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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM
N-CSR
 
 
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number
811-22959
 
 
 
1290 FUNDS
(Exact name of registrant as specified in charter)
 
 
1345 Avenue of the Americas
New York, New York 10105
(Address of principal executive offices)
 
 
SHANE DALY.
Executive Vice President, General Counsel and Secretary
Equitable Investment Management, LLC
1345 Avenue of the Americas
New York, New York 10105
(Name and Address of Agent for Service)
 
 
Copies to:
MARK C. AMOROSI, ESQ.
K&L Gates LLP
1601 K Street N.W.
Washington, D.C. 20006
 
 
Registrant’s telephone number, including area code: (212)
554-1234
Date of fiscal year end: October 31
Date of reporting period: April 30, 2025
 
 
 

Item 1.
REPORTS TO STOCKHOLDERS.
Item 1(a):
Copies of the reports transmitted to shareholders pursuant to Rule
30e-1
under the Investment Company Act of 1940 (the “1940 Act”) are filed herewith.

  
  
  
1290 AVANTIS
®
U.S. LARGE CAP GROWTH FUND
CLASS A (
TNRAX
)
 
 
Semi-Annual Shareholder Report - April 30, 2025
This semi-annual shareholder report contains important information about the 1290 Avantis
®
U.S. Large Cap Growth Fund (the “Fund”) for the period November 1, 2024 to April 30, 2025.
You can find additional information about the Fund at https://www.1290funds.com/resources/#shareholderReports. You can also request this information by contacting us at 1-888-310-0416.
 
 
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
 
Share Class
  
Costs of a $10,000
investment
  
Costs paid as a percentage of a
$10,000 investment
  
Class A
   $44    0.90%   
 
 
 
Fund Statistics
     
(as of April 30, 2025)
  
 
 
 
  
Net Assets
  
$
168,766,417
 
          
Number of Portfolio Holdings
  
 
190
 
  
Portfolio Turnover Rate
  
 
4%
 
  
 
 
What did the Fund invest in?
(as of April 30, 2025)
 
   
Sector Weightings (as a % of Net Assets)
 
 
Information Technology
     42.1
 
Consumer Discretionary
     16.3
 
Communication Services
     12.7
 
Financials
     7.6
 
Industrials
     7.4
 
Health Care
     6.5
 
Consumer Staples
     3.7
 
Energy
     2.2
 
Materials
     0.6
 
Utilities
     0.6
 
Short-Term Investments
     0.1
 
Cash and Other Assets Less Liabilities
     0.2
   
Top Ten Holdings (as a % of Net Assets)
 
 
Apple, Inc.
     10.7
 
Microsoft Corp.
     9.4
 
NVIDIA Corp.
     8.1
 
Amazon.com, Inc.
     6.2
 
Meta Platforms, Inc., Class A
     5.1
 
Alphabet, Inc., Class A
     3.2
 
Broadcom, Inc.
     3.0
 
Alphabet, Inc., Class C
     2.7
 
Mastercard, Inc., Class A
     1.8
 
Netflix, Inc.
     1.6
 
 
1

1290 AVANTIS
®
U.S. LARGE CAP GROWTH FUND CLASS A (TNRAX)
 
 
 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.
   LOGO       
 
 
2

  
  
  
1290 AVANTIS
®
U.S. LARGE CAP GROWTH FUND
CLASS I (TNXIX)
 
 
Semi-Annual Shareholder Report - April 30, 2025
This semi-annual shareholder report contains important information about the 1290 Avantis
®
U.S. Large Cap Growth Fund (the “Fund”) for the period November 1, 2024 to April 30, 2025.
You can find additional information about the Fund at https://www.1290funds.com/resources/#shareholderReports. You can also request this information by contacting us at 1-888-310-0416.
 
 
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
 
Share Class
  
Costs of a $10,000
investment
  
Costs paid as a percentage of a
$10,000 investment
  
Class I    $32    0.65%   
 
 
 
Fund Statistics
     
(as of April 30, 2025)
  
 
 
 
  
Net Assets
  
$
168,766,417
 
          
Number of Portfolio Holdings
  
 
190
 
  
Portfolio Turnover Rate
  
 
4%
 
  
 
 
What did the Fund invest in?
(as of April 30, 2025)
 
   
Sector Weightings (as a % of Net Assets)
 
 
Information Technology
     42.1
 
Consumer Discretionary
     16.3
 
Communication Services
     12.7
 
Financials
     7.6
 
Industrials
     7.4
 
Health Care
     6.5
 
Consumer Staples
     3.7
 
Energy
     2.2
 
Materials
     0.6
 
Utilities
     0.6
 
Short-Term Investments
     0.1
 
Cash and Other Assets Less Liabilities
     0.2
   
Top Ten Holdings (as a % of Net Assets)
 
 
Apple, Inc.
     10.7
 
Microsoft Corp.
     9.4
 
NVIDIA Corp.
     8.1
 
Amazon.com, Inc.
     6.2
 
Meta Platforms, Inc., Class A
     5.1
 
Alphabet, Inc., Class A
     3.2
 
Broadcom, Inc.
     3.0
 
Alphabet, Inc., Class C
     2.7
 
Mastercard, Inc., Class A
     1.8
 
Netflix, Inc.
     1.6
 
 
1

1290 AVANTIS
®
U.S. LARGE CAP GROWTH FUND CLASS I (TNXIX)
 
 
 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.
   LOGO       
 
 
2

  
  
  
1290 DIVERSIFIED BOND FUND CLASS A (TNUAX)
 
 
Semi-Annual Shareholder Report - April 30, 2025
This semi-annual shareholder report contains important information about the 1290 Diversified Bond Fund (the “Fund”) for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.1290funds.com/resources/#shareholderReports. You can also request this information by contacting us at
1-888-310-0416.
 
 
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
 
Share Class
  
Costs of a $10,000
investment
  
Costs paid as a percentage of a
$10,000 investment
  
Class A
   $38    0.75%   
 
 
 
Fund Statistics
     
(as of April 30, 2025)
  
 
 
 
  
Net Assets
  
$
608,794,040
 
          
Number of Portfolio Holdings
  
 
109
 
  
Portfolio Turnover Rate
  
 
75%
 
  
 
 
 
What did the Fund invest in?
(as of April 30, 2025)
Sector Weightings (as a % of Net Assets)       
                                                   
 
LOGO
 
 
 
1

1290 DIVERSIFIED BOND FUND CLASS A (TNUAX)
 
 
 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.
   LOGO       
 
 
2

  
  
  
1290 DIVERSIFIED BOND FUND CLASS I (TNUIX)
 
 
Semi-Annual Shareholder Report - April 30, 2025
This semi-annual shareholder report contains important information about the 1290 Diversified Bond Fund (the “Fund”) for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.1290funds.com/resources/#shareholderReports. You can also request this information by contacting us at
1-888-310-0416.
 
 
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
 
Share Class
  
Costs of a $10,000
investment
  
Costs paid as a percentage of a
$10,000 investment
  
Class I
   $25    0.50%   
 
 
 
Fund Statistics
     
(as of April 30, 2025)
  
 
 
 
  
Net Assets
  
$
608,794,040
 
          
Number of Portfolio Holdings
  
 
109
 
  
Portfolio Turnover Rate
  
 
75%
 
  
 
 
 
What did the Fund invest in?
(as of April 30, 2025)
Sector Weightings (as a % of Net Assets)       
                                                   
 
LOGO
 
 
 
1

1290 DIVERSIFIED BOND FUND CLASS I (TNUIX)
 
 
 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.
   LOGO       
 
 
2

  
  
  
1290 DIVERSIFIED BOND FUND CLASS R (TNURX)
 
 
Semi-Annual Shareholder Report - April 30, 2025
This semi-annual shareholder report contains important information about the 1290 Diversified Bond Fund (the “Fund”) for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.1290funds.com/resources/#shareholderReports. You can also request this information by contacting us at
1-888-310-0416.
 
 
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
 
Share Class
  
Costs of a $10,000
investment
  
Costs paid as a percentage of a
$10,000 investment
  
Class R
   $50    1.00%   
 
 
 
Fund Statistics
     
(as of April 30, 2025)
  
 
 
 
  
Net Assets
  
$
608,794,040
 
          
Number of Portfolio Holdings
  
 
109
 
  
Portfolio Turnover Rate
  
 
75%
 
  
 
 
 
What did the Fund invest in?
(as of April 30, 2025)
Sector Weighti
ng
s (as a % of Net Assets)       
                                                   
 
LOGO
 
 
 
1

1290 DIVERSIFIED BOND FUND CLASS R (TNURX)
 
 
 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.
   LOGO       
 
 
2

  
  
  
1290 ESSEX SMALL CAP GROWTH FUND CLASS A (ESCFX)
 
 
Semi-Annual Shareholder Report - April 30, 2025
This semi-annual shareholder report contains important information about the 1290 Essex Small Cap Growth Fund (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.1290funds.com/resources/#shareholderReports. You can also request this information by contacting us at 1-888-310-0416.
 
 
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
 
Share Class
  
Costs of a $10,000
investment
  
Costs paid as a percentage of a
$10,000 investment
  
Class A
   $55    1.13%   
 
 
 
Fund Statistics
     
(as of April 30, 2025)
  
 
 
 
  
Net Assets
  
$
63,742,994
 
          
Number of Portfolio Holdings
  
 
103
 
  
Portfolio Turnover Rate
  
 
20%
 
  
 
 
What did th
e
F
un
d invest in?
(as of April 30, 2025)
 
   
Sector Weight
ing
s (as a % of Net Assets)
 
 
Industrials
     31.3
 
Health Care
     23.6
 
Information Technology
     23.4
 
Financials
     7.4
 
Consumer Discretionary
     6.0
 
Energy
     1.8
 
Consumer Staples
     1.5
 
Communication Services
     1.2
 
Materials
     0.2
 
Exchange Traded Fund
     1.1
 
Short-Term Investments
     3.5
 
Cash and Other Assets Less Liabilities
     -1.0
   
Market
Ca
p
italiz
ation (as a % of Net Assets)
 
LOGO
 
 
1

1290 ESSEX SMALL CAP GROWTH FUND CLASS A (ESCFX)
 
 
 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.
   LOGO       
 
 
2

  
  
  
1290 ESSEX SMALL CAP GROWTH FUND CLASS I (ESCJX)
 
 
Semi-Annual Shareholder Report - April 30, 2025
This semi-annual shareholder report contains important information about the 1290 Essex Small Cap Growth Fund (the “Fund”) for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.1290funds.com/resources/#shareholderReports. You can also request this information by contacting us at 1-888-310-0416.
 
 
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
 
Share Class
  
Costs of a $10,000
investment
  
Costs paid as a percentage of a
$10,000 investment
  
Class I
   $43    0.88%   
 
 
 
Fund Statistics
     
(as of April 30, 2025)
  
 
 
 
  
Net Assets
  
$
63,742,994
 
          
Number of Portfolio Holdings
  
 
103
 
  
Portfolio Turnover Rate
  
 
20%
 
  
 
 
What did the Fund invest in?
(as of April 30, 2025)
 
   
Sector Weightings (as a % of Net Assets)
 
 
Industrials
     31.3
 
Health Care
     23.6
 
Information Technology
     23.4
 
Financials
     7.4
 
Consumer Discretionary
     6.0
 
Energy
     1.8
 
Consumer Staples
     1.5
 
Communication Services
     1.2
 
Materials
     0.2
 
Exchange Traded Fund
     1.1
 
Short-Term Investments
     3.5
 
Cash and Other Assets Less Liabilities
     -1.0
   
Market
Capitalization
(as a % of Net Assets)
 
LOGO
 
 
1

1290 ESSEX SMALL CAP GROWTH FUND CLASS I (ESCJX)
 
 
 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.
   LOGO       
 
 
2

  
  
  
1290 ESSEX SMALL CAP GROWTH FUND CLASS R (ESCKX)
 
 
Semi-Annual Shareholder Report - April 30, 2025
This semi-annual shareholder report contains important information about the 1290 Essex Small Cap Growth Fund (the “Fund”) for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.1290funds.com/resources/#shareholderReports. You can also request this information by contacting us at
1-888-310-0416.
 
 
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
 
Share Class
  
Costs of a $10,000
investment
  
Costs paid as a percentage of a
$10,000 investment
  
Class R
   $67    1.38%   
 
 
 
Fund Statistics
     
(as of April 30, 2025)
  
 
 
 
  
Net Assets
  
$
63,742,994
 
          
Number of Portfolio Holdings
  
 
103
 
  
Portfolio Turnover Rate
  
 
20%
 
  
 
 
What did the Fund invest in?
(as of April 30, 2025)
 
   
Sector Weightings (as a % of Net Assets)
 
 
Industrials
     31.3
 
Health Care
     23.6
 
Information Technology
     23.4
 
Financials
     7.4
 
Consumer Discretionary
     6.0
 
Energy
     1.8
 
Consumer Staples
     1.5
 
Communication Services
     1.2
 
Materials
     0.2
 
Exchange Traded Fund
     1.1
 
Short-Term Investments
     3.5
 
Cash and Other Assets Less Liabilities
     -1.0
   
Market Capitalization (as a % of Net Assets)
 
LOGO
 
 
1

1290 ESSEX SMALL CAP GROWTH FUND CLASS R (ESCKX)
 
 
 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.
   LOGO       
 
 
2

  
  
  
1290 GAMCO SMALL/MID CAP VALUE FUND CLASS A (TNVAX)
 
 
Semi-Annual Shareholder Report - April 30, 2025
This semi-annual shareholder report contains important information about the 1290 GAMCO Small/Mid Cap Value Fund (the “Fund”) for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.1290funds.com/resources/#shareholderReports. You can also request this information by contacting us at 1-888-310-0416.
 
 
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
 
Share Class
  
Costs of a $10,000
investment
  
Costs paid as a percentage of a
$10,000 investment
  
Class A
   $57    1.20%   
 
 
 
Fund Statistics
     
(as of April 30, 2025)
  
 
 
 
  
Net Assets
  
$
144,471,594
 
          
Number of Portfolio Holdings
  
 
180
 
  
Portfolio Turnover Rate
  
 
4%
 
  
 
 
What did the Fund invest in?
(as of April 30, 2025)
 
   
Sector Weightings (as a % of Net Assets)
 
 
Industrials
     33.8
 
Communication Services
     19.4
 
Consumer Discretionary
     14.6
 
Consumer Staples
     8.3
 
Materials
     6.8
 
Utilities
     5.6
 
Health Care
     2.4
 
Financials
     2.3
 
Information Technology
     2.2
 
Energy
     1.0
 
Real Estate
     0.6
 
Short-Term Investments
     5.9
 
Cash and Other Assets Less Liabilities
     -2.9
   
Top Ten Holdings (as a % of Net Assets)
 
JPMorgan Prime Money Market Fund, IM Shares
   2.8%
 
Mueller Industries, Inc.
   2.6%
 
National Fuel Gas Co.
   2.2%
 
Crane Co.
   2.1%
 
Madison Square Garden Sports Corp.
   2.0%
 
Paramount Global, Class A
   2.0%
 
Sinclair, Inc.
   1.7%
 
Astec Industries, Inc.
   1.7%
 
Iveco Group NV
   1.6%
 
AZZ, Inc.
   1.6%
 
 
1

1290 GAMCO SMALL/MID CAP VALUE FUND CLASS A (TNVAX)
 
 
 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.
   LOGO       
 
 
2

  
  
  
1290 GAMCO SMALL/MID CAP VALUE FUND CLASS I (TNVIX)
 
 
Semi-Annual Shareholder Report - April 30, 2025
This semi-annual shareholder report contains important information about the 1290 GAMCO Small/Mid Cap Value Fund (the “Fund”) for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.1290funds.com/resources/#shareholderReports. You can also request this information by contacting us at 1-888-310-0416.
 
 
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
 
Share Class
  
Costs of a $10,000
investment
  
Costs paid as a percentage of a
$10,000 investment
  
Class I
   $45    0.95%   
 
 
 
Fund Statistics
     
(as of April 30, 2025)
  
 
 
 
  
Net Assets
  
$
144,471,594
 
          
Number of Portfolio Holdings
  
 
180
 
  
Portfolio Turnover Rate
  
 
4%
 
  
 
 
What did the Fund invest in?
(as of April 30, 2025)
 
   
Sector Weightings (as a % of Net Assets)
 
 
Industrials
     33.8
 
Communication Services
     19.4
 
Consumer Discretionary
     14.6
 
Consumer Staples
     8.3
 
Materials
     6.8
 
Utilities
     5.6
 
Health Care
     2.4
 
Financials
     2.3
 
Information Technology
     2.2
 
Energy
     1.0
 
Real Estate
     0.6
 
Short-Term Investments
     5.9
 
Cash and Other Assets Less Liabilities
     -2.9
   
Top Ten Holdings (as a % of Net Assets)
 
 
JPMorgan Prime Money Market Fund, IM Shares
     2.8
 
Mueller Industries, Inc.
     2.6
 
National Fuel Gas Co.
     2.2
 
Crane Co.
     2.1
 
Madison Square Garden Sports Corp.
     2.0
 
Paramount Global, Class A
     2.0
 
Sinclair, Inc.
     1.7
 
Astec Industries, Inc.
     1.7
 
Iveco Group NV
     1.6
 
AZZ, Inc.
     1.6
 
 
1

1290 GAMCO SMALL/MID CAP VALUE FUND CLASS I (TNVIX)
 
 
 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.
   LOGO       
 
 
2

  
  
  
1290 GAMCO SMALL/MID CAP VALUE FUND CLASS R (TNVRX)
 
 
Semi-Annual Shareholder Report - April 30, 2025
This
semi-annual shareholder report
contains important information about the 1290 GAMCO Small/Mid Cap Value Fund (the “Fund”) for the period November 1, 2024 to April 30, 2025.
You can find additional information about the Fund at https://www.1290funds.com/resources/#shareholderReports. You can also request this information by contacting us at 1-888-310-0416.
 
 
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
 
Share Class
  
Costs of a $10,000
investment
  
Costs paid as a percentage of a
$10,000 investment
  
Class R
   $68    1.45%   
 
 
 
Fund Statistics
     
(as of April 30, 2025)
  
 
 
 
  
Net Assets
  
$
144,471,594
 
          
Number of Portfolio Holdings
  
 
180
 
  
Portfolio Turnover Rate
  
 
4%
 
  
 
 
What did the Fund invest in?
(as of April 30, 2025)
 
   
Sector Weightings (as a % of Net Assets)
 
 
Industrials
     33.8
 
Communication Services
     19.4
 
Consumer Discretionary
     14.6
 
Consumer Staples
     8.3
 
Materials
     6.8
 
Utilities
     5.6
 
Health Care
     2.4
 
Financials
     2.3
 
Information Technology
     2.2
 
Energy
     1.0
 
Real Estate
     0.6
 
Short-Term Investments
     5.9
 
Cash and Other Assets Less Liabilities
     -2.9
   
Top Ten Holdings (as a % of Net Assets)
 
 
JPMorgan Prime Money Market Fund, IM Shares
     2.8
 
Mueller Industries, Inc.
     2.6
 
National Fuel Gas Co.
     2.2
 
Crane Co.
     2.1
 
Madison Square Garden Sports Corp.
     2.0
 
Paramount Global, Class A
     2.0
 
Sinclair, Inc.
     1.7
 
Astec Industries, Inc.
     1.7
 
Iveco Group NV
     1.6
 
AZZ, Inc.
     1.6
 
 
1

1290 GAMCO SMALL/MID CAP VALUE FUND CLASS R (TNVRX)
 
 
 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.
   LOGO       
 
 
2

  
  
  
1290 HIGH YIELD BOND FUND CLASS A (
TNHAX
)
 
 
Semi-Annual Shareholder Report - April 30, 2025
This semi-annual shareholder report contains important information about the 1290 High Yield Bond Fund (the “Fund”) for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.1290funds.com/resources/#shareholderReports. You can also request this information by contacting us at
1-888-310-0416.
 
 
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
 
Share Class
  
Costs of a $10,000
investment
  
Costs paid as a percentage of a
$10,000 investment
  
Class A
   $50    1.00%   
 
 
 
Fund Statistics
     
(as of April 30, 2025)
  
 
 
 
  
Net Assets
  
$
79,398,837
 
          
Number of Portfolio Holdings
  
 
277
 
  
Portfolio Turnover Rate
  
 
17%
 
  
 
 
 
What did the Fund invest in?
(as of April 30, 2025)
Credit Quality Ratings (as a % of Net Assets)       
                                                   
 
LOGO
 
 
 
1

1290 HIGH YIELD BOND FUND CLASS A (TNHAX)
 
 
 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.
   LOGO       
 
 
2

  
  
  
1290 HIGH YIELD BOND FUND CLASS I (TNHIX)
 
 
Semi-Annual Shareholder Report - April 30, 2025
This semi-annual shareholder report contains important information about the 1290 High Yield Bond Fund (the “Fund”) for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.1290funds.com/resources/#shareholderReports. You can also request this information by contacting us at 1-888-310-0416.
 
 
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
 
Share Class
  
Costs of a $10,000
investment
  
Costs paid as a percentage of a
$10,000 investment
  
Class I
   $37    0.75%   
 
 
 
Fund Statistics
     
(as of April 30, 2025)
  
 
 
 
  
Net Assets
  
$
79,398,837
 
          
Number of Portfolio Holdings
  
 
277
 
  
Portfolio Turnover Rate
  
 
17%
 
  
 
 
What did the Fund invest in?
(as of April 30, 2025)
Credit Quality Ratings (as a % of Net Assets)        
                                                   
 
LOGO
 
 
1

1290 HIGH YIELD BOND FUND CLASS I (TNHIX)
 
 
 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.
   LOGO       
 
 
2

  
  
  
1290 HIGH YIELD BOND FUND CLASS R (TNHRX)
 
 
Semi-Annual Shareholder Report - April 30, 2025
This semi-annual shareholder report contains important information about the 1290 High Yield Bond Fund (the “Fund”) for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.1290funds.com/resources/#shareholderReports. You can also request this information by contacting us at 1-888-310-0416.
 
 
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
 
Share Class
  
Costs of a $10,000
investment
  
Costs paid as a percentage of a
$10,000 investment
  
Class R
   $62    1.25%   
 
 
 
Fund Statistics
     
(as of April 30, 2025)
  
 
 
 
  
Net Assets
  
$
79,398,837
 
          
Number of Portfolio Holdings
  
 
277
 
  
Portfolio Turnover Rate
  
 
17%
 
  
 
 
What did the Fund invest in?
(as of April 30, 2025)
Credit Quality Ratings (as a % of Net Assets)       
                                                   
 
LOGO
 
 
1

1290 HIGH YIELD BOND FUND CLASS R (TNHRX)
 
 
 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.
   LOGO       
 
 
2

  
  
  
1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND CLASS A (TNXAX)
 
 
Semi-Annual Shareholder Report - April 30, 2025
This semi-annual shareholder report contains important information about the 1290 Loomis Sayles Multi-Asset Income Fund (the “Fund”) for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.1290funds.com/resources/#shareholderReports. You can also request this information by contacting us at
1-888-310-0416.
 
 
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
 
Share Class
  
Costs of a $10,000
investment
  
Costs paid as a percentage of a
$10,000 investment
  
Class A
   $52    1.05%   
 
 
 
Fund Statistics
     
(as of April 30, 2025)
  
 
 
 
  
Net Assets
  
$
77,754,631
 
          
Number of Portfolio Holdings
  
 
622
 
  
Portfolio Turnover Rate
  
 
111%
 
  
 
 
What did the Fund invest in?
(as of April 30, 2025)
Asset Allocation (as a % of Net Assets)       
                                                   
 
LOGO
 
1

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND CLASS A (TNXAX)
 
 
 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.
   LOGO       
 
 
2

  
  
  
1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND CLASS I (TNVDX)
 
 
Semi-Annual Shareholder Report - April 30, 2025
T
his semi-annual shareholder report contains important information about the 1290 Loomis Sayles Multi-Asset Income Fund (the “Fund”) for the period November 1, 2024 to April 30, 2025.
You can find additional information about the Fund at https://www.1290funds.com/resources/#shareholderReports. You can also request this information by contacting us at 1-888-310-0416.
 
 
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
 
Share Class
  
Costs of a $10,000
investment
  
Costs paid as a percentage of a
$10,000 investment
  
Class I
   $40    0.80%   
 
 
 
Fund Statistics
     
(as of April 30, 2025)
  
 
 
 
  
Net Assets
  
$
77,754,631
 
          
Number of Portfolio Holdings
  
 
622
 
  
Portfolio Turnover Rate
  
 
111%
 
  
 
 
What did the Fund invest in?
(as of April 30, 2025)
Asset Allocation (as a % of Net Assets)       
                                                   
 
LOGO
 
1

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND CLASS I (TNVDX)
 
 
 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.
   LOGO       
 
 
2

  
  
  
1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND CLASS R (TNYRX)
 
 
Semi-Annual Shareholder Report - April 30, 2025
This semi-annual shareholder report contains important information about the 1290 Loomis Sayles Multi-Asset Income Fund (the “Fund”) for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.1290funds.com/resources/#shareholderReports. You can also request this information by contacting us at 1-888-310-0416.
 
 
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
 
Share Class
  
Costs of a $10,000
investment
  
Costs paid as a percentage of a
$10,000 investment
  
Class R
   $65    1.30%   
 
 
 
Fund Statistics
     
(as of April 30, 2025)
  
 
 
 
  
Net Assets
  
$
77,754,631
 
          
Number of Portfolio Holdings
  
 
622
 
  
Portfolio Turnover Rate
  
 
111%
 
  
 
 
What did the Fund invest in?
(as of April 30, 2025)
Asset Allocation (as a % of Net Assets)        
                                                   
 
LOGO
 
 
1

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND CLASS R (TNYRX)
 
 
 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.
   LOGO       
 
 
2

  
  
  
1290 MULTI-ALTERNATIVE STRATEGIES FUND CLASS A (TNMAX)
 
 
Semi-Annual Shareholder Report - April 30, 2025
This semi-annual shareholder report contains important information about the 1290 Multi-Alternative Strategies Fund (the “Fund”) for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.1290funds.com/resources/#shareholderReports. You can also request this information by contacting us at 1-888-310-0416.
 
 
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
 
Share Class
  
Costs of a $10,000
investment
  
Costs paid as a percentage of a
$10,000 investment
  
Class A
   $55    1.10%   
 
 
 
Fund Statistics
     
(as of April 30, 2025)
  
 
 
 
  
Net Assets
  
$
19,564,023
 
          
Number of Portfolio Holdings
  
 
11
 
  
Portfolio Turnover Rate
  
 
14%
 
  
 
 
What did the Fund invest in?
(as of April 30, 2025)
Alternative Category and Strategy Allocation (as a % of
Net Assets)        
                                                    
 
LOGO
 
 
1

1290 MULTI-ALTERNATIVE STRATEGIES FUND CLASS A (TNMAX)
 
 
 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.
   LOGO       
 
 
2

  
  
  
1290 MULTI-ALTERNATIVE STRATEGIES FUND CLASS I (TNMIX)
 
 
Semi-Annual Shareholder Report - April 30, 2025
This semi-annual shareholder report contains important information about the 1290 Multi-Alternative Strategies Fund (the “Fund”) for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.1290funds.com/resources/#shareholderReports. You can also request this information by contacting us at 1-888-310-0416.
 
 
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
 
Share Class
  
Costs of a $10,000
investment
  
Costs paid as a percentage of a
$10,000 investment
  
Class I
   $43    0.85%   
 
 
 
Fund Statistics
     
(as of April 30, 2025)
  
 
 
 
  
Net Assets
  
$
19,564,023
 
          
Number of Portfolio Holdings
  
 
11
 
  
Portfolio Turnover Rate
  
 
14%
 
  
 
 
What did the Fund invest in?
(as of April 30, 2025)
Alternative Category and Strategy Allocation (as a % of
Net Assets)    
                                                   
 
LOGO
 
1

1290 MULTI-ALTERNATIVE STRATEGIES FUND CLASS I (TNMIX)
 
 
 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.
   LOGO       
 
 
2

  
  
  
1290 MULTI-ALTERNATIVE STRATEGIES FUND CLASS R (TNMRX)
 
 
Semi-Annual Shareholder Report - April 30, 2025
This semi-annual shareholder report contains important information about the 1290 Multi-Alternative Strategies Fund (the “Fund”) for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.1290funds.com/resources/#shareholderReports. You can also request this information by contacting us at 1-888-310-0416.
 
 
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
 
Share Class
  
Costs of a $10,000
investment
  
Costs paid as a percentage of a
$10,000 investment
  
Class R
   $67    1.35%   
 
 
 
Fund Statistics
     
(as of April 30, 2025)
  
 
 
 
  
Net Assets
  
$
19,564,023
 
          
Number of Portfolio Holdings
  
 
11
 
  
Portfolio Turnover Rate
  
 
14%
 
  
 
 
What did the Fund invest in?
(as of April 30, 2025)
Alternative Category and Strategy Allocation (as a % of
Net Assets)        
                                                   
 
LOGO
 
 
1

1290 MULTI-ALTERNATIVE ST
RATEGI
ES FUND CLASS R (TNMRX)
 
 
 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.
   LOGO       
 
 
2

  
  
  
1290 RETIREMENT 2020 FUND CLASS I
 (
TNIIX
)
 
 
Semi-Annual Shareholder Report - April 30, 2025
This semi-annual shareholder report contains important information about the 1290 Retirement 2020 Fund (the “Fund”) for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.1290funds.com/resources/#shareholderReports. You can also request this information by contacting us at
1-888-310-0416.
 
 
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
 
Share Class
  
Costs of a $10,000
investment
  
Costs paid as a percentage of a
$10,000 investment
  
Class I
   $28    0.56%   
 
 
 
Fund Statistics
     
(as of April 30, 2025)
  
 
 
 
  
Net Assets
  
$
1,252,061
 
          
Number of Portfolio Holdings
  
 
17
 
  
Portfolio Turnover Rate
  
 
1%
 
  
 
 
What did the Fund invest in?
(as of April 30, 2025)
 
Security Type & Asset Class (as a % of Net Assets)
 
 
Exchange Traded Funds
        99.7%  
Fixed Income
     57.7%     
Equity
     42.0%     
Cash and Other Assets Less Liabilities
        0.3%  
 
 
1

1290 RETIREMENT 2020 FUND CLASS I (TNIIX)
 
 
Material Fund Changes
This is a summary of material Fund changes since November 1, 2024. For more information contact 1-888-310-0416.
At a meeting held on March 18-19, 2025, the Trust’s Board of Trustees (the “Board”), upon the recommendation of Equitable Investment Management, LLC, the Trust’s investment adviser, approved a Plan of Liquidation and Termination (the “Plan”) pursuant to which the Fund would liquidate and terminate on or about May 30, 2025 (the “Liquidation Date”). Pursuant to the Plan, the Fund sold its portfolio securities for cash and converted any other assets to cash or cash equivalents to pay any liabilities by the Liquidation Date. On the Liquidation Date, the Fund made a liquidating distribution to each remaining shareholder equal to the shareholder’s proportionate interest in the net assets of the Fund, in complete redemption and cancellation of the Fund’s shares held by each shareholder. The Fund terminated upon completion of the distribution.
 
 
 Additional Information
 
         
For additional information about the Fund, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://www.1290funds.com/resources/#shareholderReports, call 1-888-310- 0416, or scan the adjacent QR code.
   LOGO       
 
 
2

  
  
  
1290 RETIREMENT 2025 FUND CLASS I
 (TNJIX)
 
 
Semi-Annual Shareholder Report - April 30, 2025
This semi-annual shareholder report contains important information about the 1290 Retirement 2025 Fund (the “Fund”) for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.1290funds.com/resources/#shareholderReports. You can also request this information by contacting us at 1-888-310-0416.
 
 
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
 
Share Class
  
Costs of a $10,000
investment
  
Costs paid as a percentage of a
$10,000 investment
  
Class I
   $28    0.55%   
 
 
 
Fund Statistics
     
(as of April 30, 2025)
  
 
 
 
  
Net Assets
  
$
142,368
 
          
Number of Portfolio Holdings
  
 
17
 
  
Portfolio Turnover Rate
  
 
3%
 
  
 
 
 
What did the Fund invest in?
(as of April 30, 2025)
 
Security Type & Asset Class (as a % of Net Assets)
 
 
Exchange Traded Funds
      102.4
Equity
    53.3  
Fixed Income
    49.1  
Cash and Other Assets Less Liabilities
     
-2.4
 
 
1

1290 RETIREMENT 2025 FUND CLASS I (TNJIX)
 
 
Material Fund Changes
This is a summary of material Fund changes since November 1, 2024. For more information contact
1-888-310-0416.
At a meeting held on March
18-19,
2025, the Trust’s Board of Trustees (the “Board”), upon the recommendation of Equitable Investment Management, LLC, the Trust’s investment adviser, approved a Plan of Liquidation and Termination (the “Plan”) pursuant to which the Fund would liquidate and terminate on or about May 30, 2025 (the “Liquidation Date”). Pursuant to the Plan, the Fund sold its portfolio securities for cash and converted any other assets to cash or cash equivalents to pay any liabilities by the Liquidation Date. On the Liquidation Date, the Fund made a liquidating distribution to each remaining shareholder equal to the shareholder’s proportionate interest in the net assets of the Fund, in complete redemption and cancellation of the Fund’s shares held by each shareholder. The Fund terminated upon completion of the distribution.
 
 
 Additional Information
 
         
For additional information about the Fund, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://www.1290funds.com/resources/#shareholderReports, call 1-888-310-0416, or scan the adjacent QR code.
   LOGO       
 
 
2

  
  
  
1290 RETIREMENT 2030 FUND CLASS I (TNKIX)
 
 
Semi-Annual Shareholder Report - April 30, 2025
This semi-annual shareholder report contains important information about the 1290 Retirement 2030 Fund (the “Fund”) for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.1290funds.com/resources/#shareholderReports. You can also request this information by contacting us at
1-888-310-0416.
 
 
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
 
Share Class
  
Costs of a $10,000
investment
  
Costs paid as a percentage of a
$10,000 investment
  
Class I
   $28    0.55%   
 
 
 
Fund Statistics
     
(as of April 30, 2025)
  
 
 
 
  
Net Assets
  
$
1,646,329
 
          
Number of Portfolio Holdings
  
 
17
 
  
Portfolio Turnover Rate
  
 
3%
 
  
 
 
 
What did the Fund invest in?
(as of April 30, 2025)
 
Security Type & Asset Class (as a % of Net Assets)
 
 
Exchange Traded Funds
      99.1
Equity
    61.3  
Fixed Income
    37.8  
Cash and Other Assets Less Liabilities
      0.9
 
 
1

1290 RETIREMENT 2030 FUND CLASS I (TNKIX)
 
 
Material Fund Changes
This is a summary of material Fund changes since November 1, 2024. For more information contact 1-888-310-0416.
At a meeting held on March 18-19, 2025, the Trust’s Board of Trustees (the “Board”), upon the recommendation of Equitable Investment Management, LLC, the Trust’s investment adviser, approved a Plan of Liquidation and Termination (the “Plan”) pursuant to which the Fund would liquidate and terminate on or about May 30, 2025 (the “Liquidation Date”). Pursuant to the Plan, the Fund sold its portfolio securities for cash and converted any other assets to cash or cash equivalents to pay any liabilities by the Liquidation Date. On the Liquidation Date, the Fund made a liquidating distribution to each remaining shareholder equal to the shareholder’s proportionate interest in the net assets of the Fund, in complete redemption and cancellation of the Fund’s shares held by each shareholder. The Fund terminated upon completion of the distribution.
 
 
 Additional Information
 
         
For additional information about the Fund, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://www.1290funds.com/resources/#shareholderReports, call 1-888-310-0416, or scan the adjacent QR code.
   LOGO       
 
 
2

  
  
  
1290 RETIREMENT 2035 FUND CLASS I (TNLIX)
 
 
Semi-Annual Shareholder Report - April 30, 2025
This semi-annual shareholder report contains important information about the 1290 Retirement 2035 Fund (the “Fund”) for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.1290funds.com/resources/#shareholderReports. You can also request this information by contacting us at 1-888-310-0416.
 
 
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
 
Share Class
  
Costs of a $10,000
investment
  
Costs paid as a percentage of a
$10,000 investment
  
Class I
   $27    0.54%   
 
 
 
Fund Statistics
     
(as of April 30, 2025)
  
 
 
 
  
Net Assets
  
$
1,750,887
 
          
Number of Portfolio Holdings
  
 
14
 
  
Portfolio Turnover Rate
  
 
7%
 
  
 
 
 
What did the Fund invest in?
(as of April 30, 2025)
 
Security Type & Asset Class (as a % of Net Assets)
 
 
Exchange Traded Funds
      98.2
Equity
    69.6  
Fixed Income
    28.6  
Cash and Other Assets Less Liabilities
      1.8
 
 
1

1290 RETIREMENT 2035 FUND CLASS I (TNLIX)
 
 
Material Fund Changes
This is a summary of material Fund changes since November 1, 2024. For more information contact
1-888-310-0416.
At a meeting held on March
18-19,
2025, the Trust’s Board of Trustees (the “Board”), upon the recommendation of Equitable Investment Management, LLC, the Trust’s investment adviser, approved a Plan of Liquidation and Termination (the “Plan”) pursuant to which the Fund would liquidate and terminate on or about May 30, 2025 (the “Liquidation Date”). Pursuant to the Plan, the Fund sold its portfolio securities for cash and converted any other assets to cash or cash equivalents to pay any liabilities by the Liquidation Date. On the Liquidation Date, the Fund made a liquidating distribution to each remaining shareholder equal to the shareholder’s proportionate interest in the net assets of the Fund, in complete redemption and cancellation of the Fund’s shares held by each shareholder. The Fund terminated upon completion of the distribution.
 
 
 Additional Information
 
         
For additional information about the Fund, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://www.1290funds.com/resources/#shareholderReports, call 1-888-310-0416, or scan the adjacent QR code.
   LOGO       
 
 
2

  
  
  
1290 RETIREMENT 2040 FUND CLASS I (TNNIX)
 
 
Semi-Annual Shareholder Report - April 30, 2025
This semi-annual shareholder report contains important information about the 1290 Retirement 2040 Fund (the “Fund”) for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.1290funds.com/resources/#shareholderReports. You can also request this information by contacting us at 1-888-310-0416.
 
 
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
 
Share Class
  
Costs of a $10,000
investment
  
Costs paid as a percentage of a
$10,000 investment
  
Class I
   $27    0.54%   
 
 
 
Fund Statistics
     
(as of April 30, 2025)
  
 
 
 
  
Net Assets
  
$
3,566,856
 
          
Number of Portfolio Holdings
  
 
14
 
  
Portfolio Turnover Rate
  
 
4%
 
  
 
 
 
What did the Fund invest in?
(as of April 30, 2025)
 
Security Type & Asset Class (as a % of Net Assets)
 
 
Exchange Traded Funds
      98.6
Equity
    74.6  
Fixed Income
    24.0  
Cash and Other Assets Less Liabilities
      1.4
 
 
1

1290 RETIREMENT 2040 FUND CLASS I (TNNIX)
 
 
Material Fund Changes
This is a summary of material Fund changes since November 1, 2024. For more information contact
1-888-310-0416.
At a meeting held on March
18-19,
2025, the Trust’s Board of Trustees (the “Board”), upon the recommendation of Equitable Investment Management, LLC, the Trust’s investment adviser, approved a Plan of Liquidation and Termination (the “Plan”) pursuant to which the Fund would liquidate and terminate on or about May 30, 2025 (the “Liquidation Date”). Pursuant to the Plan, the Fund sold its portfolio securities for cash and converted any other assets to cash or cash equivalents to pay any liabilities by the Liquidation Date. On the Liquidation Date, the Fund made a liquidating distribution to each remaining shareholder equal to the shareholder’s proportionate interest in the net assets of the Fund, in complete redemption and cancellation of the Fund’s shares held by each shareholder. The Fund terminated upon completion of the distribution.
 
 
 Additional Information
 
         
For additional information about the Fund, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://www.1290funds.com/resources/#shareholderReports, call 1-888-310-0416, or scan the adjacent QR code.
   LOGO       
 
 
2

  
  
  
1290 RETIREMENT 2045 FUND CLASS I (TNOIX)
 
 
Semi-Annual Shareholder Report - April 30, 2025
This semi-annual shareholder report contains important information about the 1290 Retirement 2045 Fund (the “Fund”) for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.1290funds.com/resources/#shareholderReports. You can also request this information by contacting us at 1-888-310-0416.
 
 
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
 
Share Class
  
Costs of a $10,000
investment
  
Costs paid as a percentage of a
$10,000 investment
  
Class I
   $27    0.54%   
 
 
 
Fund Statistics
     
(as of April 30, 2025)
  
 
 
 
  
Net Assets
  
$
3,799,577
 
          
Number of Portfolio Holdings
  
 
14
 
  
Portfolio Turnover Rate
  
 
5%
 
  
 
 
 
What did the Fund invest in?
(as of April 30, 2025)
 
Security Type & Asset Class (as a % of Net Assets)
 
 
Exchange Traded Funds
      98.6
Equity
    79.5  
Fixed Income
    19.1  
Cash and Other Assets Less Liabilities
      1.4
 
 
1

1290 RETIREMENT 2045 FUND CLASS I (TNOIX)
 
 
Material Fund Changes
This is a summary of material Fund changes since November 1, 2024. For more information contact
1-888-310-0416.
At a meeting held on March
18-19,
2025, the Trust’s Board of Trustees (the “Board”), upon the recommendation of Equitable Investment Management, LLC, the Trust’s investment adviser, approved a Plan of Liquidation and Termination (the “Plan”) pursuant to which the Fund would liquidate and terminate on or about May 30, 2025 (the “Liquidation Date”). Pursuant to the Plan, the Fund sold its portfolio securities for cash and converted any other assets to cash or cash equivalents to pay any liabilities by the Liquidation Date. On the Liquidation Date, the Fund made a liquidating distribution to each remaining shareholder equal to the shareholder’s proportionate interest in the net assets of the Fund, in complete redemption and cancellation of the Fund’s shares held by each shareholder. The Fund terminated upon completion of the distribution.
 
 
 Additional Information
 
         
For additional information about the Fund, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://www.1290funds.com/resources/#shareholderReports, call 1-888-310-0416, or scan the adjacent QR code.
   LOGO       
 
 
2

  
  
  
1290 RETIREMENT 2050 FUND CLASS I (TNWIX)
 
 
Semi-Annual Shareholder Report - April 30, 2025
This semi-annual shareholder report contains important information about the 1290 Retirement 2050 Fund (the “Fund”) for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.1290funds.com/resources/#shareholderReports. You can also request this information by contacting us at
1-888-310-0416.
 
 
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
 
Share Class
  
Costs of a $10,000
investment
  
Costs paid as a percentage of a
$10,000 investment
  
Class I
   $27    0.53%   
 
 
 
Fund Statistics
     
(as of April 30, 2025)
  
 
 
 
  
Net Assets
  
$
3,982,670
 
          
Number of Portfolio Holdings
  
 
14
 
  
Portfolio Turnover Rate
  
 
4%
 
  
 
 
 
What did the Fund invest in?
(as of April 30, 2025)
 
Security Type & Asset Class (as a % of Net Assets)
 
 
Exchange Traded Funds
      98.6
Equity
    84.5  
Fixed Income
    14.1  
Cash and Other Assets Less Liabilities
      1.4
 
 
1

1290 RETIREMENT 2050 FUND CLASS I (TNWIX)
 
 
Material Fund Changes
This is a summary of material Fund changes since November 1, 2024. For more information contact 1-888-310-0416.
At a meeting held on March 18-19, 2025, the Trust’s Board of Trustees (the “Board”), upon the recommendation of Equitable Investment Management, LLC, the Trust’s investment adviser, approved a Plan of Liquidation and Termination (the “Plan”) pursuant to which the Fund would liquidate and terminate on or about May 30, 2025 (the “Liquidation Date”). Pursuant to the Plan, the Fund sold its portfolio securities for cash and converted any other assets to cash or cash equivalents to pay any liabilities by the Liquidation Date. On the Liquidation Date, the Fund made a liquidating distribution to each remaining shareholder equal to the shareholder’s proportionate interest in the net assets of the Fund, in complete redemption and cancellation of the Fund’s shares held by each shareholder. The Fund terminated upon completion of the distribution.
 
