.28	)%		5.50	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	125		$	122		$	125
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		1.13	%		1.13	%		1.13	%
Before waivers and reimbursements (a)(f)		1.57	%		2.38	%		6.32	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)(f)		(0.72	)%		(0.49	)%(aa)		(0.61	)%(l)
Before waivers and reimbursements (a)(f)		(1.16	)%		(1.74	)%(aa)		(5.80	)%(l)
Portfolio turnover rate^		73	%		69	%		29	%(z)

	Year Ended October 31,						July 11, 2022* to October 31, 2022
Class I	2024			2023			July 11, 2022* to October 31, 2022
Net asset value, beginning of period	$	8.92		$	10.56		$	10.00

Income (loss) from investment operations:
Net investment income (loss) (e)		(0.05	)		(0.03	)(1)		(0.01	)
Net realized and unrealized gain (loss)		3.28			(1.55	)		0.57

Total from investment operations		3.23			(1.58	)		0.56

Less distributions:
Distributions from net realized gains		—			(0.06	)		—

Net asset value, end of period	$	12.15		$	8.92		$	10.56

Total return (b)		36.21	%		(15.08	)%		5.60	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	64,252		$	44,594		$	10,350
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		0.88	%		0.88	%		0.88	%
Before waivers and reimbursements (a)(f)		1.32	%		1.94	%		6.03	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)(f)		(0.48	)%		(0.24	)%(aa)		(0.35	)%(l)
Before waivers and reimbursements (a)(f)		(0.92	)%		(1.30	)%(aa)		(5.50	)%(l)
Portfolio turnover rate^		73	%		69	%		29	%(z)

See Notes to Financial Statements.

1290 FUNDS

1290 ESSEX SMALL CAP GROWTH FUND

FINANCIAL HIGHLIGHTS (Continued)


	Year Ended October 31,						July 11, 2022* to October 31, 2022
Class R	2024			2023			July 11, 2022* to October 31, 2022
Net asset value, beginning of period	$	8.86		$	10.54		$	10.00

Income (loss) from investment operations:
Net investment income (loss) (e)		(0.11	)		(0.08	)(1)		(0.03	)
Net realized and unrealized gain (loss)		3.26			(1.54	)		0.57

Total from investment operations		3.15			(1.62	)		0.54

Less distributions:
Distributions from net realized gains		—			(0.06	)		—

Net asset value, end of period	$	12.01		$	8.86		$	10.54

Total return (b)		35.55	%		(15.49	)%		5.40	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	156		$	113		$	105
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		1.38	%		1.38	%		1.38	%
Before waivers and reimbursements (a)(f)		1.82	%		2.59	%		6.53	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)(f)		(0.98	)%		(0.74	)%(aa)		(0.85	)%(l)
Before waivers and reimbursements (a)(f)		(1.42	)%		(1.95	)%(aa)		(6.00	)%(l)
Portfolio turnover rate^		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 FUNDS

1290 GAMCO SMALL/MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS

October 31, 2024



	Number of Shares		Value (Note 1)
COMMON STOCKS:
Communication Services (17.8%)
Diversified Telecommunication Services (0.9%)
Anterix, Inc.*		500	$	16,240
Iridium Communications, Inc.		1,000		29,330
Telesat Corp.*		117,000		1,475,370

				1,520,940

Entertainment (5.1%)
Atlanta Braves Holdings, Inc., Class A*		40,500		1,703,430
Atlanta Braves Holdings, Inc., Class C*		25,000		987,750
Liberty Media Corp.-Liberty Live, Class A*		1,000		56,740
Lions Gate Entertainment Corp., Class A (x)*		37,000		292,300
Lions Gate Entertainment Corp., Class B*		22,000		155,100
Madison Square Garden Entertainment Corp., Class A*		19,000		792,490
Madison Square Garden Sports Corp.*		13,300		2,961,910
Sphere Entertainment Co.*		26,500		1,107,965

				8,057,685

Media (9.4%)
Altice USA, Inc., Class A*		3,500		8,505
AMC Networks, Inc., Class A*		18,000		145,800
Clear Channel Outdoor Holdings, Inc.*		520,000		764,400
Corus Entertainment, Inc., Class B (x)*		115,000		9,498
EchoStar Corp., Class A*		36,400		912,184
EW Scripps Co. (The), Class A*		55,000		184,525
Fox Corp., Class B		12,000		467,520
Grupo Televisa SAB (ADR) (x)		600,000		1,500,000
JCDecaux SE*		31,000		584,798
News Corp., Class B		20,000		580,800
Nexstar Media Group, Inc., Class A		10,200		1,794,384
Paramount Global, Class A (x)		123,500		2,703,415
Paramount Global, Class B		30,200		330,388
Sinclair, Inc. (x)		167,000		2,884,090
Sirius XM Holdings, Inc.		30,000		799,800
TEGNA, Inc.		66,000		1,084,380
WideOpenWest, Inc.*		32,500		162,175

				14,916,662

Wireless Telecommunication Services (2.4%)
Gogo, Inc.*		12,900		84,495
Millicom International Cellular SA*		36,000		992,160
Telephone and Data Systems, Inc.		30,000		892,500
United States Cellular Corp.*		30,000		1,851,000

				3,820,155

Total Communication Services				28,315,442

Consumer Discretionary (14.6%)
Automobile Components (5.0%)
Dana, Inc.		115,000		882,050
Garrett Motion, Inc.*		20,000		148,600
Gentex Corp.		25,500		772,905
Gentherm, Inc.*		4,500		188,775
Goodyear Tire & Rubber Co. (The)*		140,000		1,121,400
Modine Manufacturing Co.*		27,500		3,238,675
Strattec Security Corp.*		44,500		1,670,975

				8,023,380

Automobiles (0.1%)
Winnebago Industries, Inc.		3,000		168,120

Diversified Consumer Services (0.4%)
Graham Holdings Co., Class B		800		674,640

Hotels, Restaurants & Leisure (3.4%)
Bally’s Corp.*		20,000		349,000
Caesars Entertainment, Inc.*		45,500		1,822,275
Churchill Downs, Inc.		4,000		560,400
Golden Entertainment, Inc.		22,500		660,937
Krispy Kreme, Inc.		12,000		136,440
Nathan’s Famous, Inc.		19,500		1,642,485
Ollamani SAB*		130,000		220,895
Wynn Resorts Ltd.		800		76,816

				5,469,248

Household Durables (1.1%)
Bassett Furniture Industries, Inc.		24,000		345,360
Lennar Corp., Class B		8,700		1,394,784

				1,740,144

Leisure Products (1.6%)
Brunswick Corp.		14,000		1,116,360
Johnson Outdoors, Inc., Class A		36,000		1,138,320
Mattel, Inc.*		12,900		262,902

				2,517,582

Specialty Retail (3.0%)
Advance Auto Parts, Inc. (x)		50,000		1,784,500
AutoNation, Inc.*		6,500		1,010,555
Lands’ End, Inc.*		10,000		157,400
Monro, Inc.		50,000		1,370,500
Valvoline, Inc.*		10,000		402,800

				4,725,755

Total Consumer Discretionary				23,318,869

Consumer Staples (7.9%)
Beverages (1.3%)
Boston Beer Co., Inc. (The), Class A*		2,200		640,354
National Beverage Corp.		20,000		903,800
Remy Cointreau SA		9,400		589,800

				2,133,954

Consumer Staples Distribution & Retail (0.2%)
Ingles Markets, Inc., Class A		2,000		127,720
Village Super Market, Inc., Class A		8,600		245,444

				373,164

Food Products (2.6%)
Bunge Global SA		3,500		294,070
Calavo Growers, Inc.		34,500		917,010
Farmer Bros Co.*		96,000		177,600
Hain Celestial Group, Inc. (The)*		38,000		331,740
J M Smucker Co. (The)		12,500		1,418,875
Maple Leaf Foods, Inc.		47,000		710,899
McCormick & Co., Inc. (Non-Voting)		2,900		227,650

				4,077,844

See Notes to Financial Statements.

1290 FUNDS

1290 GAMCO SMALL/MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2024



	Number of Shares		Value (Note 1)
Household Products (3.2%)
Energizer Holdings, Inc.		73,000	$	2,341,110
Spectrum Brands Holdings, Inc.		30,500		2,733,410

				5,074,520

Personal Care Products (0.6%)
Edgewell Personal Care Co.		27,300		954,135

Total Consumer Staples				12,613,617

Energy (0.9%)
Energy Equipment & Services (0.9%)
Innovex International, Inc.*		60,000		851,400
RPC, Inc. (x)		104,000		590,720

Total Energy				1,442,120

Financials (2.5%)
Banks (2.0%)
Cadence Bank		9,000		300,870
Flushing Financial Corp.		27,000		423,225
SouthState Corp.		6,000		585,180
Synovus Financial Corp.		37,000		1,845,190

				3,154,465

Capital Markets (0.4%)
Affiliated Managers Group, Inc.		1,200		232,680
Janus Henderson Group plc		10,000		413,100

				645,780

Financial Services (0.1%)
NCR Atleos Corp.*		9,000		235,620

Total Financials				4,035,865

Health Care (2.6%)
Health Care Equipment & Supplies (0.3%)
Cutera, Inc.*		2,000		1,158
QuidelOrtho Corp.*		12,500		475,625

				476,783

Health Care Providers & Services (0.7%)
Henry Schein, Inc.*		3,500		245,805
Option Care Health, Inc.*		17,500		403,200
Patterson Cos., Inc.		18,000		378,180

				1,027,185

Health Care Technology (0.4%)
Evolent Health, Inc., Class A*		30,000		700,500

Life Sciences Tools & Services (0.1%)
Bio-Rad Laboratories, Inc., Class A*		300		107,457

Pharmaceuticals (1.1%)
Perrigo Co. plc		38,000		973,940
Teva Pharmaceutical Industries Ltd. (ADR)*		42,500		783,700

				1,757,640

Total Health Care				4,069,565

Industrials (34.7%)
Aerospace & Defense (5.7%)
AAR Corp.*		18,100		1,062,470
Ducommun, Inc.*		4,000		235,160
Embraer SA (ADR)*		2,000		67,040
Hexcel Corp.		8,000		469,520
Moog, Inc., Class A		9,500		1,791,700
Moog, Inc., Class B		12,900		2,432,940
National Presto Industries, Inc.		2,000		143,860
Park Aerospace Corp.		3,000		40,590
Spirit AeroSystems Holdings, Inc., Class A*		12,000		388,440
Textron, Inc.		28,000		2,251,760
Triumph Group, Inc.*		14,500		200,680

				9,084,160

Building Products (1.8%)
AZZ, Inc.		29,000		2,209,220
Griffon Corp.		11,500		723,120

				2,932,340

Commercial Services & Supplies (0.9%)
Matthews International Corp., Class A		47,000		1,094,630
OPENLANE, Inc.*		20,000		316,000

				1,410,630

Construction & Engineering (1.4%)
Arcosa, Inc.		11,000		1,030,040
MDU Resources Group, Inc.		2,400		69,240
Valmont Industries, Inc.		3,600		1,122,048

				2,221,328

Machinery (21.2%)
Astec Industries, Inc.		66,500		2,113,370
CNH Industrial NV		31,300		351,499
Commercial Vehicle Group, Inc.*		88,000		256,080
Crane Co.		18,500		2,909,680
Donaldson Co., Inc.		800		58,528
Eastern Co. (The)		27,000		840,780
Enerpac Tool Group Corp., Class A		22,000		970,640
Enpro, Inc.		11,500		1,674,515
Flowserve Corp.		42,000		2,210,880
Gorman-Rupp Co. (The)		11,000		406,450
Graco, Inc.		2,500		203,625
Hyster-Yale, Inc.		35,600		2,259,532
Ingersoll Rand, Inc.		15,200		1,459,200
ITT, Inc.		12,000		1,681,440
Iveco Group NV		65,000		677,509
Kennametal, Inc.		19,000		481,080
L B Foster Co., Class A*		42,000		791,700
Manitowoc Co., Inc. (The)*		24,000		224,160
Mueller Industries, Inc.		53,500		4,385,395
Mueller Water Products, Inc., Class A		13,700		295,783
Park-Ohio Holdings Corp.		72,000		2,049,840
Shyft Group, Inc. (The)		1,500		19,380
Snap-on, Inc.		2,800		924,364
Tennant Co.		9,300		814,308
Terex Corp.		11,500		594,665
Timken Co. (The)		1,000		83,000
Toro Co. (The)		5,300		426,544
Trinity Industries, Inc.		69,000		2,365,320
Twin Disc, Inc.		112,000		1,300,320
Watts Water Technologies, Inc., Class A		4,500		857,655

				33,687,242

See Notes to Financial Statements.

1290 FUNDS

1290 GAMCO SMALL/MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2024



	Number of Shares		Value (Note 1)
Trading Companies & Distributors (3.7%)
Ashtead Group plc		2,300	$	173,199
GATX Corp.		12,900		1,777,104
Herc Holdings, Inc.		18,500		3,869,090
MSC Industrial Direct Co., Inc., Class A		1,000		79,070

				5,898,463

Total Industrials				55,234,163

Information Technology (1.9%)
Communications Equipment (0.1%)
Viasat, Inc.*		18,200		174,720

Electronic Equipment, Instruments & Components (0.6%)
Crane NXT Co.		1,500		81,405
Landis+Gyr Group AG		9,500		763,412
Mirion Technologies, Inc., Class A*		5,000		74,000

				918,817

IT Services (0.9%)
Kyndryl Holdings, Inc.*		65,000		1,487,850

Software (0.3%)
A10 Networks, Inc.		12,000		175,800
NCR Voyix Corp.*		20,200		258,762

				434,562

Total Information Technology				3,015,949

Materials (7.5%)
Chemicals (5.1%)
Axalta Coating Systems Ltd.*		22,500		853,200
Core Molding Technologies, Inc.*		66,000		993,300
Element Solutions, Inc.		65,900		1,785,890
HB Fuller Co.		9,000		658,620
Huntsman Corp.		10,000		220,000
Scotts Miracle-Gro Co. (The)		41,700		3,627,066

				8,138,076

Construction Materials (0.0%)†
Knife River Corp.*		600		58,392

Containers & Packaging (1.3%)
Ardagh Metal Packaging SA		60,000		220,800
Greif, Inc., Class A		19,000		1,186,360
Myers Industries, Inc.		53,000		624,340

				2,031,500

Metals & Mining (1.1%)
Ampco-Pittsburgh Corp.*		90,000		157,500
Freeport-McMoRan, Inc.		18,500		832,870
Tredegar Corp.*		100,000		775,000

				1,765,370

Total Materials				11,993,338

Real Estate (0.6%)
Hotel & Resort REITs (0.2%)
Ryman Hospitality Properties, Inc. (REIT)		2,500		267,625

Real Estate Management & Development (0.4%)
Seritage Growth Properties, Class A*		16,000		67,040
St Joe Co. (The)		11,000		568,700

				635,740

Total Real Estate				903,365

Utilities (4.5%)
Electric Utilities (0.4%)
ALLETE, Inc.		9,500		607,145

Gas Utilities (2.5%)
National Fuel Gas Co.		37,000		2,239,610
Southwest Gas Holdings, Inc.		24,000		1,758,000

				3,997,610

Independent Power and Renewable Electricity Producers (0.8%)
AES Corp. (The)		54,000		890,460
NextEra Energy Partners LP		20,000		387,000

				1,277,460

Multi-Utilities (0.8%)
Algonquin Power & Utilities Corp.		250,000		1,210,000

Total Utilities				7,092,215

Total Common Stocks (95.5%) (Cost $119,983,034)				152,034,508


	Number of Rights		Value (Note 1)
RIGHTS:
Industrials (0.0%)†
Electrical Equipment (0.0%)†
Pineapple Energy, Inc., CVR (r)* (Cost $—)		6,250		4,945


	Number of Warrants		Value (Note 1)
WARRANTS:
Health Care (0.0%)†
Health Care Providers & Services (0.0%)†
Option Care Health, Inc., expiring 6/30/25*		22		8

Total Health Care				8

Materials (0.0%)†
Metals & Mining (0.0%)†
Ampco-Pittsburgh Corp., expiring 8/1/25*		30,000		2,310

Total Materials				2,310

Total Warrants (0.0%)† (Cost $—)				2,318


	Number of Shares		Value (Note 1)
SHORT-TERM INVESTMENTS:
Investment Companies (5.2%)
BlackRock Liquidity FedFund, Institutional Shares 4.76% (7 day yield) (xx)		400,000		400,000
Dreyfus Treasury Obligations Cash Management Fund, Institutional Shares 4.72% (7 day yield) (xx)		400,000		400,000

See Notes to Financial Statements.

1290 FUNDS

1290 GAMCO SMALL/MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2024



	Number of Shares		Value (Note 1)
Invesco Government & Agency Portfolio, Institutional Shares 4.78% (7 day yield) (xx)		602,668	$	602,668
JPMorgan Prime Money Market Fund, IM Shares 5.02% (7 day yield)		6,929,656		6,932,427

Total Investment Companies				8,335,095

Total Short-Term Investments (5.2%) (Cost $8,335,650)				8,335,095

Total Investments in Securities (100.7%) (Cost $128,318,684)				160,376,866
Other Assets Less Liabilities (-0.7%)				(1,164,725	)

Net Assets (100%)			$	159,212,141

*	Non-income producing.

†	Percent shown is less than 0.05%.

(r)	Fair value determined using significant unobservable inputs.

(x)	All or a portion of security is on loan at October 31, 2024.

(xx)

At October 31, 2024, the Fund had loaned securities with a total value of $5,935,045. This was collateralized by $4,815,543 of various U.S. Government Treasury Securities, ranging from 0.125% – 6.250%, maturing 1/15/25 – 8/15/49 and by cash of $1,402,668 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.

Glossary:

ADR

— American Depositary Receipt

CVR

— Contingent Value Right

REIT

— Real Estate Investment Trust

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of October 31, 2024:

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



Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for 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)		Total
Assets:
Common Stocks
Communication Services	$	27,730,644	$	584,798	$	—	$	28,315,442
Consumer Discretionary		23,318,869		—		—		23,318,869
Consumer Staples		11,796,167		817,450		—		12,613,617
Energy		1,442,120		—		—		1,442,120
Financials		4,035,865		—		—		4,035,865
Health Care		4,069,565		—		—		4,069,565
Industrials		51,950,515		3,283,648		—		55,234,163
Information Technology		2,252,537		763,412		—		3,015,949
Materials		11,993,338		—		—		11,993,338
Real Estate		903,365		—		—		903,365
Utilities		7,092,215		—		—		7,092,215
Rights
Industrials		—		—		4,945		4,945
Short-Term Investments
Investment Companies		8,335,095		—		—		8,335,095
Warrants
Health Care		—		8		—		8
Materials		2,310		–		—		2,310

Total Assets	$	154,922,605	$	5,449,316	$	4,945	$	160,376,866

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	154,922,605	$	5,449,316	$	4,945	$	160,376,866

The Fund held no derivatives contracts during the year ended October 31, 2024.

See Notes to Financial Statements.

1290 FUNDS

1290 GAMCO SMALL/MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2024

Investment security transactions for the year ended October 31, 2024 were as follows:


Cost of Purchases:
Long-term investments other than U.S. government debt securities	$	20,140,756
Net Proceeds of Sales and Redemptions:
Long-term investments other than U.S. government debt securities	$	15,614,344


Aggregate gross unrealized appreciation	$	42,091,422
Aggregate gross unrealized depreciation		(13,550,768	)

Net unrealized appreciation	$	28,540,654

Federal income tax cost of investments in securities and derivative instruments, if applicable	$	131,836,212

See Notes to Financial Statements.

1290 FUNDS

1290 GAMCO SMALL/MID CAP VALUE FUND

STATEMENT OF ASSETS AND LIABILITIES

October 31, 2024


ASSETS
Investments in Securities, at value (x) (Cost $128,318,684)	$	160,376,866
Cash		331,000
Foreign cash (Cost $6,933)		6,838
Receivable for Fund shares sold		267,376
Dividends, interest and other receivables		44,507
Prepaid registration and filing fees		35,303
Securities lending income receivable		8,526
Other assets		1,300

Total assets		161,071,716

LIABILITIES
Payable for return of collateral on securities loaned		1,402,668
Payable for securities purchased		145,089
Payable for Fund shares repurchased		110,190
Investment advisory fees payable		61,944
Transfer agent fees payable		31,879
Administrative fees payable		20,526
Distribution fees payable – Class A		1,447
Distribution fees payable – Class R		626
Trustees’ fees payable		17
Accrued expenses		85,189

Total liabilities		1,859,575

Commitments and contingent liabilities^

NET ASSETS	$	159,212,141

Net assets were comprised of:
Paid in capital	$	123,491,940
Total distributable earnings (loss)		35,720,201

Net assets	$	159,212,141

Class A
Net asset value and redemption price per share, $6,776,944 / 380,519 shares outstanding (unlimited amount authorized: $0.001 par value)	$	17.81
Maximum sales charge (5.50% of offering price)		1.04

Maximum offering price per share	$	18.85

Class I
Net asset value, offering and redemption price per share, $151,007,735 / 8,450,391 shares outstanding (unlimited amount authorized: $0.001 par value)	$	17.87

Class R
Net asset value, offering and redemption price per share, $1,427,462 / 81,019 shares outstanding (unlimited amount authorized: $0.001 par value)	$	17.62

(x)	Includes value of securities on loan of $5,935,045.

^	See Note 2 in Notes to the Financial Statements.

STATEMENT OF OPERATIONS

For the Year Ended October 31, 2024


INVESTMENT INCOME
Dividends (net of $14,433 foreign withholding tax)	$	2,657,026
Interest		18,861
Securities lending (net)		228,303

Total income		2,904,190

EXPENSES
Investment advisory fees		1,109,844
Transfer agent fees		232,499
Administrative fees		221,991
Professional fees		99,894
Printing and mailing expenses		64,410
Registration and filing fees		29,476
Distribution fees – Class A		15,932
Custodian fees		14,599
Distribution fees – Class R		6,716
Trustees’ fees		4,803
Distribution fees – Class T**		412
Miscellaneous		24,977

Gross expenses		1,825,553
Less: Waiver from investment adviser		(402,629	)
Waiverfrom distributor		(412	)

Net expenses		1,422,512

NET INVESTMENT INCOME (LOSS)		1,481,678

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Investments in securities		5,679,353
Foreign currency transactions		217

Net realized gain (loss)		5,679,570

Change in unrealized appreciation (depreciation) on:
Investments in securities		26,242,178
Foreign currency translations		6

Net change in unrealized appreciation (depreciation)		26,242,184

NET REALIZED AND UNREALIZED GAIN (LOSS)		31,921,754

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	33,403,432

**	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

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended October 31,
	2024			2023
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	1,481,678		$	1,099,704
Net realized gain (loss)		5,679,570			4,138,454
Net change in unrealized appreciation (depreciation)		26,242,184			(972,384	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		33,403,432			4,265,774

Distributions to shareholders:
Class A		(225,687	)		(115,589	)
Class I		(5,035,690	)		(2,655,839	)
Class R		(43,306	)		(23,110	)
Class T**		(6,446	)		(3,637	)

Total distributions to shareholders		(5,311,129	)		(2,798,175	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 66,242 and 61,592 shares, respectively ]		1,120,536			961,657
Capital shares issued in reinvestment of dividends [ 13,423 and 7,696 shares, respectively ]		218,654			111,872
Capital shares repurchased [ (75,938) and (51,328) shares, respectively ]		(1,280,318	)		(784,540	)

Total Class A transactions		58,872			288,989

Class I
Capital shares sold [ 2,251,846 and 2,069,994 shares, respectively ]		38,258,795			31,772,142
Capital shares issued in reinvestment of dividends [ 251,579 and 146,693 shares, respectively ]		4,103,247			2,135,267
Capital shares repurchased [ (1,975,616) and (1,930,280) shares, respectively ]		(33,450,465	)		(29,340,104	)

Total Class I transactions		8,911,577			4,567,305

Class R
Capital shares sold [ 20,790 and 20,991 shares, respectively ]		349,101			313,247
Capital shares issued in reinvestment of dividends [ 2,320 and 1,367 shares, respectively ]		37,475			19,714
Capital shares repurchased [ (18,820) and (17,616) shares, respectively ]		(320,110	)		(264,051	)

Total Class R transactions		66,466			68,910

Class T **
Capital shares repurchased [ (10,179) and 0 shares ]		(184,904	)		—

Total Class T transactions		(184,904	)		—

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		8,852,011			4,925,204

TOTAL INCREASE (DECREASE) IN NET ASSETS		36,944,314			6,392,803
NET ASSETS:
Beginning of year		122,267,827			115,875,024

End of year	$	159,212,141		$	122,267,827

** 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


	Year Ended October 31,
Class A	2024			2023			2022			2021			2020
Net asset value, beginning of year	$	14.54		$	14.31		$	17.19		$	11.41		$	12.46

Income (loss) from investment operations:
Net investment income (loss) (e)		0.13			0.10			0.06			0.09	(2)		0.04	(1)
Net realized and unrealized gain (loss)		3.74			0.45			(1.82	)		5.73			(0.90	)

Total from investment operations		3.87			0.55			(1.76	)		5.82			(0.86	)

Less distributions:
Dividends from net investment income		(0.11	)		—			(0.26	)		(0.04	)		(0.04	)
Distributions from net realized gains		(0.49	)		(0.32	)		(0.86	)		—			(0.15	)

Total dividends and distributions		(0.60	)		(0.32	)		(1.12	)		(0.04	)		(0.19	)

Net asset value, end of year	$	17.81		$	14.54		$	14.31		$	17.19		$	11.41

Total return		26.96	%		3.88	%		(10.93	)%		51.10	%		(7.04	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	6,777		$	5,478		$	5,134		$	5,904		$	3,400
Ratio of expenses to average net assets:
After waivers (f)		1.20	%(j)		1.20	%(j)		1.21	%(k)		1.24	%(o)		1.25	%(o)
Before waivers (f)		1.47	%		1.53	%		1.51	%		1.42	%		1.58	%
Ratio of net investment income (loss) to average net assets:
After waivers (f)		0.76	%		0.66	%		0.42	%		0.55	%(bb)		0.40	%(aa)
Before waivers (f)		0.49	%		0.33	%		0.13	%		0.37	%(bb)		0.07	%(aa)
Portfolio turnover rate^		11	%		14	%		27	%		35	%		19	%

	Year Ended October 31,
Class I	2024			2023			2022			2021			2020
Net asset value, beginning of year	$	14.58		$	14.35		$	17.24		$	11.43		$	12.49

Income (loss) from investment operations:
Net investment income (loss) (e)		0.17			0.14			0.10			0.13	(2)		0.07	(1)
Net realized and unrealized gain (loss)		3.76			0.44			(1.84	)		5.75			(0.91	)

Total from investment operations		3.93			0.58			(1.74	)		5.88			(0.84	)

Less distributions:
Dividends from net investment income		(0.15	)		(0.03	)		(0.29	)		(0.07	)		(0.07	)
Distributions from net realized gains		(0.49	)		(0.32	)		(0.86	)		—			(0.15	)

Total dividends and distributions		(0.64	)		(0.35	)		(1.15	)		(0.07	)		(0.22	)

Net asset value, end of year	$	17.87		$	14.58		$	14.35		$	17.24		$	11.43

Total return		27.32	%		4.11	%		(10.74	)%		51.57	%		(6.88	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	151,008		$	115,537		$	109,572		$	145,394		$	84,537
Ratio of expenses to average net assets:
After waivers (f)		0.95	%(j)		0.95	%(j)		0.96	%(k)		0.99	%(o)		1.00	%(o)
Before waivers (f)		1.22	%		1.28	%		1.25	%		1.17	%		1.33	%
Ratio of net investment income (loss) to average net assets:
After waivers (f)		1.02	%		0.91	%		0.68	%		0.76	%(bb)		0.64	%(aa)
Before waivers (f)		0.74	%		0.57	%		0.40	%		0.59	%(bb)		0.31	%(aa)
Portfolio turnover rate^		11	%		14	%		27	%		35	%		19	%

See Notes to Financial Statements.

1290 FUNDS

1290 GAMCO SMALL/MID CAP VALUE FUND

FINANCIAL HIGHLIGHTS (Continued)


	Year Ended October 31,
Class R	2024			2023			2022			2021			2020
Net asset value, beginning of year	$	14.39		$	14.20		$	17.07		$	11.33		$	12.38

Income (loss) from investment operations:
Net investment income (loss) (e)		0.09			0.06			0.03			0.05	(2)		0.02	(1)
Net realized and unrealized gain (loss)		3.70			0.45			(1.82	)		5.70			(0.91	)

Total from investment operations		3.79			0.51			(1.79	)		5.75			(0.89	)

Less distributions:
Dividends from net investment income		(0.07	)		—			(0.22	)		(0.01	)		(0.01	)
Distributions from net realized gains		(0.49	)		(0.32	)		(0.86	)		—			(0.15	)

Total dividends and distributions		(0.56	)		(0.32	)		(1.08	)		(0.01	)		(0.16	)

Net asset value, end of year	$	17.62		$	14.39		$	14.20		$	17.07		$	11.33

Total return		26.66	%		3.62	%		(11.17	)%		50.80	%		(7.31	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	1,427		$	1,104		$	1,022		$	1,096		$	685
Ratio of expenses to average net assets:
After waivers (f)		1.45	%(j)		1.45	%(j)		1.46	%(k)		1.49	%(o)		1.50	%(o)
Before waivers (f)		1.72	%		1.78	%		1.76	%		1.67	%		1.83	%
Ratio of net investment income (loss) to average net assets:
After waivers (f)		0.51	%		0.41	%		0.17	%		0.28	%(bb)		0.15	%(aa)
Before waivers (f)		0.24	%		0.08	%		(0.12	)%		0.11	%(bb)		(0.19	)%(aa)
Portfolio turnover rate^		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.

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

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

(j)	Including direct and indirect expenses, the net expense ratio after waivers would be 1.20% for Class A, 0.95% for Class I and 1.45% for Class R.

(k)	Including direct and indirect expenses, the net expense ratio after waivers would be 1.21% for Class A, 0.96% for Class I and 1.46% for Class R.

(o)	Including direct and indirect expenses, the net expense ratio after waivers would be 1.25% for Class A, 1.00% for Class I and 1.50% for Class R.

(aa)	Includes income resulting from a special dividend. Without this dividend, the ratios for each class would have been 0.09% 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 FUNDS

1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS

October 31, 2024



	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Corporate Bonds (96.9%)
Communication Services (10.8%)
Diversified Telecommunication Services (4.0%)
Altice France SA 8.125%, 2/1/27§	$	200,000	$	164,680
CCO Holdings LLC 5.500%, 5/1/26§		187,000		186,533
6.375%, 9/1/29 (x)§		290,000		287,100
4.750%, 3/1/30§		175,000		159,198
4.750%, 2/1/32§		386,000		335,337
4.500%, 5/1/32		426,000		361,035
4.500%, 6/1/33§		468,000		387,270
Level 3 Financing, Inc. 4.500%, 4/1/30§		372,000		296,614
Windstream Escrow LLC 7.750%, 8/15/28		250		3
Windstream Services LLC 7.750%, 8/15/28§		224,000		224,560
Zayo Group Holdings, Inc. 4.000%, 3/1/27§		436,000		386,732
6.125%, 3/1/28§		212,000		181,436

				2,970,498

Entertainment (0.3%)
Live Nation Entertainment, Inc. 6.500%, 5/15/27§		186,000		188,093

Media (6.5%)
CSC Holdings LLC 11.750%, 1/31/29§		400,000		388,804
Gray Television, Inc. 10.500%, 7/15/29 (x)§		93,000		96,255
4.750%, 10/15/30 (x)§		414,000		260,530
5.375%, 11/15/31§		50,000		30,919
McGraw-Hill Education, Inc. 8.000%, 8/1/29§		427,000		428,601
Neptune Bidco US, Inc. 9.290%, 4/15/29§		398,000		369,145
Nexstar Media, Inc. 5.625%, 7/15/27§		351,000		343,870
Outfront Media Capital LLC 5.000%, 8/15/27§		362,000		355,618
Sinclair Television Group, Inc. 5.500%, 3/1/30§		161,000		110,378
Sirius XM Radio, Inc. 3.125%, 9/1/26 (x)§		304,000		290,795
3.875%, 9/1/31§		423,000		362,080
Stagwell Global LLC 5.625%, 8/15/29§		355,000		336,806
TEGNA, Inc. 4.750%, 3/15/26§		253,000		250,078
5.000%, 9/15/29		232,000		216,574
Univision Communications, Inc. 8.500%, 7/31/31§		444,000		436,896
VZ Secured Financing BV 5.000%, 1/15/32§		270,000		242,228
Ziggo Bond Co. BV 6.000%, 1/15/27§		350,000		348,204

				4,867,781

Total Communication Services				8,026,372

Consumer Discretionary (17.5%)
Automobile Components (0.7%)
Clarios Global LP 8.500%, 5/15/27§		86,000		86,323
6.750%, 5/15/28 (x)§		467,000		477,951

				564,274

Broadline Retail (0.9%)
Getty Images, Inc. 9.750%, 3/1/27§		668,000		664,660

Distributors (2.2%)
Resideo Funding, Inc. 6.500%, 7/15/32 (x)§		170,000		170,573
Ritchie Bros Holdings, Inc. 6.750%, 3/15/28§		331,000		340,516
7.750%, 3/15/31§		261,000		275,355
Velocity Vehicle Group LLC 8.000%, 6/1/29§		135,000		138,316
Verde Purchaser LLC 10.500%, 11/30/30 (x)§		321,000		341,865
Windsor Holdings III LLC 8.500%, 6/15/30§		360,000		377,640

				1,644,265

Diversified Consumer Services (0.8%)
Belron UK Finance plc 5.750%, 10/15/29§		200,000		200,438
Service Corp. International 5.750%, 10/15/32		182,000		178,587
Wand NewCo 3, Inc. 7.625%, 1/30/32§		181,000		186,535

				565,560

Hotels, Restaurants & Leisure (9.4%)
1011778 BC ULC 3.875%, 1/15/28§		261,000		247,780
5.625%, 9/15/29§		276,000		275,310
Caesars Entertainment, Inc. 7.000%, 2/15/30§		708,000		726,585
Carnival Corp. 6.000%, 5/1/29§		372,000		371,025
7.000%, 8/15/29§		211,000		221,023
Carnival Holdings Bermuda Ltd. 10.375%, 5/1/28§		150,000		160,422
CEC Entertainment LLC 6.750%, 5/1/26§		166,000		164,962
Churchill Downs, Inc. 5.500%, 4/1/27§		175,000		173,934
5.750%, 4/1/30 (x)§		347,000		341,434
Dave & Buster’s, Inc. 7.625%, 11/1/25§		319,000		318,968
Flutter Treasury DAC 6.375%, 4/29/29§		200,000		204,532
Great Canadian Gaming Corp. 8.750%, 11/15/29§		196,000		196,000
Hilton Domestic Operating Co., Inc. 5.750%, 5/1/28§		112,000		111,860
3.625%, 2/15/32§		282,000		246,722
5.875%, 3/15/33§		167,000		166,350
Life Time, Inc. 5.750%, 1/15/26§		370,000		368,224

See Notes to Financial Statements.

1290 FUNDS

1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2024



	Principal Amount		Value (Note 1)
MajorDrive Holdings IV LLC 6.375%, 6/1/29 (x)§	$	224,000	$	214,130
NCL Corp. Ltd. 8.375%, 2/1/28§		218,000		228,627
Ontario Gaming GTA LP 8.000%, 8/1/30 (x)§		321,000		329,134
Royal Caribbean Cruises Ltd. 5.375%, 7/15/27 (x)§		286,000		284,659
6.000%, 2/1/33§		212,000		212,642
Scientific Games Holdings LP 6.625%, 3/1/30§		219,000		212,704
Six Flags Entertainment Corp. 6.625%, 5/1/32§		314,000		319,888
Station Casinos LLC 4.500%, 2/15/28§		188,000		179,395
4.625%, 12/1/31§		150,000		136,313
Vail Resorts, Inc. 6.500%, 5/15/32 (x)§		154,000		157,321
Wyndham Hotels & Resorts, Inc. 4.375%, 8/15/28§		203,000		192,479
Yum! Brands, Inc. 5.375%, 4/1/32 (x)		226,000		220,350

				6,982,773

Household Durables (0.5%)
CD&R Smokey Buyer, Inc. 9.500%, 10/15/29§		149,000		150,490
Newell Brands, Inc. 6.625%, 5/15/32		209,000		209,000

				359,490

Specialty Retail (1.9%)
Cougar JV Subsidiary LLC 8.000%, 5/15/32 (x)§		105,000		109,412
eG Global Finance plc 12.000%, 11/30/28 (x)§		400,000		443,500
LBM Acquisition LLC 6.250%, 1/15/29 (x)§		256,000		236,160
LCM Investments Holdings II LLC 4.875%, 5/1/29§		218,000		204,783
Specialty Building Products Holdings LLC 7.750%, 10/15/29§		136,000		138,720
White Cap Buyer LLC 6.875%, 10/15/28§		271,000		270,959

				1,403,534

Textiles, Apparel & Luxury Goods (1.1%)
Crocs, Inc. 4.125%, 8/15/31§		228,000		199,090
Hanesbrands, Inc. 9.000%, 2/15/31§		314,000		335,289
S&S Holdings LLC 8.375%, 10/1/31§		257,000		256,746

				791,125

Total Consumer Discretionary				12,975,681

Consumer Staples (5.2%)
Beverages (0.3%)
Primo Water Holdings, Inc. 4.375%, 4/30/29§		222,000		208,403

Consumer Staples Distribution & Retail (1.2%)
Performance Food Group, Inc. 6.125%, 9/15/32§		143,000		143,179
United Natural Foods, Inc. 6.750%, 10/15/28§		306,000		295,247
US Foods, Inc. 4.625%, 6/1/30§		318,000		301,696
7.250%, 1/15/32§		145,000		150,198

				890,320

Food Products (2.7%)
Darling Ingredients, Inc. 6.000%, 6/15/30§		366,000		363,255
Fiesta Purchaser, Inc. 7.875%, 3/1/31 (x)§		153,000		160,267
9.625%, 9/15/32§		129,000		134,805
Post Holdings, Inc. 5.500%, 12/15/29§		74,000		72,213
4.500%, 9/15/31§		289,000		262,140
6.375%, 3/1/33§		142,000		139,823
6.250%, 10/15/34§		207,000		204,212
Sigma Holdco BV 7.875%, 5/15/26§		200,000		197,500
Simmons Foods, Inc. 4.625%, 3/1/29 (x)§		158,000		146,101
Viking Baked Goods Acquisition Corp. 8.625%, 11/1/31§		371,000		368,403

				2,048,719

Household Products (0.5%)
Energizer Holdings, Inc. 4.750%, 6/15/28 (x)§		272,000		260,440
Kronos Acquisition Holdings, Inc. 10.750%, 6/30/32§		97,000		90,219

				350,659

Personal Care Products (0.5%)
Herbalife Nutrition Ltd. 7.875%, 9/1/25§		100,000		99,500
Prestige Brands, Inc. 3.750%, 4/1/31§		308,000		274,200

				373,700

Total Consumer Staples				3,871,801

Energy (6.5%)
Energy Equipment & Services (0.3%)
Transocean, Inc. 8.750%, 2/15/30§		197,200		203,538

Oil, Gas & Consumable Fuels (6.2%)
Antero Resources Corp. 7.625%, 2/1/29§		120,000		123,000
Ascent Resources Utica Holdings LLC 6.625%, 10/15/32§		224,000		221,995
Blue Racer Midstream LLC 6.625%, 7/15/26§		230,000		229,816
7.250%, 7/15/32§		113,000		116,719
Crescent Energy Finance LLC 7.625%, 4/1/32§		332,000		327,850
Delek Logistics Partners LP 8.625%, 3/15/29§		404,000		412,339

See Notes to Financial Statements.