 
 Additional Information
 
         
For additional information about the Fund, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://www.1290funds.com/resources/#shareholderReports, call 1-888-310-0416, or scan the adjacent QR code.
   LOGO       
 
 
2

  
  
  
1290 RETIREMENT 2055 FUND CLASS I (TNQIX)
 
 
Semi-Annual Shareholder Report - April 30, 2025
This semi-annual shareholder report contains important information about the 1290 Retirement 2055 Fund (the “Fund”) for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.1290funds.com/resources/#shareholderReports. You can also request this information by contacting us at 1-888-310-0416.
 
 
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
 
Share Class
  
Costs of a $10,000
investment
  
Costs paid as a percentage of a
$10,000 investment
  
Class I
   $27    0.53%   
 
 
 
Fund Statistics
     
(as of April 30, 2025)
  
 
 
 
  
Net Assets
  
$
3,880,288
 
          
Number of Portfolio Holdings
  
 
14
 
  
Portfolio Turnover Rate
  
 
7%
 
  
 
 
 
What did the Fund invest in?
(as of April 30, 2025)
 
Security Type & Asset Class (as a % of Net Assets)
 
 
Exchange Traded Funds
      98.5
Equity
    89.4  
Fixed Income
    9.1  
Cash and Other Assets Less Liabilities
      1.5
 
 
1

1290 RETIREMENT 2055 FUND CLASS I (TNQIX)
 
 
Material Fund Changes
This is a summary of material Fund changes since November 1, 2024. For more information contact
1-888-310-0416.
At a meeting held on March
18-19,
2025, the Trust’s Board of Trustees (the “Board”), upon the recommendation of Equitable Investment Management, LLC, the Trust’s investment adviser, approved a Plan of Liquidation and Termination (the “Plan”) pursuant to which the Fund would liquidate and terminate on or about May 30, 2025 (the “Liquidation Date”). Pursuant to the Plan, the Fund sold its portfolio securities for cash and converted any other assets to cash or cash equivalents to pay any liabilities by the Liquidation Date. On the Liquidation Date, the Fund made a liquidating distribution to each remaining shareholder equal to the shareholder’s proportionate interest in the net assets of the Fund, in complete redemption and cancellation of the Fund’s shares held by each shareholder. The Fund terminated upon completion of the distribution.
 
 
 Additional Information
 
         
For additional information about the Fund, including its prospectus, financial statements, portfolio holdings, and proxy voting information, visit https://www.1290funds.com/resources/#shareholderReports, call 1-888-310-0416, or scan the adjacent QR code.
   LOGO       
 
 
2

  
  
  
1290 SMARTBETA EQUITY FUND CLASS A (TNBAX)
 
 
Semi-Annual Shareholder Report - April 30, 2025
This semi-annual shareholder report contains important information about the 1290 SmartBeta Equity Fund (the “Fund”) for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.1290funds.com/resources/#shareholderReports. You can also request this information by contacting us at
1-888-310-0416.
 
 
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
 
Share Class
  
Costs of a $10,000
investment
  
Costs paid as a percentage of a
$10,000 investment
  
Class A
   $55    1.10%   
 
 
 
Fund Statistics
     
(as of April 30, 2025)
  
 
 
 
  
Net Assets
  
$
217,470,791
 
          
Number of Portfolio Holdings
  
 
274
 
  
Portfolio Turnover Rate
  
 
17%
 
  
 
 
What did the Fund invest in?
(as of April 30, 2025)
 
   
Sector Weightings (as a % of Net Assets)
 
  Financials      19.7
  Information Technology      19.3
  Industrials      14.8
  Consumer Staples      11.6
  Consumer Discretionary      9.3
  Health Care      8.9
  Communication Services      6.7
  Utilities      4.5
  Materials      2.2
  Energy      1.5
  Real Estate      0.7
  Short-Term Investments      0.6
  Cash and Other Assets Less Liabilities      0.2
   
Regional Breakdown (as a % of Net Assets)
 
  North America      81.5
  Europe EU      9.6
  Asia      4.1
  Europe
non-EU
     2.4
  Australasia      1.6
  United Kingdom      0.6
 
 
1

1290 SMARTBETA EQUITY FUND CLASS A (TNBAX)
 
 
 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.
   LOGO       
 
 
2

  
  
  
1290 SMARTBETA EQUITY FUND CLASS I (TNBIX)
 
 
Semi-Annual Shareholder Report - April 30, 2025
This semi-annual shareholder report contains important information about the 1290 SmartBeta Equity Fund (the “Fund”) for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.1290funds.com/resources/#shareholderReports. You can also request this information by contacting us at 1-888-310-0416.
 
 
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
 
Share Class
  
Costs of a $10,000
investment
  
Costs paid as a percentage of a
$10,000 investment
  
Class I
   $43    0.85%   
 
 
 
Fund Statistics
     
(as of April 30, 2025)
  
 
 
 
  
Net Assets
  
$
217,470,791
 
          
Number of Portfolio Holdings
  
 
274
 
  
Portfolio Turnover Rate
  
 
17%
 
  
 
 
What did the Fund invest in?
(as of April 30, 2025)
 
   
Sector Weightings (as a % of Net Assets)
 
  Financials      19.7
  Information Technology      19.3
  Industrials      14.8
  Consumer Staples      11.6
  Consumer Discretionary      9.3
  Health Care      8.9
  Communication Services      6.7
  Utilities      4.5
  Materials      2.2
  Energy      1.5
  Real Estate      0.7
  Short-Term Investments      0.6
  Cash and Other Assets Less Liabilities      0.2
 
Regional Breakdown (as a % of Net Assets)
 
  North America      81.5
  Europe EU      9.6
  Asia      4.1
  Europe
non-EU
     2.4
  Australasia      1.6
  United Kingdom      0.6
 
 
1

1290 SMARTBETA EQUITY FUND CLASS I (TNBIX)
 
 
 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.
   LOGO       
 
 
2

  
  
  
1290 SMARTBETA EQUITY FUND CLASS R (TNBRX)
 
 
Semi-Annual Shareholder Report - April 30, 2025
This semi-annual shareholder report contains important information about the 1290 SmartBeta Equity Fund (the “Fund”) for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.1290funds.com/resources/#shareholderReports. You can also request this information by contacting us at
1-888-310-0416.
 
 
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
 
Share Class
  
Costs of a $10,000
investment
  
Costs paid as a percentage of a
$10,000 investment
  
Class R
   $68    1.35%   
 
 
 
Fund Statistics
     
(as of April 30, 2025)
  
 
 
 
  
Net Assets
  
$
217,470,791
 
          
Number of Portfolio Holdings
  
 
274
 
  
Portfolio Turnover Rate
  
 
17%
 
  
 
 
What did the Fund invest in?
(as of April 30, 2025)
 
   
Sector Weightings (as a % of Net Assets)
 
 
Financials
     19.7
 
Information Technology
     19.3
 
Industrials
     14.8
 
Consumer Staples
     11.6
 
Consumer Discretionary
     9.3
 
Health Care
     8.9
 
Communication Services
     6.7
 
Utilities
     4.5
 
Materials
     2.2
 
Energy
     1.5
 
Real Estate
     0.7
 
Short-Term Investments
     0.6
 
Cash and Other Assets Less Liabilities
     0.2
   
Regional Breakdown (as a % of Net Assets)
 
 
North America
     81.5
 
Europe EU
     9.6
 
Asia
     4.1
 
Europe
non-EU
     2.4
 
Australasia
     1.6
 
United Kingdom
     0.6
 
 
1

1290 SMARTBETA EQUITY FUND CLASS R (TNBRX)
 
 
 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.
   LOGO       
 
 
2


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


LOGO   

 

LOGO

 

Semi-Annual Financial Statements and Additional Information

April 30, 2025

 


1290 Funds

Semi-Annual Report

April 30, 2025

Table of Contents

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

 

Funds

 

1290 Avantis® U.S. Large Cap Growth

  1

1290 Diversified Bond

  9

1290 Essex Small Cap Growth

  20

1290 GAMCO Small/Mid Cap Value

  27

1290 High Yield Bond

  36

1290 Loomis Sayles Multi-Asset Income

  47

1290 Multi-Alternative Strategies

  65

1290 Retirement 2020

  71

1290 Retirement 2025

  76

1290 Retirement 2030

  80

1290 Retirement 2035

  84

1290 Retirement 2040

  88

1290 Retirement 2045

  91

1290 Retirement 2050

  95

1290 Retirement 2055

  99

1290 SmartBeta Equity

  103

Notes to Financial Statements

  113

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

  135

Item 9: Proxy Disclosures for Open-End Management Investment Companies

  135

Item 10: Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

  135

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

  135


1290 FUNDS

1290 AVANTIS® U.S. LARGE CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS

April 30, 2025 (Unaudited)

 

     
     Number of
Shares
    Value
(Note 1)
 

COMMON STOCKS:

 

Communication Services (12.7%)

 

Entertainment (1.6%)

 

Netflix, Inc.*

    2,330     $ 2,636,908  
   

 

 

 

Interactive Media & Services (11.1%)

 

Alphabet, Inc., Class A

    34,522       5,482,093  

Alphabet, Inc., Class C

    28,458       4,578,608  

Meta Platforms, Inc., Class A

    15,749       8,646,201  
   

 

 

 
      18,706,902  
   

 

 

 

Total Communication Services

      21,343,810  
   

 

 

 

Consumer Discretionary (16.3%)

 

Automobiles (0.8%)

 

Tesla, Inc.*

    4,941       1,394,152  
   

 

 

 

Broadline Retail (6.6%)

 

Amazon.com, Inc.*

    56,667       10,450,528  

Coupang, Inc., Class A*

    26,592       621,455  

Etsy, Inc.*

    328       14,262  
   

 

 

 
      11,086,245  
   

 

 

 

Distributors (0.2%)

 

Pool Corp.

    1,166       341,801  
   

 

 

 

Hotels, Restaurants & Leisure (2.5%)

 

Airbnb, Inc., Class A*

    2,379       290,048  

Booking Holdings, Inc.

    69       351,850  

Chipotle Mexican Grill, Inc.*

    24,500       1,237,740  

Choice Hotels International, Inc. (x)

    896       112,995  

Darden Restaurants, Inc.

    1,320       264,845  

Domino’s Pizza, Inc.

    159       77,969  

Expedia Group, Inc.

    867       136,058  

Hilton Worldwide Holdings, Inc.

    292       65,840  

Las Vegas Sands Corp.

    9,740       357,166  

McDonald’s Corp.

    334       106,763  

Norwegian Cruise Line Holdings Ltd.*

    3,780       60,594  

Planet Fitness, Inc., Class A*

    114       10,783  

Royal Caribbean Cruises Ltd.

    1,928       414,347  

Starbucks Corp.

    1,335       106,867  

Texas Roadhouse, Inc., Class A

    2,941       488,088  

Wingstop, Inc.

    143       37,736  

Wynn Resorts Ltd.

    130       10,440  

Yum! Brands, Inc.

    812       122,157  
   

 

 

 
      4,252,286  
   

 

 

 

Specialty Retail (4.9%)

 

AutoZone, Inc.*

    42       158,029  

Burlington Stores, Inc.*

    2,488       559,900  

CarMax, Inc.*

    321       20,759  

Dick’s Sporting Goods, Inc.

    162       30,414  

Floor & Decor Holdings, Inc., Class A*

    2,436       174,028  

Home Depot, Inc. (The)

    5,467       1,970,799  

Murphy USA, Inc.

    770       383,899  

O’Reilly Automotive, Inc.*

    136       192,467  

Ross Stores, Inc.

    5,194       721,966  

TJX Cos., Inc. (The)

    16,836       2,166,456  

Tractor Supply Co.

    20,365       1,030,876  

Ulta Beauty, Inc.*

    1,175       464,877  

Williams-Sonoma, Inc.

    2,450       378,452  
   

 

 

 
      8,252,922  
   

 

 

 

Textiles, Apparel & Luxury Goods (1.3%)

 

Crocs, Inc.*

    1,798     173,363  

Deckers Outdoor Corp.*

    5,694       631,066  

Lululemon Athletica, Inc.*

    2,871       777,381  

NIKE, Inc., Class B

    11,986       676,010  
   

 

 

 
      2,257,820  
   

 

 

 

Total Consumer Discretionary

      27,585,226  
   

 

 

 

Consumer Staples (3.7%)

 

Beverages (1.2%)

 

Boston Beer Co., Inc. (The), Class A*

    42       10,324  

Celsius Holdings, Inc.*

    7,385       258,180  

Coca-Cola Co. (The)

    13,704       994,225  

Monster Beverage Corp.*

    3,180       191,181  

PepsiCo, Inc.

    4,776       647,530  
   

 

 

 
      2,101,440  
   

 

 

 

Consumer Staples Distribution & Retail (1.5%)

 

Casey’s General Stores, Inc.

    169       78,178  

Costco Wholesale Corp.

    2,113       2,101,378  

Sysco Corp.

    4,415       315,231  
   

 

 

 
      2,494,787  
   

 

 

 

Food Products (0.2%)

 

Hershey Co. (The)

    1,346       225,038  

Lamb Weston Holdings, Inc.

    1,043       55,081  
   

 

 

 
      280,119  
   

 

 

 

Household Products (0.8%)

 

Clorox Co. (The)

    2,026       288,300  

Colgate-Palmolive Co.

    2,284       210,562  

Kimberly-Clark Corp.

    4,725       622,660  

Procter & Gamble Co. (The)

    1,373       223,209  
   

 

 

 
      1,344,731  
   

 

 

 

Personal Care Products (0.0%)†

 

Estee Lauder Cos., Inc. (The), Class A

    527       31,599  
   

 

 

 

Total Consumer Staples

      6,252,676  
   

 

 

 

Energy (2.2%)

 

Energy Equipment & Services (0.0%)†

 

Weatherford International plc

    2,064       85,450  
   

 

 

 

Oil, Gas & Consumable Fuels (2.2%)

 

Antero Midstream Corp.

    3,947       65,323  

Cheniere Energy, Inc.

    4,268       986,378  

Hess Corp.

    4,488       579,176  

Permian Resources Corp.

    3,356       39,601  

Targa Resources Corp.

    8,116       1,387,024  

Texas Pacific Land Corp.

    469       604,480  
   

 

 

 
      3,661,982  
   

 

 

 

Total Energy

      3,747,432  
   

 

 

 

Financials (7.6%)

 

Capital Markets (1.9%)

 

Ameriprise Financial, Inc.

    2,751       1,295,776  

Blackstone, Inc.

    1,949       256,703  

Charles Schwab Corp. (The)

    930       75,702  

FactSet Research Systems, Inc.

    468       202,279  

Goldman Sachs Group, Inc. (The)

    542       296,772  

 

See Notes to Financial Statements.

 

1


1290 FUNDS

1290 AVANTIS® U.S. LARGE CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

 

     
     Number of
Shares
    Value
(Note 1)
 

KKR & Co., Inc.

    1,243     $ 142,038  

LPL Financial Holdings, Inc.

    1,933       618,154  

Moody’s Corp.

    804       364,308  

MSCI, Inc.

    91       49,605  
   

 

 

 
      3,301,337  
   

 

 

 

Consumer Finance (0.4%)

 

Ally Financial, Inc.

    843       27,532  

American Express Co.

    2,507       667,890  
   

 

 

 
      695,422  
   

 

 

 

Financial Services (3.7%)

 

Apollo Global Management, Inc.

    5,617       766,608  

Mastercard, Inc., Class A

    5,400       2,959,524  

Visa, Inc., Class A

    7,289       2,518,350  
   

 

 

 
      6,244,482  
   

 

 

 

Insurance (1.6%)

 

Allstate Corp. (The)

    311       61,699  

Everest Group Ltd.

    193       69,254  

Kinsale Capital Group, Inc.

    299       130,143  

Markel Group, Inc.*

    59       107,298  

Marsh & McLennan Cos., Inc.

    888       200,217  

Progressive Corp. (The)

    7,311       2,059,801  
   

 

 

 
      2,628,412  
   

 

 

 

Total Financials

      12,869,653  
   

 

 

 

Health Care (6.5%)

 

Biotechnology (1.9%)

 

AbbVie, Inc.

    6,851       1,336,630  

Amgen, Inc.

    1,588       461,981  

Exelixis, Inc.*

    9,528       373,021  

Regeneron Pharmaceuticals, Inc.

    57       34,130  

Vertex Pharmaceuticals, Inc.*

    2,016       1,027,152  
   

 

 

 
      3,232,914  
   

 

 

 

Health Care Equipment & Supplies (1.6%)

 

Align Technology, Inc.*

    931       161,342  

Dexcom, Inc.*

    7,849       560,262  

Edwards Lifesciences Corp.*

    3,762       283,993  

IDEXX Laboratories, Inc.*

    1,750       757,137  

Intuitive Surgical, Inc.*

    880       453,904  

Masimo Corp.*

    1,186       190,899  

ResMed, Inc.

    974       230,439  

Stryker Corp.

    170       63,566  
   

 

 

 
      2,701,542  
   

 

 

 

Health Care Providers & Services (0.6%)

 

Cardinal Health, Inc.

    306       43,235  

Cencora, Inc.

    1,690       494,612  

Elevance Health, Inc.

    180       75,705  

HCA Healthcare, Inc.

    104       35,888  

McKesson Corp.

    118       84,109  

Molina Healthcare, Inc.*

    588       192,282  

UnitedHealth Group, Inc.

    244       100,391  
   

 

 

 
      1,026,222  
   

 

 

 

Health Care Technology (0.2%)

 

Veeva Systems, Inc., Class A*

    1,241       290,009  
   

 

 

 

Life Sciences Tools & Services (0.1%)

 

Waters Corp.*

    645       224,286  
   

 

 

 

Pharmaceuticals (2.1%)

 

Eli Lilly & Co.

    2,806     2,522,454  

Merck & Co., Inc.

    5,885       501,402  

Zoetis, Inc.

    2,732       427,285  
   

 

 

 
      3,451,141  
   

 

 

 

Total Health Care

      10,926,114  
   

 

 

 

Industrials (7.4%)

 

Aerospace & Defense (0.5%)

 

Boeing Co. (The)*

    154       28,219  

BWX Technologies, Inc.

    513       55,979  

GE Aerospace

    747       150,550  

Lockheed Martin Corp.

    1,443       689,393  

TransDigm Group, Inc.

    20       28,262  
   

 

 

 
      952,403  
   

 

 

 

Air Freight & Logistics (0.0%)†

 

Expeditors International of Washington, Inc.

    414       45,503  
   

 

 

 

Building Products (0.6%)

 

Advanced Drainage Systems, Inc.

    2,211       250,927  

Lennox International, Inc.

    952       520,506  

Trane Technologies plc

    498       190,888  
   

 

 

 
      962,321  
   

 

 

 

Commercial Services & Supplies (1.0%)

 

Cintas Corp.

    2,048       433,520  

Copart, Inc.*

    7,396       451,378  

Rollins, Inc.

    2,737       156,365  

Waste Management, Inc.

    2,566       598,802  
   

 

 

 
      1,640,065  
   

 

 

 

Construction & Engineering (0.3%)

 

Comfort Systems USA, Inc.

    818       325,196  

EMCOR Group, Inc.

    528       211,569  
   

 

 

 
      536,765  
   

 

 

 

Electrical Equipment (0.2%)

 

Vertiv Holdings Co., Class A

    3,558       303,782  
   

 

 

 

Ground Transportation (0.9%)

 

Old Dominion Freight Line, Inc.

    2,648       405,885  

Saia, Inc.*

    67       16,348  

Uber Technologies, Inc.*

    1,999       161,939  

U-Haul Holding Co. (Nasdaq Stock Exchange)(x)*

    89       5,464  

U-Haul Holding Co. (New York Stock exchange)

    1,153       63,184  

Union Pacific Corp.

    3,816       822,959  
   

 

 

 
      1,475,779  
   

 

 

 

Industrial Conglomerates (0.0%)†

 

Honeywell International, Inc.

    372       78,306  
   

 

 

 

Machinery (0.9%)

 

Caterpillar, Inc.

    2,676       827,607  

Illinois Tool Works, Inc.

    1,690       405,448  

Lincoln Electric Holdings, Inc.

    1,302       229,412  
   

 

 

 
      1,462,467  
   

 

 

 

Passenger Airlines (0.0%)†

 

American Airlines Group, Inc.*

    1,490       14,825  
   

 

 

 

 

See Notes to Financial Statements.

 

2


1290 FUNDS

1290 AVANTIS® U.S. LARGE CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

 

     
     Number of
Shares
    Value
(Note 1)
 

Professional Services (1.7%)

 

Automatic Data Processing, Inc.

    4,566     $ 1,372,540  

Paychex, Inc.

    3,227       474,756  

Paycom Software, Inc.

    1,606       363,582  

Verisk Analytics, Inc.

    2,160       640,289  
   

 

 

 
      2,851,167  
   

 

 

 

Trading Companies & Distributors (1.3%)

 

Fastenal Co.

    11,419       924,597  

United Rentals, Inc.

    283       178,700  

W.W. Grainger, Inc.

    1,101       1,127,765  
   

 

 

 
      2,231,062  
   

 

 

 

Total Industrials

      12,554,445  
   

 

 

 

Information Technology (42.1%)

 

Communications Equipment (0.9%)

 

Arista Networks, Inc.*

    8,520       700,940  

Motorola Solutions, Inc.

    1,643       723,561  

Ubiquiti, Inc.

    128       41,786  
   

 

 

 
      1,466,287  
   

 

 

 

Electronic Equipment, Instruments & Components (0.3%)

 

CDW Corp.

    1,289       206,962  

Jabil, Inc.

    1,529       224,090  
   

 

 

 
      431,052  
   

 

 

 

IT Services (0.4%)

 

Gartner, Inc.*

    765       322,126  

GoDaddy, Inc., Class A*

    1,952       367,620  

VeriSign, Inc.*

    12       3,386  
   

 

 

 
      693,132  
   

 

 

 

Semiconductors & Semiconductor Equipment (14.9%)

 

Advanced Micro Devices, Inc.*

    5,610       546,134  

Applied Materials, Inc.

    7,777       1,172,072  

Broadcom, Inc.

    26,324       5,066,580  

KLA Corp.

    1,698       1,193,168  

Lam Research Corp.

    20,460       1,466,368  

NVIDIA Corp.

    124,809       13,594,196  

QUALCOMM, Inc.

    11,760       1,745,890  

Teradyne, Inc.

    2,097       155,618  

Texas Instruments, Inc.

    1,506       241,035  
   

 

 

 
      25,181,061  
   

 

 

 

Software (14.8%)

 

Adobe, Inc.*

    1,230       461,225  

AppLovin Corp., Class A*

    2,746       739,525  

Crowdstrike Holdings, Inc., Class A*

    943       404,425  

Dropbox, Inc., Class A*

    875       24,981  

Fair Isaac Corp.*

    128       254,679  

Fortinet, Inc.*

    8,787       911,739  

Intuit, Inc.

    1,609       1,009,599  

Microsoft Corp.

    40,331       15,941,231  

Nutanix, Inc., Class A*

    445       30,572  

Oracle Corp.

    6,696       942,261  

Palantir Technologies, Inc., Class A*

    11,588       1,372,483  

Palo Alto Networks, Inc.*

    3,872       723,793  

RingCentral, Inc., Class A*

    470       11,985  

Salesforce, Inc.

    4,617       1,240,634  

ServiceNow, Inc.*

    993       948,325  
   

 

 

 
      25,017,457  
   

 

 

 

Technology Hardware, Storage & Peripherals (10.8%)

 

Apple, Inc.

    85,249     18,115,412  

HP, Inc.

    670       17,132  

NetApp, Inc.

    932       83,647  
   

 

 

 
      18,216,191  
   

 

 

 

Total Information Technology

      71,005,180  
   

 

 

 

Materials (0.6%)

 

Chemicals (0.3%)

 

RPM International, Inc.

    1,043       111,340  

Sherwin-Williams Co. (The)

    1,340       472,913  
   

 

 

 
      584,253  
   

 

 

 

Construction Materials (0.2%)

 

Eagle Materials, Inc.

    1,181       267,366  

Martin Marietta Materials, Inc.

    48       25,151  
   

 

 

 
      292,517  
   

 

 

 

Containers & Packaging (0.0%)†

 

Avery Dennison Corp.

    345       59,033  
   

 

 

 

Paper & Forest Products (0.1%)

 

Louisiana-Pacific Corp.

    1,657       143,016  
   

 

 

 

Total Materials

      1,078,819  
   

 

 

 

Utilities (0.6%)

 

Electric Utilities (0.1%)

 

Constellation Energy Corp.

    142       31,728  

NRG Energy, Inc.

    584       63,995  
   

 

 

 
      95,723  
   

 

 

 

Independent Power and Renewable Electricity
Producers (0.5%)

 

Vistra Corp.

    7,013       909,095  
   

 

 

 

Total Utilities

      1,004,818  
   

 

 

 

Total Common Stocks (99.7%)
(Cost $155,219,405)

      168,368,173  
   

 

 

 

SHORT-TERM INVESTMENTS:

 

 

Investment Companies (0.1%)

 

 

Invesco Government & Agency Portfolio, Institutional Shares 4.26% (7 day yield) (xx)

    109,272       109,272  
   

 

 

 

Total Short-Term Investments (0.1%)
(Cost $109,272)

 

    109,272  
   

 

 

 

Total Investments in Securities (99.8%)
(Cost $155,328,677)

 

    168,477,445  

Other Assets Less Liabilities (0.2%)

 

    288,972  
 

 

 

 

Net Assets (100%)

    $ 168,766,417  
   

 

 

 

 

*

Non-income producing.

Percent shown is less than 0.05%.

(x)

All or a portion of security is on loan at April 30, 2025.

(xx)

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

 

See Notes to Financial Statements.

 

3


1290 FUNDS

1290 AVANTIS® U.S. LARGE CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

 

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of April 30, 2025:

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

 

         
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

  $ 21,343,810     $     $     $ 21,343,810  

Consumer Discretionary

    27,585,226                   27,585,226  

Consumer Staples

    6,252,676                   6,252,676  

Energy

    3,747,432                   3,747,432  

Financials

    12,869,653                   12,869,653  

Health Care

    10,926,114                   10,926,114  

Industrials

    12,554,445                   12,554,445  

Information Technology

    71,005,180                   71,005,180  

Materials

    1,078,819                   1,078,819  

Utilities

    1,004,818                   1,004,818  

Short-Term Investments

       

Investment Companies

    109,272                   109,272  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Assets

  $ 168,477,445     $     $     $ 168,477,445  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Liabilities

  $     $     $     $  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $   168,477,445     $     —     $     —     $   168,477,445  
 

 

 

   

 

 

   

 

 

   

 

 

 

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

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

 

Cost of Purchases:

 

Long-term investments other than U.S. government debt securities

  $  7,521,585  

Net Proceeds of Sales and Redemptions:

 

Long-term investments other than U.S. government debt securities

  $ 7,741,038  

As of April 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

 

Aggregate gross unrealized appreciation

  $ 19,392,031  

Aggregate gross unrealized depreciation

    (6,245,743
 

 

 

 

Net unrealized appreciation

  $ 13,146,288  
 

 

 

 

Federal income tax cost of investments in securities and derivative instruments, if applicable

  $  155,331,157  
 

 

 

 

 

See Notes to Financial Statements.

 

4


1290 FUNDS

1290 AVANTIS® U.S. LARGE CAP GROWTH FUND

 

 

 

STATEMENT OF ASSETS AND LIABILITIES

April 30, 2025 (Unaudited)

 

ASSETS

 

Investments in Securities, at value (x) (Cost $155,328,677)

  $ 168,477,445  

Cash

    464,517  

Receivable for Fund shares sold

    83,540  

Dividends, interest and other receivables

    51,958  

Prepaid registration and filing fees

    25,151  

Securities lending income receivable

    25  

Other assets

    219  
 

 

 

 

Total assets

    169,102,855  
 

 

 

 

LIABILITIES

 

Payable for return of collateral on securities loaned

    109,272  

Payable for Fund shares repurchased

    80,580  

Investment advisory fees payable

    44,002  

Administrative fees payable

    19,536  

Transfer agent fees payable

    5,412  

Distribution fees payable – Class A

    69  

Accrued expenses

    77,567  
 

 

 

 

Total liabilities

    336,438  
 

 

 

 

Commitments and contingent liabilities^

 

NET ASSETS

  $ 168,766,417  
 

 

 

 

Net assets were comprised of:

 

Paid in capital

  $ 154,499,323  

Total distributable earnings (loss)

    14,267,094  
 

 

 

 

Net assets

  $ 168,766,417  
 

 

 

 

Class A

 

Net asset value and redemption price per share, $418,743 / 24,716 shares outstanding (unlimited amount authorized: $0.001 par value)

  $ 16.94  

Maximum sales charge (5.50% of offering price)

    0.99  
 

 

 

 

Maximum offering price per share

  $ 17.93  
 

 

 

 

Class I

 

Net asset value, offering and redemption price per share, $168,347,674 / 9,912,410 shares outstanding (unlimited amount authorized: $0.001 par value)

  $ 16.98  
 

 

 

 

 

(x)

Includes value of securities on loan of $106,556.

^

See Note 2 in Notes to the Financial Statements.

STATEMENT OF OPERATIONS

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

 

INVESTMENT INCOME

 

Dividends

  $ 661,462  

Interest

    5,717  

Securities lending (net)

    325  
 

 

 

 

Total income

    667,504  
 

 

 

 

EXPENSES

 

Investment advisory fees

    440,238  

Administrative fees

    132,072  

Professional fees

    51,896  

Printing and mailing expenses

    29,852  

Transfer agent fees

    27,394  

Registration and filing fees

    17,870  

Custodian fees

    3,201  

Trustees’ fees

    2,937  

Distribution fees – Class A

    317  

Miscellaneous

    12,157  
 

 

 

 

Gross expenses

    717,934  

Less:   Waiver from investment adviser

    (145,424
 

 

 

 

Net expenses

    572,510  
 

 

 

 

NET INVESTMENT INCOME (LOSS)

    94,994  
 

 

 

 

REALIZED AND UNREALIZED GAIN (LOSS)

 

Net realized gain (loss) on investments in securities

    1,084,902  

Net change in unrealized appreciation (depreciation) on investments in securities

    (6,326,629
 

 

 

 

NET REALIZED AND UNREALIZED GAIN (LOSS)

    (5,241,727
 

 

 

 

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

  $ (5,146,733
 

 

 

 

 

See Notes to Financial Statements.

 

5


1290 FUNDS

1290 AVANTIS® U.S. LARGE CAP GROWTH FUND

 

 

STATEMENT OF CHANGES IN NET ASSETS

 

    Six Months Ended
April 30, 2025
(Unaudited)
    Year Ended
October 31, 2024
 

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:

 

Net investment income (loss)

  $ 94,994     $ 105,416  

Net realized gain (loss)

    1,084,902       665,667  

Net change in unrealized appreciation (depreciation)

    (6,326,629     18,938,095  
 

 

 

   

 

 

 

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

    (5,146,733     19,709,178  
 

 

 

   

 

 

 

Distributions to shareholders:

   

Class A

    (826     (540

Class I

    (811,414     (141,959
 

 

 

   

 

 

 

Total distributions to shareholders

    (812,240     (142,499
 

 

 

   

 

 

 

CAPITAL SHARES TRANSACTIONS:

   

Class A

   

Capital shares sold [ 17,215 and 7,483 shares, respectively ]

    301,363       103,558  

Capital shares issued in reinvestment of dividends [ 18 and 0 shares ]

    338        
 

 

 

   

 

 

 

Total Class A transactions

    301,701       103,558  
 

 

 

   

 

 

 

Class I

   

Capital shares sold [ 674,496 and 10,017,211 shares, respectively ]

    11,601,775       158,993,681  

Capital shares issued in reinvestment of dividends [ 35,342 and 1,188 shares, respectively ]

    676,460       16,779  

Capital shares repurchased [ (672,493) and (610,571) shares, respectively ]

    (12,151,632     (10,392,760
 

 

 

   

 

 

 

Total Class I transactions

    126,603       148,617,700  
 

 

 

   

 

 

 

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS

    428,304       148,721,258  
 

 

 

   

 

 

 

TOTAL INCREASE (DECREASE) IN NET ASSETS

    (5,530,669     168,287,937  

NET ASSETS:

 

Beginning of period

    174,297,086       6,009,149  
 

 

 

   

 

 

 

End of period

  $ 168,766,417     $ 174,297,086  
 

 

 

   

 

 

 

 

See Notes to Financial Statements.

 

6


1290 FUNDS

1290 AVANTIS® U.S. LARGE CAP GROWTH FUND

FINANCIAL HIGHLIGHTS

 

 

 

Class A   Six Months Ended
April 30, 2025
(Unaudited)
    November 30, 2023* to
October 31, 2024
 

Net asset value, beginning of period

  $ 17.60     $ 13.73  
 

 

 

   

 

 

 

Income (loss) from investment operations:

   

Net investment income (loss) (e)

    (0.01 )†      (0.01 )† 

Net realized and unrealized gain (loss)

    (0.58     3.95  
 

 

 

   

 

 

 

Total from investment operations

    (0.59     3.94  
 

 

 

   

 

 

 

Less distributions:

 

Dividends from net investment income

          (0.03

Distributions from net realized gains

    (0.07     (0.04
 

 

 

   

 

 

 

Total dividends and distributions

    (0.07     (0.07
 

 

 

   

 

 

 

Net asset value, end of period

  $  16.94     $  17.60  
 

 

 

   

 

 

 

Total return (b)

    (3.41 )%      28.86
 

 

 

   

 

 

 

Ratios/Supplemental Data:

 

Net assets, end of period (000’s)

  $ 419     $ 132  

Ratio of expenses to average net assets:

   

After waivers and reimbursements (a)(f)

    0.90 %(j)      0.90 %(j) 

Before waivers and reimbursements (a)(f)

    1.07     1.25

Ratio of net investment income (loss) to average net assets:

   

After waivers and reimbursements (a)(f)

    (0.16 )%      (0.06 )%(l) 

Before waivers and reimbursements (a)(f)

    (0.32 )%      (0.42 )%(l) 

Portfolio turnover rate^

    4 %(z)      22 %(h) 

 

    Six Months Ended
April 30, 2025
(Unaudited)
    Year Ended October 31,  
Class I   2024     2023     2022     2021     2020  

Net asset value, beginning of period

  $ 17.64     $ 12.86     $ 12.79     $ 15.21     $ 11.77     $ 12.38  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from investment operations:

           

Net investment income (loss) (e)

    0.01       0.02       0.24 (x)      0.25 (x)      0.16 (x)      0.24 (x) 

Net realized and unrealized gain (loss)

    (0.58     4.84       0.36       (2.36     3.66       (0.61
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

    (0.57     4.86       0.60       (2.11     3.82       (0.37
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Less distributions:

 

Dividends from net investment income

    (0.02     (0.04     (0.28     (0.16     (0.22     (0.22

Distributions from net realized gains

    (0.07     (0.04     (0.25     (0.15     (0.16     (0.02
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total dividends and distributions

    (0.09     (0.08     (0.53     (0.31     (0.38     (0.24
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value, end of period

  $ 16.98     $ 17.64     $ 12.86     $ 12.79     $ 15.21     $ 11.77  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total return (b)

    (3.32 )%      37.92     4.63     (14.17 )%      33.13     (3.11 )% 
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratios/Supplemental Data:

 

Net assets, end of period (000’s)

  $  168,348     $  174,165     $  6,009     $  5,163     $  5,658     $  3,818  

Ratio of expenses to average net assets:

           

After waivers and reimbursements (a)(f)

    0.65 %(j)      0.65 %(j)      0.52 %(k)      0.52 %(k)      0.52 %(k)      0.53 %**(o) 

Before waivers and reimbursements (a)(f)

    0.82     0.94     2.75     2.75     3.24     4.31

Ratio of net investment income (loss) to average net assets:

           

After waivers and reimbursements (a)(f)

    0.11     0.12     1.77 %(x)      1.84 %(x)      1.13 %(x)      2.01 %(x) 

Before waivers and reimbursements (a)(f)

    (0.06 )%      (0.17 )%      (0.45 )%(x)      (0.39 )%(x)      (1.58 )%(x)      (1.78 )%(x) 

Portfolio turnover rate^

    4 %(z)      22 %(h)      7     8     4     9

 

See Notes to Financial Statements.

 

7


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.

(l)

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

(o)

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

(z)

Portfolio turnover rate for periods less than one year is not annualized.

 

See Notes to Financial Statements.

 

8


1290 FUNDS

1290 DIVERSIFIED BOND FUND

PORTFOLIO OF INVESTMENTS

April 30, 2025 (Unaudited)

 

     
     Principal
Amount
    Value
(Note 1)
 

LONG-TERM DEBT SECURITIES:

 

Asset-Backed Securities (1.8%)

 

OHA Credit Funding 2 Ltd.,

   

Series 2019-2A D1R2
6.969%, 1/21/38 (l)§

  $ 4,650,000     $ 4,586,899  

TRTX Issuer Ltd.,

   

Series 2025-FL6 C
6.716%, 9/18/42 (l)§

    6,150,000       6,106,410  
   

 

 

 

Total Asset-Backed Securities

      10,693,309  
   

 

 

 

Collateralized Mortgage Obligations (5.1%)

 

Connecticut Avenue Securities Trust,

   

Series 2023-R08 1M2
6.854%, 10/25/43 (l)§

    11,390,000       11,674,331  

FHLMC STACR REMIC Trust,

   

Series 2022-DNA2 B1
9.104%, 2/25/42 (l)§

    2,430,000       2,536,913  

Series 2022-DNA6 M2
10.104%, 9/25/42 (l)§

    6,300,000       6,865,488  

Series 2022-HQA1 M2
9.604%, 3/25/42 (l)§

    4,610,000       4,884,794  

Radnor Re Ltd.,

   

Series 2024-1 M2
8.354%, 9/25/34 (l)§

    5,195,000       5,325,945  
   

 

 

 

Total Collateralized Mortgage Obligations

      31,287,471  
   

 

 

 

Commercial Mortgage-Backed Securities (1.2%)

 

CFCRE Commercial Mortgage Trust,

   

Series 2016-C4 D
5.004%, 5/10/58 (l)§

    2,200,000       2,096,460  

Wells Fargo Commercial Mortgage Trust,

 

 

Series 2015-C31 B
4.482%, 11/15/48 (l)

    5,030,000       4,966,120  
   

 

 

 

Total Commercial Mortgage-Backed Securities

      7,062,580  
   

 

 

 

Corporate Bonds (8.3%)

 

Consumer Discretionary (0.3%)

 

 

Broadline Retail (0.3%)

 

Saks Global Enterprises LLC
11.000%, 12/15/29§

    3,130,000       1,887,234  
   

 

 

 

Total Consumer Discretionary

      1,887,234  
   

 

 

 

Energy (3.3%)

 

 

Oil, Gas & Consumable Fuels (3.3%)

 

Baytex Energy Corp.
8.500%, 4/30/30§

    4,340,000       4,047,050  

NFE Financing LLC
12.000%, 11/15/29§

    4,906,200       3,428,207  

Petroleos Mexicanos
5.350%, 2/12/28

    13,980,000       12,874,182  
   

 

 

 

Total Energy

      20,349,439  
   

 

 

 

Financials (4.1%)

 

 

Banks (1.2%)

 

Bank of Nova Scotia (The)

   

(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.55%), 4.900%, 6/4/25 (k)(y)

    1,780,000       1,774,542  

NatWest Group plc

   

(USD Swap Semi 5 Year + 5.72%), 8.000%, 8/10/25 (k)(y)

  3,060,000     3,067,650  

Wells Fargo & Co.

   

Series BB

   

(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.45%), 3.900%, 3/15/26 (k)(y)

    2,770,000       2,711,488  
   

 

 

 
      7,553,680  
   

 

 

 

Capital Markets (2.3%)

 

Charles Schwab Corp. (The)

   

Series I

   

(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.17%), 4.000%, 6/1/26 (k)(y)

    5,140,000       4,960,100  

Golub Capital BDC, Inc.
2.500%, 8/24/26

    5,235,000       5,037,233  

UBS Group AG

   

(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.10%), 3.875%, 6/2/26 (k)(y)§

    3,830,000       3,691,163  
   

 

 

 
      13,688,496  
   

 

 

 

Consumer Finance (0.1%)

 

American Express Co.

   

(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.85%), 3.550%, 9/15/26 (k)(y)

    865,000       826,075  
   

 

 

 

Financial Services (0.5%)

 

Freedom Mortgage Corp.
6.625%, 1/15/27§

    3,210,000       3,177,900  
   

 

 

 

Total Financials

      25,246,151  
   

 

 

 

Real Estate (0.3%)

 

 

Diversified REITs (0.3%)

 

Trust Fibra Uno (REIT)
7.700%, 1/23/32§

    1,720,000       1,754,830  
   

 

 

 

Total Real Estate

      1,754,830  
   

 

 

 

Utilities (0.3%)

 

Independent Power and Renewable Electricity Producers (0.3%)

 

FIEMEX Energia – Banco Actinver SA
Institucion de Banca Multiple

 

7.250%, 1/31/41§

    1,541,088       1,526,062  
   

 

 

 

Total Utilities

      1,526,062  
   

 

 

 

Total Corporate Bonds

      50,763,716  
   

 

 

 

Foreign Government Securities (26.6%)

 

Mex Bonos Desarr Fix Rt
Series M
8.000%, 7/31/53

  MXN  1,281,600,000       53,205,467  

 

See Notes to Financial Statements.

 

9


1290 FUNDS

1290 DIVERSIFIED BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

 

     
     Principal
Amount
    Value
(Note 1)
 

Notas do Tesouro Nacional
10.000%, 1/1/35

  BRL 321,380,000     $ 45,091,571  

Republic of Panama
3.870%, 7/23/60

  $ 5,660,000       3,064,890  

4.500%, 1/19/63

    4,770,000       2,909,700  

Republic of South Africa
8.750%, 2/28/48

  ZAR 275,900,000       11,305,948  

Titulos de Tesoreria
Series B

   

7.250%, 10/26/50

  COP  78,550,000,000       10,931,384  

U.K. Treasury Bonds
4.375%, 7/31/54 (m)

  GBP 30,450,000       35,467,951  
   

 

 

 

Total Foreign Government Securities

      161,976,911  
   

 

 

 

Mortgage-Backed Securities (33.1%)

 

GNMA

   

6.000%, 10/20/53

  $ 13,132,580       13,343,519  

6.000%, 11/20/53

    22,714,264       23,093,304  

6.000%, 12/20/53

    7,930,182       8,062,516  

6.000%, 2/20/54

    4,656,063       4,723,575  

6.000%, 4/20/54

    5,819,251       5,884,990  

6.000%, 5/20/54

    9,679,283       9,793,921  

6.000%, 6/20/54

    8,864,594       8,978,585  

6.000%, 7/20/54

    20,770,837       21,002,235  

6.000%, 8/20/54

    17,626,135       17,823,875  

6.000%, 9/20/54

    19,211,147       19,429,670  

6.000%, 10/20/54

    20,301,444       20,535,542  

6.000%, 11/20/54

    13,768,330       13,935,699  

6.000%, 12/20/54

    5,305,074       5,371,220  

6.000%, 1/20/55

    15,880,617       16,063,737  

6.000%, 2/20/55

    13,084,499       13,247,644  
   

 

 

 

Total Mortgage-Backed Securities

      201,290,032  
   

 

 

 

U.S. Treasury Obligations (13.3%)

 

U.S. Treasury Inflation
Linked Bonds

   

2.375%, 2/15/55 TIPS

    31,407,872       30,679,313  

U.S. Treasury Notes
3.875%, 8/15/33

    51,230,000       50,493,605  
   

 

 

 

Total U.S. Treasury
Obligations

      81,172,918  
   

 

 

 

Total Long-Term Debt Securities (89.4%)
(Cost $558,709,475)

 

    544,246,937  
   

 

 

 

SHORT-TERM INVESTMENTS:

 

 

Foreign Government Treasury Bills (3.1%)

 

 

Arab Republic of Egypt
25.89%, 10/14/25 (p)

  EGP 1,080,000,000       18,996,994  
   

 

 

 
     
     Number of
Shares
    Value
(Note 1)
 

Investment Companies (1.1%)

 

 

JPMorgan Prime Money
Market Fund, IM Shares
4.49% (7 day yield)

    6,667,769       6,669,103  
   

 

 

 

Total Short-Term Investments (4.2%)
(Cost $25,433,683)

 

    25,666,097  
   

 

 

 

Total Investments in Securities (93.6%)
(Cost $584,143,158)

 

  569,913,034  

Other Assets Less Liabilities (6.4%)

 

    38,881,006  
 

 

 

 

Net Assets (100%)

    $  608,794,040  
   

 

 

 

 

§

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

(k)

Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of April 30, 2025.