1290 FUNDS

1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2024



	Principal Amount		Value (Note 1)
Encino Acquisition Partners Holdings LLC 8.500%, 5/1/28§	$	205,000	$	206,127
Genesis Energy LP 7.750%, 2/1/28		382,000		385,820
7.875%, 5/15/32		236,000		234,808
Kinetik Holdings LP 5.875%, 6/15/30 (x)§		479,000		474,210
NGL Energy Operating LLC 8.375%, 2/15/32§		345,000		347,156
NuStar Logistics LP 5.750%, 10/1/25		186,000		185,784
6.000%, 6/1/26		175,000		174,591
Permian Resources Operating LLC 5.875%, 7/1/29 (x)§		151,000		148,798
6.250%, 2/1/33§		147,000		145,479
Summit Midstream Holdings LLC 8.625%, 10/31/29§		475,000		489,250
Sunoco LP 4.500%, 4/30/30		192,000		180,252
7.250%, 5/1/32§		204,000		211,866

				4,615,860

Total Energy				4,819,398

Financials (6.3%)
Capital Markets (0.3%)
Aretec Group, Inc. 7.500%, 4/1/29§		111,000		106,560
10.000%, 8/15/30 (x)§		150,000		162,750

				269,310

Consumer Finance (1.3%)
Bread Financial Holdings, Inc. 9.750%, 3/15/29§		198,000		208,395
Enova International, Inc. 9.125%, 8/1/29§		255,000		260,738
GGAM Finance Ltd. 8.000%, 2/15/27§		199,000		204,868
8.000%, 6/15/28§		260,000		273,894

				947,895

Financial Services (2.9%)
Armor Holdco, Inc. 8.500%, 11/15/29§		361,000		351,072
Freedom Mortgage Corp. 12.000%, 10/1/28§		186,000		200,415
Freedom Mortgage Holdings LLC 9.250%, 2/1/29§		232,000		236,060
NCR Atleos Corp. 9.500%, 4/1/29§		257,000		282,757
PHH Mortgage Corp. 7.875%, 3/15/26§		156,000		158,964
Rocket Mortgage LLC 2.875%, 10/15/26§		129,000		122,872
Shift4 Payments LLC 4.625%, 11/1/26§		335,000		329,138
6.750%, 8/15/32§		463,000		473,445

				2,154,723

Insurance (1.8%)
Acrisure LLC 8.250%, 2/1/29§		341,000		346,541
Alliant Holdings Intermediate LLC 6.750%, 10/15/27 (x)§		196,000		195,265
Baldwin Insurance Group Holdings LLC 7.125%, 5/15/31§		153,000		156,443
BroadStreet Partners, Inc. 5.875%, 4/15/29§		222,000		211,177
HUB International Ltd. 7.250%, 6/15/30§		258,000		267,048
Panther Escrow Issuer LLC 7.125%, 6/1/31§		139,000		141,433

				1,317,907

Total Financials				4,689,835

Health Care (7.3%)
Biotechnology (0.2%)
Grifols SA 4.750%, 10/15/28§		200,000		183,450

Health Care Equipment & Supplies (0.9%)
Medline Borrower LP 5.250%, 10/1/29§		182,000		175,641
Neogen Food Safety Corp. 8.625%, 7/20/30§		323,000		348,608
Varex Imaging Corp. 7.875%, 10/15/27§		152,000		153,900

				678,149

Health Care Providers & Services (3.9%)
AdaptHealth LLC 5.125%, 3/1/30§		229,000		210,027
Centene Corp. 4.625%, 12/15/29		148,000		141,066
HCA, Inc. 5.450%, 4/1/31		298,000		300,890
HealthEquity, Inc. 4.500%, 10/1/29§		448,000		424,892
Heartland Dental LLC 10.500%, 4/30/28§		423,000		449,438
Icon Investments Six DAC 6.000%, 5/8/34		400,000		410,246
Star Parent, Inc. 9.000%, 10/1/30§		203,000		210,340
Surgery Center Holdings, Inc. 7.250%, 4/15/32§		306,000		313,757
Tenet Healthcare Corp. 6.250%, 2/1/27		270,000		270,000
US Acute Care Solutions LLC 9.750%, 5/15/29§		174,000		178,075

				2,908,731

Health Care Technology (1.2%)
IQVIA, Inc. 5.000%, 10/15/26§		200,000		197,500
5.000%, 5/15/27§		260,000		255,775
5.700%, 5/15/28		200,000		203,857
6.250%, 2/1/29 (x)		219,000		227,794

				884,926

See Notes to Financial Statements.

1290 FUNDS

1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2024



	Principal Amount		Value (Note 1)
Life Sciences Tools & Services (0.2%)
Fortrea Holdings, Inc. 7.500%, 7/1/30§	$	134,000	$	131,487

Pharmaceuticals (0.9%)
Catalent Pharma Solutions, Inc. 5.000%, 7/15/27§		262,000		260,035
3.500%, 4/1/30§		210,000		202,650
Cheplapharm Arzneimittel GmbH 5.500%, 1/15/28§		200,000		192,000

				654,685

Total Health Care				5,441,428

Industrials (16.5%)
Aerospace & Defense (0.3%)
Rolls-Royce plc 5.750%, 10/15/27§		200,000		203,560

Building Products (2.3%)
Advanced Drainage Systems, Inc. 6.375%, 6/15/30§		164,000		164,764
AmeriTex HoldCo Intermediate LLC 10.250%, 10/15/28 (x)§		365,000		382,794
Camelot Return Merger Sub, Inc. 8.750%, 8/1/28§		270,000		270,675
CP Atlas Buyer, Inc. 7.000%, 12/1/28§		152,000		138,651
EMRLD Borrower LP 6.625%, 12/15/30§		363,000		368,921
New Enterprise Stone & Lime Co., Inc. 5.250%, 7/15/28§		158,000		152,470
Standard Industries, Inc. 4.375%, 7/15/30 (x)§		274,000		251,595

				1,729,870

Commercial Services & Supplies (5.3%)
ACCO Brands Corp. 4.250%, 3/15/29§		152,000		138,756
ADT Security Corp. (The) 4.875%, 7/15/32§		218,000		203,285
Allied Universal Holdco LLC 9.750%, 7/15/27§		344,000		344,430
6.000%, 6/1/29§		248,000		226,300
Aramark Services, Inc. 5.000%, 4/1/25§		259,000		258,353
Garda World Security Corp. 9.500%, 11/1/27§		566,000		566,572
6.000%, 6/1/29 (x)§		359,000		334,767
8.250%, 8/1/32§		105,000		104,475
8.375%, 11/15/32§		453,000		452,864
Madison IAQ LLC 5.875%, 6/30/29§		274,000		259,903
Matthews International Corp. 8.625%, 10/1/27§		254,000		261,193
OPENLANE, Inc. 5.125%, 6/1/25§		61,000		60,695
Raven Acquisition Holdings LLC 6.875%, 11/15/31§		344,000		342,280
Williams Scotsman, Inc. 6.125%, 6/15/25§		116,000		115,823
7.375%, 10/1/31 (x)§		267,000		275,677

				3,945,373

Construction & Engineering (1.6%)
Arcosa, Inc. 6.875%, 8/15/32§		81,000		83,079
Brand Industrial Services, Inc. 10.375%, 8/1/30§		260,000		275,202
Dycom Industries, Inc. 4.500%, 4/15/29§		218,000		205,465
Pike Corp. 5.500%, 9/1/28§		295,000		287,268
8.625%, 1/31/31 (x)§		160,000		169,600
Weekley Homes LLC 4.875%, 9/15/28 (x)§		172,000		163,835

				1,184,449

Electrical Equipment (0.2%)
EnerSys 6.625%, 1/15/32§		164,000		167,280

Ground Transportation (2.2%)
Dcli Bidco LLC 7.750%, 11/15/29§		135,000		136,350
EquipmentShare.com, Inc. 9.000%, 5/15/28 (x)§		200,000		206,500
8.625%, 5/15/32§		93,000		95,944
NESCO Holdings II, Inc. 5.500%, 4/15/29§		417,000		381,555
RXO, Inc. 7.500%, 11/15/27§		198,000		203,034
Watco Cos. LLC 7.125%, 8/1/32§		325,000		334,441
XPO, Inc. 7.125%, 6/1/31§		230,000		237,188
7.125%, 2/1/32§		63,000		65,205

				1,660,217

Machinery (2.2%)
ATS Corp. 4.125%, 12/15/28§		217,000		202,491
Calderys Financing LLC 11.250%, 6/1/28§		200,000		212,872
Chart Industries, Inc. 7.500%, 1/1/30§		575,000		595,418
Hillenbrand, Inc. 6.250%, 2/15/29		241,000		242,210
3.750%, 3/1/31		84,000		73,290
Husky Injection Molding Systems Ltd. 9.000%, 2/15/29 (x)§		214,000		219,879
Terex Corp. 6.250%, 10/15/32§		111,000		110,551

				1,656,711

Professional Services (0.8%)
Amentum Holdings, Inc. 7.250%, 8/1/32§		57,000		58,995
Dun & Bradstreet Corp. (The) 5.000%, 12/15/29 (x)§		224,000		216,720
Science Applications International Corp. 4.875%, 4/1/28§		138,000		134,205
VT Topco, Inc. 8.500%, 8/15/30§		172,000		181,030

				590,950

See Notes to Financial Statements.

1290 FUNDS

1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2024



	Principal Amount		Value (Note 1)
Trading Companies & Distributors (1.6%)
Beacon Roofing Supply, Inc. 6.500%, 8/1/30§	$	162,000	$	164,126
United Rentals North America, Inc. 6.000%, 12/15/29§		252,000		255,785
6.125%, 3/15/34§		210,000		210,611
WESCO Distribution, Inc. 7.250%, 6/15/28§		341,000		348,673
6.625%, 3/15/32§		182,000		185,782

				1,164,977

Total Industrials				12,303,387

Information Technology (12.3%)
Communications Equipment (1.3%)
CommScope LLC 6.000%, 3/1/26§		330,000		321,750
8.250%, 3/1/27§		242,000		228,100
4.750%, 9/1/29§		361,000		306,850
CommScope Technologies LLC 6.000%, 6/15/25§		150,000		146,437

				1,003,137

Electronic Equipment, Instruments & Components (0.2%)
Zebra Technologies Corp. 6.500%, 6/1/32§		162,000		165,240

IT Services (1.7%)
Ahead DB Holdings LLC 6.625%, 5/1/28 (x)§		414,000		402,106
Fortress Intermediate 3, Inc. 7.500%, 6/1/31 (x)§		133,000		137,863
ION Trading Technologies Sarl 5.750%, 5/15/28§		400,000		359,000
Unisys Corp. 6.875%, 11/1/27§		348,000		339,300

				1,238,269

Software (9.1%)
ACI Worldwide, Inc. 5.750%, 8/15/26§		437,000		433,723
Alteryx, Inc. 8.750%, 3/15/28§		252,000		257,040
AthenaHealth Group, Inc. 6.500%, 2/15/30§		432,000		407,160
Camelot Finance SA 4.500%, 11/1/26§		296,000		288,600
Capstone Borrower, Inc. 8.000%, 6/15/30§		131,000		136,895
Central Parent LLC 8.000%, 6/15/29§		143,000		145,799
Central Parent, Inc. 7.250%, 6/15/29§		164,000		164,585
Clarivate Science Holdings Corp. 4.875%, 7/1/29§		378,000		356,182
Cloud Software Group, Inc. 6.500%, 3/31/29§		163,000		159,129
9.000%, 9/30/29§		522,000		520,042
Gen Digital, Inc. 5.000%, 4/15/25§		328,000		326,360
7.125%, 9/30/30§		251,000		259,785
Helios Software Holdings, Inc. 4.625%, 5/1/28§		200,000		183,250
8.750%, 5/1/29§		200,000		202,500
McAfee Corp. 7.375%, 2/15/30§		448,000		430,214
NCR Voyix Corp. 5.000%, 10/1/28§		225,000		216,562
5.125%, 4/15/29§		101,000		96,834
Open Text Corp. 6.900%, 12/1/27§		160,000		166,400
Open Text Holdings, Inc. 4.125%, 12/1/31§		402,000		359,916
Rocket Software, Inc. 6.500%, 2/15/29§		242,000		223,850
SS&C Technologies, Inc. 5.500%, 9/30/27§		406,000		404,477
6.500%, 6/1/32§		335,000		339,878
UKG, Inc. 6.875%, 2/1/31§		104,000		106,242
ZoomInfo Technologies LLC 3.875%, 2/1/29 (x)§		638,000		581,129

				6,766,552

Total Information Technology				9,173,198

Materials (11.7%)
Chemicals (5.2%)
Avient Corp. 7.125%, 8/1/30 (x)§		248,000		254,381
6.250%, 11/1/31§		122,000		122,305
Axalta Coating Systems LLC 4.750%, 6/15/27§		178,000		173,995
HB Fuller Co. 4.250%, 10/15/28		226,000		213,287
Illuminate Buyer LLC 9.000%, 7/1/28§		632,000		640,090
INEOS Quattro Finance 2 plc 9.625%, 3/15/29§		200,000		211,750
LSF11 A5 HoldCo LLC 6.625%, 10/15/29§		230,000		234,600
Minerals Technologies, Inc. 5.000%, 7/1/28§		508,000		488,315
NOVA Chemicals Corp. 8.500%, 11/15/28§		185,000		195,637
Nufarm Australia Ltd. 5.000%, 1/27/30§		360,000		333,551
Olympus Water US Holding Corp. 6.250%, 10/1/29§		200,000		190,000
7.250%, 6/15/31§		354,000		363,208
WR Grace Holdings LLC 5.625%, 8/15/29§		470,000		432,987

				3,854,106

Containers & Packaging (5.8%)
ARD Finance SA 6.500%, 6/30/27 PIK§		600,000		130,920
Ardagh Metal Packaging Finance USA LLC 4.000%, 9/1/29§		400,000		351,164
Ardagh Packaging Finance plc 4.125%, 8/15/26§		200,000		174,000
Clydesdale Acquisition Holdings, Inc. 8.750%, 4/15/30 (x)§		579,000		587,511

See Notes to Financial Statements.

1290 FUNDS

1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2024



	Principal Amount		Value (Note 1)
Graphic Packaging International LLC 6.375%, 7/15/32 (x)§	$	100,000	$	100,625
Intelligent Packaging Ltd. Finco, Inc. 6.000%, 9/15/28§		298,000		293,157
LABL, Inc. 10.500%, 7/15/27 (x)§		438,000		433,852
5.875%, 11/1/28§		158,000		146,150
8.625%, 10/1/31§		156,000		150,057
Mauser Packaging Solutions Holding Co. 7.875%, 4/15/27§		285,000		292,781
9.250%, 4/15/27§		690,000		703,800
Owens-Brockway Glass Container, Inc. 6.625%, 5/13/27§		270,000		267,953
7.250%, 5/15/31 (x)§		206,000		202,395
Sealed Air Corp. 6.125%, 2/1/28§		103,000		103,742
Trivium Packaging Finance BV 5.500%, 8/15/26 (e)§		400,000		396,500

				4,334,607

Metals & Mining (0.2%)
Kaiser Aluminum Corp. 4.500%, 6/1/31§		212,000		188,468

Paper & Forest Products (0.5%)
Glatfelter Corp. 7.250%, 11/15/31§		344,000		340,639

Total Materials				8,717,820

Real Estate (2.3%)
Diversified REITs (0.2%)
VICI Properties LP (REIT) 4.625%, 6/15/25§		192,000		191,040

Hotel & Resort REITs (0.8%)
Park Intermediate Holdings LLC (REIT) 5.875%, 10/1/28§		204,000		202,215
Pebblebrook Hotel LP (REIT) 6.375%, 10/15/29§		148,000		147,401
XHR LP (REIT) 6.375%, 8/15/25§		214,000		214,000

				563,616

Real Estate Management & Development (0.9%)
Cushman & Wakefield US Borrower LLC 6.750%, 5/15/28§		280,000		281,400
Greystar Real Estate Partners LLC 7.750%, 9/1/30§		202,000		211,027
Howard Hughes Corp. (The) 4.375%, 2/1/31§		206,000		184,621

				677,048

Specialized REITs (0.4%)
Iron Mountain, Inc. (REIT) 5.000%, 7/15/28§		300,000		292,422

Total Real Estate				1,724,126

Utilities (0.5%)
Water Utilities (0.5%)
Solaris Midstream Holdings LLC 7.625%, 4/1/26§		384,000		385,920

Total Utilities				385,920


Total Corporate Bonds				72,128,966

Total Long-Term Debt Securities (96.9%) (Cost $72,216,318)				72,128,966


	Number of Shares		Value (Note 1)
SHORT-TERM INVESTMENTS:
Investment Companies (10.7%)
BlackRock Liquidity FedFund, Institutional Shares 4.76% (7 day yield) (xx)		900,000		900,000
Dreyfus Treasury Obligations Cash Management Fund, Institutional Shares 4.72% (7 day yield) (xx)		900,000		900,000
Invesco Government & Agency Portfolio, Institutional Shares 4.78% (7 day yield) (xx)		4,613,840		4,613,840
JPMorgan Prime Money Market Fund, IM Shares 5.02% (7 day yield)		1,532,466		1,533,080

Total Investment Companies				7,946,920

Total Short-Term Investments (10.7%) (Cost $7,946,919)				7,946,920

Total Investments in Securities (107.6%) (Cost $80,163,237)				80,075,886
Other Assets Less Liabilities (-7.6%)				(5,633,051	)

Net Assets (100%)			$	74,442,835

§	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At October 31, 2024, the market value of these securities amounted to $67,699,522 or 90.9% of net assets.

(e)	Step Bond - Coupon rate increases or decreases in increments to maturity. Rate disclosed is as of October 31, 2024. Maturity date disclosed is the ultimate maturity date.

(x)	All or a portion of security is on loan at October 31, 2024.

(xx)	At October 31, 2024, the Fund had loaned securities with a total value of $6,262,783. This was collateralized by cash of $6,413,840 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.

Glossary:

PIK

— Payment-in Kind Security

REIT

— Real Estate Investment Trust

See Notes to Financial Statements.

1290 FUNDS

1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2024

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of October 31, 2024:

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



Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for 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)		Total
Assets:
Corporate Bonds
Communication Services	$	—	$	8,026,372	$	—	$	8,026,372
Consumer Discretionary		—		12,975,681		—		12,975,681
Consumer Staples		—		3,871,801		—		3,871,801
Energy		—		4,819,398		—		4,819,398
Financials		—		4,689,835		—		4,689,835
Health Care		—		5,441,428		—		5,441,428
Industrials		—		12,303,387		—		12,303,387
Information Technology		—		9,173,198		—		9,173,198
Materials		—		8,717,820		—		8,717,820
Real Estate		—		1,724,126		—		1,724,126
Utilities		—		385,920		—		385,920
Short-Term Investments
Investment Companies		7,946,920		—		—		7,946,920

Total Assets	$	7,946,920	$	72,128,966	$	—	$	80,075,886

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	7,946,920	$	72,128,966	$	—	$	80,075,886

The Fund held no derivatives contracts during the year ended October 31, 2024.

Investment security transactions for the year ended October 31, 2024 were as follows:


Cost of Purchases:
Long-term investments other than U.S. government debt securities	$	29,906,153
Net Proceeds of Sales and Redemptions:
Long-term investments other than U.S. government debt securities	$	23,202,685


Aggregate gross unrealized appreciation	$	1,327,185
Aggregate gross unrealized depreciation		(2,019,950	)

Net unrealized depreciation	$	(692,765	)

Federal income tax cost of investments in securities and derivative instruments, if applicable	$	80,768,651

See Notes to Financial Statements.

1290 FUNDS

1290 HIGH YIELD BOND FUND

STATEMENT OF ASSETS AND LIABILITIES

October 31, 2024


ASSETS
Investments in Securities, at value (x) (Cost $80,163,237)	$	80,075,886
Cash		895,000
Dividends, interest and other receivables		1,257,757
Receivable for Fund shares sold		229,545
Receivable for securities sold		33,041
Prepaid registration and filing fees		22,538
Securities lending income receivable		3,402
Other assets		602

Total assets		82,517,771

LIABILITIES
Payable for return of collateral on securities loaned		6,413,840
Payable for securities purchased		1,413,193
Payable for Fund shares repurchased		102,106
Dividends and distributions payable		31,973
Transfer agent fees payable		12,361
Investment advisory fees payable		10,076
Administrative fees payable		9,426
Distribution fees payable – Class A		369
Distribution fees payable – Class R		220
Accrued expenses		81,372

Total liabilities		8,074,936

Commitments and contingent liabilities^

NET ASSETS	$	74,442,835

Net assets were comprised of:
Paid in capital	$	82,115,104
Total distributable earnings (loss)		(7,672,269	)

Net assets	$	74,442,835

Class A
Net asset value and redemption price per share, $1,775,351 / 208,506 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.51
Maximum sales charge (4.50% of offering price)		0.40

Maximum offering price per share	$	8.91

Class I
Net asset value, offering and redemption price per share, $72,146,310 / 8,465,277 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.52

Class R
Net asset value, offering and redemption price per share, $521,174 / 61,236 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.51

(x)	Includes value of securities on loan of $6,262,783.

^	See Note 2 in Notes to the Financial Statements.

STATEMENT OF OPERATIONS

For the Year Ended October 31, 2024


INVESTMENT INCOME
Interest	$	4,793,335
Dividends		55,885
Securities lending (net)		43,654

Total income		4,892,874

EXPENSES
Investment advisory fees		410,899
Administrative fees		102,736
Transfer agent fees		94,401
Professional fees		92,499
Printing and mailing expenses		39,263
Registration and filing fees		37,275
Custodian fees		9,501
Distribution fees – Class A		4,699
Distribution fees – Class R		2,332
Trustees’ fees		2,200
Distribution fees – Class T**		284
Miscellaneous		19,907

Gross expenses		815,996
Less: Waiver from investment adviser		(294,924	)
Waiver from distributor		(284	)

Net expenses		520,788

NET INVESTMENT INCOME (LOSS)		4,372,086

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on investments in securities		(288,474	)
Net change in unrealized appreciation (depreciation) on investments in securities		5,884,149

NET REALIZED AND UNREALIZED GAIN (LOSS)		5,595,675

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	9,967,761

**	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

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended October 31,
	2024			2023
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	4,372,086		$	3,598,035
Net realized gain (loss)		(288,474	)		(2,469,007	)
Net change in unrealized appreciation (depreciation)		5,884,149			1,457,603

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		9,967,761			2,586,631

Distributions to shareholders:
Class A		(114,723	)		(115,750	)
Class I		(4,221,829	)		(3,515,387	)
Class R		(27,587	)		(20,122	)
Class T**		(6,931	)		(7,073	)

Total distributions to shareholders		(4,371,070	)		(3,658,332	)

Tax return of capital:
Class A		(812	)		(1,006	)
Class I		(29,874	)		(30,566	)
Class R		(195	)		(175	)
Class T**		(49	)		(62	)

Total tax return of capital		(30,930	)		(31,809	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 43,566 and 37,137 shares, respectively ]		363,458			302,809
Capital shares issued in reinvestment of dividends [ 12,348 and 12,500 shares, respectively ]		103,195			100,543
Capital shares repurchased [ (80,347) and (48,706) shares, respectively ]		(672,951	)		(391,667	)

Total Class A transactions		(206,298	)		11,685

Class I
Capital shares sold [ 2,472,189 and 3,843,263 shares, respectively ]		20,744,759			30,919,225
Capital shares issued in reinvestment of dividends [ 466,309 and 397,864 shares, respectively ]		3,905,745			3,202,134
Capital shares repurchased [ (2,032,619) and (3,447,821) shares, respectively ]		(16,952,551	)		(27,793,519	)

Total Class I transactions		7,697,953			6,327,840

Class R
Capital shares sold [ 17,430 and 16,648 shares, respectively ]		145,785			133,797
Capital shares issued in reinvestment of dividends [ 2,038 and 1,284 shares, respectively ]		17,064			10,316
Capital shares repurchased [ (5,262) and (18,057) shares, respectively ]		(43,763	)		(144,395	)

Total Class R transactions		119,086			(282	)

Class T **
Capital shares repurchased [ (14,192) and 0 shares ]		(121,901	)		—

Total Class T transactions		(121,901	)		—

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		7,488,840			6,339,243

TOTAL INCREASE (DECREASE) IN NET ASSETS		13,054,601			5,235,733
NET ASSETS:
Beginning of year		61,388,234			56,152,501

End of year	$	74,442,835		$	61,388,234

** After the close of business on October 15, 2024, operations for Class T terminated and shares of seed capital were fully redeemed.

See Notes to Financial Statements.

1290 FUNDS

1290 HIGH YIELD BOND FUND

FINANCIAL HIGHLIGHTS


	Year Ended October 31,
Class A	2024			2023			2022			2021			2020
Net asset value, beginning of year	$	7.81		$	7.95		$	9.24		$	9.01		$	9.06

Income (loss) from investment operations:
Net investment income (loss) (e)		0.51			0.47			0.40			0.39			0.44
Net realized and unrealized gain (loss)		0.71			(0.13	)		(1.27	)		0.26			(0.03	)

Total from investment operations		1.22			0.34			(0.87	)		0.65			0.41

Less distributions:
Dividends from net investment income		(0.52	)		(0.48	)		(0.40	)		(0.42	)		(0.46	)
Return of capital		—	#		—	#		(0.02	)		—	#		—

Total dividends and distributions		(0.52	)		(0.48	)		(0.42	)		(0.42	)		(0.46	)

Net asset value, end of year	$	8.51		$	7.81		$	7.95		$	9.24		$	9.01

Total return		15.90	%		4.30	%		(9.60	)%		7.27	%		4.72	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	1,775		$	1,819		$	1,844		$	2,145		$	2,115
Ratio of expenses to average net assets:
After waivers and reimbursements (f)		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
Before waivers and reimbursements (f)		1.43	%		1.50	%		1.43	%		1.44	%		1.68	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (f)		6.15	%		5.83	%		4.61	%		4.24	%		4.97	%
Before waivers and reimbursements (f)		5.72	%		5.33	%		4.18	%		3.80	%		4.29	%
Portfolio turnover rate^		35	%		35	%		43	%		39	%		59	%

	Year Ended October 31,
Class I	2024			2023			2022			2021			2020
Net asset value, beginning of year	$	7.82		$	7.95		$	9.25		$	9.01		$	9.06

Income (loss) from investment operations:
Net investment income (loss) (e)		0.54			0.49			0.42			0.42			0.47
Net realized and unrealized gain (loss)		0.70			(0.12	)		(1.28	)		0.26			(0.04	)

Total from investment operations		1.24			0.37			(0.86	)		0.68			0.43

Less distributions:
Dividends from net investment income		(0.54	)		(0.50	)		(0.42	)		(0.44	)		(0.48	)
Return of capital		—	#		—	#		(0.02	)		—	#		—

Total dividends and distributions		(0.54	)		(0.50	)		(0.44	)		(0.44	)		(0.48	)

Net asset value, end of year	$	8.52		$	7.82		$	7.95		$	9.25		$	9.01

Total return		16.17	%		4.69	%		(9.47	)%		7.65	%		4.98	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	72,146		$	59,091		$	53,821		$	66,473		$	42,159
Ratio of expenses to average net assets:
After waivers and reimbursements (f)		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Before waivers and reimbursements (f)		1.18	%		1.26	%		1.18	%		1.18	%		1.43	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (f)		6.39	%		6.09	%		4.84	%		4.47	%		5.22	%
Before waivers and reimbursements (f)		5.96	%		5.58	%		4.42	%		4.04	%		4.54	%
Portfolio turnover rate^		35	%		35	%		43	%		39	%		59	%

See Notes to Financial Statements.

1290 FUNDS

1290 HIGH YIELD BOND FUND

FINANCIAL HIGHLIGHTS (Continued)


	Year Ended October 31,
Class R	2024			2023			2022			2021			2020
Net asset value, beginning of year	$	7.81		$	7.95		$	9.23		$	9.00		$	9.05

Income (loss) from investment operations:
Net investment income (loss) (e)		0.49			0.45			0.37			0.37			0.42
Net realized and unrealized gain (loss)		0.71			(0.13	)		(1.25	)		0.25			(0.03	)

Total from investment operations		1.20			0.32			(0.88	)		0.62			0.39

Less distributions:
Dividends from net investment income		(0.50	)		(0.46	)		(0.38	)		(0.39	)		(0.44	)
Return of capital		—	#		—	#		(0.02	)		—	#		—

Total dividends and distributions		(0.50	)		(0.46	)		(0.40	)		(0.39	)		(0.44	)

Net asset value, end of year	$	8.51		$	7.81		$	7.95		$	9.23		$	9.00

Total return		15.61	%		4.04	%		(9.72	)%		7.01	%		4.46	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	521		$	367		$	375		$	708		$	638
Ratio of expenses to average net assets:
After waivers and reimbursements (f)		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%
Before waivers and reimbursements (f)		1.68	%		1.76	%		1.67	%		1.69	%		1.92	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (f)		5.89	%		5.59	%		4.29	%		3.98	%		4.69	%
Before waivers and reimbursements (f)		5.46	%		5.08	%		3.87	%		3.54	%		4.01	%
Portfolio turnover rate^		35	%		35	%		43	%		39	%		59	%

#	Per share amount is less than $0.005.

^	Portfolio turnover rate excludes derivatives, if any.

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

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

See Notes to Financial Statements.

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS

October 31, 2024



	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Asset-Backed Securities (1.3%)
Anchorage Capital CLO Ltd.,
Series 2021-17A A1 6.088%, 7/15/34 (l)§	$	250,000	$	250,396
Magnetite XXVII Ltd.,
Series 2020-27A AR 6.019%, 10/20/34 (l)§		335,000		335,640
Sound Point CLO XXVII Ltd.,
Series 2020-2A AR 6.067%, 10/25/34 (l)§		340,000		340,506
United Airlines Pass-Through Trust,
Series 2020-1 A 5.875%, 10/15/27		15,923		16,241

Total Asset-Backed Securities				942,783

Convertible Bond (0.1%)
Industrials (0.1%)
Electrical Equipment (0.1%)
Stem, Inc. 0.500%, 12/1/28§		245,000		72,420

Total Industrials				72,420

Total Convertible Bond				72,420

Corporate Bonds (43.0%)
Communication Services (2.8%)
Diversified Telecommunication Services (0.6%)
CCO Holdings LLC 4.750%, 3/1/30§		15,000		13,645
4.750%, 2/1/32§		17,000		14,769
4.500%, 5/1/32		89,000		75,428
4.500%, 6/1/33§		49,000		40,548
4.250%, 1/15/34§		21,000		16,763
Consolidated Communications, Inc. 6.500%, 10/1/28§		100,000		95,000
Frontier Communications Holdings LLC
6.750%, 5/1/29§		141,000		139,766
Windstream Services LLC 8.250%, 10/1/31§		15,000		15,131

				411,050

Entertainment (0.2%)
Cinemark USA, Inc. 7.000%, 8/1/32§		85,000		86,806
Netflix, Inc. 5.400%, 8/15/54		50,000		50,263
ROBLOX Corp. 3.875%, 5/1/30§		14,000		12,635

				149,704

Media (1.3%)
AMC Networks, Inc. 4.250%, 2/15/29		63,000		43,281
Comcast Corp. 2.937%, 11/1/56		550,000		338,013
Directv Financing LLC 5.875%, 8/15/27§		10,000		9,632
8.875%, 2/1/30§		252,000		248,182
Gray Television, Inc. 7.000%, 5/15/27§		23,000		22,396
5.375%, 11/15/31§		62,000		38,339
Neptune Bidco US, Inc. 9.290%, 4/15/29§		11,000		10,203
Sinclair Television Group, Inc. 5.500%, 3/1/30§		56,000		38,392
TEGNA, Inc. 5.000%, 9/15/29		165,000		154,029
Urban One, Inc. 7.375%, 2/1/28§		58,000		41,833

				944,300

Wireless Telecommunication Services (0.7%)
Millicom International Cellular SA 4.500%, 4/27/31 (m)		245,000		219,300
T-Mobile USA, Inc. 5.150%, 4/15/34		155,000		154,908
4.700%, 1/15/35		170,000		163,572

				537,780

Total Communication Services				2,042,834

Consumer Discretionary (5.2%)
Automobile Components (0.8%)
Allison Transmission, Inc. 3.750%, 1/30/31§		173,000		152,672
BorgWarner, Inc. 4.950%, 8/15/29		55,000		54,621
Garrett Motion Holdings, Inc. 7.750%, 5/31/32§		65,000		64,838
Patrick Industries, Inc. 4.750%, 5/1/29§		166,000		156,521
6.375%, 11/1/32§		25,000		24,756
Phinia, Inc. 6.750%, 4/15/29§		138,000		140,941

				594,349

Automobiles (0.1%)
Thor Industries, Inc. 4.000%, 10/15/29§		82,000		74,817

Broadline Retail (0.6%)
ANGI Group LLC 3.875%, 8/15/28§		72,000		64,958
Go Daddy Operating Co. LLC 3.500%, 3/1/29§		72,000		66,420
GrubHub Holdings, Inc. 5.500%, 7/1/27§		78,000		72,442
Millennium Escrow Corp. 6.625%, 8/1/26§		38,000		24,320
NMG Holding Co., Inc. 8.500%, 10/1/28 (x)§		38,000		38,433
Nordstrom, Inc. 6.950%, 3/15/28		155,000		159,650
QVC, Inc. 5.950%, 3/15/43		49,000		29,645

				455,868

Distributors (0.5%)
Genuine Parts Co. 4.950%, 8/15/29		200,000		198,093
Resideo Funding, Inc. 4.000%, 9/1/29§		163,000		150,164

				348,257

See Notes to Financial Statements.

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2024



	Principal Amount		Value (Note 1)
Diversified Consumer Services (0.3%)
Adtalem Global Education, Inc. 5.500%, 3/1/28§	$	142,000	$	138,982
StoneMor, Inc. 8.500%, 5/15/29§		44,000		38,885

				177,867

Hotels, Restaurants & Leisure (1.4%)
Brinker International, Inc. 8.250%, 7/15/30§		65,000		69,201
Carnival Holdings Bermuda Ltd. 10.375%, 5/1/28§		155,000		165,769
Great Canadian Gaming Corp. 8.750%, 11/15/29§		70,000		70,000
Hilton Domestic Operating Co., Inc. 5.875%, 4/1/29§		203,000		204,269
Life Time, Inc. 6.000%, 11/15/31§		76,000		75,620
NCL Corp. Ltd. 7.750%, 2/15/29§		87,000		91,725
Premier Entertainment Sub LLC 5.875%, 9/1/31§		48,000		30,240
Royal Caribbean Cruises Ltd. 7.500%, 10/15/27		13,000		13,731
5.625%, 9/30/31§		226,000		224,045
Sabre GLBL, Inc. 8.625%, 6/1/27§		90,000		86,625

				1,031,225

Household Durables (1.0%)
K. Hovnanian Enterprises, Inc. 11.750%, 9/30/29§		67,000		73,867
KB Home 4.800%, 11/15/29		157,000		150,916
Landsea Homes Corp. 8.875%, 4/1/29§		69,000		70,264
M/I Homes, Inc. 4.950%, 2/1/28		8,000		7,720
Newell Brands, Inc. 6.375%, 5/15/30		124,000		124,118
Taylor Morrison Communities, Inc. 5.875%, 6/15/27§		141,000		142,058
Tempur Sealy International, Inc. 4.000%, 4/15/29§		166,000		151,908
Tri Pointe Homes, Inc. 5.250%, 6/1/27		13,000		12,809

				733,660

Specialty Retail (0.4%)
Foot Locker, Inc. 4.000%, 10/1/29§		106,000		91,079
Group 1 Automotive, Inc. 6.375%, 1/15/30§		60,000		60,300
GYP Holdings III Corp. 4.625%, 5/1/29§		65,000		61,263
Victoria’s Secret & Co. 4.625%, 7/15/29§		71,000		62,391
White Cap Buyer LLC 6.875%, 10/15/28§		37,000		36,995

				312,028

Textiles, Apparel & Luxury Goods (0.1%)
Hanesbrands, Inc. 9.000%, 2/15/31§		78,000		83,289
S&S Holdings LLC 8.375%, 10/1/31§		13,000		12,987

				96,276

Total Consumer Discretionary				3,824,347

Consumer Staples (0.8%)
Consumer Staples Distribution & Retail (0.0%)†
US Foods, Inc. 5.750%, 4/15/33§		20,000		19,650

Food Products (0.8%)
Chobani LLC 7.625%, 7/1/29§		12,000		12,502
McCormick & Co., Inc. 4.700%, 10/15/34		340,000		326,911
Post Holdings, Inc. 6.375%, 3/1/33§		139,000		136,869
Viking Baked Goods Acquisition Corp. 8.625%, 11/1/31§		64,000		63,552

				539,834

Total Consumer Staples				559,484

Energy (2.8%)
Energy Equipment & Services (0.2%)
Bristow Group, Inc. 6.875%, 3/1/28 (x)§		22,000		21,780
Enerflex Ltd. 9.000%, 10/15/27§		115,000		119,313

				141,093

Oil, Gas & Consumable Fuels (2.6%)
California Resources Corp. 8.250%, 6/15/29 (x)§		35,000		35,350
CNX Midstream Partners LP 4.750%, 4/15/30§		78,000		72,378
CNX Resources Corp. 7.250%, 3/1/32§		150,000		154,008
Crescent Energy Finance LLC 7.625%, 4/1/32§		84,000		82,950
DT Midstream, Inc. 4.375%, 6/15/31§		16,000		14,720
Enterprise Products Operating LLC 5.550%, 2/16/55		190,000		187,699
Expand Energy Corp. 5.700%, 1/23/25 (e)		150,000		149,220
Gulfport Energy Operating Corp. 6.750%, 9/1/29§		135,000		135,397
Hess Midstream Operations LP 4.250%, 2/15/30§		300,000		278,961
Kinder Morgan, Inc. 5.950%, 8/1/54		225,000		224,108
Martin Midstream Partners LP 11.500%, 2/15/28§		64,000		69,760
Saturn Oil & Gas, Inc. 9.625%, 6/15/29§		71,000		69,935

See Notes to Financial Statements.

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2024



	Principal Amount		Value (Note 1)
Saudi Arabian Oil Co. 5.750%, 7/17/54§	$	275,000	$	264,591
Summit Midstream Holdings LLC 8.625%, 10/31/29§		75,000		77,250
Sunnova Energy Corp. 5.875%, 9/1/26§		102,000		92,055
Western Midstream Operating LP 6.150%, 4/1/33		20,000		20,671

				1,929,053

Total Energy				2,070,146

Financials (17.8%)
Banks (8.2%)
Australia & New Zealand Banking Group Ltd.
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.47%), 5.204%, 9/30/35 (k)§		370,000		358,095
Banco Bilbao Vizcaya Argentaria SA
(USD Swap Semi 5 Year + 3.87%), 6.125%, 11/16/27 (k)(y)		400,000		388,031
5.381%, 3/13/29		200,000		202,642
Banco Santander SA
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.91%), 8.000%, 2/1/34 (k)(y)		200,000		207,500
Bank of America Corp.
(SOFR + 1.91%), 5.425%, 8/15/35 (k)		350,000		344,122
Bank of Ireland Group plc
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.65%), 6.253%, 9/16/26 (k)§		200,000		201,813
Barclays plc
(SOFR + 3.57%), 7.119%, 6/27/34 (k)(x)		265,000		286,809
BNP Paribas SA
(SOFR + 1.88%), 5.738%, 2/20/35 (k)§		220,000		223,462
Comerica, Inc.
(SOFR + 2.16%), 5.982%, 1/30/30 (k)		135,000		136,493
Credit Agricole SA
(ICE IBA - USD SOFR ICE Swap Rate 5 Year + 3.60%), 6.700%, 9/23/34 (k)(x)(y)§		365,000		354,555
HSBC Holdings plc
(USD ICE Swap Rate 5 Year + 3.75%), 6.000%, 5/22/27 (k)(y)		280,000		276,150
(USD ICE Swap Rate 5 Year + 3.61%), 6.500%, 3/23/28 (k)(y)		230,000		228,275
(SOFR + 3.02%), 7.399%, 11/13/34 (k)		270,000		301,503
ING Groep NV
(USD Swap Semi 5 Year + 4.45%), 6.500%, 4/16/25 (k)(y)		200,000		199,500
Intesa Sanpaolo SpA
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.90%), 7.778%, 6/20/54 (k)§		265,000		290,391
JPMorgan Chase & Co.
(SOFR + 2.58%), 5.717%, 9/14/33 (k)		185,000		190,476
NatWest Group plc
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.75%), 8.125%, 11/10/33 (k)(y)		200,000		213,750
Nordea Bank Abp
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.66%), 6.300%, 9/25/31 (k)(y)§		225,000		215,253
Santander Holdings USA, Inc. 3.450%, 6/2/25		170,000		168,056
Societe Generale SA
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.95%), 7.132%, 1/19/55 (k)§		200,000		197,872
Standard Chartered plc
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.95%), 1.822%, 11/23/25 (k)§		270,000		269,087
UniCredit SpA
(USD ICE Swap Rate 5 Year + 4.91%), 7.296%, 4/2/34 (k)§		240,000		251,064
Wells Fargo & Co.
(SOFR + 1.07%), 5.906%, 4/22/28 (k)		300,000		301,200
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.77%), 6.850%, 9/15/29 (k)(y)		200,000		206,250

				6,012,349

Capital Markets (5.9%)
Antares Holdings LP 6.350%, 10/23/29§		250,000		246,701
Ares Capital Corp. 5.950%, 7/15/29		195,000		196,801
Aretec Group, Inc. 7.500%, 4/1/29§		38,000		36,480
BGC Group, Inc. 4.375%, 12/15/25		345,000		341,357
Blackstone Secured Lending Fund 5.350%, 4/13/28		310,000		307,673
Blue Owl Capital Corp. II 8.450%, 11/15/26		70,000		72,907
Blue Owl Credit Income Corp. 5.500%, 3/21/25		230,000		229,966
Coinbase Global, Inc. 3.375%, 10/1/28§		92,000		82,047
Deutsche Bank AG
(SOFR + 1.87%), 2.129%, 11/24/26 (k)		230,000		222,656

See Notes to Financial Statements.