(l)

Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of April 30, 2025.

(m)

Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At April 30, 2025, the market value or fair value, as applicable, of these securities amounted to $35,467,951 or 5.8% of net assets.

(p)

Yield to maturity.

(y)

Securities are perpetual and, thus, do not have a predetermined maturity date. The coupon rate for these securities are fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of April 30, 2025.

Glossary:

  AUD

— Australian Dollar

  BRL

— Brazilian Real

  CAD

— Canadian Dollar

  CHF

— Swiss Franc

  CLP

— Chilean Peso

  CNY

— Chinese Renminbi

  COP

— Colombian Peso

  EGP

— Egyptian Pound

  EUR

— European Currency Unit

  FHLMC

— Federal Home Loan Mortgage Corp.

  GBP

— British Pound

  GNMA

— Government National Mortgage Association

  JPY

— Japanese Yen

  KRW

— Korean (South) Won

  MXN

— Mexican Peso

  NOK

— Norwegian Krone

  NZD

— New Zealand Dollar

  REIT

— Real Estate Investment Trust

  REMIC

— Real Estate Mortgage Investment Conduit

  SEK

— Swedish Krona

  STACR

— Structured Agency Credit Risk

  TIPS

— Treasury Inflation Protected Security

  USD

— United States Dollar

  ZAR

— South African Rand

 

See Notes to Financial Statements.

 

10


1290 FUNDS

1290 DIVERSIFIED BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

 

   

Country Diversification

As a Percentage of Total Net Assets

      

Brazil

    7.4

Canada

    0.9  

Cayman Islands

    1.8  

Colombia

    1.8  

Egypt

    3.1  

Mexico

    11.4  

Panama

    1.0  

South Africa

    1.9  

Switzerland

    0.6  

United Kingdom

    6.3  

United States

    57.4  

Cash and Other

    6.4  
   

 

 

 
      100.0
   

 

 

 
         

 

Futures contracts outstanding as of April 30, 2025 (Note 1):

 

Description

  Number of
Contracts
    Expiration
Date
    Trading
Currency
    Notional
Amount ($)
    Value and
Unrealized
Appreciation
(Depreciation) ($)
 

Long Contracts

 

Long Gilt

    633       6/2025       GBP       78,893,388       435,105  

U.S. Treasury 5 Year Note

    1,388       6/2025       USD       151,563,094       2,231,469  

U.S. Treasury 10 Year Ultra Note

    1,666       6/2025       USD       191,147,469       1,161,431  
         

 

 

 
            3,828,005  
         

 

 

 

Short Contracts

 

Canada 10 Year Bond

    (948     6/2025       CAD       (85,035,311     331,246  

Euro-Bund

    (256     6/2025       EUR       (38,217,465     (50,370

Euro-Buxl

    (138     6/2025       EUR       (19,400,963     56,494  
         

 

 

 
            337,370  
         

 

 

 
            4,165,375  
         

 

 

 

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

 

Currency Purchased

    Currency Sold    

Counterparty

  Settlement
Date
    Unrealized
Appreciation
(Depreciation) ($)
 

EUR

    16,510,000     USD     17,821,885     Citibank NA     5/5/2025       884,865  

EUR

    102,440,000     USD     107,819,567     JPMorgan Chase Bank     5/5/2025       8,250,661  

EUR

    11,190,000     USD     11,778,258     Morgan Stanley     5/5/2025       900,635  

EUR

    2,830,000     USD     3,081,509     Standard Chartered Bank     5/5/2025       125,038  

USD

    30,514,275     EUR     26,720,000     JPMorgan Chase Bank     5/5/2025       239,026  

USD

    2,329,343     EUR     2,050,000     Wells Fargo Bank NA     5/5/2025       6,579  

USD

    11,689,330     ZAR     215,300,000     HSBC Bank plc     5/13/2025       124,984  

ZAR

    18,800,000     USD     978,719     HSBC Bank plc     5/13/2025       31,079  

CLP

    22,850,000,000     USD     24,046,304     HSBC Bank plc**     5/14/2025       82,040  

USD

    24,699,338     CLP     23,310,000,000     HSBC Bank plc**     5/14/2025       85,260  

CNY

    43,460,000     USD     5,989,361     Wells Fargo Bank NA**     5/27/2025       6,454  

USD

    6,031,504     CNY     43,460,000     JPMorgan Chase Bank**     5/27/2025       35,689  

JPY

    2,773,000,000     USD     18,780,010     Citibank NA     6/13/2025       708,323  

JPY

    3,540,000,000     USD     24,003,336     HSBC Bank plc     6/13/2025       875,387  

JPY

    129,000,000     USD     889,753     JPMorgan Chase Bank     6/13/2025       16,844  

JPY

    72,000,000     USD     494,545     Morgan Stanley     6/13/2025       11,463  

 

See Notes to Financial Statements.

 

11


1290 FUNDS

1290 DIVERSIFIED BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

 

Currency Purchased

    Currency Sold    

Counterparty

  Settlement
Date
    Unrealized
Appreciation
(Depreciation) ($)
 

NOK

    197,500,000     USD     18,543,513     UBS AG     6/13/2025       440,964  

USD

    1,148,687     JPY     163,000,000     Standard Chartered Bank     6/13/2025       3,142  

CHF

    21,880,000     USD     26,551,787     Goldman Sachs Bank USA     6/18/2025       116,299  

CHF

    590,000     USD     718,989     JPMorgan Chase Bank     6/18/2025       123  

CHF

    15,180,000     USD     17,969,814     UBS AG     6/18/2025       532,085  

USD

    420,495     CHF     340,000     Wells Fargo Bank NA     6/18/2025       6,092  

KRW

    44,370,000,000     USD     30,816,450     Citibank NA**     7/8/2025       534,504  

USD

    30,256,574     NZD     50,600,000     Morgan Stanley     7/16/2025       128,043  

BRL

    141,580,000     USD     24,258,424     HSBC Bank plc**     7/18/2025       227,264  

CAD

    53,330,000     USD     38,788,614     Citibank NA     7/28/2025       67,985  
           

 

 

 

Total unrealized appreciation

      14,440,828  
   

 

 

 

USD

    6,060,560     EUR     5,350,000     Barclays Bank plc     5/5/2025       (1,288

USD

    18,367,735     EUR     17,000,000     HSBC Bank plc     5/5/2025       (894,212

USD

    52,401,673     EUR     46,480,000     JPMorgan Chase Bank     5/5/2025       (262,757

USD

    19,387,814     EUR     17,180,000     Standard Chartered Bank     5/5/2025       (78,083

CLP

    460,000,000     USD     494,624     HSBC Bank plc**     5/14/2025       (8,889

AUD

    47,360,000     USD     30,423,543     Morgan Stanley     6/6/2025       (75,468

SEK

    9,800,000     USD     1,022,438     Citibank NA     6/10/2025       (6,020

USD

    49,830,897     SEK     497,800,000     HSBC Bank plc     6/10/2025       (1,798,989

GBP

    800,000     USD     1,070,983     Morgan Stanley     6/12/2025       (4,656

USD

    30,666,247     GBP     23,770,000     HSBC Bank plc     6/12/2025       (1,016,980

USD

    1,820,377     GBP     1,410,000     Standard Chartered Bank     6/12/2025       (59,024

USD

    38,092,296     JPY     5,426,000,000     Citibank NA     6/13/2025       (41,024

USD

    6,037,984     JPY     863,000,000     HSBC Bank plc     6/13/2025       (27,084

USD

    431,070     JPY     62,000,000     Standard Chartered Bank     6/13/2025       (4,660

USD

    18,624,872     NOK     197,500,000     UBS AG     6/13/2025       (359,606

CHF

    14,890,000     USD     18,319,953     UBS AG     6/18/2025       (171,516

USD

    806,986     CHF     700,000     Morgan Stanley     6/18/2025       (46,198

USD

    58,785,816     CHF     51,500,000     UBS AG     6/18/2025       (3,984,130

KRW

    42,220,000,000     USD     29,847,055     Citibank NA**     7/8/2025       (15,248

USD

    1,859,420     KRW     2,640,000,000     Citibank NA**     7/8/2025       (5,951

BRL

    2,450,000     USD     423,729     HSBC Bank plc**     7/18/2025       (11

USD

    25,675,833     BRL     154,720,000     HSBC Bank plc**     7/18/2025       (1,082,365

USD

    12,428,319     CAD     17,100,000     Goldman Sachs Bank USA     7/28/2025       (30,857

USD

    536,529     CAD     740,000     HSBC Bank plc     7/28/2025       (2,640

USD

    30,204,886     MXN     600,600,000     Citibank NA     7/29/2025       (62,648

USD

    10,996,770     COP     47,660,000,000     JPMorgan Chase Bank**     7/30/2025       (139,704

EUR

    18,190,000     USD     20,820,183     JPMorgan Chase Bank     8/5/2025       (88,723
           

 

 

 

Total unrealized depreciation

      (10,268,731
           

 

 

 

Net unrealized appreciation

      4,172,097  
   

 

 

 

 

**

Non-deliverable forward.

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

 

Reference

Obligation/Index

  Financing
Rate (Paid) /
Received by
the Fund (%)
    Frequency of
Payments
Made/Received
    Maturity
Date
    Implied
Credit
Spread (%)
    Notional
Amount
    Upfront
(Payments)
Receipts ($)
    Unrealized
Appreciation
(Depreciation) ($)
    Value ($)  

CDX North American High Yield 44-V1

    5.00       Quarterly       6/20/2030       4.16     USD  29,250,000       872,295       311,230       1,183,525  
           

 

 

   

 

 

   

 

 

 

Total Centrally Cleared Credit default swap contracts outstanding

 

    872,295       311,230       1,183,525  
 

 

 

   

 

 

   

 

 

 

 

See Notes to Financial Statements.

 

12


1290 FUNDS

1290 DIVERSIFIED BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

 

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of April 30, 2025:

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

 

         
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

  $     $ 10,693,309     $     $ 10,693,309  

Centrally Cleared Credit Default Swaps

          311,230             311,230  

Collateralized Mortgage Obligations

          31,287,471             31,287,471  

Commercial Mortgage-Backed Securities

          7,062,580             7,062,580  

Corporate Bonds

       

Consumer Discretionary

          1,887,234             1,887,234  

Energy

          20,349,439             20,349,439  

Financials

          25,246,151             25,246,151  

Real Estate

          1,754,830             1,754,830  

Utilities

          1,526,062             1,526,062  

Foreign Government Securities

          161,976,911             161,976,911  

Forward Currency Contracts

          14,440,828             14,440,828  

Futures

    4,215,745                   4,215,745  

Mortgage-Backed Securities

          201,290,032             201,290,032  

Short-Term Investments

       

Foreign Government Treasury Bill

          18,996,994             18,996,994  

Investment Company

    6,669,103                   6,669,103  

U.S. Treasury Obligations

          81,172,918             81,172,918  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Assets

  $ 10,884,848     $ 577,995,989     $     $ 588,880,837  
 

 

 

   

 

 

   

 

 

   

 

 

 

Liabilities:

       

Forward Currency Contracts

  $     $ (10,268,731   $     $ (10,268,731

Futures

  $ (50,370   $     $     $ (50,370
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Liabilities

  $ (50,370   $ (10,268,731   $     $ (10,319,101
 

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $  10,834,478     $  567,727,258     $  —     $  578,561,736  
 

 

 

   

 

 

   

 

 

   

 

 

 

 

See Notes to Financial Statements.

 

13


1290 FUNDS

1290 DIVERSIFIED BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

 

Fair Values of Derivative Instruments as of April 30, 2025:

 

   

Statement of Assets and Liabilities

 

Derivatives Contracts^

 

Asset Derivatives

  Fair Value  

Interest rate contracts

  Due from broker for futures variation margin, Net assets – Unrealized appreciation   $ 4,215,745

Foreign exchange contracts

  Unrealized appreciation on forward foreign currency contracts – Receivables     14,440,828  

Credit contracts

  Market value on OTC swap contracts & Variation Margin on Centrally Cleared Swaps – Receivables     311,230 ** 
   

 

 

 

Total

    $ 18,967,803  
   

 

 

 
   

Liability Derivatives

 

 

 

Interest rate contracts

  Due to broker for futures variation margin, Net assets – Unrealized depreciation   $ (50,370 )* 

Foreign exchange contracts

  Unrealized depreciation on forward foreign currency contracts – Payables     (10,268,731
   

 

 

 

Total

    $  (10,319,101
   

 

 

 

 

*

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

**

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

The Effect of Derivative Instruments on the Statement of Operations for the six months ended April 30, 2025:

 

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income  

Derivatives Contracts^

  Futures     Forward
Foreign
Currency
Contracts
    Swaps     Total  

Interest rate contracts

  $ (14,178,154   $     $     $ (14,178,154

Foreign exchange contracts

          2,596,243             2,596,243  

Credit contracts

                (98,675     (98,675
 

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $   (14,178,154   $   2,596,243     $   (98,675   $   (11,680,586
 

 

 

   

 

 

   

 

 

   

 

 

 
       
Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income  

Derivatives Contracts^

  Futures     Forward
Foreign
Currency
Contracts
    Swaps     Total  

Interest rate contracts

  $ 11,794,691     $     $     $ 11,794,691  

Foreign exchange contracts

          3,593,858             3,593,858  

Credit contracts

                311,230       311,230  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $   11,794,691     $   3,593,858     $   311,230     $   15,699,779  
 

 

 

   

 

 

   

 

 

   

 

 

 

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

 

Average Balances of Outstanding Derivative Financial Instruments

 

Futures contracts

 

Average notional value of contracts — long

  $   376,539,000  

Average notional value of contracts — short

    291,562,000  

Forward foreign currency exchange contracts

 

Average settlement value purchased — in USD

  $ 405,116,000  

Average settlement value sold — in USD

    436,210,000  

Credit index swaps

 

Average notional value — sell protection

  $ 29,250,000  

 

See Notes to Financial Statements.

 

14


1290 FUNDS

1290 DIVERSIFIED BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

 

The following table presents the Fund’s gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or pledged by the Fund as of April 30, 2025:

 

Counterparty

  Gross Amount of
Derivative Assets
Presented in the
Statement of Assets
and Liabilities (a)
    Derivatives
Available for
Offset
    Collateral
Received
    Net Amount Due
from Counterparty
 

Citibank NA

  $ 2,195,677     $ (130,891   $     $ 2,064,786  

Goldman Sachs Bank USA

    116,299       (30,857           85,442  

HSBC Bank plc

    1,426,014       (1,426,014            

JPMorgan Chase Bank

    8,542,343       (491,184     (120,000     7,931,159  

Morgan Stanley

    1,040,141       (126,322           913,819  

Standard Chartered Bank

    128,180       (128,180            

UBS AG

    973,049       (973,049            

WELLS FARGO BANK NA

    19,125                   19,125  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $   14,440,828     $   (3,306,497   $   (120,000   $   11,014,331  
 

 

 

   

 

 

   

 

 

   

 

 

 

 

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

  $ 1,288     $     $     $ 1,288  

Citibank NA

    130,891       (130,891            

Goldman Sachs Bank USA

    30,857       (30,857            

HSBC Bank plc

    4,831,170       (1,426,014     (690,000     2,715,156  

JPMorgan Chase Bank

    491,184       (491,184            

Morgan Stanley

    126,322       (126,322            

Standard Chartered Bank

    141,767       (128,180           13,587  

UBS AG

    4,515,252       (973,049           3,542,203  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $   10,268,731     $   (3,306,497   $   (690,000   $   6,272,234  
 

 

 

   

 

 

   

 

 

   

 

 

 

 

(a)

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

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

 

Cost of Purchases:

 

Long-term investments other than U.S. government debt securities

  $ 313,201,612  

Long-term U.S. government debt securities

    104,134,554  
 

 

 

 
  $ 417,336,166  
 

 

 

 

Net Proceeds of Sales and Redemptions:

 

Long-term investments other than U.S. government debt securities

  $ 262,369,394  

Long-term U.S. government debt securities

    171,908,471  
 

 

 

 
  $   434,277,865  
 

 

 

 

As of April 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

 

Aggregate gross unrealized appreciation

  $ 21,870,382  

Aggregate gross unrealized depreciation

    (21,346,567
 

 

 

 

Net unrealized appreciation

  $ 523,815  
 

 

 

 

Federal income tax cost of investments in securities and derivative instruments, if applicable

  $   578,910,216  
 

 

 

 

 

See Notes to Financial Statements.

 

15


1290 FUNDS

1290 DIVERSIFIED BOND FUND

 

 

 

STATEMENT OF ASSETS AND LIABILITIES

April 30, 2025 (Unaudited)

 

ASSETS

 

Investments in Securities, at value (Cost $584,143,158)

  $ 569,913,034  

Cash

    878,253  

Cash held as collateral for forward foreign currency contracts

    590,000  

Due from broker for futures variation margin

    21,300,108  

Unrealized appreciation on forward foreign currency contracts

    14,440,828  

Dividends, interest and other receivables

    6,947,329  

Variation Margin on Centrally Cleared Swaps

    3,282,409  

Receivable for securities sold

    2,329,698  

Receivable for Fund shares sold

    301,921  

Prepaid registration and filing fees

    24,072  
 

 

 

 

Total assets

    620,007,652  
 

 

 

 

LIABILITIES

 

Unrealized depreciation on forward foreign currency contracts

    10,268,731  

Payable for Fund shares repurchased

    395,266  

Investment advisory fees payable

    107,400  

Administrative fees payable

    75,743  

Transfer agent fees payable

    46,656  

Foreign currency overdraft payable

    25,877  

Dividends and distributions payable

    3,300  

Trustees’ fees payable

    842  

Distribution fees payable – Class A

    818  

Distribution fees payable – Class R

    514  

Accrued expenses

    288,465  
 

 

 

 

Total liabilities

    11,213,612  
 

 

 

 

Commitments and contingent liabilities^

 

NET ASSETS

  $ 608,794,040  
 

 

 

 

Net assets were comprised of:

 

Paid in capital

  $ 780,263,637  

Total distributable earnings (loss)

    (171,469,597
 

 

 

 

Net assets

  $ 608,794,040  
 

 

 

 

Class A

 

Net asset value and redemption price per share, $4,083,251 / 489,882 shares outstanding (unlimited amount authorized: $0.001 par value)

  $ 8.34  

Maximum sales charge (4.50% of offering price)

    0.39  
 

 

 

 

Maximum offering price per share

  $ 8.73  
 

 

 

 

Class I

 

Net asset value, offering and redemption price per share, $603,446,269 / 71,982,977 shares outstanding (unlimited amount authorized: $0.001 par value)

  $ 8.38  
 

 

 

 

Class R

 

Net asset value, offering and redemption price per share, $1,264,520 / 152,959 shares outstanding (unlimited amount authorized: $0.001 par value)

  $ 8.27  
 

 

 

 

 

^

See Note 2 in Notes to the Financial Statements.

STATEMENT OF OPERATIONS

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

 

INVESTMENT INCOME

 

Interest (net of $826,432 foreign withholding tax)

  $ 19,996,899  

Dividends

    249,068  

Securities lending (net)

    105  
 

 

 

 

Total income

    20,246,072  
 

 

 

 

EXPENSES

 

Investment advisory fees

    1,823,011  

Administrative fees

    455,752  

Transfer agent fees

    136,860  

Professional fees

    121,352  

Printing and mailing expenses

    87,969  

Custodian fees

    73,402  

Registration and filing fees

    27,058  

Trustees’ fees

    10,170  

Distribution fees – Class A

    5,470  

Distribution fees – Class R

    4,751  

Miscellaneous

    40,277  
 

 

 

 

Gross expenses

    2,786,072  

Less:   Waiver from investment adviser

    (1,256,725
 

 

 

 

Net expenses

    1,529,347  
 

 

 

 

NET INVESTMENT INCOME (LOSS)

    18,716,725  
 

 

 

 

REALIZED AND UNREALIZED GAIN (LOSS)

 

Realized gain (loss) on:

 

Investments in securities

    (8,663,580

Futures contracts

    (14,178,154

Forward foreign currency contracts

    2,596,243  

Foreign currency transactions

    (1,846,582

Swaps

    (98,675
 

 

 

 

Net realized gain (loss)

    (22,190,748
 

 

 

 

Change in unrealized appreciation (depreciation) on:

 

Investments in securities

    3,287,047  

Futures contracts

    11,794,691  

Forward foreign currency contracts

    3,593,858  

Foreign currency translations

    127,763  

Swaps

    311,230  
 

 

 

 

Net change in unrealized appreciation (depreciation)

    19,114,589  
 

 

 

 

NET REALIZED AND UNREALIZED GAIN (LOSS)

    (3,076,159
 

 

 

 

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

  $ 15,640,566  
 

 

 

 

 

See Notes to Financial Statements.

 

16


1290 FUNDS

1290 DIVERSIFIED BOND FUND

 

 

STATEMENT OF CHANGES IN NET ASSETS

 

    Six Months Ended
April 30, 2025
(Unaudited)
    Year Ended
October 31, 2024
 

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:

 

Net investment income (loss)

  $ 18,716,725     $ 36,710,379  

Net realized gain (loss)

    (22,190,748     8,596,802  

Net change in unrealized appreciation (depreciation)

    19,114,589       29,425,596  
 

 

 

   

 

 

 

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

    15,640,566       74,732,777  
 

 

 

   

 

 

 

Distributions to shareholders:

   

Class A

    (150,371     (285,397

Class I

    (21,042,804     (39,389,194

Class R

    (59,676     (177,907
 

 

 

   

 

 

 

Total distributions to shareholders

    (21,252,851     (39,852,498
 

 

 

   

 

 

 

Tax return of capital:

   

Class A

          (2,525

Class I

          (348,420

Class R

          (1,574
 

 

 

   

 

 

 

Total tax return of capital

          (352,519
 

 

 

   

 

 

 

CAPITAL SHARES TRANSACTIONS:

   

Class A

   

Capital shares sold [ 28,398 and 133,597 shares, respectively ]

    233,799       1,144,134  

Capital shares issued in reinvestment of dividends [ 18,145 and 32,960 shares, respectively ]

    148,443       281,797  

Capital shares repurchased [ (112,253) and (250,099) shares, respectively ]

    (916,788     (2,130,265
 

 

 

   

 

 

 

Total Class A transactions

    (534,546     (704,334
 

 

 

   

 

 

 

Class I

   

Capital shares sold [ 7,403,973 and 12,494,140 shares, respectively ]

    61,187,951       108,790,279  

Capital shares issued in reinvestment of dividends [ 2,553,759 and 4,613,713 shares, respectively ]

    21,011,778       39,644,398  

Capital shares repurchased [ (11,879,039) and (14,266,315) shares, respectively ]

    (97,986,317     (123,440,903
 

 

 

   

 

 

 

Total Class I transactions

    (15,786,588     24,993,774  
 

 

 

   

 

 

 

Class R

   

Capital shares sold [ 129,174 and 170,179 shares, respectively ]

    1,061,704       1,440,510  

Capital shares issued in reinvestment of dividends [ 7,294 and 21,058 shares, respectively ]

    59,529       178,591  

Capital shares repurchased [ (373,757) and (107,781) shares, respectively ]

    (3,027,300     (922,542
 

 

 

   

 

 

 

Total Class R transactions

    (1,906,067     696,559  
 

 

 

   

 

 

 

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS

    (18,227,201     24,985,999  
 

 

 

   

 

 

 

TOTAL INCREASE (DECREASE) IN NET ASSETS

    (23,839,486     59,513,759  

NET ASSETS:

 

Beginning of period

    632,633,526       573,119,767  
 

 

 

   

 

 

 

End of period

  $ 608,794,040     $ 632,633,526  
 

 

 

   

 

 

 

 

See Notes to Financial Statements.

 

17


1290 FUNDS

1290 DIVERSIFIED BOND FUND

FINANCIAL HIGHLIGHTS

 

 

 

     Six Months Ended
April 30, 2025
(Unaudited)
    Year Ended October 31,  
Class A   2024      2023      2022      2021      2020  

Net asset value, beginning of period

   $ 8.41     $ 7.92      $ 8.33      $ 10.70      $ 10.68      $ 10.34  
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Income (loss) from investment operations:

                

Net investment income (loss) (e)

     0.24       0.48        0.45        0.27        0.29        0.39  

Net realized and unrealized gain (loss)

     (0.03     0.54        (0.54      (2.41      0.44        0.43  
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total from investment operations

     0.21       1.02        (0.09      (2.14      0.73        0.82  
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Less distributions:

 

Dividends from net investment income

     (0.28     (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

     (0.28     (0.53      (0.32      (0.23      (0.71      (0.48
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net asset value, end of period

   $ 8.34     $ 8.41      $ 7.92      $ 8.33      $ 10.70      $ 10.68  
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total return (b)

     2.61     12.95      (1.50 )%       (20.39 )%       6.73      8.32
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Ratios/Supplemental Data:

 

Net assets, end of period (000’s)

   $ 4,083     $ 4,671      $ 5,062      $ 6,608      $ 8,550      $ 7,796  

Ratio of expenses to average net assets:

                

After waivers and reimbursements (a)(f)

     0.75     0.75      0.75      0.75      0.75      0.75

Before waivers and reimbursements (a)(f)

     1.16     1.17      1.22      1.20      1.22      1.42

Ratio of net investment income (loss) to average net assets:

                

After waivers and reimbursements (a)(f)

     5.90     5.54      5.07      2.75      2.62      3.76 %* 

Before waivers and reimbursements (a)(f)

     5.49     5.12      4.60      2.31      2.15      3.09 %* 

Portfolio turnover rate^

     75 %(z)      151      193      244      165      200
     Six Months Ended
April 30, 2025
(Unaudited)
    Year Ended October 31,  
Class I   2024      2023      2022      2021      2020  

Net asset value, beginning of period

   $ 8.45     $ 7.96      $ 8.36      $ 10.72      $ 10.71      $ 10.37  
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Income (loss) from investment operations:

                

Net investment income (loss) (e)

     0.25       0.50        0.47        0.30        0.31        0.41  

Net realized and unrealized gain (loss)

     (0.03     0.54        (0.54      (2.42      0.43        0.41  
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total from investment operations

     0.22       1.04        (0.07      (2.12      0.74        0.82  
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Less distributions:

 

Dividends from net investment income

     (0.29     (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

     (0.29     (0.55      (0.33      (0.24      (0.73      (0.48
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net asset value, end of period

   $ 8.38     $ 8.45      $ 7.96      $ 8.36      $ 10.72      $ 10.71  
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total return (b)

     2.70     13.16      (1.23 )%       (20.18 )%       6.85      8.34
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Ratios/Supplemental Data:

 

Net assets, end of period (000’s)

   $   603,446     $   624,708      $   565,647      $   578,149      $   673,625      $   169,409  

Ratio of expenses to average net assets:

                

After waivers and reimbursements (a)(f)

     0.50     0.50      0.50      0.50      0.50      0.50

Before waivers and reimbursements (a)(f)

     0.91     0.92      0.97      0.95      0.96      1.17

Ratio of net investment income (loss) to average net assets:

                

After waivers and reimbursements (a)(f)

     6.16     5.81      5.30      3.04      2.79      3.95 %* 

Before waivers and reimbursements (a)(f)

     5.75     5.39      4.83      2.59      2.33      3.28 %* 

Portfolio turnover rate^

     75 %(z)      151      193      244      165      200

 

See Notes to Financial Statements.

 

18


1290 FUNDS

1290 DIVERSIFIED BOND FUND

FINANCIAL HIGHLIGHTS (Continued)

 

 

 

     Six Months Ended
April 30, 2025
(Unaudited)
    Year Ended October 31,  
Class R   2024      2023      2022      2021      2020  

Net asset value, beginning of period

   $ 8.34     $ 7.86      $ 8.27      $ 10.64      $ 10.63      $ 10.34  
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Income (loss) from investment operations:

                

Net investment income (loss) (e)

     0.23       0.45        0.42        0.26        0.25        0.35

Net realized and unrealized gain (loss)

     (0.03     0.54        (0.52      (2.42      0.45        0.41  
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total from investment operations

     0.20       0.99        (0.10      (2.16      0.70        0.76  
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Less distributions:

                

Dividends from net investment income

     (0.27     (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

     (0.27     (0.51      (0.31      (0.21      (0.69      (0.47
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net asset value, end of period

   $ 8.27     $ 8.34      $ 7.86      $ 8.27      $ 10.64      $   10.63  
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total return (b)

     2.52     12.64      (1.66 )%       (20.60 )%       6.44      7.77
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Ratios/Supplemental Data:

                

Net assets, end of period (000’s)

   $   1,265     $   3,254      $   2,411      $   1,808      $   1,264      $ 298  

Ratio of expenses to average net assets:

                

After waivers and reimbursements (a)(f)

     1.00     1.00      1.00      1.00      1.00      1.00

Before waivers and reimbursements (a)(f)

     1.42     1.42      1.47      1.46      1.47      1.67

Ratio of net investment income (loss) to average net assets:

                

After waivers and reimbursements (a)(f)

     5.64     5.31      4.79      2.68      2.24      3.43 %* 

Before waivers and reimbursements (a)(f)

     5.22     4.89      4.32      2.22      1.77      2.75 %* 

Portfolio turnover rate^

     75 %(z)      151      193      244      165      200
*

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

#

Per share amount is less than $0.005.

^

Portfolio turnover rate excludes derivatives, if any.

(a)

Ratios for periods less than one year are annualized.

(b)

Total returns for periods less than one year are not annualized.

(e)

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

(f)

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

(z)

Portfolio turnover rate for periods less than one year is not annualized.

 

See Notes to Financial Statements.

 

19


1290 FUNDS

1290 ESSEX SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS

April 30, 2025 (Unaudited)

 

     
     Number of
Shares
    Value
(Note 1)
 

COMMON STOCKS:

 

Communication Services (1.2%)

 

Interactive Media & Services (0.9%)

 

EverQuote, Inc., Class A*

    23,070     $ 547,682  
   

 

 

 

Media (0.3%)

 

Integral Ad Science Holding Corp.*

    29,778       210,530  
   

 

 

 

Total Communication Services

      758,212  
   

 

 

 

Consumer Discretionary (6.0%)

 

Automobile Components (1.1%)

 

Patrick Industries, Inc.

    8,934       687,739  
   

 

 

 

Diversified Consumer Services (3.1%)

 

Frontdoor, Inc.*

    13,628       560,247  

Lincoln Educational Services Corp.*

    84,664       1,430,822  
   

 

 

 
      1,991,069  
   

 

 

 

Hotels, Restaurants & Leisure (1.2%)

 

Potbelly Corp.*

    48,734       394,745  

Sweetgreen, Inc., Class A*

    17,760       345,965  
   

 

 

 
      740,710  
   

 

 

 

Specialty Retail (0.6%)

 

Revolve Group, Inc., Class A*

    20,066       398,912  
   

 

 

 

Total Consumer Discretionary

      3,818,430  
   

 

 

 

Consumer Staples (1.5%)

 

Food Products (1.5%)

 

Mama’s Creations, Inc.*

    74,366       490,816  

SunOpta, Inc.*

    101,403       438,061  
   

 

 

 

Total Consumer Staples

      928,877  
   

 

 

 

Energy (1.8%)

 

Energy Equipment & Services (1.2%)

 

Expro Group Holdings NV*

    34,069       281,751  

TETRA Technologies, Inc.*

    166,859       475,548  
   

 

 

 
      757,299  
   

 

 

 

Oil, Gas & Consumable Fuels (0.6%)

 

Matador Resources Co.

    9,765       386,108  
   

 

 

 

Total Energy

      1,143,407  
   

 

 

 

Financials (7.4%)

 

Banks (0.9%)

 

Bank of Marin Bancorp

    29,198       599,143  
   

 

 

 

Capital Markets (1.9%)

 

BGC Group, Inc., Class A

    76,348       691,713  

Evercore, Inc., Class A

    2,468       506,655  
   

 

 

 
      1,198,368  
   

 

 

 

Financial Services (1.7%)

 

Paymentus Holdings, Inc., Class A*

    34,043       1,105,036  
   

 

 

 

Insurance (2.9%)

 

HCI Group, Inc.

    6,129       896,673  

Universal Insurance Holdings, Inc.

    39,005       945,481  
   

 

 

 
      1,842,154  
   

 

 

 

Total Financials

      4,744,701  
   

 

 

 

Health Care (23.6%)

   

Biotechnology (4.4%)

 

Arcutis Biotherapeutics, Inc.*

    43,948     655,265  

Insmed, Inc.*

    15,505       1,116,360  

Kiniksa Pharmaceuticals International plc, Class A*

    37,717       1,017,227  
   

 

 

 
      2,788,852  
   

 

 

 

Health Care Equipment & Supplies (9.2%)

 

AngioDynamics, Inc.*

    51,523       478,649  

Brainsway Ltd. (ADR)*

    64,275       557,264  

ClearPoint Neuro, Inc.*

    71,672       1,031,360  

Myomo, Inc.*

    172,117       808,950  

NeuroPace, Inc.*

    30,378       355,119  

Novocure Ltd.*

    27,906       506,215  

PROCEPT BioRobotics Corp.*

    9,343       504,335  

Pulmonx Corp.*

    66,699       322,156  

SI-BONE, Inc.*

    45,874       626,180  

Stereotaxis, Inc.*

    342,793       685,586  
   

 

 

 
      5,875,814  
   

 

 

 

Health Care Providers & Services (1.3%)

 

Nutex Health, Inc.*

    7,266       799,042  
   

 

 

 

Health Care Technology (0.9%)

 

Phreesia, Inc.*

    23,660       590,554  
   

 

 

 

Life Sciences Tools & Services (1.6%)

 

Adaptive Biotechnologies Corp.*

    135,901       1,000,231  
   

 

 

 

Pharmaceuticals (6.2%)

 

Evolus, Inc.*

    39,542       450,779  

EyePoint Pharmaceuticals, Inc.*

    27,470       187,345  

Ligand Pharmaceuticals, Inc.*

    6,276       689,481  

MediWound Ltd. (x)*

    32,620       577,537  

Ocular Therapeutix, Inc.*

    83,913       696,478  

Tarsus Pharmaceuticals, Inc.*

    12,561       652,042  

Xeris Biopharma Holdings, Inc.*

    159,963       731,031  
   

 

 

 
      3,984,693  
   

 

 

 

Total Health Care

      15,039,186  
   

 

 

 

Industrials (31.3%)

 

Aerospace & Defense (6.1%)

 

Kratos Defense & Security Solutions, Inc.*

    53,331       1,801,788  

Leonardo DRS, Inc.

    55,906       2,066,286  
   

 

 

 
      3,868,074  
   

 

 

 

Building Products (1.7%)

 

Builders FirstSource, Inc.*

    3,102       371,092  

Griffon Corp.

    10,677       727,211  
   

 

 

 
      1,098,303  
   

 

 

 

Commercial Services & Supplies (5.9%)

 

ACV Auctions, Inc., Class A*

    28,811       423,234  

CECO Environmental Corp.*

    33,963       807,980  

Enviri Corp.*

    75,650       519,715  

Interface, Inc., Class A

    31,226       587,049  

Liquidity Services, Inc.*

    23,339       741,713  

Montrose Environmental Group, Inc.*

    23,876       349,306  

Perma-Fix Environmental Services, Inc. (x)*

    42,064       344,925  
   

 

 

 
      3,773,922  
   

 

 

 

 

See Notes to Financial Statements.

 

20


1290 FUNDS

1290 ESSEX SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

 

     
     Number of
Shares
    Value
(Note 1)
 

Construction & Engineering (5.6%)

 

Argan, Inc.

    7,994     $ 1,224,121  

Everus Construction Group, Inc.*

    8,571       344,897  

Great Lakes Dredge & Dock Corp.*

    65,563       595,968  

Matrix Service Co.*

    45,605       529,018  

Sterling Infrastructure, Inc.*

    5,898       881,338  
   

 

 

 
      3,575,342  
   

 

 

 

Electrical Equipment (3.1%)

 

American Superconductor Corp.*

    32,782       650,723  

Amprius Technologies, Inc.*

    206,040       445,046  

LSI Industries, Inc.

    58,856       888,137  
   

 

 

 
      1,983,906  
   

 

 

 

Ground Transportation (0.9%)

 

Covenant Logistics Group, Inc., Class A

    28,825       573,617  
   

 

 

 

Machinery (1.5%)

 

Graham Corp.*

    30,648       934,151  
   

 

 

 

Professional Services (4.4%)

 

Fiverr International Ltd. (x)*

    17,070       434,431  

IBEX Holdings Ltd.*

    12,394       310,346  

Kelly Services, Inc., Class A

    37,404       432,016  

Upwork, Inc.*

    31,279       411,319  

Willdan Group, Inc.*

    30,206       1,184,075  
   

 

 

 
      2,772,187  
   

 

 

 

Trading Companies & Distributors (2.1%)

 

MRC Global, Inc.*

    58,750       684,438  

Transcat, Inc. (x)*

    8,371       664,071  
   

 

 

 
      1,348,509  
   

 

 

 

Total Industrials

      19,928,011  
   

 

 

 

Information Technology (23.4%)

 

Communications Equipment (1.5%)

 

Ceragon Networks Ltd.*

    229,052       499,333  

Extreme Networks, Inc.*

    35,756       470,549  
   

 

 

 
      969,882  
   

 

 

 

Electronic Equipment, Instruments & Components (5.8%)

 

908 Devices, Inc.*

    104,764       568,869  

Arlo Technologies, Inc.*

    43,673       429,306  

Identiv, Inc.*

    88,473       293,730  

Mirion Technologies, Inc., Class A*

    70,124       1,106,557  

Novanta, Inc.*

    4,454       529,402  

Ouster, Inc.*

    48,180       357,977  

Powerfleet, Inc.*

    77,842       392,324  
   

 

 

 
      3,678,165  
   

 

 

 

IT Services (2.5%)

 

Crexendo, Inc.*

    159,617       786,912  

Grid Dynamics Holdings, Inc.*

    32,073       454,154  

Research Solutions, Inc.*

    126,137       345,615  
   

 

 

 
      1,586,681  
   

 

 

 

Semiconductors & Semiconductor Equipment (3.4%)

 

Ambarella, Inc.*

    11,160       535,568  

Penguin Solutions, Inc.*

    35,865       612,216  

Semtech Corp.*

    11,494       359,188  

Tower Semiconductor Ltd.*

    19,304       690,697  
   

 

 

 
      2,197,669  
   

 

 

 

Software (10.2%)

 

Arteris, Inc.*

    62,720     417,715  

AvePoint, Inc.*

    62,988       1,029,854  

Blend Labs, Inc., Class A*

    90,941       304,652  

Cognyte Software Ltd.*

    75,436       739,273  

Docebo, Inc.*

    16,311       509,719  

Olo, Inc., Class A*

    85,253       528,569  

OneSpan, Inc.

    48,824       726,013  

RADCOM Ltd.*

    49,904       601,343  

Red Violet, Inc.

    13,145       513,444  

SimilarWeb Ltd.*

    57,783       435,684  

Viant Technology, Inc., Class A*

    22,463       321,445  

Zeta Global Holdings Corp., Class A*

    27,808       363,172  
   

 

 

 
      6,490,883  
   

 

 

 

Total Information Technology

      14,923,280  
   

 

 

 

Materials (0.2%)

 

Chemicals (0.2%)

 

Aspen Aerogels, Inc.*

    29,831       161,088  
   

 

 

 

Total Materials

      161,088  
   

 

 

 

Total Common Stocks (96.4%)
(Cost $50,099,363)

      61,445,192  
   

 

 

 

EXCHANGE TRADED FUNDS (ETF):

 

Equity (1.1%)

 

iShares Russell 2000 Growth ETF

    2,841       720,335  
   

 

 

 

Total Exchange Traded Funds (1.1%)
(Cost $727,145)

 

    720,335  
   

 

 

 

SHORT-TERM INVESTMENTS:

 

 

Investment Companies (3.5%)

 

 

Dreyfus Treasury Obligations Cash Management Fund 4.19% (7 day yield) (xx)

    200,000       200,000  

Invesco Government & Agency Portfolio, Institutional Shares 4.26% (7 day yield) (xx)

    684,849       684,849  

JPMorgan Prime Money Market Fund, IM Shares 4.49% (7 day yield)

    1,355,692       1,355,962  
   

 

 

 

Total Investment Companies

 

    2,240,811  
 

 

 

 

Total Short-Term Investments (3.5%)
(Cost $2,240,830)

 

    2,240,811  
   

 

 

 

Total Investments in Securities (101.0%)
(Cost $53,067,338)

 

    64,406,338  

Other Assets Less Liabilities (-1.0%)

 

    (663,344
 

 

 

 

Net Assets (100%)

    $ 63,742,994  
   

 

 

 

 

*

Non-income producing.

(x)

All or a portion of security is on loan at April 30, 2025.

(xx)

At April 30, 2025, the Fund had loaned securities with a total value of $841,875. This was collateralized by cash of $884,849 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.

Glossary:

  ADR

— American Depositary Receipt

 

See Notes to Financial Statements.

 

21


1290 FUNDS

1290 ESSEX SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

 

 

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of April 30, 2025:

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

 

         
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

  $ 758,212     $     $     $ 758,212  

Consumer Discretionary

    3,818,430                   3,818,430  

Consumer Staples

    928,877                   928,877  

Energy

    1,143,407                   1,143,407  

Financials

    4,744,701                   4,744,701  

Health Care

    15,039,186                   15,039,186  

Industrials

    19,928,011                   19,928,011  

Information Technology

    14,923,280                   14,923,280  

Materials

    161,088                   161,088  

Exchange Traded Fund

    720,335                   720,335  

Short-Term Investments

       

Investment Companies

    2,240,811                   2,240,811  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Assets

  $ 64,406,338     $     $     $ 64,406,338  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Liabilities

  $     $     $     $  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $   64,406,338     $   —     $   —     $   64,406,338  
 

 

 

   

 

 

   

 

 

   

 

 

 

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

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

 

Cost of Purchases:

 

Long-term investments other than U.S. government debt securities

  $ 14,670,269  

Net Proceeds of Sales and Redemptions:

 

Long-term investments other than U.S. government debt securities

  $   13,355,952  

As of April 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

 

Aggregate gross unrealized appreciation

  $ 16,651,024  

Aggregate gross unrealized depreciation

    (5,560,755
 

 

 

 

Net unrealized appreciation

  $ 11,090,269  
 

 

 

 

Federal income tax cost of investments in securities and derivative instruments, if applicable

  $   53,316,069  
 

 

 

 

 

See Notes to Financial Statements.

 

22


1290 FUNDS

1290 ESSEX SMALL CAP GROWTH FUND

 

 

 

STATEMENT OF ASSETS AND LIABILITIES

April 30, 2025 (Unaudited)

 

ASSETS

 

Investments in Securities, at value (x) (Cost $53,067,338)

  $ 64,406,338  

Cash

    300,000  

Receivable for Fund shares sold

    102,874  

Prepaid registration and filing fees

    12,324  

Dividends, interest and other receivables

    4,724  

Securities lending income receivable

    579  

Other assets

    347  
 

 

 

 

Total assets

    64,827,186  
 

 

 

 

LIABILITIES

 

Payable for return of collateral on securities loaned

    884,849  

Payable for securities purchased

    77,325  

Payable for Fund shares repurchased

    45,953  

Investment advisory fees payable

    17,029  

Transfer agent fees payable

    7,917  

Administrative fees payable

    7,465  

Distribution fees payable – Class R

    58  

Distribution fees payable – Class A

    43  

Accrued expenses

    43,553  
 

 

 

 

Total liabilities

    1,084,192  
 

 

 

 

Commitments and contingent liabilities^

 

NET ASSETS

  $ 63,742,994  
 

 

 

 

Net assets were comprised of:

 

Paid in capital

  $ 58,454,586  

Total distributable earnings (loss)

    5,288,408  
 

 

 

 

Net assets

  $ 63,742,994  
 

 

 

 

Class A

 

Net asset value and redemption price per share, $221,617 / 19,177 shares outstanding (unlimited amount authorized: $0.001 par value)

  $ 11.56  

Maximum sales charge (5.50% of offering price)

    0.67  
 

 

 

 

Maximum offering price per share

  $ 12.23  
 

 

 

 

Class I

 

Net asset value, offering and redemption price per share, $63,374,274 / 5,455,014 shares outstanding (unlimited amount authorized: $0.001 par value)

  $ 11.62  
 

 

 

 

Class R

 

Net asset value, offering and redemption price per share, $147,103 / 12,818 shares outstanding (unlimited amount authorized: $0.001 par value)

  $ 11.48  
 

 

 

 

 

(x)

Includes value of securities on loan of $841,875.

^

See Note 2 in Notes to the Financial Statements.

STATEMENT OF OPERATIONS

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

 

INVESTMENT INCOME

 

Dividends

  $ 109,775  

Interest

    6,850  

Securities lending (net)

    3,127  
 

 

 

 

Total income

    119,752  
 

 

 

 

EXPENSES

 

Investment advisory fees

    252,345  

Administrative fees

    50,469  

Professional fees

    37,304  

Transfer agent fees

    35,528  

Registration and filing fees

    16,101  

Printing and mailing expenses

    15,000  

Custodian fees

    4,920  

Trustees’ fees

    1,110  

Distribution fees – Class R

    409  

Distribution fees – Class A

    183  

Miscellaneous

    6,552  
 

 

 

 

Gross expenses

    419,921  

Less:   Waiver from investment adviser

    (123,303
 

 

 

 

Net expenses

    296,618  
 

 

 

 

NET INVESTMENT INCOME (LOSS)

    (176,866
 

 

 

 

REALIZED AND UNREALIZED GAIN (LOSS)

 

Net realized gain (loss) on investments in securities

    1,169,746  

Net change in unrealized appreciation (depreciation) on investments in securities

    (3,725,992
 

 

 

 

NET REALIZED AND UNREALIZED GAIN (LOSS)

    (2,556,246
 

 

 

 

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

  $ (2,733,112
 

 

 

 

 

See Notes to Financial Statements.

 

23


1290 FUNDS

1290 ESSEX SMALL CAP GROWTH FUND

 

 

STATEMENT OF CHANGES IN NET ASSETS

 

    Six Months Ended
April 30, 2025
(Unaudited)
    Year Ended
October 31, 2024
 

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:

 

Net investment income (loss)

  $ (176,866   $ (280,305

Net realized gain (loss)

    1,169,746       (4,378,924

Net change in unrealized appreciation (depreciation)

    (3,725,992     21,241,417  
 

 

 

   

 

 

 

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

    (2,733,112     16,582,188  
 

 

 

   

 

 

 

Distributions to shareholders:

   

Class I

    (125,897      
 

 

 

   

 

 

 

Total distributions to shareholders

    (125,897      
 

 

 

   

 

 

 

CAPITAL SHARES TRANSACTIONS:

   

Class A

   

Capital shares sold [ 8,826 and 195 shares, respectively ]

    99,949       2,155  

Capital shares repurchased [ (1) and (3,526) shares, respectively ]

    (7     (39,680
 

 

 

   

 

 

 

Total Class A transactions

    99,942       (37,525
 

 

 

   

 

 

 

Class I

   

Capital shares sold [ 731,273 and 1,356,056 shares, respectively ]

    9,109,412       14,971,107  

Capital shares issued in reinvestment of dividends [ 7,526 and 0 shares ]

    102,436        

Capital shares repurchased [ (571,578) and (1,069,086) shares, respectively ]

    (7,241,201     (11,813,923
 

 

 

   

 

 

 

Total Class I transactions

    1,970,647       3,157,184  
 

 

 

   

 

 

 

Class R

   

Capital shares sold [ 3,236 and 918 shares, respectively ]

    38,900       10,050  

Capital shares repurchased [ (3,390) and (735) shares, respectively ]

    (39,961     (8,525
 

 

 

   

 

 

 

Total Class R transactions

    (1,061     1,525  
 

 

 

   

 

 

 

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS

    2,069,528       3,121,184  
 

 

 

   

 

 

 

TOTAL INCREASE (DECREASE) IN NET ASSETS

    (789,481     19,703,372  

NET ASSETS:

 

Beginning of period

    64,532,475       44,829,103  
 

 

 

   

 

 

 

End of period

  $ 63,742,994     $ 64,532,475  
 

 

 

   

 

 

 

 

See Notes to Financial Statements.

 

24


1290 FUNDS

1290 ESSEX SMALL CAP GROWTH FUND

FINANCIAL HIGHLIGHTS

 

 

 

     Six Months Ended
April 30, 2025
(Unaudited)
    Year Ended October 31,    
July 11, 2022* to
October 31, 2022
 
Class A   2024      2023  

Net asset value, beginning of period

   $ 12.08     $ 8.89      $ 10.55     $ 10.00  
  

 

 

   

 

 

    

 

 

   

 

 

 

Income (loss) from investment operations:

         

Net investment income (loss) (e)

     (0.05     (0.08      (0.05 )(1)      (0.02

Net realized and unrealized gain (loss)

     (0.47     3.27        (1.55     0.57  
  

 

 

   

 

 

    

 

 

   

 

 

 

Total from investment operations

     (0.52     3.19        (1.60     0.55  
  

 

 

   

 

 

    

 

 

   

 

 

 

Less distributions:

 

Distributions from net realized gains

                  (0.06      
  

 

 

   

 

 

    

 

 

   

 

 

 

Net asset value, end of period

   $ 11.56     $ 12.08      $ 8.89     $ 10.55  
  

 

 

   

 

 

    

 

 

   

 

 

 

Total return (b)

     (4.31 )%      35.88      (15.28 )%      5.50
  

 

 

   

 

 

    

 

 

   

 

 

 

Ratios/Supplemental Data:

 

Net assets, end of period (000’s)

   $ 222     $ 125      $ 122     $ 125  

Ratio of expenses to average net assets:

         

After waivers and reimbursements (a)(f)

     1.13     1.13      1.13     1.13

Before waivers and reimbursements (a)(f)

     1.50     1.57      2.38     6.32

Ratio of net investment income (loss) to average net assets:

         

After waivers and reimbursements (a)(f)

     (0.79 )%      (0.72 )%       (0.49 )%(aa)      (0.61 )%(l) 

Before waivers and reimbursements (a)(f)

     (1.16 )%      (1.16 )%       (1.74 )%(aa)      (5.80 )%(l) 

Portfolio turnover rate^

     20 %(z)      73      69     29 %(z) 
     Six Months Ended
April 30, 2025
(Unaudited)
    Year Ended October 31,     July 11, 2022* to
October 31, 2022
 
Class I   2024      2023  

Net asset value, beginning of period

   $ 12.15     $ 8.92      $ 10.56     $ 10.00  
  

 

 

   

 

 

    

 

 

   

 

 

 

Income (loss) from investment operations:

         

Net investment income (loss) (e)

     (0.03     (0.05      (0.03 )(1)      (0.01

Net realized and unrealized gain (loss)

     (0.48     3.28        (1.55     0.57  
  

 

 

   

 

 

    

 

 

   

 

 

 

Total from investment operations

     (0.51     3.23        (1.58     0.56  
  

 

 

   

 

 

    

 

 

   

 

 

 

Less distributions:

 

Dividends from net investment income

     (0.02                   

Distributions from net realized gains

                  (0.06      
  

 

 

   

 

 

    

 

 

   

 

 

 

Total dividends and distributions

     (0.02            (0.06      
  

 

 

   

 

 

    

 

 

   

 

 

 

Net asset value, end of period

   $ 11.62     $ 12.15      $ 8.92     $ 10.56  
  

 

 

   

 

 

    

 

 

   

 

 

 

Total return (b)

     (4.19 )%      36.21      (15.08 )%      5.60
  

 

 

   

 

 

    

 

 

   

 

 

 

Ratios/Supplemental Data:

 

Net assets, end of period (000’s)

   $   63,374     $   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     0.88

Before waivers and reimbursements (a)(f)

     1.25     1.32      1.94     6.03

Ratio of net investment income (loss) to average net assets:

         

After waivers and reimbursements (a)(f)

     (0.52 )%      (0.48 )%       (0.24 )%(aa)      (0.35 )%(l) 

Before waivers and reimbursements (a)(f)

     (0.89 )%      (0.92 )%       (1.30 )%(aa)      (5.50 )%(l) 

Portfolio turnover rate^

     20 %(z)      73      69     29 %(z) 

 

See Notes to Financial Statements.

 

25


1290 FUNDS

1290 ESSEX SMALL CAP GROWTH FUND

FINANCIAL HIGHLIGHTS (Continued)

 

 

 

Class R    Six Months Ended
April 30, 2025
(Unaudited)
    Year Ended October 31,     July 11, 2022* to
October 31, 2022
 
  2024      2023  

Net asset value, beginning of period

   $ 12.01     $ 8.86      $   10.54     $ 10.00  
  

 

 

   

 

 

    

 

 

   

 

 

 

Income (loss) from investment operations:

         

Net investment income (loss) (e)

     (0.06     (0.11      (0.08 )(1)      (0.03

Net realized and unrealized gain (loss)

     (0.47     3.26        (1.54     0.57  
  

 

 

   

 

 

    

 

 

   

 

 

 

Total from investment operations

     (0.53     3.15        (1.62     0.54  
  

 

 

   

 

 

    

 

 

   

 

 

 

Less distributions:

 

Distributions from net realized gains

                  (0.06      
  

 

 

   

 

 

    

 

 

   

 

 

 

Net asset value, end of period

   $   11.48     $   12.01      $ 8.86     $   10.54  
  

 

 

   

 

 

    

 

 

   

 

 

 

Total return (b)

     (4.41 )%      35.55      (15.49 )%      5.40
  

 

 

   

 

 

    

 

 

   

 

 

 

Ratios/Supplemental Data:

 

Net assets, end of period (000’s)

   $ 147     $ 156      $ 113     $ 105  

Ratio of expenses to average net assets:

         

After waivers and reimbursements (a)(f)

     1.38     1.38      1.38     1.38

Before waivers and reimbursements (a)(f)

     1.75     1.82      2.59     6.53

Ratio of net investment income (loss) to average net assets:

         

After waivers and reimbursements (a)(f)

     (1.02 )%      (0.98 )%       (0.74 )%(aa)      (0.85 )%(l) 

Before waivers and reimbursements (a)(f)

     (1.38 )%      (1.42 )%       (1.95 )%(aa)      (6.00 )%(l) 

Portfolio turnover rate^

     20 %(z)      73      69     29 %(z) 
(1)

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

*

Commencement of operations.

^

Portfolio turnover rate excludes derivatives, if any.

(a)

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

(b)

Total returns for periods less than one year are not annualized.

(e)

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

(f)

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

(l)

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

(z)

Portfolio turnover rate for periods less than one year is not annualized.

(aa)

Includes income resulting from a special dividend. Without this dividend, the ratios for each class would have been 0.06% lower.

 

See Notes to Financial Statements.

 

26


1290 FUNDS

1290 GAMCO SMALL/MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS

April 30, 2025 (Unaudited)

 

     
     Number of
Shares
    Value
(Note 1)
 

COMMON STOCKS:

 

Communication Services (19.4%)

 

Diversified Telecommunication Services (1.3%)

 

Anterix, Inc.*

    2,000     $ 59,700  

Telesat Corp.*

    114,000       1,763,580  
   

 

 

 
      1,823,280  
   

 

 

 

Entertainment (5.6%)

 

Atlanta Braves Holdings, Inc., Class A*

    40,500       1,759,725  

Atlanta Braves Holdings, Inc., Class C*

    33,000       1,315,380  

Liberty Media Corp.-Liberty Live, Class A*

    1,000       69,980  

Lions Gate Entertainment Corp., Class A*

    37,000       328,560  

Lions Gate Entertainment Corp., Class B*

    22,000       175,560  

Madison Square Garden Entertainment Corp., Class A*

    19,000       616,360  

Madison Square Garden Sports Corp.*

    14,700       2,830,779  

Sphere Entertainment Co.(x)*

    30,000       817,500  

Vivendi SE

    50,000       154,860  
   

 

 

 
      8,068,704  
   

 

 

 

Media (9.3%)

 

Altice USA, Inc., Class A*

    3,000       7,440  

AMC Networks, Inc., Class A*

    24,050       153,920  

Clear Channel Outdoor Holdings, Inc.*

    560,000       551,152  

Corus Entertainment, Inc., Class B(x)*

    85,000       5,857  

EchoStar Corp., Class A(x)*

    35,500       798,040  

EW Scripps Co. (The), Class A*

    60,000       120,600  

Fox Corp., Class B

    12,000       554,880  

Grupo Televisa SAB (ADR)(x)

    685,000       1,246,700  

JCDecaux SE*

    38,500       667,742  

News Corp., Class B

    20,000       628,400  

Nexstar Media Group, Inc., Class A

    10,200       1,526,532  

Paramount Global, Class A

    124,500       2,821,170  

Paramount Global, Class B

    11,200       131,488  

Sinclair, Inc.

    170,000       2,448,000  

Sirius XM Holdings, Inc.(x)

    30,000       642,600  

TEGNA, Inc.

    66,000       1,071,180  

WideOpenWest, Inc.*

    32,500       142,350  
   

 

 

 
      13,518,051  
   

 

 

 

Wireless Telecommunication Services (3.2%)

 

Gogo, Inc.*

    12,900       97,653  

Millicom International Cellular SA

    37,500       1,295,250  

Telephone and Data Systems, Inc.

    30,000       1,124,700  

United States Cellular Corp.*

    30,000       2,059,800  
   

 

 

 
      4,577,403  
   

 

 

 

Total Communication Services

      27,987,438  
   

 

 

 

Consumer Discretionary (14.6%)

 

Automobile Components (5.1%)

 

Dana, Inc.

    117,000       1,607,580  

Garrett Motion, Inc.

    20,000       184,400  

Gentex Corp.

    27,000       588,060  

Gentherm, Inc.*

    6,000       156,060  

Goodyear Tire & Rubber Co. (The)*

    140,000       1,523,200  

Modine Manufacturing Co.*

    24,200       1,975,688  

Strattec Security Corp.*

    42,800       1,426,096  
   

 

 

 
      7,461,084  
   

 

 

 

Automobiles (0.1%)

 

Winnebago Industries, Inc.

    3,000     95,460  
   

 

 

 

Diversified Consumer Services (0.5%)

 

Graham Holdings Co., Class B

    800       736,040  
   

 

 

 

Hotels, Restaurants & Leisure (3.7%)

 

Caesars Entertainment, Inc.*

    55,500       1,501,830  

Churchill Downs, Inc.

    4,000       361,640  

Golden Entertainment, Inc.

    26,000       668,200  

Krispy Kreme, Inc.

    14,500       59,450  

Nathan’s Famous, Inc.

    19,500       1,906,125  

Ollamani SAB*

    130,000       312,098  

Wynn Resorts Ltd.

    6,800       546,108  
   

 

 

 
      5,355,451  
   

 

 

 

Household Durables (0.9%)

 

Bassett Furniture Industries, Inc.

    24,000       423,600  

Lennar Corp., Class B

    8,700       899,319  
   

 

 

 
      1,322,919  
   

 

 

 

Leisure Products (1.3%)

 

Brunswick Corp.

    14,000       644,700  

Johnson Outdoors, Inc., Class A

    45,000       1,027,350  

Mattel, Inc.*

    12,900       204,981  
   

 

 

 
      1,877,031  
   

 

 

 

Specialty Retail (3.0%)

 

Advance Auto Parts, Inc.(x)

    60,000       1,963,200  

AutoNation, Inc.*

    6,500       1,131,975  

Lands’ End, Inc.*

    10,000       88,800  

Monro, Inc.

    62,000       864,280  

Valvoline, Inc.*

    7,500       256,950  
   

 

 

 
      4,305,205  
   

 

 

 

Total Consumer Discretionary

      21,153,190  
   

 

 

 

Consumer Staples (8.3%)

 

Beverages (1.5%)

 

Boston Beer Co., Inc. (The), Class A*

    2,800       688,240  

National Beverage Corp.

    20,000       888,000  

Remy Cointreau SA(x)

    10,100       541,654  
   

 

 

 
      2,117,894  
   

 

 

 

Consumer Staples Distribution & Retail (0.3%)

 

Ingles Markets, Inc., Class A

    2,000       123,380  

Village Super Market, Inc., Class A

    8,400       309,540  
   

 

 

 
      432,920  
   

 

 

 

Food Products (3.2%)

 

Bunge Global SA

    3,500       275,520  

Calavo Growers, Inc.

    36,000       994,320  

Farmer Bros Co.*

    100,000       187,000  

Hain Celestial Group, Inc. (The)*

    37,200       113,088  

J M Smucker Co. (The)

    12,500       1,453,375  

John B Sanfilippo & Son, Inc.

    5,000       331,350  

Maple Leaf Foods, Inc.

    55,000       1,006,565  

McCormick & Co., Inc. (Non-Voting)

    2,900       222,401  
   

 

 

 
      4,583,619  
   

 

 

 

Household Products (2.7%)

 

Energizer Holdings, Inc.

    67,000       1,811,680  

Spectrum Brands Holdings, Inc.

    34,000       2,145,400  
   

 

 

 
      3,957,080  
   

 

 

 

 

See Notes to Financial Statements.

 

27


1290 FUNDS

1290 GAMCO SMALL/MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

 

     
     Number of
Shares
    Value
(Note 1)
 

Personal Care Products (0.6%)

 

Edgewell Personal Care Co.

    27,800     $ 849,290  
   

 

 

 

Total Consumer Staples

      11,940,803  
   

 

 

 

Energy (1.0%)

 

Energy Equipment & Services (1.0%)

 

Innovex International, Inc.*

    59,500       898,450  

RPC, Inc.

    104,000       491,920  
   

 

 

 

Total Energy

      1,390,370  
   

 

 

 

Financials (2.3%)

 

Banks (1.8%)

 

Cadence Bank

    10,000       292,600  

Flushing Financial Corp.

    27,000       323,190  

SouthState Corp.

    6,000       520,680  

Synovus Financial Corp.

    36,000       1,559,520  
   

 

 

 
      2,695,990  
   

 

 

 

Capital Markets (0.4%)

 

Affiliated Managers Group, Inc.

    1,200       198,756  

Janus Henderson Group plc

    10,000       332,100  
   

 

 

 
      530,856  
   

 

 

 

Financial Services (0.1%)

 

NCR Atleos Corp.*

    6,000       167,520  
   

 

 

 

Total Financials

      3,394,366  
   

 

 

 

Health Care (2.4%)

 

Health Care Equipment & Supplies (0.3%)

 

Dentsply Sirona, Inc.

    7,500       104,250  

QuidelOrtho Corp.*

    12,500       347,375  
   

 

 

 
      451,625  
   

 

 

 

Health Care Providers & Services (0.6%)

 

Henry Schein, Inc.*

    5,000       324,850  

Option Care Health, Inc.*

    17,500       565,425  
   

 

 

 
      890,275  
   

 

 

 

Health Care Technology (0.2%)

 

Evolent Health, Inc., Class A*

    35,000       345,100  
   

 

 

 

Life Sciences Tools & Services (0.1%)

 

Bio-Rad Laboratories, Inc., Class A*

    300       73,224  
   

 

 

 

Pharmaceuticals (1.2%)

 

Perrigo Co. plc

    40,000       1,028,800  

Teva Pharmaceutical Industries Ltd. (ADR)*

    40,000       620,400  
   

 

 

 
      1,649,200  
   

 

 

 

Total Health Care

      3,409,424  
   

 

 

 

Industrials (33.8%)

 

Aerospace & Defense (6.0%)

 

AAR Corp.*

    21,500       1,149,390  

Ducommun, Inc.*

    4,000       229,280  

Embraer SA (ADR)*

    2,000       91,880  

Hexcel Corp.

    9,000       436,230  

Moog, Inc., Class A

    9,500       1,588,875  

Moog, Inc., Class B

    12,900       2,157,525  

National Presto Industries, Inc.

    2,000       168,700  

Park Aerospace Corp.

    3,000       39,210  

Spirit AeroSystems Holdings, Inc., Class A*

    12,000       432,000  

Textron, Inc.

    28,000       1,970,360  

Triumph Group, Inc.*

    14,500     368,300  
   

 

 

 
      8,631,750  
   

 

 

 

Building Products (2.0%)

 

AZZ, Inc.

    27,200       2,359,872  

Griffon Corp.

    9,100       619,801  
   

 

 

 
      2,979,673  
   

 

 

 

Commercial Services & Supplies (1.0%)

 

Matthews International Corp., Class A

    55,000       1,124,750  

OPENLANE, Inc.*

    20,000       370,200  
   

 

 

 
      1,494,950  
   

 

 

 

Construction & Engineering (1.3%)

 

Arcosa, Inc.

    9,500       760,665  

Everus Construction Group, Inc.*

    600       24,144  

Valmont Industries, Inc.

    3,600       1,055,592  
   

 

 

 
      1,840,401  
   

 

 

 

Machinery (20.7%)

 

Astec Industries, Inc.

    66,000       2,391,180  

CNH Industrial NV

    31,000       358,670  

Commercial Vehicle Group, Inc.*

    80,000       76,824  

Crane Co.

    18,500       2,978,130  

Donaldson Co., Inc.

    1,000       65,730  

Eastern Co. (The)(x)

    27,000       566,730  

Enerpac Tool Group Corp., Class A

    21,400       863,918  

Enpro, Inc.

    7,200       1,075,680  

Flowserve Corp.

    42,000       1,899,660  

Gorman-Rupp Co. (The)

    13,000       466,180  

Graco, Inc.

    2,500       204,025  

Hyster-Yale, Inc.

    35,600       1,368,108  

Ingersoll Rand, Inc.

    15,200       1,146,536  

ITT, Inc.

    12,000       1,644,240  

Iveco Group NV(x)

    150,000       2,379,835  

Kennametal, Inc.

    19,000       370,120  

L B Foster Co., Class A*

    42,000       838,740  

Manitowoc Co., Inc. (The)*

    24,000       189,120  

Mueller Industries, Inc.

    50,200       3,692,712  

Mueller Water Products, Inc., Class A

    13,700       359,488  

Park-Ohio Holdings Corp.

    72,000       1,433,520  

Shyft Group, Inc. (The)

    1,500       12,690  

Snap-on, Inc.

    1,300       407,953  

Tennant Co.

    9,300       671,088  

Terex Corp.

    13,000       457,600  

Timken Co. (The)

    1,000       64,250  

Toro Co. (The)

    7,500       512,100  

Trinity Industries, Inc.

    65,400       1,641,540  

Twin Disc, Inc.

    113,000       829,420  

Watts Water Technologies, Inc., Class A

    4,500       934,875  
   

 

 

 
      29,900,662  
   

 

 

 

Trading Companies & Distributors (2.8%)

 

Ashtead Group plc

    2,300       122,302  

GATX Corp.

    12,900       1,882,884  

Herc Holdings, Inc.

    18,000       1,969,920  

MSC Industrial Direct Co., Inc., Class A

    1,000       76,480  
   

 

 

 
      4,051,586  
   

 

 

 

Total Industrials

      48,899,022  
   

 

 

 

Information Technology (2.2%)

 

Communications Equipment (0.1%)

 

Viasat, Inc.*

    14,000       129,780  
   

 

 

 

 

See Notes to Financial Statements.

 

28


1290 FUNDS

1290 GAMCO SMALL/MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

 

     
     Number of
Shares
    Value
(Note 1)
 

Electronic Equipment, Instruments & Components (0.5%)

 

Crane NXT Co.

    500     $ 23,460  

Landis+Gyr Group AG

    9,500       608,893  

Mirion Technologies, Inc., Class A*

    5,000       78,900  
   

 

 

 
      711,253  
   

 

 

 

IT Services (1.4%)

 

Kyndryl Holdings, Inc.*

    64,000       2,074,880  
   

 

 

 

Software (0.2%)

 

A10 Networks, Inc.

    12,000       197,760  

NCR Voyix Corp.*

    13,200       113,124  
   

 

 

 
      310,884  
   

 

 

 

Total Information Technology

      3,226,797  
   

 

 

 

Materials (6.8%)

 

Chemicals (4.2%)

 

Axalta Coating Systems Ltd.*

    22,000       715,000  

Core Molding Technologies, Inc.*

    66,000       1,015,080  

Element Solutions, Inc.

    65,900       1,345,019  

HB Fuller Co.

    10,000       540,400  

Huntsman Corp.

    17,000       226,270  

Scotts Miracle-Gro Co. (The)

    44,000       2,216,720  
   

 

 

 
      6,058,489  
   

 

 

 

Construction Materials (0.0%)†

 

Knife River Corp.*

    600       56,028  
   

 

 

 

Containers & Packaging (1.3%)

 

Ardagh Metal Packaging SA(x)

    60,000       222,600  

Greif, Inc., Class A

    19,000       997,120  

Myers Industries, Inc.

    60,000       630,000  
   

 

 

 
      1,849,720  
   

 

 

 

Metals & Mining (1.3%)

 

Ampco-Pittsburgh Corp.*

    90,000       186,300  

Freeport-McMoRan, Inc.

    20,000       720,600  

Tredegar Corp.*

    130,000       1,010,100  
   

 

 

 
      1,917,000  
   

 

 

 

Total Materials

      9,881,237  
   

 

 

 

Real Estate (0.6%)

 

Hotel & Resort REITs (0.2%)

 

Ryman Hospitality Properties, Inc. (REIT)

    3,000       263,850  
   

 

 

 

Real Estate Management & Development (0.3%)

 

Seritage Growth Properties, Class A(x)*

    13,500       39,960  

St Joe Co. (The)

    11,000       465,520  
   

 

 

 
      505,480  
   

 

 

 

Specialized REITs (0.1%)

 

Millrose Properties, Inc. (REIT)

    4,350       108,924  
   

 

 

 

Total Real Estate

      878,254  
   

 

 

 

Utilities (5.6%)

 

Electric Utilities (0.4%)

 

ALLETE, Inc.

    9,500       622,155  
   

 

 

 

Gas Utilities (3.5%)

 

MDU Resources Group, Inc.

    2,400       41,136  

National Fuel Gas Co.

    41,000       3,147,980  

Southwest Gas Holdings, Inc.

    25,000       1,805,250  
   

 

 

 
      4,994,366  
   

 

 

 

Independent Power and Renewable Electricity Producers (0.5%)

 

AES Corp. (The)

    54,000     540,000  

XPLR Infrastructure LP

    21,000       173,040  
   

 

 

 
      713,040  
   

 

 

 

Multi-Utilities (1.2%)

 

Algonquin Power & Utilities Corp.

    323,000       1,737,740  
   

 

 

 

Total Utilities

      8,067,301  
   

 

 

 

Total Common Stocks (97.0%)
(Cost $124,722,641)

      140,228,202  
   

 

 

 
     
     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       7  
   

 

 

 

Total Health Care

      7  
   

 

 

 

Materials (0.0%)†

 

Metals & Mining (0.0%)†

 

Ampco-Pittsburgh Corp., expiring 8/1/25*

    30,000       552  
   

 

 

 

Total Materials

      552  
   

 

 

 

Total Warrants (0.0%)†
(Cost $—)

      559  
   

 

 

 
     
     Number of
Shares
    Value
(Note 1)
 

SHORT-TERM INVESTMENTS:

 

 

Investment Companies (5.9%)

 

 

BlackRock Liquidity FedFund, Institutional Shares 4.22% (7 day yield) (xx)

    200,000       200,000  

Invesco Government & Agency Portfolio, Institutional Shares 4.26% (7 day yield) (xx)

    4,275,199       4,275,199  

JPMorgan Prime Money Market Fund, IM Shares 4.49% (7 day yield)

    4,006,015       4,006,817  
   

 

 

 

Total Investment Companies

      8,482,016  
   

 

 

 

Total Short-Term Investments (5.9%)
(Cost $8,482,504)

      8,482,016  
   

 

 

 

Total Investments in Securities (102.9%)
(Cost $133,205,145)

      148,715,722  

Other Assets Less Liabilities (-2.9%)

      (4,244,128
   

 

 

 

Net Assets (100%)

    $ 144,471,594  
   

 

 

 

 

See Notes to Financial Statements.

 

29


1290 FUNDS

1290 GAMCO SMALL/MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

 

*

Non-income producing.

Percent shown is less than 0.05%.

(r)

Fair value determined using significant unobservable inputs.

(x)

All or a portion of security is on loan at April 30, 2025.

(xx)

At April 30, 2025, the Fund had loaned securities with a total value of $6,547,817. This was collateralized by $2,460,216 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.250%, maturing 5/8/25 – 8/15/54 and by cash of $4,475,199 which was subsequently invested in investment companies as detailed in the Notes to the Financial Statements.

Glossary:

  ADR

— American Depositary Receipt

  CVR

— Contingent Value Right

  REIT

— Real Estate Investment Trust

 

 

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of April 30, 2025:

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

 

         
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

  $ 27,164,836     $ 822,602     $     $ 27,987,438  

Consumer Discretionary

    21,153,190                   21,153,190  

Consumer Staples

    11,176,748       764,055             11,940,803  

Energy

    1,390,370                   1,390,370  

Financials

    3,394,366                   3,394,366  

Health Care

    3,409,424                   3,409,424  

Industrials

    44,239,360       4,659,662             48,899,022  

Information Technology

    2,617,904       608,893             3,226,797  

Materials

    9,881,237                   9,881,237  

Real Estate

    769,330       108,924             878,254  

Utilities

    8,067,301                   8,067,301  

Rights

       

Industrials

                4,945       4,945  

Short-Term Investments

       

Investment Companies

    8,482,016                   8,482,016  

Warrants

       

Health Care

          7             7  

Materials

    552                   552  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Assets

  $ 141,746,634     $ 6,964,143     $ 4,945     $ 148,715,722  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Liabilities

  $     $     $     $  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $  141,746,634     $  6,964,143     $  4,945     $  148,715,722  
 

 

 

   

 

 

   

 

 

   

 

 

 

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

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

 

Cost of Purchases:

 

Long-term investments other than U.S. government debt securities

  $ 8,911,299  

Net Proceeds of Sales and Redemptions:

 

Long-term investments other than U.S. government debt securities

  $  5,591,088  

 

See Notes to Financial Statements.

 

30


1290 FUNDS

1290 GAMCO SMALL/MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

 

As of April 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

 

Aggregate gross unrealized appreciation

  $ 31,025,171  

Aggregate gross unrealized depreciation

    (19,032,122
 

 

 

 

Net unrealized appreciation

  $ 11,993,049  
 

 

 

 

Federal income tax cost of investments in securities and derivative instruments, if applicable

  $  136,722,673  
 

 

 

 

 

See Notes to Financial Statements.

 

31


1290 FUNDS

1290 GAMCO SMALL/MID CAP VALUE FUND

 

 

 

STATEMENT OF ASSETS AND LIABILITIES

April 30, 2025 (Unaudited)

 

ASSETS

 

Investments in Securities, at value (x) (Cost $133,205,145)

  $ 148,715,722  

Cash

    331,001  

Receivable for Fund shares sold

    255,961  

Dividends, interest and other receivables

    38,334  

Prepaid registration and filing fees

    25,038  

Securities lending income receivable

    3,150  
 

 

 

 

Total assets

    149,369,206  
 

 

 

 

LIABILITIES

 

Payable for return of collateral on securities loaned

    4,475,199  

Payable for Fund shares repurchased

    240,963  

Investment advisory fees payable

    56,470  

Transfer agent fees payable

    32,583  

Administrative fees payable

    17,477  

Distribution fees payable – Class A

    1,176  

Distribution fees payable – Class R

    553  

Accrued expenses

    73,191  
 

 

 

 

Total liabilities

    4,897,612  
 

 

 

 

Commitments and contingent liabilities^

 

NET ASSETS

  $ 144,471,594  
 

 

 

 

Net assets were comprised of:

 

Paid in capital

  $ 130,494,891  

Total distributable earnings (loss)

    13,976,703  
 

 

 

 

Net assets

  $ 144,471,594  
 

 

 

 

Class A

 

Net asset value and redemption price per share, $5,849,668 / 377,237 shares outstanding (unlimited amount authorized: $0.001 par value)

  $ 15.51  

Maximum sales charge (5.50% of offering price)

    0.90  
 

 

 

 

Maximum offering price per share

  $ 16.41  
 

 

 

 

Class I

 

Net asset value, offering and redemption price per share, $137,263,111 / 8,831,158 shares outstanding (unlimited amount authorized: $0.001 par value)

  $ 15.54  
 

 

 

 

Class R

 

Net asset value, offering and redemption price per share, $1,358,815 / 88,512 shares outstanding (unlimited amount authorized: $0.001 par value)

  $ 15.35  
 

 

 

 

 

(x)

Includes value of securities on loan of $6,547,817.

^

See Note 2 in Notes to the Financial Statements.

STATEMENT OF OPERATIONS

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

 

INVESTMENT INCOME

 

Dividends (net of $28,625 foreign withholding tax)

  $ 1,469,718  

Interest

    7,863  

Securities lending (net)

    16,130  
 

 

 

 

Total income

    1,493,711  
 

 

 

 

EXPENSES

 

Investment advisory fees

    588,371  

Transfer agent fees

    117,954  

Administrative fees

    117,674  

Professional fees

    48,818  

Registration and filing fees

    30,833  

Printing and mailing expenses

    27,574  

Distribution fees – Class A

    8,112  

Custodian fees

    6,168  

Distribution fees – Class R

    3,681  

Trustees’ fees

    2,636  

Miscellaneous

    12,272  
 

 

 

 

Gross expenses

    964,093  

Less:   Waiver from investment adviser

    (211,143
 

 

 

 

Net expenses

    752,950  
 

 

 

 

NET INVESTMENT INCOME (LOSS)

    740,761  
 

 

 

 

REALIZED AND UNREALIZED GAIN (LOSS)

 

Realized gain (loss) on:

 

Investments in securities

    1,582,224  

Foreign currency transactions

    (1,513
 

 

 

 

Net realized gain (loss)

    1,580,711  
 

 

 

 

Change in unrealized appreciation (depreciation) on:

 

Investments in securities

    (16,547,605

Foreign currency translations

    152  
 

 

 

 

Net change in unrealized appreciation (depreciation)

    (16,547,453
 

 

 

 

NET REALIZED AND UNREALIZED GAIN (LOSS)

    (14,966,742
 

 

 

 

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

  $ (14,225,981
 

 

 

 

 

See Notes to Financial Statements.

 

32


1290 FUNDS

1290 GAMCO SMALL/MID CAP VALUE FUND

 

 

STATEMENT OF CHANGES IN NET ASSETS

 

    Six Months Ended
April 30, 2025
(Unaudited)
    Year Ended
October 31, 2024
 

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:

 

Net investment income (loss)

  $ 740,761     $ 1,481,678  

Net realized gain (loss)

    1,580,711       5,679,570  

Net change in unrealized appreciation (depreciation)

    (16,547,453     26,242,184  
 

 

 

   

 

 

 

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

    (14,225,981     33,403,432  
 

 

 

   

 

 

 

Distributions to shareholders:

   

Class A

    (302,521     (225,687

Class I

    (7,151,206     (5,035,690

Class R

    (63,790     (43,306

Class T**

          (6,446
 

 

 

   

 

 

 

Total distributions to shareholders

    (7,517,517     (5,311,129
 

 

 

   

 

 

 

CAPITAL SHARES TRANSACTIONS:

   

Class A

   

Capital shares sold [ 28,883 and 66,242 shares, respectively ]

    476,540       1,120,536  

Capital shares issued in reinvestment of dividends [ 16,210 and 13,423 shares, respectively ]

    290,166       218,654  

Capital shares repurchased [ (48,375) and (75,938) shares, respectively ]

    (820,905     (1,280,318
 

 

 

   

 

 

 

Total Class A transactions

    (54,199     58,872  
 

 

 

   

 

 

 

Class I

   

Capital shares sold [ 1,122,990 and 2,251,846 shares, respectively ]

    19,148,046       38,258,795  

Capital shares issued in reinvestment of dividends [ 329,036 and 251,579 shares, respectively ]

    5,896,320       4,103,247  

Capital shares repurchased [ (1,071,259) and (1,975,616) shares, respectively ]

    (18,127,971     (33,450,465
 

 

 

   

 

 

 

Total Class I transactions

    6,916,395       8,911,577  
 

 

 

   

 

 

 

Class R

   

Capital shares sold [ 7,946 and 20,790 shares, respectively ]

    139,777       349,101  

Capital shares issued in reinvestment of dividends [ 3,151 and 2,320 shares, respectively ]

    55,899       37,475  

Capital shares repurchased [ (3,604) and (18,820) shares, respectively ]

    (54,921     (320,110
 

 

 

   

 

 

 

Total Class R transactions

    140,755       66,466  
 

 

 

   

 

 

 

Class T**

   

Capital shares repurchased [ 0 and (10,179) shares ]

          (184,904
 

 

 

   

 

 

 

Total Class T transactions

          (184,904
 

 

 

   

 

 

 

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS

    7,002,951       8,852,011  
 

 

 

   

 

 

 

TOTAL INCREASE (DECREASE) IN NET ASSETS

    (14,740,547     36,944,314  

NET ASSETS:

 

Beginning of period

    159,212,141       122,267,827  
 

 

 

   

 

 

 

End of period

  $ 144,471,594     $ 159,212,141  
 
 

 

 

   

 

 

 

**   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.

 

33


1290 FUNDS

1290 GAMCO SMALL/MID CAP VALUE FUND

FINANCIAL HIGHLIGHTS

 

 

 

Class A    Six Months Ended
April 30, 2025
(Unaudited)
    Year Ended October 31,  
  2024     2023     2022     2021     2020  

Net asset value, beginning of period

   $  17.81     $  14.54     $  14.31     $  17.19     $  11.41     $  12.46  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from investment operations:

            

Net investment income (loss) (e)

     0.06       0.13       0.10       0.06       0.09 (2)      0.04 (1) 

Net realized and unrealized gain (loss)

     (1.57     3.74       0.45       (1.82     5.73       (0.90
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

     (1.51     3.87       0.55       (1.76     5.82       (0.86
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Less distributions:

 

Dividends from net investment income

     (0.14     (0.11           (0.26     (0.04     (0.04

Distributions from net realized gains

     (0.65     (0.49     (0.32     (0.86           (0.15
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total dividends and distributions

     (0.79     (0.60     (0.32     (1.12     (0.04     (0.19
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value, end of period

   $ 15.51     $ 17.81     $ 14.54     $ 14.31     $ 17.19     $ 11.41  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total return (b)

     (9.04 )%      26.96     3.88     (10.93 )%      51.10     (7.04 )% 
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratios/Supplemental Data:

 

Net assets, end of period (000’s)

   $ 5,850     $ 6,777     $ 5,478     $ 5,134     $ 5,904     $ 3,400  

Ratio of expenses to average net assets:

            

After waivers (a)(f)

     1.20 %(j)      1.20 %(j)      1.20 %(j)      1.21 %(k)      1.24 %(o)      1.25 %(o) 

Before waivers (a)(f)

     1.47     1.47     1.53     1.51     1.42     1.58

Ratio of net investment income (loss) to average net assets:

            

After waivers (a)(f)

     0.71     0.76     0.66     0.42     0.55 %(bb)      0.40 %(aa) 

Before waivers (a)(f)

     0.44     0.49     0.33     0.13     0.37 %(bb)      0.07 %(aa) 

Portfolio turnover rate^

     4 %(z)      11     14     27     35     19
Class I    Six Months Ended
April 30, 2025
(Unaudited)
    Year Ended October 31,  
  2024     2023     2022     2021     2020  

Net asset value, beginning of period

   $ 17.87     $ 14.58     $ 14.35     $ 17.24     $ 11.43     $ 12.49  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from investment operations:

            

Net investment income (loss) (e)

     0.08       0.17       0.14       0.10       0.13 (2)      0.07 (1) 

Net realized and unrealized gain (loss)

     (1.57     3.76       0.44       (1.84     5.75       (0.91
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

     (1.49     3.93       0.58       (1.74     5.88       (0.84
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Less distributions:

 

Dividends from net investment income

     (0.19     (0.15     (0.03     (0.29     (0.07     (0.07

Distributions from net realized gains

     (0.65     (0.49     (0.32     (0.86           (0.15
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total dividends and distributions

     (0.84     (0.64     (0.35     (1.15     (0.07     (0.22
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value, end of period

   $ 15.54     $ 17.87     $ 14.58     $ 14.35     $ 17.24     $ 11.43  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total return (b)

     (8.96 )%      27.32     4.11     (10.74 )%      51.57     (6.88 )% 
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratios/Supplemental Data:

 

Net assets, end of period (000’s)

   $   137,263     $   151,008     $   115,537     $   109,572     $   145,394     $ 84,537  

Ratio of expenses to average net assets:

            

After waivers (a)(f)

     0.95 %(j)      0.95 %(j)      0.95 %(j)      0.96 %(k)      0.99 %(o)      1.00 %(o) 

Before waivers (a)(f)

     1.21     1.22     1.28     1.25     1.17     1.33

Ratio of net investment income (loss) to average net assets:

            

After waivers (a)(f)

     0.96     1.02     0.91     0.68     0.76 %(bb)      0.64 %(aa) 

Before waivers (a)(f)

     0.69     0.74     0.57     0.40     0.59 %(bb)      0.31 %(aa) 

Portfolio turnover rate^

     4 %(z)      11     14     27     35     19

 

See Notes to Financial Statements.

 

34


1290 FUNDS

1290 GAMCO SMALL/MID CAP VALUE FUND

FINANCIAL HIGHLIGHTS (Continued)

 

 

 

Class R    Six Months Ended
April 30, 2025
(Unaudited)
    Year Ended October 31,  
  2024     2023     2022     2021     2020  

Net asset value, beginning of period

   $  17.62     $  14.39     $  14.20     $  17.07     $  11.33     $  12.38  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from investment operations:

            

Net investment income (loss) (e)

     0.04       0.09       0.06       0.03       0.05 (2)      0.02 (1) 

Net realized and unrealized gain (loss)

     (1.56     3.70       0.45       (1.82     5.70       (0.91
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

     (1.52     3.79       0.51       (1.79     5.75       (0.89
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Less distributions:

 

Dividends from net investment income

     (0.10     (0.07           (0.22     (0.01     (0.01

Distributions from net realized gains

     (0.65     (0.49     (0.32     (0.86           (0.15
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total dividends and distributions

     (0.75     (0.56     (0.32     (1.08     (0.01     (0.16
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value, end of period

   $ 15.35     $ 17.62     $ 14.39     $ 14.20     $ 17.07     $ 11.33  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total return (b)

     (9.19 )%      26.66     3.62     (11.17 )%      50.80     (7.31 )% 
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratios/Supplemental Data:

 

Net assets, end of period (000’s)

   $ 1,359     $ 1,427     $ 1,104     $ 1,022     $ 1,096     $ 685  

Ratio of expenses to average net assets:

            

After waivers (a)(f)

     1.45 %(j)      1.45 %(j)      1.45 %(j)      1.46 %(k)      1.49 %(o)      1.50 %(o) 

Before waivers (a)(f)

     1.72     1.72     1.78     1.76     1.67     1.83

Ratio of net investment income (loss) to average net assets:

            

After waivers (a)(f)

     0.46     0.51     0.41     0.17     0.28 %(bb)      0.15 %(aa) 

Before waivers (a)(f)

     0.19     0.24     0.08     (0.12 )%      0.11 %(bb)      (0.19 )%(aa) 

Portfolio turnover rate^

     4 %(z)      11     14     27     35     19
(1)

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

(2)

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

^

Portfolio turnover rate excludes derivatives, if any.

(a)

Ratios for periods less than one year are annualized.

(b)

Total returns for periods less than one year are not annualized.

(e)

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

(f)

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

(j)

Including direct and indirect expenses, the net expense ratio after waivers would be 1.20% for Class A, 0.95% for Class I and 1.45% for Class R.

(k)

Including direct and indirect expenses, the net expense ratio after waivers would be 1.21% for Class A, 0.96% for Class I and 1.46% for Class R.

(o)

Including direct and indirect expenses, the net expense ratio after waivers would be 1.25% for Class A, 1.00% for Class I and 1.50% for Class R.

(z)

Portfolio turnover rate for periods less than one year is not annualized.

(aa)

Includes income resulting from a special dividend. Without this dividend, the ratios for each class would have been 0.09% lower.