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2024



	Principal Amount		Value (Note 1)
(SOFR + 3.65%), 7.079%, 2/10/34 (k)	$	200,000	$	209,667
Goldman Sachs Group, Inc. (The)
(SOFR + 1.21%), 5.049%, 7/23/30 (k)		270,000		270,252
Series X
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.81%), 7.500%, 5/10/29 (k)(y)		300,000		314,100
Jane Street Group 7.125%, 4/30/31§		166,000		172,018
LPL Holdings, Inc. 5.700%, 5/20/27		335,000		339,303
Marex Group plc 6.404%, 11/4/29		115,000		115,174
Moody’s Corp. 5.000%, 8/5/34		30,000		29,751
Morgan Stanley
(SOFR + 1.02%), 5.860%, 4/13/28 (k)		300,000		301,721
(SOFR + 1.56%), 5.320%, 7/19/35 (k)		160,000		160,317
Osaic Holdings, Inc. 10.750%, 8/1/27§		44,000		45,210
UBS AG 7.950%, 1/9/25		250,000		251,212
UBS Group AG
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.76%), 9.250%, 11/13/33 (k)(y)§		270,000		311,434
VFH Parent LLC 7.500%, 6/15/31§		72,000		73,800

				4,330,547

Consumer Finance (1.4%)
AerCap Ireland Capital DAC 4.625%, 9/10/29		150,000		146,779
Bread Financial Holdings, Inc. 9.750%, 3/15/29§		133,000		139,982
Capital One Financial Corp.
(SOFR + 2.26%), 6.051%, 2/1/35 (k)		280,000		287,777
Enova International, Inc. 11.250%, 12/15/28§		73,000		78,293
Global Aircraft Leasing Co. Ltd. 8.750%, 9/1/27§		148,000		152,417
LFS Topco LLC 5.875%, 10/15/26§		75,000		70,594
Synchrony Financial
(United States SOFR Compounded Index + 2.13%), 5.935%, 8/2/30 (k)		65,000		65,905
7.250%, 2/2/33		78,000		79,560

				1,021,307

Financial Services (0.9%)
Armor Holdco, Inc. 8.500%, 11/15/29§		34,000		33,065
Freedom Mortgage Holdings LLC 9.250%, 2/1/29 (x)§		115,000		117,012
NTT Finance Corp. 5.136%, 7/2/31§		340,000		342,928
PHH Escrow Issuer LLC 9.875%, 11/1/29§		55,000		53,900
Provident Funding Associates LP 9.750%, 9/15/29§		74,000		75,480
Shift4 Payments LLC 6.750%, 8/15/32§		75,000		76,692

				699,077

Insurance (1.0%)
Allianz SE
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.23%), 6.350%, 9/6/53 (k)§		200,000		212,500
HUB International Ltd. 7.375%, 1/31/32§		19,000		19,335
Liberty Mutual Group, Inc. 4.300%, 2/1/61§		330,000		216,150
Met Tower Global Funding 4.850%, 1/16/27§		200,000		201,184
Panther Escrow Issuer LLC 7.125%, 6/1/31§		88,000		89,540
USI, Inc. 7.500%, 1/15/32 (x)§		36,000		36,736

				775,445

Mortgage Real Estate Investment Trusts (REITs) (0.4%)
Blackstone Mortgage Trust, Inc. (REIT) 3.750%, 1/15/27§		155,000		144,538
Starwood Property Trust, Inc. (REIT) 6.000%, 4/15/30 (x)§		135,000		131,878

				276,416

Total Financials				13,115,141

Health Care (0.7%)
Biotechnology (0.1%)
Emergent BioSolutions, Inc. 3.875%, 8/15/28§		52,000		41,798

Health Care Equipment & Supplies (0.2%)
Medtronic Global Holdings SCA 4.250%, 3/30/28		95,000		94,445
Sotera Health Holdings LLC 7.375%, 6/1/31§		75,000		76,594

				171,039

Health Care Providers & Services (0.4%)
DaVita, Inc. 4.625%, 6/1/30§		201,000		184,920
Encompass Health Corp. 4.625%, 4/1/31 (x)		94,000		88,467
Surgery Center Holdings, Inc. 7.250%, 4/15/32§		12,000		12,304

				285,691

Total Health Care				498,528

See Notes to Financial Statements.

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2024



	Principal Amount		Value (Note 1)
Industrials (4.2%)
Aerospace & Defense (0.8%)
Boeing Co. (The) 6.388%, 5/1/31§	$	25,000	$	26,148
Bombardier, Inc. 7.250%, 7/1/31§		45,000		46,350
7.000%, 6/1/32 (x)§		50,000		51,125
Moog, Inc. 4.250%, 12/15/27§		143,000		135,638
Spirit AeroSystems, Inc. 4.600%, 6/15/28 (x)		69,000		65,806
TransDigm, Inc. 4.625%, 1/15/29		262,000		248,900

				573,967

Building Products (0.3%)
AmeriTex HoldCo Intermediate LLC 10.250%, 10/15/28§		70,000		73,413
Cornerstone Building Brands, Inc. 6.125%, 1/15/29§		60,000		53,828
Eco Material Technologies, Inc. 7.875%, 1/31/27§		65,000		65,325
Oscar AcquisitionCo LLC 9.500%, 4/15/30§		30,000		29,286

				221,852

Commercial Services & Supplies (0.5%)
Enviri Corp. 5.750%, 7/31/27§		74,000		71,318
Interface, Inc. 5.500%, 12/1/28§		64,000		62,240
Madison IAQ LLC 5.875%, 6/30/29§		54,000		51,222
Pitney Bowes, Inc. 6.875%, 3/15/27§		79,000		78,012
Raven Acquisition Holdings LLC 6.875%, 11/15/31§		16,000		15,920
Republic Services, Inc. 5.000%, 4/1/34		50,000		49,731

				328,443

Construction & Engineering (0.5%)
Brand Industrial Services, Inc. 10.375%, 8/1/30§		75,000		79,385
Great Lakes Dredge & Dock Corp. 5.250%, 6/1/29§		41,000		38,491
IHS Netherlands Holdco BV 8.000%, 9/18/27§		235,000		234,780
Tutor Perini Corp. 11.875%, 4/30/29§		28,000		30,660

				383,316

Electrical Equipment (0.2%)
Vertiv Group Corp. 4.125%, 11/15/28§		142,000		134,795

Ground Transportation (0.1%)
GN Bondco LLC 9.500%, 10/15/31 (x)§		74,000		78,407

Machinery (0.3%)
GrafTech Finance, Inc. 4.625%, 12/15/28§		54,000		38,205
Mueller Water Products, Inc. 4.000%, 6/15/29§		151,000		140,155
Park-Ohio Industries, Inc. 6.625%, 4/15/27		39,000		37,928

				216,288

Passenger Airlines (1.2%)
Allegiant Travel Co. 7.250%, 8/15/27§		145,000		142,825
American Airlines Group, Inc. 3.750%, 3/1/25§		180,000		178,200
Avianca Midco 2 plc 9.000%, 12/1/28§		83,330		81,663
JetBlue Airways Corp. 9.875%, 9/20/31§		77,000		79,714
Mileage Plus Holdings LLC 6.500%, 6/20/27§		145,750		147,208
United Airlines, Inc. 4.375%, 4/15/26§		15,000		14,662
4.625%, 4/15/29§		170,000		162,452
VistaJet Malta Finance plc 7.875%, 5/1/27§		90,000		87,385

				894,109

Trading Companies & Distributors (0.3%)
BlueLinx Holdings, Inc. 6.000%, 11/15/29 (x)§		70,000		67,550
Boise Cascade Co. 4.875%, 7/1/30§		138,000		130,927
Foundation Building Materials, Inc. 6.000%, 3/1/29§		39,000		34,319

				232,796

Total Industrials				3,063,973

Information Technology (1.9%)
Communications Equipment (0.3%)
CommScope Technologies LLC 6.000%, 6/15/25§		160,000		156,200
Viasat, Inc. 6.500%, 7/15/28§		71,000		54,226

				210,426

Electronic Equipment, Instruments & Components (0.1%)
Insight Enterprises, Inc. 6.625%, 5/15/32§		15,000		15,287
Jabil, Inc. 5.450%, 2/1/29		25,000		25,281
Zebra Technologies Corp. 6.500%, 6/1/32 (x)§		15,000		15,300

				55,868

IT Services (0.2%)
Ahead DB Holdings LLC 6.625%, 5/1/28§		39,000		37,880
Arches Buyer, Inc. 6.125%, 12/1/28§		51,000		44,625
Unisys Corp. 6.875%, 11/1/27§		76,000		74,100
Virtusa Corp. 7.125%, 12/15/28§		41,000		39,770

				196,375

See Notes to Financial Statements.

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2024



	Principal Amount		Value (Note 1)
Semiconductors & Semiconductor Equipment (0.3%)
Broadcom, Inc. 4.150%, 4/15/32§	$	240,000	$	226,224

Software (0.3%)
Fair Isaac Corp. 5.250%, 5/15/26§		151,000		150,434
McAfee Corp. 7.375%, 2/15/30§		57,000		54,737
Rackspace Finance LLC 3.500%, 5/15/28§		42,000		23,887

				229,058

Technology Hardware, Storage & Peripherals (0.7%)
Dell International LLC 5.750%, 2/1/33 (x)		155,000		161,216
Seagate HDD Cayman 9.625%, 12/1/32		159,069		180,742
Xerox Holdings Corp. 5.000%, 8/15/25 (x)§		160,000		157,600

				499,558

Total Information Technology				1,417,509

Materials (2.1%)
Chemicals (0.2%)
GPD Cos., Inc. 10.125%, 4/1/26§		40,000		38,552
Rain Carbon, Inc. 12.250%, 9/1/29§		65,000		69,387
Rayonier AM Products, Inc. 7.625%, 1/15/26§		42,000		42,000

				149,939

Construction Materials (0.3%)
Cemex SAB de CV 3.875%, 7/11/31§		260,000		231,400
Knife River Corp. 7.750%, 5/1/31 (x)§		12,000		12,510

				243,910

Metals & Mining (1.4%)
Algoma Steel, Inc. 9.125%, 4/15/29§		74,000		76,220
Anglo American Capital plc 5.750%, 4/5/34§		305,000		310,688
Carpenter Technology Corp. 7.625%, 3/15/30		136,000		140,590
Coeur Mining, Inc. 5.125%, 2/15/29§		39,000		37,245
New Gold, Inc. 7.500%, 7/15/27§		18,000		18,248
Novelis Corp. 3.250%, 11/15/26 (x)§		15,000		14,381
SunCoke Energy, Inc. 4.875%, 6/30/29§		73,000		66,065
Vale Overseas Ltd. 6.400%, 6/28/54		335,000		336,155

				999,592

Paper & Forest Products (0.2%)
Glatfelter Corp. 4.750%, 11/15/29§		56,000		49,978
Louisiana-Pacific Corp. 3.625%, 3/15/29§		150,000		139,875

				189,853

Total Materials				1,583,294

Real Estate (1.2%)
Diversified REITs (0.1%)
Vornado Realty LP (REIT) 3.400%, 6/1/31		48,000		40,757

Health Care REITs (0.3%)
CTR Partnership LP (REIT) 3.875%, 6/30/28§		151,000		142,292
MPT Operating Partnership LP (REIT) 5.000%, 10/15/27 (x)		122,000		107,512

				249,804

Office REITs (0.2%)
Brandywine Operating Partnership LP (REIT)
8.875%, 4/12/29		134,000		145,390

Real Estate Management & Development (0.3%)
Five Point Operating Co. LP 10.500%, 1/15/28 (e)§		73,000		74,753
Newmark Group, Inc. 7.500%, 1/12/29		134,000		141,353

				216,106

Specialized REITs (0.3%)
Iron Mountain, Inc. (REIT) 4.875%, 9/15/29§		225,000		215,719

Total Real Estate				867,776

Utilities (3.5%)
Electric Utilities (2.2%)
Alpha Generation LLC 6.750%, 10/15/32§		20,000		20,135
California Buyer Ltd. 6.375%, 2/15/32§		85,000		83,997
DPL, Inc. 4.350%, 4/15/29 (x)		146,000		137,057
Duke Energy Corp. 5.800%, 6/15/54		330,000		330,839
Entergy Arkansas LLC 5.750%, 6/1/54		95,000		97,678
NextEra Energy Operating Partners LP
7.250%, 1/15/29§		151,000		154,932
NRG Energy, Inc. 3.375%, 2/15/29§		207,000		188,399
5.750%, 7/15/29§		84,000		82,530
6.250%, 11/1/34§		25,000		24,969
PPL Capital Funding, Inc. 5.250%, 9/1/34		40,000		39,539
Southwestern Public Service Co. 6.000%, 6/1/54 (x)		130,000		135,200
Terraform Global Operating LP 6.125%, 3/1/26§		8,000		7,963
Virginia Electric and Power Co. 5.050%, 8/15/34		60,000		59,529
Vistra Operations Co. LLC 4.375%, 5/1/29§		234,000		222,192

				1,584,959

See Notes to Financial Statements.

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2024



	Principal Amount		Value (Note 1)
Independent Power and Renewable Electricity Producers (0.4%)
Clearway Energy Operating LLC 4.750%, 3/15/28§	$	166,000	$	160,605
Lightning Power LLC 7.250%, 8/15/32§		25,000		26,000
Talen Energy Supply LLC 8.625%, 6/1/30§		128,000		138,112

				324,717

Multi-Utilities (0.9%)
Dominion Energy, Inc.
Series A
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.39%), 6.875%, 2/1/55 (k)		185,000		193,094
Engie SA 5.250%, 4/10/29§		200,000		202,679
Public Service Enterprise Group, Inc.
5.450%, 4/1/34		255,000		257,345

				653,118

Total Utilities				2,562,794

Total Corporate Bonds				31,605,826

Foreign Government Securities (3.5%)
Argentine Republic 4.125%, 7/9/35 (e)	$	755,000		417,741
Federative Republic of Brazil 10.250%, 1/10/28	BRL	2,835,000		496,488
Oriental Republic of Uruguay 9.750%, 7/20/33	UYU	15,370,000		377,282
Republic of Colombia 7.750%, 11/7/36	$	355,000		350,918
Republic of Costa Rica 7.000%, 4/4/44 (m)		200,000		205,100
7.158%, 3/12/45 (m)		240,000		250,320
Republic of Ecuador 6.900%, 7/31/30 (e)(m)		440,000		303,160
Republic of Guatemala 4.375%, 6/5/27 (m)		200,000		192,480

Total Foreign Government Securities				2,593,489

U.S. Treasury Obligations (3.3%)
U.S. Treasury Bonds 3.625%, 2/15/53		420,000		360,737
U.S. Treasury Notes 4.375%, 5/15/34		2,085,000		2,100,517

Total U.S. Treasury Obligations				2,461,254

Total Long-Term Debt Securities (51.2%) (Cost $37,046,735)				37,675,772


	Number of Shares		Value (Note 1)
COMMON STOCKS:
Communication Services (3.8%)
Diversified Telecommunication Services (0.4%)
AT&T, Inc.		2,735		61,647
Koninklijke KPN NV		13,630		53,260
Verizon Communications, Inc.		4,991		210,271

				325,178

Entertainment (0.4%)
HUYA, Inc. (ADR)		3,855		13,338
International Games System Co. Ltd.		1,000		31,959
Netflix, Inc. (s)*		185		139,866
Nintendo Co. Ltd.		1,100		58,229
Walt Disney Co. (The)		547		52,621
XD, Inc. (m)*		1,362		3,660

				299,673

Interactive Media & Services (2.5%)
Alphabet, Inc., Class A (s)		2,399		410,493
Alphabet, Inc., Class C (s)		3,700		638,953
Meta Platforms, Inc., Class A (s)		1,339		759,990

				1,809,436

Media (0.4%)
Comcast Corp., Class A		5,107		223,023
Publicis Groupe SA		417		44,464

				267,487

Wireless Telecommunication Services (0.1%)
KDDI Corp. (x)		1,900		59,369
SoftBank Corp.		37,800		47,661

				107,030

Total Communication Services				2,808,804

Consumer Discretionary (4.0%)
Automobile Components (0.1%)
Bridgestone Corp.		1,200		42,522
Depo Auto Parts Ind Co. Ltd.		2,630		19,733
Tong Yang Industry Co. Ltd.		3,992		13,216

				75,471

Automobiles (0.7%)
Bayerische Motoren Werke AG		435		34,223
Honda Motor Co. Ltd.		5,700		57,183
Stellantis NV		2,087		28,753
Tesla, Inc. (s)*		837		209,124
Toyota Motor Corp.		8,600		148,246

				477,529

Broadline Retail (1.0%)
Amazon.com, Inc. (s)*		3,368		627,795
Wesfarmers Ltd.		1,636		72,195

				699,990

Hotels, Restaurants & Leisure (0.9%)
Alsea SAB de CV		6,185		14,933
Atour Lifestyle Holdings Ltd. (ADR)		1,141		29,894
Booking Holdings, Inc.		18		84,172
Hilton Worldwide Holdings, Inc.		508		119,304
McDonald’s Corp.		788		230,183
Starbucks Corp.		1,485		145,085
Yum! Brands, Inc.		352		46,168

				669,739

Household Durables (0.2%)
Cury Construtora e Incorporadora SA		5,100		21,588
DR Horton, Inc.		413		69,797

See Notes to Financial Statements.

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2024



	Number of Shares		Value (Note 1)
Merry Electronics Co. Ltd.		3,992	$	13,036
Sekisui House Ltd.		2,400		58,084

				162,505

Specialty Retail (1.0%)
CCC SA*		343		15,053
Foschini Group Ltd. (The)		2,299		19,987
Grupo SBF SA		6,900		17,212
Home Depot, Inc. (The) (s)		1,069		420,919
Industria de Diseno Textil SA (x)		1,110		63,252
Lojas Renner SA		6,600		21,258
Lowe’s Cos., Inc.		210		54,984
O’Reilly Automotive, Inc.*		52		59,963
TJX Cos., Inc. (The)		669		75,617
Truworths International Ltd.		2,946		18,680

				766,925

Textiles, Apparel & Luxury Goods (0.1%)
Makalot Industrial Co. Ltd.		1,979		21,092
Mavi Giyim Sanayi ve Ticaret A/S, Class B (m)		6,938		15,448
NIKE, Inc., Class B		578		44,581
Xtep International Holdings Ltd.		21,000		15,552

				96,673

Total Consumer Discretionary				2,948,832

Consumer Staples (3.9%)
Beverages (1.1%)
Anadolu Efes Biracilik ve Malt Sanayii A/S, Class B		3,054		17,029
Brown-Forman Corp., Class B		658		28,972
Carlsberg A/S, Class B		342		37,738
Coca-Cola Co. (The)		3,995		260,913
Constellation Brands, Inc., Class A		197		45,771
Diageo plc		1,986		61,923
Keurig Dr Pepper, Inc.		1,248		41,121
PepsiCo, Inc.		1,478		245,466
Pernod Ricard SA		318		39,708

				778,641

Consumer Staples Distribution & Retail (0.6%)
Costco Wholesale Corp. (s)		176		153,856
Dollar General Corp.		217		17,368
Koninklijke Ahold Delhaize NV		1,521		50,186
Target Corp.		395		59,266
Tesco plc		10,443		46,106
Walmart, Inc. (s)		1,642		134,562

				461,344

Food Products (0.7%)
Archer-Daniels-Midland Co.		523		28,875
AVI Ltd.		2,948		18,404
Danone SA		927		66,234
General Mills, Inc.		754		51,287
Hershey Co. (The)		220		39,067
Mondelez International, Inc., Class A		1,150		78,752
Nestle SA (Registered)		1,975		186,757
Tyson Foods, Inc., Class A		751		44,001

				513,377

Household Products (0.8%)
Colgate-Palmolive Co.		679		63,629
Kimberly-Clark Corp.		376		50,452
Procter & Gamble Co. (The) (s)		2,357		389,329
Reckitt Benckiser Group plc		905		54,659

				558,069

Personal Care Products (0.2%)
Estee Lauder Cos., Inc. (The), Class A		192		13,237
Kenvue, Inc.		2,423		55,559
Unilever plc		1,871		114,510

				183,306

Tobacco (0.5%)
Altria Group, Inc.		1,413		76,952
British American Tobacco plc		1,765		61,467
Philip Morris International, Inc.		1,771		235,012

				373,431

Total Consumer Staples				2,868,168

Energy (2.3%)
Energy Equipment & Services (0.0%)†
Schlumberger NV		892		35,742

Oil, Gas & Consumable Fuels (2.3%)
Chevron Corp.		1,837		273,382
ConocoPhillips		1,511		165,515
Devon Energy Corp.		947		36,630
EOG Resources, Inc.		386		47,077
Exxon Mobil Corp. (s)		4,717		550,851
Hess Corp.		322		43,303
Kinder Morgan, Inc.		2,270		55,638
Marathon Petroleum Corp.		599		87,137
ONEOK, Inc.		606		58,709
Phillips 66		396		48,241
Suncor Energy, Inc.		1,400		52,849
TotalEnergies SE		1,771		110,773
Valero Energy Corp.		650		84,344
Woodside Energy Group Ltd.		3,128		49,276

				1,663,725

Total Energy				1,699,467

Financials (6.5%)
Banks (2.1%)
Alior Bank SA		917		19,990
Bank of America Corp.		5,523		230,972
Citigroup, Inc.		4,853		311,417
DBS Group Holdings Ltd.		1,800		51,803
ING Groep NV		3,746		63,587
JPMorgan Chase & Co. (s)		2,010		446,059
Oversea-Chinese Banking Corp. Ltd.		4,600		52,307
PNC Financial Services Group, Inc. (The)		428		80,580
Truist Financial Corp.		1,367		58,849
United Overseas Bank Ltd.		2,000		48,164
US Bancorp		1,687		81,499
Wells Fargo & Co.		1,251		81,215

				1,526,442

See Notes to Financial Statements.

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2024



	Number of Shares		Value (Note 1)
Capital Markets (2.1%)
Bank of New York Mellon Corp. (The)		960	$	72,346
Blackrock, Inc.		205		201,111
Blackstone, Inc.		658		110,379
Bursa Malaysia Bhd.		4,800		9,869
Charles Schwab Corp. (The)		580		41,081
CME Group, Inc.		329		74,143
Goldman Sachs Group, Inc. (The)		629		325,690
Hong Kong Exchanges & Clearing Ltd.		1,700		67,928
Moody’s Corp.		178		80,819
Morgan Stanley		2,650		308,062
MSCI, Inc.		93		53,122
Partners Group Holding AG		35		48,540
S&P Global, Inc.		151		72,534
T. Rowe Price Group, Inc.		417		45,812
XTB SA (m)		1,236		19,973

				1,531,409

Financial Services (0.9%)
Berkshire Hathaway, Inc., Class B (s)*		510		229,969
Fiserv, Inc.*		430		85,097
Mastercard, Inc., Class A (s)		271		135,389
PayPal Holdings, Inc.*		567		44,963
Visa, Inc., Class A (s)		523		151,592

				647,010

Insurance (1.4%)
Aflac, Inc.		591		61,931
Allianz SE (Registered)		343		108,029
American International Group, Inc.		849		64,422
Anadolu Anonim Turk Sigorta Sirketi*		6,446		16,193
Arch Capital Group Ltd.*		914		90,084
Arthur J Gallagher & Co.		274		77,049
AXA SA		1,849		69,320
Everest Group Ltd.		134		47,652
Manulife Financial Corp.		2,100		61,340
Marsh & McLennan Cos., Inc.		254		55,433
MetLife, Inc.		631		49,483
Momentum Group Ltd.		13,619		22,216
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		148		75,828
Sun Life Financial, Inc.		1,100		60,991
Swiss Re AG		407		52,194
Tokio Marine Holdings, Inc.		1,600		56,894
Zurich Insurance Group AG		130		77,087

				1,046,146

Total Financials				4,751,007

Health Care (4.6%)
Biotechnology (1.0%)
3SBio, Inc. (m)*		25,400		19,063
AbbVie, Inc.		1,967		401,012
Amgen, Inc.		678		217,069
Ever Supreme Bio Technology Co. Ltd.		3,000		17,066
Gilead Sciences, Inc.		710		63,062

				717,272

Health Care Equipment & Supplies (0.8%)
Abbott Laboratories		568		64,394
Becton Dickinson & Co.		175		40,878
Boston Scientific Corp.*		1,010		84,860
Edwards Lifesciences Corp.*		578		38,732
Intuitive Surgical, Inc.*		171		86,157
Medtronic plc		1,648		147,084
Smith & Nephew plc		3,407		42,225
Solventum Corp.*		84		6,097
Stryker Corp.		196		69,831

				580,258

Health Care Providers & Services (0.6%)
Centene Corp.*		526		32,749
Cigna Group (The)		217		68,314
CVS Health Corp.		1,730		97,676
Elevance Health, Inc.		129		52,343
KPJ Healthcare Bhd.		33,100		15,656
MLP Saglik Hizmetleri A/S, Class B (m)*		1,372		13,906
UnitedHealth Group, Inc. (s)		255		143,947

				424,591

Life Sciences Tools & Services (0.2%)
Agilent Technologies, Inc.		318		41,439
Danaher Corp.		254		62,398
Thermo Fisher Scientific, Inc.		151		82,494

				186,331

Pharmaceuticals (2.0%)
Bristol-Myers Squibb Co.		893		49,802
Eli Lilly and Co. (s)		282		233,987
Johnson & Johnson		2,529		404,286
Merck & Co., Inc.		912		93,316
Novartis AG (Registered)		1,493		161,995
Pfizer, Inc.		6,439		182,224
Roche Holding AG		580		180,133
Sanofi SA		997		105,193
Zoetis, Inc.		331		59,176

				1,470,112

Total Health Care				3,378,564

Industrials (3.5%)
Aerospace & Defense (0.6%)
BAE Systems plc		3,010		48,538
Embraer SA*		1,350		11,333
General Dynamics Corp.		201		58,614
General Electric Co. (s)		728		125,056
Lockheed Martin Corp.		169		92,282
Northrop Grumman Corp.		117		59,555
RTX Corp.		580		70,174

				465,552

Air Freight & Logistics (0.2%)
Deutsche Post AG		1,213		48,727
United Parcel Service, Inc., Class B		940		126,016

				174,743

Building Products (0.3%)
Cie de Saint-Gobain SA		638		57,899
Johnson Controls International plc		680		51,374
Trane Technologies plc		269		99,573

				208,846

See Notes to Financial Statements.

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2024



	Number of Shares		Value (Note 1)
Commercial Services & Supplies (0.2%)
Cintas Corp.		460	$	94,673
Veralto Corp.		86		8,788

				103,461

Construction & Engineering (0.2%)
Acter Group Corp. Ltd.		2,500		27,032
CTCI Corp.		6,978		9,466
Greentown Management Holdings Co. Ltd. (m)		26,864		12,067
IJM Corp. Bhd.		18,800		12,758
Vinci SA		547		61,137

				122,460

Electrical Equipment (0.3%)
Chicony Power Technology Co. Ltd.		2,997		11,575
Eaton Corp. plc		269		89,195
Emerson Electric Co.		559		60,523
GE Vernova, Inc.*		182		54,902

				216,195

Ground Transportation (0.2%)
Norfolk Southern Corp.		455		113,946
Union Pacific Corp.		270		62,659

				176,605

Industrial Conglomerates (0.4%)
3M Co.		835		107,272
Honeywell International, Inc.		217		44,633
Siemens AG (Registered)		632		122,682

				274,587

Machinery (0.7%)
Caterpillar, Inc.		209		78,626
Cummins, Inc.		375		123,367
Deere & Co.		114		46,135
Dover Corp.		435		82,359
Marcopolo SA (Preference) (q)		12,300		18,107
Parker-Hannifin Corp.		164		103,987
Randon SA Implementos e Participacoes (Preference) (q)*		4,732		8,791
Volvo AB, Class B		2,500		64,896

				526,268

Professional Services (0.2%)
Automatic Data Processing, Inc.		210		60,740
Paychex, Inc.		408		56,847

				117,587

Trading Companies & Distributors (0.2%)
Fastenal Co.		722		56,446
ITOCHU Corp.		1,300		64,125
Mitsui & Co. Ltd.		2,500		50,658

				171,229

Transportation Infrastructure (0.0%)†
Santos Brasil Participacoes SA		9,530		20,738
TAV Havalimanlari Holding A/S*		1,077		7,239

				27,977

Total Industrials				2,585,510

Information Technology (9.0%)
Communications Equipment (0.4%)
Arcadyan Technology Corp.		3,994		19,286
Cisco Systems, Inc.		4,500		246,465

				265,751

Electronic Equipment, Instruments & Components (0.4%)
Amphenol Corp., Class A		1,376		92,219
Chin-Poon Industrial Co. Ltd.		13,120		15,321
Keysight Technologies, Inc.*		227		33,825
Primax Electronics Ltd.		5,989		14,889
Taiwan Surface Mounting Technology Corp.		4,181		13,577
TE Connectivity plc		397		58,526
Tripod Technology Corp.		2,500		14,617
TXC Corp.		5,540		20,110

				263,084

IT Services (0.5%)
Accenture plc, Class A (s)		376		129,652
International Business Machines Corp.		1,094		226,152

				355,804

Semiconductors & Semiconductor Equipment (3.5%)
Advanced Micro Devices, Inc.*		723		104,163
Analog Devices, Inc.		265		59,124
Applied Materials, Inc. (s)		581		105,498
Broadcom, Inc. (s)		1,341		227,662
Elan Microelectronics Corp.		4,515		20,119
Everlight Electronics Co. Ltd.		8,285		21,495
Fitipower Integrated Technology, Inc.		2,496		18,886
Foxsemicon Integrated Technology, Inc.		2,000		20,646
Global Mixed Mode Technology, Inc.		2,010		14,020
ITE Technology, Inc.		2,994		12,402
KLA Corp.		120		79,948
NVIDIA Corp. (s)		11,360		1,508,154
Pixart Imaging, Inc.		3,493		25,770
QUALCOMM, Inc.		435		70,805
Radiant Opto-Electronics Corp.		2,994		19,389
Raydium Semiconductor Corp.		1,000		10,491
Sigurd Microelectronics Corp.		6,510		14,581
Sitronix Technology Corp.		1,997		13,628
Texas Instruments, Inc.		1,039		211,083

				2,557,864

Software (2.7%)
Adobe, Inc.*		187		89,401
Intuit, Inc.		143		87,273
Microsoft Corp. (s)		3,416		1,388,091
Oracle Corp. (s)		930		156,091
Roper Technologies, Inc.		94		50,547
Salesforce, Inc.		433		126,163
ServiceNow, Inc.*		114		106,361

				2,003,927

Technology Hardware, Storage & Peripherals (1.5%)
Apple, Inc. (s)		4,482		1,012,528
Canon, Inc. (x)		1,700		55,161
Chicony Electronics Co. Ltd.		4,010		20,016
Getac Holdings Corp.		2,994		10,178

See Notes to Financial Statements.

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2024



	Number of Shares		Value (Note 1)
HP, Inc.		1,261	$	44,791

				1,142,674

Total Information Technology				6,589,104

Materials (1.1%)
Chemicals (0.5%)
Air Products and Chemicals, Inc.		235		72,974
Dow, Inc.		1,071		52,886
Linde plc		173		78,914
LyondellBasell Industries NV, Class A		1,142		99,183
Nan Pao Resins Chemical Co. Ltd.		2,000		17,436
Sherwin-Williams Co. (The)		210		75,342

				396,735

Construction Materials (0.1%)
GCC SAB de CV		884		7,250
Holcim AG		887		87,488

				94,738

Metals & Mining (0.5%)
BHP Group Ltd.		4,855		134,905
EVERGREEN Steel Corp.		3,493		10,985
Freeport-McMoRan, Inc.		1,109		49,927
Glencore plc		11,854		61,771
Rio Tinto plc		1,103		71,359

				328,947

Total Materials				820,420

Real Estate (3.6%)
Diversified REITs (0.1%)
American Assets Trust, Inc. (REIT)		183		4,932
Empire State Realty Trust, Inc. (REIT), Class A		4,332		45,919

				50,851

Health Care REITs (0.5%)
Alexandria Real Estate Equities, Inc. (REIT)		532		59,345
American Healthcare REIT, Inc. (REIT)		2,029		53,971
CareTrust REIT, Inc. (REIT)		1,963		64,131
Healthpeak Properties, Inc. (REIT)		3,135		70,381
National Health Investors, Inc. (REIT)		619		47,446
Omega Healthcare Investors, Inc. (REIT)		1,428		60,647
Welltower, Inc. (REIT)		91		12,274

				368,195

Hotel & Resort REITs (0.2%)
Invincible Investment Corp. (REIT)		94		38,344
Park Hotels & Resorts, Inc. (REIT)		952		13,223
Summit Hotel Properties, Inc. (REIT)		7,234		44,272
Xenia Hotels & Resorts, Inc. (REIT)		1,982		28,085

				123,924

Industrial REITs (0.6%)
Americold Realty Trust, Inc. (REIT)		2,037		52,310
Goodman Group (REIT)		3,890		92,642
Industrial & Infrastructure Fund Investment Corp. (REIT)		60		45,288
Innovative Industrial Properties, Inc. (REIT)		407		52,581
Plymouth Industrial REIT, Inc. (REIT)		1,941		39,441
Prologis, Inc. (REIT)		1,228		138,690

				420,952

Office REITs (0.1%)
Global One Real Estate Investment Corp. (REIT)		61		39,283
Orix JREIT, Inc. (REIT)		32		33,035

				72,318

Real Estate Management & Development (0.5%)
Azrieli Group Ltd.		658		50,383
Catena AB		845		38,641
CK Asset Holdings Ltd.		15,000		61,439
Daiwa House Industry Co. Ltd.		1,800		53,530
Grainger plc		1,401		4,102
Hulic Co. Ltd. (x)		3,200		29,598
Mobimo Holding AG (Registered)		30		9,282
Poly Property Services Co. Ltd., Class H (m)(x)		5,400		22,348
PSP Swiss Property AG (Registered)		371		52,692
Sansiri PCL		200,900		10,870
Sirius Real Estate Ltd. (REIT)		35,002		40,272

				373,157

Residential REITs (0.5%)
American Homes 4 Rent (REIT), Class A		1,630		57,441
AvalonBay Communities, Inc. (REIT)		327		72,467
Boardwalk REIT (REIT)		750		38,945
Camden Property Trust (REIT)		510		59,053
Centerspace (REIT)		595		41,448
Equity Residential (REIT)		785		55,240
UMH Properties, Inc. (REIT)		2,356		43,939

				368,533

Retail REITs (0.4%)
CBL & Associates Properties, Inc. (REIT) (x)		1,781		47,107
Getty Realty Corp. (REIT)		735		23,072
Mercialys SA (REIT)		3,331		39,218
NNN REIT, Inc. (REIT)		1,282		55,690
Saul Centers, Inc. (REIT)		123		4,814
Tanger, Inc. (REIT)		1,659		55,129
Urban Edge Properties (REIT)		223		4,960
Whitestone REIT (REIT)		3,562		49,084

				279,074

Specialized REITs (0.7%)
American Tower Corp. (REIT)		194		41,427
Big Yellow Group plc (REIT)		276		4,288
Equinix, Inc. (REIT)		188		170,719
Iron Mountain, Inc. (REIT)		845		104,552
National Storage REIT (REIT)		27,711		45,524
Public Storage (REIT)		282		92,795
Safestore Holdings plc (REIT)		3,550		36,995
Shurgard Self Storage Ltd. (REIT)		1,064		45,272

				541,572

Total Real Estate				2,598,576

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2024



	Number of Shares		Value (Note 1)
Utilities (1.3%)
Electric Utilities (0.6%)
Alliant Energy Corp.		914	$	54,840
American Electric Power Co., Inc.		572		56,485
Duke Energy Corp.		638		73,542
Evergy, Inc.		611		36,929
Exelon Corp.		787		30,929
Fortis, Inc.		1,300		56,235
NextEra Energy, Inc.		1,970		156,123

				465,083

Gas Utilities (0.0%)†
Perusahaan Gas Negara Tbk. PT		232,500		23,134

Multi-Utilities (0.7%)
CMS Energy Corp.		735		51,163
Consolidated Edison, Inc.		533		54,195
DTE Energy Co.		754		93,662
National Grid plc		4,431		55,690
NiSource, Inc.		1,808		63,569
Public Service Enterprise Group, Inc.		599		53,557
Sempra		713		59,443
WEC Energy Group, Inc.		562		53,688

				484,967

Total Utilities				973,184

Total Common Stocks (43.6%) (Cost $29,064,708)				32,021,636

EXCHANGE TRADED FUNDS (ETF):
Equity (1.0%)
iShares MSCI India Small-Cap ETF (x)*		6,249		518,105
iShares MSCI South Korea ETF		3,784		226,699

Total Exchange Traded Funds (1.0%) (Cost $760,595)				744,804


	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Foreign Government Treasury Bills (0.9%)
Arab Republic of Egypt 28.96%, 3/11/25 (p)	EGP	38,200,000		706,912


	Number of Shares		Value (Note 1)
Investment Companies (2.9%)
Dreyfus Treasury Obligations Cash Management Fund, Institutional Shares 4.72% (7 day yield) (xx)		200,000		200,000
Invesco Government & Agency Portfolio, Institutional Shares 4.78% (7 day yield) (xx)		1,904,285		1,904,285

Total Investment Companies				2,104,285

Total Short-Term Investments (3.8%) (Cost $2,829,146)				2,811,197

Total Investments in Securities (99.6%) (Cost $69,701,184)				73,253,409
Other Assets Less Liabilities (0.4%)				262,873

Net Assets (100%)			$	73,516,282

*	Non-income producing.

†	Percent shown is less than 0.05%.

§	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At October 31, 2024, the market value of these securities amounted to $19,037,893 or 25.9% of net assets.

(e)	Step Bond - Coupon rate increases or decreases in increments to maturity. Rate disclosed is as of October 31, 2024. Maturity date disclosed is the ultimate maturity date.

(k)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of October 31, 2024.

(l)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of October 31, 2024.

(m)

(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 $4,242,719.

(x)	All or a portion of security is on loan at October 31, 2024.

(xx)

At October 31, 2024, the Fund had loaned securities with a total value of $2,185,348. This was collateralized by $139,968 of various U.S. Government Treasury Securities, ranging from 0.000% – 5.000%, maturing 11/7/24 – 2/15/54 and by cash of $2,104,285 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 October 31, 2024.

Glossary:

ADR

— American Depositary Receipt

BRL

— Brazilian Real

CLO

— Collateralized Loan Obligation

EGP

— Egyptian Pound

ICE

— Intercontinental Exchange

ICE IBA

— ICE Benchmark Administration Limited

REIT

— Real Estate Investment Trust

SOFR

— Secured Overnight Financing Rate

USD

— United States Dollar

UYU

— Uruguayan Peso

See Notes to Financial Statements.

1290 FUNDS

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PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2024



Country Diversification As a Percentage of Total Net Assets
Argentina	0.6	%
Australia	1.2
Belgium	0.1
Brazil	1.3
Canada	1.3
Cayman Islands	1.5
China	0.2
Colombia	0.5
Costa Rica	0.6
Denmark	0.0	#
Ecuador	0.4
Egypt	1.0
Finland	0.3
France	2.0
Germany	1.5
Guatemala	0.6
Hong Kong	0.2
Indonesia	0.0	#
Ireland	0.6
Israel	0.1
Italy	0.7
Japan	1.7
Malaysia	0.1
Mexico	0.3
Netherlands	0.5
Nigeria	0.3
Poland	0.1
Saudi Arabia	0.4
Singapore	0.2
South Africa	0.5
Spain	1.3
Sweden	0.1
Switzerland	1.4
Taiwan	0.7
Thailand	0.0	#
Turkey	0.1
United Kingdom	3.1
United States	73.6
Uruguay	0.5
Cash and Other	0.4

	100.0	%

#	Percent shown is less than 0.05%.

Written Call Options Contracts as of October 31, 2024 (Note 1):

Description

Counterparty

Number of
Contracts

Notional
Amount

Exercise Price

Expiration
Date

Value
($)

S&P 500 Index

Exchange Traded

USD (2,700

)

USD

5,865.00

11/15/2024

(91,260

)

Total Written Options Contracts (Premiums Received ($264,545))

(91,260

)

See Notes to Financial Statements.

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1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2024

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of October 31, 2024:

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



Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities			Level 2 Significant Other Observable Inputs (including quoted prices for 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)		Total
Assets:
Asset-Backed Securities	$	—		$	942,783	$	—	$	942,783
Common Stocks
Communication Services		2,510,202			298,602		—		2,808,804
Consumer Discretionary		2,292,577			656,255		—		2,948,832
Consumer Staples		2,113,447			754,721		—		2,868,168
Energy		1,539,418			160,049		—		1,699,467
Financials		3,891,085			859,922		—		4,751,007
Health Care		2,823,327			555,237		—		3,378,564
Industrials		1,986,711			598,799		—		2,585,510
Information Technology		6,214,522			374,582		—		6,589,104
Materials		436,476			383,944		—		820,420
Real Estate		1,805,530			793,046		—		2,598,576
Utilities		894,360			78,824		—		973,184
Convertible Bonds
Industrials		—			72,420		—		72,420
Corporate Bonds
Communication Services		—			2,042,834		—		2,042,834
Consumer Discretionary		—			3,824,347		—		3,824,347
Consumer Staples		—			559,484		—		559,484
Energy		—			2,070,146		—		2,070,146
Financials		—			13,115,141		—		13,115,141
Health Care		—			498,528		—		498,528
Industrials		—			3,063,973		—		3,063,973
Information Technology		—			1,417,509		—		1,417,509
Materials		—			1,583,294		—		1,583,294
Real Estate		—			867,776		—		867,776
Utilities		—			2,562,794		—		2,562,794
Exchange Traded Funds		744,804			—		—		744,804
Foreign Government Securities		—			2,593,489		—		2,593,489
Short-Term Investments
Foreign Government Treasury Bill		—			706,912		—		706,912
Investment Companies		2,104,285			—		—		2,104,285
U.S. Treasury Obligations		—			2,461,254		—		2,461,254

Total Assets	$	29,356,744		$	43,896,665	$	—	$	73,253,409

Liabilities:
Options Written
Call Options Written	$	(91,260	)	$	—	$	—	$	(91,260	)

Total Liabilities	$	(91,260	)	$	—	$	—	$	(91,260	)

Total	$	29,265,484		$	43,896,665	$	—	$	73,162,149


	Statement of Assets and Liabilities
Derivatives Contracts^	Liability Derivatives	Fair Value
Equity contracts	Payables, Net assets – Unrealized depreciation	$	(91,260	)

Total		$	(91,260	)

See Notes to Financial Statements.

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2024

The Effect of Derivative Instruments on the Statement of Operations for the year ended October 31, 2024:


Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives Contracts^	Options Purchased(1)			Options Written			Forward Foreign Currency Contracts			Total
Foreign exchange contracts	$	—		$	—		$	(967	)	$	(967	)
Equity contracts		(22	)		(1,630,541	)		—			(1,630,563	)

Total	$	(22	)	$	(1,630,541	)	$	(967	)	$	(1,631,530	)


Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives Contracts^	Options Written		Total
Equity contracts	$	52,899	$	52,899

Total	$	52,899	$	52,899

(1)	Included in Realized gain (loss) on investment transactions in the Statement of Operations.

^ The Fund held forward foreign currency contracts for hedging and 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
Forward foreign currency exchange contracts
Average settlement value sold — in USD	$	1,658,000
Options
Average value of option contracts purchased	$	19,000
Average value of option contracts written		193,000

Investment security transactions for the year ended October 31, 2024 were as follows:


Cost of Purchases:
Long-term investments other than U.S. government debt securities	$	90,306,365
Long-term U.S. government debt securities		7,711,090

	$	98,017,455


Net Proceeds of Sales and Redemptions:
Long-term investments other than U.S. government debt securities	$	75,768,862
Long-term U.S. government debt securities		7,123,557

	$	82,892,419


Aggregate gross unrealized appreciation	$	4,791,783
Aggregate gross unrealized depreciation		(1,663,884	)

Net unrealized appreciation	$	3,127,899

Federal income tax cost of investments in securities and derivative instruments, if applicable	$	70,034,250

For the year ended October 31, 2024, the Fund incurred approximately $808 as brokerage commissions with Sanford C. Bernstein & Co., LLC, an affiliated broker/dealer.

See Notes to Financial Statements.

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1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

STATEMENT OF ASSETS AND LIABILITIES

October 31, 2024


ASSETS
Investments in Securities, at value (x) (Cost $69,701,184)	$	73,253,409
Cash		2,357,852
Foreign cash (Cost $324,490)		322,277
Dividends, interest and other receivables		620,201
Receivable for securities sold		557,289
Receivable for Fund shares sold		190,731
Prepaid registration and filing fees		11,038
Securities lending income receivable		2,434
Other assets		5,594

Total assets		77,320,825

LIABILITIES
Payable for return of collateral on securities loaned		2,104,285
Payable for securities purchased		1,336,563
Dividends and distributions payable		150,139
Options written, at value (Premiums received $264,545)		91,260
Payable for Fund shares repurchased		11,128
Administrative fees payable		9,371
Transfer agent fees payable		8,879
Investment advisory fees payable		2,256
Distribution fees payable - Class A		1,102
Trustees’ fees payable		172
Distribution fees payable - Class R		95
Accrued expenses		89,293

Total liabilities		3,804,543

Commitments and contingent liabilities^
NET ASSETS	$	73,516,282

Net assets were comprised of:
Paid in capital	$	69,462,870
Total distributable earnings (loss)		4,053,412

Net assets	$	73,516,282

Class A
Net asset value and redemption price per share, $5,219,190 / 480,496 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.86
Maximum sales charge (4.50% of offering price)		0.51

Maximum offering price per share	$	11.37

Class I
Net asset value, offering and redemption price per share, $68,076,684 / 6,261,448 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.87

Class R
Net asset value, offering and redemption price per share, $220,408 / 20,309 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.85

(x)	Includes value of securities on loan of $2,185,348.

^	See Note 2 in Notes to the Financial Statements.

STATEMENT OF OPERATIONS

For the Year Ended October 31, 2024


INVESTMENT INCOME
Interest	$	2,610,099
Dividends (net of $25,133 foreign withholding tax)		608,772
Securities lending (net)		25,172

Total income		3,244,043

EXPENSES
Investment advisory fees		415,142
Administrative fees		95,811
Professional fees		87,080
Transfer agent fees		65,600
Licensing fees		54,993
Custodian fees		43,400
Registration and filing fees		35,648
Printing and mailing expenses		30,409
Distribution fees - Class A		12,710
Trustees’ fees		2,044
Distribution fees - Class R		984
Miscellaneous		40,221

Gross expenses		884,042
Less: Waiver from investment adviser		(359,264	)

Net expenses		524,778

NET INVESTMENT INCOME (LOSS)		2,719,265

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Investments in securities		3,337,667
Forward foreign currency contracts		(967	)
Foreign currency transactions		(21,282	)
Options written		(1,630,541	)

Net realized gain (loss)		1,684,877

Change in unrealized appreciation (depreciation) on:
Investments in securities		4,744,790
Foreign currency translations		(718	)
Options written		52,899

Net change in unrealized appreciation (depreciation)		4,796,971

NET REALIZED AND UNREALIZED GAIN (LOSS)		6,481,848

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	9,201,113

See Notes to Financial Statements.

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended October 31,
	2024			2023
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	2,719,265		$	2,542,269
Net realized gain (loss)		1,684,877			(728,228	)
Net change in unrealized appreciation (depreciation)		4,796,971			1,058,939

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		9,201,113			2,872,980

Distributions to shareholders:
Class A		(267,367	)		(312,109	)
Class I		(3,098,457	)		(3,146,117	)
Class R		(9,496	)		(10,601	)

Total distributions to shareholders		(3,375,320	)		(3,468,827	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 149,459 and 131,157 shares, respectively ]		1,567,603			1,338,627
Capital shares issued in reinvestment of dividends [ 24,746 and 29,795 shares, respectively ]		259,660			304,713
Capital shares repurchased [ (172,778) and (131,295) shares, respectively ]		(1,815,861	)		(1,318,618	)

Total Class A transactions		11,402			324,722

Class I
Capital shares sold [ 1,735,979 and 350,088 shares, respectively ]		18,401,348			3,576,903
Capital shares issued in reinvestment of dividends [ 62,355 and 30,352 shares, respectively ]		663,366			310,310
Capital shares repurchased [ (358,005) and (217,232) shares, respectively ]		(3,817,026	)		(2,211,946	)

Total Class I transactions		15,247,688			1,675,267

Class R
Capital shares sold [ 2,847 and 194 shares, respectively ]		30,001			1,982
Capital shares issued in reinvestment of dividends [ 407 and 428 shares, respectively ]		4,284			4,367
Capital shares repurchased [ (46) and (402) shares, respectively ]		(496	)		(4,111	)

Total Class R transactions		33,789			2,238

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		15,292,879			2,002,227

TOTAL INCREASE (DECREASE) IN NET ASSETS		21,118,672			1,406,380
NET ASSETS:
Beginning of year		52,397,610			50,991,230

End of year	$	73,516,282		$	52,397,610

See Notes to Financial Statements.

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

FINANCIAL HIGHLIGHTS


	Year Ended October 31,
Class A	2024			2023			2022			2021			2020
Net asset value, beginning of year	$	9.85		$	9.94		$	12.54		$	11.47		$	11.23

Income (loss) from investment operations:
Net investment income (loss) (e)(x)		0.43			0.46			0.16			0.07			0.12
Net realized and unrealized gain (loss)		1.13			0.10			(1.46	)		1.91			0.70

Total from investment operations		1.56			0.56			(1.30	)		1.98			0.82

Less distributions:
Dividends from net investment income		(0.41	)		(0.45	)		(0.24	)		(0.12	)		(0.18	)
Distributions from net realized gains		(0.14	)		(0.20	)		(1.06	)		(0.79	)		(0.40	)

Total dividends and distributions		(0.55	)		(0.65	)		(1.30	)		(0.91	)		(0.58	)

Net asset value, end of year	$	10.86		$	9.85		$	9.94		$	12.54		$	11.47

Total return		16.13	%		5.53	%		(11.35	)%		18.12	%		7.64	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	5,219		$	4,717		$	4,469		$	5,104		$	3,520
Ratio of expenses to average net assets:
After waivers (f)		1.05	%		1.05	%		1.14	%(j)		1.16	%(k)		1.16	%(k)
Before waivers (f)		1.60	%		1.58	%		1.68	%		1.48	%		1.61	%
Ratio of net investment income (loss) to average net assets:
After waivers (f)		4.04	%		4.55	%		1.52	%(x)		0.59	%(x)		1.05	%(x)
Before waivers (f)		3.49	%		4.01	%		0.98	%(x)		0.28	%(x)		0.60	%(x)
Portfolio turnover rate^		136	%		202	%		255	%*		106	%		131	%

	Year Ended October 31,
Class I	2024			2023			2022			2021			2020
Net asset value, beginning of year	$	9.86		$	9.95		$	12.57		$	11.49		$	11.25

Income (loss) from investment operations:
Net investment income (loss) (e)(x)		0.45			0.49			0.18			0.10			0.15
Net realized and unrealized gain (loss)		1.14			0.09			(1.45	)		1.92			0.70

Total from investment operations		1.59			0.58			(1.27	)		2.02			0.85

Less distributions:
Dividends from net investment income		(0.44	)		(0.47	)		(0.29	)		(0.15	)		(0.21	)
Distributions from net realized gains		(0.14	)		(0.20	)		(1.06	)		(0.79	)		(0.40	)

Total dividends and distributions		(0.58	)		(0.67	)		(1.35	)		(0.94	)		(0.61	)

Net asset value, end of year	$	10.87		$	9.86		$	9.95		$	12.57		$	11.49

Total return		16.40	%		5.77	%		(11.10	)%		18.47	%		7.89	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	68,077		$	47,512		$	46,354		$	70,007		$	62,303
Ratio of expenses to average net assets:
After waivers (f)		0.80	%		0.80	%		0.89	%(j)		0.91	%(k)		0.91	%(k)
Before waivers (f)		1.36	%		1.33	%		1.40	%		1.23	%		1.36	%
Ratio of net investment income (loss) to average net assets:
After waivers (f)		4.28	%		4.80	%		1.66	%(x)		0.85	%(x)		1.35	%(x)
Before waivers (f)		3.71	%		4.27	%		1.15	%(x)		0.53	%(x)		0.89	%(x)
Portfolio turnover rate^		136	%		202	%		255	%*		106	%		131	%

See Notes to Financial Statements.

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

FINANCIAL HIGHLIGHTS (Continued)


	Year Ended October 31,
Class R	2024			2023			2022			2021			2020
Net asset value, beginning of year	$	9.84		$	9.94		$	12.51		$	11.44		$	11.21

Income (loss) from investment operations:
Net investment income (loss) (e)(x)		0.40			0.44			0.13			0.04			0.09
Net realized and unrealized gain (loss)		1.14			0.08			(1.45	)		1.92			0.70

Total from investment operations		1.54			0.52			(1.32	)		1.96			0.79

Less distributions:
Dividends from net investment income		(0.39	)		(0.42	)		(0.19	)		(0.10	)		(0.16	)
Distributions from net realized gains		(0.14	)		(0.20	)		(1.06	)		(0.79	)		(0.40	)

Total dividends and distributions		(0.53	)		(0.62	)		(1.25	)		(0.89	)		(0.56	)

Net asset value, end of year	$	10.85		$	9.84		$	9.94		$	12.51		$	11.44

Total return		15.86	%		5.18	%		(11.52	)%		17.87	%		7.30	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	220		$	168		$	168		$	199		$	179
Ratio of expenses to average net assets:
After waivers (f)		1.30	%		1.30	%		1.39	%(j)		1.41	%(k)		1.41	%(k)
Before waivers (f)		1.86	%		1.83	%		1.93	%		1.73	%		1.86	%
Ratio of net investment income (loss) to average net assets:
After waivers (f)		3.78	%		4.30	%		1.26	%(x)		0.35	%(x)		0.84	%(x)
Before waivers (f)		3.22	%		3.77	%		0.72	%(x)		0.03	%(x)		0.39	%(x)
Portfolio turnover rate^		136	%		202	%		255	%*		106	%		131	%

*	The portfolio turnover rate calculation includes purchase and sales made as a result of the replacement of the sub-adviser.

^	Portfolio turnover rate excludes derivatives, if any.

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

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

(j)	Including direct and indirect expenses, the net expense ratio after waivers would be 1.17% for Class A, 0.92% for Class I and 1.42% for Class R.

(k)	Including direct and indirect expenses, the net expense ratio after waivers would be 1.20% for Class A, 0.95% for Class I and 1.45% for Class R.

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

See Notes to Financial Statements.

1290 FUNDS

1290 MULTI-ALTERNATIVE STRATEGIES FUND

PORTFOLIO OF INVESTMENTS

October 31, 2024



	Number of Shares		Value (Note 1)
EXCHANGE TRADED FUNDS (ETF):
Alternatives (23.6%)
iMGP DBi Managed Futures Strategy ETF (x)		65,520	$	1,764,454
NYLI Merger Arbitrage ETF		64,240		2,108,999

Total Alternatives				3,873,453

Commodity (15.5%)
Invesco DB Agriculture Fund		24,570		626,535
Invesco DB Energy Fund		32,960		631,431
Invesco DB Precious Metals Fund		19,240		1,280,922

Total Commodity				2,538,888

Equity (32.4%)
iShares Core U.S. REIT ETF		22,460		1,343,108
JPMorgan Equity Premium Income ETF (x)		29,320		1,720,791
JPMorgan Nasdaq Equity Premium Income ETF		17,210		939,322
Vanguard Global ex-U.S. Real Estate ETF		29,760		1,299,321

Total Equity				5,302,542

Fixed Income (27.5%)
iShares Convertible Bond ETF		29,250		2,455,830
Vanguard Short-Term Inflation-Protected Securities ETF		41,950		2,046,321

Total Fixed Income				4,502,151

Total Exchange Traded Funds (99.0%) (Cost $15,243,508)				16,217,034

SHORT-TERM INVESTMENTS:
Investment Companies (11.2%)
Invesco Government & Agency Portfolio, Institutional Shares 4.78% (7 day yield) (xx)		1,835,495		1,835,495

Total Short-Term Investments (11.2%) (Cost $1,835,495)				1,835,495

Total Investments in Securities (110.2%) (Cost $17,079,003)				18,052,529
Other Assets Less Liabilities (-10.2%)				(1,664,147	)

Net Assets (100%)			$	16,388,382

(x)	All or a portion of security is on loan at October 31, 2024.

(xx)	At October 31, 2024, the Fund had loaned securities with a total value of $1,784,511. This was collateralized by cash of $1,835,495 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.

Glossary:

REIT

— Real Estate Investment Trust

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of October 31, 2024:

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



Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for 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)		Total
Assets:
Exchange Traded Funds
Exchange Traded Funds	$	16,217,034	$	—	$	—	$	16,217,034
Short-Term Investments
Investment Companies		1,835,495		—		—		1,835,495

Total Assets	$	18,052,529	$	—	$	—	$	18,052,529

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	18,052,529	$	—	$	—	$	18,052,529

See Notes to Financial Statements.

1290 FUNDS

1290 MULTI-ALTERNATIVE STRATEGIES FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2024

The Fund held no derivatives contracts during the year ended October 31, 2024.

Investment security transactions for the year ended October 31, 2024 were as follows:


Cost of Purchases:
Long-term investments other than U.S. government debt securities	$	6,100,911
Net Proceeds of Sales and Redemptions:
Long-term investments other than U.S. government debt securities	$	5,047,026


Aggregate gross unrealized appreciation	$	1,074,171
Aggregate gross unrealized depreciation		(437,029	)

Net unrealized appreciation	$	637,142

Federal income tax cost of investments in securities and derivative instruments, if applicable	$	17,415,387

See Notes to Financial Statements.

1290 FUNDS

1290 MULTI-ALTERNATIVE STRATEGIES FUND

STATEMENT OF ASSETS AND LIABILITIES

October 31, 2024


ASSETS
Investments in Securities, at value (x) (Cost $17,079,003)	$	18,052,529
Cash		163,218
Receivable for Fund shares sold		36,884
Prepaid registration and filing fees		14,743
Securities lending income receivable		604
Dividends, interest and other receivables		459
Receivable from investment adviser		18
Other assets		130

Total assets		18,268,585

LIABILITIES
Payable for return of collateral on securities loaned		1,835,495
Transfer agent fees payable		3,374
Distribution fees payable - Class R		68
Distribution fees payable - Class A		67
Trustees’ fees payable		26
Accrued expenses		41,173

Total liabilities		1,880,203

Commitments and contingent liabilities^
NET ASSETS	$	16,388,382

Net assets were comprised of:
Paid in capital	$	17,136,771
Total distributable earnings (loss)		(748,389	)

Net assets	$	16,388,382

Class A
Net asset value and redemption price per share, $314,364 / 32,985 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.53
Maximum sales charge (5.50% of offering price)		0.55

Maximum offering price per share	$	10.08

Class I
Net asset value, offering and redemption price per share, $15,915,623 / 1,666,452 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.55

Class R
Net asset value, offering and redemption price per share, $158,395 / 16,717 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.48

(x)	Includes value of securities on loan of $1,784,511.

^	See Note 2 in Notes to the Financial Statements.

STATEMENT OF OPERATIONS

For the Year Ended October 31, 2024


INVESTMENT INCOME
Dividends	$	493,024
Interest		6,157
Securities lending (net)		14,134

Total income		513,315

EXPENSES
Investment advisory fees		74,498
Professional fees		45,257
Transfer agent fees		32,500
Registration and filing fees		32,401
Administrative fees		29,998
Printing and mailing expenses		15,505
Custodian fees		4,050
Distribution fees - Class A		819
Distribution fees - Class R		657
Trustees’ fees		483
Miscellaneous		9,424

Gross expenses		245,592
Less: Waiver from investment adviser		(104,496	)
Reimbursement from investment adviser		(12,934	)

Net expenses		128,162

NET INVESTMENT INCOME (LOSS)		385,153

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on investments in securities		(304,110	)
Net change in unrealized appreciation (depreciation) on investments in securities		1,843,854

NET REALIZED AND UNREALIZED GAIN (LOSS)		1,539,744

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	1,924,897

See Notes to Financial Statements.

1290 FUNDS

1290 MULTI-ALTERNATIVE STRATEGIES FUND

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended October 31,
	2024			2023
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	385,153		$	160,497
Net realized gain (loss)		(304,110	)		(950,553	)
Net change in unrealized appreciation (depreciation)		1,843,854			995,666

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		1,924,897			205,610

Distributions to shareholders:
Class A		(10,432	)		(11,013	)
Class I		(455,086	)		(335,910	)
Class R		(3,389	)		(2,987	)

Total distributions to shareholders		(468,907	)		(349,910	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 1,160 and 8,423 shares, respectively ]		10,596			72,435
Capital shares issued in reinvestment of dividends [ 884 and 1,008 shares, respectively ]		7,704			8,798
Capital shares repurchased [ (7,754) and (21,036) shares, respectively ]		(70,366	)		(185,838	)

Total Class A transactions		(52,066	)		(104,605	)

Class I
Capital shares sold [ 294,087 and 363,062 shares, respectively ]		2,670,112			3,174,290
Capital shares issued in reinvestment of dividends [ 19,063 and 10,989 shares, respectively ]		166,229			95,937
Capital shares repurchased [ (189,080) and (208,932) shares, respectively ]		(1,693,723	)		(1,836,161	)

Total Class I transactions		1,142,618			1,434,066

Class R
Capital shares sold [ 3,216 and 1,098 shares, respectively ]		29,875			9,495
Capital shares issued in reinvestment of dividends [ 101 and 116 shares, respectively ]		879			1,005
Capital shares repurchased [ (52) and (2,826) shares, respectively ]		(474	)		(24,515	)

Total Class R transactions		30,280			(14,015	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		1,120,832			1,315,446

TOTAL INCREASE (DECREASE) IN NET ASSETS		2,576,822			1,171,146
NET ASSETS:
Beginning of year		13,811,560			12,640,414

End of year	$	16,388,382		$	13,811,560

See Notes to Financial Statements.

1290 FUNDS

1290 MULTI-ALTERNATIVE STRATEGIES FUND

FINANCIAL HIGHLIGHTS


	Year Ended October 31,
Class A	2024			2023			2022			2021			2020
Net asset value, beginning of year	$	8.65		$	8.74		$	11.27		$	9.92		$	10.32

Income (loss) from investment operations:
Net investment income (loss) (e)(x)		0.22			0.09			0.15			0.26			0.10
Net realized and unrealized gain (loss)		0.93			0.04			(1.65	)		1.15			(0.30	)

Total from investment operations		1.15			0.13			(1.50	)		1.41			(0.20	)

Less distributions:
Dividends from net investment income		(0.27	)		(0.22	)		(0.16	)		(0.06	)		(0.20	)
Distributions from net realized gains		—			—			(0.87	)		—			—

Total dividends and distributions		(0.27	)		(0.22	)		(1.03	)		(0.06	)		(0.20	)

Net asset value, end of year	$	9.53		$	8.65		$	8.74		$	11.27		$	9.92

Total return		13.62	%		1.48	%		(14.28	)%		14.24	%		(2.01	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	314		$	335		$	440		$	670		$	556
Ratio of expenses to average net assets:
After waivers and reimbursements (f)		1.10	%		1.10	%		1.10	%		1.13	%(j)		1.06	**(k)
Before waivers and reimbursements (f)		1.88	%		2.01	%		1.86	%		1.78	%		1.97	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (f)		2.42	%		1.07	%		1.55	%		2.34	%(x)		1.03	%(x)
Before waivers and reimbursements (f)		1.64	%		0.16	%		0.79	%		1.69	%(x)		0.12	%(x)
Portfolio turnover rate^		34	%		66	%		26	%		66	%		15	%

	Year Ended October 31,
Class I	2024			2023			2022			2021			2020
Net asset value, beginning of year	$	8.66		$	8.76		$	11.29		$	9.94		$	10.34

Income (loss) from investment operations:
Net investment income (loss) (e)(x)		0.24			0.11			0.17			0.27			0.13
Net realized and unrealized gain (loss)		0.94			0.03			(1.64	)		1.16			(0.31	)

Total from investment operations		1.18			0.14			(1.47	)		1.43			(0.18	)

Less distributions:
Dividends from net investment income		(0.29	)		(0.24	)		(0.19	)		(0.08	)		(0.22	)
Distributions from net realized gains		—			—			(0.87	)		—			—

Total dividends and distributions		(0.29	)		(0.24	)		(1.06	)		(0.08	)		(0.22	)

Net asset value, end of year	$	9.55		$	8.66		$	8.76		$	11.29		$	9.94

Total return		14.00	%		1.63	%		(14.04	)%		14.48	%		(1.76	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	15,916		$	13,361		$	12,070		$	16,054		$	13,776
Ratio of expenses to average net assets:
After waivers and reimbursements (f)		0.85	%		0.85	%		0.85	%		0.88	%(j)		0.81	**(k)
Before waivers and reimbursements (f)		1.64	%		1.78	%		1.61	%		1.53	%		1.71	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (f)		2.59	%		1.22	%		1.75	%		2.45	%(x)		1.36	%(x)
Before waivers and reimbursements (f)		1.80	%		0.29	%		0.99	%		1.80	%(x)		0.46	%(x)
Portfolio turnover rate^		34	%		66	%		26	%		66	%		15	%

See Notes to Financial Statements.

1290 FUNDS

1290 MULTI-ALTERNATIVE STRATEGIES FUND

FINANCIAL HIGHLIGHTS (Continued)


	Year Ended October 31,
Class R	2024			2023			2022			2021			2020
Net asset value, beginning of year	$	8.60		$	8.70		$	11.21		$	9.87		$	10.27

Income (loss) from investment operations:
Net investment income (loss) (e)(x)		0.19			0.07			0.12			0.21			0.06
Net realized and unrealized gain (loss)		0.94			0.03			(1.62	)		1.16			(0.29	)

Total from investment operations		1.13			0.10			(1.50	)		1.37			(0.23	)

Less distributions:
Dividends from net investment income		(0.25	)		(0.20	)		(0.14	)		(0.03	)		(0.17	)
Distributions from net realized gains		—			—			(0.87	)		—			—

Total dividends and distributions		(0.25	)		(0.20	)		(1.01	)		(0.03	)		(0.17	)

Net asset value, end of year	$	9.48		$	8.60		$	8.70		$	11.21		$	9.87

Total return		13.42	%		1.10	%		(14.39	)%		13.95	%		(2.27	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	158		$	116		$	131		$	187		$	136
Ratio of expenses to average net assets:
After waivers and reimbursements (f)		1.35	%		1.35	%		1.35	%		1.38	%(j)		1.31	**(k)
Before waivers and reimbursements (f)		2.14	%		2.27	%		2.11	%		2.03	%		2.23	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (f)		2.05	%		0.77	%		1.25	%		1.96	%(x)		0.65	%(x)
Before waivers and reimbursements (f)		1.26	%		(0.15	)%		0.48	%		1.31	%(x)		(0.26	)%(x)
Portfolio turnover rate^		34	%		66	%		26	%		66	%		15	%

**	Includes Tax expense of 0.01%.

^	Portfolio turnover rate excludes derivatives, if any.

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

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

(j)	Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.60% for Class A, 1.35% for Class I and 1.85% for Class R.

(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.

See Notes to Financial Statements.

1290 FUNDS

1290 RETIREMENT 2020 FUND

PORTFOLIO OF INVESTMENTS

October 31, 2024



	Number of Shares		Value (Note 1)
EXCHANGE TRADED FUNDS (ETF):
Equity (42.4%)
Invesco S&P 500 Low Volatility ETF		4,700	$	333,606
Invesco S&P Emerging Markets Low Volatility ETF		600		14,958
Invesco S&P International Developed Low Volatility ETF		6,110		176,586
Invesco S&P MidCap Low Volatility ETF		3,200		195,619
Invesco S&P SmallCap Low Volatility ETF		1,270		59,665
iShares Core MSCI EAFE ETF		4,700		346,766
iShares Core MSCI Emerging Markets ETF		440		24,473
iShares Core S&P Total U.S. Stock Market ETF		7,710		961,822
iShares MSCI EAFE Min Vol Factor ETF		2,410		177,979
iShares MSCI Emerging Markets Min Vol Factor ETF		230		13,885
iShares MSCI USA Min Vol Factor ETF		3,680		331,163
SPDR SSGA US Small Cap Low Volatility Index ETF		490		61,370

Total Equity				2,697,892

Fixed Income (57.5%)
iShares Broad USD High Yield Corporate Bond ETF		6,970		258,796
iShares Core U.S. Aggregate Bond ETF		20,670		2,034,341
iShares TIPS Bond ETF		5,100		552,381
Vanguard Short-Term Bond ETF		6,450		500,778
Vanguard Total International Bond ETF (x)		6,120		304,899

Total Fixed Income				3,651,195

Total Exchange Traded Funds (99.9%) (Cost $6,158,922)				6,349,087

SHORT-TERM INVESTMENTS:
Investment Companies (1.2%)
Invesco Government & Agency Portfolio, Institutional Shares 4.78% (7 day yield) (xx)		76,200		76,200

Total Short-Term Investments (1.2%) (Cost $76,200)				76,200

Total Investments in Securities (101.1%) (Cost $6,235,122)				6,425,287
Other Assets Less Liabilities (-1.1%)				(70,305	)

Net Assets (100%)			$	6,354,982

(x)	All or a portion of security is on loan at October 31, 2024.

(xx)	At October 31, 2024, the Fund had loaned securities with a total value of $74,730. This was collateralized by cash of $76,200 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.

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 October 31, 2024:

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



Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for 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)		Total
Assets:
Exchange Traded Funds
Exchange Traded Funds	$	6,349,087	$	—	$	—	$	6,349,087
Short-Term Investments
Investment Companies		76,200		—		—		76,200

Total Assets	$	6,425,287	$	—	$	—	$	6,425,287

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	6,425,287	$	—	$	—	$	6,425,287

The Fund held no derivatives contracts during the year ended October 31, 2024.

See Notes to Financial Statements.

1290 FUNDS

1290 RETIREMENT 2020 FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2024

Investment security transactions for the year ended October 31, 2024 were as follows:


Cost of Purchases:
Long-term investments other than U.S. government debt securities	$	469,459
Net Proceeds of Sales and Redemptions:
Long-term investments other than U.S. government debt securities	$	1,701,391


Aggregate gross unrealized appreciation	$	593,035
Aggregate gross unrealized depreciation		(470,775	)

Net unrealized appreciation	$	122,260

Federal income tax cost of investments in securities and derivative instruments, if applicable	$	6,303,027

See Notes to Financial Statements.

1290 FUNDS

1290 RETIREMENT 2020 FUND

STATEMENT OF ASSETS AND LIABILITIES

October 31, 2024


ASSETS
Investments in Securities, at value (x) (Cost $6,235,122)	$	6,425,287
Cash		40,966
Prepaid registration and filing fees		4,745
Receivable from investment adviser		4,550
Dividends, interest and other receivables		125
Securities lending income receivable		61
Other assets		163

Total assets		6,475,897

LIABILITIES
Payable for return of collateral on securities loaned		76,200
Accrued professional fees		36,519
Payable for Fund shares repurchased		3,099
Transfer agent fees payable		1,911
Trustees’ fees payable		53
Accrued expenses		3,133

Total liabilities		120,915

Commitments and contingent liabilities^
NET ASSETS	$	6,354,982

Net assets were comprised of:
Paid in capital	$	5,925,816
Total distributable earnings (loss)		429,166

Net assets	$	6,354,982

Class I
Net asset value, offering and redemption price per share, $6,354,982 / 585,626 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.85

(x)	Includes value of securities on loan of $74,730.

^	See Note 2 in Notes to the Financial Statements.

STATEMENT OF OPERATIONS

For the Year Ended October 31, 2024


INVESTMENT INCOME
Dividends	$	203,795
Interest		2,065
Securities lending (net)		1,082

Total income		206,942

EXPENSES
Professional fees		42,835
Investment advisory fees		33,212
Administrative fees		29,997
Registration and filing fees		19,868
Printing and mailing expenses		13,027
Transfer agent fees		10,800
Custodian fees		3,600
Trustees’ fees		219
Miscellaneous		6,936

Gross expenses		160,494
Less: Waiver from investment adviser		(63,209	)
Reimbursementfrom investment adviser		(60,268	)

Net expenses		37,017

NET INVESTMENT INCOME (LOSS)		169,925

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on investments in securities		185,590
Net change in unrealized appreciation (depreciation) on investments in securities		732,170

NET REALIZED AND UNREALIZED GAIN (LOSS)		917,760

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	1,087,685

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended October 31,
	2024			2023
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	169,925		$	171,731
Net realized gain (loss)		185,590			87,190
Net change in unrealized appreciation (depreciation)		732,170			10,000

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		1,087,685			268,921

Distributions to shareholders:
Class I		(261,255	)		(774,969	)

CAPITAL SHARES TRANSACTIONS:
Class I
Capital shares sold [ 68,814 and 39,358 shares, respectively ]		710,608			390,126
Capital shares issued in reinvestment of dividends [21,409 and 66,431 shares, respectively]		215,378			653,020
Capital shares repurchased [ (201,280) and (174,676) shares, respectively ]		(2,085,580	)		(1,754,007	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(1,159,594	)		(710,861	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		(333,164	)		(1,216,909	)
NET ASSETS:
Beginning of year		6,688,146			7,905,055

End of year	$	6,354,982		$	6,688,146

See Notes to Financial Statements.

1290 FUNDS

1290 RETIREMENT 2020 FUND

FINANCIAL HIGHLIGHTS


Class I	Year Ended October 31,
Class I	2024			2023			2022			2021			2020
Net asset value, beginning of year	$	9.60		$	10.33		$	12.61		$	11.30		$	11.57

Income (loss) from investment operations:
Net investment income (loss) (e)(x)		0.27			0.22			0.25			0.17			0.22
Net realized and unrealized gain (loss)		1.36			0.07			(1.91	)		1.60			(0.10	)

Total from investment operations		1.63			0.29			(1.66	)		1.77			0.12

Less distributions:
Dividends from net investment income		(0.25	)		(0.27	)		(0.15	)		(0.20	)		(0.24	)
Distributions from net realized gains		(0.13	)		(0.75	)		(0.47	)		(0.26	)		(0.15	)

Total dividends and distributions		(0.38	)		(1.02	)		(0.62	)		(0.46	)		(0.39	)

Net asset value, end of year	$	10.85		$	9.60		$	10.33		$	12.61		$	11.30

Total return		17.31	%		2.52	%		(13.85	)%		15.99	%		1.03	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	6,355		$	6,688		$	7,905		$	12,810		$	12,168
Ratio of expenses to average net assets:
After waivers and reimbursements (f)		0.56	%(j)		0.55	%(j)		0.55	%(j)		0.54	%(j)		0.53	%**(j)
Before waivers and reimbursements (f)		2.42	%		2.18	%		1.86	%		1.60	%		1.93	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (f)(x)		2.56	%		2.21	%		2.18	%		1.38	%		1.95	%
Before waivers and reimbursements (f)(x)		0.70	%		0.59	%		0.87	%		0.31	%		0.56	%
Portfolio turnover rate^		7	%		5	%		13	%		17	%		32	%

**	Includes tax expense of less than 0.005%.

^	Portfolio turnover rate excludes derivatives, if any.

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

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

(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.

See Notes to Financial Statements.

1290 FUNDS

1290 RETIREMENT 2025 FUND

PORTFOLIO OF INVESTMENTS

October 31, 2024



	Number of Shares		Value (Note 1)
EXCHANGE TRADED FUNDS (ETF):
Equity (53.0%)
Invesco S&P 500 Low Volatility ETF		14,620	$	1,037,728
Invesco S&P Emerging Markets Low Volatility ETF		5,070		126,395
Invesco S&P International Developed Low Volatility ETF		17,930		518,199
Invesco S&P MidCap Low Volatility ETF		9,050		553,235
Invesco S&P SmallCap Low Volatility ETF		5,850		274,833
iShares Core MSCI EAFE ETF		14,540		1,072,761
iShares Core MSCI Emerging Markets ETF		4,900		272,538
iShares Core S&P Total U.S. Stock Market ETF		25,540		3,186,115
iShares MSCI EAFE Min Vol Factor ETF		7,140		527,289
iShares MSCI Emerging Markets Min Vol Factor ETF		2,150		129,795
iShares MSCI USA Min Vol Factor ETF		11,360		1,022,286
SPDR SSGA US Small Cap Low Volatility Index ETF		2,170		271,783

Total Equity				8,992,957

Fixed Income (46.9%)
iShares Broad USD High Yield Corporate Bond ETF		15,650		581,085
iShares Core U.S. Aggregate Bond ETF		49,200		4,842,264
iShares TIPS Bond ETF		11,230		1,216,321
Vanguard Short-Term Bond ETF		9,480		736,027
Vanguard Total International Bond ETF		11,910		593,356

Total Fixed Income				7,969,053

Total Investments in Securities (99.9%) (Cost $15,766,612)				16,962,010
Other Assets Less Liabilities (0.1%)				15,676

Net Assets (100%)			$	16,977,686

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 October 31, 2024:

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



Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for 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)		Total
Assets:
Exchange Traded Funds
Exchange Traded Funds	$	16,962,010	$	—	$	—	$	16,962,010

Total Assets	$	16,962,010	$	—	$	—	$	16,962,010

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	16,962,010	$	—	$	—	$	16,962,010

The Fund held no derivatives contracts during the year ended October 31, 2024.

Investment security transactions for the year ended October 31, 2024 were as follows:


Cost of Purchases:
Long-term investments other than U.S. government debt securities	$	3,774,771
Net Proceeds of Sales and Redemptions:
Long-term investments other than U.S. government debt securities	$	4,056,039

See Notes to Financial Statements.

1290 FUNDS

1290 RETIREMENT 2025 FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2024


Aggregate gross unrealized appreciation	$	1,828,179
Aggregate gross unrealized depreciation		(842,084	)

Net unrealized appreciation	$	986,095

Federal income tax cost of investments in securities and derivative instruments, if applicable	$	15,975,915

See Notes to Financial Statements.

1290 FUNDS

1290 RETIREMENT 2025 FUND

STATEMENT OF ASSETS AND LIABILITIES

October 31, 2024


ASSETS
Investments in Securities, at value (Cost $15,766,612)	$	16,962,010
Cash		52,359
Prepaid registration and filing fees		5,219
Receivable from investment adviser		1,425
Dividends, interest and other receivables		365
Securities lending income receivable		123
Receivable for Fund shares sold		53
Other assets		158

Total assets		17,021,712

LIABILITIES
Transfer agent fees payable		1,286
Payable for Fund shares repurchased		907
Trustees’ fees payable		65
Accrued expenses		41,768

Total liabilities		44,026

Commitments and contingent liabilities^

NET ASSETS	$	16,977,686

Net assets were comprised of:
Paid in capital	$	15,227,147
Total distributable earnings (loss)		1,750,539

Net assets	$	16,977,686

Class I
Net asset value, offering and redemption price per share, $16,977,686 / 1,445,113 shares outstanding (unlimited amount authorized: $0.001 par value)	$	11.75

^	See Note 2 in Notes to the Financial Statements.

STATEMENT OF OPERATIONS

For the Year Ended October 31, 2024


INVESTMENT INCOME
Dividends	$	482,229
Interest		3,170
Securities lending (net)		2,969

Total income		488,368

EXPENSES
Investment advisory fees		82,296
Professional fees		45,871
Administrative fees		29,992
Registration and filing fees		20,569
Printing and mailing expenses		16,538
Transfer agent fees		11,200
Custodian fees		4,800
Trustees’ fees		533
Miscellaneous		7,926

Gross expenses		219,725
Less: Waiver from investment adviser		(112,288	)
Reimbursement from investment adviser		(16,753	)

Net expenses		90,684

NET INVESTMENT INCOME (LOSS)		397,684

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on investments in securities		445,972
Net change in unrealized appreciation (depreciation) on investments in securities		2,023,444

NET REALIZED AND UNREALIZED GAIN (LOSS)		2,469,416

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	2,867,100

See Notes to Financial Statements.

1290 FUNDS

1290 RETIREMENT 2025 FUND

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended October 31,
	2024			2023
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	397,684		$	352,964
Net realized gain (loss)		445,972			285,691
Net change in unrealized appreciation (depreciation)		2,023,444			(78,351	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		2,867,100			560,304

Distributions to shareholders:
Class I		(673,799	)		(1,124,758	)

CAPITAL SHARES TRANSACTIONS:
Class I
Capital shares sold [ 439,009 and 235,235 shares, respectively ]		4,841,457			2,505,220
Capital shares issued in reinvestment of dividends [ 62,574 and 107,018 shares, respectively ]		673,299			1,124,758
Capital shares repurchased [ (503,345) and (449,840) shares, respectively ]		(5,597,497	)		(4,795,626	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(82,741	)		(1,165,648	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		2,110,560			(1,730,102	)
NET ASSETS:
Beginning of year		14,867,126			16,597,228

End of year	$	16,977,686		$	14,867,126

See Notes to Financial Statements.

1290 FUNDS

1290 RETIREMENT 2025 FUND

FINANCIAL HIGHLIGHTS


	Year Ended October 31,
Class I	2024			2023			2022			2021			2020
Net asset value, beginning of year	$	10.28		$	10.68		$	13.13		$	11.42		$	11.81

Income (loss) from investment operations:
Net investment income (loss) (e)(x)		0.27			0.22			0.23			0.17			0.21
Net realized and unrealized gain (loss)		1.67			0.11			(2.00	)		1.96			(0.15	)

Total from investment operations		1.94			0.33			(1.77	)		2.13			0.06

Less distributions:
Dividends from net investment income		(0.25	)		(0.25	)		(0.17	)		(0.20	)		(0.23	)
Distributions from net realized gains		(0.22	)		(0.48	)		(0.51	)		(0.22	)		(0.22	)

Total dividends and distributions		(0.47	)		(0.73	)		(0.68	)		(0.42	)		(0.45	)

Net asset value, end of year	$	11.75		$	10.28		$	10.68		$	13.13		$	11.42

Total return		19.26	%		2.94	%		(14.20	)%		19.05	%		0.47	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	16,978		$	14,867		$	16,597		$	23,581		$	20,456
Ratio of expenses to average net assets:
After waivers and reimbursements (f)		0.55	%(j)		0.55	%(j)		0.55	%(j)		0.54	%(j)		0.54	%**(j)
Before waivers and reimbursements (f)		1.33	%		1.35	%		1.26	%		1.18	%		1.43	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (f)(x)		2.42	%		2.11	%		2.00	%		1.33	%		1.88	%
Before waivers and reimbursements (f)(x)		1.63	%		1.31	%		1.29	%		0.68	%		0.99	%
Portfolio turnover rate^		23	%		12	%		7	%		17	%		34	%

**	Includes tax expense of less than 0.005%.

^	Portfolio turnover rate excludes derivatives, if any.

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

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

(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.

See Notes to Financial Statements.