(bb)

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

 

See Notes to Financial Statements.

 

35


1290 FUNDS

1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS

April 30, 2025 (Unaudited)

 

     
     Principal
Amount
    Value
(Note 1)
 

LONG-TERM DEBT SECURITIES:

 

Corporate Bonds (94.7%)

 

Communication Services (10.0%)

 

 

Diversified Telecommunication Services (3.4%)

 

CCO Holdings LLC
5.500%, 5/1/26§

  $ 187,000     $ 186,065  

6.375%, 9/1/29 (x)§

    290,000       292,465  

4.750%, 2/1/32§

    386,000       346,501  

4.500%, 5/1/32

    426,000       378,075  

4.500%, 6/1/33 (x)§

    468,000       405,882  

Level 3 Financing, Inc.
4.500%, 4/1/30§

    372,000       308,760  

Windstream Escrow LLC
7.750%, 8/15/28

    250       3  

Windstream Services LLC
8.250%, 10/1/31§

    185,000       189,146  

Zayo Group Holdings, Inc.
4.000%, 3/1/27§

    436,000       401,081  

6.125%, 3/1/28§

    212,000       172,780  
   

 

 

 
      2,680,758  
   

 

 

 

Entertainment (0.2%)

 

Live Nation Entertainment, Inc.
6.500%, 5/15/27§

    186,000       188,100  
   

 

 

 

Media (6.4%)

 

CMG Media Corp.
8.875%, 6/18/29§

    242,778       212,431  

CSC Holdings LLC
11.750%, 1/31/29§

    400,000       377,000  

Gray Media, Inc.
10.500%, 7/15/29§

    143,000       146,218  

4.750%, 10/15/30§

    414,000       245,295  

5.375%, 11/15/31§

    100,000       59,375  

McGraw-Hill Education, Inc.
8.000%, 8/1/29§

    440,000       435,899  

Neptune Bidco US, Inc.
9.290%, 4/15/29§

    520,000       462,800  

Nexstar Media, Inc.
5.625%, 7/15/27§

    351,000       345,735  

Outfront Media Capital LLC
5.000%, 8/15/27§

    362,000       354,919  

Sinclair Television Group, Inc.
5.500%, 3/1/30§

    161,000       113,505  

8.125%, 2/15/33 (x)§

    120,000       118,093  

Sirius XM Radio LLC
3.125%, 9/1/26§

    374,000       362,690  

3.875%, 9/1/31 (x)§

    563,000       482,953  

Stagwell Global LLC
5.625%, 8/15/29§

    475,000       446,167  

TEGNA, Inc.
4.750%, 3/15/26§

    253,000       249,047  

Univision Communications, Inc.
8.500%, 7/31/31§

    444,000       419,802  

VZ Secured Financing BV
5.000%, 1/15/32§

    270,000       235,615  
   

 

 

 
      5,067,544  
   

 

 

 

Total Communication Services

      7,936,402  
   

 

 

 

Consumer Discretionary (17.2%)

 

 

Automobile Components (1.3%)

 

Clarios Global LP
8.500%, 5/15/27§

  228,000     228,855  

6.750%, 5/15/28§

    467,000       474,355  

6.750%, 2/15/30 (x)§

    74,000       75,018  

Forvia SE
8.000%, 6/15/30§

    250,000       248,100  
   

 

 

 
      1,026,328  
   

 

 

 

Broadline Retail (0.8%)

 

Getty Images, Inc.
9.750%, 3/1/27§

    604,000       594,940  
   

 

 

 

Distributors (1.9%)

 

RB Global Holdings, Inc.
6.750%, 3/15/28§

    396,000       402,831  

7.750%, 3/15/31§

    305,000       318,987  

Resideo Funding, Inc.
6.500%, 7/15/32 (x)§

    239,000       236,013  

Velocity Vehicle Group LLC
8.000%, 6/1/29§

    135,000       136,100  

Windsor Holdings III LLC
8.500%, 6/15/30 (x)§

    396,000       415,448  
   

 

 

 
      1,509,379  
   

 

 

 

Diversified Consumer Services (0.8%)

 

Belron UK Finance plc
5.750%, 10/15/29§

    200,000       199,910  

Service Corp. International
5.750%, 10/15/32

    182,000       179,725  

Wand NewCo 3, Inc.
7.625%, 1/30/32§

    283,000       290,409  
   

 

 

 
      670,044  
   

 

 

 

Hotels, Restaurants & Leisure (9.1%)

 

1011778 BC ULC
3.875%, 1/15/28§

    261,000       250,234  

5.625%, 9/15/29§

    276,000       274,244  

Caesars Entertainment, Inc.
7.000%, 2/15/30§

    937,000       955,740  

Carnival Corp.
7.000%, 8/15/29§

    426,000       444,288  

6.125%, 2/15/33§

    311,000       308,279  

CEC Entertainment LLC
6.750%, 5/1/26§

    166,000       162,768  

Churchill Downs, Inc.
5.750%, 4/1/30§

    397,000       386,206  

Flutter Treasury DAC
6.375%, 4/29/29 (x)§

    200,000       204,000  

Great Canadian Gaming Corp.
8.750%, 11/15/29§

    326,000       322,740  

Hilton Domestic Operating Co., Inc.
5.750%, 5/1/28§

    112,000       111,888  

3.625%, 2/15/32§

    282,000       248,868  

5.875%, 3/15/33§

    167,000       166,382  

MajorDrive Holdings IV LLC
6.375%, 6/1/29§

    224,000       163,240  

Marriott International, Inc.
5.350%, 3/15/35

    268,000       262,610  

NCL Corp. Ltd.
8.125%, 1/15/29§

    34,000       35,615  

6.750%, 2/1/32 (x)§

    240,000       234,600  

 

See Notes to Financial Statements.

 

36


1290 FUNDS

1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

 

     
     Principal
Amount
    Value
(Note 1)
 

Ontario Gaming GTA LP
8.000%, 8/1/30§

  $ 361,000     $ 347,441  

Royal Caribbean Cruises Ltd.
5.375%, 7/15/27§

    286,000       285,642  

6.000%, 2/1/33§

    712,000       712,000  

Scientific Games Holdings LP
6.625%, 3/1/30§

    269,000       255,550  

Six Flags Entertainment Corp.
6.625%, 5/1/32 (x)§

    314,000       316,754  

Station Casinos LLC
4.500%, 2/15/28§

    188,000       180,480  

4.625%, 12/1/31§

    150,000       135,576  

Wyndham Hotels & Resorts, Inc.
4.375%, 8/15/28§

    203,000       194,119  

Yum! Brands, Inc.
5.375%, 4/1/32(x)

    276,000       270,480  
   

 

 

 
      7,229,744  
   

 

 

 

Household Durables (0.3%)

 

Newell Brands, Inc.
6.625%, 5/15/32

    281,000       249,387  
   

 

 

 

Specialty Retail (1.6%)

 

Cougar JV Subsidiary LLC
8.000%, 5/15/32§

    105,000       108,697  

eG Global Finance plc
12.000%, 11/30/28§

    400,000       439,776  

LBM Acquisition LLC
6.250%, 1/15/29§

    256,000       223,667  

LCM Investments Holdings II LLC
4.875%, 5/1/29§

    218,000       205,579  

White Cap Buyer LLC
6.875%, 10/15/28§

    271,000       262,870  
   

 

 

 
      1,240,589  
   

 

 

 

Textiles, Apparel & Luxury Goods (1.4%)

 

Champ Acquisition Corp.
8.375%, 12/1/31§

    222,000       232,545  

Crocs, Inc.
4.125%, 8/15/31 (x)§

    192,000       167,760  

Hanesbrands, Inc.
9.000%, 2/15/31§

    326,000       337,410  

S&S Holdings LLC
8.375%, 10/1/31§

    402,000       378,382  
   

 

 

 
      1,116,097  
   

 

 

 

Total Consumer Discretionary

      13,636,508  
   

 

 

 

Consumer Staples (5.1%)

 

 

Beverages (0.3%)

 

Primo Water Holdings, Inc.
4.375%, 4/30/29§

    222,000       209,513  
   

 

 

 

Consumer Staples Distribution & Retail (1.1%)

 

Performance Food Group, Inc.
6.125%, 9/15/32§

    143,000       142,405  

United Natural Foods, Inc.
6.750%, 10/15/28§

    306,000       300,645  

US Foods, Inc.
4.625%, 6/1/30§

    222,000       211,511  

7.250%, 1/15/32 (x)§

    185,000       193,787  
   

 

 

 
      848,348  
   

 

 

 

Food Products (2.7%)

 

Darling Ingredients, Inc.
6.000%, 6/15/30 (x)§

  366,000     363,255  

Fiesta Purchaser, Inc.
7.875%, 3/1/31§

    153,000       160,268  

9.625%, 9/15/32§

    265,000       277,190  

Post Holdings, Inc.
5.500%, 12/15/29§

    74,000       72,613  

4.500%, 9/15/31§

    289,000       261,955  

6.250%, 10/15/34§

    207,000       205,251  

Sigma Holdco BV
7.875%, 5/15/26§

    200,000       197,750  

Simmons Foods, Inc.
4.625%, 3/1/29§

    158,000       146,545  

Viking Baked Goods Acquisition Corp.
8.625%, 11/1/31§

    503,000       476,743  
   

 

 

 
      2,161,570  
   

 

 

 

Household Products (0.3%)

 

Energizer Holdings, Inc.
4.750%, 6/15/28 (x)§

    272,000       261,528  
   

 

 

 

Personal Care Products (0.7%)

 

Herbalife Nutrition Ltd.
7.875%, 9/1/25§

    74,000       73,907  

Opal Bidco SAS
6.500%, 3/31/32§

    200,000       200,796  

Prestige Brands, Inc.
3.750%, 4/1/31§

    308,000       276,430  
   

 

 

 
      551,133  
   

 

 

 

Total Consumer Staples

      4,032,092  
   

 

 

 

Energy (8.6%)

 

 

Energy Equipment & Services (1.0%)

 

Aris Water Holdings LLC
7.250%, 4/1/30§

    484,000       478,555  

Transocean, Inc.
8.750%, 2/15/30§

    185,600       182,816  

8.500%, 5/15/31 (x)§

    156,000       120,427  
   

 

 

 
      781,798  
   

 

 

 

Oil, Gas & Consumable Fuels (7.6%)

 

Antero Resources Corp.
7.625%, 2/1/29§

    120,000       122,519  

Ascent Resources Utica Holdings LLC
6.625%, 10/15/32§

    224,000       221,249  

Blue Racer Midstream LLC
6.625%, 7/15/26§

    230,000       228,275  

7.250%, 7/15/32 (x)§

    193,000       197,242  

Chord Energy Corp.
6.750%, 3/15/33§

    319,000       309,405  

Crescent Energy Finance LLC
7.625%, 4/1/32§

    452,000       410,190  

Delek Logistics Partners LP
8.625%, 3/15/29§

    512,000       527,068  

Encino Acquisition Partners Holdings LLC
8.500%, 5/1/28§

    205,000       205,256  

Genesis Energy LP
7.750%, 2/1/28

    382,000       380,293  

7.875%, 5/15/32 (x)

    475,000       461,890  

Kinder Morgan, Inc.
4.800%, 2/1/33

    284,000       271,517  

 

See Notes to Financial Statements.

 

37


1290 FUNDS

1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

 

     
     Principal
Amount
    Value
(Note 1)
 

Kinetik Holdings LP
5.875%, 6/15/30§

  $ 479,000     $ 465,818  

NGL Energy Operating LLC
8.375%, 2/15/32§

    547,000       498,098  

NuStar Logistics LP
6.000%, 6/1/26

    175,000       174,988  

Permian Resources Operating LLC
5.875%, 7/1/29§

    151,000       147,690  

6.250%, 2/1/33§

    233,000       227,466  

Summit Midstream Holdings LLC
8.625%, 10/31/29§

    656,000       645,891  

Sunoco LP
4.500%, 4/30/30

    110,000       103,125  

7.250%, 5/1/32§

    204,000       211,395  

6.250%, 7/1/33§

    227,000       226,433  
   

 

 

 
      6,035,808  
   

 

 

 

Total Energy

      6,817,606  
   

 

 

 

Financials (5.9%)

 

 

Capital Markets (0.4%)

 

Aretec Group, Inc.
10.000%, 8/15/30§

    150,000       161,105  

MSCI, Inc.
3.250%, 8/15/33 (x)§

    186,000       158,843  
   

 

 

 
      319,948  
   

 

 

 

Consumer Finance (1.2%)

 

Bread Financial Holdings, Inc.
9.750%, 3/15/29§

    198,000       207,652  

Enova International, Inc.
9.125%, 8/1/29§

    309,000       315,245  

GGAM Finance Ltd.
8.000%, 2/15/27§

    199,000       203,975  

8.000%, 6/15/28§

    260,000       272,025  
   

 

 

 
      998,897  
   

 

 

 

Financial Services (2.4%)

 

Armor Holdco, Inc.
8.500%, 11/15/29§

    409,000       372,190  

Freedom Mortgage Corp.
12.000%, 10/1/28§

    186,000       198,609  

Freedom Mortgage Holdings LLC
9.250%, 2/1/29§

    232,000       236,060  

8.375%, 4/1/32§

    166,000       161,438  

Rocket Mortgage LLC
2.875%, 10/15/26§

    129,000       123,840  

Shift4 Payments LLC
4.625%, 11/1/26§

    335,000       329,138  

6.750%, 8/15/32§

    463,000       467,852  
   

 

 

 
      1,889,127  
   

 

 

 

Insurance (1.7%)

 

Acrisure LLC
8.250%, 2/1/29§

    453,000       462,626  

Alliant Holdings Intermediate LLC
6.750%, 10/15/27§

    196,000       195,265  

BroadStreet Partners, Inc.
5.875%, 4/15/29§

    222,000       213,881  

HUB International Ltd.
7.250%, 6/15/30§

    304,000       314,640  

Panther Escrow Issuer LLC
7.125%, 6/1/31§

  189,000     193,253  
   

 

 

 
      1,379,665  
   

 

 

 

Mortgage Real Estate Investment Trusts (REITs) (0.2%)

 

Starwood Property Trust, Inc. (REIT)
6.500%, 7/1/30§

    135,000       135,506  
   

 

 

 

Total Financials

      4,723,143  
   

 

 

 

Health Care (6.1%)

 

 

Health Care Equipment & Supplies (0.9%)

 

Medline Borrower LP
5.250%, 10/1/29§

    232,000       219,530  

Neogen Food Safety Corp.
8.625%, 7/20/30§

    323,000       324,615  

Varex Imaging Corp.
7.875%, 10/15/27 (x)§

    204,000       196,889  
   

 

 

 
      741,034  
   

 

 

 

Health Care Providers & Services (3.2%)

 

AdaptHealth LLC
5.125%, 3/1/30§

    229,000       204,405  

HealthEquity, Inc.
4.500%, 10/1/29§

    448,000       423,374  

Heartland Dental LLC
10.500%, 4/30/28 (x)§

    423,000       445,774  

Star Parent, Inc.
9.000%, 10/1/30§

    269,000       269,673  

Surgery Center Holdings, Inc.
7.250%, 4/15/32§

    374,000       373,181  

Tenet Healthcare Corp.
6.250%, 2/1/27

    270,000       269,665  

US Acute Care Solutions LLC
9.750%, 5/15/29§

    524,000       530,550  
   

 

 

 
      2,516,622  
   

 

 

 

Health Care Technology (1.1%)

 

IQVIA, Inc.
5.000%, 10/15/26§

    200,000       197,706  

5.000%, 5/15/27§

    260,000       256,646  

5.700%, 5/15/28

    200,000       203,121  

6.250%, 2/1/29

    219,000       227,346  
   

 

 

 
      884,819  
   

 

 

 

Pharmaceuticals (0.9%)

 

1261229 BC Ltd.
10.000%, 4/15/32§

    400,000       391,520  

Cheplapharm Arzneimittel GmbH
5.500%, 1/15/28§

    400,000       354,400  
   

 

 

 
      745,920  
   

 

 

 

Total Health Care

      4,888,395  
   

 

 

 

Industrials (16.5%)

 

 

Aerospace & Defense (0.6%)

 

Goat Holdco LLC
6.750%, 2/1/32§

    255,000       248,625  

Rolls-Royce plc
5.750%, 10/15/27§

    200,000       204,500  
   

 

 

 
      453,125  
   

 

 

 

 

See Notes to Financial Statements.

 

38


1290 FUNDS

1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

 

     
     Principal
Amount
    Value
(Note 1)
 

Building Products (2.1%)

 

Advanced Drainage Systems, Inc.
6.375%, 6/15/30§

  $ 164,000     $ 166,050  

AmeriTex HoldCo Intermediate LLC
10.250%, 10/15/28 (x)§

    473,000       486,007  

Camelot Return Merger Sub, Inc.
8.750%, 8/1/28§

    270,000       235,238  

EMRLD Borrower LP
6.625%, 12/15/30§

    363,000       367,494  

New Enterprise Stone & Lime Co., Inc.
5.250%, 7/15/28§

    158,000       152,470  

Standard Industries, Inc.
4.375%, 7/15/30§

    274,000       254,135  
   

 

 

 
      1,661,394  
   

 

 

 

Commercial Services & Supplies (5.4%)

 

ACCO Brands Corp.
4.250%, 3/15/29(x)§

    152,000       131,480  

ADT Security Corp. (The)
4.875%, 7/15/32 (x)§

    218,000       205,308  

Allied Universal Holdco LLC
9.750%, 7/15/27§

    394,000       394,985  

6.000%, 6/1/29§

    248,000       232,250  

7.875%, 2/15/31§

    150,000       153,235  

Aramark Services, Inc.
5.000%, 2/1/28§

    268,000       262,640  

Garda World Security Corp.
6.000%, 6/1/29 (x)§

    409,000       382,620  

8.250%, 8/1/32§

    153,000       149,557  

8.375%, 11/15/32§

    503,000       494,826  

Madison IAQ LLC
5.875%, 6/30/29 (x)§

    303,000       286,146  

Matthews International Corp.
8.625%, 10/1/27§

    254,000       262,890  

OPENLANE, Inc.
5.125%, 6/1/25§

    61,000       60,695  

Raven Acquisition Holdings LLC
6.875%, 11/15/31§

    344,000       336,119  

Veritiv Operating Co.
10.500%, 11/30/30§

    409,000       425,360  

Waste Pro USA, Inc.
7.000%, 2/1/33§

    147,000       150,050  

Williams Scotsman, Inc.
7.375%, 10/1/31§

    391,000       405,096  
   

 

 

 
      4,333,257  
   

 

 

 

Construction & Engineering (1.4%)

 

Arcosa, Inc.
6.875%, 8/15/32§

    213,000       217,462  

Brand Industrial Services, Inc.
10.375%, 8/1/30§

    260,000       246,025  

Dycom Industries, Inc.
4.500%, 4/15/29§

    243,000       228,420  

Pike Corp.
8.625%, 1/31/31§

    230,000       241,212  

Weekley Homes LLC
4.875%, 9/15/28§

    172,000       160,970  
   

 

 

 
      1,094,089  
   

 

 

 

Electrical Equipment (0.2%)

 

EnerSys
6.625%, 1/15/32§

    164,000       166,480  
   

 

 

 

Ground Transportation (2.4%)

 

EquipmentShare.com, Inc.
9.000%, 5/15/28§

  200,000     203,454  

8.625%, 5/15/32§

    93,000       94,628  

Genesee & Wyoming, Inc.
6.250%, 4/15/32§

    211,000       212,899  

NESCO Holdings II, Inc.
5.500%, 4/15/29§

    417,000       376,930  

RXO, Inc.
7.500%, 11/15/27§

    198,000       203,719  

Star Leasing Co. LLC
7.625%, 2/15/30§

    205,000       184,061  

Watco Cos. LLC
7.125%, 8/1/32§

    325,000       323,242  

XPO, Inc.
7.125%, 6/1/31§

    278,000       284,255  
   

 

 

 
      1,883,188  
   

 

 

 

Machinery (2.2%)

 

ATS Corp.
4.125%, 12/15/28§

    305,000       282,082  

Chart Industries, Inc.
7.500%, 1/1/30§

    653,000       677,487  

Hillenbrand, Inc.
6.250%, 2/15/29

    241,000       239,447  

3.750%, 3/1/31

    84,000       72,660  

Husky Injection Molding Systems Ltd.
9.000%, 2/15/29 (x)§

    264,000       268,039  

Terex Corp.
6.250%, 10/15/32§

    241,000       230,613  
   

 

 

 
      1,770,328  
   

 

 

 

Professional Services (0.5%)

 

Amentum Holdings, Inc.
7.250%, 8/1/32§

    153,000       155,104  

VT Topco, Inc.
8.500%, 8/15/30§

    212,000       221,540  
   

 

 

 
      376,644  
   

 

 

 

Trading Companies & Distributors (1.7%)

 

Beacon Roofing Supply, Inc.
6.750%, 4/30/32§

    169,000       169,583  

United Rentals North America, Inc.
6.000%, 12/15/29§

    252,000       255,150  

6.125%, 3/15/34 (x)§

    210,000       211,722  

WESCO Distribution, Inc.
7.250%, 6/15/28§

    341,000       344,308  

6.625%, 3/15/32§

    182,000       185,412  

6.375%, 3/15/33§

    199,000       200,741  
   

 

 

 
      1,366,916  
   

 

 

 

Total Industrials

      13,105,421  
   

 

 

 

Information Technology (11.6%)

 

 

Communications Equipment (0.5%)

 

CommScope LLC
8.250%, 3/1/27§

    206,000       186,945  

4.750%, 9/1/29 (x)§

    214,000       188,806  
   

 

 

 
      375,751  
   

 

 

 

 

See Notes to Financial Statements.

 

39


1290 FUNDS

1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

 

     
     Principal
Amount
    Value
(Note 1)
 

Electronic Equipment, Instruments & Components (0.2%)

 

Zebra Technologies Corp.
6.500%, 6/1/32§

  $ 162,000     $ 162,621  
   

 

 

 

IT Services (1.6%)

 

Ahead DB Holdings LLC
6.625%, 5/1/28§

    414,000       401,559  

Fortress Intermediate 3, Inc.
7.500%, 6/1/31 (x)§

    193,000       196,656  

ION Trading Technologies Sarl
5.750%, 5/15/28§

    400,000       360,000  

Unisys Corp.
6.875%, 11/1/27§

    348,000       334,856  
   

 

 

 
      1,293,071  
   

 

 

 

Software (8.9%)

 

ACI Worldwide, Inc.
5.750%, 8/15/26§

    437,000       434,815  

AthenaHealth Group, Inc.
6.500%, 2/15/30 (x)§

    512,000       489,600  

Camelot Finance SA
4.500%, 11/1/26§

    228,000       224,648  

Capstone Borrower, Inc.
8.000%, 6/15/30§

    251,000       256,334  

Central Parent, Inc.
7.250%, 6/15/29§

    164,000       141,040  

Clarivate Science Holdings Corp.
4.875%, 7/1/29§

    378,000       342,681  

Cloud Software Group, Inc.
6.500%, 3/31/29§

    163,000       163,000  

9.000%, 9/30/29§

    720,000       723,434  

Ellucian Holdings, Inc.
6.500%, 12/1/29§

    180,000       180,279  

Gen Digital, Inc.
7.125%, 9/30/30§

    251,000       258,373  

6.250%, 4/1/33§

    281,000       280,298  

Helios Software Holdings, Inc.
4.625%, 5/1/28§

    200,000       180,000  

8.750%, 5/1/29§

    200,000       194,750  

McAfee Corp.
7.375%, 2/15/30§

    584,000       502,748  

NCR Voyix Corp.
5.000%, 10/1/28§

    225,000       217,575  

5.125%, 4/15/29§

    101,000       96,136  

Open Text Corp.
6.900%, 12/1/27§

    258,000       262,822  

Open Text Holdings, Inc.
4.125%, 12/1/31§

    334,000       298,673  

Rocket Software, Inc.
6.500%, 2/15/29§

    292,000       274,845  

SS&C Technologies, Inc.
5.500%, 9/30/27§

    406,000       404,023  

6.500%, 6/1/32§

    335,000       338,768  

UKG, Inc.
6.875%, 2/1/31§

    162,000       166,293  

ZoomInfo Technologies LLC
3.875%, 2/1/29§

    698,000       640,415  
   

 

 

 
      7,071,550  
   

 

 

 

Technology Hardware, Storage & Peripherals (0.4%)

 

Dell International LLC
4.850%, 2/1/35

    296,000       278,770  
   

 

 

 

Total Information Technology

      9,181,763  
   

 

 

 

Materials (12.0%)

 

 

Chemicals (5.7%)

 

Avient Corp.
7.125%, 8/1/30§

  248,000     251,720  

Axalta Coating Systems LLC
4.750%, 6/15/27§

    178,000       175,330  

Celanese US Holdings LLC
6.750%, 4/15/33 (x)

    450,000       420,300  

6.950%, 11/15/33 (e)

    76,000       76,229  

HB Fuller Co.
4.250%, 10/15/28

    226,000       214,135  

Illuminate Buyer LLC
9.000%, 7/1/28§

    722,000       722,000  

INEOS Quattro Finance 2 plc
9.625%, 3/15/29§

    400,000       385,000  

Minerals Technologies, Inc.
5.000%, 7/1/28§

    508,000       488,315  

NOVA Chemicals Corp.
8.500%, 11/15/28§

    185,000       194,120  

7.000%, 12/1/31§

    115,000       118,916  

Nufarm Australia Ltd.
5.000%, 1/27/30§

    360,000       331,200  

Olympus Water US Holding Corp.
6.250%, 10/1/29 (x)§

    200,000       184,106  

7.250%, 6/15/31 (x)§

    354,000       353,115  

WR Grace Holdings LLC
5.625%, 8/15/29§

    684,000       603,630  
   

 

 

 
      4,518,116  
   

 

 

 

Containers & Packaging (5.5%)

 

Ardagh Metal Packaging Finance USA LLC
4.000%, 9/1/29§

    400,000       349,520  

Ardagh Packaging Finance plc
4.125%, 8/15/26 (x)§

    200,000       176,000  

Clydesdale Acquisition Holdings, Inc.
8.750%, 4/15/30§

    579,000       595,646  

6.750%, 4/15/32§

    166,000       169,531  

Graphic Packaging International LLC
6.375%, 7/15/32§

    156,000       156,390  

Intelligent Packaging Ltd. Finco, Inc.
6.000%, 9/15/28§

    298,000       295,324  

LABL, Inc.
10.500%, 7/15/27 (x)§

    244,000       218,380  

5.875%, 11/1/28§

    178,000       147,241  

8.625%, 10/1/31 (x)§

    270,000       220,725  

Mauser Packaging Solutions Holding Co.
7.875%, 4/15/27§

    285,000       285,219  

9.250%, 4/15/27§

    750,000       686,719  

Owens-Brockway Glass Container, Inc.
6.625%, 5/13/27§

    270,000       268,855  

7.250%, 5/15/31§

    250,000       248,308  

Sealed Air Corp.
6.125%, 2/1/28§

    153,000       153,678  

Trivium Packaging Finance BV
5.500%, 8/15/26(e)§

    400,000       395,000  
   

 

 

 
      4,366,536  
   

 

 

 

Metals & Mining (0.4%)

 

Kaiser Aluminum Corp.
4.500%, 6/1/31§

    212,000       189,740  

 

See Notes to Financial Statements.

 

40


1290 FUNDS

1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

 

     
     Principal
Amount
    Value
(Note 1)
 

Novelis Corp.
6.875%, 1/30/30 (x)§

  $ 118,000     $ 119,623  
   

 

 

 
      309,363  
   

 

 

 

Paper & Forest Products (0.4%)

 

Magnera Corp.
7.250%, 11/15/31 (x)§

    344,000       324,251  
   

 

 

 

Total Materials

      9,518,266  
   

 

 

 

Real Estate (1.7%)

 

 

Diversified REITs (0.2%)

 

VICI Properties LP (REIT)
4.250%, 12/1/26§

    204,000       201,947  
   

 

 

 

Hotel & Resort REITs (0.5%)

 

Park Intermediate Holdings LLC (REIT)
5.875%, 10/1/28§

    204,000       199,149  

Pebblebrook Hotel LP (REIT)
6.375%, 10/15/29 (x)§

    198,000       194,783  
   

 

 

 
      393,932  
   

 

 

 

Real Estate Management & Development (0.6%)

 

Cushman & Wakefield US Borrower LLC
6.750%, 5/15/28§

    280,000       281,414  

Greystar Real Estate Partners LLC
7.750%, 9/1/30 (x)§

    202,000       212,288  
   

 

 

 
      493,702  
   

 

 

 

Specialized REITs (0.4%)

 

Iron Mountain, Inc. (REIT)
5.000%, 7/15/28§

    300,000       291,906  
   

 

 

 

Total Real Estate

      1,381,487  
   

 

 

 

Total Corporate Bonds

      75,221,083  
   

 

 

 

Total Long-Term Debt Securities (94.7%)
(Cost $76,195,289)

      75,221,083  
   

 

 

 
     
     Number of
Shares
    Value
(Note 1)
 

SHORT-TERM INVESTMENTS:

 

 

Investment Companies (11.6%)

 

 

BlackRock Liquidity FedFund, Institutional Shares 4.22% (7 day yield) (xx)

    900,000       900,000  

Dreyfus Treasury Obligations Cash Management Fund 4.19% (7 day yield) (xx)

    900,000       900,000  

Invesco Government & Agency Portfolio, Institutional Shares 4.26% (7 day yield) (xx)

    5,414,185       5,414,185  

JPMorgan Prime Money Market Fund, IM Shares 4.49% (7 day yield)

    1,986,680       1,987,077  
   

 

 

 

Total Investment Companies

 

    9,201,262  
 

 

 

 

Total Short-Term Investments (11.6%)
(Cost $9,201,427)

 

    9,201,262  
   

 

 

 

Total Investments in Securities (106.3%)
(Cost $85,396,716)

 

    84,422,345  

Other Assets Less Liabilities (-6.3%)

 

    (5,023,508
 

 

 

 

Net Assets (100%)

    $  79,398,837  
   

 

 

 

 

§

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

(e)

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

(x)

All or a portion of security is on loan at April 30, 2025.

(xx)

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

 

  Glossary:

  REIT

— Real Estate Investment Trust

 

See Notes to Financial Statements.

 

41


1290 FUNDS

1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

 

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of April 30, 2025:

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

 

         
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

  $     $ 7,936,402     $     $ 7,936,402  

Consumer Discretionary

          13,636,508             13,636,508  

Consumer Staples

          4,032,092             4,032,092  

Energy

          6,817,606             6,817,606  

Financials

          4,723,143             4,723,143  

Health Care

          4,888,395             4,888,395  

Industrials

          13,105,421             13,105,421  

Information Technology

          9,181,763             9,181,763  

Materials

          9,518,266             9,518,266  

Real Estate

          1,381,487             1,381,487  

Short-Term Investments

       

Investment Companies

    9,201,262                   9,201,262  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Assets

  $ 9,201,262     $ 75,221,083     $     $ 84,422,345  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $  9,201,262     $  75,221,083     $     —     $  84,422,345  
 

 

 

   

 

 

   

 

 

   

 

 

 

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

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

 

Cost of Purchases:

 

Long-term investments other than U.S. government debt securities

  $ 16,719,636  

Net Proceeds of Sales and Redemptions:

 

Long-term investments other than U.S. government debt securities

  $  12,400,309  

As of April 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

 

Aggregate gross unrealized appreciation

  $ 848,083  

Aggregate gross unrealized depreciation

    (2,427,868
 

 

 

 

Net unrealized depreciation

  $ (1,579,785
 

 

 

 

Federal income tax cost of investments in securities and derivative instruments, if applicable

  $  86,002,130  
 

 

 

 

 

See Notes to Financial Statements.

 

42


1290 FUNDS

1290 HIGH YIELD BOND FUND

 

 

 

STATEMENT OF ASSETS AND LIABILITIES

April 30, 2025 (Unaudited)

 

ASSETS

 

Investments in Securities, at value (x)
(Cost $85,396,716)

  $ 84,422,345  

Cash

    895,000  

Dividends, interest and other receivables

    1,367,254  

Receivable for Fund shares sold

    92,952  

Prepaid registration and filing fees

    23,495  

Securities lending income receivable

    2,590  
 

 

 

 

Total assets

    86,803,636  
 

 

 

 

LIABILITIES

 

Payable for return of collateral on securities loaned

    7,214,185  

Payable for Fund shares repurchased

    65,384  

Dividends and distributions payable

    29,412  

Investment advisory fees payable

    15,198  

Transfer agent fees payable

    11,928  

Administrative fees payable

    9,702  

Distribution fees payable – Class A

    371  

Distribution fees payable – Class R

    222  

Accrued expenses

    58,397  
 

 

 

 

Total liabilities

    7,404,799  
 

 

 

 

Commitments and contingent liabilities^

 

NET ASSETS

  $ 79,398,837  
 

 

 

 

Net assets were comprised of:

 

Paid in capital

  $ 88,426,837  

Total distributable earnings (loss)

    (9,028,000
 

 

 

 

Net assets

  $ 79,398,837  
 

 

 

 

Class A

 

Net asset value and redemption price per share, $1,823,102 / 217,745 shares outstanding (unlimited amount authorized: $0.001 par value)

  $ 8.37  

Maximum sales charge (4.50% of offering price)

    0.39  
 

 

 

 

Maximum offering price per share

  $ 8.76  
 

 

 

 

Class I

 

Net asset value, offering and redemption price per share, $77,029,155 / 9,191,291 shares outstanding (unlimited amount authorized: $0.001 par value)

  $ 8.38  
 

 

 

 

Class R

 

Net asset value, offering and redemption price per share, $546,580 / 65,310 shares outstanding (unlimited amount authorized: $0.001 par value)

  $ 8.37  
 

 

 

 

 

(x)

Includes value of securities on loan of $7,040,061.

^

See Note 2 in Notes to the Financial Statements.

STATEMENT OF OPERATIONS

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

 

INVESTMENT INCOME

 

Interest

  $ 2,608,889  

Dividends

    50,007  

Securities lending (net)

    18,418  
 

 

 

 

Total income

    2,677,314  
 

 

 

 

EXPENSES

 

Investment advisory fees

    231,395  

Administrative fees

    57,850  

Transfer agent fees

    49,516  

Professional fees

    46,322  

Registration and filing fees

    18,509  

Printing and mailing expenses

    16,123  

Custodian fees

    4,747  

Distribution fees – Class A

    2,224  

Distribution fees – Class R

    1,332  

Trustees’ fees

    1,276  

Miscellaneous

    9,535  
 

 

 

 

Gross expenses

    438,829  

Less:   Waiver from investment adviser

    (146,049
 

 

 

 

Net expenses

    292,780  
 

 

 

 

NET INVESTMENT INCOME (LOSS)

    2,384,534  
 

 

 

 

REALIZED AND UNREALIZED GAIN (LOSS)

 

Net realized gain (loss) on investments in securities

    (397,846

Net change in unrealized appreciation (depreciation) on investments in securities

    (887,020
 

 

 

 

NET REALIZED AND UNREALIZED GAIN (LOSS)

    (1,284,866
 

 

 

 

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

  $ 1,099,668  
 

 

 

 

 

See Notes to Financial Statements.

 

43


1290 FUNDS

1290 HIGH YIELD BOND FUND

 

 

 

STATEMENT OF CHANGES IN NET ASSETS

 

    Six Months Ended
April 30, 2025
(Unaudited)
    Year Ended
October 31, 2024
 

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:

 

Net investment income (loss)

  $ 2,384,534     $ 4,372,086  

Net realized gain (loss)

    (397,846     (288,474

Net change in unrealized appreciation (depreciation)

    (887,020     5,884,149  
 

 

 

   

 

 

 

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

    1,099,668       9,967,761  
 

 

 

   

 

 

 

Distributions to shareholders:

   

Class A

    (54,425     (114,723

Class I

    (2,385,373     (4,221,829

Class R

    (15,601     (27,587

Class T**

          (6,931
 

 

 

   

 

 

 

Total distributions to shareholders

    (2,455,399     (4,371,070
 

 

 

   

 

 

 

Tax return of capital:

   

Class A

          (812

Class I

          (29,874

Class R

          (195

Class T**

          (49
 

 

 

   

 

 

 

Total tax return of capital

          (30,930
 

 

 

   

 

 

 

CAPITAL SHARES TRANSACTIONS:

   

Class A

   

Capital shares sold [ 12,870 and 43,566 shares, respectively ]

    109,247       363,458  

Capital shares issued in reinvestment of dividends [ 5,679 and 12,348 shares, respectively ]

    48,179       103,195  

Capital shares repurchased [ (9,310) and (80,347) shares, respectively ]

    (79,318     (672,951
 

 

 

   

 

 

 

Total Class A transactions

    78,108       (206,298
 

 

 

   

 

 

 

Class I

   

Capital shares sold [ 1,573,673 and 2,472,189 shares, respectively ]

    13,385,686       20,744,759  

Capital shares issued in reinvestment of dividends [ 260,402 and 466,309 shares, respectively ]

    2,210,945       3,905,745  

Capital shares repurchased [ (1,108,061) and (2,032,619) shares, respectively ]

    (9,397,584     (16,952,551
 

 

 

   

 

 

 

Total Class I transactions

    6,199,047       7,697,953  
 

 

 

   

 

 

 

Class R

   

Capital shares sold [ 5,073 and 17,430 shares, respectively ]

    42,988       145,785  

Capital shares issued in reinvestment of dividends [ 1,213 and 2,038 shares, respectively ]

    10,286       17,064  

Capital shares repurchased [ (2,212) and (5,262) shares, respectively ]

    (18,696     (43,763
 

 

 

   

 

 

 

Total Class R transactions

    34,578       119,086  
 

 

 

   

 

 

 

Class T**

   

Capital shares repurchased [ 0 and (14,192) shares ]

          (121,901
 

 

 

   

 

 

 

Total Class T transactions

          (121,901
 

 

 

   

 

 

 

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS

    6,311,733       7,488,840  
 

 

 

   

 

 

 

TOTAL INCREASE (DECREASE) IN NET ASSETS

    4,956,002       13,054,601  

NET ASSETS:

 

Beginning of period

    74,442,835       61,388,234  
 

 

 

   

 

 

 

End of period

  $ 79,398,837     $ 74,442,835  
 
 

 

 

   

 

 

 

**   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.

 

44


1290 FUNDS

1290 HIGH YIELD BOND FUND

FINANCIAL HIGHLIGHTS

 

 
     Six Months Ended
April 30, 2025
(Unaudited)
    Year Ended October 31,  

Class A

  2024     2023     2022     2021     2020  

Net asset value, beginning of period

   $ 8.51     $ 7.81     $ 7.95     $ 9.24     $ 9.01     $ 9.06  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from investment operations:

            

Net investment income (loss) (e)

     0.25       0.51       0.47       0.40       0.39       0.44  

Net realized and unrealized gain (loss)

     (0.13     0.71       (0.13     (1.27     0.26       (0.03
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

     0.12       1.22       0.34       (0.87     0.65       0.41  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Less distributions:

 

Dividends from net investment income

     (0.26     (0.52     (0.48     (0.40     (0.42     (0.46

Return of capital

                   (0.02          
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total dividends and distributions

     (0.26     (0.52     (0.48     (0.42     (0.42     (0.46
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value, end of period

   $ 8.37     $ 8.51     $ 7.81     $ 7.95     $ 9.24     $ 9.01  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total return (b)

     1.37     15.90     4.30     (9.60 )%      7.27     4.72
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratios/Supplemental Data:

 

Net assets, end of period (000’s)

   $  1,823     $  1,775     $  1,819     $  1,844     $  2,145     $  2,115  

Ratio of expenses to average net assets:

            

After waivers and reimbursements (a)(f)

     1.00     1.00     1.00     1.00     1.00     1.00

Before waivers and reimbursements (a)(f)

     1.38     1.43     1.50     1.43     1.44     1.68

Ratio of net investment income (loss) to average net assets:

            

After waivers and reimbursements (a)(f)

     5.94     6.15     5.83     4.61     4.24     4.97

Before waivers and reimbursements (a)(f)

     5.56     5.72     5.33     4.18     3.80     4.29

Portfolio turnover rate^

     17 %(z)      35     35     43     39     59

 

     Six Months Ended
April 30, 2025
(Unaudited)
    Year Ended October 31,  

Class I

  2024     2023     2022     2021     2020  

Net asset value, beginning of period

   $ 8.52     $ 7.82     $ 7.95     $ 9.25     $ 9.01     $ 9.06  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from investment operations:

            

Net investment income (loss) (e)

     0.26       0.54       0.49       0.42       0.42       0.47  

Net realized and unrealized gain (loss)

     (0.13     0.70       (0.12     (1.28     0.26       (0.04
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

     0.13       1.24       0.37       (0.86     0.68       0.43  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Less distributions:

 

Dividends from net investment income

     (0.27     (0.54     (0.50     (0.42     (0.44     (0.48

Return of capital

                   (0.02          
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total dividends and distributions

     (0.27     (0.54     (0.50     (0.44     (0.44     (0.48
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value, end of period

   $ 8.38     $ 8.52     $ 7.82     $ 7.95     $ 9.25     $ 9.01  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total return (b)

     1.50     16.17     4.69     (9.47 )%      7.65     4.98
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratios/Supplemental Data:

 

Net assets, end of period (000’s)

   $  77,029     $  72,146     $  59,091     $  53,821     $  66,473     $  42,159  

Ratio of expenses to average net assets:

            

After waivers and reimbursements (a)(f)

     0.75     0.75     0.75     0.75     0.75     0.75

Before waivers and reimbursements (a)(f)

     1.13     1.18     1.26     1.18     1.18     1.43

Ratio of net investment income (loss) to average net assets:

            

After waivers and reimbursements (a)(f)

     6.19     6.39     6.09     4.84     4.47     5.22

Before waivers and reimbursements (a)(f)

     5.81     5.96     5.58     4.42     4.04     4.54

Portfolio turnover rate^

     17 %(z)      35     35     43     39     59

 

See Notes to Financial Statements.

 

45


1290 FUNDS

1290 HIGH YIELD BOND FUND

FINANCIAL HIGHLIGHTS (Continued)

 

 

 

     Six Months Ended
April 30, 2025
(Unaudited)
    Year Ended October 31,  
Class R   2024      2023      2022      2021      2020  

Net asset value, beginning of period

   $ 8.51     $ 7.81      $ 7.95      $ 9.23      $ 9.00      $ 9.05  
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Income (loss) from investment operations:

                

Net investment income (loss) (e)

     0.24       0.49        0.45        0.37        0.37        0.42  

Net realized and unrealized gain (loss)

     (0.13     0.71        (0.13      (1.25      0.25        (0.03
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total from investment operations

     0.11       1.20        0.32        (0.88      0.62        0.39  
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Less distributions:

 

Dividends from net investment income

     (0.25     (0.50      (0.46      (0.38      (0.39      (0.44

Return of capital

                     (0.02            
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total dividends and distributions

     (0.25     (0.50      (0.46      (0.40      (0.39      (0.44
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net asset value, end of period

   $ 8.37     $ 8.51      $ 7.81      $ 7.95      $ 9.23      $ 9.00  
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total return (b)

     1.25     15.61      4.04      (9.72 )%       7.01      4.46
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Ratios/Supplemental Data:

 

Net assets, end of period (000’s)

   $  547     $  521      $  367      $  375      $  708      $  638  

Ratio of expenses to average net assets:

                

After waivers and reimbursements (a)(f)

     1.25     1.25      1.25      1.25      1.25      1.25

Before waivers and reimbursements (a)(f)

     1.63     1.68      1.76      1.67      1.69      1.92

Ratio of net investment income (loss) to average net assets:

                

After waivers and reimbursements (a)(f)

     5.69     5.89      5.59      4.29      3.98      4.69

Before waivers and reimbursements (a)(f)

     5.31     5.46      5.08      3.87      3.54      4.01

Portfolio turnover rate^

     17 %(z)      35      35      43      39      59
#

Per share amount is less than $0.005.

^

Portfolio turnover rate excludes derivatives, if any.

(a)

Ratios for periods less than one year are annualized.

(b)

Total returns for periods less than one year are not annualized.

(e)

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

(f)

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

(z)

Portfolio turnover rate for periods less than one year is not annualized.

 

See Notes to Financial Statements.

 

46


1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS

April 30, 2025 (Unaudited)

 

     
     Principal
Amount
   

Value

(Note 1)

 

LONG-TERM DEBT SECURITIES:

 

Asset-Backed Securities (1.8%)

 

Battalion CLO XVI Ltd.,

   

Series 2019-16A BR2
6.019%, 1/20/38(l)§

  $ 390,000     $ 385,849  

Magnetite XXVII Ltd.,

   

Series 2020-27A AR
5.671%, 10/20/34(l)§

    335,000       335,123  

OHA Credit Funding 8 Ltd.,

   

Series 2021-8A CR
6.019%, 1/20/38(l)§

    320,000       316,598  

Sound Point CLO XXVII Ltd.,

   

Series 2020-2A AR
5.723%, 10/25/34(l)§

    340,000       339,078  
   

 

 

 

Total Asset-Backed Securities

      1,376,648  
   

 

 

 

Convertible Bond (0.1%)

 

Industrials (0.1%)

 

 

Electrical Equipment (0.1%)

 

Stem, Inc.
0.500%, 12/1/28§

    245,000       59,413  
   

 

 

 

Total Industrials

      59,413  
   

 

 

 

Total Convertible Bond

      59,413  
   

 

 

 

Corporate Bonds (38.8%)

 

Communication Services (3.9%)

 

 

Diversified Telecommunication Services (0.9%)

 

CCO Holdings LLC
4.500%, 5/1/32

    84,000       74,550  

4.250%, 1/15/34§

    104,000       87,256  

Frontier Communications Holdings LLC
6.750%, 5/1/29§

    232,000       232,580  

6.000%, 1/15/30§

    16,000       16,065  

Level 3 Financing, Inc.
4.875%, 6/15/29§

    179,152       155,862  

10.750%, 12/15/30§

    14,011       15,500  

Telecom Italia Capital SA
7.200%, 7/18/36

    16,000       16,390  

7.721%, 6/4/38

    103,000       107,120  
   

 

 

 
      705,323  
   

 

 

 

Entertainment (0.5%)

 

Live Nation Entertainment, Inc.
3.750%, 1/15/28§

    216,000       206,265  

ROBLOX Corp.
3.875%, 5/1/30§

    195,000       180,373  
   

 

 

 
      386,638  
   

 

 

 

Interactive Media & Services (0.6%)

 

Alphabet, Inc.
5.250%, 5/15/55

    425,000       423,141  
   

 

 

 

Media (1.2%)

 

Directv Financing LLC
8.875%, 2/1/30§

    145,000       138,330  

10.000%, 2/15/31§

    217,000       205,043  

DISH Network Corp.
11.750%, 11/15/27§

    183,000       191,693  

EchoStar Corp.
10.750%, 11/30/29

    120,034       126,936  

GCI LLC
4.750%, 10/15/28§

  33,000     31,208  

Scripps Escrow II, Inc.
3.875%, 1/15/29(x)§

    103,000       78,483  

TEGNA, Inc.
5.000%, 9/15/29

    197,000       182,779  
   

 

 

 
      954,472  
   

 

 

 

Wireless Telecommunication Services (0.7%)

 

Millicom International Cellular SA
4.500%, 4/27/31(m)

    245,000       218,221  

T-Mobile USA, Inc.
5.150%, 4/15/34(x)

    155,000       154,987  

4.700%, 1/15/35

    170,000       162,297  
   

 

 

 
      535,505  
   

 

 

 

Total Communication Services

      3,005,079  
   

 

 

 

Consumer Discretionary (4.2%)

 

 

Automobile Components (0.8%)

 

Allison Transmission, Inc.
3.750%, 1/30/31§

    216,000       193,050  

Garrett Motion Holdings, Inc.
7.750%, 5/31/32§

    80,000       80,153  

Patrick Industries, Inc.
4.750%, 5/1/29§

    198,000       188,041  

Phinia, Inc.
6.750%, 4/15/29§

    153,000       154,828  
   

 

 

 
      616,072  
   

 

 

 

Automobiles (0.2%)

 

Stellantis Finance US, Inc.
6.450%, 3/18/35§

    200,000       195,326  
   

 

 

 

Broadline Retail (0.7%)

 

Go Daddy Operating Co. LLC
3.500%, 3/1/29§

    71,000       66,020  

GrubHub Holdings, Inc.
5.500%, 7/1/27§

    96,000       85,920  

Nordstrom, Inc.
4.375%, 4/1/30

    24,000       21,240  

5.000%, 1/15/44

    121,000       84,430  

Rakuten Group, Inc.
9.750%, 4/15/29§

    200,000       211,340  

Saks Global Enterprises LLC
11.000%, 12/15/29§

    73,000       44,016  

Wayfair LLC
7.750%, 9/15/30§

    17,000       15,486  
   

 

 

 
      528,452  
   

 

 

 

Distributors (0.2%)

 

RB Global Holdings, Inc.
6.750%, 3/15/28§

    179,000       182,088  
   

 

 

 

Diversified Consumer Services (0.3%)

 

Adtalem Global Education, Inc.
5.500%, 3/1/28§

    173,000       169,972  

StoneMor, Inc.
8.500%, 5/15/29§

    44,000       39,600  
   

 

 

 
      209,572  
   

 

 

 

 

See Notes to Financial Statements.

 

47


1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

 

     
     Principal
Amount
   

Value

(Note 1)

 

Hotels, Restaurants & Leisure (1.3%)

 

1011778 BC ULC
3.500%, 2/15/29§

  $ 17,000     $ 15,897  

Brinker International, Inc.
8.250%, 7/15/30§

    81,000       84,746  

Hilton Domestic Operating Co., Inc.
5.875%, 4/1/29§

    230,000       231,725  

3.750%, 5/1/29§

    17,000       15,961  

Hyatt Hotels Corp.
5.750%, 3/30/32

    70,000       70,026  

Life Time, Inc.
6.000%, 11/15/31§

    30,000       29,925  

Royal Caribbean Cruises Ltd.
5.625%, 9/30/31§

    274,000       272,153  

Sabre GLBL, Inc.
8.625%, 6/1/27(x)§

    100,000       95,875  

Wyndham Hotels & Resorts, Inc.
4.375%, 8/15/28§

    184,000       175,950  
   

 

 

 
      992,258  
   

 

 

 

Household Durables (0.4%)

 

Somnigroup International, Inc.
4.000%, 4/15/29§

    199,000       184,877  

Taylor Morrison Communities, Inc.
5.875%, 6/15/27§

    178,000       178,931  
   

 

 

 
      363,808  
   

 

 

 

Specialty Retail (0.3%)

 

Evergreen Acqco 1 LP
9.750%, 4/26/28§

    85,000       87,231  

Michaels Cos., Inc. (The)
5.250%, 5/1/28§

    80,000       43,200  

Victoria’s Secret & Co.
4.625%, 7/15/29§

    100,000       87,000  
   

 

 

 
      217,431  
   

 

 

 

Total Consumer Discretionary

      3,305,007  
   

 

 

 

Consumer Staples (1.1%)

 

 

Consumer Staples Distribution & Retail (0.8%)

 

Albertsons Cos., Inc.
6.250%, 3/15/33§

    76,000       76,859  

Walgreens Boots Alliance, Inc.
8.125%, 8/15/29

    131,000       136,270  

Walmart, Inc.
4.900%, 4/28/35

    365,000       367,054  
   

 

 

 
      580,183  
   

 

 

 

Food Products (0.2%)

 

B&G Foods, Inc.
8.000%, 9/15/28§

    100,000       99,205  

JBS USA LUX Sarl
5.950%, 4/20/35§

    75,000       77,163  
   

 

 

 
      176,368  
   

 

 

 

Household Products (0.0%)†

 

Central Garden & Pet Co.
4.125%, 10/15/30

    18,000       16,403  
   

 

 

 

Personal Care Products (0.1%)

 

Edgewell Personal Care Co.
4.125%, 4/1/29§

  17,000     15,810  

Prestige Brands, Inc.
5.125%, 1/15/28§

    95,000       93,575  
   

 

 

 
      109,385  
   

 

 

 

Total Consumer Staples

      882,339  
   

 

 

 

Energy (3.1%)

 

 

Energy Equipment & Services (0.3%)

 

Aris Water Holdings LLC
7.250%, 4/1/30§

    44,000       43,505  

Enerflex Ltd.
9.000%, 10/15/27§

    167,000       170,262  

USA Compression Partners LP
7.125%, 3/15/29§

    16,000       16,140  
   

 

 

 
      229,907  
   

 

 

 

Oil, Gas & Consumable Fuels (2.8%)

 

DT Midstream, Inc.
4.125%, 6/15/29§

    125,000       117,240  

4.375%, 6/15/31(x)§

    76,000       69,899  

Energy Transfer LP
5.700%, 4/1/35(x)

    120,000       118,401  

Exxon Mobil Corp.
3.095%, 8/16/49

    225,000       149,506  

Genesis Energy LP
8.000%, 5/15/33

    120,000       116,400  

Gulfport Energy Operating Corp.
6.750%, 9/1/29§

    167,000       164,077  

Hess Midstream Operations LP
5.875%, 3/1/28§

    192,000       192,392  

4.250%, 2/15/30§

    300,000       281,628  

NuStar Logistics LP
6.000%, 6/1/26

    175,000       174,988  

Raizen Fuels Finance SA
6.700%, 2/25/37§

    375,000       367,425  

Saudi Arabian Oil Co.
5.750%, 7/17/54§

    275,000       256,435  

Summit Midstream Holdings LLC
8.625%, 10/31/29§

    91,000       89,598  

TransMontaigne Partners LLC
8.500%, 6/15/30§

    26,000       26,171  

Western Midstream Operating LP
6.150%, 4/1/33

    20,000       20,176  
   

 

 

 
      2,144,336  
   

 

 

 

Total Energy

      2,374,243  
   

 

 

 

Financials (13.5%)

 

 

Banks (5.3%)

 

Banco Bilbao Vizcaya Argentaria SA
5.381%, 3/13/29

    200,000       204,824  

(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.25%), 7.750%, 1/14/32(k)(y)

    400,000       394,002  

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       203,630  

 

See Notes to Financial Statements.

 

48


1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

 

     
     Principal
Amount
   

Value

(Note 1)

 

Bank of America Corp.

   

(SOFR + 1.91%),
5.425%, 8/15/35(k)

  $ 350,000     $ 341,160  

Barclays plc

   

(SOFR + 3.57%),
7.119%, 6/27/34(k)

    265,000       282,592  

BBVA Mexico SA Institucion de Banca Multiple Grupo Financiero BBVA Mexico

   

(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.38%),
7.625%, 2/11/35(k)§

    200,000       201,300  

BNP Paribas SA

   

(SOFR + 1.88%),
5.738%, 2/20/35(k)(x)§

    220,000       224,617  

Credit Agricole SA

   

(ICE IBA - USD SOFR ICE Swap
Rate 5 Year + 3.60%),
6.700%, 9/23/34(k)(y)§

    365,000       345,131  

HSBC Holdings plc

   

(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.64%),
6.950%, 8/27/31(k)(y)

    380,000       370,975  

(SOFR + 3.02%),
7.399%, 11/13/34(k)

    270,000       295,072  

Intesa Sanpaolo SpA

   

(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.90%),
7.778%, 6/20/54(k)§

    265,000       283,425  

JPMorgan Chase & Co.

   

(SOFR + 1.32%),
5.502%, 1/24/36(k)

    90,000       91,421  

(SOFR + 1.68%),
5.572%, 4/22/36(k)

    200,000       203,133  

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       206,250  

Societe Generale SA

   

(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.95%),
7.132%, 1/19/55(k)§

    200,000       194,423  

UniCredit SpA

   

(USD ICE Swap Rate 5 Year + 4.91%),
7.296%, 4/2/34(k)§

    240,000       251,100  
   

 

 

 
      4,093,055  
   

 

 

 

Capital Markets (4.3%)

 

Antares Holdings LP
6.350%, 10/23/29§

    250,000       249,227  

Aretec Group, Inc.
7.500%, 4/1/29§

    86,000       83,958  

Bain Capital Specialty Finance, Inc.
5.950%, 3/15/30

    90,000       87,756  

BGC Group, Inc.
4.375%, 12/15/25

  345,000     343,968  

Blue Owl Capital Corp.
5.950%, 3/15/29

    180,000       178,326  

Blue Owl Capital Corp.
II
8.450%, 11/15/26

    70,000       72,916  

Citadel LP
6.375%, 1/23/32§

    55,000       56,306  

Deutsche Bank AG

   

(SOFR + 3.65%),
7.079%, 2/10/34(k)

    200,000       208,517  

Goldman Sachs Group, Inc. (The)

   

(SOFR + 1.21%),
5.049%, 7/23/30(k)

    270,000       272,731  

Series X

   

(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.81%),
7.500%, 5/10/29(k)(y)

    300,000       305,625  

Jane Street Group
7.125%, 4/30/31§

    183,000       188,604  

6.750%, 5/1/33§

    57,000       57,298  

LPL Holdings, Inc.
5.150%, 6/15/30

    225,000       225,379  

Marex Group plc
6.404%, 11/4/29

    115,000       117,278  

Morgan Stanley

   

(SOFR + 1.56%),
5.320%, 7/19/35(k)

    160,000       158,319  

Sixth Street Lending Partners
6.125%, 7/15/30§

    105,000       105,168  

UBS Group AG

   

(ICE IBA - USD SOFR ICE Swap Rate 5 Year + 3.08%),
7.000%, 2/10/30(k)(y)§

    310,000       299,963  

(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.76%),
9.250%, 11/13/33(k)(y)§

    270,000       301,388  

VFH Parent LLC
7.500%, 6/15/31§

    72,000       73,710  
   

 

 

 
      3,386,437  
   

 

 

 

Consumer Finance (1.9%)

 

AerCap Ireland Capital DAC
4.625%, 9/10/29

    150,000       148,506  

Azorra Finance Ltd.
7.750%, 4/15/30§

    16,000       15,861  

Bread Financial Holdings, Inc.
9.750%, 3/15/29§

    163,000       170,946  

Capital One Financial Corp.

   

(SOFR + 2.04%),
6.183%, 1/30/36(k)

    260,000       255,760  

Enova International, Inc.
11.250%, 12/15/28§

    73,000       77,437  

EZCORP, Inc.
7.375%, 4/1/32§

    163,000       170,570  

Global Aircraft Leasing Co. Ltd.
8.750%, 9/1/27§

    174,000       172,695  

goeasy Ltd.
7.375%, 10/1/30§

    146,000       143,445  

 

See Notes to Financial Statements.

 

49


1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

 

     
     Principal
Amount
   

Value

(Note 1)

 

Synchrony Financial

   

(United States SOFR Compounded Index + 2.13%),
5.935%, 8/2/30(k)

  $ 65,000     $ 65,685  

(SOFR + 1.68%),
5.450%, 3/6/31(k)

    65,000       64,594  

7.250%, 2/2/33

    122,000       124,078  

TrueNoord Capital DAC
8.750%, 3/1/30§

    61,000       62,130  
   

 

 

 
      1,471,707  
   

 

 

 

Financial Services (0.3%)

 

Armor Holdco, Inc.
8.500%, 11/15/29§

    34,000       30,940  

Freedom Mortgage Holdings LLC
9.250%, 2/1/29§

    141,000       143,468  

Planet Financial Group LLC
10.500%, 12/15/29§

    75,000       73,890  
   

 

 

 
      248,298  
   

 

 

 

Insurance (1.2%)

 

200 Park Funding Trust
5.740%, 2/15/55§

    210,000       203,654  

Allianz SE

   

(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.23%),
6.350%, 9/6/53(k)§

    200,000       205,000  

APH Somerset Investor 2 LLC
7.875%, 11/1/29§

    152,000       148,390  

HUB International Ltd.
7.375%, 1/31/32§

    141,000       145,198  

Liberty Mutual Group, Inc.
4.300%, 2/1/61§

    230,000       141,737  

Panther Escrow Issuer LLC
7.125%, 6/1/31§

    17,000       17,383  

USI, Inc.
7.500%, 1/15/32§

    36,000       37,080  
   

 

 

 
      898,442  
   

 

 

 

Mortgage Real Estate Investment Trusts (REITs) (0.5%)

 

Apollo Commercial Real Estate Finance, Inc.
(REIT) 4.625%, 6/15/29§

    104,000       96,041  

Blackstone Mortgage Trust, Inc.
(REIT) 7.750%, 12/1/29§

    91,000       94,071  

Starwood Property Trust, Inc.
(REIT) 6.500%, 7/1/30§

    145,000       145,544  

6.500%, 10/15/30§

    53,000       53,397  
   

 

 

 
      389,053  
   

 

 

 

Total Financials

      10,486,992  
   

 

 

 

Health Care (0.8%)

 

 

Biotechnology (0.0%)†

 

Emergent BioSolutions, Inc.
3.875%, 8/15/28§

    52,000       33,329  
   

 

 

 

Health Care Providers & Services (0.4%)

 

DaVita, Inc.
4.625%, 6/1/30§

    235,000       217,257  

Encompass Health Corp.
4.625%, 4/1/31

    46,000       43,571  

MPH Acquisition Holdings LLC
5.750%, 12/31/30§

  64,006     49,925  

Pediatrix Medical Group, Inc.
5.375%, 2/15/30§

    17,000       16,402  

Surgery Center Holdings, Inc.
7.250%, 4/15/32§

    16,000       15,965  
   

 

 

 
      343,120  
   

 

 

 

Pharmaceuticals (0.4%)

 

Bausch Health Cos., Inc.
4.875%, 6/1/28§

    255,000       207,098  

HLF Financing Sarl LLC
12.250%, 4/15/29§

    34,000       36,111  

4.875%, 6/1/29§

    102,000       78,412  
   

 

 

 
      321,621  
   

 

 

 

Total Health Care

      698,070  
   

 

 

 

Industrials (4.1%)

 

 

Aerospace & Defense (0.7%)

 

Axon Enterprise, Inc.
6.125%, 3/15/30§

    40,000       40,612  

Boeing Co. (The)
6.388%, 5/1/31

    25,000       26,571  

Bombardier, Inc.
7.450%, 5/1/34§

    100,000       104,819  

General Dynamics Corp.
4.950%, 8/15/35

    55,000       55,021  

Moog, Inc.
4.250%, 12/15/27§

    162,000       155,784  

Spirit AeroSystems, Inc.
4.600%, 6/15/28

    134,000       129,304  
   

 

 

 
      512,111  
   

 

 

 

Air Freight & Logistics (0.1%)

 

Rand Parent LLC
8.500%, 2/15/30(x)§

    102,000       94,962  
   

 

 

 

Commercial Services & Supplies (1.0%)

 

Deluxe Corp.
8.125%, 9/15/29§

    175,000       174,563  

Enviri Corp.
5.750%, 7/31/27§

    77,000       73,920  

Garda World Security Corp.
8.250%, 8/1/32§

    107,000       104,592  

Interface, Inc.
5.500%, 12/1/28§

    64,000       62,080  

Madison IAQ LLC
5.875%, 6/30/29(x)§

    100,000       94,438  

Pitney Bowes, Inc.
6.875%, 3/15/27§

    79,000       78,643  

Republic Services, Inc.
5.000%, 4/1/34

    50,000       50,199  

Rollins, Inc.
5.250%, 2/24/35§

    35,000       34,725  

Wrangler Holdco Corp.
6.625%, 4/1/32§

    70,000       71,575  
   

 

 

 
      744,735  
   

 

 

 

Construction & Engineering (0.2%)

 

Brand Industrial Services, Inc.
10.375%, 8/1/30§

    91,000       86,109  

 

See Notes to Financial Statements.

 

50


1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

 

     
     Principal
Amount
   

Value

(Note 1)

 

Great Lakes Dredge & Dock Corp.
5.250%, 6/1/29§

  $ 17,000     $ 15,513  

Tutor Perini Corp.
11.875%, 4/30/29§

    42,000       45,202  
   

 

 

 
      146,824  
   

 

 

 

Ground Transportation (0.1%)

 

Avis Budget Car Rental LLC
5.375%, 3/1/29§

    131,000       120,875  
   

 

 

 

Machinery (0.5%)

 

Deere & Co.
5.700%, 1/19/55

    85,000       86,821  

Mueller Water Products, Inc.
4.000%, 6/15/29§

    186,000       173,902  

SPX FLOW, Inc.
8.750%, 4/1/30§

    40,000       40,298  

Titan International, Inc.
7.000%, 4/30/28

    94,000       92,590  
   

 

 

 
      393,611  
   

 

 

 

Passenger Airlines (0.8%)

 

Allegiant Travel Co.
7.250%, 8/15/27§

    170,000       157,037  

JetBlue Airways Corp.
9.875%, 9/20/31§

    93,000       84,863  

Mileage Plus Holdings LLC
6.500%, 6/20/27§

    119,250       119,223  

United Airlines, Inc.
4.625%, 4/15/29§

    228,000       214,320  

VistaJet Malta Finance plc
7.875%, 5/1/27§

    90,000       87,300  
   

 

 

 
      662,743  
   

 

 

 

Professional Services (0.5%)

 

Paychex, Inc.
5.350%, 4/15/32

    350,000       354,927  
   

 

 

 

Trading Companies & Distributors (0.2%)

 

Alta Equipment Group, Inc.
9.000%, 6/1/29§

    75,000       63,071  

Beacon Roofing Supply, Inc.
6.750%, 4/30/32§

    78,000       78,269  
   

 

 

 
      141,340  
   

 

 

 

Total Industrials

      3,172,128  
   

 

 

 

Information Technology (2.6%)

 

 

Communications Equipment (0.6%)

 

Ciena Corp.
4.000%, 1/31/30(x)§

    179,000       164,904  

CommScope LLC
4.750%, 9/1/29§

    144,000       127,047  

Viavi Solutions, Inc.
3.750%, 10/1/29(x)§

    188,000       171,804  
   

 

 

 
      463,755  
   

 

 

 

Electronic Equipment, Instruments & Components (0.2%)

 

Jabil, Inc.
5.450%, 2/1/29

    25,000       25,330  

TTM Technologies, Inc.
4.000%, 3/1/29§

    175,000       162,531  
   

 

 

 
      187,861  
   

 

 

 

IT Services (0.4%)

 

Arches Buyer, Inc.
6.125%, 12/1/28§

  98,000     87,710  

Newfold Digital Holdings Group, Inc.
11.750%, 10/15/28§

    43,000       26,230  

Twilio, Inc.
3.625%, 3/15/29

    198,000       184,140  
   

 

 

 
      298,080  
   

 

 

 

Semiconductors & Semiconductor Equipment (0.5%)

 

Broadcom, Inc.
4.150%, 4/15/32§

    240,000       227,552  

Micron Technology, Inc.
6.050%, 11/1/35

    125,000       126,214  
   

 

 

 
      353,766  
   

 

 

 

Software (0.5%)

 

Crowdstrike Holdings, Inc.
3.000%, 2/15/29(x)

    182,000       168,736  

Fair Isaac Corp.
5.250%, 5/15/26§

    167,000       166,374  

SS&C Technologies, Inc.
6.500%, 6/1/32§

    29,000       29,326  

Synopsys, Inc.
5.150%, 4/1/35

    50,000       49,995  
   

 

 

 
      414,431  
   

 

 

 

Technology Hardware, Storage & Peripherals (0.4%)

 

Dell International LLC
5.750%, 2/1/33(x)

    155,000       160,108  

NetApp, Inc.
5.700%, 3/17/35(x)

    55,000       55,026  

Xerox Holdings Corp.
5.000%, 8/15/25§

    124,000       123,231  
   

 

 

 
      338,365  
   

 

 

 

Total Information Technology

      2,056,258  
   

 

 

 

Materials (1.6%)

 

 

Chemicals (0.1%)

 

Rain Carbon, Inc.
12.250%, 9/1/29§

    80,000       81,300  
   

 

 

 

Construction Materials (0.0%)†

 

Knife River Corp.
7.750%, 5/1/31§

    12,000       12,552  
   

 

 

 

Containers & Packaging (0.4%)

 

Ball Corp.
2.875%, 8/15/30

    18,000       15,932  

Crown Americas LLC
4.250%, 9/30/26

    186,000       182,680  

LABL, Inc.
9.500%, 11/1/28§

    19,000       16,578  

8.625%, 10/1/31§

    79,000       64,582  
   

 

 

 
      279,772  
   

 

 

 

Metals & Mining (0.9%)

 

Carpenter Technology Corp.
7.625%, 3/15/30

    169,000       173,974  

JW Aluminum Continuous Cast Co.
10.250%, 4/1/30§

    82,000       80,253  

 

See Notes to Financial Statements.

 

51


1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

 

     
     Principal
Amount
   

Value

(Note 1)

 

Novelis Corp.
4.750%, 1/30/30§

  $ 228,000     $ 211,497  

Rio Tinto Finance USA plc 5.250%, 3/14/35

    115,000       115,203  

SunCoke Energy, Inc.
4.875%, 6/30/29§

    91,000       83,747  

TMS International Corp.
6.250%, 4/15/29§

    43,000       39,667  
   

 

 

 
      704,341  
   

 

 

 

Paper & Forest Products (0.2%)

 

Louisiana-Pacific Corp.
3.625%, 3/15/29§

    184,000       171,120  
   

 

 

 

Total Materials

      1,249,085  
   

 

 

 

Real Estate (0.8%)

 

 

Health Care REITs (0.4%)

 

CTR Partnership LP (REIT)
3.875%, 6/30/28§

    186,000       178,095  

MPT Operating Partnership LP (REIT)
5.000%, 10/15/27

    150,000       132,938  
   

 

 

 
      311,033  
   

 

 

 

Office REITs (0.2%)

 

Brandywine Operating Partnership LP (REIT)
8.875%, 4/12/29

    165,000       172,798  
   

 

 

 

Real Estate Management & Development (0.2%)

 

Anywhere Real Estate Group LLC
7.000%, 4/15/30(x)§

    75,774       66,901  

Five Point Operating Co. LP
10.500%, 1/15/28(e)§

    73,000       74,007  
   

 

 

 
      140,908  
   

 

 

 

Total Real Estate

      624,739  
   

 

 

 

Utilities (3.1%)

 

 

Electric Utilities (1.8%)

 

Edison International
6.250%, 3/15/30

    10,000       10,094  

Electricite de France SA
5.750%, 1/13/35§

    290,000       294,932  

Long Ridge Energy LLC
8.750%, 2/15/32§

    77,000       73,150  

NRG Energy, Inc.
3.375%, 2/15/29§

    260,000       240,500  

Pacific Gas and Electric Co.
5.700%, 3/1/35

    145,000       142,756  

PPL Capital Funding, Inc.
5.250%, 9/1/34

    40,000       39,813  

Southwestern Public Service Co.
6.000%, 6/1/54

    130,000       130,010  

Virginia Electric and Power Co.
5.050%, 8/15/34

    60,000       59,239  

Vistra Operations Co. LLC
5.500%, 9/1/26§

    16,000       15,903  

4.375%, 5/1/29§

    235,000       226,018  

XPLR Infrastructure Operating Partners LP
7.250%, 1/15/29(x)§

    195,000       193,070  
   

 

 

 
      1,425,485  
   

 

 

 

Gas Utilities (0.3%)

 

AmeriGas Partners LP
9.375%, 6/1/28§

  126,000     125,370  

Suburban Propane Partners LP
5.000%, 6/1/31§

    101,000       92,294  
   

 

 

 
      217,664  
   

 

 

 

Independent Power and Renewable Electricity Producers (0.1%)

 

Calpine Corp.
4.500%, 2/15/28§

    16,000       15,600  

TransAlta Corp.
6.500%, 3/15/40

    79,000       72,087  
   

 

 

 
      87,687  
   

 

 

 

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       189,696  

Engie SA
5.250%, 4/10/29§

    200,000       203,831  

Public Service Enterprise Group, Inc.
5.450%, 4/1/34

    255,000       256,956  
   

 

 

 
      650,483  
   

 

 

 

Total Utilities

      2,381,319  
   

 

 

 

Total Corporate Bonds

      30,235,259  
   

 

 

 

Foreign Government Securities (3.7%)

 

Argentine Republic
4.125%, 7/9/35(e)

    755,000       501,320  

Commonwealth of Australia
2.750%, 6/21/35(m)

  AUD 710,000       401,844  

Federative Republic of Brazil
6.625%, 3/15/35

  $ 380,000       379,240  

Norway Government Bond
3.750%, 6/12/35(m)

  NOK 4,190,000       398,763  

Oriental Republic of Uruguay
9.750%, 7/20/33

  UYU 15,370,000       367,556  

Republic of Turkiye
36.000%, 8/12/26

  TRY 17,390,000       413,125  

Switzerland Government Bond
0.250%, 6/23/35(m)

  CHF 355,000       428,744  
   

 

 

 

Total Foreign Government Securities

      2,890,592  
   

 

 

 

U.S. Treasury Obligations (7.7%)

 

U.S. Treasury Bonds

   

4.250%, 8/15/54

  $ 1,575,000       1,463,105  

4.625%, 2/15/55

    1,500,000       1,486,580  

U.S. Treasury Notes

   

4.000%, 2/28/30

    1,520,000       1,537,670  

4.625%, 2/15/35

    1,475,000       1,527,712  
   

 

 

 

Total U.S. Treasury Obligations

 

    6,015,067  
   

 

 

 

Total Long-Term Debt Securities (52.1%)
(Cost $40,541,073)

      40,576,979  
   

 

 

 

 

See Notes to Financial Statements.

 

52


1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

 

     
     Number of
Shares
    Value
(Note 1)
 

COMMON STOCKS:

 

Communication Services (3.3%)

 

Diversified Telecommunication Services (0.5%)

 

AT&T, Inc.

    1,845     $ 51,106  

Telstra Group Ltd.

    37,126       107,253  

Verizon Communications, Inc.

    5,996       264,184  
   

 

 

 
      422,543  
   

 

 

 

Entertainment (0.5%)

 

HUYA, Inc. (ADR)

    2,077       7,809  

International Games System Co. Ltd.

    406       10,561  

Netflix, Inc. (s)*

    126       142,597  

Nintendo Co. Ltd.

    1,900       157,204  

Walt Disney Co. (The)

    507       46,112  

XD, Inc. (m)*

    734       3,398  
   

 

 

 
      367,681  
   

 

 

 

Interactive Media & Services (1.9%)

 

Alphabet, Inc., Class A (s)

    1,469       233,277  

Alphabet, Inc., Class C (s)

    3,674       591,110  

Hello Group, Inc. (ADR)

    1,076       6,144  

Meta Platforms, Inc., Class A (s)

    1,241       681,309  
   

 

 

 
      1,511,840  
   

 

 

 

Media (0.3%)

 

Comcast Corp., Class A

    6,253       213,853  
   

 

 

 

Wireless Telecommunication Services (0.1%)

 

KDDI Corp.

    5,100       90,011  
   

 

 

 

Total Communication Services

      2,605,928  
   

 

 

 

Consumer Discretionary (4.3%)

 

Automobile Components (0.2%)

 

Bridgestone Corp.

    2,500       104,752  

Denso Corp.

    4,900       63,315  

Tong Yang Industry Co. Ltd.

    2,151       8,844  
   

 

 

 
      176,911  
   

 

 

 

Automobiles (0.6%)

 

Honda Motor Co. Ltd.

    5,000       50,812  

Tesla, Inc. (s)*

    731       206,259  

Toyota Motor Corp.

    13,100       250,034  
   

 

 

 
      507,105  
   

 

 

 

Broadline Retail (1.1%)

 

Amazon.com, Inc. (s)*

    4,275       788,395  

Wesfarmers Ltd.

    2,173       109,015  
   

 

 

 
      897,410  
   

 

 

 

Hotels, Restaurants & Leisure (0.8%)

 

Atour Lifestyle Holdings Ltd. (ADR)

    290       7,088  

Booking Holdings, Inc.

    13       66,291  

Chipotle Mexican Grill, Inc.*

    863       43,599  

Kangwon Land, Inc.

    777       8,855  

Marriott International, Inc., Class A

    192       45,807  

McDonald’s Corp.

    1,019       325,723  

Starbucks Corp.

    1,830       146,491  
   

 

 

 
      643,854  
   

 

 

 

Household Durables (0.1%)

 

Cury Construtora e Incorporadora SA

    1,800       8,694  

Lennar Corp., Class A

    391     42,466  

Merry Electronics Co. Ltd.

    2,151       7,600  
   

 

 

 
      58,760  
   

 

 

 

Specialty Retail (1.0%)

 

CCC SA*

    170       9,782  

Foschini Group Ltd.

    914       6,352  

Grupo SBF SA

    3,700       6,885  

Home Depot, Inc. (The) (s)

    1,320       475,847  

Industria de Diseno Textil SA (x)

    1,434       76,742  

Lojas Renner SA

    3,860       9,883  

Lowe’s Cos., Inc.

    247       55,219  

Mr Price Group Ltd.

    582       7,417  

O’Reilly Automotive, Inc.*

    32       45,286  

Ross Stores, Inc.

    337       46,843  

Truworths International Ltd.

    1,203       4,805  
   

 

 

 
      745,061  
   

 

 

 

Textiles, Apparel & Luxury Goods (0.5%)

 

Cie Financiere Richemont SA (Registered)

    784       137,973  

LVMH Moet Hennessy Louis Vuitton SE

    329       181,844  

Makalot Industrial Co. Ltd.

    1,066       9,466  

Mavi Giyim Sanayi ve Ticaret A/S, Class B (m)

    7,476       6,269  

NIKE, Inc., Class B

    222       12,521  

Xtep International Holdings Ltd.

    11,315       7,747  
   

 

 

 
      355,820  
   

 

 

 

Total Consumer Discretionary

      3,384,921  
   

 

 

 

Consumer Staples (5.2%)

 

Beverages (1.3%)

 

Anadolu Efes Biracilik ve Malt Sanayii A/S, Class B

    899       3,727  

Coca-Cola Co. (The)

    4,987       361,807  

Constellation Brands, Inc., Class A

    188       35,258  

Diageo plc

    3,362       93,733  

Keurig Dr Pepper, Inc.

    2,475       85,610  

Kirin Holdings Co. Ltd.

    6,300       95,130  

Monster Beverage Corp.*

    837       50,320  

PepsiCo, Inc.

    1,820       246,756  
   

 

 

 
      972,341  
   

 

 

 

Consumer Staples Distribution & Retail (0.7%)

 

Costco Wholesale Corp. (s)

    107       106,412  

Koninklijke Ahold Delhaize NV

    2,103       86,099  

Kroger Co. (The)

    1,084       78,276  

Sysco Corp.

    1,388       99,103  

Target Corp.

    396       38,293  

Tesco plc

    13,704       67,702  

Walmart, Inc. (s)

    1,063       103,377  
   

 

 

 
      579,262  
   

 

 

 

Food Products (0.9%)

 

AVI Ltd.

    1,234       5,997  

Danone SA

    1,480       127,356  

General Mills, Inc.

    2,069       117,395  

Mondelez International, Inc., Class A

    1,892       128,902  

Nestle SA (Registered)

    3,113       330,932  

Samyang Foods Co. Ltd.

    16       10,918  

Tiger Brands Ltd.

    289       4,505  
   

 

 

 
      726,005  
   

 

 

 

 

See Notes to Financial Statements.

 

53


1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

 

     
     Number of
Shares
    Value
(Note 1)
 

Household Products (1.1%)

 

Church & Dwight Co., Inc.

    424     $ 42,120  

Colgate-Palmolive Co.

    1,795       165,481  

Kimberly-Clark Corp.

    722       95,145  

Procter & Gamble Co. (The) (s)

    2,814       457,472  

Reckitt Benckiser Group plc

    1,278       82,401  
   

 

 

 
      842,619  
   

 

 

 

Personal Care Products (0.3%)

 

Kenvue, Inc.

    3,042       71,791  

Unilever plc

    2,750       174,414  

VT Co. Ltd.*

    203       5,469  
   

 

 

 
      251,674  
   

 

 

 

Tobacco (0.9%)

 

Altria Group, Inc.

    2,204       130,367  

British American Tobacco plc

    2,572       111,332  

Japan Tobacco, Inc.

    2,500       77,056  

Philip Morris International, Inc.

    2,140       366,710  
   

 

 

 
      685,465  
   

 

 

 

Total Consumer Staples

      4,057,366  
   

 

 

 

Energy (3.0%)

 

Energy Equipment & Services (0.7%)

 

Helmerich & Payne, Inc.

    13,270       250,670  

NOV, Inc.

    18,468       214,414  

Schlumberger NV

    969       32,219  
   

 

 

 
      497,303  
   

 

 

 

Oil, Gas & Consumable Fuels (2.3%)

 

Chevron Corp.

    2,166       294,706  

ConocoPhillips

    2,322       206,937  

EOG Resources, Inc.

    301       33,209  

Exxon Mobil Corp. (s)

    5,601       591,634  

Kinder Morgan, Inc.

    3,260       85,738  

Occidental Petroleum Corp.

    984       38,779  

ONEOK, Inc.

    870       71,479  

Phillips 66

    700       72,842  

Suncor Energy, Inc.

    2,100       74,169  

Targa Resources Corp.

    270       46,143  

TotalEnergies SE

    2,959       171,494  

Williams Cos., Inc. (The)

    788       46,153  

Woodside Energy Group Ltd.

    6,008       79,816  
   

 

 

 
      1,813,099  
   

 

 

 

Total Energy

      2,310,402  
   

 

 

 

Financials (5.2%)

 

Banks (1.3%)

 

Alior Bank SA

    341       9,225  

Banco del Bajio SA (m)

    2,159       5,181  

Bank of America Corp.

    1,751       69,830  

BNK Financial Group, Inc.

    1,275       9,283  

Citigroup, Inc.

    655       44,789  

Citizens Financial Group, Inc.

    1,311       48,363  

DBS Group Holdings Ltd.

    2,400       78,003  

Fifth Third Bancorp

    1,894       68,071  

Huntington Bancshares, Inc.

    2,803       40,728  

JB Financial Group Co. Ltd.

    739       8,874  

JPMorgan Chase & Co. (s)

    652       159,492  

M&T Bank Corp.

    366       62,132  

Oversea-Chinese Banking Corp. Ltd.

    6,000     74,190  

PNC Financial Services Group, Inc. (The)

    546       87,737  

United Overseas Bank Ltd.

    2,400       63,652  

US Bancorp

    2,165       87,336  

Wells Fargo & Co.

    902       64,051  
   

 

 

 
      980,937  
   

 

 

 

Capital Markets (1.5%)

 

3i Group plc

    1,722       97,167  

Bank of New York Mellon Corp. (The)

    1,898       152,618  

Blackrock, Inc.

    208       190,166  

Blackstone, Inc.

    1,113       146,593  

CME Group, Inc.

    512       141,865  

Goldman Sachs Group, Inc. (The)

    117       64,063  

Hong Kong Exchanges & Clearing Ltd.

    1,800       79,096  

Intercontinental Exchange, Inc.

    259       43,504  

KIWOOM Securities Co. Ltd.

    104       10,023  

KKR & Co., Inc.

    295       33,710  

Morgan Stanley

    386       44,552  

S&P Global, Inc.

    91       45,505  

Samsung Securities Co. Ltd.

    288       10,576  

State Street Corp.

    868       76,471  

XTB SA (m)

    492       10,673  
   

 

 

 
      1,146,582  
   

 

 

 

Consumer Finance (0.1%)

 

American Express Co.

    172       45,823  

Capital One Financial Corp.

    243       43,803  

FinVolution Group (ADR)

    932       7,372  
   

 

 

 
      96,998  
   

 

 

 

Financial Services (0.6%)

 

Berkshire Hathaway, Inc., Class B (s)*

    386       205,835  

Fiserv, Inc.*

    209       38,575  

Genertec Universal Medical Group Co. Ltd. (m)

    13,000       8,599  

Mastercard, Inc., Class A (s)

    165       90,430  

Visa, Inc., Class A (s)

    367       126,798  
   

 

 

 
      470,237  
   

 

 

 

Insurance (1.7%)

 

Aflac, Inc.

    937       101,833  

Allianz SE (Registered)

    544       224,384  

Allstate Corp. (The)

    113       22,418  

Anadolu Anonim Turk Sigorta Sirketi

    2,706       6,147  

AXA SA*

    3,411       160,633  

Chubb Ltd.

    63       18,023  

Manulife Financial Corp.

    2,400       73,553  

MetLife, Inc.

    1,596       120,291  

Momentum Group Ltd.

    5,476       9,998  

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)*

    219       149,253  

Progressive Corp. (The)

    191       53,812  

Prudential Financial, Inc.

    334       34,305  

Swiss Re AG

    568       101,681  

Tokio Marine Holdings, Inc.

    2,400       95,812  

Travelers Cos., Inc. (The)

    102       26,941  

Zurich Insurance Group AG

    223       157,358  
   

 

 

 
      1,356,442  
   

 

 

 

Total Financials

      4,051,196  
   

 

 

 

 

See Notes to Financial Statements.

 

54


1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

 

     
     Number of
Shares
    Value
(Note 1)
 

Health Care (4.7%)

 

Biotechnology (1.0%)

 

3SBio, Inc. (m)*

    5,686     $ 8,768  

AbbVie, Inc.

    2,361       460,631  

Amgen, Inc.

    629       182,989  

Gilead Sciences, Inc.

    424       45,173  

Hugel, Inc.*

    13       3,343  

Seegene, Inc.

    508       9,399  

Vertex Pharmaceuticals, Inc.*

    98       49,931  
   

 

 

 
      760,234  
   

 

 

 

Health Care Equipment & Supplies (0.6%)

 

Abbott Laboratories

    447       58,445  

Becton Dickinson & Co.

    163       33,756  

Boston Scientific Corp.*

    564       58,019  

Intuitive Surgical, Inc.*

    103       53,127  

Medtronic plc

    2,088       176,979  

Solventum Corp.*

    1       66  

Stryker Corp.

    102       38,140  

Zimmer Biomet Holdings, Inc.

    395       40,705  
   

 

 

 
      459,237  
   

 

 

 

Health Care Providers & Services (0.4%)

 

Cencora, Inc.

    178       52,095  

Cigna Group (The)

    120       40,805  

CVS Health Corp.

    1,146       76,450  

Elevance Health, Inc.

    42       17,664  

KPJ Healthcare Bhd.

    14,500       9,678  

MLP Saglik Hizmetleri A/S, Class B (m)*

    532       4,512  

UnitedHealth Group, Inc. (s)

    216       88,871  
   

 

 

 
      290,075  
   

 

 

 

Life Sciences Tools & Services (0.1%)

 

Danaher Corp.

    190       37,873  

Thermo Fisher Scientific, Inc.

    110       47,190  
   

 

 

 
      85,063  
   

 

 

 

Pharmaceuticals (2.6%)

 

AstraZeneca plc

    1,738       248,485  

Bristol-Myers Squibb Co.

    719       36,094  

Eli Lilly & Co. (s)

    193       173,497  

Johnson & Johnson

    3,013       470,962  

Merck & Co., Inc.

    3,135       267,102  

Novartis AG (Registered)

    2,333       265,114  

Pfizer, Inc.

    6,545       159,763  

Roche Holding AG

    849       277,017  

Sanofi SA

    1,244       135,149  

Simcere Pharmaceutical Group Ltd. (m)

    5,320       6,009  
   

 

 

 
      2,039,192  
   

 

 

 

Total Health Care

      3,633,801  
   

 

 

 

Industrials (3.5%)

 

Aerospace & Defense (0.4%)

 

BAE Systems plc

    4,609       106,540  

Embraer SA*

    750       8,612  

GE Aerospace (s)

    327       65,904  

General Dynamics Corp.

    41       11,157  

Lockheed Martin Corp.

    236       112,749  

RTX Corp.

    247       31,154  
   

 

 

 
      336,116  
   

 

 

 

Air Freight & Logistics (0.3%)

 

Deutsche Post AG

    2,385     101,346  

United Parcel Service, Inc., Class B

    1,206       114,932  
   

 

 

 
      216,278  
   

 

 

 

Building Products (0.3%)

 

Carrier Global Corp.

    517       32,333  

China Lesso Group Holdings Ltd.

    15,386       8,193  

Cie de Saint-Gobain SA

    1,045       113,056  

Johnson Controls International plc

    1,027       86,165  
   

 

 

 
      239,747  
   

 

 

 

Commercial Services & Supplies (0.0%)†

 

KEPCO Plant Service & Engineering Co. Ltd.