1290 FUNDS

1290 RETIREMENT 2030 FUND

PORTFOLIO OF INVESTMENTS

October 31, 2024



	Number of Shares		Value (Note 1)
EXCHANGE TRADED FUNDS (ETF):
Equity (63.0%)
Invesco S&P 500 Low Volatility ETF		13,060	$	926,999
Invesco S&P Emerging Markets Low Volatility ETF		4,220		105,205
Invesco S&P International Developed Low Volatility ETF		17,160		495,944
Invesco S&P MidCap Low Volatility ETF		8,310		507,998
Invesco S&P SmallCap Low Volatility ETF		4,810		225,974
iShares Core MSCI EAFE ETF		12,960		956,189
iShares Core MSCI Emerging Markets ETF		4,100		228,042
iShares Core S&P Total U.S. Stock Market ETF		22,000		2,744,500
iShares MSCI EAFE Min Vol Factor ETF		6,760		499,226
iShares MSCI Emerging Markets Min Vol Factor ETF		1,890		114,099
iShares MSCI USA Min Vol Factor ETF		9,970		897,200
SPDR SSGA US Small Cap Low Volatility Index ETF		1,930		241,724

Total Equity				7,943,100

Fixed Income (36.5%)
iShares Broad USD High Yield Corporate Bond ETF		4,670		173,397
iShares Core U.S. Aggregate Bond ETF		34,140		3,360,059
iShares TIPS Bond ETF		6,290		681,270
Vanguard Short-Term Bond ETF		2,770		215,063
Vanguard Total International Bond ETF		3,430		170,882

Total Fixed Income				4,600,671

Total Exchange Traded Funds (99.5%) (Cost $11,725,950)				12,543,771

SHORT-TERM INVESTMENTS:
Investment Companies (0.3%)
JPMorgan Prime Money Market Fund, IM Shares 5.02% (7 day yield)		37,644		37,659

Total Short-Term Investments (0.3%) (Cost $37,659)				37,659

Total Investments in Securities (99.8%) (Cost $11,763,609)				12,581,430
Other Assets Less Liabilities (0.2%)				29,618

Net Assets (100%)			$	12,611,048

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 October 31, 2024:

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



Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for 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)		Total
Assets:
Exchange Traded Funds
Exchange Traded Funds	$	12,543,771	$	—	$	—	$	12,543,771
Short-Term Investments
Investment Companies		37,659		—		—		37,659

Total Assets	$	12,581,430	$	—	$	—	$	12,581,430

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	12,581,430	$	—	$	—	$	12,581,430

The Fund held no derivatives contracts during the year ended October 31, 2024.

Investment security transactions for the year ended October 31, 2024 were as follows:


Cost of Purchases:
Long-term investments other than U.S. government debt securities	$	2,764,144
Net Proceeds of Sales and Redemptions:
Long-term investments other than U.S. government debt securities	$	940,729

See Notes to Financial Statements.

1290 FUNDS

1290 RETIREMENT 2030 FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2024


Aggregate gross unrealized appreciation	$	1,157,256
Aggregate gross unrealized depreciation		(450,368	)

Net unrealized appreciation	$	706,888

Federal income tax cost of investments in securities and derivative instruments, if applicable	$	11,874,542

See Notes to Financial Statements.

1290 FUNDS

1290 RETIREMENT 2030 FUND

STATEMENT OF ASSETS AND LIABILITIES

October 31, 2024


ASSETS
Investments in Securities, at value (Cost $11,763,609)	$	12,581,430
Cash		74,999
Prepaid registration and filing fees		4,952
Receivable from investment adviser		2,514
Dividends, interest and other receivables		408
Securities lending income receivable		52
Other assets		130

Total assets		12,664,485

LIABILITIES
Payable for Fund shares repurchased		11,570
Transfer agent fees payable		1,468
Accrued expenses		40,399

Total liabilities		53,437

Commitments and contingent liabilities^
NET ASSETS	$	12,611,048

Net assets were comprised of:
Paid in capital	$	11,602,747
Total distributable earnings (loss)		1,008,301

Net assets	$	12,611,048

Class I
Net asset value, offering and redemption price per share, $12,611,048 / 1,008,639 shares outstanding (unlimited amount authorized: $0.001 par value)	$	12.50

^	See Note 2 in Notes to the Financial Statements.

STATEMENT OF OPERATIONS

For the Year Ended October 31, 2024


INVESTMENT INCOME
Dividends	$	291,785
Interest		2,771
Securities lending (net)		1,796

Total income		296,352

EXPENSES
Investment advisory fees		55,072
Professional fees		44,005
Administrative fees		29,994
Registration and filing fees		20,010
Printing and mailing expenses		14,782
Transfer agent fees		10,900
Custodian fees		4,000
Trustees’ fees		350
Miscellaneous		7,468

Gross expenses		186,581
Less: Waiver from investment adviser		(85,066	)
Reimbursement from investment adviser		(41,321	)

Net expenses		60,194

NET INVESTMENT INCOME (LOSS)		236,158

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on investments in securities		82,578
Net change in unrealized appreciation (depreciation) on investments in securities		1,650,665

NET REALIZED AND UNREALIZED GAIN (LOSS)		1,733,243

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	1,969,401

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended October 31,
	2024			2023
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	236,158		$	184,571
Net realized gain (loss)		82,578			54,485
Net change in unrealized appreciation (depreciation)		1,650,665			23,275

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		1,969,401			262,331

Distributions to shareholders:
Class I		(271,641	)		(714,090	)

CAPITAL SHARES TRANSACTIONS:
Class I
Capital shares sold [ 287,043 and 142,572 shares, respectively ]		3,377,486			1,577,098
Capital shares issued in reinvestment of dividends [ 20,470 and 55,551 shares, respectively ]		232,125			603,279
Capital shares repurchased [ (144,694) and (117,723) shares, respectively ]		(1,673,755	)		(1,279,195	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		1,935,856			901,182

TOTAL INCREASE (DECREASE) IN NET ASSETS		3,633,616			449,423
NET ASSETS:
Beginning of year		8,977,432			8,528,009

End of year	$	12,611,048		$	8,977,432

See Notes to Financial Statements.

1290 FUNDS

1290 RETIREMENT 2030 FUND

FINANCIAL HIGHLIGHTS


	Year Ended October 31,
Class I	2024			2023			2022			2021			2020
Net asset value, beginning of year	$	10.61		$	11.14		$	13.31		$	11.57		$	11.89

Income (loss) from investment operations:
Net investment income (loss) (e)(x)		0.25			0.22			0.24			0.16			0.22
Net realized and unrealized gain (loss)		1.97			0.16			(2.13	)		2.30			(0.30	)

Total from investment operations		2.22			0.38			(1.89	)		2.46			(0.08	)

Less distributions:
Dividends from net investment income		(0.23	)		(0.25	)		(0.14	)		(0.20	)		(0.21	)
Distributions from net realized gains		(0.10	)		(0.66	)		(0.14	)		(0.52	)		(0.03	)

Total dividends and distributions		(0.33	)		(0.91	)		(0.28	)		(0.72	)		(0.24	)

Net asset value, end of year	$	12.50		$	10.61		$	11.14		$	13.31		$	11.57

Total return		21.18	%		3.20	%		(14.52	)%		21.98	%		(0.68	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	12,611		$	8,977		$	8,528		$	10,698		$	5,682
Ratio of expenses to average net assets:
After waivers and reimbursements (f)		0.55	%(j)		0.55	%(j)		0.54	%(j)		0.54	%(j)		0.54	%**(j)
Before waivers and reimbursements (f)		1.69	%		1.91	%		1.85	%		2.14	%		2.88	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (f)(x)		2.14	%		1.99	%		1.97	%		1.24	%		1.95	%
Before waivers and reimbursements (f)(x)		1.00	%		0.62	%		0.66	%		(0.36	)%		(0.40	)%
Portfolio turnover rate^		9	%		9	%		30	%		8	%		38	%

**	Includes tax expense of less than 0.005%.

^	Portfolio turnover rate excludes derivatives, if any.

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

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

(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.

See Notes to Financial Statements.

1290 FUNDS

1290 RETIREMENT 2035 FUND

PORTFOLIO OF INVESTMENTS

October 31, 2024



	Number of Shares		Value (Note 1)
EXCHANGE TRADED FUNDS (ETF):
Equity (71.8%)
Invesco S&P 500 Low Volatility ETF		17,860	$	1,267,703
Invesco S&P Emerging Markets Low Volatility ETF		6,790		169,275
Invesco S&P International Developed Low Volatility ETF		24,590		710,680
Invesco S&P MidCap Low Volatility ETF		12,270		750,076
Invesco S&P SmallCap Low Volatility ETF		6,870		322,753
iShares Core MSCI EAFE ETF		18,690		1,378,948
iShares Core MSCI Emerging Markets ETF		5,590		310,916
iShares Core S&P Total U.S. Stock Market ETF		31,580		3,939,605
iShares MSCI EAFE Min Vol Factor ETF		9,780		722,253
iShares MSCI Emerging Markets Min Vol Factor ETF		2,940		177,488
iShares MSCI USA Min Vol Factor ETF		14,150		1,273,358
SPDR SSGA US Small Cap Low Volatility Index ETF		2,800		350,687

Total Equity				11,373,742

Fixed Income (27.9%)
iShares Core U.S. Aggregate Bond ETF		38,260		3,765,550
iShares TIPS Bond ETF		6,020		652,026

Total Fixed Income				4,417,576

Total Exchange Traded Funds (99.7%) (Cost $13,613,838)				15,791,318

	Number of Shares		Value (Note 1)
SHORT-TERM INVESTMENTS:
Investment Companies (0.1%)
JPMorgan Prime Money Market Fund, IM Shares 5.02% (7 day yield)		8,778	$	8,781

Total Short-Term Investments (0.1%) (Cost $8,781)				8,781

Total Investments in Securities (99.8%) (Cost $13,622,619)				15,800,099
Other Assets Less Liabilities (0.2%)				43,979

Net Assets (100%)			$	15,844,078

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 October 31, 2024:

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



Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for 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)		Total
Assets:
Exchange Traded Funds
Exchange Traded Funds	$	15,791,318	$	—	$	—	$	15,791,318
Short-Term Investments
Investment Companies	$	8,781		—		—	$	8,781

Total Assets	$	15,800,099	$	—	$	—	$	15,800,099

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	15,800,099	$	—	$	—	$	15,800,099

See Notes to Financial Statements.

1290 FUNDS

1290 RETIREMENT 2035 FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2024

The Fund held no derivatives contracts during the year ended October 31, 2024.

Investment security transactions for the year ended October 31, 2024 were as follows:


Cost of Purchases:
Long-term investments other than U.S. government debt securities	$	3,616,152
Net Proceeds of Sales and Redemptions:
Long-term investments other than U.S. government debt securities	$	276,244


Aggregate gross unrealized appreciation	$	2,550,924
Aggregate gross unrealized depreciation		(454,499	)

Net unrealized appreciation	$	2,096,425

Federal income tax cost of investments in securities and derivative instruments, if applicable	$	13,703,674

See Notes to Financial Statements.

1290 FUNDS

1290 RETIREMENT 2035 FUND

STATEMENT OF ASSETS AND LIABILITIES

October 31, 2024


ASSETS
Investments in Securities, at value (Cost $13,622,619)	$	15,800,099
Cash		75,000
Prepaid registration and filing fees		5,111
Receivable for Fund shares sold		4,050
Receivable from investment adviser		1,586
Dividends, interest and other receivables		450
Securities lending income receivable		77
Other assets		145

Total assets		15,886,518

LIABILITIES
Transfer agent fees payable		1,236
Accrued expenses		41,204

Total liabilities		42,440

Commitments and contingent liabilities^

NET ASSETS	$	15,844,078

Net assets were comprised of:
Paid in capital	$	13,481,897
Total distributable earnings (loss)		2,362,181

Net assets	$	15,844,078

Class I
Net asset value, offering and redemption price per share, $15,844,078 / 1,200,199 shares outstanding (unlimited amount authorized: $0.001 par value)	$	13.20

^	See Note 2 in Notes to the Financial Statements.

STATEMENT OF OPERATIONS

For the Year Ended October 31, 2024


INVESTMENT INCOME
Dividends	$	353,992
Interest		3,407
Securities lending (net)		2,032

Total income		359,431

EXPENSES
Investment advisory fees		70,340
Professional fees		44,728
Administrative fees		29,989
Registration and filing fees		20,130
Printing and mailing expenses		16,005
Transfer agent fees		11,250
Custodian fees		3,350
Trustees’ fees		452
Miscellaneous		7,599

Gross expenses		203,843
Less: Waiver from investment adviser		(100,329	)
Reimbursement from investment adviser		(27,268	)

Net expenses		76,246

NET INVESTMENT INCOME (LOSS)		283,185

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on investments in securities		56,747
Net change in unrealized appreciation (depreciation) on investments in securities		2,240,744

NET REALIZED AND UNREALIZED GAIN (LOSS)		2,297,491

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	2,580,676

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended October 31,
	2024			2023
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	283,185		$	203,467
Net realized gain (loss)		56,747			125,644
Net change in unrealized appreciation (depreciation)		2,240,744			52,869

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		2,580,676			381,980

Distributions to shareholders:
Class I		(346,821	)		(792,730	)

CAPITAL SHARES TRANSACTIONS:
Class I
Capital shares sold [ 341,450 and 140,589 shares, respectively ]		4,153,540			1,619,563
Capital shares issued in reinvestment of dividends [ 25,362 and 60,436 shares, respectively ]		301,300			687,149
Capital shares repurchased [ (85,440) and (183,636) shares, respectively ]		(1,060,117	)		(2,128,188	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		3,394,723			178,524

TOTAL INCREASE (DECREASE) IN NET ASSETS		5,628,578			(232,226	)
NET ASSETS:
Beginning of year		10,215,500			10,447,726

End of year	$	15,844,078		$	10,215,500

See Notes to Financial Statements.

1290 FUNDS

1290 RETIREMENT 2035 FUND

FINANCIAL HIGHLIGHTS


Class I	Year Ended October 31,
Class I	2024			2023			2022			2021			2020
Net asset value, beginning of year	$	11.12		$	11.59		$	13.71		$	11.62		$	12.03

Income (loss) from investment operations:
Net investment income (loss) (e)(x)		0.25			0.22			0.24			0.16			0.22
Net realized and unrealized gain (loss)		2.21			0.19			(2.20	)		2.52			(0.32	)

Total from investment operations		2.46			0.41			(1.96	)		2.68			(0.10	)

Less distributions:
Dividends from net investment income		(0.22	)		(0.27	)		(0.16	)		(0.21	)		(0.22	)
Distributions from net realized gains		(0.16	)		(0.61	)		—			(0.38	)		(0.09	)

Total dividends and distributions		(0.38	)		(0.88	)		(0.16	)		(0.59	)		(0.31	)

Net asset value, end of year	$	13.20		$	11.12		$	11.59		$	13.71		$	11.62

Total return		22.52	%		3.42	%		(14.46	)%		23.70	%		(0.87	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	15,844		$	10,216		$	10,448		$	14,195		$	9,521
Ratio of expenses to average net assets:
After waivers and reimbursements (f)		0.54	%(j)		0.54	%(j)		0.54	%(j)		0.54	%(j)		0.54	%**(j)
Before waivers and reimbursements (f)		1.45	%		1.76	%		1.60	%		1.63	%		2.17	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (f)(x)		2.01	%		1.92	%		1.91	%		1.23	%		1.92	%
Before waivers and reimbursements (f)(x)		1.11	%		0.69	%		0.85	%		0.14	%		0.28	%
Portfolio turnover rate^		2	%		11	%		10	%		1	%		40	%

**	Includes tax expense of less than 0.005%.

^	Portfolio turnover rate excludes derivatives, if any.

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

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

(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.

See Notes to Financial Statements.

1290 FUNDS

1290 RETIREMENT 2040 FUND

PORTFOLIO OF INVESTMENTS

October 31, 2024



	Number of Shares		Value (Note 1)

EXCHANGE TRADED FUNDS (ETF):
Equity (75.8%)
Invesco S&P 500 Low Volatility ETF		9,570	$	679,279
Invesco S&P Emerging Markets Low Volatility ETF		3,180		79,277
Invesco S&P International Developed Low Volatility ETF		12,500		361,265
Invesco S&P MidCap Low Volatility ETF		6,260		382,679
Invesco S&P SmallCap Low Volatility ETF		3,530		165,839
iShares Core MSCI EAFE ETF		10,210		753,294
iShares Core MSCI Emerging Markets ETF		2,900		161,298
iShares Core S&P Total U.S. Stock Market ETF		16,630		2,074,593
iShares MSCI EAFE Min Vol Factor ETF		5,090		375,896
iShares MSCI Emerging Markets Min Vol Factor ETF		1,370		82,707
iShares MSCI USA Min Vol Factor ETF		7,430		668,626

SPDR SSGA US Small Cap Low Volatility Index ETF		1,360		170,334

Total Equity				5,955,087

Fixed Income (23.7%)
iShares Core U.S. Aggregate Bond ETF		16,120		1,586,530
iShares TIPS Bond ETF		2,600		281,606

Total Fixed Income				1,868,136

Total Investments in Securities (99.5%) (Cost $6,734,310)				7,823,223
Other Assets Less Liabilities (0.5%)				35,556

Net Assets (100%)			$	7,858,779

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 October 31, 2024:

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



Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for 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)		Total
Assets:
Exchange Traded Funds
Exchange Traded Funds	$	7,823,223	$	—	$	—	$	7,823,223

Total Assets	$	7,823,223	$	—	$	—	$	7,823,223

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	7,823,223	$	—	$	—	$	7,823,223

The Fund held no derivatives contracts during the year ended October 31, 2024.

Investment security transactions for the year ended October 31, 2024 were as follows:


Cost of Purchases:
Long-term investments other than U.S. government debt securities	$	1,441,925
Net Proceeds of Sales and Redemptions:
Long-term investments other than U.S. government debt securities	$	1,707,995


Aggregate gross unrealized appreciation	$	1,207,493
Aggregate gross unrealized depreciation		(147,963	)

Net unrealized appreciation	$	1,059,530

Federal income tax cost of investments in securities and derivative instruments, if applicable	$	6,763,693

See Notes to Financial Statements.

1290 FUNDS

1290 RETIREMENT 2040 FUND

STATEMENT OF ASSETS AND LIABILITIES

October 31, 2024


ASSETS
Investments in Securities, at value (Cost $6,734,310)	$	7,823,223
Cash		65,770
Receivable from investment adviser		5,205
Prepaid registration and filing fees		4,793
Dividends, interest and other receivables		276
Receivable for Fund shares sold		262
Securities lending income receivable		71
Other assets		64

Total assets		7,899,664

LIABILITIES
Transfer agent fees payable		1,590
Trustees’ fees payable		6
Accrued expenses		39,289

Total liabilities		40,885

Commitments and contingent liabilities^

NET ASSETS	$	7,858,779

Net assets were comprised of:
Paid in capital	$	6,236,257
Total distributable earnings (loss)		1,622,522

Net assets	$	7,858,779

Class I
Net asset value, offering and redemption price per share, $7,858,779 / 538,184 shares outstanding (unlimited amount authorized: $0.001 par value)	$	14.60

^	See Note 2 in Notes to the Financial Statements.

STATEMENT OF OPERATIONS

For the Year Ended October 31, 2024


INVESTMENT INCOME
Dividends	$	189,788
Interest		2,788
Securities lending (net)		1,035

Total income		193,611

EXPENSES
Professional fees		43,087
Investment advisory fees		37,956
Administrative fees		29,997
Registration and filing fees		19,824
Printing and mailing expenses		13,381
Transfer agent fees		10,950
Custodian fees		3,900
Trustees’ fees		246
Miscellaneous		7,364

Gross expenses		166,705
Less: Waiver from investment adviser		(67,953	)
Reimbursement from investment adviser		(57,813	)

Net expenses		40,939

NET INVESTMENT INCOME (LOSS)		152,672

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on investments in securities		447,570
Net change in unrealized appreciation (depreciation) on investments in securities		970,563

NET REALIZED AND UNREALIZED GAIN (LOSS)		1,418,133

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	1,570,805

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended October 31,
	2024			2023
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	152,672		$	126,217
Net realized gain (loss)		447,570			56,371
Net change in unrealized appreciation (depreciation)		970,563			15,857

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		1,570,805			198,445

Distributions to shareholders:
Class I		(190,060	)		(160,072	)

CAPITAL SHARES TRANSACTIONS:
Class I
Capital shares sold [ 134,971 and 73,448 shares, respectively ]		1,789,519			924,612
Capital shares issued in reinvestment of dividends [ 8,188 and 6,479 shares, respectively ]		106,859			80,140
Capital shares repurchased [ (157,441) and (28,021) shares, respectively ]		(2,116,075	)		(348,497	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(219,697	)		656,255

TOTAL INCREASE (DECREASE) IN NET ASSETS		1,161,048			694,628
NET ASSETS:
Beginning of year		6,697,731			6,003,103

End of year	$	7,858,779		$	6,697,731

See Notes to Financial Statements.

1290 FUNDS

1290 RETIREMENT 2040 FUND

FINANCIAL HIGHLIGHTS


	Year Ended October 31,
Class I	2024			2023			2022			2021			2020
Net asset value, beginning of year	$	12.12		$	11.99		$	14.32		$	11.80		$	12.05

Income (loss) from investment operations:
Net investment income (loss) (e)(x)		0.28			0.24			0.25			0.17			0.23
Net realized and unrealized gain (loss)		2.53			0.21			(2.28	)		2.82			(0.26	)

Total from investment operations		2.81			0.45			(2.03	)		2.99			(0.03	)

Less distributions:
Dividends from net investment income		(0.23	)		(0.26	)		(0.16	)		(0.22	)		(0.21	)
Distributions from net realized gains		(0.10	)		(0.06	)		(0.14	)		(0.25	)		(0.01	)

Total dividends and distributions		(0.33	)		(0.32	)		(0.30	)		(0.47	)		(0.22	)

Net asset value, end of year	$	14.60		$	12.12		$	11.99		$	14.32		$	11.80

Total return		23.53	%		3.70	%		(14.46	)%		25.92	%		(0.24	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	7,859		$	6,698		$	6,003		$	5,715		$	4,185
Ratio of expenses to average net assets:
After waivers and reimbursements (f)		0.54	%(j)		0.54	%(j)		0.54	%(j)		0.53	%(j)		0.53	%**(j)
Before waivers and reimbursements (f)		2.19	%		2.48	%		2.57	%		3.05	%		3.86	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (f)(x)		2.01	%		1.94	%		1.91	%		1.22	%		1.93	%
Before waivers and reimbursements (f)(x)		0.35	%		—	%‡‡		(0.12	)%		(1.29	)%		(1.39	)%
Portfolio turnover rate^		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.

(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.

See Notes to Financial Statements.

1290 FUNDS

1290 RETIREMENT 2045 FUND

PORTFOLIO OF INVESTMENTS

October 31, 2024



	Number of Shares		Value (Note 1)

EXCHANGE TRADED FUNDS (ETF):
Equity (81.5%)
Invesco S&P 500 Low Volatility ETF		15,850	$	1,125,033
Invesco S&P Emerging Markets Low Volatility ETF		5,230		130,384
Invesco S&P International Developed Low Volatility ETF		20,640		596,521
Invesco S&P MidCap Low Volatility ETF		10,060		614,977
Invesco S&P SmallCap Low Volatility ETF		5,800		272,484
iShares Core MSCI EAFE ETF		15,910		1,173,840
iShares Core MSCI Emerging Markets ETF		4,920		273,650
iShares Core S&P Total U.S. Stock Market ETF		27,180		3,390,705
iShares MSCI EAFE Min Vol Factor ETF		8,100		598,185
iShares MSCI Emerging Markets Min Vol Factor ETF		2,230		134,625
iShares MSCI USA Min Vol Factor ETF		12,410		1,116,776
SPDR SSGA US Small Cap Low Volatility Index ETF		2,280		285,559

Total Equity				9,712,739

Fixed Income (19.0%)
iShares Core U.S. Aggregate Bond ETF		19,510		1,920,174
iShares TIPS Bond ETF		3,120		337,927

Total Fixed Income				2,258,101

Total Exchange Traded Funds (100.5%) (Cost $9,715,040)				11,970,840

	Number of Shares		Value (Note 1)

SHORT-TERM INVESTMENTS:
Investment Companies (0.3%)
JPMorgan Prime Money Market Fund, IM Shares 5.02% (7 day yield)		32,301	$	32,314

Total Short-Term Investments (0.3%) (Cost $32,314)				32,314

Total Investments in Securities (100.8%) (Cost $9,747,354)				12,003,154
Other Assets Less Liabilities (-0.8%)				(86,806	)

Net Assets (100%)			$	11,916,348

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 October 31, 2024:

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



Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for 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)		Total
Assets:
Exchange Traded Funds
Exchange Traded Funds	$	11,970,840	$	—	$	—	$	11,970,840
Short-Term Investments
Investment Companies		32,314		—		—		32,314

Total Assets	$	12,003,154	$	—	$	—	$	12,003,154

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	12,003,154	$	—	$	—	$	12,003,154

See Notes to Financial Statements.

1290 FUNDS

1290 RETIREMENT 2045 FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2024

The Fund held no derivatives contracts during the year ended October 31, 2024.

Investment security transactions for the year ended October 31, 2024 were as follows:


Cost of Purchases:
Long-term investments other than U.S. government debt securities	$	1,914,917
Net Proceeds of Sales and Redemptions:
Long-term investments other than U.S. government debt securities	$	106,852


Aggregate gross unrealized appreciation	$	2,415,123
Aggregate gross unrealized depreciation		(174,216	)

Net unrealized appreciation	$	2,240,907

Federal income tax cost of investments in securities and derivative instruments, if applicable	$	9,762,247

See Notes to Financial Statements.

1290 FUNDS

1290 RETIREMENT 2045 FUND

STATEMENT OF ASSETS AND LIABILITIES

October 31, 2024


ASSETS
Investments in Securities, at value (Cost $9,747,354)	$	12,003,154
Cash		75,000
Prepaid registration and filing fees		4,946
Receivable from investment adviser		3,470
Receivable for Fund shares sold		1,366
Dividends, interest and other receivables		424
Securities lending income receivable		32
Other assets		92

Total assets		12,088,484

LIABILITIES
Payable for Fund shares repurchased		130,438
Transfer agent fees payable		1,459
Trustees’ fees payable		2
Accrued expenses		40,237

Total liabilities		172,136

Commitments and contingent liabilities^

NET ASSETS	$	11,916,348

Net assets were comprised of:
Paid in capital	$	9,512,797
Total distributable earnings (loss)		2,403,551

Net assets	$	11,916,348

Class I
Net asset value, offering and redemption price per share, $11,916,348 / 845,531 shares outstanding (unlimited amount authorized: $0.001 par value)	$	14.09

^	See Note 2 in Notes to the Financial Statements.

STATEMENT OF OPERATIONS

For the Year Ended October 31, 2024


INVESTMENT INCOME
Dividends	$	249,112
Interest		3,945
Securities lending (net)		1,540

Total income		254,597

EXPENSES
Investment advisory fees		52,159
Professional fees		43,761
Administrative fees		29,994
Registration and filing fees		19,950
Printing and mailing expenses		14,607
Transfer agent fees		11,250
Custodian fees		3,600
Trustees’ fees		335
Miscellaneous		7,554

Gross expenses		183,210
Less: Waiver from investment adviser		(82,153	)
Reimbursement from investment adviser		(45,193	)

Net expenses		55,864

NET INVESTMENT INCOME (LOSS)		198,733

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on investments in securities		24,533
Net change in unrealized appreciation (depreciation) on investments in securities		1,905,738

NET REALIZED AND UNREALIZED GAIN (LOSS)		1,930,271

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	2,129,004

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended October 31,
	2024			2023
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	198,733		$	148,663
Net realized gain (loss)		24,533			120,320
Net change in unrealized appreciation (depreciation)		1,905,738			(1,133	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		2,129,004			267,850

Distributions to shareholders:
Class I		(284,189	)		(285,733	)

CAPITAL SHARES TRANSACTIONS:
Class I
Capital shares sold [ 164,685 and 134,386 shares, respectively ]		2,170,899			1,624,916
Capital shares issued in reinvestment of dividends [ 14,756 and 14,587 shares, respectively ]		184,746			173,581
Capital shares repurchased [ (43,924) and (89,066) shares, respectively ]		(578,725	)		(1,069,646	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		1,776,920			728,851

TOTAL INCREASE (DECREASE) IN NET ASSETS		3,621,735			710,968
NET ASSETS:
Beginning of year		8,294,613			7,583,645

End of year	$	11,916,348		$	8,294,613

See Notes to Financial Statements.

1290 FUNDS

1290 RETIREMENT 2045 FUND

FINANCIAL HIGHLIGHTS


	Year Ended October 31,
Class I	2024			2023			2022			2021			2020
Net asset value, beginning of year	$	11.68		$	11.67		$	14.46		$	11.83		$	12.18

Income (loss) from investment operations:
Net investment income (loss) (e)(x)		0.25			0.22			0.24			0.16			0.23
Net realized and unrealized gain (loss)		2.56			0.24			(2.18	)		3.03			(0.36	)

Total from investment operations		2.81			0.46			(1.94	)		3.19			(0.13	)

Less distributions:
Dividends from net investment income		(0.22	)		(0.26	)		(0.18	)		(0.23	)		(0.22	)
Distributions from net realized gains		(0.18	)		(0.19	)		(0.67	)		(0.33	)		—	#

Total dividends and distributions		(0.40	)		(0.45	)		(0.85	)		(0.56	)		(0.22	)

Net asset value, end of year	$	14.09		$	11.68		$	11.67		$	14.46		$	11.83

Total return		24.47	%		3.86	%		(14.30	)%		27.63	%		(1.08	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	11,916		$	8,295		$	7,584		$	8,138		$	6,625
Ratio of expenses to average net assets:
After waivers and reimbursements (f)		0.54	%(j)		0.53	%(j)		0.53	%(j)		0.53	%**(j)		0.53	%(j)
Before waivers and reimbursements (f)		1.76	%		2.13	%		2.16	%		2.18	%		2.78	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (f)(x)		1.90	%		1.86	%		1.90	%		1.21	%		1.92	%
Before waivers and reimbursements (f)(x)		0.68	%		0.26	%		0.27	%		(0.43	)%		(0.33	)%
Portfolio turnover rate^		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.

(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.

See Notes to Financial Statements.

1290 FUNDS

1290 RETIREMENT 2050 FUND

PORTFOLIO OF INVESTMENTS

October 31, 2024



	Number of Shares		Value (Note 1)
EXCHANGE TRADED FUNDS (ETF):
Equity (85.7%)
Invesco S&P 500 Low Volatility ETF		16,730	$	1,187,495
Invesco S&P Emerging Markets Low Volatility ETF		5,630		140,356
Invesco S&P International Developed Low Volatility ETF		21,590		623,977
Invesco S&P MidCap Low Volatility ETF		10,430		637,595
Invesco S&P SmallCap Low Volatility ETF		6,050		284,229
iShares Core MSCI EAFE ETF		17,020		1,255,736
iShares Core MSCI Emerging Markets ETF		5,080		282,550
iShares Core S&P Total U.S. Stock Market ETF		28,790		3,591,553
iShares MSCI EAFE Min Vol Factor ETF		8,340		615,909
iShares MSCI Emerging Markets Min Vol Factor ETF		2,380		143,681
iShares MSCI USA Min Vol Factor ETF		13,050		1,174,369
SPDR SSGA US Small Cap Low Volatility Index ETF		2,320		290,569

Total Equity				10,228,019

Fixed Income (13.8%)
iShares Core U.S. Aggregate Bond ETF		14,300		1,407,406
iShares TIPS Bond ETF		2,260		244,780

Total Fixed Income				1,652,186

Total Exchange Traded Funds (99.5%) (Cost $9,500,154)				11,880,205

SHORT-TERM INVESTMENTS:
Investment Companies (0.1%)
JPMorgan Prime Money Market Fund, IM Shares 5.02% (7 day yield)		17,708		17,715

Total Short-Term Investments (0.1%) (Cost $17,715)				17,715

Total Investments in Securities (99.6%) (Cost $9,517,869)				11,897,920
Other Assets Less Liabilities (0.4%)				37,974

Net Assets (100%)			$	11,935,894

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 October 31, 2024:

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



Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for 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)		Total
Assets:
Exchange Traded Funds
Exchange Traded Funds	$	11,880,205	$	—	$	—	$	11,880,205
Short-Term Investments
Investment Companies		17,715		—		—		17,715

Total Assets	$	11,897,920	$	—	$	—	$	11,897,920

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	11,897,920	$	—	$	—	$	11,897,920

The Fund held no derivatives contracts during the year ended October 31, 2024.

Investment security transactions for the year ended October 31, 2024 were as follows:


Cost of Purchases:
Long-term investments other than U.S. government debt securities	$	1,685,631
Net Proceeds of Sales and Redemptions:
Long-term investments other than U.S. government debt securities	$	280,776

See Notes to Financial Statements.

1290 FUNDS

1290 RETIREMENT 2050 FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2024


Aggregate gross unrealized appreciation	$	2,442,521
Aggregate gross unrealized depreciation		(106,711	)

Net unrealized appreciation	$	2,335,810

Federal income tax cost of investments in securities and derivative instruments, if applicable	$	9,562,110

See Notes to Financial Statements.

1290 FUNDS

1290 RETIREMENT 2050 FUND

STATEMENT OF ASSETS AND LIABILITIES

October 31, 2024


ASSETS
Investments in Securities, at value (Cost $9,517,869)	$	11,897,920
Cash		75,000
Receivable for Fund shares sold		6,051
Prepaid registration and filing fees		5,283
Receivable from investment adviser		3,123
Dividends, interest and other receivables		446
Securities lending income receivable		144
Other assets		93

Total assets		11,988,060

LIABILITIES
Payable for Fund shares repurchased		10,164
Transfer agent fees payable		1,717
Trustees’ fees payable		4
Accrued expenses		40,281

Total liabilities		52,166

Commitments and contingent liabilities^
NET ASSETS	$	11,935,894

Net assets were comprised of:
Paid in capital	$	9,368,040
Total distributable earnings (loss)		2,567,854

Net assets	$	11,935,894

Class I
Net asset value, offering and redemption price per share, $11,935,894 / 768,286 shares outstanding (unlimited amount authorized: $0.001 par value)	$	15.54

^	See Note 2 in Notes to the Financial Statements.

STATEMENT OF OPERATIONS

For the Year Ended October 31, 2024


INVESTMENT INCOME
Dividends	$	243,676
Interest		3,816
Securities lending (net)		1,566

Total income		249,058

EXPENSES
Investment advisory fees		52,484
Professional fees		43,774
Administrative fees		29,994
Registration and filing fees		19,606
Printing and mailing expenses		14,611
Transfer agent fees		10,600
Custodian fees		3,700
Trustees’ fees		337
Miscellaneous		7,463

Gross expenses		182,569
Less: Waiver from investment adviser		(82,478	)
Reimbursement from investment adviser		(44,249	)

Net expenses		55,842

NET INVESTMENT INCOME (LOSS)		193,216

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on investments in securities		101,714
Net change in unrealized appreciation (depreciation) on investments in securities		1,942,111

NET REALIZED AND UNREALIZED GAIN (LOSS)		2,043,825

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	2,237,041

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended October 31,
	2024			2023
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	193,216		$	142,774
Net realized gain (loss)		101,714			37,019
Net change in unrealized appreciation (depreciation)		1,942,111			60,466

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		2,237,041			240,259

Distributions to shareholders:
Class I		(189,958	)		(181,109	)

CAPITAL SHARES TRANSACTIONS:
Class I
Capital shares sold [ 142,453 and 144,031 shares, respectively ]		2,055,184			1,870,800
Capital shares issued in reinvestment of dividends [ 8,752 and 7,647 shares, respectively ]		120,078			98,186
Capital shares repurchased [ (53,450) and (23,456) shares, respectively ]		(760,203	)		(297,786	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		1,415,059			1,671,200

TOTAL INCREASE (DECREASE) IN NET ASSETS		3,462,142			1,730,350
NET ASSETS:
Beginning of year		8,473,752			6,743,402

End of year	$	11,935,894		$	8,473,752

See Notes to Financial Statements.

1290 FUNDS

1290 RETIREMENT 2050 FUND

FINANCIAL HIGHLIGHTS


	Year Ended October 31,
Class I	2024			2023			2022			2021			2020
Net asset value, beginning of year	$	12.64		$	12.43		$	14.82		$	11.76		$	12.24

Income (loss) from investment operations:
Net investment income (loss) (e)(x)		0.27			0.24			0.26			0.16			0.22
Net realized and unrealized gain (loss)		2.90			0.30			(2.34	)		3.24			(0.46	)

Total from investment operations		3.17			0.54			(2.08	)		3.40			(0.24	)

Less distributions:
Dividends from net investment income		(0.22	)		(0.27	)		(0.16	)		(0.21	)		(0.22	)
Distributions from net realized gains		(0.05	)		(0.06	)		(0.15	)		(0.13	)		(0.02	)

Total dividends and distributions		(0.27	)		(0.33	)		(0.31	)		(0.34	)		(0.24	)

Net asset value, end of year	$	15.54		$	12.64		$	12.43		$	14.82		$	11.76

Total return		25.45	%		4.32	%		(14.31	)%		29.37	%		(2.05	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	11,936		$	8,474		$	6,743		$	6,432		$	4,761
Ratio of expenses to average net assets:
After waivers and reimbursements (f)		0.53	%(j)		0.53	%(j)		0.53	%(j)		0.53	%(j)		0.53	%**(j)
Before waivers and reimbursements (f)		1.74	%		2.17	%		2.39	%		2.75	%		3.80	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (f)(x)		1.84	%		1.83	%		1.93	%		1.17	%		1.90	%
Before waivers and reimbursements (f)(x)		0.63	%		0.19	%		0.07	%		(1.05	)%		(1.37	)%
Portfolio turnover rate^		3	%		2	%		2	%		5	%		21	%

**	Includes tax expense of less than 0.005%.

^	Portfolio turnover rate excludes derivatives, if any.

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

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

(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.

See Notes to Financial Statements.

1290 FUNDS

1290 RETIREMENT 2055 FUND

PORTFOLIO OF INVESTMENTS

October 31, 2024



	Number of Shares		Value (Note 1)
EXCHANGE TRADED FUNDS (ETF):
Equity (90.5%)
Invesco S&P 500 Low Volatility ETF		12,580	$	892,928
Invesco S&P Emerging Markets Low Volatility ETF		4,020		100,219
Invesco S&P International Developed Low Volatility ETF		15,480		447,391
Invesco S&P MidCap Low Volatility ETF		7,710		471,319
Invesco S&P SmallCap Low Volatility ETF		4,480		210,470
iShares Core MSCI EAFE ETF		12,480		920,774
iShares Core MSCI Emerging Markets ETF		3,760		209,131
iShares Core S&P Total U.S. Stock Market ETF		21,550		2,688,363
iShares MSCI EAFE Min Vol Factor ETF		6,300		465,255
iShares MSCI Emerging Markets Min Vol Factor ETF		1,750		105,648
iShares MSCI USA Min Vol Factor ETF		9,900		890,901
SPDR SSGA US Small Cap Low Volatility Index ETF		1,740		217,927

Total Equity				7,620,326

Fixed Income (8.8%)
iShares Core U.S. Aggregate Bond ETF		6,360		625,951
iShares TIPS Bond ETF		1,050		113,725

Total Fixed Income				739,676

Total Exchange Traded Funds (99.3%) (Cost $6,449,155)				8,360,002

SHORT-TERM INVESTMENTS:
Investment Companies (0.1%)
JPMorgan Prime Money Market Fund, IM Shares 5.02% (7 day yield)		6,866		6,869

Total Short-Term Investments (0.1%) (Cost $6,869)				6,869

Total Investments in Securities (99.4%) (Cost $6,456,024)				8,366,871
Other Assets Less Liabilities (0.6%)				50,145

Net Assets (100%)			$	8,417,016

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 October 31, 2024:

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



Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for 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)		Total
Assets:
Exchange Traded Funds
Exchange Traded Funds	$	8,360,002	$	—	$	—	$	8,360,002
Short-Term Investments
Investment Companies		6,869		—		—		6,869

Total Assets	$	8,366,871	$	—	$	—	$	8,366,871

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	8,366,871	$	—	$	—	$	8,366,871

The Fund held no derivatives contracts during the year ended October 31, 2024.

Investment security transactions for the year ended October 31, 2024 were as follows:


Cost of Purchases:
Long-term investments other than U.S. government debt securities	$	1,739,365
Net Proceeds of Sales and Redemptions:
Long-term investments other than U.S. government debt securities	$	126,530

See Notes to Financial Statements.

100

1290 FUNDS

1290 RETIREMENT 2055 FUND

PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2024


Aggregate gross unrealized appreciation	$	1,951,153
Aggregate gross unrealized depreciation		(43,208	)

Net unrealized appreciation	$	1,907,945

Federal income tax cost of investments in securities and derivative instruments, if applicable	$	6,458,926

See Notes to Financial Statements.

101

1290 FUNDS

1290 RETIREMENT 2055 FUND

STATEMENT OF ASSETS AND LIABILITIES

October 31, 2024


ASSETS
Investments in Securities, at value (Cost $6,456,024)	$	8,366,871
Cash		75,000
Receivable for Fund shares sold		6,511
Prepaid registration and filing fees		4,772
Receivable from investment adviser		4,442
Dividends, interest and other receivables		279
Securities lending income receivable		82
Other assets		62

Total assets		8,458,019

LIABILITIES
Transfer agent fees payable		1,665
Trustees’ fees payable		15
Accrued expenses		39,323

Total liabilities		41,003

Commitments and contingent liabilities^

NET ASSETS	$	8,417,016

Net assets were comprised of:
Paid in capital	$	6,391,314
Total distributable earnings (loss)		2,025,702

Net assets	$	8,417,016

Class I
Net asset value, offering and redemption price per share, $8,417,016 / 546,782 shares outstanding (unlimited amount authorized: $0.001 par value)	$	15.39

^	See Note 2 in Notes to the Financial Statements.