    331       10,269  
   

 

 

 

Construction & Engineering (0.3%)

 

Acter Group Corp. Ltd.

    1,076       13,508  

IJM Corp. Bhd.

    10,100       5,314  

Quanta Services, Inc.

    128       37,464  

Vinci SA

    1,063       147,637  
   

 

 

 
      203,923  
   

 

 

 

Electrical Equipment (0.1%)

 

Cheryong Electric Co. Ltd.

    92       2,016  

Eaton Corp. plc

    170       50,043  
   

 

 

 
      52,059  
   

 

 

 

Ground Transportation (0.5%)

 

CSX Corp.

    1,422       39,916  

Norfolk Southern Corp.

    331       74,161  

Uber Technologies, Inc.*

    738       59,785  

Union Pacific Corp.

    917       197,760  
   

 

 

 
      371,622  
   

 

 

 

Industrial Conglomerates (0.4%)

 

3M Co.

    751       104,321  

CJ Corp.

    81       7,083  

Honeywell International, Inc.

    202       42,521  

Siemens AG (Registered)

    770       176,160  
   

 

 

 
      330,085  
   

 

 

 

Machinery (0.6%)

 

Caterpillar, Inc.

    155       47,937  

Cummins, Inc.

    240       70,521  

Deere & Co.

    109       50,528  

HD Hyundai MIPO

    44       5,160  

Hyundai Rotem Co. Ltd.

    125       9,866  

Ingersoll Rand, Inc.

    467       35,226  

Marcopolo SA (Preference) (q)

    6,600       8,176  

Otis Worldwide Corp.

    388       37,353  

PACCAR, Inc.

    797       71,897  

Randon SA Implementos e Participacoes (Preference) (q)

    2,532       4,015  

Sunonwealth Electric Machine Industry Co. Ltd.

    2,732       7,355  

Volvo AB, Class B

    4,307       117,016  
   

 

 

 
      465,050  
   

 

 

 

Professional Services (0.3%)

 

Automatic Data Processing, Inc.

    135       40,581  

 

See Notes to Financial Statements.

 

55


1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

 

     
     Number of
Shares
    Value
(Note 1)
 

Paychex, Inc.

    962     $ 141,529  

Verisk Analytics, Inc.

    148       43,872  
   

 

 

 
      225,982  
   

 

 

 

Trading Companies & Distributors (0.3%)

 

Fastenal Co.

    1,025       82,994  

ITOCHU Corp. (x)

    1,700       86,582  

Mitsui & Co. Ltd.

    4,100       83,101  
   

 

 

 
      252,677  
   

 

 

 

Transportation Infrastructure (0.0%)†

 

TAV Havalimanlari Holding A/S*

    580       3,443  
   

 

 

 

Total Industrials

      2,707,251  
   

 

 

 

Information Technology (5.4%)

 

Communications Equipment (0.4%)

 

Arcadyan Technology Corp.

    1,152       8,500  

Cisco Systems, Inc.

    5,612       323,981  
   

 

 

 
      332,481  
   

 

 

 

Electronic Equipment, Instruments & Components (0.4%)

 

Amphenol Corp., Class A

    871       67,023  

Asia Optical Co., Inc.

    808       3,410  

Corning, Inc.

    1,365       60,579  

Dynapack International Technology Corp.*

    1,373       7,427  

Kyocera Corp.

    8,000       94,671  

Primax Electronics Ltd.

    3,227       7,517  

Taiwan Surface Mounting Technology Corp.

    2,253       7,185  

TE Connectivity plc

    324       47,427  

Tripod Technology Corp.

    1,347       7,728  

TXC Corp.

    2,985       8,260  
   

 

 

 
      311,227  
   

 

 

 

IT Services (0.5%)

 

Accenture plc, Class A (s)

    193       57,736  

Cognizant Technology Solutions Corp., Class A

    478       35,166  

International Business Machines Corp.

    1,264       305,661  
   

 

 

 
      398,563  
   

 

 

 

Semiconductors & Semiconductor Equipment (1.8%)

 

Advanced Micro Devices, Inc.*

    437       42,542  

Analog Devices, Inc.

    182       35,476  

Applied Materials, Inc. (s)

    284       42,802  

Broadcom, Inc. (s)

    1,036       199,399  

DB HiTek Co. Ltd.

    73       1,969  

Elan Microelectronics Corp.

    1,433       5,870  

Everlight Electronics Co. Ltd.

    3,464       8,296  

Fitipower Integrated Technology, Inc.

    1,345       9,231  

Foxsemicon Integrated Technology, Inc.

    1,078       9,235  

ITE Technology, Inc.

    1,613       6,531  

Lam Research Corp.

    637       45,654  

Microchip Technology, Inc.

    1,105       50,918  

NVIDIA Corp. (s)

    5,845       636,637  

Pixart Imaging, Inc.

    1,091       7,300  

QUALCOMM, Inc.

    333       49,437  

Radiant Opto-Electronics Corp.

    1,613       7,464  

Raydium Semiconductor Corp.

    539       5,486  

Sigurd Microelectronics Corp.

    3,510     7,913  

Sitronix Technology Corp.

    1,076       7,149  

Texas Instruments, Inc.

    1,248       199,742  
   

 

 

 
      1,379,051  
   

 

 

 

Software (1.5%)

 

Adobe, Inc.*

    125       46,872  

Intuit, Inc.

    91       57,100  

Microsoft Corp. (s)

    1,723       681,033  

Oracle Corp. (s)

    391       55,022  

Palantir Technologies, Inc., Class A*

    742       87,882  

Palo Alto Networks, Inc.*

    219       40,938  

Salesforce, Inc.

    260       69,865  

ServiceNow, Inc.*

    70       66,851  

Synopsys, Inc.*

    94       43,147  

Tuya, Inc. (ADR)

    1,310       3,078  
   

 

 

 
      1,151,788  
   

 

 

 

Technology Hardware, Storage & Peripherals (0.8%)

 

Apple, Inc. (s)

    2,487       528,488  

Chicony Electronics Co. Ltd.

    2,161       10,405  

Getac Holdings Corp.*

    1,613       5,396  

HP, Inc.

    1,919       49,069  
   

 

 

 
      593,358  
   

 

 

 

Total Information Technology

      4,166,468  
   

 

 

 

Materials (1.2%)

 

Chemicals (0.6%)

 

Air Products and Chemicals, Inc.

    293       79,429  

Akzo Nobel NV

    1,506       94,789  

Dow, Inc.

    1,383       42,306  

Hyosung TNC Corp.

    5       835  

KCC Corp.

    35       6,143  

Linde plc

    113       51,215  

LyondellBasell Industries NV, Class A

    1,346       78,351  

PPG Industries, Inc.

    354       38,537  

Sherwin-Williams Co. (The)

    97       34,233  

Sinofert Holdings Ltd.*

    52,000       7,845  
   

 

 

 
      433,683  
   

 

 

 

Construction Materials (0.1%)

 

GCC SAB de CV

    476       4,000  

Holcim AG

    1,055       117,087  
   

 

 

 
      121,087  
   

 

 

 

Metals & Mining (0.5%)

 

Agnico Eagle Mines Ltd.

    1,000       117,532  

Anglo American plc

    1,894       51,215  

EVERGREEN Steel Corp.

    1,882       4,855  

Glencore plc

    19,911       64,852  

Nucor Corp.

    304       36,288  

Rio Tinto plc

    1,658       98,262  
   

 

 

 
      373,004  
   

 

 

 

Total Materials

      927,774  
   

 

 

 

Real Estate (2.0%)

 

Diversified REITs (0.0%)†

 

Gladstone Commercial Corp. (REIT)

    478       6,754  
   

 

 

 

Health Care REITs (0.3%)

 

American Healthcare REIT, Inc. (REIT)

    866       27,955  

 

See Notes to Financial Statements.

 

56


1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

 

     
     Number of
Shares
    Value
(Note 1)
 

CareTrust REIT, Inc. (REIT)

    944     $ 27,631  

Healthpeak Properties, Inc. (REIT)

    1,761       31,416  

National Health Investors, Inc. (REIT)

    340       25,728  

Omega Healthcare Investors, Inc. (REIT)

    785       30,654  

Welltower, Inc. (REIT)

    381       58,137  
   

 

 

 
      201,521  
   

 

 

 

Hotel & Resort REITs (0.1%)

 

Invincible Investment Corp. (REIT)

    58       23,933  

Summit Hotel Properties, Inc. (REIT)

    4,100       16,687  
   

 

 

 
      40,620  
   

 

 

 

Industrial REITs (0.2%)

 

Americold Realty Trust, Inc. (REIT)

    1,419       27,443  

First Industrial Realty Trust, Inc. (REIT)

    520       24,742  

Goodman Group (REIT)

    341       6,548  

Industrial & Infrastructure Fund Investment Corp. (REIT)

    30       24,507  

Plymouth Industrial REIT, Inc. (REIT)

    685       10,186  

Prologis, Inc. (REIT)

    768       78,490  

Warehouses De Pauw CVA (REIT)*

    289       7,360  
   

 

 

 
      179,276  
   

 

 

 

Office REITs (0.1%)

 

COPT Defense Properties (REIT)

    416       10,862  

Nippon Building Fund, Inc. (REIT)

    24       22,257  

Orix JREIT, Inc. (REIT)

    21       26,408  
   

 

 

 
      59,527  
   

 

 

 

Real Estate Management & Development (0.4%)

 

Advancetek Enterprise Co. Ltd.

    2,736       6,159  

Azrieli Group Ltd.

    356       25,905  

CK Asset Holdings Ltd.

    7,100       29,066  

Daiwa House Industry Co. Ltd.

    2,800       100,951  

Howard Hughes Holdings, Inc.*

    35       2,329  

Hulic Co. Ltd.

    1,900       19,807  

International Workplace Group plc

    10,817       26,655  

Multiplan Empreendimentos Imobiliarios SA*

    2,000       9,050  

Onewo, Inc., Class H

    2,700       7,467  

Poly Property Services Co. Ltd., Class H (m)

    2,263       9,031  

PSP Swiss Property AG (Registered)

    166       29,545  

Sirius Real Estate Ltd. (REIT)

    22,072       27,194  

Starts Corp., Inc.

    700       18,996  

Sun Hung Kai Properties Ltd.

    500       4,748  

Sunac Services Holdings Ltd. (m)

    35,127       8,334  

UOL Group Ltd.

    5,900       26,065  
   

 

 

 
      351,302  
   

 

 

 

Residential REITs (0.2%)

 

American Homes 4 Rent (REIT), Class A

    860       32,155  

AvalonBay Communities, Inc. (REIT)

    287       60,264  

Boardwalk REIT (REIT)

    450       21,221  

Centerspace (REIT)

    376       22,695  

Ingenia Communities Group (REIT)

    677       2,407  

UMH Properties, Inc. (REIT)

    1,485       26,240  
   

 

 

 
      164,982  
   

 

 

 

Retail REITs (0.3%)

 

CBL & Associates Properties, Inc. (REIT)

    829     19,456  

Frontier Real Estate Investment Corp. (REIT)

    43       23,849  

Getty Realty Corp. (REIT)

    829       23,204  

NNN REIT, Inc. (REIT)

    701       28,818  

Phillips Edison & Co., Inc. (REIT)

    734       25,470  

Realty Income Corp. (REIT)

    631       36,510  

Tanger, Inc. (REIT)

    796       25,082  

Whitestone REIT (REIT)

    1,721       22,442  
   

 

 

 
      204,831  
   

 

 

 

Specialized REITs (0.4%)

 

Equinix, Inc. (REIT)

    135       116,201  

Iron Mountain, Inc. (REIT)

    425       38,110  

Keppel DC REIT (REIT)

    16,585       27,428  

Lamar Advertising Co. (REIT), Class A

    267       30,387  

Millrose Properties, Inc. (REIT)

    218       5,459  

National Storage REIT (REIT)

    17,474       25,744  

Public Storage (REIT)

    142       42,661  

Safestore Holdings plc (REIT)

    2,238       18,775  
   

 

 

 
      304,765  
   

 

 

 

Total Real Estate

      1,513,578  
   

 

 

 

Utilities (1.7%)

 

Electric Utilities (1.3%)

 

American Electric Power Co., Inc.

    1,599       173,236  

Duke Energy Corp.

    1,215       148,254  

Entergy Corp.

    871       72,441  

Eversource Energy

    647       38,484  

Fortis, Inc.

    2,100       103,995  

Hydro One Ltd. (m)

    2,500       96,184  

Iberdrola SA

    10,266       184,856  

NextEra Energy, Inc.

    3,056       204,385  
   

 

 

 
      1,021,835  
   

 

 

 

Multi-Utilities (0.4%)

 

DTE Energy Co.

    519       71,103  

National Grid plc

    7,249       104,626  

Sempra

    1,141       84,742  
   

 

 

 
      260,471  
   

 

 

 

Water Utilities (0.0%)†

 

Cia de Saneamento de Minas Gerais Copasa MG

    1,100       4,150  
   

 

 

 

Total Utilities

      1,286,456  
   

 

 

 

Total Common Stocks (39.5%)
(Cost $31,142,806)

 

    30,645,141  
   

 

 

 

EXCHANGE TRADED FUNDS (ETF):

 

Equity (0.3%)

 

iShares MSCI India Small-Cap ETF (x)
(Cost $268,382)

    3,264       226,946  

SHORT-TERM INVESTMENTS:

 

 

Investment Companies (1.4%)

 

 

Invesco Government & Agency Portfolio, Institutional Shares 4.26% (7 day yield) (xx)

    1,074,892       1,074,892  
   

 

 

 

 

See Notes to Financial Statements.

 

57


1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

 

     
     Principal
Amount
    Value
(Note 1)
 

U.S. Treasury Obligations (7.0%)

 

 

U.S. Treasury Bills
4.17%, 7/15/25 (p)

  $ 5,550,000     $ 5,501,554  
   

 

 

 

Total Short-Term Investments (8.4%)
(Cost $6,576,225)

 

    6,576,446  
   

 

 

 

Total Investments in Securities (100.3%)
(Cost $78,528,486)

 

    78,025,512  

Other Assets Less Liabilities (-0.3%)

 

    (270,881
 

 

 

 

Net Assets (100%)

    $ 77,754,631  
   

 

 

 

 

*

Non-income producing.

Percent shown is less than 0.05%.

§

Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At April 30, 2025, the market value of these securities amounted to $20,404,779 or 26.2% of net assets.

(e)

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

(k)

Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of April 30, 2025.

(l)

Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of April 30, 2025.

(m)

Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At April 30, 2025, the market value or fair value, as applicable, of these securities amounted to $1,614,530 or 2.1% of net assets.

(p)

Yield to maturity.

(q)

Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.

(s)

All, or a portion of security held by broker as collateral for option contracts, with a total collateral value of $4,030,743.

(x)

All or a portion of security is on loan at April 30, 2025.

(xx)

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

(y)

Securities are perpetual and, thus, do not have a predetermined maturity date. The coupon rate for these securities are fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of April 30, 2025.

Glossary:

  ADR

— American Depositary Receipt

  AUD

— Australian Dollar

  CHF

— Swiss Franc

  CLO

— Collateralized Loan Obligation

  CVA

— Dutch Certification

  ICE

— Intercontinental Exchange

  ICE IBA

— ICE Benchmark Administration Limited

  NOK

— Norwegian Krone

  REIT

— Real Estate Investment Trust

  SOFR

— Secured Overnight Financing Rate

  TRY

— Turkish Lira

  USD

— United States Dollar

  UYU

— Uruguayan Peso

 

 

Country Diversification

As a Percentage of Total Net Assets

 

Argentina

    0.6

Australia

    1.3  

Belgium

    0.0

Brazil

    1.0  

Canada

    2.1  

Cayman Islands

    1.5  

China

    0.1  

France

    2.8  

Germany

    1.4  

Guatemala

    0.3  

Hong Kong

    0.1  

Ireland

    0.3  

Israel

    0.0

Italy

    0.8  

Japan

    2.2  

Malaysia

    0.0

Mexico

    0.3  

Netherlands

    0.2  

Norway

    0.5  

Poland

    0.0

Saudi Arabia

    0.3  

Singapore

    0.3  

South Africa

    0.1  

South Korea

    0.2  

Spain

    1.4  

Sweden

    0.2  

Switzerland

    2.0  

Taiwan

    0.3  

Turkiye

    0.6  

United Kingdom

    3.1  

United States

    75.8  

Uruguay

    0.5  

Cash and Other

    (0.3
   

 

 

 
      100.0
   

 

 

 

 

#

Percent shown is less than 0.05%.

 

See Notes to Financial Statements.

 

58


1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

 

 

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

 

Description

  Counterparty     Number of
Contracts
    Notional
Amount
    Exercise Price     Expiration
Date
    Value
($)
 

S&P 500 Index

    Exchange Traded       18       USD (1,800     USD  5,275.00       5/16/2025       (461,880
           

 

 

 

Total Written Options Contracts (Premiums Received ($317,573))

 

    (461,880
           

 

 

 

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of April 30, 2025:

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

 

         
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

  $     $ 1,376,648     $     $ 1,376,648  

Common Stocks

       

Communication Services

      2,237,501       368,427         —         2,605,928  

Consumer Discretionary

    2,333,297         1,051,624             3,384,921  

Consumer Staples

    2,780,595       1,276,771             4,057,366  

Energy

    2,059,092       251,310             2,310,402  

Financials

    2,686,569       1,364,627             4,051,196  

Health Care

    2,666,327       967,474             3,633,801  

Industrials

    1,703,606       1,003,645             2,707,251  

Information Technology

    3,929,525       236,943             4,166,468  

Materials

    481,891       445,883             927,774  

Real Estate

    958,980       554,598             1,513,578  

Utilities

    996,974       289,482             1,286,456  

Convertible Bonds

       

Industrials

          59,413             59,413  

Corporate Bonds

       

Communication Services

          3,005,079             3,005,079  

Consumer Discretionary

          3,305,007             3,305,007  

Consumer Staples

          882,339             882,339  

Energy

          2,374,243             2,374,243  

Financials

          10,486,992             10,486,992  

Health Care

          698,070             698,070  

Industrials

          3,172,128             3,172,128  

Information Technology

          2,056,258             2,056,258  

Materials

          1,249,085             1,249,085  

Real Estate

          624,739             624,739  

Utilities

          2,381,319             2,381,319  

Exchange Traded Fund

    226,946                   226,946  

Foreign Government Securities

          2,890,592             2,890,592  

Short-Term Investments

       

Investment Company

    1,074,892                   1,074,892  

U.S. Treasury Obligation

          5,501,554             5,501,554  

U.S. Treasury Obligations

          6,015,067             6,015,067  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Assets

  $   24,136,195     $   53,889,317     $     $   78,025,512  
 

 

 

   

 

 

   

 

 

   

 

 

 

Liabilities:

 

Options Written

       

Call Options Written

  $ (461,880   $     $     $ (461,880
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Liabilities

  $ (461,880   $     $     $ (461,880
 

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ 23,674,315     $ 53,889,317     $     $ 77,563,632  
 

 

 

   

 

 

   

 

 

   

 

 

 

 

See Notes to Financial Statements.

 

59


1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

 

   

Statement of Assets and Liabilities

 

Derivatives Contracts^

 

Liability Derivatives

  Fair Value  

Equity contracts

  Payables, Net assets – Unrealized depreciation   $ (461,880
   

 

 

 

Total

    $   (461,880
   

 

 

 

The Effect of Derivative Instruments on the Statement of Operations for the six months ended April 30, 2025:

 

Amount of Realized Gain or (Loss) on Derivatives Recognized in Income  

Derivatives Contracts^

  Options
Written
    Total  

Equity contracts

  $ 981,864     $ 981,864  
 

 

 

   

 

 

 

Total

  $   981,864     $   981,864  
 

 

 

   

 

 

 

 

Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income  

Derivatives Contracts^

  Options
Written
    Total  

Equity contracts

  $ (317,592   $ (317,592
 

 

 

   

 

 

 

Total

  $   (317,592   $   (317,592
 

 

 

   

 

 

 

^ The Fund held option contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

 

Average Balances of Outstanding Derivative Financial Instruments      

Options

 

Average value of option contracts written

  $   230,000  

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

 

Cost of Purchases:

 

Long-term investments other than U.S. government debt securities

  $ 74,767,377  

Long-term U.S. government debt securities

    7,484,632  
 

 

 

 
  $   82,252,009  
 

 

 

 

Net Proceeds of Sales and Redemptions:

 

Long-term investments other than U.S. government debt securities

  $ 76,030,791  

Long-term U.S. government debt securities

    3,890,638  
 

 

 

 
  $   79,921,429  
 

 

 

 

As of April 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

 

Aggregate gross unrealized appreciation

  $ 2,231,597  

Aggregate gross unrealized depreciation

    (3,476,489
 

 

 

 

Net unrealized depreciation

  $ (1,244,892
 

 

 

 

Federal income tax cost of investments in securities and derivative instruments, if applicable

  $   78,808,524  
 

 

 

 

For the six months ended April 30, 2025, the Fund incurred approximately $20 as brokerage commissions with Bernstein Institutional Services LLC, an affiliated broker/dealer.

 

See Notes to Financial Statements.

 

60


1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

 

 

 

STATEMENT OF ASSETS AND LIABILITIES

April 30, 2025 (Unaudited)

 

ASSETS

 

Investments in Securities, at value (x) (Cost $78,528,486)

  $ 78,025,512  

Cash

    1,443,379  

Foreign cash (Cost $85,598)

    86,244  

Receivable for securities sold

    1,198,441  

Dividends, interest and other receivables

    656,689  

Receivable for Fund shares sold

    49,898  

Prepaid registration and filing fees

    26,052  

Securities lending income receivable

    1,496  

Other assets

    20,139  
 

 

 

 

Total assets

    81,507,850  
 

 

 

 

LIABILITIES

 

Payable for securities purchased

    1,724,696  

Payable for return of collateral on securities loaned

    1,074,892  

Options written, at value (Premiums received $317,573)

    461,880  

Due to broker

    250,272  

Dividends and distributions payable

    147,943  

Payable for Fund shares repurchased

    15,912  

Administrative fees payable

    9,417  

Transfer agent fees payable

    6,260  

Investment advisory fees payable

    4,093  

Distribution fees payable – Class A

    1,008  

Trustees’ fees payable

    135  

Distribution fees payable – Class R

    94  

Accrued expenses

    56,617  
 

 

 

 

Total liabilities

    3,753,219  
 

 

 

 

Commitments and contingent liabilities^

 

NET ASSETS

  $ 77,754,631  
 

 

 

 

Net assets were comprised of:

 

Paid in capital

  $ 78,431,821  

Total distributable earnings (loss)

    (677,190
 

 

 

 

Net assets

  $ 77,754,631  
 

 

 

 

Class A

 

Net asset value and redemption price per share, $4,989,345 / 488,896 shares outstanding (unlimited amount authorized: $0.001 par value)

  $ 10.21  

Maximum sales charge (4.50% of offering price)

    0.48  
 

 

 

 

Maximum offering price per share

  $ 10.69  
 

 

 

 

Class I

 

Net asset value, offering and redemption price per share, $72,533,231 / 7,099,867 shares outstanding (unlimited amount authorized: $0.001 par value)

  $ 10.22  
 

 

 

 

Class R

 

Net asset value, offering and redemption price per share, $232,055 / 22,758 shares outstanding (unlimited amount authorized: $0.001 par value)

  $ 10.20  
 

 

 

 

 

(x)

Includes value of securities on loan of $1,176,377.

^

See Note 2 in Notes to the Financial Statements.

 

STATEMENT OF OPERATIONS

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

 

INVESTMENT INCOME

 

Interest (net of $33,858 foreign withholding tax)

  $ 1,392,548  

Dividends (net of $18,746 foreign withholding tax)

    409,071  

Securities lending (net)

    12,430  
 

 

 

 

Total income

    1,814,049  
 

 

 

 

EXPENSES

 

Investment advisory fees

    242,342  

Administrative fees

    55,926  

Transfer agent fees

    46,380  

Professional fees

    44,671  

Custodian fees

    31,736  

Registration and filing fees

    17,605  

Printing and mailing expenses

    15,016  

Licensing fees

    14,867  

Distribution fees – Class A

    6,461  

Trustees’ fees

    1,231  

Distribution fees – Class R

    564  

Miscellaneous

    16,703  
 

 

 

 

Gross expenses

    493,502  

Less:   Waiver from investment adviser

    (188,308
 

 

 

 

Net expenses

    305,194  
 

 

 

 

NET INVESTMENT INCOME (LOSS)

    1,508,855  
 

 

 

 

REALIZED AND UNREALIZED GAIN (LOSS)

 

Realized gain (loss) on:

 

Investments in securities

    2,657,802  

Net distributions of realized gain received from underlying funds

    29,182  

Foreign currency transactions

    (74,695

Options written

    981,864  
 

 

 

 

Net realized gain (loss)

    3,594,153  
 

 

 

 

Change in unrealized appreciation (depreciation) on:

 

Investments in securities

    (4,055,199

Foreign currency translations

    4,824  

Options written

    (317,592
 

 

 

 

Net change in unrealized appreciation (depreciation)

    (4,367,967
 

 

 

 

NET REALIZED AND UNREALIZED GAIN (LOSS)

    (773,814
 

 

 

 

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

  $ 735,041  
 

 

 

 

 

See Notes to Financial Statements.

 

61


1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

 

 

STATEMENT OF CHANGES IN NET ASSETS

 

    Six Months Ended
April 30, 2025
(Unaudited)
    Year Ended
October 31, 2024
 

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:

 

Net investment income (loss)

  $ 1,508,855     $ 2,719,265  

Net realized gain (loss)

    3,594,153       1,684,877  

Net change in unrealized appreciation (depreciation)

    (4,367,967     4,796,971  
 

 

 

   

 

 

 

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

    735,041       9,201,113  
 

 

 

   

 

 

 

Distributions to shareholders:

   

Class A

    (383,973     (267,367

Class I

    (5,066,074     (3,098,457

Class R

    (15,596     (9,496
 

 

 

   

 

 

 

Total distributions to shareholders

    (5,465,643     (3,375,320
 

 

 

   

 

 

 

CAPITAL SHARES TRANSACTIONS:

   

Class A

   

Capital shares sold [ 68,663 and 149,459 shares, respectively ]

    723,935       1,567,603  

Capital shares issued in reinvestment of dividends [ 35,281 and 24,746 shares, respectively ]

    366,789       259,660  

Capital shares repurchased [ (95,544) and (172,778) shares, respectively ]

    (984,968     (1,815,861
 

 

 

   

 

 

 

Total Class A transactions

    105,756       11,402  
 

 

 

   

 

 

 

Class I

   

Capital shares sold [ 980,539 and 1,735,979 shares, respectively ]

    10,243,089       18,401,348  

Capital shares issued in reinvestment of dividends [ 168,451 and 62,355 shares, respectively ]

    1,752,240       663,366  

Capital shares repurchased [ (310,571) and (358,005) shares, respectively ]

    (3,157,508     (3,817,026
 

 

 

   

 

 

 

Total Class I transactions

    8,837,821       15,247,688  
 

 

 

   

 

 

 

Class R

   

Capital shares sold [ 1,709 and 2,847 shares, respectively ]

    17,682       30,001  

Capital shares issued in reinvestment of dividends [ 762 and 407 shares, respectively ]

    7,918       4,284  

Capital shares repurchased [ (22) and (46) shares, respectively ]

    (226     (496
 

 

 

   

 

 

 

Total Class R transactions

    25,374       33,789  
 

 

 

   

 

 

 

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS

    8,968,951       15,292,879  
 

 

 

   

 

 

 

TOTAL INCREASE (DECREASE) IN NET ASSETS

    4,238,349       21,118,672  

NET ASSETS:

 

Beginning of period

    73,516,282       52,397,610  
 

 

 

   

 

 

 

End of period

  $ 77,754,631     $ 73,516,282  
 

 

 

   

 

 

 

 

See Notes to Financial Statements.

 

62


1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

FINANCIAL HIGHLIGHTS

 

 

 

     Six Months Ended
April 30, 2025
(Unaudited)
    Year Ended October 31,  
Class A   2024     2023     2022     2021     2020  

Net asset value, beginning of period

   $  10.86     $  9.85     $  9.94     $  12.54     $  11.47     $  11.23  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from investment operations:

            

Net investment income (loss) (e)(x)

     0.20       0.43       0.46       0.16       0.07       0.12  

Net realized and unrealized gain (loss)

     (0.09     1.13       0.10       (1.46     1.91       0.70  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

     0.11       1.56       0.56       (1.30     1.98       0.82  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Less distributions:

 

Dividends from net investment income

     (0.19     (0.41     (0.45     (0.24     (0.12     (0.18

Distributions from net realized gains

     (0.57     (0.14     (0.20     (1.06     (0.79     (0.40
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total dividends and distributions

     (0.76     (0.55     (0.65     (1.30     (0.91     (0.58
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value, end of period

   $ 10.21     $ 10.86     $ 9.85     $ 9.94     $ 12.54     $ 11.47  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total return (b)

     1.04     16.13     5.53     (11.35 )%      18.12     7.64
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratios/Supplemental Data:

 

Net assets, end of period (000’s)

   $ 4,989     $ 5,219     $ 4,717     $ 4,469     $ 5,104     $ 3,520  

Ratio of expenses to average net assets:

            

After waivers (a)(f)

     1.05     1.05     1.05     1.14 %(j)      1.16 %(k)      1.16 %(k) 

Before waivers (a)(f)

     1.55     1.60     1.58     1.68     1.48     1.61

Ratio of net investment income (loss) to average net assets:

            

After waivers (a)(f)

     3.80     4.04     4.55     1.52 %(x)      0.59 %(x)      1.05 %(x) 

Before waivers (a)(f)

     3.30     3.49     4.01     0.98 %(x)      0.28 %(x)      0.60 %(x) 

Portfolio turnover rate^

     111 %(z)      136     202     255 %*      106     131

 

     Six Months Ended
April 30, 2025
(Unaudited)
    Year Ended October 31,  
Class I   2024     2023     2022     2021     2020  

Net asset value, beginning of period

   $ 10.87     $ 9.86     $ 9.95     $ 12.57     $ 11.49     $ 11.25  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from investment operations:

            

Net investment income (loss) (e)(x)

     0.21       0.45       0.49       0.18       0.10       0.15  

Net realized and unrealized gain (loss)

     (0.08     1.14       0.09       (1.45     1.92       0.70  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

     0.13       1.59       0.58       (1.27     2.02       0.85  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Less distributions:

 

Dividends from net investment income

     (0.21     (0.44     (0.47     (0.29     (0.15     (0.21

Distributions from net realized gains

     (0.57     (0.14     (0.20     (1.06     (0.79     (0.40
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total dividends and distributions

     (0.78     (0.58     (0.67     (1.35     (0.94     (0.61
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value, end of period

   $ 10.22     $ 10.87     $ 9.86     $ 9.95     $ 12.57     $ 11.49  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total return (b)

     1.16     16.40     5.77     (11.10 )%      18.47     7.89
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratios/Supplemental Data:

 

Net assets, end of period (000’s)

   $  72,533     $  68,077     $  47,512     $  46,354     $  70,007     $  62,303  

Ratio of expenses to average net assets:

            

After waivers (a)(f)

     0.80     0.80     0.80     0.89 %(j)      0.91 %(k)      0.91 %(k) 

Before waivers (a)(f)

     1.31     1.36     1.33     1.40     1.23     1.36

Ratio of net investment income (loss) to average net assets:

            

After waivers (a)(f)

     4.07     4.28     4.80     1.66 %(x)      0.85 %(x)      1.35 %(x) 

Before waivers (a)(f)

     3.56     3.71     4.27     1.15 %(x)      0.53 %(x)      0.89 %(x) 

Portfolio turnover rate^

     111 %(z)      136     202     255 %*      106     131

 

See Notes to Financial Statements.

 

63


1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

FINANCIAL HIGHLIGHTS (Continued)

 

 

 

     Six Months Ended
April 30, 2025
(Unaudited)
    Year Ended October 31,  
Class R   2024     2023     2022     2021     2020  

Net asset value, beginning of period

   $  10.85     $  9.84     $  9.94     $  12.51     $  11.44     $  11.21  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from investment operations:

            

Net investment income (loss) (e)(x)

     0.18       0.40       0.44       0.13       0.04       0.09  

Net realized and unrealized gain (loss)

     (0.08     1.14       0.08       (1.45     1.92       0.70  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

     0.10       1.54       0.52       (1.32     1.96       0.79  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Less distributions:

 

Dividends from net investment income

     (0.18     (0.39     (0.42     (0.19     (0.10     (0.16

Distributions from net realized gains

     (0.57     (0.14     (0.20     (1.06     (0.79     (0.40
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total dividends and distributions

     (0.75     (0.53     (0.62     (1.25     (0.89     (0.56
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value, end of period

   $ 10.20     $ 10.85     $ 9.84     $ 9.94     $ 12.51     $ 11.44  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total return (b)

     0.91     15.86     5.18     (11.52 )%      17.87     7.30
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratios/Supplemental Data:

 

Net assets, end of period (000’s)

   $ 232     $ 220     $ 168     $ 168     $ 199     $ 179  

Ratio of expenses to average net assets:

            

After waivers (a)(f)

     1.30     1.30     1.30     1.39 %(j)      1.41 %(k)      1.41 %(k) 

Before waivers (a)(f)

     1.81     1.86     1.83     1.93     1.73     1.86

Ratio of net investment income (loss) to average net assets:

            

After waivers (a)(f)

     3.57     3.78     4.30     1.26 %(x)      0.35 %(x)      0.84 %(x) 

Before waivers (a)(f)

     3.06     3.22     3.77     0.72 %(x)      0.03 %(x)      0.39 %(x) 

Portfolio turnover rate^

     111 %(z)      136     202     255 %*      106     131
^

Portfolio turnover rate excludes derivatives, if any.

(a)

Ratios for periods less than one year are annualized.

(b)

Total returns for periods less than one year are not annualized.

(e)

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

(f)

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

(j)

Including direct and indirect expenses, the net expense ratio after waivers would be 1.17% for Class A, 0.92% for Class I and 1.42% for Class R.

(k)

Including direct and indirect expenses, the net expense ratio after waivers would be 1.20% for Class A, 0.95% for Class I and 1.45% for Class R.

(x)

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

(z)

Portfolio turnover rate for periods less than one year is not annualized.

 

See Notes to Financial Statements.

 

64


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PORTFOLIO OF INVESTMENTS

April 30, 2025 (Unaudited)

 

     
     Number of
Shares
    Value
(Note 1)
 

EXCHANGE TRADED FUNDS (ETF):

 

Alternatives (27.4%)

 

iMGP DBi Managed Futures Strategy ETF

    88,890     $ 2,245,361  

NYLI Merger Arbitrage ETF*

    89,770       3,101,554  
   

 

 

 

Total Alternatives

       5,346,915  
   

 

 

 

Commodity (16.8%)

 

Invesco DB Agriculture Fund

    30,740       824,139  

Invesco DB Energy Fund

    46,750       793,773  

Invesco DB Precious Metals Fund

    22,750       1,673,490  
   

 

 

 

Total Commodity

      3,291,402  
   

 

 

 

Equity (25.5%)

 

iShares Core U.S. REIT ETF

    21,720       1,215,017  

JPMorgan Equity Premium Income ETF

    29,700       1,651,023  

JPMorgan Nasdaq Equity Premium Income ETF (x)

    17,090       877,400  

Vanguard Global ex-U.S. Real Estate ETF

    29,150       1,250,535  
   

 

 

 

Total Equity

      4,993,975  
   

 

 

 

Fixed Income (29.3%)

 

iShares Convertible Bond ETF

    35,030     2,969,143  

Vanguard Short-Term Inflation-Protected Securities ETF

    55,090       2,766,069  
   

 

 

 

Total Fixed Income

      5,735,212  
   

 

 

 

Total Investments in Securities (99.0%)
(Cost $18,465,036)

 

    19,367,504  

Other Assets Less Liabilities (1.0%)

 

    196,519  
 

 

 

 

Net Assets (100%)

    $  19,564,023  
   

 

 

 

 

*

Non-income producing.

(x)

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

Glossary:

  REIT

— Real Estate Investment Trust

 

 

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of April 30, 2025:

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

 

         
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

  $ 19,367,504     $     $     $ 19,367,504  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Assets

  $ 19,367,504     $     $     $ 19,367,504  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Liabilities

  $     $     $     $  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $  19,367,504     $   —     $   —     $  19,367,504  
 

 

 

   

 

 

   

 

 

   

 

 

 

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

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

 

Cost of Purchases:

 

Long-term investments other than U.S. government debt securities

  $ 5,673,649  

Net Proceeds of Sales and Redemptions:

 

Long-term investments other than U.S. government debt securities

  $   2,454,073  

 

See Notes to Financial Statements.

 

65


1290 FUNDS

1290 MULTI-ALTERNATIVE STRATEGIES FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

 

As of April 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

 

Aggregate gross unrealized appreciation

  $ 1,193,231  

Aggregate gross unrealized depreciation

    (627,147
 

 

 

 

Net unrealized appreciation

  $ 566,084  
 

 

 

 

Federal income tax cost of investments in securities and derivative instruments, if applicable

  $   18,801,420  
 

 

 

 

 

See Notes to Financial Statements.

 

66


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1290 MULTI-ALTERNATIVE STRATEGIES FUND

 

 

 

STATEMENT OF ASSETS AND LIABILITIES

April 30, 2025 (Unaudited)

 

ASSETS

 

Investments in Securities, at value (x) (Cost $18,465,036)

  $ 19,367,504  

Cash

    170,978  

Receivable for Fund shares sold

    34,115  

Prepaid registration and filing fees

    15,186  

Dividends, interest and other receivables

    556  

Securities lending income receivable

    258  

Other assets

    1,969  
 

 

 

 

Total assets

    19,590,566  
 

 

 

 

LIABILITIES

 

Transfer agent fees payable

    3,304  

Administrative fees payable

    1,210  

Payable for Fund shares repurchased

    95  

Distribution fees payable - Class R

    65  

Distribution fees payable - Class A

    62  

Trustees’ fees payable

    20  

Accrued expenses

    21,787  
 

 

 

 

Total liabilities

    26,543  
 

 

 

 

Commitments and contingent liabilities^

 

NET ASSETS

  $ 19,564,023  
 

 

 

 

Net assets were comprised of:

 

Paid in capital

  $ 20,264,885  

Total distributable earnings (loss)

    (700,862
 

 

 

 

Net assets

  $ 19,564,023  
 

 

 

 

Class A

 

Net asset value and redemption price per share, $301,659 / 31,544 shares outstanding (unlimited amount authorized: $0.001 par value)

  $ 9.56  

Maximum sales charge (5.50% of offering price)

    0.56  
 

 

 

 

Maximum offering price per share

  $ 10.12  
 

 

 

 

Class I

 

Net asset value, offering and redemption price per share, $19,102,349 / 1,995,591 shares outstanding (unlimited amount authorized: $0.001 par value)

  $ 9.57  
 

 

 

 

Class R

 

Net asset value, offering and redemption price per share, $160,015 / 16,812 shares outstanding (unlimited amount authorized: $0.001 par value)

  $ 9.52  
 

 

 

 

 

(x)

Includes value of securities on loan of $292,638.

^

See Note 2 in Notes to the Financial Statements.

STATEMENT OF OPERATIONS

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

 

INVESTMENT INCOME

 

Dividends

  $ 332,265  

Interest

    3,079  

Securities lending (net)

    1,126  
 

 

 

 

Total income

    336,470  
 

 

 

 

EXPENSES

 

Investment advisory fees

    44,015  

Professional fees

    22,885  

Transfer agent fees

    15,916  

Registration and filing fees

    15,708  

Administrative fees

    13,205  

Printing and mailing expenses

    7,448  

Custodian fees

    2,076  

Distribution fees - Class R

    398  

Distribution fees - Class A

    384  

Trustees’ fees

    285  

Miscellaneous

    4,403  
 

 

 

 

Gross expenses

    126,723  

Less:   Waiver from investment adviser

    (51,117
 

 

 

 

Net expenses

    75,606  
 

 

 

 

NET INVESTMENT INCOME (LOSS)

    260,864  
 

 

 

 

REALIZED AND UNREALIZED GAIN (LOSS)

 

Net realized gain (loss) on investments in securities

    116,582  

Net change in unrealized appreciation (depreciation) on investments in securities

    (71,058
 

 

 

 

NET REALIZED AND UNREALIZED GAIN (LOSS)

    45,524  
 

 

 

 

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

  $ 306,388  
 

 

 

 

 

See Notes to Financial Statements.

 

67


1290 FUNDS

1290 MULTI-ALTERNATIVE STRATEGIES FUND

 

 

STATEMENT OF CHANGES IN NET ASSETS

 

    Six Months Ended
April 30, 2025
(Unaudited)
    Year Ended
October 31, 2024
 

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:

 

Net investment income (loss)

  $ 260,864     $ 385,153  

Net realized gain (loss)

    116,582       (304,110

Net change in unrealized appreciation (depreciation)

    (71,058     1,843,854  
 

 

 

   

 

 

 

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

    306,388       1,924,897  
 

 

 

   

 

 

 

Distributions to shareholders:

   

Class A

    (4,079     (10,432

Class I

    (253,077     (455,086

Class R

    (1,705     (3,389
 

 

 

   

 

 

 

Total distributions to shareholders

    (258,861     (468,907
 

 

 

   

 

 

 

CAPITAL SHARES TRANSACTIONS:

   

Class A

   

Capital shares sold [ 10 and 1,160 shares, respectively ]

    95       10,596  

Capital shares issued in reinvestment of dividends [ 297 and 884 shares, respectively ]

    2,833       7,704  

Capital shares repurchased [ (1,748) and (7,754) shares, respectively ]

    (16,521     (70,366
 

 

 

   

 

 

 

Total Class A transactions

    (13,593     (52,066
 

 

 

   

 

 

 

Class I

   

Capital shares sold [ 496,661 and 294,087 shares, respectively ]

    4,738,734       2,670,112  

Capital shares issued in reinvestment of dividends [ 11,370 and 19,063 shares, respectively ]

    108,361       166,229  

Capital shares repurchased [ (178,892) and (189,080) shares, respectively ]

    (1,706,331     (1,693,723
 

 

 

   

 

 

 

Total Class I transactions

    3,140,764       1,142,618  
 

 

 

   

 

 

 

Class R

   

Capital shares sold [ 678 and 3,216 shares, respectively ]

    6,441       29,875  

Capital shares issued in reinvestment of dividends [ 73 and 101 shares, respectively ]

    689       879  

Capital shares repurchased [ (656) and (52) shares, respectively ]

    (6,187     (474
 

 

 

   

 

 

 

Total Class R transactions

    943       30,280  
 

 

 

   

 

 

 

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS

    3,128,114       1,120,832  
 

 

 

   

 

 

 

TOTAL INCREASE (DECREASE) IN NET ASSETS

    3,175,641       2,576,822  

NET ASSETS:

 

Beginning of period

    16,388,382       13,811,560  
 

 

 

   

 

 

 

End of period

  $ 19,564,023     $ 16,388,382  
 

 

 

   

 

 

 

 

See Notes to Financial Statements.