STATEMENT OF OPERATIONS

For the Year Ended October 31, 2024


INVESTMENT INCOME
Dividends	$	157,202
Interest		3,305
Securities lending (net)		1,051

Total income		161,558

EXPENSES
Professional fees		42,697
Investment advisory fees		35,153
Administrative fees		29,996
Registration and filing fees		19,740
Printing and mailing expenses		13,415
Transfer agent fees		10,800
Custodian fees		3,700
Trustees’ fees		225
Miscellaneous		7,002

Gross expenses		162,728
Less: Waiver from investment adviser		(65,149	)
Reimbursement from investment adviser		(60,435	)

Net expenses		37,144

NET INVESTMENT INCOME (LOSS)		124,414

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on investments in securities		34,022
Net change in unrealized appreciation (depreciation) on investments in securities		1,372,452

NET REALIZED AND UNREALIZED GAIN (LOSS)		1,406,474

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	1,530,888

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended October 31,
	2024			2023
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	124,414		$	99,570
Net realized gain (loss)		34,022			162,970
Net change in unrealized appreciation (depreciation)		1,372,452			(36,485	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		1,530,888			226,055

Distributions to shareholders:
Class I		(265,313	)		(197,242	)

CAPITAL SHARES TRANSACTIONS:
Class I
Capital shares sold [ 132,037 and 69,931 shares, respectively ]		1,896,042			912,050
Capital shares issued in reinvestment of dividends [ 8,276 and 5,820 shares, respectively ]		111,719			75,142
Capital shares repurchased [ (15,706) and (58,282) shares, respectively ]		(227,518	)		(764,470	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		1,780,243			222,722

TOTAL INCREASE (DECREASE) IN NET ASSETS		3,045,818			251,535
NET ASSETS:
Beginning of year		5,371,198			5,119,663

End of year	$	8,417,016		$	5,371,198

See Notes to Financial Statements.

102

1290 FUNDS

1290 RETIREMENT 2055 FUND

FINANCIAL HIGHLIGHTS


	Year Ended October 31,
Class I	2024			2023			2022			2021			2020
Net asset value, beginning of year	$	12.72		$	12.65		$	15.00		$	11.73		$	12.32

Income (loss) from investment operations:
Net investment income (loss) (e)(x)		0.26			0.24			0.26			0.16			0.23
Net realized and unrealized gain (loss)		3.02			0.32			(2.37	)		3.45			(0.58	)

Total from investment operations		3.28			0.56			(2.11	)		3.61			(0.35	)

Less distributions:
Dividends from net investment income		(0.23	)		(0.27	)		(0.17	)		(0.21	)		(0.23	)
Distributions from net realized gains		(0.38	)		(0.22	)		(0.07	)		(0.13	)		(0.01	)

Total dividends and distributions		(0.61	)		(0.49	)		(0.24	)		(0.34	)		(0.24	)

Net asset value, end of year	$	15.39		$	12.72		$	12.65		$	15.00		$	11.73

Total return		26.50	%		4.36	%		(14.34	)%		31.27	%		(2.97	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	8,417		$	5,371		$	5,120		$	5,478		$	3,883
Ratio of expenses to average net assets:
After waivers and reimbursements (f)		0.53	%(j)		0.53	%(j)		0.52	%(j)		0.52	%(j)		0.53	%**(j)
Before waivers and reimbursements (f)		2.31	%		2.83	%		2.86	%		3.11	%		4.34	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (f)(x)		1.77	%		1.81	%		1.88	%		1.16	%		1.97	%
Before waivers and reimbursements (f)(x)		(0.02	)%		(0.49	)%		(0.46	)%		(1.43	)%		(1.84	)%
Portfolio turnover rate^		2	%		12	%		5	%		2	%		6	%

**	Includes Tax expense of 0.01%.

^	Portfolio turnover rate excludes derivatives, if any.

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

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

(j)	Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 0.66% in 2020 and 0.65% in 2024, 2023, 2022 and 2021.

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

See Notes to Financial Statements.

103

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PORTFOLIO OF INVESTMENTS

October 31, 2024



	Number of Shares		Value (Note 1)
COMMON STOCKS:
Communication Services (7.0%)
Diversified Telecommunication Services (1.5%)
AT&T, Inc.		28,500	$	642,390
Deutsche Telekom AG (Registered)		9,864		298,692
Nippon Telegraph & Telephone Corp.		212,500		205,009
Swisscom AG (Registered)		922		562,201
Telstra Group Ltd.		133,153		333,039
Verizon Communications, Inc.		29,361		1,236,979

				3,278,310

Entertainment (0.4%)
Electronic Arts, Inc.		3,753		566,140
Nintendo Co. Ltd.		4,800		254,092

				820,232

Interactive Media & Services (3.9%)
Alphabet, Inc., Class A		30,141		5,157,426
Meta Platforms, Inc., Class A		5,715		3,243,720

				8,401,146

Media (0.6%)
Comcast Corp., Class A		29,100		1,270,797

Wireless Telecommunication Services (0.6%)
SoftBank Corp.		391,000		493,000
T-Mobile US, Inc.		3,486		777,936

				1,270,936

Total Communication Services				15,041,421

Consumer Discretionary (9.2%)
Automobiles (1.0%)
Tesla, Inc.*		8,078		2,018,288

Broadline Retail (2.8%)
Amazon.com, Inc.*		25,308		4,717,411
Dollarama, Inc.		5,463		568,488
Wesfarmers Ltd.		15,570		687,087

				5,972,986

Hotels, Restaurants & Leisure (2.0%)
Aristocrat Leisure Ltd.		8,814		353,681
Booking Holdings, Inc.		171		799,639
Chipotle Mexican Grill, Inc.*		10,000		557,700
McDonald’s Corp.		3,032		885,677
Oriental Land Co. Ltd.		9,400		227,796
Restaurant Brands International, Inc.		3,652		254,002
Starbucks Corp.		8,691		849,111
Yum! Brands, Inc.		3,087		404,891

				4,332,497

Specialty Retail (3.0%)
AutoZone, Inc.*		200		601,800
Fast Retailing Co. Ltd.		800		256,340
Home Depot, Inc. (The)		4,828		1,901,025
Industria de Diseno Textil SA (x)		5,279		300,816
Lowe’s Cos., Inc.		4,100		1,073,503
O’Reilly Automotive, Inc.*		741		854,477
TJX Cos., Inc. (The)		9,003		1,017,609
Tractor Supply Co.		1,400		371,714

				6,377,284

Textiles, Apparel & Luxury Goods (0.4%)
adidas AG		1,662		396,236
NIKE, Inc., Class B		6,880		530,654

				926,890

Total Consumer Discretionary				19,627,945

Consumer Staples (9.6%)
Beverages (2.2%)
Coca-Cola Co. (The)		34,800		2,272,788
Diageo plc		7,117		221,906
Keurig Dr Pepper, Inc.		11,401		375,663
PepsiCo, Inc.		11,072		1,838,838

				4,709,195

Consumer Staples Distribution & Retail (2.7%)
Costco Wholesale Corp.		2,721		2,378,644
George Weston Ltd.		2,100		333,095
Koninklijke Ahold Delhaize NV		14,652		483,448
Kroger Co. (The)		4,778		266,469
Loblaw Cos. Ltd.		2,300		290,797
Seven & i Holdings Co. Ltd.		18,500		265,023
Walmart, Inc.		20,665		1,693,497

				5,710,973

Food Products (1.8%)
Chocoladefabriken Lindt & Spruengli AG		19		223,310
Danone SA		5,704		407,548
General Mills, Inc.		11,700		795,834
Hershey Co. (The)		3,500		621,530
J M Smucker Co. (The)		2,200		249,722
McCormick & Co., Inc. (Non-Voting)		3,756		293,869
Mondelez International, Inc., Class A		18,800		1,287,424

				3,879,237

Household Products (2.3%)
Church & Dwight Co., Inc.		2,468		246,578
Colgate-Palmolive Co.		12,800		1,199,488
Henkel AG & Co. KGaA (Preference)(q)		7,013		607,077
Kimberly-Clark Corp.		6,100		818,498
Procter & Gamble Co. (The)		12,591		2,079,781

				4,951,422

Personal Care Products (0.6%)
Beiersdorf AG		2,994		404,040
L’Oreal SA		776		292,227
Unilever plc (Cboe Europe)		4,078		249,365
Unilever plc (London Stock Exchange)		5,289		323,701

				1,269,333

Total Consumer Staples				20,520,160

Energy (1.0%)
Oil, Gas & Consumable Fuels (1.0%)
ConocoPhillips		3,317		363,344
Enbridge, Inc.		23,766		959,960
EOG Resources, Inc.		2,036		248,310
Equinor ASA		26,389		632,428

Total Energy				2,204,042

See Notes to Financial Statements.

104

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PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2024



	Number of Shares		Value (Note 1)
Financials (17.1%)
Banks (4.3%)
ANZ Group Holdings Ltd.		16,680	$	339,103
Bank of Nova Scotia (The) (x)		19,316		994,552
Canadian Imperial Bank of Commerce		14,014		876,762
Commonwealth Bank of Australia		4,270		397,248
DBS Group Holdings Ltd.		12,100		348,228
DNB Bank ASA		18,395		380,100
JPMorgan Chase & Co.		5,354		1,188,160
National Bank of Canada		4,142		395,057
Nordea Bank Abp (Aquis Stock Exchange)		23,265		272,899
Nordea Bank Abp (Turquoise Stock Exchange)		13,972		163,618
Oversea-Chinese Banking Corp. Ltd.		22,500		255,852
Royal Bank of Canada		11,625		1,405,921
Sumitomo Mitsui Financial Group, Inc.		17,100		361,013
Toronto-Dominion Bank (The)		18,501		1,022,747
United Overseas Bank Ltd.		27,600		664,671

				9,065,931

Capital Markets (3.0%)
Ameriprise Financial, Inc.		1,500		765,450
Bank of New York Mellon Corp. (The)		7,700		580,272
Cboe Global Markets, Inc.		1,900		405,783
CME Group, Inc.		4,075		918,342
Daiwa Securities Group, Inc.		33,000		213,193
Deutsche Boerse AG		2,051		476,857
FactSet Research Systems, Inc.		567		257,452
Intercontinental Exchange, Inc.		6,366		992,269
Moody’s Corp.		1,075		488,093
MSCI, Inc.		459		262,181
S&P Global, Inc.		1,534		736,872
TMX Group Ltd.		9,500		296,732

				6,393,496

Financial Services (3.1%)
Berkshire Hathaway, Inc., Class B*		4,500		2,029,140
Fiserv, Inc.*		5,339		1,056,588
Mastercard, Inc., Class A		2,889		1,443,316
Visa, Inc., Class A		7,442		2,157,064

				6,686,108

Insurance (6.7%)
Aflac, Inc.		5,945		622,977
Allianz SE (Registered)		2,318		730,062
Aon plc, Class A		2,200		807,114
Chubb Ltd.		2,400		677,856
Generali		20,746		576,896
Hannover Rueck SE		1,052		276,513
Hartford Financial Services Group, Inc. (The)		2,600		287,144
Intact Financial Corp.		4,371		834,739
Loews Corp.		5,300		418,488
Manulife Financial Corp.		9,137		266,888
Marsh & McLennan Cos., Inc.		7,000		1,527,680
MS&AD Insurance Group Holdings, Inc.		11,800		260,362
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		1,413		723,951
NN Group NV		7,846		386,148
Progressive Corp. (The)		4,379		1,063,353
QBE Insurance Group Ltd.		33,610		379,764
Sampo OYJ, Class A		10,515		466,878
Sompo Holdings, Inc.		28,800		615,776
Sun Life Financial, Inc.		10,300		571,092
Swiss Re AG		3,896		499,625
Tokio Marine Holdings, Inc.		9,600		341,366
Travelers Cos., Inc. (The)		2,160		531,230
W.R. Berkley Corp.		5,400		308,718
Willis Towers Watson plc		818		247,192
Zurich Insurance Group AG		1,542		914,373

				14,336,185

Total Financials				36,481,720

Health Care (9.9%)
Biotechnology (0.5%)
AbbVie, Inc.		1,312		267,477
Amgen, Inc.		796		254,847
Gilead Sciences, Inc.		6,013		534,075

				1,056,399

Health Care Equipment & Supplies (2.4%)
Abbott Laboratories		10,940		1,240,268
Becton Dickinson & Co.		3,000		700,770
Boston Scientific Corp.*		10,300		865,406
Hoya Corp.		1,900		253,222
IDEXX Laboratories, Inc.*		562		228,689
Medtronic plc		12,999		1,160,161
Stryker Corp.		2,001		712,916

				5,161,432

Health Care Providers & Services (1.7%)
Cencora, Inc.		2,200		501,776
Cigna Group (The)		1,800		566,658
Elevance Health, Inc.		1,256		509,635
HCA Healthcare, Inc.		722		259,010
Molina Healthcare, Inc.*		656		210,720
UnitedHealth Group, Inc.		2,611		1,473,910

				3,521,709

Life Sciences Tools & Services (0.9%)
Agilent Technologies, Inc.		2,904		378,420
Danaher Corp.		1,757		431,625
IQVIA Holdings, Inc.*		1,001		206,026
Mettler-Toledo International, Inc.*		200		258,350
Thermo Fisher Scientific, Inc.		1,257		686,724

				1,961,145

Pharmaceuticals (4.4%)
Bristol-Myers Squibb Co.		11,794		657,752
Eli Lilly and Co.		1,749		1,451,215
GSK plc		11,495		210,000
Johnson & Johnson		12,263		1,960,363
Merck & Co., Inc.		2,214		226,537
Merck KGaA		1,270		210,010
Novartis AG (Registered)		8,181		887,662
Novo Nordisk A/S, Class B		6,332		708,004
Novo Nordisk A/S (ADR)		5,058		566,243
Roche Holding AG		2,433		755,627
Sanofi SA		4,752		501,383

See Notes to Financial Statements.

105

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October 31, 2024



	Number of Shares		Value (Note 1)
Takeda Pharmaceutical Co. Ltd.		10,400	$	289,699
Zoetis, Inc.		5,625		1,005,638

				9,430,133

Total Health Care				21,130,818

Industrials (17.4%)
Aerospace & Defense (2.1%)
General Dynamics Corp.		2,712		790,846
General Electric Co.		6,651		1,142,509
L3Harris Technologies, Inc.		1,095		270,980
Lockheed Martin Corp.		2,248		1,227,520
Northrop Grumman Corp.		894		455,064
RTX Corp.		3,768		455,890
Singapore Technologies Engineering Ltd.		69,900		239,636

				4,582,445

Air Freight & Logistics (0.6%)
Deutsche Post AG		8,646		347,314
Expeditors International of Washington, Inc.		4,800		571,200
United Parcel Service, Inc., Class B		2,762		370,274

				1,288,788

Building Products (1.1%)
Allegion plc		5,500		767,965
Geberit AG (Registered)		619		389,018
Trane Technologies plc		3,431		1,270,019

				2,427,002

Commercial Services & Supplies (1.2%)
Brambles Ltd.		40,979		491,821
Cintas Corp.		3,376		694,814
Copart, Inc.*		10,314		530,862
Republic Services, Inc.		1,100		217,800
Waste Management, Inc.		2,953		637,405

				2,572,702

Construction & Engineering (0.2%)
WSP Global, Inc.		2,894		517,276

Electrical Equipment (1.4%)
ABB Ltd. (Registered)		10,619		589,773
Eaton Corp. plc		4,012		1,330,299
Emerson Electric Co.		2,195		237,653
Prysmian SpA		3,605		255,215
Schneider Electric SE		2,328		602,265

				3,015,205

Ground Transportation (1.0%)
CSX Corp.		26,701		898,221
Hankyu Hanshin Holdings, Inc.		8,100		219,718
Union Pacific Corp.		4,056		941,276

				2,059,215

Industrial Conglomerates (1.2%)
Hitachi Ltd.		20,500		515,948
Honeywell International, Inc.		7,100		1,460,328
Siemens AG (Registered)		2,809		545,275

				2,521,551

Machinery (4.2%)
Atlas Copco AB, Class A		35,680		591,789
Caterpillar, Inc.		2,584		972,101
Cummins, Inc.		1,658		545,449
Epiroc AB, Class A		13,403		262,855
FANUC Corp.		9,600		253,899
GEA Group AG		5,420		267,050
Illinois Tool Works, Inc.		4,800		1,253,424
Knorr-Bremse AG		3,781		310,970
Komatsu Ltd.		9,600		248,433
Kone OYJ, Class B		4,544		248,683
Otis Worldwide Corp.		7,848		770,674
PACCAR, Inc.		7,295		760,723
Parker-Hannifin Corp.		898		569,395
Pentair plc		5,900		584,808
Snap-on, Inc.		1,600		528,208
Volvo AB, Class B		22,816		592,269
Xylem, Inc.		1,854		225,780

				8,986,510

Marine Transportation (0.1%)
Kuehne + Nagel International AG (Registered)		879		219,555

Professional Services (2.8%)
Amentum Holdings, Inc.*		1,600		47,584
Automatic Data Processing, Inc.		5,705		1,650,114
Booz Allen Hamilton Holding Corp.		1,570		285,206
Broadridge Financial Solutions, Inc.		2,400		506,064
Jacobs Solutions, Inc.		1,600		224,928
Leidos Holdings, Inc.		2,034		372,548
Paychex, Inc.		4,091		569,999
SGS SA (Registered)		2,243		238,106
Thomson Reuters Corp.		4,474		732,337
Verisk Analytics, Inc.		1,600		439,552
Wolters Kluwer NV		4,833		814,544

				5,880,982

Trading Companies & Distributors (1.5%)
Brenntag SE		4,227		275,424
Fastenal Co.		12,442		972,716
Ferguson Enterprises, Inc.		1,148		225,858
ITOCHU Corp.		9,500		468,605
Mitsui & Co. Ltd.		20,600		417,419
W.W. Grainger, Inc.		800		887,384

				3,247,406

Total Industrials				37,318,637

Information Technology (20.6%)
Communications Equipment (0.6%)
Motorola Solutions, Inc.		2,700		1,213,245

Electronic Equipment, Instruments & Components (0.9%)
Amphenol Corp., Class A		13,522		906,245
CDW Corp.		1,993		375,142
Keyence Corp.		500		224,211
TE Connectivity plc		2,800		412,776

				1,918,374

IT Services (1.2%)
CGI, Inc.*		4,759		527,186
Fujitsu Ltd.		15,600		286,678

See Notes to Financial Statements.

106

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PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2024



	Number of Shares		Value (Note 1)
Gartner, Inc.*		900	$	452,250
International Business Machines Corp.		3,960		818,611
NEC Corp.		2,700		229,258
VeriSign, Inc.*		1,395		246,692

				2,560,675

Semiconductors & Semiconductor Equipment (6.8%)
ASML Holding NV		1,110		746,371
ASML Holding NV (Registered) (ADR)		400		269,020
Broadcom, Inc.		10,782		1,830,460
KLA Corp.		500		333,115
NVIDIA Corp.		71,610		9,506,944
NXP Semiconductors NV		2,814		659,883
QUALCOMM, Inc.		3,526		573,927
Texas Instruments, Inc.		3,413		693,385

				14,613,105

Software (6.4%)
Autodesk, Inc.*		1,948		552,842
Constellation Software, Inc.		87		262,374
Fair Isaac Corp.*		200		398,622
Intuit, Inc.		1,061		647,528
Microsoft Corp.		19,828		8,057,108
Oracle Corp.		10,195		1,711,129
Roper Technologies, Inc.		1,600		860,368
SAP SE		2,205		515,377
Synopsys, Inc.*		1,445		742,167

				13,747,515

Technology Hardware, Storage & Peripherals (4.7%)
Apple, Inc.		40,895		9,238,590
Canon, Inc. (x)		10,500		340,698
NetApp, Inc.		2,900		334,399

				9,913,687

Total Information Technology				43,966,601

Materials (1.9%)
Chemicals (1.6%)
Air Liquide SA		1,500		268,793
DuPont de Nemours, Inc.		3,057		253,700
Ecolab, Inc.		3,400		835,482
Givaudan SA (Registered)		154		731,669
Sherwin-Williams Co. (The)		2,900		1,040,433
Symrise AG, Class A		1,893		227,928

				3,358,005

Metals & Mining (0.3%)
Rio Tinto Ltd.		3,723		289,717
Wheaton Precious Metals Corp.		5,506		363,613

				653,330

Total Materials				4,011,335

Real Estate (0.7%)
Real Estate Management & Development (0.1%)
Mitsubishi Estate Co. Ltd.		15,400		227,512

Residential REITs (0.3%)
AvalonBay Communities, Inc. (REIT)		2,200		487,542
Equity Residential (REIT)		3,400		239,258

				726,800

Specialized REITs (0.3%)
Public Storage (REIT)		1,598		525,838

Total Real Estate				1,480,150

Utilities (3.8%)
Electric Utilities (1.6%)
Chubu Electric Power Co., Inc.		18,300		209,451
Enel SpA		64,680		490,581
Eversource Energy		10,900		717,765
Exelon Corp.		8,780		345,054
Hydro One Ltd. (m)		13,760		443,036
Iberdrola SA		47,505		704,542
Terna - Rete Elettrica Nazionale		58,178		504,760

				3,415,189

Gas Utilities (0.5%)
Atmos Energy Corp.		5,688		789,380
Hong Kong & China Gas Co. Ltd.		308,000		238,864

				1,028,244

Multi-Utilities (1.7%)
Consolidated Edison, Inc.		7,600		772,768
E.ON SE		37,794		510,458
National Grid plc		26,197		329,249
Public Service Enterprise Group, Inc.		12,100		1,081,861
Sempra		10,912		909,733

				3,604,069

Total Utilities				8,047,502

Total Common Stocks (98.2%) (Cost $165,171,693)				209,830,331


	Number of Warrants		Value (Note 1)
WARRANTS:
Information Technology (0.0%)
Software (0.0%)
Constellation Software, Inc., expiring 3/31/40 (r)* (Cost $—)		100		—


	Number of Shares		Value (Note 1)
SHORT-TERM INVESTMENTS:
Investment Companies (1.7%)
Invesco Government & Agency Portfolio, Institutional Shares 4.78% (7 day yield) (xx)		938,374		938,374
JPMorgan Prime Money Market Fund, IM Shares 5.02% (7 day yield)		2,824,445		2,825,575

Total Investment Companies				3,763,949

Total Short-Term Investments (1.7%) (Cost $3,764,067)				3,763,949

Total Investments in Securities (99.9%) (Cost $168,935,760)				213,594,280
Other Assets Less Liabilities (0.1%)				116,533

Net Assets (100%)			$	213,710,813

*	Non-income producing.

See Notes to Financial Statements.

107

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PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2024

(m)

(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 October 31, 2024.

(xx)

At October 31, 2024, the Fund had loaned securities with a total value of $1,460,050. This was collateralized by $620,380 of various U.S. Government Treasury Securities, ranging from 0.125% - 5.000%, maturing 11/30/24 - 2/15/53 and by cash of $938,374 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.

Glossary:

ADR

— American Depositary Receipt

REIT

— Real Estate Investment Trust

USD

— United States Dollar



Country Diversification As a Percentage of Total Net Assets
Australia	1.5	%
Brazil	0.2
Canada	5.4
China	0.3
Denmark	0.6
Finland	0.5
France	0.4
Germany	3.3
Hong Kong	0.1
Italy	0.9
Japan	3.6
Netherlands	1.3
Norway	0.5
Singapore	0.7
Spain	0.5
Sweden	0.7
Switzerland	2.4
United Kingdom	0.5
United States	76.5
Cash and Other	0.1

	100.0	%

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of October 31, 2024:

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



Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for 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)		Total
Assets:
Common Stocks
Communication Services	$	12,895,388	$	2,146,033	$	—	$	15,041,421
Consumer Discretionary		17,405,989		2,221,956		—		19,627,945
Consumer Staples		17,042,515		3,477,645		—		20,520,160
Energy		1,571,614		632,428		—		2,204,042
Financials		26,437,224		10,044,496		—		36,481,720
Health Care		17,315,211		3,815,607		—		21,130,818
Industrials		27,913,053		9,405,584		—		37,318,637
Information Technology		41,624,008		2,342,593		—		43,966,601
Materials		2,493,228		1,518,107		—		4,011,335
Real Estate		1,252,638		227,512		—		1,480,150
Utilities		5,059,597		2,987,905		—		8,047,502
Short-Term Investments
Investment Companies		3,763,949		—		—		3,763,949

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

October 31, 2024



Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for 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)			Total
Warrants
Information Technology	$	—	$	—	$	—	(a)	$	—	(a)

Total Assets	$	174,774,414	$	38,819,866	$	—		$	213,594,280

Total Liabilities	$	—	$	—	$	—		$	—

Total	$	174,774,414	$	38,819,866	$	—		$	213,594,280

(a)	Value is zero.

The Effect of Derivative Instruments on the Statement of Operations for the year ended October 31, 2024:


Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives Contracts^	Forward Foreign Currency Contracts			Total
Foreign exchange contracts	$	(4,850	)	$	(4,850	)

Total	$	(4,850	)	$	(4,850	)

^ The Fund held forward foreign currency contracts for hedging.


Average Balances of Outstanding Derivative Financial Instruments
Forward foreign currency exchange contracts
Average settlement value sold — in USD	$	239,000

Investment security transactions for the year ended October 31, 2024 were as follows:


Cost of Purchases:
Long-term investments other than U.S. government debt securities	$	64,602,632
Net Proceeds of Sales and Redemptions:
Long-term investments other than U.S. government debt securities	$	87,029,981


Aggregate gross unrealized appreciation	$	46,996,749
Aggregate gross unrealized depreciation		(2,712,012	)

Net unrealized appreciation	$	44,284,737

Federal income tax cost of investments in securities and derivative instruments, if applicable	$	169,309,543

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

October 31, 2024


ASSETS
Investments in Securities, at value (x) (Cost $168,935,760)	$	213,594,280
Cash		383,000
Foreign cash (Cost $48,394)		48,065
Receivable for Fund shares sold		525,290
Dividends, interest and other receivables		446,924
Prepaid registration and filing fees		25,872
Securities lending income receivable		2,027
Other assets		1,789

Total assets		215,027,247

LIABILITIES
Payable for return of collateral on securities loaned		938,374
Payable for Fund shares repurchased		128,023
Investment advisory fees payable		82,079
Transfer agent fees payable		38,154
Administrative fees payable		27,591
Distribution fees payable – Class R		1,519
Distribution fees payable – Class A		1,284
Accrued expenses		99,410

Total liabilities		1,316,434

Commitments and contingent liabilities^

NET ASSETS	$	213,710,813

Net assets were comprised of:
Paid in capital	$	160,478,089
Total distributable earnings (loss)		53,232,724

Net assets	$	213,710,813

Class A
Net asset value and redemption price per share, $5,922,406 / 308,583 shares outstanding (unlimited amount authorized: $0.001 par value)	$	19.19
Maximum sales charge (5.50% of offering price)		1.12

Maximum offering price per share	$	20.31

Class I
Net asset value, offering and redemption price per share, $204,247,255 / 10,604,992 shares outstanding (unlimited amount authorized: $0.001 par value)	$	19.26

Class R
Net asset value, offering and redemption price per share, $3,541,152 / 185,145 shares outstanding (unlimited amount authorized: $0.001 par value)	$	19.13

(x)	Includes value of securities on loan of $1,460,050.

^	See Note 2 in Notes to the Financial Statements.

STATEMENT OF OPERATIONS

For the Year Ended October 31, 2024


INVESTMENT INCOME
Dividends (net of $224,753 foreign withholding tax)	$	4,123,330
Interest		20,753
Securities lending (net)		14,455

Total income		4,158,538

EXPENSES
Investment advisory fees		1,441,944
Administrative fees		309,021
Transfer agent fees		233,200
Professional fees		120,702
Printing and mailing expenses		74,627
Registration and filing fees		44,233
Custodian fees		34,200
Distribution fees – Class R		14,636
Distribution fees – Class A		14,592
Trustees’ fees		6,694
Distribution fees – Class T**		436
Miscellaneous		41,447

Gross expenses		2,335,732
Less: Waiver from investment adviser		(553,875	)
Waiver from distributor		(436	)

Net expenses		1,781,421

NET INVESTMENT INCOME (LOSS)		2,377,117

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Investments in securities		10,187,248
Forward foreign currency contracts		(4,850	)
Foreign currency transactions		(1,274	)

Net realized gain (loss)		10,181,124

Change in unrealized appreciation (depreciation) on:
Investments in securities		40,808,720
Foreign currency translations		3,584

Net change in unrealized appreciation (depreciation)		40,812,304

NET REALIZED AND UNREALIZED GAIN (LOSS)		50,993,428

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	53,370,545

**	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.

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STATEMENT OF CHANGES IN NET ASSETS


	Year Ended October 31,
	2024			2023
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	2,377,117		$	2,480,789
Net realized gain (loss)		10,181,124			445,721
Net change in unrealized appreciation (depreciation)		40,812,304			6,907,134

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		53,370,545			9,833,644

Distributions to shareholders:
Class A		(68,338	)		(41,330	)
Class I		(2,810,472	)		(1,652,986	)
Class R		(24,199	)		(9,040	)
Class T**		(2,483	)		(1,614	)

Total distributions to shareholders		(2,905,492	)		(1,704,970	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 47,641 and 37,543 shares, respectively ]		828,562			565,321
Capital shares issued in reinvestment of dividends [ 4,167 and 2,774 shares, respectively ]		68,338			41,330
Capital shares repurchased [ (73,974) and (55,092) shares, respectively ]		(1,324,378	)		(836,037	)

Total Class A transactions		(427,478	)		(229,386	)

Class I
Capital shares sold [ 3,094,753 and 3,973,319 shares, respectively ]		54,891,400			60,284,429
Capital shares issued in reinvestment of dividends [ 171,020 and 110,705 shares, respectively ]		2,808,138			1,651,723
Capital shares repurchased [ (4,491,799) and (2,877,536) shares, respectively ]		(78,668,900	)		(43,620,496	)

Total Class I transactions		(20,969,362	)		18,315,656

Class R
Capital shares sold [ 58,077 and 61,544 shares, respectively ]		1,020,710			933,269
Capital shares issued in reinvestment of dividends [ 1,477 and 607 shares, respectively ]		24,199			9,040
Capital shares repurchased [ (18,051) and (16,467) shares, respectively ]		(307,750	)		(252,479	)

Total Class R transactions		737,159			689,830

Class T **
Capital shares repurchased [ (10,332) and 0 shares ]		(204,085	)		—

Total Class T transactions		(204,085	)		—

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(20,863,766	)		18,776,100

TOTAL INCREASE (DECREASE) IN NET ASSETS		29,601,287			26,904,774
NET ASSETS:
Beginning of year		184,109,526			157,204,752

End of year	$	213,710,813		$	184,109,526

** 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.

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FINANCIAL HIGHLIGHTS


	Year Ended October 31,
Class A	2024			2023			2022			2021			2020
Net asset value, beginning of year	$	14.90		$	14.15		$	17.61		$	13.34		$	13.34

Income (loss) from investment operations:
Net investment income (loss) (e)		0.16			0.17			0.15			0.14			0.14
Net realized and unrealized gain (loss)		4.33			0.70			(2.37	)		4.29			0.14

Total from investment operations		4.49			0.87			(2.22	)		4.43			0.28

Less distributions:
Dividends from net investment income		(0.20	)		(0.12	)		(0.13	)		(0.08	)		(0.13	)
Distributions from net realized gains		—			—	#		(1.11	)		(0.08	)		(0.15	)

Total dividends and distributions		(0.20	)		(0.12	)		(1.24	)		(0.16	)		(0.28	)

Net asset value, end of year	$	19.19		$	14.90		$	14.15		$	17.61		$	13.34

Total return		30.38	%		6.14	%		(13.73	)%		33.49	%		2.07	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	5,922		$	4,929		$	4,888		$	4,978		$	3,278
Ratio of expenses to average net assets:
After waivers and reimbursements (f)		1.10	%		1.10	%		1.10	%		1.10	%		1.14	%
Before waivers and reimbursements (f)		1.37	%		1.41	%		1.42	%		1.48	%		1.83	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (f)		0.91	%		1.15	%		0.96	%		0.89	%		1.04	%
Before waivers and reimbursements (f)		0.64	%		0.84	%		0.64	%		0.51	%		0.35	%
Portfolio turnover rate^		32	%		34	%		38	%		59	%		42	%

	Year Ended October 31,
Class I	2024			2023			2022			2021			2020
Net asset value, beginning of year	$	14.95		$	14.19		$	17.66		$	13.37		$	13.37

Income (loss) from investment operations:
Net investment income (loss) (e)		0.21			0.21			0.19			0.19			0.17
Net realized and unrealized gain (loss)		4.34			0.71			(2.38	)		4.29			0.14

Total from investment operations		4.55			0.92			(2.19	)		4.48			0.31

Less distributions:
Dividends from net investment income		(0.24	)		(0.16	)		(0.17	)		(0.11	)		(0.16	)
Distributions from net realized gains		—			—	#		(1.11	)		(0.08	)		(0.15	)

Total dividends and distributions		(0.24	)		(0.16	)		(1.28	)		(0.19	)		(0.31	)

Net asset value, end of year	$	19.26		$	14.95		$	14.19		$	17.66		$	13.37

Total return		30.72	%		6.46	%		(13.56	)%		33.87	%		2.30	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	204,247		$	176,892		$	150,789		$	124,320		$	46,777
Ratio of expenses to average net assets:
After waivers and reimbursements (f)		0.85	%		0.85	%		0.85	%		0.85	%		0.89	%
Before waivers and reimbursements (f)		1.12	%		1.16	%		1.17	%		1.23	%		1.58	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (f)		1.17	%		1.40	%		1.23	%		1.16	%		1.27	%
Before waivers and reimbursements (f)		0.90	%		1.09	%		0.90	%		0.78	%		0.58	%
Portfolio turnover rate^		32	%		34	%		38	%		59	%		42	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)


	Year Ended October 31,
Class R	2024			2023			2022			2021			2020
Net asset value, beginning of year	$	14.85		$	14.10		$	17.56		$	13.30		$	13.31

Income (loss) from investment operations:
Net investment income (loss) (e)		0.11			0.14			0.11			0.10			0.10
Net realized and unrealized gain (loss)		4.33			0.69			(2.37	)		4.29			0.14

Total from investment operations		4.44			0.83			(2.26	)		4.39			0.24

Less distributions:
Dividends from net investment income		(0.16	)		(0.08	)		(0.09	)		(0.05	)		(0.10	)
Distributions from net realized gains		—			—	#		(1.11	)		(0.08	)		(0.15	)

Total dividends and distributions		(0.16	)		(0.08	)		(1.20	)		(0.13	)		(0.25	)

Net asset value, end of year	$	19.13		$	14.85		$	14.10		$	17.56		$	13.30

Total return		30.11	%		5.90	%		(13.97	)%		33.21	%		1.75	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	3,541		$	2,134		$	1,381		$	936		$	236
Ratio of expenses to average net assets:
After waivers and reimbursements (f)		1.35	%		1.35	%		1.35	%		1.35	%		1.39	%
Before waivers and reimbursements (f)		1.62	%		1.66	%		1.68	%		1.73	%		2.09	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (f)		0.64	%		0.89	%		0.72	%		0.64	%		0.77	%
Before waivers and reimbursements (f)		0.37	%		0.58	%		0.40	%		0.26	%		0.07	%
Portfolio turnover rate^		32	%		34	%		38	%		59	%		42	%

#	Per share amount is less than $0.005.

^	Portfolio turnover rate excludes derivatives, if any.

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

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

See Notes to Financial Statements.

113

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NOTES TO FINANCIAL STATEMENTS

October 31, 2024

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^® 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^® 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.

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NOTES TO FINANCIAL STATEMENTS (Continued)

October 31, 2024

EIM contributed seed capital to the Fund below:

Funds:

Date

Class

Seed capital

1290 Avantis^® U.S. Large Cap Growth

11/30/2023

100,000

1290 Avantis^® U.S. Large Cap Growth

11/30/2023

18,900,000

EIM redeemed seed capital out of the Funds listed below:

Funds:

Redemption
Date

Class

Seed capital

1290 GAMCO Small/Mid Cap Value

10/15/2024

184,904

1290 High Yield Bond

10/15/2024

121,901

1290 SmartBeta Equity

10/15/2024

204,084

The investment objectives of each Fund are as follows:

1290 Avantis^® 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.

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NOTES TO FINANCIAL STATEMENTS (Continued)

October 31, 2024

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

The following is a summary of the significant accounting policies of the Trust:

The preparation of financial statements in accordance with United States of America generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates. The Funds are investment companies and, accordingly, follow the Investment Company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. GAAP.

Valuation:

Equity securities (including securities issued by ETFs) listed on national securities exchanges are generally valued at the last sale price or official closing price on the date of valuation or, if there is no sale or official closing price, at the latest available bid price. Securities listed on the NASDAQ Stock Market will be valued using the NASDAQ Official Closing Price (“NOCP”). Other unlisted stocks are generally valued at their last sale price or official closing price or, if there is no such price, at a bid price estimated by a broker.

Corporate and municipal bonds and notes are generally valued on the basis of prices provided by a pricing service. The pricing services may utilize many inputs that are observable in making evaluations which may include, but are not limited to, trading activity for similar securities, issuer details, yields, default rates, credit spreads, quoted prices and any developments related to the specific securities. However, when such prices are not available, such bonds and notes are generally fair valued at a bid price estimated by a broker.

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

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NOTES TO FINANCIAL STATEMENTS (Continued)

October 31, 2024

representative quoted prices from the primary exchange in the currency of the country of origin. Foreign currency is converted into U.S. dollar equivalent at current exchange rates.

Investments in shares of open-end investment companies (other than ETFs) held by a Fund are generally valued at the net asset value (“NAV”) of the shares of such funds as described in the underlying funds’ prospectuses.

Futures contracts are generally valued at their last settlement price or, if there is no sale, 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 October 31, 2024, 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.

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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 increase in, available observable market inputs to determine price.

The inputs or methodology used to fair value securities are not necessarily an indication of the risk associated with investing in those securities. An investment’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement.

The Committee has the ability to meet and review reports based on the valuation techniques used to fair value Level 3 securities. As part of a review, the Committee would consider obtaining updates from its pricing vendors and Sub-Advisers for fair valued securities. For example, with respect to model driven prices, the Committee could receive reports regarding a review and recalculation of pricing models and related discounts. For those securities which are valued based on broker quotes, the Committee may evaluate variances between existing broker quotes and any alternative broker quotes provided by a Sub-Adviser or other pricing source.

To substantiate unobservable inputs used in a fair valuation, the Committee may perform an independent verification as well as additional research for fair value notifications received from the pricing agents. Among other factors, particular areas of focus may include: description of security, historical pricing, intra-day price movement, last trade information, corporate actions, related securities, any available company news and announcements, any available trade data or other information. The Committee also notes the materiality of holdings and price changes on a Fund’s NAV.

The Committee reviews and considers changes in value for all fair valued securities that have occurred since the last review.

Events or circumstances affecting the values of Fund securities that occur between the closing of their principal markets and the time the NAV is determined may be reflected in the Trust’s calculation of a NAV for each applicable Fund when the Committee deems that the particular event or circumstance would materially affect such Fund’s NAV.

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.

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Foreign Taxes:

The Funds may be subject to foreign taxes on dividend and interest income, gains on investments or currency purchase/repatriation, all or a portion of which may be recoverable. Each Fund applies for refunds where available. The Funds will accrue such taxes and recoveries as applicable, based on their current interpretation of the tax rules and regulations that exist in the markets in which they invest.

Allocation of Expenses and Income:

Expenses attributable to a single Fund or class are charged to that Fund or class. Expenses of the Trust not attributable to a single Fund or class are charged to each Fund or class in proportion to the average net assets of each Fund or other appropriate allocation methods.

All income earned and expenses incurred by each Fund are borne on a pro-rata basis by each outstanding class of shares, based on the proportionate interest in the Fund represented by the daily net assets of such class, except for distribution fees which are charged on a class-specific basis.

Offering costs incurred in connection with the offering of shares of a Fund will be amortized and recorded as an expense on a straight line basis over 12 months from the date of the Fund’s commencement of public offering of shares. Amortized offering costs are disclosed in the Statement of Operations.

Foreign Currency Valuation:

The books and records of the Trust are kept in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at current exchange rates at the following dates:

(i) Market value or fair value, as applicable, of investment securities, other assets and liabilities — at the valuation date.

(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.

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October 31, 2024

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 period ended October 31, 2024 remains subject to examination by the Internal Revenue Service, state and local taxing authorities.

Each Fund (other than the 1290 Diversified Bond Fund, 1290 High Yield Bond Fund and 1290 Loomis Sayles Multi-Asset Income Fund) generally distributes most or all of its net investment income and net realized gains, if any, annually. Each of the 1290 Diversified Bond Fund, 1290 High Yield Bond Fund and 1290 Loomis Sayles Multi-Asset Income Fund normally distributes dividends from its net investment income monthly and distributes its net realized gains, if any, annually. Dividends to shareholders of a Fund to which such gains are attributable from net realized short- term and long-term capital gains are declared and distributed at least annually. All distributions are calculated on a tax basis and, as such, the amounts may differ from financial statement investment income and realized gains. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by each Fund. Short-term capital gains and foreign currency gains are treated as capital gains for U.S. GAAP purposes but are considered ordinary income for tax purposes. The tax character of distributions for the years ended October 31, 2024 and October 31, 2023 and the tax composition of undistributed ordinary income and undistributed long term gains at October 31, 2024 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 October 31, 2024				As of October 31, 2024				Year Ended October 31, 2023
Funds:	Distributed Ordinary Income		Distributed Long Term Gains		Accumulated Undistributed Ordinary Income		Accumulated Undistributed Long Term Gains		Distributed Ordinary Income		Distributed Long Term Gains
1290 Avantis^® U.S. Large Cap Growth	$	69,351	$	73,148	$	98,115	$	655,036	$	112,234	$	98,870
1290 Diversified Bond		39,852,498		—		—		—		15,606,684		—
1290 Essex Small Cap Growth		—		—		125,352		—		73,637		—
1290 GAMCO Small/Mid Cap Value		1,401,584		3,909,545		1,366,441		5,813,221		248,039		2,550,136
1290 High Yield Bond		4,371,070		—		—		—		3,658,332		—
1290 Loomis Sayles Multi-Asset Income		3,375,320		—		4,189,641		24,235		2,420,631		1,048,196
1290 Multi-Alternative Strategies		468,907		—		95,074		—		349,910		—
1290 Retirement 2020		170,559		90,696		116,864		190,041		204,241		570,728
1290 Retirement 2025		360,448		313,351		278,569		485,874		389,577		735,181

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October 31, 2024


	Year Ended October 31, 2024				As of October 31, 2024				Year Ended October 31, 2023
Funds:	Distributed Ordinary Income		Distributed Long Term Gains		Accumulated Undistributed Ordinary Income		Accumulated Undistributed Long Term Gains		Distributed Ordinary Income		Distributed Long Term Gains
1290 Retirement 2030	$	190,618	$	81,023	$	166,899	$	134,514	$	195,023	$	519,067
1290 Retirement 2035		202,820		144,001		205,456		60,298		242,334		550,396
1290 Retirement 2040		132,682		57,378		100,164		462,828		132,662		27,410
1290 Retirement 2045		154,515		129,674		135,568		27,076		162,933		122,800
1290 Retirement 2050		152,737		37,221		129,176		102,868		147,935		33,174
1290 Retirement 2055		100,195		165,118		83,769		33,986		109,392		87,850
1290 SmartBeta Equity		2,905,492		—		2,254,072		6,694,377		1,704,970		—

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 from ordinary income
1290 Essex Small Cap Growth	$	252,330

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


Fund:	Return of Capital
1290 Diversified Bond	$	352,519
1290 High Yield Bond		30,930

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


Funds:	Return of Capital
1290 Diversified Bond	$	8,391,802
1290 High Yield Bond		31,809

Permanent book and tax differences relating to shareholder distributions resulted in undistributed (overdistributed) net investment income (loss), accumulated net realized gain (loss) and paid-in-capital at October 31, 2024 as follows:


Funds:	Undistributed Net Investment Income (Loss) (a)			Accumulated Net Realized Gain (Loss) (a)			Paid In Capital
1290 Avantis^® U.S. Large Cap Growth	$	—		$	—		$	—
1290 Diversified Bond		(1,600,370	)		1,600,370			—
1290 Essex Small Cap Growth		—			—			—
1290 GAMCO Small/Mid Cap Value		217			(217	)		—
1290 High Yield Bond		84,193			(84,193	)		—
1290 Loomis Sayles Multi-Asset Income		(27,402	)		27,402			—
1290 Multi-Alternative Strategies		(52,691	)		52,691			—
1290 Retirement 2020		—			—			—
1290 Retirement 2025		—			—			—
1290 Retirement 2030		63			(63	)		—
1290 Retirement 2035		—			—			—
1290 Retirement 2040		58			(58	)		—
1290 Retirement 2045		9			(9	)		—
1290 Retirement 2050		5			(5	)		—
1290 Retirement 2055		—			—			—
1290 SmartBeta Equity		355,590			(355,590	)		—

(a) These components of net assets are included in Total Distributable Earnings (Loss) in the Statement of Assets and Liabilities.

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To the extent book and tax differences in shareholder distributions are permanent in nature, such amounts are reclassified within the capital accounts based on their Federal tax basis treatment. Permanent book and tax differences resulted in reclassifications to undistributed net investment income (loss), accumulated net realized gain (loss) and paid-in-capital at October 31, 2024 as follows: reclassification of gain and losses from foreign currency transactions (1290 Diversified Bond).

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				Losses Carried Forward
Funds:	Short Term		Long Term		Short Term		Long Term
1290 Diversified Bond	$	7,144,828	$	893,695	$	69,967,706	$	77,385,361
1290 Essex Small Cap Growth		—		—		6,541,866		—
1290 High Yield Bond		129,970				1,007,555		5,939,974
1290 Multi-Alternative Strategies		—		—		50,150		1,429,922
1290 SmartBeta Equity		3,119,662		—		—		—

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 Fund’s derivatives are not accounted for as hedging instruments because the Funds account for their derivatives at fair value and record any changes in fair value in current period earnings in the Statements of Operations. All open derivative positions at period end are reflected on each respective Fund’s Portfolio of Investments. The volume of derivative activity, based on month-end notional amounts during the period is also noted in each respective Fund’s Portfolio of Investments. Portfolio securities are reserved and/or pledged with the custodian as collateral for current or potential derivative holdings as necessary throughout the year.

Options:

Certain Funds may write (sell) covered options as a hedge to provide protection against adverse movements in the price of securities in the Fund or to enhance investment performance. Certain Funds purchase and sell exchange traded options on foreign currencies. When a Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted on a daily basis to the current market price of the option written. Premiums received from writing options that expire unexercised are recognized as gains on the expiration date. Premiums received from writing options that are exercised or are cancelled in closing purchase transactions are offset against the cost of any securities purchased or added to the proceeds or netted against the amount paid on the transaction to determine the realized gain or loss. In writing options, a Fund must assume that the option may be exercised at any time prior to the expiration of its obligation as a writer, and that in such circumstances the net proceeds of the sale (or cost of) purchase of the underlying securities and currencies pursuant to the call or put option may be substantially below or above the prevailing market price. A Fund also has the additional risk of not being able to enter into a closing purchase transaction if a liquid secondary market does not exist and bears the risk of unfavorable changes in the price of the financial instruments underlying the options.

Certain Funds may purchase put options on securities to increase the Fund’s total investment return or to protect its holdings against a substantial decline in market value or fair value, as

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October 31, 2024

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 year ended October 31, 2024, 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, in forward currency transactions and change in unrealized gains or losses in forward foreign currency transactions. Further information on the impact of these positions on the Funds’ financial statements can be found in the Statement of Operations and Portfolio of Investments for each Fund.

The Funds may be exposed to foreign currency risks associated with Fund investments. Certain Funds may purchase foreign currency on a spot (or cash) basis. In addition, certain Funds enter into contracts to purchase or sell foreign currencies at a future date (“forward contracts”). A forward foreign currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Daily fluctuations in the value of such contracts are recognized as unrealized appreciation or depreciation by “marking-to-market”. The gain or loss arising from the difference between the original contracts and the closing of such contracts is included in realized gains or losses from forward foreign currency transactions 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.

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October 31, 2024

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 a 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. 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.

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October 31, 2024

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 may designate the segregation, either on their records or with the Trust’s custodian, of cash or other liquid securities in an amount sufficient to meet the purchase price, or may enter into offsetting contracts for the forward sale of other securities they own. These commitments are reported at market value or fair value, as applicable, in the financial statements. Forward settling transactions may be considered securities in themselves and involve a risk of loss if the value of the security to be purchased declines or if the value of the security to be sold increases prior to the settlement date, which is a risk in addition to the risk of decline in the value of the Funds’ other assets. Where such purchases or sales are made through dealers, a Fund relies on the dealer to consummate the sale. The dealer’s failure to do so may result in the loss to a Fund of an advantageous yield or price. Market risk exists on these commitments to the same extent as if the securities were owned on a settled basis and gains and losses are recorded and reported in the same manner. However, during the commitment period, these investments earn no interest or dividends.

Certain Funds may enter into to-be-announced purchase or sale commitments (“TBA transactions”), pursuant to which it agrees to purchase or sell, respectively, mortgage backed securities for a fixed unit price, with payment and delivery at a scheduled future date beyond the customary settlement period for such securities. With TBA transactions, the particular securities to be received or delivered by a Fund are not identified at the trade date; however, the securities must meet specified terms, including issuer, rate, and mortgage term, and be within industry accepted “good delivery” standards. Funds may enter into TBA transactions with the intention of taking possession of or relinquishing the underlying securities, may elect to extend the settlement by “rolling” the transaction, and/or may use TBA transactions to gain or reduce interim exposure to underlying securities. Until settlement, a Fund maintains liquid assets sufficient to settle its commitment to purchase a TBA or, in the case of a sale commitment, a Fund maintains an entitlement to the security to be sold.

Master netting arrangements and collateral:

International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreements”) govern bilateral OTC derivative transactions entered into by the Sub-Advisers on behalf of the Funds with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. In

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October 31, 2024

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 year ended October 31, 2024, certain Funds entered into securities lending transactions. To generate additional income, a Fund may lend its portfolio securities, up to 30% of the market value of the Fund’s total assets, to brokers, dealers, and other financial institutions.

JPMorgan serves as securities lending agent for the securities lending program of the Trust. Securities lending transactions are considered to be overnight and continuous and can be terminated by a Fund or the borrower at any time.

The Funds’ securities lending policies and procedures require that the borrower (i) deliver collateral consisting of cash or U.S. Government securities, equal to at least 102% of the value of the portfolio securities loaned with respect to each new loan of U.S. securities, and equal to at least 105% of the value of the portfolio securities loaned with respect to each new loan of non-U.S. securities; and, for loans of U.S. Treasury securities, collateral equal to the lesser of 102% of the loaned securities’ current market value or 100% of the loaned securities’ par value; (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. Cash collateral received is permitted to be invested in short-term, highly liquid investments, such as government money market funds and repurchase agreements, and shown in the Portfolio of Investments and included in calculating the Fund’s total assets. U.S. Government securities received as collateral, if any, are held in safekeeping by JPMorgan

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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 October 31, 2024, the Securities Lending Agreement does not permit the Fund to enforce a netting arrangement.

Market, Credit and Other Risk:

A Fund’s investments in financial instruments expose the Fund to various risks such as, but not limited to, market, interest rate, foreign currency, foreign securities, forward settling transactions, equity, and credit risks.

The market values of a Fund’s investments may decline due to factors that are specifically related to a particular company or issuer, as well as general market conditions, such as real or perceived adverse economic or political conditions, changes in the general outlook for corporate earnings, inflation rates and/or investor expectations concerning such rates, changes in interest rates or currency rates, recessions or adverse investor sentiment generally. The market values of a Fund’s investments may also decline due to factors that affect a particular sector or industry, such as 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.

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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, 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.

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 securities markets, perhaps suddenly and to a significant degree. High public debt in the United States and other countries creates ongoing systemic and market risks and policymaking uncertainty, and may negatively affect economic conditions and the value of market, sectors, or companies in which a Fund invests.

Changes in interest rates may affect the yield, liquidity and value of investments in income producing or debt 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 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, and there can be no assurance that the initiatives undertaken by governments and central banks will be successful.

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 investment in U.S. securities. Foreign markets may be less liquid, more volatile and subject to less

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October 31, 2024

government supervision and regulation than U.S. markets. Differences between U.S. and foreign legal, political and economic systems, regulatory regimes and market practices also may 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, war, 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 transaction may result in market risk to the Funds that is greater than if the Funds had engaged solely in transactions that settle in the customary time.

The use of futures contracts involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the underlying hedged assets. Should interest rates or indices move unexpectedly, the Fund may not achieve the anticipated benefits of the futures contracts and may incur a loss. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional value of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss.

Equity securities and equity related investments generally have greater market price volatility than fixed income securities, although under certain market conditions fixed income securities may have comparable or greater price volatility. In addition, common stock prices may be particularly sensitive to rising interest rates, which increase borrowing costs and the costs of capital.

A Fund will be exposed to credit risk with respect to the parties with whom it trades and will also bear the risk of settlement default. A Fund is subject to the risk that the issuer or guarantor of a fixed income security, or the counterparty to a transaction, is unable or unwilling, or is perceived as unable or unwilling, to make timely interest or principal payments or otherwise honor its obligations, which may cause the Fund’s holding to lose value. The downgrade of a security’s credit rating may decrease its value. Lower credit quality also may lead to greater volatility in the price of a security and may negatively affect a security’s liquidity. The credit quality of a security can deteriorate suddenly and rapidly.

Certain Funds may invest in below investment grade high-yield securities (commonly known as “junk bonds”). These securities are considered to be high risk investments. Securities rated below investment grade are speculative in nature, involve greater risk of default by the issuing entity and may be subject to greater market fluctuations than higher rated fixed income securities because such securities are generally unsecured and subordinated to other creditors’ claims. The retail secondary market for these “junk bonds” may be less liquid than that of higher rated securities and adverse economic conditions could make it difficult to sell certain securities or could result in lower prices than those used in calculating a Fund’s NAV.

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October 31, 2024

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 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 Statement of Assets and Liabilities generally show derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

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:


Funds:		Investment Advisory Fees
1290 Avantis^® 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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October 31, 2024


	(as a percentage of average daily net assets)
Funds:	First $1 Billion			Next $1 Billion			Next $3 Billion			Next $5 Billion			Thereafter
1290 Essex Small Cap Growth		0.750	%		0.700	%		0.675	%		0.650	%		0.625	%
1290 GAMCO Small/Mid Cap Value		0.750			0.700			0.675			0.650			0.625
1290 Loomis Sayles Multi-Asset Income		0.650			0.600			0.575			0.550			0.525
1290 SmartBeta Equity		0.700			0.650			0.625			0.600			0.575


	(as a percentage of average daily net assets)
Fund:	First $4 Billion			Next $4 Billion			Next $2 Billion			Thereafter
1290 Multi-Alternative Strategies		0.500	%		0.490	%		0.480	%		0.470	%


	(as a percentage of average daily net assets)
Funds:	First $4 Billion			Next $4 Billion			Thereafter
1290 Diversified Bond		0.600	%		0.580	%		0.560	%
1290 High Yield Bond		0.600			0.580			0.560

On behalf of the Trust, the Adviser has entered into an investment sub-advisory agreement (“Sub-Advisory Agreements”) with each of the Sub-Advisers. Each of the Sub-Advisory Agreements obligates the Sub-Advisers for the respective Funds to: (i) continuously furnish investment programs for the Funds; (ii) place all orders for the purchase and sale of investments for the Funds with brokers 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:


Share Class:	Distribution Fee and/or Service Fee (as a % of average daily net assets attributable to the class)
Class A		0.25	%
Class R		0.50
Class T*		0.25

The Distribution Fees for Class T shares were voluntarily waived during the period. The amounts waived for the period ended October 31, 2024 are included in Waiver from distributor on the Statement of Operations for each Fund and are not eligible for recoupment. Class T shares were terminated effective October 15, 2024.

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

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October 31, 2024

and redemption of shares, the opening and maintenance of shareholder accounts, the handling of certain communications between shareholders and the Trust, and the payment of dividends and distributions payable by the Funds. Under the Transfer Agency Agreement, the Transfer Agent receives a monthly fee comprised of a fixed base fee plus a fee computed on the basis of the number of shareholder accounts it maintains for the Trust during the month.

The Trust, on behalf of the Funds, has entered into a custody agreement (the “Custody Agreement”) with JPMorgan Chase Bank, N.A. (in this capacity, the “Custodian”). The Custody Agreement provides for an annual fee based on the amount of assets under custody plus transaction charges. The Custodian serves as custodian of the Trust’s Fund securities and other assets. Under the terms of the Custody Agreement between the Trust and the Custodian, the Custodian maintains and deposits in each Fund’s account, cash, securities and other assets of the Funds. The Custodian is also required, upon the order of the Trust, to deliver securities held by the Custodian, and to make payments for securities purchased by the Trust. The Custodian has also entered into sub-custodian agreements with a number of foreign banks and clearing agencies, pursuant to which Fund securities purchased outside the United States are maintained in the custody of these entities. As of October 31, 2024, certain of the Funds maintain significant cash balances with the Custodian or its affiliates. These balances are presented as cash on each Fund’s Statement of Assets and Liabilities.

The Adviser has contractually agreed to limit the expenses of certain Funds (exclusive of certain items noted below) through April 30, 2026 (unless the Board consents to an earlier revision or termination of this arrangement) (“Expense Limitation Agreement”). Pursuant to the Expense Limitation Agreement, the Adviser has agreed to waive its and its affiliates’ management, administrative and other fees and, if necessary, make payments to a Fund to limit the expenses of each Fund listed below so that the total annual operating expenses of each Fund (exclusive of taxes, interest, brokerage commissions, dividend and interest expenses on securities sold short, capitalized expenses (other than offering costs), fees and expenses of other investment companies in which a Fund invests (except as noted in the table below), 12b-1 fees, and extraordinary expenses not incurred in the ordinary course of such Fund’s business) do not exceed the following annual rates:


Funds:	Total Expense Limited For All Share Classes to (% of daily net assets)
1290 Avantis^® 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

*	Includes fees and expenses of other investment companies in which the Fund invests.

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October 31, 2024

The Adviser first waives its advisory fees, then waives its administration fees, and then reimburses the Fund’s expenses out of its own resources. Each Fund may at a later date reimburse to the Adviser the amount of any such waivers or payments provided that the waivers or payments are reimbursed within three years of the waivers or payments being recorded and the Fund’s expense ratio, after the reimbursement is taken into account, does not exceed the Fund’s expense cap at the time of the waiver or the Fund’s expense cap at the time of the reimbursement, whichever is lower. Consequently, no reimbursement by a Fund will be made unless the Fund’s total annual expense ratio is less than the respective percentages stated above for the respective period. Any reimbursement, called recoupment fees on the Statement of Operations of the Fund, will be based on the earliest fees waived or assumed by the Adviser. During the year ended October 31, 2024, the Funds did not incur recoupment fees and as of October 31, 2024, no commitment or contingent liability is expected. At October 31, 2024, under the Expense Limitation Agreement, the amount that would be recoverable from each Fund is as follows:


	Amount Eligible Through						Total Eligible For Reimbursement
Funds:	2025		2026		2027		Total Eligible For Reimbursement
1290 Avantis^® U.S. Large Cap Growth	$	124,402	$	129,096	$	264,400	$	517,898
1290 Diversified Bond		3,005,779		3,030,013		2,652,034		8,687,826
1290 Essex Small Cap Growth		202,116		412,087		254,364		868,567
1290 GAMCO Small/Mid Cap Value		393,763		411,133		402,629		1,207,525
1290 High Yield Bond		280,965		299,929		294,924		875,818
1290 Loomis Sayles Multi-Asset Income		302,294		282,902		359,264		944,460
1290 Multi-Alternative Strategies		110,420		122,841		117,430		350,691
1290 Retirement 2020		126,767		126,214		123,477		376,458
1290 Retirement 2025		137,099		133,596		129,041		399,736
1290 Retirement 2030		125,762		127,176		126,387		379,325
1290 Retirement 2035		130,199		129,923		127,597		387,719
1290 Retirement 2040		123,023		126,010		125,766		374,799
1290 Retirement 2045		126,549		127,739		127,346		381,634
1290 Retirement 2050		123,486		127,733		126,727		377,946
1290 Retirement 2055		123,400		126,530		125,584		375,514
1290 SmartBeta Equity		475,250		556,893		553,875		1,586,018

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.

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October 31, 2024

Note 3

Sales Charges

The Distributor receives sales charges on the Funds’ Class A shares and the proceeds of contingent deferred sales charges paid by the investor in connection with certain redemptions of the Funds’ Class A shares. Sales loads and contingent deferred sales charges imposed on purchases and redemptions of Fund shares are retained by the Trust’s Distributor and do not represent expenses or income of the Funds. The Distributor has advised the Funds that for the year ended October 31, 2024, the proceeds retained from sales and redemptions are as follows:


	Class A				Class T
Funds:	Front End Sales Charge		Contingent Deferred Sales Charge		Front End Sales Charge
1290 Avantis^® U.S. Large Cap Growth	$	188	$	—	$	—
1290 Diversified Bond		24,264		—		—
1290 Essex Small Cap Growth		114		—		—
1290 GAMCO Small/Mid Cap Value		29,261		—		—
1290 High Yield Bond		8,256		—		—
1290 Loomis Sayles Multi-Asset Income		38,013		—		—
1290 Multi-Alternative Strategies		560		—		—
1290 SmartBeta Equity		34,179		—		—

Note 4

Compensation of Officers

Each officer of the Trust is an employee of Equitable Financial Life Insurance Company (“Equitable Financial”), EIM, Equitable Investment Management Group, LLC (“EIMG”) and/or Equitable Distributors, LLC. No officer of the Trust, other than the Chief Compliance Officer, receives compensation paid by the Trust. During the year ended October 31, 2024, the two trusts in the fund complex reimbursed EIM and EIMG for $290,000 of the Chief Compliance Officer’s compensation, including $2,319 reimbursed by the Trust.

Note 5

Percentage of Ownership by Affiliates

At October 31, 2024, EIMG and Equitable Financial held investments in each of the Funds as follows:


Funds:	Percentage of Ownership
1290 Avantis^® U.S. Large Cap Growth		19	%
1290 Essex Small Cap Growth		19
1290 GAMCO Small/ Mid Cap Value		17
1290 High Yield Bond		8
1290 Loomis Sayles Multi-Asset Income		63
1290 Multi-Alternative Strategies		58
1290 Retirement 2020		100
1290 Retirement 2025		100
1290 Retirement 2030		99
1290 Retirement 2035		99
1290 Retirement 2040		99
1290 Retirement 2045		98
1290 Retirement 2050		99
1290 Retirement 2055		100

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October 31, 2024

Shares of 1290 Avantis^® U.S. Large Cap Growth, 1290 Diversified Bond, 1290 Essex Small Cap Growth, 1290 GAMCO Small/Mid Cap Value, 1290 High Yield Bond and 1290 SmartBeta Equity Funds may be held as an underlying investment by certain series of the EQ Advisors Trust. The following table shows the percentage of ownership of the net assets of each Fund by a series of EQ Advisors Trust as of October 31, 2024.


Portfolios:	1290 Avantis^® U.S. Large cap Growth			1290 Diversified Bond			1290 Essex Small Cap Growth			1290 GAMCO Small/Mid Cap Value			1290 High Yield Bond			1290 SmartBeta Equity
EQ/All Asset Growth Allocation		5.36	%		1.18	%		—	%		—	%		—	%		—	%
EQ/Conservative Allocation		1.52			4.71			—			—			—			—
EQ/Conservative-Plus Allocation		2.26			4.03			—			—			—			—
EQ/Moderate Allocation		14.71			21.87			—			—			—			—
EQ/Moderate-Plus Allocation		23.91			16.38			—			—			—			—
EQ/Aggressive Allocation		12.99			2.25			—			—			—			—
Equitable Conservative Growth MF/ETF		0.78			4.27			4.78			2.51			9.55			3.95
Equitable Moderate Growth MF/ETF		0.40			0.75			2.43			1.26			1.84			2.19
Equitable Growth MF/ETF		0.68			0.20			3.41			1.78			2.16			3.85
Target 2015 Allocation		—			0.60			—			—			—			—
Target 2025 Allocation		—			1.78			—			—			—			—
Target 2035 Allocation		—			1.59			—			—			—			—
Target 2045 Allocation		—			0.92			—			—			—			—
Target 2055 Allocation		—			0.19			—			—			—			—

Note 6

Subsequent Events

The Adviser evaluated subsequent events from October 31, 2024, the date of these financial statements, through the date these financial statements were issued. There are no subsequent events that require recognition or disclosure in the financial statements.

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of 1290 Funds and Shareholders of each of the sixteen funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of each of the funds listed in the table below (constituting 1290 Funds, hereafter collectively referred to as the “Funds”) as of October 31, 2024, the related statements of operations for the year ended October 31, 2024, the statements of changes in net assets for each of the two years in the period ended October 31, 2024, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2024, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2024 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.


1290 Avantis^® U.S. Large Cap Growth Fund		1290 Retirement 2025 Fund
1290 Diversified Bond Fund		1290 Retirement 2030 Fund
1290 Essex Small Cap Growth Fund		1290 Retirement 2035 Fund
1290 GAMCO Small/Mid Cap Value Fund		1290 Retirement 2040 Fund
1290 High Yield Bond Fund		1290 Retirement 2045 Fund
1290 Loomis Sayles Multi-Asset Income Fund		1290 Retirement 2050 Fund
1290 Multi-Alternative Strategies Fund		1290 Retirement 2055 Fund
1290 Retirement 2020 Fund		1290 SmartBeta Equity Fund

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2024 by correspondence with the custodian, transfer agents and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

December 20, 2024

We have served as the auditor of one or more investment companies in the Equitable Investment Management LLC – advised mutual fund complex since 1997.

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1290 FUNDS

DISCLOSURE REGARDING ADVISORY CONTRACT APPROVALS

APPROVALS OF INVESTMENT ADVISORY AND INVESTMENT SUB-ADVISORY AGREEMENTS DURING THE SIX-MONTH PERIOD ENDED OCTOBER 31, 2024 (UNAUDITED)

At an in-person meeting held on July 17-18, 2024, the Board of Trustees (the “Board”) of 1290 Funds (the “Trust”), including those Trustees who are not parties to any Agreement (as defined below) or “interested persons” (as that term is defined in the Investment Company Act of 1940, as amended) of such parties or the Trust (the “Independent Trustees”), considered and unanimously approved the renewal of the Investment Advisory Agreement (the “Advisory Agreement”) between the Trust and Equitable Investment Management, LLC (“EIM” or the “Adviser”) and, as applicable, the renewal of the Investment Sub-Advisory Agreement (each, a “Sub-Advisory Agreement” and together with the Advisory Agreement, the “Agreements”) between the Adviser and each investment sub-adviser (each, a “Sub-Adviser” and together, the “Sub-Advisers”), as shown in the table below with respect to each series of the Trust (each, a “Fund” and together, the “Funds”) listed below, for an additional one-year term. As noted below, the Board considered, and made a decision with respect to, each Agreement for each Fund separately.


Funds		Agreement(s) Renewed by the Trust’s Board with respect to the Funds
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 1290 Retirement 2055 Fund (collectively, the “1290 Retirement Funds”) 1290 Avantis^® U.S. Large Cap Growth Fund¹ (formerly known as 1290 Retirement 2060 Fund) 1290 Multi-Alternative Strategies Fund		Advisory Agreement with EIM

1290 Diversified Bond Fund		Advisory Agreement with EIM Sub-Advisory Agreement with Brandywine Global Investment Management LLC

1290 Essex Small Cap Growth Fund		Advisory Agreement with EIM Sub-Advisory Agreement with Essex Investment Management Company, LLC

1290 GAMCO Small/Mid Cap Value Fund		Advisory Agreement with EIM Sub-Advisory Agreement with GAMCO Asset Management, Inc.

1290 High Yield Bond Fund 1290 SmartBeta Equity Fund		Advisory Agreement with EIM Sub-Advisory Agreement with AXA Investment Managers US Inc.

1290 Loomis Sayles Multi-Asset Income Fund		Advisory Agreement with EIM Sub-Advisory Agreement with Loomis, Sayles & Company, L.P.

The Board noted that the investment sub-advisory agreement between the Adviser and American Century Investment Management Inc. with respect to the Fund was in its initial two-year period and, as such, the Adviser was not asking the Board to consider the renewal of the agreement with respect to the Fund at the meeting.

In reaching its decision to renew the Agreement(s) with respect to each Fund, the Board considered the overall fairness of the Agreement and whether the Agreement was in the best interests of the Fund and its shareholders. The Board further considered all factors it deemed relevant with respect to each Fund, including:

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(1) the nature, quality and extent of the overall services provided to the Fund by the Adviser, the relevant Sub-Adviser and, where applicable, their respective affiliates, including the investment performance of the Fund; (2) the level of the Fund’s advisory fee and, where applicable, sub-advisory fee, and the Fund’s expense ratios relative to those of peer funds; (3) the costs of the services provided by, and the profits (if any) realized by, the Adviser and its affiliates from their relationships with the Fund; (4) the anticipated effect of growth and size on the Fund’s performance and expenses, including any potential economies of scale and whether any such economies of scale are equitably shared with shareholders; and (5) “fall-out” benefits that may accrue to the Adviser, the relevant Sub-Adviser, and their respective affiliates (that is, indirect benefits that they would not receive but for their relationships with the Fund). The Board also considered other factors, including conditions and trends prevailing generally in the economy, the securities markets, and the mutual fund industry.

In connection with its deliberations, the Board took into account a broad range of information (both written and oral) provided to the Board, including its various committees, throughout the year, as well as information provided specifically in connection with the annual renewal process. The Trustees also recognized that the contractual arrangements for the Funds have been reviewed by the Trustees and discussed with the Adviser in prior years and that the Trustees’ conclusions may take into account conclusions reached during their consideration of these same arrangements in prior years. The Board is assisted by counsel for the Trust, and the Independent Trustees are also separately assisted by independent legal counsel, throughout the year, as well as during the annual renewal process.

Information provided and discussed throughout the year included investment performance reports and related financial and general market outlook information for each Fund, as well as periodic reports on, among other matters, brokerage allocation and execution; pricing and valuation of portfolio securities; legal and compliance matters; shareholder and other services and support provided to the Funds by the Adviser, the relevant Sub-Adviser and their respective affiliates, as well as other third-party providers; actual and potential conflicts of interest that could impact the business operations and relationships of the Adviser and the Trust or affect the Adviser’s recommendations about Sub-Advisers; sales and marketing activity; risk management; and overall market and regulatory developments. In addition, the sub-groups of the Board’s Investment Committee, composed of Independent Trustees, met individually with, and engaged in extensive discussions along with management representatives and outside legal counsel with, Sub-Advisers during presentations made at regularly scheduled Investment Committee meetings during the year. The meetings, discussions and presentations throughout the year also provide a means for the Board to evaluate and consider the level, breadth and quality of services provided by the Adviser, the Sub-Advisers and, where applicable, their respective affiliates, and how such services have changed over time in light of new or modified regulatory requirements, changes to market conditions or other factors.

Information provided and discussed specifically in connection with the annual renewal process included a report prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of mutual fund industry data, as well as additional substantial material prepared by management. Broadridge provided its report directly to the Independent Trustees and included in its report comparative fee, expense and investment performance information for each Fund. The Independent Trustees, in consultation with their independent legal counsel, annually review and assess and, as they deem appropriate, request revisions to, the materials provided by Broadridge to ensure that the Independent Trustees continue to receive comparative fee, expense, and investment performance information in a format that facilitates and enhances their review of the Funds’ investment advisory arrangements. The additional material prepared by management generally included Fund-by-Fund information showing, among other information, each Fund’s average net assets; advisory fees and, where applicable, sub-advisory fees; expense ratios; expense limitation arrangements; investment performance (in addition to the performance information prepared by Broadridge); and profitability information, including information regarding the profitability of the Adviser’s operations on an overall Trust basis, as well as on a Fund-by-Fund basis. In addition, for each Fund, the Adviser and, where applicable, the relevant Sub-Adviser provided separate materials describing the Fund’s investment performance over various time periods and the services provided and the fees charged with respect to the Fund and discussing whether the Fund had performed as expected over time and other matters.

The annual renewal process extends over at least two regular meetings of the Board in June and July (although the Independent Trustees believe that, in fact, the process extends year-round, and the Independent Trustees receive information on an ongoing basis) to ensure that the Adviser and the Sub-Advisers have time to respond to any questions the Independent Trustees may have on their initial review of the materials and that the

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Independent Trustees have time to consider those responses. The Independent Trustees were assisted by independent legal counsel prior to and during the meeting at which the Board approved the renewal of the Agreements and during their deliberations regarding the Agreements and received from legal counsel materials outlining, among other things, their fiduciary duties and the legal standards applicable to their consideration of the proposed renewal of the Agreements. The Independent Trustees also held a conference call in advance of the meeting at which the Board approved the renewal of the Agreements to review the information provided and communicated follow-up questions for management to address at the renewal meeting. The Independent Trustees also met in executive sessions with their independent legal counsel during the meeting to discuss the Agreements and the information provided and consider their responsibilities under applicable law. When invited, management representatives attended portions of the executive sessions to review and discuss matters relating to the Agreements and to provide additional information requested by the Independent Trustees. At the meeting and during the portions of the executive sessions attended by management, the Independent Trustees and management engaged in extensive discussions and negotiations regarding the Agreements. In addition, the Independent Trustees requested and reviewed information and met during the year to discuss information relevant to their annual consideration of the Agreements.

The Board also noted that the Trust is an affiliated investment company of EQ Advisors Trust, which is managed by Equitable Investment Management Group, LLC (“EIMG”), an affiliate of the Adviser, and that all of the Board members also currently serve on the Board of Trustees of EQ Advisors Trust. The Board noted that EIMG served as the investment adviser to the Trust prior to January 1, 2023. The Board also noted that all but one of the Sub-Advisers currently serve as investment sub-advisers for one or more series, or allocated portion(s) of series, of EQ Advisors Trust. The Trustees took into account information relating to the Adviser, EIMG and the Sub-Advisers provided to the Trustees, in their capacities as Trustees of EQ Advisors Trust, at prior meetings of the Board of Trustees of EQ Advisors Trust, and the Trustees noted their experience and familiarity with the Adviser, EIMG, the Sub-Advisers, and the series of EQ Advisors Trust gained from their service on the Boards of Trustees of EQ Advisors Trust and the Trust.

Although the Board approved the renewal of the Agreements for all of the Funds at the same Board meeting, the Board considered each Fund and each relevant Agreement separately and, in doing so, noted the respective roles of the Adviser and, as applicable, the relevant Sub-Adviser in providing services to the Fund. The Board’s decision to renew the relevant Agreement(s) with respect to each Fund was not based on a single identified factor, but rather reflected the comprehensive consideration of all the information provided to the Board and its committees throughout the year as well as the materials prepared specifically in connection with the annual renewal process. Each Trustee may have attributed different levels of importance to the various factors and information considered in connection with the renewal process and may have placed different emphasis on the relevant information year to year in light of, among other things, changing market and economic conditions. With respect to each Sub-Advisory Agreement, the Board also took into account the Adviser’s recommendation to approve the renewal of the Sub-Advisory Agreement. In approving the renewal of the relevant Agreement(s) with respect to each Fund, each Trustee, including the Independent Trustees, after considering all factors and information they deemed relevant, reached a determination, with the assistance of Independent Trustees’ counsel and fund counsel and through the exercise of their own business judgment, that the advisory fee and, where applicable, sub-advisory fee were fair and reasonable and that the renewal of the Agreement(s) was in the best interests of the applicable Fund and its shareholders. Although the Board gave attention to all information provided, the following discusses some of the primary factors and information it deemed relevant to its decision to renew the Agreements.

Nature, Quality and Extent of Services

The Board evaluated the nature, quality and extent of the overall services provided to each Fund and its shareholders by the Adviser, the relevant Sub-Adviser and, where applicable, their respective affiliates. In addition to the investment performance and expense information discussed below, the Board considered the Adviser’s and each relevant Sub-Adviser’s responsibilities with respect to each Fund and the Adviser’s and each relevant Sub-Adviser’s experience in serving as an investment adviser for the Fund(s) and for funds and accounts similar to the Fund(s) each advises, including, as applicable, series (or allocated portion(s) of series) of EQ Advisors Trust.

With respect to the Adviser, the Board considered that the Adviser is responsible for, among other things, developing investment strategies for the Funds (and the portions thereof); researching, selecting and hiring Sub-Advisers, conducting ongoing due diligence on and monitoring Sub-Advisers, and, when necessary or

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advisable, terminating or replacing Sub-Advisers; allocating and rebalancing Fund assets among Sub-Advisers; overseeing the selection of investments for the Funds (or the portions thereof) that the Sub-Advisers sub-advise; making investment decisions for the Funds (or the portions thereof) that it manages directly; monitoring and evaluating the investment performance of the Funds (or the portions thereof); monitoring the investment operations and composition of the Funds (or the portions thereof) and, in connection therewith, monitoring compliance with the Funds’ investment objectives, policies and restrictions, as well as the Funds’ compliance with applicable law and the Trust’s compliance policies and procedures; monitoring brokerage selection, commission and other trading costs, quality of execution, and other brokerage matters; coordinating and managing the flow of information and communications relating to the Funds among the Sub-Advisers and other applicable parties; coordinating responses to regulatory agency inquiries relating to the operations of the Trust and coordinating litigation matters involving the Adviser and the Trust; and implementing Board directives as they relate to the Funds. The Board also considered information regarding the Adviser’s process for selecting and monitoring the Sub-Advisers and the other service providers to the Funds and its process for making investment decisions for the Funds (or the portions thereof) that it manages directly, as well as information regarding the qualifications and experience of, and resources available to, the Adviser’s personnel who perform those functions with respect to the Funds. In addition, the Board considered the quality of the Adviser’s communications with the Board and the Adviser’s responsiveness to Board inquiries and requests made from time to time with respect to the Funds. The Board further considered that the Adviser also provides the Trust with personnel, including Trust officers, in connection with carrying out its responsibilities and is responsible for coordinating the development of new initiatives and evaluating the impact of proposed products and services on the Trust and its assets. The Board also considered that the Adviser assumes significant entrepreneurial risk in sponsoring new Funds or recommending and implementing changes (for example, investment objective, strategy or policy changes) to existing Funds and that the Adviser also bears and assumes significant ongoing risks, including investment, operational, cybersecurity, enterprise, litigation, regulatory and compliance risks, with respect to all Funds. The Board considered that the Adviser’s responsibilities with respect to all Funds include daily monitoring of investment, operational, cybersecurity, enterprise, litigation, regulatory and compliance risks as they relate to the Funds. The Board also considered periodic reports provided to the Board regarding the Adviser’s ongoing risk monitoring and management activities. The Board also noted that the Funds operate in an increasingly complex regulatory environment.

With respect to the Sub-Advisers, the Board considered that each Sub-Adviser, subject to the oversight of the Adviser, is responsible for making investment decisions for the Fund (or the portion thereof) that it sub-advises; placing with brokers or dealers orders for the purchase and sale of investments for the Fund (or the portion thereof) that it sub-advises; and performing certain related administrative functions. The Board also reviewed information regarding each Sub-Adviser’s process for selecting investments for the Fund (or the portion thereof) that it sub-advises, as well as information regarding the qualifications and experience of the Sub-Adviser’s portfolio managers who provide services to the Fund that it sub-advises, as well as information on staffing levels and succession planning. The Board also considered information regarding each Sub-Adviser’s policies for executing portfolio transactions for the Fund (or the portion thereof) that it sub-advises and, where applicable, information regarding a Sub-Adviser’s policies for obtaining research from brokers and dealers.

In addition, the Board considered the allocation of Fund brokerage, including allocations to broker-dealers affiliated with the Adviser or a Sub-Adviser. The Board also considered the use of “soft” commission dollars to pay for research services, as applicable. In this regard, the Board also considered the Adviser’s and each Sub-Adviser’s trading experience and received information regarding how the Adviser and each Sub-Adviser seek to achieve “best execution” on behalf of a Fund (or portion thereof), including a report by an independent portfolio trading analytical firm and reports from the Trust’s Chief Compliance Officer regarding the monitoring of execution quality.

The Board also considered the Trust’s Chief Compliance Officer’s evaluation of the Adviser’s and each Sub-Adviser’s compliance programs, policies and procedures, including those relating to cybersecurity and business continuity, and any compliance matters involving the Adviser and any applicable Sub-Adviser that had been brought to the Board’s attention during the year. In addition, the Board considered whether there were any pending lawsuits, enforcement proceedings or regulatory investigations involving the Adviser and the Sub-Advisers and received information regarding the Adviser’s and each Sub-Adviser’s financial condition and history of operations and potential conflicts of interest in managing the Funds. The Board also considered information as to the overall amount of assets sub-advised by each Sub-Adviser and noted the largest Sub-Adviser relationships, both in terms of aggregate net assets sub-advised and, for smaller Sub-Advisers, net assets sub-advised as a

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percentage of the Sub-Adviser’s total assets under management. In addition to periodic reports throughout the year, the Independent Trustees received information about business relationships that the Adviser and/or its affiliates, including Equitable Financial Life Insurance Company, have with the Sub-Advisers and/or their affiliates in addition to the relationships involving the Funds. In this regard, the Board also received materials regarding the practices, policies and procedures (as well as periodic enhancements thereto) adopted by the Adviser and the Trust to identify and mitigate actual and potential conflicts of interest, including conflicts that may arise in connection with those additional business relationships.

The Board also considered periodic reports provided to the Board regarding the services provided by the Adviser, the Sub-Advisers and, where applicable, their affiliates. The Board also considered actions taken by the Adviser and the Sub-Advisers in response to market conditions and other developments over the past year and considered the overall performance of the Adviser and the Sub-Advisers in this context. The Board also considered information about the Adviser’s and each Sub-Adviser’s ability to continue to provide the same scope and quality of services to its respective Fund(s). The Board noted that, at the Independent Trustees’ request, the Adviser had continued to provide the Board with regular updates on market volatility, the operation of the Trust and the Funds, developments related to the Adviser’s business, and the Adviser’s ongoing oversight and enhanced monitoring of the Funds’ Sub-Advisers, in light of a variety of market, economic and other factors, as well as new regulatory requirements. The Independent Trustees also requested and received information about the Adviser’s, the Sub-Advisers’, and other key service providers’ use of artificial intelligence (“AI”) technologies in providing services to the Funds. The Board also noted that, at the Independent Trustees’ request, the Adviser had continued to provide the Board with periodically updated EIM assets under management and Fund average net assets information, as well as updated investment performance information.

The Board also considered strategic and other actions taken by the Adviser in response to recent events within the mutual fund industry, including actions taken in response to legal and regulatory developments, including new U.S. Securities and Exchange Commission rulemaking affecting the mutual fund industry. The Board also requested and received throughout the past year information from the Adviser and various service providers on various topics impacting mutual funds generally, including pricing and valuation of portfolio securities; liquidity and derivatives risk management; cybersecurity; trustee independence; mutual fund board governance “best practices”; and environmental, social and governance (“ESG”) investing. The Board noted that certain of these topics may present significant ongoing challenges for mutual funds and result in an increase in the responsibilities and costs of mutual fund service providers, including the Adviser. The Board also noted the increasing complexity of the financial markets.

The Board also considered the benefits to shareholders from participation in a Fund sponsored by the Adviser, including the Adviser’s experience operating a large fund complex that offers a wide range of portfolios, sub-advisers and investment styles. The Board likewise considered that shareholders have chosen to invest in mutual funds sponsored by the Adviser. In addition, the Board considered the nature, quality and extent of the administrative, shareholder servicing and distribution support services that the Adviser and its affiliates provide to the Funds and their shareholders. The Board also noted that, throughout the past year, the Adviser and its affiliates had continued or undertaken strategic and other actions and initiatives intended to enhance various aspects of the Trust’s and the Board’s operations and shareholders’ experience with the mutual funds sponsored by the Adviser. In this regard, the Board also noted that the Adviser continually reviews the overall line-up of investment options and conducts in-depth analysis of its entire fund complex to provide recommendations to the Board to streamline and strengthen the fund complex’s line-up. The Board recognized that certain of these strategic and other actions and initiatives may also have a positive impact on the profitability and financial position of the Adviser and its affiliates.

For purposes of evaluating the nature, quality and extent of the overall services provided to each Fund, the Board also considered discussions with the Adviser and, where applicable, the relevant Sub-Adviser about Fund investment performance that occur at Board and Investment Committee meetings throughout the year. In this regard, the Board noted that, as part of regularly scheduled Fund reviews and other detailed reports to the Board on Fund performance, the Board periodically received and considered information regarding each Fund’s performance over various time periods on both an absolute basis and relative to the performance of a recognized securities market index (“benchmark”) and/or a custom blended index developed by the Adviser that comprises multiple recognized indexes (“blended benchmark”), and a peer group of other mutual funds deemed by Broadridge to be comparable to the Fund (“peer group”). The performance information generally included, among other information, annual total returns, average annual total returns, cumulative returns and/or rolling period total

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returns. The Board also reviewed information about performance attribution (including factors that contributed to, or detracted from, Fund performance) and reviewed performance in relation to certain measures of the degree of investment risk undertaken by the portfolio managers. The Board also considered the Adviser’s effectiveness in monitoring the performance of the Sub-Advisers, and the Adviser’s responses to performance issues when identified. The Board also considered certain information, reflected in Appendix A, provided to the Board regarding each Fund’s performance relative to the performance of a benchmark and/or a blended benchmark and a peer group for the one-, three- and five-year periods, as applicable, and since inception periods ended March 31, 2024. The Board noted that this information supplemented other performance information provided to the Board throughout the year and in connection with the annual renewal process. The Board also considered information, provided directly to the Board by Broadridge, regarding each Fund’s performance over various time periods relative to the performance of a benchmark and/or a blended benchmark and Broadridge’s “performance universe” consisting of a peer group of funds. The Board also took note of the relatively small size of each Fund and the likely impact that a Fund’s size has on its relative expenses and performance. The Board also noted that, at the Independent Trustees’ request, the Adviser had provided the Board with updated performance information for all of the Funds for periods ended June 30, 2024, as well as market commentary, in connection with the annual renewal process.

The Board received a description of, and factored into its evaluation of each Fund’s performance the limitations inherent in, Broadridge’s methodology for developing and constructing peer groups and determining, from year to year, which mutual funds should be included in which peer groups, among other things. The Board also noted that the number of mutual funds included in a peer group may be relatively small and may differ significantly from peer group to peer group and from year to year and that the constituent mutual funds included in a peer group also may differ from year to year, which, among other factors, can limit the relevance of the comparisons. While recognizing these inherent limitations, the Board believed the independent analysis conducted by Broadridge provided a useful measure of comparative performance. The Board noted that while the Adviser requested that the Board be provided certain supplemental peer group performance information, the Adviser did not participate in Broadridge’s selection of peer funds, or identification of a peer group, for any Fund.

In evaluating the Funds’ performance, the Board generally considered longer-term performance over a full market cycle (typically five years or longer, if applicable) to be more important than short-term performance. The Board also took into account factors including general market conditions (including the amount of volatility in the market over the past year); interest rate and inflation levels and credit conditions; the “style” in which the Funds are managed, as applicable, and whether that style is in or out of favor in the market; issuer-specific information; and fund cash flows. In this regard, the Board also noted how selecting different time periods for performance calculations (for example, whether a one-year period is from December to December or March to March) can produce significantly different results in terms of a Fund’s returns and peer ranking on a relative basis, particularly during periods of market volatility. The Board also recognized that market and economic conditions may significantly impact a Fund’s performance, particularly over shorter periods, and such performance may be more reflective of such market or economic conditions and not necessarily reflective of management skill. The Board further acknowledged that longer-term performance could be impacted by even one period of significant outperformance or underperformance. The Board also considered that variations in performance among a Fund’s operating classes reflect variations in class expenses, which result in lower performance for higher expense classes.

The following paragraphs, in which the Funds are grouped by investment strategy (for example, allocation strategies and active strategies), provide additional information that the Board considered in evaluating the performance of each Fund.

Allocation Funds

With respect to the performance of the 1290 Loomis Sayles Multi-Asset Income Fund, the Board considered that the Fund allocates its assets between equity and fixed income investments and is advised by a single Sub-Adviser. In evaluating the performance of the Fund, the Board also noted that, in August 2022, the Fund had replaced its former sub-adviser with a new Sub-Adviser, and had changed its investment objective, policies and strategy, performance benchmark, fee and expense structure, and name. Therefore, the Board focused on the Fund’s performance since that time.

With respect to the performance of each of the 1290 Retirement Funds, the Board considered that each Fund operates as a fund-of-funds managed by the Adviser and invests in exchange traded securities of other investment

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companies or investment vehicles (“ETFs”) and recognized, therefore, that each Fund’s performance is based, in part, on the total returns of the ETFs in which it invests. The Board also considered that each of the 1290 Retirement Funds allocates its assets between equity and fixed income investments through its investments in ETFs.

The Board also factored into its evaluation of each Fund’s performance the limitations inherent in comparing the performance of asset allocation funds, such as the Funds, which may invest in equity and fixed income investments, to the performance of a peer group that includes funds that may allocate their assets between equity and fixed income investments in different percentages over time than the Funds and among other asset classes. The Board also factored into its evaluation of each 1290 Retirement Fund’s performance that, although the Fund’s benchmark may correspond to a particular target retirement date, it may have levels of exposure to equity and fixed income investments that vary from the Fund’s asset allocation over time.

Active Funds

With respect to the performance of the 1290 Avantis^® U.S. Large Cap Growth, 1290 Diversified Bond, 1290 Essex Small Cap Growth, 1290 GAMCO Small/Mid Cap Value, 1290 High Yield Bond and 1290 SmartBeta Equity Funds, the Board considered that each Fund is actively managed and advised by a single Sub-Adviser.

In evaluating the performance of the 1290 Avantis^® U.S. Large Cap Growth Fund, the Board also noted that, in November 2023, the Fund had changed from a fund-of-funds managed by the Adviser to a fund that invests directly in securities and other instruments and is actively managed by a single Sub-Adviser, and had changed its investment objective, policies and strategy, performance benchmark, and name. Therefore, the Board focused on the Fund’s performance since that time.

The Board also noted that the 1290 Essex Small Cap Growth Fund had only a short operating history on which to evaluate performance.

With respect to the performance of the 1290 Multi-Alternative Strategies Fund, the Board considered that the Fund operates as a fund-of-funds managed by the Adviser and invests in ETFs and recognized, therefore, that the Fund’s performance is based, in part, on the total returns of the ETFs in which it invests.

All Funds

The Board and the Adviser discussed the performance of each Fund, including whether each Fund had performed as expected over time. The Board and the Adviser also discussed, where applicable, the reasons for a Fund’s underperformance for certain periods relative to its peer group and/or benchmark and/or blended benchmark, as applicable, and efforts to improve the Fund’s performance. Where applicable, the Board also considered steps that the Adviser and, where applicable, the relevant Sub-Adviser had taken to address a Fund’s performance, including any changes or additions to the Sub-Advisers or portfolio managers advising a Fund and any changes to the investment strategies of a Fund. In this regard, the Board noted that performance, especially short-term performance, is only one of the factors that it deems relevant to its consideration of a Fund’s Agreement(s) and that, after considering all relevant factors, it can reach a decision to renew an Agreement notwithstanding a Fund’s relative underperformance.

Based on its review and the explanations provided by the Adviser and, where applicable, the relevant Sub-Adviser regarding the performance of each Fund, the Board determined, with respect to each Fund, that (i) the Fund and its shareholders would benefit from the Adviser’s and, where applicable, the relevant Sub-Adviser’s continued management of the Fund, and (ii) the nature, quality and extent of the overall services provided by the Adviser, the relevant Sub-Adviser and, where applicable, their respective affiliates were appropriate for the Fund in light of its investment objective(s) and, thus, supported a decision to approve the renewal of the Agreement(s).

Fees and Expenses

The Board considered each Fund’s advisory fee and, where applicable, sub-advisory fee in light of the nature, quality and extent of the overall services provided by the Adviser and, where applicable, the relevant Sub-Adviser. The Board also reviewed comparative fee and expense information for each Fund provided directly to the Board by Broadridge. The information provided by Broadridge included an analysis of how each Fund’s contractual advisory fee, actual advisory fee, other expense components, and total expense ratio compared with those of peer groups of other mutual funds selected by Broadridge as constituting an appropriate expense comparison for the Fund (typically, both a smaller expense “group” of funds selected for similarity in terms of asset size as well as other

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factors, and a broader expense “universe” consisting of a larger group of funds more broadly comparable to the Fund) (a Fund’s “Broadridge category”). For each Fund, Broadridge provided information on the Fund’s contractual advisory fee in comparison with the contractual advisory fee that would have been charged by other funds within a Broadridge category assuming the other funds were similar in size to the Fund, as well as information on the Fund’s actual advisory fee and total expense ratio in comparison with those of other funds within a Broadridge category. The advisory fee analysis includes within such fee any separate administrative fee paid by a fund, including the administrative fee a Fund paid to the Adviser in its capacity as administrator for the Fund. The contractual advisory fee analysis does not take into account any fee reimbursements or waivers, whereas the actual advisory fee analysis does take into account any advisory (including any administrative) fee reimbursements or waivers that benefit a fund. The total expense ratio represents a fund’s total net operating expenses and takes into account any expense reimbursements or fee waivers that benefit a fund. Broadridge provided, and the Board considered, total expense ratio comparisons including and excluding any 12b-1 or non-12b-1 service fees and, as applicable, including fees and expenses of any underlying funds in which a fund invests.

The Broadridge expense data was derived in part from fund financial statements available to Broadridge as of the date of its analysis. For each Fund, the Broadridge expense data was based upon information taken from each Fund’s audited financial statements for the period ended October 31, 2023, which reflect historical asset levels that may be quite different from those currently existing, particularly in a period of market volatility. Broadridge provided expense data for Class I shares of each Fund. The Board reviewed the expense data for Class I shares as a proxy for all of a Fund’s operational share classes. In this regard, the Board noted that the expenses for a Fund’s Class I shares are generally lower than the expenses for a Fund’s other share classes and that the expense comparisons may differ for different share classes. For the 1290 Retirement Funds, the only operational share class is Class I. The Board also took note of the relatively small size of each Fund and the likely impact that a Fund’s size has on its relative expenses.

The Board received a description of, and factored into its evaluation of each Fund’s fees and expenses the limitations inherent in, Broadridge’s methodology for developing and constructing Broadridge categories and for determining, from year to year, which mutual funds should be included in which Broadridge categories, among other things. The Board recognized these inherent limitations and, taking into account commentary and supporting data presented by management, also recognized that comparisons between a Fund and other mutual funds in a Broadridge category may not be as relevant in certain circumstances, given that in some cases a Fund may exhibit notable differences (for example, in its objective(s), management techniques, and relative size) when compared to other mutual funds in a Broadridge category. The Board also noted that the number of mutual funds included in a Broadridge category may be relatively small and may differ significantly from category to category and from year to year and that the constituent mutual funds included in a Broadridge category (as well as their respective advisory/administrative fees and total expense ratios) also may differ from year to year, which can limit the relevance of the comparisons. The Board noted that it generally considered the more-narrow expense “group” comparisons to be more important in the first instance than the broader expense “universe” comparisons, but took into account the broader expense universe comparisons as well, including, among other circumstances, when the number of funds in the more-narrow expense group was small or other aspects of the Fund differed appreciably from those of the funds in the more-narrow expense group. For uniformity, the Fund-specific contractual advisory fee and total expense ratio comparisons provided below are relative to the broader expense universe. The Board also noted that there is no standard definition of advisory and administrative services, meaning that different mutual funds may receive different services, rendering fee and expense comparisons more difficult. Nonetheless, the Board believed that the independent analysis conducted by Broadridge assisted the Board in evaluating the reasonableness of each Fund’s advisory fee and total expense ratio.

The Board noted that the Broadridge expense groups and universes for the Funds excluded ETFs because ETFs have a different structure from open-end funds like the Funds and shares of ETFs are accessed differently by investors. The Board also noted that the Broadridge expense groups and universes for the actively managed Funds excluded passive, or index, funds because passive funds pursue their investment strategies differently from the actively managed Funds. The Board noted that, in each case, the excluded funds could have lower advisory fees and total expenses, and that including these funds in peer groups and universes would have the effect of lowering the averages and medians of the expense measurements in the peer groups and universes. The Board also noted that, as with performance peer groups, the Adviser did not participate in Broadridge’s selection of peer funds, or identification of a peer group, for any Fund for purposes of fee and expense comparisons.

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In addition, with respect to each sub-advised Fund, the Board further considered the relative levels of the sub-advisory fee paid by the Adviser to the relevant Sub-Adviser and the advisory fee retained by the Adviser in light of, among other factors, the nature and extent of responsibilities retained and risks assumed by the Adviser and not delegated to or assumed by the relevant Sub-Adviser, and the information prepared by management regarding the level of profits realized by the Adviser and its affiliates in connection with the operation of the Fund. The Board also considered the sub-advisory fee paid to a Sub-Adviser in light of fees charged by the Sub-Adviser to funds advised or sub-advised by the Sub-Adviser that follow investment strategies similar to those of the Fund (if any) and, where applicable, the rationale for differences in the Fund’s sub-advisory fee and the fees charged to those other funds.

Fund-specific contractual advisory fee and total expense ratio comparisons are provided in the following paragraphs, in which the Funds are grouped by investment strategy (for example, allocation strategies and active strategies). The total expense ratio comparisons exclude any 12b-1 or non-12b-1 service fees. For the funds-of-funds and certain other Funds as noted below, the total expense ratio comparisons include fees and expenses of any underlying funds in which a fund invests.

Allocation Funds

The Board considered that the contractual advisory fee for the 1290 Loomis Sayles Multi-Asset Income Fund and each of the 1290 Retirement Funds was above the median for the Fund’s respective Broadridge category. The Board considered that the Adviser had been waiving advisory fees for each of these Funds and noted that the actual advisory fee after waivers for each of these Funds was at or below the median for the Fund’s respective Broadridge category. The Board also considered that the total expense ratio for the Class I shares of each of these Funds was above the median for the Fund’s respective Broadridge category. For each of the 1290 Retirement Funds, the total expense ratio included the fees and expenses of the underlying funds in which the Fund invests.

The Board also considered each 1290 Retirement Fund’s advisory fee rate relative to the advisory fee rates of other portfolios managed by the Adviser that, like the Funds, are structured as funds-of-funds, and noted that differences in the level of the fees reflected differences between a Fund and other funds-of-funds managed by the Adviser.

Active Funds

The Board considered that the contractual advisory fee for each of the 1290 Avantis^® U.S. Large Cap Growth and 1290 Multi-Alternative Strategies Funds was below the median for the Fund’s respective Broadridge category. The Board considered that the Adviser had been waiving advisory fees for each of these Funds and noted that the actual advisory fee after waivers for each of these Funds was below the median for the Fund’s respective Broadridge category. The Board also considered that the total expense ratio for the Class I shares of the 1290 Avantis^® U.S. Large Cap Growth Fund was below the median for the Fund’s Broadridge category, and the total expense ratio for the Class I shares of the 1290 Multi-Alternative Strategies Fund was above the median for the Fund’s Broadridge category.

The Board considered that the contractual advisory fee for each of the 1290 Diversified Bond, 1290 Essex Small Cap Growth, 1290 GAMCO Small/Mid Cap Value, 1290 High Yield Bond and 1290 SmartBeta Equity Funds was above (but, in the case of the 1290 Essex Small Cap Growth Fund, within five basis points of) the median for the Fund’s respective Broadridge category. The Board considered that the Adviser had been waiving advisory fees for each of these Funds and noted that the actual advisory fee after waivers for each of the 1290 Diversified Bond, 1290 Essex Small Cap Growth, 1290 GAMCO Small/Mid Cap Value and 1290 High Yield Bond Funds was below the median for the Fund’s respective Broadridge category. The Board also considered that the total expense ratio for the Class I shares of each of the 1290 Diversified Bond and 1290 Essex Small Cap Growth Funds was below the median for the Fund’s respective Broadridge category, and the total expense ratio for the Class I shares of each of the 1290 GAMCO Small/Mid Cap Value, 1290 High Yield Bond and 1290 SmartBeta Equity Funds was above (but, in the case of the 1290 GAMCO Small/Mid Cap Value Fund, within five basis points of) the median for the Fund’s respective Broadridge category.

The Board also considered the 1290 Multi-Alternative Strategies Fund’s advisory fee rate relative to the advisory fee rates of other portfolios managed by the Adviser that, like the Fund, are structured as funds-of-funds, and noted that differences in the level of the fees reflected differences between the Fund and other funds-of-funds managed by the Adviser.

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All Funds

The Board further considered that the advisory fee rate schedules for all Funds other than the 1290 Retirement Funds include breakpoints that reduce the fee rate as a Fund’s assets increase above certain levels. The Board noted that any such reduction in a Fund’s effective advisory fee would result in corresponding reductions in the Fund’s total expense ratios. In addition, the Board considered that the Adviser had contractually agreed to waive all or a portion of its and its affiliates’ advisory, administrative and other fees and, if necessary, make payments to a Fund so that each Fund’s total expense ratios do not exceed certain levels as set forth in the Fund’s prospectus. In this regard, the Board also noted that the current expense limitation arrangements for the 1290 Avantis^® U.S. Large Cap Growth and 1290 GAMCO Small/Mid Cap Value Funds and each of the 1290 Retirement Funds include the fees and expenses of any underlying funds in which a Fund invests and, thus, such fees and expenses would not cause a Fund’s annual operating expenses to exceed its expense limitation. The Board also noted that, as a result of these expense limitation arrangements, each Fund’s actual advisory fee was lower than its contractual advisory fee.

Based on its review, the Board determined, with respect to each Fund, that the Adviser’s advisory fee is fair and reasonable, and the Board determined, with respect to each sub-advised Fund, that the Sub-Adviser’s sub-advisory fee is fair and reasonable.

Profitability and Costs

The Board also considered the level of profits realized by the Adviser and its affiliates in connection with the operation of each Fund. In this respect, the Board reviewed profitability information setting forth the overall profitability of the Trust to the Adviser and its affiliates, as well as the Adviser’s and its affiliates’ profits in providing management and other services to each of the individual Funds during the 12-month period ended December 31, 2023, which was the most recent fiscal year for the Adviser and its affiliates. The Board also considered a year-over-year comparison of profitability information for the one-year periods ended December 31, 2023, 2022, and 2021. The Board noted that the Adviser was heavily subsidizing the Funds’ expenses and that the Funds were not profitable.

In reviewing the Adviser’s profitability analysis, attention was given to the methodology the Adviser followed in determining and allocating costs to each Fund. The Board recognized that there is no uniform methodology within the asset management industry regarding the allocation of firm-wide or complex-wide expenses for determining profitability for this purpose; cost allocation methodologies are inherently subjective; and various cost allocation methodologies may each be reasonable while producing different results. In this regard, the Board noted that the Adviser’s cost allocation methodology was consistent with the cost allocation methodology followed in the profitability report presentations for the Funds beginning with the July 2018 annual renewal process. The Board also noted that, in consultation with and through independent legal counsel, the Board’s Audit Committee has engaged an outside consultant to conduct periodic assessments of the cost allocation methodology, including adjustments to the methodology, as part of the Board’s review of the Adviser’s profitability analysis in connection with the annual renewal process. In addition to the annual profitability report presentation and extensive discussions with management, the Board took into account the series of assessments and noted that, following each such assessment, the consultant found that the Adviser’s overall cost allocation methodology was reasonable in all material respects and generally consistent with observed industry practices. The Board also took into account management’s ongoing costs and expenditures in providing and improving services for the Funds, as well as the need to meet additional regulatory and compliance requirements resulting from changes in rules and other regulations and to adapt to other challenges impacting the mutual fund industry. In addition, the Board considered information prepared by management and from third-party sources comparing the profitability of the Adviser on an overall basis to the profitability of other publicly held asset managers (including asset managers similar to the Adviser) over various time periods, including information about profitability trends over time.

In addition, with respect to the sub-advised Funds, the Board noted that the Board and the Adviser generally are aware of the fees charged by the Sub-Advisers to other clients (this information having been provided to the Board and the Adviser by the Sub-Advisers in conjunction with the proposed renewal of the Sub-Advisory Agreements) and that the Adviser believes that the fees agreed upon with the Sub-Advisers are reasonable in light of the nature, quality and extent of the investment sub-advisory services provided. The Board acknowledged that each Sub-Adviser’s fee is paid by the Adviser and not the sub-advised Fund and that the Adviser is incentivized to negotiate a favorable fee. The Board also noted that many responsibilities related to the advisory function are

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retained by the Adviser. The Adviser further advised the Board that it does not regard Sub-Adviser profitability as meaningful to its evaluation of the Sub-Advisory Agreements. The Board acknowledged the Adviser’s view of Sub-Adviser profitability, noting the Board’s findings as to the reasonableness of the sub-advisory fees and that the fees paid to the Sub-Advisers are the product of negotiations with the Adviser and reflect levels of profitability acceptable to the Adviser and the Sub-Advisers based on the particular circumstances for each of them.

Based on its consideration of the factors above, the Board determined that the level of profits realized by the Adviser and its affiliates from providing services to each Fund was not excessive in view of the nature, quality and extent of the services provided and the risks assumed.

Economies of Scale

The Board also considered whether economies of scale or efficiencies are realized by the Adviser as a Fund grows larger, the extent to which this is reflected in the level of advisory and administrative fees charged, and whether there is potential for realization of any further economies of scale or efficiencies. While recognizing that any precise determination is inherently subject to assumptions and subjective assessments, the Board considered that any realized economies of scale or efficiencies may be shared with funds and their shareholders in a variety of ways, including: (i) breakpoints in the advisory fee or other fees so that a fund’s effective fee rate declines as the fund grows in size, (ii) subsidizing a fund’s expenses by waiving all or a portion of the advisory fee or other fees or making payments to the fund so that the fund’s total expense ratio does not exceed certain levels, (iii) setting the advisory fee or other fees so that a fund is priced to scale, which assumes that the fund has sufficient assets from inception to operate at a competitive fee rate without any fee waiver or expense reimbursement from the manager, and (iv) reinvestment in, and enhancements to, the services that the manager and its affiliates provide to a fund and its shareholders. The Board noted that the advisory fee rate schedules for all Funds other than the 1290 Retirement Funds include breakpoints that reduce the fee rate as Fund assets increase above certain levels and considered whether such breakpoints are set at appropriate asset levels. The Board also noted that, although the advisory fees for the 1290 Retirement Funds do not include breakpoints, the Adviser was subsidizing all of the Funds’ expenses by waiving all or a portion of its and its affiliates’ advisory, administrative and other fees and, if necessary, making payments to the Funds so that each Fund’s total expense ratios do not exceed certain contractual levels as set forth in the Fund’s prospectus. The Board recognized that expense limitation arrangements can have an effect similar to breakpoints in sharing economies of scale with shareholders and can provide protection from an increase in expenses if a Fund’s assets decline. In addition, the Board considered that the Adviser shares any realized economies of scale with the Funds in other ways, which may include setting a Fund’s fees so that they are priced to scale. The Board considered that the effect of this pricing strategy is that the Adviser could lose money in the early stages of a Fund’s operation (and bears the risk that the Fund will never become profitable), while the Fund’s shareholders receive the benefit of economies of scale that the Adviser expects the Fund will achieve as it grows. The Board further considered that the Adviser shares any realized economies of scale with the Funds through reinvestment in, and enhancements to, the services that the Adviser and its affiliates provide to the Funds and their shareholders, such as hiring additional personnel, providing additional resources in areas relating to management and administration of the Funds, and the ongoing development of the Adviser’s infrastructure and information technology to support the Funds through, among other things, cybersecurity, business continuity planning, and risk management. In this regard, the Board also considered information about the operation of the Trust’s securities lending program. The Board also noted that the Adviser can share economies of scale with Funds by maintaining existing expense structures in the face of a rising cost environment.

In addition, the Board noted that the sub-advisory fee schedules for certain Sub-Advisers aggregate the assets managed by a Sub-Adviser in a Fund and in one or more other mutual funds for which the Sub-Adviser serves as investment sub-adviser and the Adviser or EIMG serves as investment adviser. The Board also noted that the sub-advisory fee schedules for certain Sub-Advisers include breakpoints that reduce the sub-advisory fee rate as applicable Fund assets under the Sub-Adviser’s management increase above certain levels. In this regard, the Board acknowledged that, at some levels, the breakpoints in a sub-advisory fee schedule may result in savings to the Adviser and not to shareholders. The Board also noted that the aggregation of assets may result in the affected Fund(s) reaching a breakpoint sooner than if the sub-advisory fee schedule did not aggregate assets, which also has the potential to benefit the Adviser. With respect to the sub-advisory fee that does not include breakpoints, the Board considered the Sub-Adviser’s explanation that the sub-advisory fee is priced at a competitive level.

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Based on its consideration of the factors above and recognizing that the Funds have relatively low asset levels to date, the Board determined that there was a reasonable sharing of any realized economies of scale or efficiencies under the advisory, administrative and, as applicable, sub-advisory fee schedules at the present time.

“Fall-Out” and Other Benefits

The Board also considered the extent to which fall-out benefits may accrue to the Adviser and its affiliates. In this connection, the Board considered several possible fall-out benefits and other types of benefits, including the following. The Board noted that the Adviser also serves as the administrator for the Funds and receives compensation for acting in this capacity. The Board also noted that Equitable Distributors, LLC, an affiliate of the Adviser, provides distribution support services for the Trust pursuant to an agreement with the Trust’s distributor, ALPS Distributors, Inc. Equitable Distributors, LLC may receive from the Funds compensation (which may include payments pursuant to Rule 12b-1 plans with respect to their Class A and Class R shares) for providing shareholder services and selling activities, which could lead to growth in the Trust’s assets and corresponding benefits from such growth, including economies of scale. The Board also recognized that other broker-dealers that are affiliated with the Adviser may sell, and earn sales commissions and/or other compensation with respect to, shares of the Funds. Further, the Board considered that Sanford C. Bernstein & Co., LLC, a registered broker-dealer, is an affiliate of the Adviser and may, from time to time, receive brokerage commissions from the Funds in connection with the purchase and sale of portfolio securities; provided, however, that those transactions, among other things, are consistent with seeking best execution. Based on its review, the Board determined that any fall-out benefits and other types of benefits that may accrue to the Adviser are fair and reasonable.

The Board also considered possible fall-out benefits and other types of benefits that may accrue to a Sub-Adviser, including the following. The Board considered that a Sub-Adviser, through its position as a Sub-Adviser to its respective Fund, may engage in “soft dollar” transactions. In addition, the Board considered that a Sub-Adviser may be affiliated with registered broker-dealers who may, from time to time, receive brokerage commissions from a Fund in connection with the purchase and sale of portfolio securities; provided, however, that those transactions, among other things, are consistent with seeking best execution. The Board also noted that certain Sub-Advisers currently serve as investment sub-advisers for other funds advised by the Adviser or EIMG and receive sub-advisory fees with respect to those funds. The Board also recognized that a Sub-Adviser and its affiliates may sell, and earn sales commissions and/or other compensation with respect to, the Funds and other investment products issued by the Adviser or its affiliates. In addition, the Board noted that a Sub-Adviser may benefit from greater exposure in the marketplace with respect to the Sub-Adviser’s investment process and from expanding its level of assets under management, and a Sub-Adviser may derive benefits from its association with the Adviser. Based on its review, the Board determined that any fall-out benefits and other types of benefits that may accrue to the Sub-Advisers are fair and reasonable.

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Appendix A

The Board noted that the following information regarding each Fund’s performance relative to the performance of a benchmark and/or a blended benchmark and a peer group for the one-, three- and five-year periods, as applicable, and since inception periods ended March 31, 2024, supplemented other performance information (including performance based on rolling time periods) provided to the Board throughout the year and in connection with the annual renewal process. The performance results may differ from the performance results for more recent periods, including those shown in the Funds’ annual shareholder reports for the period ended October 31, 2024.

1290 Funds Investment Performance

For periods ended March 31, 2024


			1 Year						3 Year						5 Year						Since Inception
	Inception Date		Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge
1290 Avantis^® U.S. Large Cap Growth Fund - Class A		11/29/2023		n/a			n/a			n/a			n/a			n/a			n/a			18.24	%		11.73	%
1290 Avantis^® U.S. Large Cap Growth Fund - Class I		2/27/2017		23.28	%		n/a			7.71	%		n/a			9.44	%		n/a			9.36	%		n/a
Lipper Large-Cap Growth Funds				39.20	%		n/a			9.06	%		n/a			15.67	%		n/a			15.91	%		n/a
S&P 500 Index				29.88	%		n/a			11.49	%		n/a			15.05	%		n/a			13.88	%		n/a
Russell 1000 Growth Index				39.00	%		n/a			12.50	%		n/a			18.52	%		n/a			17.95	%		n/a
S&P Target Date 2060+ Index				20.18	%		n/a			6.30	%		n/a			10.11	%		n/a			9.53	%		n/a
1290 Diversified Bond Fund - Class A		7/6/2015		(2.08	)%		(6.53	)%		(4.77	)%		(6.22	)%		1.33	%		0.40	%		2.01	%		1.48	%
1290 Diversified Bond Fund - Class I		7/6/2015		(1.93	)%		n/a			(4.54	)%		n/a			1.52	%		n/a			2.25	%		n/a
1290 Diversified Bond Fund - Class R		7/6/2015		(2.35	)%		n/a			(5.02	)%		n/a			1.05	%		n/a			1.74	%		n/a
Lipper Global Income Funds				3.21	%		n/a			(2.80	)%		n/a			(0.04	)%		n/a			1.08	%		n/a
Bloomberg U.S. Aggregate Bond Index				1.70	%		n/a			(2.46	)%		n/a			0.36	%		n/a			1.29	%		n/a
1290 Essex Small Cap Growth Fund - Class A		7/11/2022		8.26	%		2.30	%		n/a			n/a			n/a			n/a			9.02	%		5.50	%
1290 Essex Small Cap Growth Fund - Class I		7/11/2022		8.52	%		n/a			n/a			n/a			n/a			n/a			9.29	%		n/a
1290 Essex Small Cap Growth Fund - Class R		7/11/2022		7.99	%		n/a			n/a			n/a			n/a			n/a			8.74	%		n/a
Lipper Small-Cap Growth Funds				19.10	%		n/a			n/a			n/a			n/a			n/a			10.42	%		n/a
Russell 2000 Growth Index				20.35	%		n/a			n/a			n/a			n/a			n/a			16.70	%		n/a
1290 GAMCO Small/Mid Cap Value Fund - Class A		11/12/2014		21.46	%		14.79	%		6.25	%		4.26	%		9.95	%		8.71	%		8.89	%		8.24	%
1290 GAMCO Small/Mid Cap Value Fund - Class I		11/12/2014		21.70	%		n/a			6.50	%		n/a			10.23	%		n/a			9.16	%		n/a
1290 GAMCO Small/Mid Cap Value Fund - Class R		11/12/2014		21.10	%		n/a			5.97	%		n/a			9.68	%		n/a			8.62	%		n/a
Lipper Small-Cap Core Funds				19.10	%		n/a			3.99	%		n/a			9.38	%		n/a			8.02	%		n/a
Russell 2500 Value Index				21.33	%		n/a			5.36	%		n/a			9.38	%		n/a			7.90	%		n/a
1290 High Yield Bond Fund - Class A		11/12/2014		10.26	%		5.30	%		1.92	%		0.36	%		3.71	%		2.76	%		3.79	%		3.29	%
1290 High Yield Bond Fund - Class I		11/12/2014		10.39	%		n/a			2.14	%		n/a			3.97	%		n/a			4.05	%		n/a
1290 High Yield Bond Fund - Class R		11/12/2014		9.86	%		n/a			1.67	%		n/a			3.43	%		n/a			3.53	%		n/a
Lipper High Yield Funds				10.27	%		n/a			1.88	%		n/a			3.71	%		n/a			3.83	%		n/a
ICE BofA US High Yield Index				11.12	%		n/a			2.25	%		n/a			4.06	%		n/a			4.49	%		n/a

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			1 Year						3 Year						5 Year						Since Inception
	Inception Date		Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge
1290 Loomis Sayles Multi-Asset Income Fund - Class A		3/7/2016		10.39	%		5.42	%		3.78	%		1.84	%		7.01	%		5.80	%		6.90	%		6.15	%
1290 Loomis Sayles Multi-Asset Income Fund - Class I		3/7/2016		10.65	%		n/a			4.04	%		n/a			7.29	%		n/a			7.16	%		n/a
1290 Loomis Sayles Multi-Asset Income Fund - Class R		3/7/2016		10.12	%		n/a			3.52	%		n/a			6.75	%		n/a			6.63	%		n/a
Lipper Mixed-Asset Target Allocation Moderate Funds				13.15	%		n/a			2.96	%		n/a			6.16	%		n/a			6.37	%		n/a
20% MSCI World High Dividend Yield Index / 20% Cboe S&P 500 BuyWrite Index^SM / 30% Bloomberg U.S. Corporate High Yield Index / 30% Bloomberg U.S. Aggregate Bond Index				8.87	%		n/a			2.46	%		n/a			4.17	%		n/a			5.15	%		n/a
1290 Multi-Alternative Strategies Fund - Class A		7/6/2015		8.49	%		2.57	%		(0.75	)%		(2.60	)%		1.40	%		0.27	%		1.28	%		0.62	%
1290 Multi-Alternative Strategies Fund - Class I		7/6/2015		8.75	%		n/a			(0.50	)%		n/a			1.67	%		n/a			1.53	%		n/a
1290 Multi-Alternative Strategies Fund - Class R		7/6/2015		8.14	%		n/a			(1.01	)%		n/a			1.14	%		n/a			1.02	%		n/a
Lipper Alternative Multi-Strategy Funds				8.64	%		n/a			2.91	%		n/a			3.36	%		n/a			1.94	%		n/a
ICE BofA US 3-Month Treasury Bill Index				5.27	%		n/a			2.60	%		n/a			2.03	%		n/a			1.58	%		n/a
1290 SmartBeta Equity Fund - Class A		11/12/2014		19.81	%		13.19	%		7.79	%		5.77	%		10.35	%		9.10	%		8.94	%		8.29	%
1290 SmartBeta Equity Fund - Class I		11/12/2014		20.05	%		n/a			8.05	%		n/a			10.62	%		n/a			9.21	%		n/a
1290 SmartBeta Equity Fund - Class R		11/12/2014		19.42	%		n/a			7.51	%		n/a			10.07	%		n/a			8.67	%		n/a
Lipper Global Large-Cap Core Funds				21.85	%		n/a			6.74	%		n/a			10.67	%		n/a			8.39	%		n/a
MSCI World (Net) Index				25.11	%		n/a			8.60	%		n/a			12.07	%		n/a			9.61	%		n/a
1290 Retirement 2020 Fund - Class I		2/27/2017		8.39	%		n/a			1.59	%		n/a			4.24	%		n/a			4.79	%		n/a
Lipper Mixed-Asset Target 2020 Funds				10.60	%		n/a			1.91	%		n/a			5.33	%		n/a			5.42	%		n/a
S&P Target Date 2020 Index				10.89	%		n/a			2.70	%		n/a			5.62	%		n/a			5.65	%		n/a
1290 Retirement 2025 Fund - Class I		2/27/2017		9.74	%		n/a			2.27	%		n/a			4.97	%		n/a			5.52	%		n/a
Lipper Mixed-Asset Target 2025 Funds				11.45	%		n/a			2.21	%		n/a			5.83	%		n/a			5.91	%		n/a
S&P Target Date 2025 Index				11.60	%		n/a			3.15	%		n/a			6.42	%		n/a			6.39	%		n/a
1290 Retirement 2030 Fund - Class I		2/27/2017		10.81	%		n/a			2.87	%		n/a			5.52	%		n/a			6.04	%		n/a
Lipper Mixed-Asset Target 2030 Funds				13.37	%		n/a			2.93	%		n/a			6.79	%		n/a			6.79	%		n/a
S&P Target Date 2030 Index				13.80	%		n/a			3.95	%		n/a			7.38	%		n/a			7.22	%		n/a
1290 Retirement 2035 Fund - Class I		2/27/2017		11.92	%		n/a			3.39	%		n/a			6.03	%		n/a			6.49	%		n/a
Lipper Mixed-Asset Target 2035 Funds				16.35	%		n/a			3.95	%		n/a			8.03	%		n/a			7.84	%		n/a
S&P Target Date 2035 Index				16.13	%		n/a			4.78	%		n/a			8.43	%		n/a			8.09	%		n/a
1290 Retirement 2040 Fund - Class I		2/27/2017		12.80	%		n/a			3.86	%		n/a			6.74	%		n/a			7.12	%		n/a
Lipper Mixed-Asset Target 2040 Funds				18.93	%		n/a			4.78	%		n/a			8.95	%		n/a			8.59	%		n/a
S&P Target Date 2040 Index				18.11	%		n/a			5.52	%		n/a			9.25	%		n/a			8.77	%		n/a
1290 Retirement 2045 Fund - Class I		2/27/2017		13.64	%		n/a			4.29	%		n/a			7.06	%		n/a			7.43	%		n/a
Lipper Mixed-Asset Target 2045 Funds				20.19	%		n/a			5.30	%		n/a			9.53	%		n/a			9.07	%		n/a
S&P Target Date 2045 Index				19.39	%		n/a			6.03	%		n/a			9.76	%		n/a			9.17	%		n/a
1290 Retirement 2050 Fund - Class I		2/27/2017		14.45	%		n/a			4.74	%		n/a			7.37	%		n/a			7.75	%		n/a
Lipper Mixed-Asset Target 2050 Funds				21.03	%		n/a			5.53	%		n/a			9.74	%		n/a			9.26	%		n/a
S&P Target Date 2050 Index				20.05	%		n/a			6.26	%		n/a			10.01	%		n/a			9.39	%		n/a
1290 Retirement 2055 Fund - Class I		2/27/2017		15.37	%		n/a			5.10	%		n/a			7.64	%		n/a			8.04	%		n/a
Lipper Mixed-Asset Target 2055 Funds				21.35	%		n/a			5.65	%		n/a			9.84	%		n/a			9.36	%		n/a
S&P Target Date 2055 Index				20.09	%		n/a			6.30	%		n/a			10.08	%		n/a			9.46	%		n/a

150

Federal Income Tax Information (Unaudited)


Funds:	70% Dividend Received Deduction			Foreign Taxes		Foreign Source Income		Long Term Capital Gain
1290 Avantis^® U.S. Large Cap Growth		64.86	%	$	—	$	—	$	73,148
1290 Diversified Bond		0.00			—		—		—
1290 Essex Small Cap Growth		0.00			—		—		—
1290 GAMCO Small/Mid Cap Value		100.00			—		—		3,909,545
1290 High Yield Bond		0.00			—		—		—
1290 Loomis Sayles Multi-Asset Income		7.02			—		—		—
1290 Multi-Alternative Strategies		5.33			2,844		36,423		—
1290 Retirement 2020		19.88			2,092		34,168		90,696
1290 Retirement 2025		25.82			7,333		100,149		313,351
1290 Retirement 2030		32.14			5,024		69,830		81,023
1290 Retirement 2035		37.08			6,977		97,024		144,001
1290 Retirement 2040		40.15			4,339		59,085		57,378
1290 Retirement 2045		45.11			5,843		77,037		129,674
1290 Retirement 2050		44.72			5,894		79,573		37,221
1290 Retirement 2055		49.05			4,320		59,509		165,118
1290 SmartBeta Equity		73.52			—		—		—

151

CONTROL PERSON AND PRINCIPAL HOLDERS OF SECURITIES (UNAUDITED)

EIMG, 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.

152

ITEM 8.

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

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

ITEM 9.

PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

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

ITEM 10.

REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

ITEM 11.

STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

See ITEM 7.

ITEM 12.

DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to this registrant.

ITEM 13.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable to this registrant.

ITEM 14.

PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable to this registrant.

ITEM 15.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees implemented after the registrant last provided disclosure in response to this item.

ITEM 16.

CONTROLS AND PROCEDURES.

(a)

The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b)

The registrant’s certifying officers are not aware of any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 17.

DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not Applicable to this registrant.

ITEM 18.

RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not applicable

ITEM 19.

EXHIBITS.

(a)(1) The Code of Ethics for Senior Officers of the Registrant is filed herewith.

(a)(2) Not applicable.

(a)(3) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are filed herewith.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are filed herewith.

(101) Inline Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

1290 FUNDS


By:		/s/ Jessica Baehr
		Jessica Baehr
		Senior Vice President
		January 8, 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.

/s/ Jessica Baehr

Jessica Baehr

Senior Vice President

January 8, 2025

/s/ Brian E. Walsh

Brian E. Walsh

Chief Financial Officer and Treasurer

January 8, 2025

1290 Funds N-CSRCertified annual shareholder report (management investment company)