 

68


1290 FUNDS

1290 MULTI-ALTERNATIVE STRATEGIES FUND

FINANCIAL HIGHLIGHTS

 

 

 

    Six Months Ended
April 30, 2025
(Unaudited)
    Year Ended October 31,  
Class A   2024     2023     2022     2021     2020  

Net asset value, beginning of period

  $ 9.53     $ 8.65     $ 8.74     $ 11.27     $ 9.92     $ 10.32  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from investment operations:

           

Net investment income (loss) (e)(x)

    0.14       0.22       0.09       0.15       0.26       0.10  

Net realized and unrealized gain (loss)

    0.01       0.93       0.04       (1.65     1.15       (0.30
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

    0.15       1.15       0.13       (1.50     1.41       (0.20
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Less distributions:

 

Dividends from net investment income

    (0.12     (0.27     (0.22     (0.16     (0.06     (0.20

Distributions from net realized gains

                      (0.87            
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total dividends and distributions

    (0.12     (0.27     (0.22     (1.03     (0.06     (0.20
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value, end of period

  $ 9.56     $ 9.53     $ 8.65     $ 8.74     $ 11.27     $ 9.92  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total return (b)

    1.63     13.62     1.48     (14.28 )%      14.24     (2.01 )% 
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratios/Supplemental Data:

 

Net assets, end of period (000’s)

  $ 302     $ 314     $ 335     $ 440     $ 670     $ 556  

Ratio of expenses to average net assets:

           

After waivers and reimbursements (a)(f)

    1.10     1.10     1.10     1.10     1.13 %(j)      1.06 %**(k) 

Before waivers and reimbursements (a)(f)

    1.68     1.88     2.01     1.86     1.78     1.97

Ratio of net investment income (loss) to average net assets:

           

After waivers and reimbursements (a)(f)

    2.87     2.42     1.07     1.55     2.34 %(x)      1.03 %(x) 

Before waivers and reimbursements (a)(f)

    2.28     1.64     0.16     0.79     1.69 %(x)      0.12 %(x) 

Portfolio turnover rate^

    14 %(z)      34     66     26     66     15

           
    Six Months Ended
April 30, 2025
(Unaudited)
    Year Ended October 31,  
Class I   2024     2023     2022     2021     2020  

Net asset value, beginning of period

  $ 9.55     $ 8.66     $ 8.76     $ 11.29     $ 9.94     $ 10.34  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from investment operations:

           

Net investment income (loss) (e)(x)

    0.14       0.24       0.11       0.17       0.27       0.13  

Net realized and unrealized gain (loss)

    0.03       0.94       0.03       (1.64     1.16       (0.31
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

    0.17       1.18       0.14       (1.47     1.43       (0.18
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Less distributions:

 

Dividends from net investment income

    (0.15     (0.29     (0.24     (0.19     (0.08     (0.22

Distributions from net realized gains

                      (0.87            
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total dividends and distributions

    (0.15     (0.29     (0.24     (1.06     (0.08     (0.22
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value, end of period

  $ 9.57     $ 9.55     $ 8.66     $ 8.76     $ 11.29     $ 9.94  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total return (b)

    1.76     14.00     1.63     (14.04 )%      14.48     (1.76 )% 
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratios/Supplemental Data:

 

Net assets, end of period (000’s)

  $  19,102     $  15,916     $  13,361     $  12,070     $  16,054     $  13,776  

Ratio of expenses to average net assets:

           

After waivers and reimbursements (a)(f)

    0.85     0.85     0.85     0.85     0.88 %(j)      0.81 %**(k) 

Before waivers and reimbursements (a)(f)

    1.43     1.64     1.78     1.61     1.53     1.71

Ratio of net investment income (loss) to average net assets:

           

After waivers and reimbursements (a)(f)

    2.97     2.59     1.22     1.75     2.45 %(x)      1.36 %(x) 

Before waivers and reimbursements (a)(f)

    2.39     1.80     0.29     0.99     1.80 %(x)      0.46 %(x) 

Portfolio turnover rate^

    14 %(z)      34     66     26     66     15

 

See Notes to Financial Statements.

 

69


1290 FUNDS

1290 MULTI-ALTERNATIVE STRATEGIES FUND

FINANCIAL HIGHLIGHTS (Continued)

 

 

 

    Six Months Ended
April 30, 2025
(Unaudited)
    Year Ended October 31,  
Class R   2024     2023     2022     2021     2020  

Net asset value, beginning of period

  $ 9.48     $ 8.60     $ 8.70     $ 11.21     $ 9.87     $ 10.27  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from investment operations:

           

Net investment income (loss) (e)(x)

    0.12       0.19       0.07       0.12       0.21       0.06  

Net realized and unrealized gain (loss)

    0.02       0.94       0.03       (1.62     1.16       (0.29
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

    0.14       1.13       0.10       (1.50     1.37       (0.23
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Less distributions:

 

Dividends from net investment income

    (0.10     (0.25     (0.20     (0.14     (0.03     (0.17

Distributions from net realized gains

                      (0.87            
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total dividends and distributions

    (0.10     (0.25     (0.20     (1.01     (0.03     (0.17
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value, end of period

  $ 9.52     $ 9.48     $ 8.60     $ 8.70     $ 11.21     $ 9.87  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total return (b)

    1.50     13.42     1.10     (14.39 )%      13.95     (2.27 )% 
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratios/Supplemental Data:

 

Net assets, end of period (000’s)

  $  160     $  158     $  116     $  131     $  187     $  136  

Ratio of expenses to average net assets:

           

After waivers and reimbursements (a)(f)

    1.35     1.35     1.35     1.35     1.38 %(j)      1.31 %**(k) 

Before waivers and reimbursements (a)(f)

    1.93     2.14     2.27     2.11     2.03     2.23

Ratio of net investment income (loss) to average net assets:

           

After waivers and reimbursements (a)(f)

    2.58     2.05     0.77     1.25     1.96 %(x)      0.65 %(x) 

Before waivers and reimbursements (a)(f)

    2.00     1.26     (0.15 )%      0.48     1.31 %(x)      (0.26 )%(x) 

Portfolio turnover rate^

    14 %(z)      34     66     26     66     15
**

Includes Tax expense of 0.01%.

^

Portfolio turnover rate excludes derivatives, if any.

(a)

Ratios for periods less than one year are annualized.

(b)

Total returns for periods less than one year are not annualized.

(e)

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

(f)

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

(j)

Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.60% for Class A, 1.35% for Class I and 1.85% for Class R.

(k)

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

(x)

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

(z)

Portfolio turnover rate for periods less than one year is not annualized.

 

See Notes to Financial Statements.

 

70


1290 FUNDS

1290 RETIREMENT 2020 FUND

PORTFOLIO OF INVESTMENTS

April 30, 2025 (Unaudited)

 

     
     Number of
Shares
    Value
(Note 1)
 

EXCHANGE TRADED FUNDS (ETF):

 

Equity (42.0%)

 

Invesco S&P 500 Low Volatility ETF

    866     $ 63,071  

Invesco S&P Emerging Markets Low Volatility ETF

    76       1,899  

Invesco S&P International Developed Low Volatility ETF

    1,135       36,388  

Invesco S&P MidCap Low Volatility ETF

    593       35,592  

Invesco S&P SmallCap Low Volatility ETF

    231       10,330  

iShares Core MSCI EAFE ETF

    910       71,626  

iShares Core MSCI Emerging Markets ETF

    69       3,738  

iShares Core S&P Total U.S. Stock Market ETF

    1,578       190,922  

iShares MSCI EAFE Min Vol Factor ETF

    446       36,764  

iShares MSCI Emerging Markets Min Vol Factor ETF

    31       1,845  

iShares MSCI USA Min Vol Factor ETF

    691       63,945  

SPDR SSGA US Small Cap Low Volatility Index ETF

    85       10,120  
   

 

 

 

Total Equity

      526,240  
   

 

 

 

Fixed Income (57.7%)

 

iShares Broad USD High Yield Corporate Bond ETF

    1,310     47,946  

iShares Core U.S. Aggregate Bond ETF

    4,068       402,813  

iShares TIPS Bond ETF

    990       109,415  

Vanguard Short-Term Bond ETF

    1,294       101,941  

Vanguard Total International Bond ETF

    1,200       59,460  
   

 

 

 

Total Fixed Income

      721,575  
   

 

 

 

Total Investments in
Securities (99.7%)
(Cost $1,143,553)

      1,247,815  

Other Assets Less Liabilities (0.3%)

 

    4,246  
 

 

 

 

Net Assets (100%)

    $ 1,252,061  
   

 

 

 

Glossary:

  TIPS

— Treasury Inflation Protected Security

 

 

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of April 30, 2025:

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

 

         
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

  $ 1,247,815     $     $     $ 1,247,815  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Assets

  $ 1,247,815     $     $     $ 1,247,815  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Liabilities

  $     $     $     $  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $   1,247,815     $     —     $     —     $   1,247,815  
 

 

 

   

 

 

   

 

 

   

 

 

 

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

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

 

Cost of Purchases:

 

Long-term investments other than U.S. government debt securities

  $ 41,501  

Net Proceeds of Sales and Redemptions:

 

Long-term investments other than U.S. government debt securities

  $  5,199,259  

 

See Notes to Financial Statements.

 

71


1290 FUNDS

1290 RETIREMENT 2020 FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

 

As of April 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

 

Aggregate gross unrealized appreciation

  $ 105,742  

Aggregate gross unrealized depreciation

    (69,385
 

 

 

 

Net unrealized appreciation

  $ 36,357  
 

 

 

 

Federal income tax cost of investments in securities and derivative instruments, if applicable

  $  1,211,458  
 

 

 

 

 

See Notes to Financial Statements.

 

72


1290 FUNDS

1290 RETIREMENT 2020 FUND

 

 

 

STATEMENT OF ASSETS AND LIABILITIES

April 30, 2025 (Unaudited)

 

ASSETS

 

Investments in Securities, at value
(Cost $1,143,553)

  $ 1,247,815  

Cash

    8,338  

Prepaid registration and filing fees

    7,884  

Receivable from investment adviser

    2,524  

Dividends, interest and other receivables

    59  

Other assets

    1,621  
 

 

 

 

Total assets

    1,268,241  
 

 

 

 

LIABILITIES

 

Accrued professional fees

    12,193  

Transfer agent fees payable

    1,017  

Trustees’ fees payable

    63  

Accrued expenses

    2,907  
 

 

 

 

Total liabilities

    16,180  
 

 

 

 

Commitments and contingent liabilities^

 

NET ASSETS

  $  1,252,061  
 

 

 

 

Net assets were comprised of:

 

Paid in capital

  $ 1,064,199  

Total distributable earnings (loss)

    187,862  
 

 

 

 

Net assets

  $ 1,252,061  
 

 

 

 

Class I

 

Net asset value, offering and redemption price per share, $1,252,061 / 120,242 shares outstanding (unlimited amount authorized: $0.001 par value)

  $ 10.41  
 

 

 

 

 

^

See Note 2 in Notes to the Financial Statements.

STATEMENT OF OPERATIONS

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

 

INVESTMENT INCOME

 

Dividends

  $ 57,257  

Interest

    636  

Securities lending (net)

    63  
 

 

 

 

Total income

    57,956  
 

 

 

 

EXPENSES

 

Registration and filing fees

    17,415  

Professional fees

    9,096  

Investment advisory fees

    8,210  

Printing and mailing expenses

    7,083  

Transfer agent fees

    4,422  

Administrative fees

    2,463  

Custodian fees

    1,217  

Trustees’ fees

    63  

Miscellaneous

    2,334  
 

 

 

 

Gross expenses

    52,303  

Less:   Waiver from investment adviser

    (10,673

     Reimbursement from investment adviser

    (32,443
 

 

 

 

Net expenses

    9,187  
 

 

 

 

NET INVESTMENT INCOME (LOSS)

    48,769  
 

 

 

 

REALIZED AND UNREALIZED GAIN (LOSS)

 

Net realized gain (loss) on investments in securities

    142,390  

Net change in unrealized appreciation (depreciation) on investments in securities

    (85,903
 

 

 

 

NET REALIZED AND UNREALIZED GAIN (LOSS)

    56,487  
 

 

 

 

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

  $  105,256  
 

 

 

 

 

See Notes to Financial Statements.

 

73


1290 FUNDS

1290 RETIREMENT 2020 FUND

 

 

STATEMENT OF CHANGES IN NET ASSETS

 

    Six Months Ended
April 30, 2025
(Unaudited)
    Year Ended
October 31, 2024
 

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:

 

Net investment income (loss)

  $ 48,769     $ 169,925  

Net realized gain (loss)

    142,390       185,590  

Net change in unrealized appreciation (depreciation)

    (85,903     732,170  
 

 

 

   

 

 

 

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

    105,256       1,087,685  
 

 

 

   

 

 

 

Distributions to shareholders:

   

Class I

    (346,560     (261,255
 

 

 

   

 

 

 

CAPITAL SHARES TRANSACTIONS:

   

Class I

   

Capital shares sold [ 4,910 and 68,814 shares, respectively ]

    51,745       710,608  

Capital shares issued in reinvestment of dividends [ 25,285 and 21,409 shares, respectively ]

    260,429       215,378  

Capital shares repurchased [ (495,579) and (201,280) shares, respectively ]

    (5,173,791     (2,085,580
 

 

 

   

 

 

 

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS

    (4,861,617     (1,159,594
 

 

 

   

 

 

 

TOTAL INCREASE (DECREASE) IN NET ASSETS

    (5,102,921     (333,164

NET ASSETS:

 

Beginning of period

    6,354,982       6,688,146  
 

 

 

   

 

 

 

End of period

  $ 1,252,061     $ 6,354,982  
 

 

 

   

 

 

 

 

See Notes to Financial Statements.

 

74


1290 FUNDS

1290 RETIREMENT 2020 FUND

FINANCIAL HIGHLIGHTS

 

 

 

Class I   Six Months Ended
April 30, 2025
(Unaudited)
    Year Ended October 31,  
  2024     2023     2022     2021     2020  

Net asset value, beginning of period

  $  10.85     $ 9.60     $  10.33     $ 12.61     $ 11.30     $ 11.57  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from investment operations:

           

Net investment income (loss) (e)(x)

    0.16       0.27       0.22       0.25       0.17       0.22  

Net realized and unrealized gain (loss)

    0.11       1.36       0.07       (1.91     1.60       (0.10
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

    0.27       1.63       0.29       (1.66     1.77       0.12  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Less distributions:

           

Dividends from net investment income

    (0.32     (0.25     (0.27     (0.15     (0.20     (0.24

Distributions from net realized gains

    (0.39     (0.13     (0.75     (0.47     (0.26     (0.15
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total dividends and distributions

    (0.71     (0.38     (1.02     (0.62     (0.46     (0.39
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value, end of period

  $  10.41     $  10.85     $ 9.60     $ 10.33     $ 12.61     $ 11.30  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total return (b)

    2.62     17.31     2.52     (13.85 )%      15.99     1.03
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratios/Supplemental Data:

           

Net assets, end of period (000’s)

  $   1,252     $   6,355     $   6,688     $   7,905     $   12,810     $   12,168  

Ratio of expenses to average net assets:

           

After waivers and reimbursements (a)(f)

    0.56 %(j)      0.56 %(j)      0.55 %(j)      0.55 %(j)      0.54 %(j)      0.53 %**(j) 

Before waivers and reimbursements (a)(f)

    3.19     2.42     2.18     1.86     1.60     1.93

Ratio of net investment income (loss) to average net assets:

           

After waivers and reimbursements (a)(f)(x)

    2.97     2.56     2.21     2.18     1.38     1.95

Before waivers and reimbursements (a)(f)(x)

    0.34     0.70     0.59     0.87     0.31     0.56

Portfolio turnover rate^

    1 %(z)      7     5     13     17     32
**

Includes tax expense of less than 0.005%.

^

Portfolio turnover rate excludes derivatives, if any.

(a)

Ratios for periods less than one year are annualized.

(b)

Total returns for periods less than one year are not annualized.

(e)

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

(f)

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

(j)

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

(x)

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

(z)

Portfolio turnover rate for periods less than one year is not annualized.

 

See Notes to Financial Statements.

 

75


1290 FUNDS

1290 RETIREMENT 2025 FUND

PORTFOLIO OF INVESTMENTS

April 30, 2025 (Unaudited)

 

     
     Number of
Shares
    Value
(Note 1)
 

EXCHANGE TRADED FUNDS (ETF):

 

Equity (53.3%)

 

Invesco S&P 500 Low Volatility ETF

    116     $ 8,448  

Invesco S&P Emerging Markets Low Volatility ETF

    47       1,175  

Invesco S&P International Developed Low Volatility ETF

    145       4,649  

Invesco S&P MidCap Low Volatility ETF

    75       4,502  

Invesco S&P SmallCap Low Volatility ETF

    49       2,191  

iShares Core MSCI EAFE ETF

    119       9,366  

iShares Core MSCI Emerging Markets ETF

    43       2,329  

iShares Core S&P Total U.S. Stock Market ETF

    222       26,860  

iShares MSCI EAFE Min Vol Factor ETF

    55       4,534  

iShares MSCI Emerging Markets Min Vol Factor ETF

    18       1,071  

iShares MSCI USA Min Vol Factor ETF

    92       8,514  

SPDR SSGA US Small Cap Low Volatility Index ETF

    19       2,262  
   

 

 

 

Total Equity

        75,901  
   

 

 

 

Fixed Income (49.1%)

 

iShares Broad USD High Yield Corporate Bond ETF

    146     5,344  

iShares Core U.S. Aggregate Bond ETF

    425       42,083  

iShares TIPS Bond ETF

    95       10,499  

Vanguard Short-Term Bond ETF

    84       6,618  

Vanguard Total International Bond ETF

    108       5,351  
   

 

 

 

Total Fixed Income

      69,895  
   

 

 

 

Total Investments in Securities (102.4%)
(Cost $143,349)

      145,796  

Other Assets Less Liabilities (-2.4%)

 

    (3,428
 

 

 

 

Net Assets (100%)

    $  142,368  
   

 

 

 

Glossary:

  TIPS

— Treasury Inflation Protected Security

 

 

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of April 30, 2025:

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

 

         
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

  $ 145,796     $     $     $ 145,796  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Assets

  $ 145,796     $     $     $ 145,796  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Liabilities

  $     $     $     $  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $   145,796     $   —     $   —     $   145,796  
 

 

 

   

 

 

   

 

 

   

 

 

 

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

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

 

Cost of Purchases:

 

Long-term investments other than U.S. government debt securities

  $ 220,678  

Net Proceeds of Sales and Redemptions:

 

Long-term investments other than U.S. government debt securities

  $   17,190,030  

As of April 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

 

Aggregate gross unrealized appreciation

  $ 3,616  

Aggregate gross unrealized depreciation

    (210,472
 

 

 

 

Net unrealized depreciation

  $ (206,856
 

 

 

 

Federal income tax cost of investments in securities and derivative instruments, if applicable

  $   352,652  
 

 

 

 

 

See Notes to Financial Statements.

 

76


1290 FUNDS

1290 RETIREMENT 2025 FUND

 

 

 

STATEMENT OF ASSETS AND LIABILITIES

April 30, 2025 (Unaudited)

 

ASSETS

 

Investments in Securities, at value
(Cost $143,349)

  $ 145,796  

Cash

    3,715  

Prepaid registration and filing fees

    8,083  

Receivable from investment adviser

    1,580  

Dividends, interest and other receivables

    11  

Other assets

    267  
 

 

 

 

Total assets

    159,452  
 

 

 

 

LIABILITIES

 

Accrued professional fees

    12,814  

Accrued filing fees

    1,728  

Transfer agent fees payable

    1,019  

Trustees’ fees payable

    94  

Accrued expenses

    1,429  
 

 

 

 

Total liabilities

    17,084  
 

 

 

 

Commitments and contingent liabilities^

 

NET ASSETS

  $ 142,368  
 

 

 

 

Net assets were comprised of:

 

Paid in capital

  $ (1,001,864

Total distributable earnings (loss)

    1,144,232  
 

 

 

 

Net assets

  $ 142,368  
 

 

 

 

Class I

 

Net asset value, offering and redemption price per share, $142,368 / 12,384 shares outstanding (unlimited amount authorized: $0.001 par value)

  $ 11.50  
 

 

 

 

 

^

See Note 2 in Notes to the Financial Statements.

STATEMENT OF OPERATIONS

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

 

INVESTMENT INCOME

 

Dividends

  $ 143,882  

Interest

    658  

Securities lending (net)

    170  
 

 

 

 

Total income

    144,710  
 

 

 

 

EXPENSES

 

Investment advisory fees

    19,604  

Registration and filing fees

    18,011  

Professional fees

    9,906  

Printing and mailing expenses

    6,757  

Administrative fees

    5,882  

Transfer agent fees

    5,401  

Custodian fees

    1,476  

Trustees’ fees

    159  

Miscellaneous

    2,816  
 

 

 

 

Gross expenses

    70,012  

Less:   Waiver from investment adviser

    (25,486

     Reimbursement from investment adviser

    (22,887
 

 

 

 

Net expenses

    21,639  
 

 

 

 

NET INVESTMENT INCOME (LOSS)

    123,071  
 

 

 

 

REALIZED AND UNREALIZED GAIN (LOSS)

 

Net realized gain (loss) on investments in securities

    1,346,090  

Net change in unrealized appreciation (depreciation) on investments in securities

    (1,192,951
 

 

 

 

NET REALIZED AND UNREALIZED GAIN (LOSS)

    153,139  
 

 

 

 

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

  $ 276,210  
 

 

 

 

 

See Notes to Financial Statements.

 

77


1290 FUNDS

1290 RETIREMENT 2025 FUND

 

 

STATEMENT OF CHANGES IN NET ASSETS

 

    Six Months Ended
April 30, 2025
(Unaudited)
    Year Ended
October 31, 2024
 

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:

 

 

Net investment income (loss)

  $ 123,071     $ 397,684  

Net realized gain (loss)

    1,346,090       445,972  

Net change in unrealized appreciation (depreciation)

    (1,192,951     2,023,444  
 

 

 

   

 

 

 

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

    276,210       2,867,100  
 

 

 

   

 

 

 

Distributions to shareholders:

   

Class I

    (882,517     (673,799
 

 

 

   

 

 

 

CAPITAL SHARES TRANSACTIONS:

   

Class I

   

Capital shares sold [ 24,999 and 439,009 shares, respectively ]

    285,358       4,841,457  

Capital shares issued in reinvestment of dividends [ 78,045 and 62,574 shares, respectively ]

    881,911       673,299  

Capital shares repurchased [ (1,535,773) and (503,345) shares, respectively ]

    (17,396,280     (5,597,497
 

 

 

   

 

 

 

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS

    (16,229,011     (82,741
 

 

 

   

 

 

 

TOTAL INCREASE (DECREASE) IN NET ASSETS

    (16,835,318     2,110,560  

NET ASSETS:

 

Beginning of period

    16,977,686       14,867,126  
 

 

 

   

 

 

 

End of period

  $ 142,368     $ 16,977,686  
 

 

 

   

 

 

 

 

See Notes to Financial Statements.

 

78


1290 FUNDS

1290 RETIREMENT 2025 FUND

FINANCIAL HIGHLIGHTS

 

 

 

     Six Months Ended
April 30, 2025
(Unaudited)
    Year Ended October 31,  
Class I   2024     2023     2022     2021     2020  

Net asset value, beginning of period

   $ 11.75     $ 10.28     $ 10.68     $ 13.13     $ 11.42     $ 11.81  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from investment operations:

            

Net investment income (loss) (e)(x)

     0.18       0.27       0.22       0.23       0.17       0.21  

Net realized and unrealized gain (loss)

     0.23       1.67       0.11       (2.00     1.96       (0.15
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

     0.41       1.94       0.33       (1.77     2.13       0.06  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Less distributions:

 

Dividends from net investment income

     (0.30     (0.25     (0.25     (0.17     (0.20     (0.23

Distributions from net realized gains

     (0.36     (0.22     (0.48     (0.51     (0.22     (0.22
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total dividends and distributions

     (0.66     (0.47     (0.73     (0.68     (0.42     (0.45
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value, end of period

   $   11.50     $ 11.75     $ 10.28     $ 10.68     $ 13.13     $ 11.42  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total return (b)

     3.60     19.26     2.94     (14.20 )%      19.05     0.47
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratios/Supplemental Data:

 

Net assets, end of period (000’s)

   $ 142     $   16,978     $  14,867     $   16,597     $   23,581     $   20,456  

Ratio of expenses to average net assets:

            

After waivers and reimbursements (a)(f)

     0.55 %(j)      0.55 %(j)      0.55 %(j)      0.55 %(j)      0.54 %(j)      0.54 %**(j) 

Before waivers and reimbursements (a)(f)

     1.79     1.33     1.35     1.26     1.18     1.43

Ratio of net investment income (loss) to average net assets:

            

After waivers and reimbursements (a)(f)(x)

     3.14     2.42     2.11     2.00     1.33     1.88

Before waivers and reimbursements (a)(f)(x)

     1.91     1.63     1.31     1.29     0.68     0.99

Portfolio turnover rate^

     3 %(z)      23     12     7     17     34
**

Includes tax expense of less than 0.005%.

^

Portfolio turnover rate excludes derivatives, if any.

(a)

Ratios for periods less than one year are annualized.

(b)

Total returns for periods less than one year are not annualized.

(e)

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

(f)

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

(j)

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

(x)

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

(z)

Portfolio turnover rate for periods less than one year is not annualized.

 

See Notes to Financial Statements.

 

79


1290 FUNDS

1290 RETIREMENT 2030 FUND

PORTFOLIO OF INVESTMENTS

April 30, 2025 (Unaudited)

 

     
     Number of
Shares
    Value
(Note 1)
 

EXCHANGE TRADED FUNDS (ETF):

 

Equity (61.3%)

 

Invesco S&P 500 Low Volatility ETF

    1,526     $ 111,139  

Invesco S&P Emerging Markets Low Volatility ETF

    614       15,344  

Invesco S&P International Developed Low Volatility ETF

    2,085       66,845  

Invesco S&P MidCap Low Volatility ETF

    1,016       60,980  

Invesco S&P SmallCap Low Volatility ETF

    620       27,726  

iShares Core MSCI EAFE ETF

    1,649       129,793  

iShares Core MSCI Emerging Markets ETF

    553       29,956  

iShares Core S&P Total U.S. Stock Market ETF

    2,853       345,185  

iShares MSCI EAFE Min Vol Factor ETF

    810       66,768  

iShares MSCI Emerging Markets Min Vol Factor ETF

    252       14,997  

iShares MSCI USA Min Vol Factor ETF

    1,223       113,176  

SPDR SSGA US Small Cap Low Volatility Index ETF

    227       27,026  
   

 

 

 

Total Equity

       1,008,935  
   

 

 

 

Fixed Income (37.8%)

 

iShares Broad USD High Yield Corporate Bond ETF

    704     25,766  

iShares Core U.S. Aggregate Bond ETF

    4,475       443,114  

iShares TIPS Bond ETF

    851       94,053  

Vanguard Short-Term Bond ETF

    424       33,403  

Vanguard Total International Bond ETF

    537       26,608  
   

 

 

 

Total Fixed Income

      622,944  
   

 

 

 

Total Investments in Securities (99.1%)
(Cost $1,552,857)

 

    1,631,879  

Other Assets Less Liabilities (0.9%)

 

    14,450  
 

 

 

 

Net Assets (100%)

    $  1,646,329  
   

 

 

 

Glossary:

  TIPS

— Treasury Inflation Protected Security

 

 

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of April 30, 2025:

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

 

         
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

  $ 1,631,879     $     $     $ 1,631,879  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Assets

  $ 1,631,879     $     $     $ 1,631,879  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Liabilities

  $     $     $     $  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $   1,631,879     $     —     $     —     $   1,631,879  
 

 

 

   

 

 

   

 

 

   

 

 

 

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

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

 

Cost of Purchases:

 

Long-term investments other than U.S. government debt securities

  $ 191,600  

Net Proceeds of Sales and Redemptions:

 

Long-term investments other than U.S. government debt securities

  $   11,248,667  

As of April 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

 

Aggregate gross unrealized appreciation

  $ 79,317  

Aggregate gross unrealized depreciation

    (111,228
 

 

 

 

Net unrealized depreciation

  $ (31,911
 

 

 

 

Federal income tax cost of investments in securities and derivative instruments, if applicable

  $  1,663,790  
 

 

 

 

 

See Notes to Financial Statements.

 

80


1290 FUNDS

1290 RETIREMENT 2030 FUND

 

 

 

STATEMENT OF ASSETS AND LIABILITIES

April 30, 2025 (Unaudited)

 

ASSETS

 

Investments in Securities, at value (Cost $1,552,857)

  $ 1,631,879  

Cash

    19,064  

Prepaid registration and filing fees

    7,994  

Receivable from investment adviser

    2,148  

Dividends, interest and other receivables

    89  

Other assets

    1,721  
 

 

 

 

Total assets

    1,662,895  
 

 

 

 

LIABILITIES

 

Accrued professional fees

    12,373  

Transfer agent fees payable

    1,043  

Accrued expenses

    3,150  
 

 

 

 

Total liabilities

    16,566  
 

 

 

 

Commitments and contingent liabilities^

 

NET ASSETS

  $ 1,646,329  
 

 

 

 

Net assets were comprised of:

 

Paid in capital

  $ 784,949  

Total distributable earnings (loss)

    861,380  
 

 

 

 

Net assets

  $ 1,646,329  
 

 

 

 

Class I

 

Net asset value, offering and redemption price per share, $1,646,329 / 132,377 shares outstanding (unlimited amount authorized: $0.001 par value)

  $ 12.44  
 

 

 

 

 

^

See Note 2 in Notes to the Financial Statements.

STATEMENT OF OPERATIONS

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

 

INVESTMENT INCOME

 

Dividends

  $ 108,411  

Interest

    982  

Securities lending (net)

    170  
 

 

 

 

Total income

    109,563  
 

 

 

 

EXPENSES

 

Registration and filing fees

    17,698  

Investment advisory fees

    16,497  

Professional fees

    9,651  

Printing and mailing expenses

    6,626  

Transfer agent fees

    5,347  

Administrative fees

    4,949  

Custodian fees

    1,235  

Trustees’ fees

    128  

Miscellaneous

    2,928  
 

 

 

 

Gross expenses

    65,059  

Less:   Waiver from investment adviser

    (21,446

     Reimbursement from investment adviser

    (25,545
 

 

 

 

Net expenses

    18,068  
 

 

 

 

NET INVESTMENT INCOME (LOSS)

    91,495  
 

 

 

 

REALIZED AND UNREALIZED GAIN (LOSS)

 

Net realized gain (loss) on investments in securities

    883,975  

Net change in unrealized appreciation (depreciation) on investments in securities

    (738,799
 

 

 

 

NET REALIZED AND UNREALIZED GAIN (LOSS)

    145,176  
 

 

 

 

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

  $ 236,671  
 

 

 

 

 

See Notes to Financial Statements.

 

81


1290 FUNDS

1290 RETIREMENT 2030 FUND

 

 

STATEMENT OF CHANGES IN NET ASSETS

 

    Six Months Ended
April 30, 2025
(Unaudited)
    Year Ended
October 31,
2024
 

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:

 

Net investment income (loss)

  $ 91,495     $ 236,158  

Net realized gain (loss)

    883,975       82,578  

Net change in unrealized appreciation (depreciation)

    (738,799     1,650,665  
 

 

 

   

 

 

 

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

    236,671       1,969,401  
 

 

 

   

 

 

 

Distributions to shareholders:

   

Class I

    (383,592     (271,641
 

 

 

   

 

 

 

CAPITAL SHARES TRANSACTIONS:

   

Class I

   

Capital shares sold [ 21,552 and 287,043 shares, respectively ]

    266,933       3,377,486  

Capital shares issued in reinvestment of dividends [ 27,078 and 20,470 shares, respectively ]

    334,407       232,125  

Capital shares repurchased [ (924,892) and (144,694) shares, respectively ]

    (11,419,138     (1,673,755
 

 

 

   

 

 

 

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS

    (10,817,798     1,935,856  
 

 

 

   

 

 

 

TOTAL INCREASE (DECREASE) IN NET ASSETS

    (10,964,719     3,633,616  

NET ASSETS:

 

Beginning of period

    12,611,048       8,977,432  
 

 

 

   

 

 

 

End of period

  $ 1,646,329     $ 12,611,048  
 

 

 

   

 

 

 

 

See Notes to Financial Statements.

 

82


1290 FUNDS

1290 RETIREMENT 2030 FUND

FINANCIAL HIGHLIGHTS

 

 

 

Class I   Six Months Ended
April 30, 2025
(Unaudited)
    Year Ended October 31,  
  2024     2023     2022     2021     2020  

Net asset value, beginning of period

  $ 12.50     $ 10.61     $ 11.14     $ 13.31     $ 11.57     $ 11.89  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from investment operations:

           

Net investment income (loss) (e)(x)

    0.17       0.25       0.22       0.24       0.16       0.22  

Net realized and unrealized gain (loss)

    0.17       1.97       0.16       (2.13     2.30       (0.30
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

    0.34       2.22       0.38       (1.89     2.46       (0.08
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Less distributions:

           

Dividends from net investment income

    (0.26     (0.23     (0.25     (0.14     (0.20     (0.21

Distributions from net realized gains

    (0.14     (0.10     (0.66     (0.14     (0.52     (0.03
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total dividends and distributions

    (0.40     (0.33     (0.91     (0.28     (0.72     (0.24
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value, end of period

  $ 12.44     $ 12.50     $ 10.61     $ 11.14     $ 13.31     $ 11.57  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total return (b)

    2.77     21.18     3.20     (14.52 )%      21.98     (0.68 )% 
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratios/Supplemental Data:

           

Net assets, end of period (000’s)

  $   1,646     $   12,611     $   8,977     $   8,528     $   10,698     $   5,682  

Ratio of expenses to average net assets:

           

After waivers and reimbursements (a)(f)

    0.55 %(j)      0.55 %(j)      0.55 %(j)      0.54 %(j)      0.54 %(j)      0.54 %**(j) 

Before waivers and reimbursements (a)(f)

    1.97     1.69     1.91     1.85     2.14     2.88

Ratio of net investment income (loss) to average net assets:

           

After waivers and reimbursements (a)(f)(x)

    2.77     2.14     1.99     1.97     1.24     1.95

Before waivers and reimbursements (a)(f)(x)

    1.35     1.00     0.62     0.66     (0.36 )%      (0.40 )% 

Portfolio turnover rate^

    3 %(z)      9     9     30     8     38
**

Includes tax expense of less than 0.005%.

^

Portfolio turnover rate excludes derivatives, if any.

(a)

Ratios for periods less than one year are annualized.

(b)

Total returns for periods less than one year are not annualized.

(e)

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

(f)

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

(j)

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

(x)

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

(z)

Portfolio turnover rate for periods less than one year is not annualized.

 

See Notes to Financial Statements.

 

83


1290 FUNDS

1290 RETIREMENT 2035 FUND

PORTFOLIO OF INVESTMENTS

April 30, 2025 (Unaudited)

 

     
     Number of
Shares
    Value
(Note 1)
 

EXCHANGE TRADED FUNDS (ETF):

 

Equity (69.6%)

 

Invesco S&P 500 Low Volatility ETF

    1,855     $ 135,100  

Invesco S&P Emerging Markets Low Volatility ETF

    680       16,993  

Invesco S&P International Developed Low Volatility ETF

    2,444       78,355  

Invesco S&P MidCap Low Volatility ETF

    1,286       77,186  

Invesco S&P SmallCap Low Volatility ETF

    757       33,853  

iShares Core MSCI EAFE ETF

    1,983       156,082  

iShares Core MSCI Emerging Markets ETF

    638       34,560  

iShares Core S&P Total U.S. Stock Market ETF

    3,476       420,561  

iShares MSCI EAFE Min Vol Factor ETF

    957       78,885  

iShares MSCI Emerging Markets Min Vol Factor ETF

    309       18,389  

iShares MSCI USA Min Vol Factor ETF

    1,472     136,219  

SPDR SSGA US Small Cap Low Volatility Index ETF

    270       32,145  
   

 

 

 

Total Equity

      1,218,328  
   

 

 

 

Fixed Income (28.6%)

 

iShares Core U.S. Aggregate Bond ETF

    4,295       425,291  

iShares TIPS Bond ETF

    682       75,375  
   

 

 

 

Total Fixed Income

      500,666  
   

 

 

 

Total Investments in Securities (98.2%)
(Cost $1,619,091)

 

    1,718,994  

Other Assets Less Liabilities (1.8%)

 

    31,893  
 

 

 

 

Net Assets (100%)

    $ 1,750,887  
   

 

 

 

Glossary:

  TIPS

— Treasury Inflation Protected Security

 

 

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of April 30, 2025:

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

 

         
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

  $ 1,718,994     $     $     $ 1,718,994  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Assets

  $ 1,718,994     $     $     $ 1,718,994  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Liabilities

  $     $     $     $  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $   1,718,994     $     —     $     —     $   1,718,994  
 

 

 

   

 

 

   

 

 

   

 

 

 

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

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

 

Cost of Purchases:

 

Long-term investments other than U.S. government debt securities

  $ 584,233  

Net Proceeds of Sales and Redemptions:

 

Long-term investments other than U.S. government debt securities

  $   14,839,397  

As of April 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

 

Aggregate gross unrealized appreciation

  $ 99,903  

Aggregate gross unrealized depreciation

    (81,055
 

 

 

 

Net unrealized appreciation

  $ 18,848  
 

 

 

 

Federal income tax cost of investments in securities and derivative instruments, if applicable

  $  1,700,146  
 

 

 

 

 

See Notes to Financial Statements.

 

84


1290 FUNDS

1290 RETIREMENT 2035 FUND

 

 

 

STATEMENT OF ASSETS AND LIABILITIES

April 30, 2025 (Unaudited)

 

ASSETS

 

Investments in Securities, at value
(Cost $1,619,091)

  $ 1,718,994  

Cash

    36,167  

Prepaid registration and filing fees

    8,065  

Receivable from investment adviser

    3,207  

Dividends, interest and other receivables

    103  

Other assets

    1,097  
 

 

 

 

Total assets

    1,767,633  
 

 

 

 

LIABILITIES

 

Accrued professional fees

    12,538  

Transfer agent fees payable

    1,081  

Trustees’ fees payable

    10  

Accrued expenses

    3,117  
 

 

 

 

Total liabilities

    16,746  
 

 

 

 

Commitments and contingent liabilities^

 

NET ASSETS

  $ 1,750,887  
 

 

 

 

Net assets were comprised of:

 

Paid in capital

  $ (534,490

Total distributable earnings (loss)

    2,285,377  
 

 

 

 

Net assets

  $ 1,750,887  
 

 

 

 

Class I

 

Net asset value, offering and redemption price per share, $1,750,887 / 132,107 shares outstanding (unlimited amount authorized: $0.001 par value)

  $ 13.25  
 

 

 

 

 

^

See Note 2 in Notes to the Financial Statements.

STATEMENT OF OPERATIONS

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

 

INVESTMENT INCOME

 

Dividends

  $ 134,087  

Interest

    1,062  

Securities lending (net)

    95  
 

 

 

 

Total income

    135,244  
 

 

 

 

EXPENSES

 

Investment advisory fees

    20,759  

Registration and filing fees

    17,896  

Professional fees

    9,939  

Printing and mailing expenses

    6,761  

Administrative fees

    6,228  

Transfer agent fees

    5,872  

Custodian fees

    1,947  

Trustees’ fees

    164  

Miscellaneous

    3,291  
 

 

 

 

Gross expenses

    72,857  

Less:   Waiver from investment adviser

    (26,987

     Reimbursement from investment adviser

    (23,392
 

 

 

 

Net expenses

    22,478  
 

 

 

 

NET INVESTMENT INCOME (LOSS)

    112,766  
 

 

 

 

REALIZED AND UNREALIZED GAIN (LOSS)

 

Net realized gain (loss) on investments in securities

    2,260,412  

Net change in unrealized appreciation (depreciation) on investments in securities

    (2,077,577
 

 

 

 

NET REALIZED AND UNREALIZED GAIN (LOSS)

    182,835  
 

 

 

 

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

  $ 295,601  
 

 

 

 

 

See Notes to Financial Statements.

 

85


1290 FUNDS

1290 RETIREMENT 2035 FUND

 

 

STATEMENT OF CHANGES IN NET ASSETS

 

    Six Months Ended
April 30, 2025
(Unaudited)
    Year Ended
October 31, 2024
 

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:

   

Net investment income (loss)

  $ 112,766     $ 283,185  

Net realized gain (loss)

    2,260,412       56,747  

Net change in unrealized appreciation (depreciation)

    (2,077,577     2,240,744  
 

 

 

   

 

 

 

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

    295,601       2,580,676  
 

 

 

   

 

 

 

Distributions to shareholders:

   

Class I

    (372,405     (346,821
 

 

 

   

 

 

 

CAPITAL SHARES TRANSACTIONS:

   

Class I

   

Capital shares sold [ 40,256 and 341,450 shares, respectively ]

    529,943       4,153,540  

Capital shares issued in reinvestment of dividends [ 25,441 and 25,362 shares, respectively ]

    335,308       301,300  

Capital shares repurchased [ (1,133,789) and (85,440) shares, respectively ]

    (14,881,638     (1,060,117
 

 

 

   

 

 

 

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS

    (14,016,387     3,394,723  
 

 

 

   

 

 

 

TOTAL INCREASE (DECREASE) IN NET ASSETS

    (14,093,191     5,628,578  

NET ASSETS:

   

Beginning of period

    15,844,078       10,215,500  
 

 

 

   

 

 

 

End of period

  $ 1,750,887     $ 15,844,078  
 

 

 

   

 

 

 

 

See Notes to Financial Statements.

 

86


1290 FUNDS

1290 RETIREMENT 2035 FUND

FINANCIAL HIGHLIGHTS

 

 

 

    Six Months Ended
April 30, 2025
(Unaudited)
    Year Ended October 31,  
Class I   2024     2023     2022     2021     2020  

Net asset value, beginning of period

  $ 13.20     $ 11.12     $ 11.59     $ 13.71     $ 11.62     $ 12.03  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from investment operations:

           

Net investment income (loss) (e)(x)

    0.18       0.25       0.22       0.24       0.16       0.22  

Net realized and unrealized gain (loss)

    0.18       2.21       0.19       (2.20     2.52       (0.32
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

    0.36       2.46       0.41       (1.96     2.68       (0.10
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Less distributions:

           

Dividends from net investment income

    (0.26     (0.22     (0.27     (0.16     (0.21     (0.22

Distributions from net realized gains

    (0.05     (0.16     (0.61           (0.38     (0.09
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total dividends and distributions

    (0.31     (0.38     (0.88     (0.16     (0.59     (0.31
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value, end of period

  $ 13.25     $ 13.20     $ 11.12     $ 11.59     $ 13.71     $ 11.62  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total return (b)

    2.75     22.52     3.42     (14.46 )%      23.70     (0.87 )% 
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratios/Supplemental Data:

           

Net assets, end of period (000’s)

  $   1,751     $   15,844     $   10,216     $   10,448     $   14,195     $   9,521  

Ratio of expenses to average net assets:

           

After waivers and reimbursements (a)(f)

    0.54 %(j)      0.54 %(j)      0.54 %(j)      0.54 %(j)      0.54 %(j)      0.54 %**(j) 

Before waivers and reimbursements (a)(f)

    1.75     1.45     1.76     1.60     1.63     2.17

Ratio of net investment income (loss) to average net assets:

           

After waivers and reimbursements (a)(f)(x)

    2.72     2.01     1.92     1.91     1.23     1.92

Before waivers and reimbursements (a)(f)(x)

    1.50     1.11     0.69     0.85     0.14     0.28

Portfolio turnover rate^

    7 %(z)      2     11     10     1     40
**

Includes tax expense of less than 0.005%.

^

Portfolio turnover rate excludes derivatives, if any.

(a)

Ratios for periods less than one year are annualized.

(b)

Total returns for periods less than one year are not annualized.

(e)

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

(f)

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

(j)

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

(x)

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

(z)

Portfolio turnover rate for periods less than one year is not annualized.

 

See Notes to Financial Statements.

 

87


1290 FUNDS

1290 RETIREMENT 2040 FUND

PORTFOLIO OF INVESTMENTS

April 30, 2025 (Unaudited)

 

     
     Number of
Shares
    Value
(Note 1)
 

EXCHANGE TRADED FUNDS (ETF):

 

Equity (74.6%)

 

Invesco S&P 500 Low Volatility ETF

    4,056     $ 295,399  

Invesco S&P Emerging Markets Low Volatility ETF

    1,562       39,034  

Invesco S&P International Developed Low Volatility ETF

    5,575       178,735  

Invesco S&P MidCap Low Volatility ETF

    2,713       162,834  

Invesco S&P SmallCap Low Volatility ETF

    1,577       70,524  

iShares Core MSCI EAFE ETF

    4,376       344,435  

iShares Core MSCI Emerging Markets ETF

    1,407       76,217  

iShares Core S&P Total U.S. Stock Market ETF

    7,457       902,222  

iShares MSCI EAFE Min Vol Factor ETF

    2,161       178,131  

iShares MSCI Emerging Markets Min Vol Factor ETF

    641       38,146  

iShares MSCI USA Min Vol Factor ETF

    3,291       304,549  

SPDR SSGA US Small Cap Low Volatility Index ETF

    577     68,696  
   

 

 

 

Total Equity

      2,658,922  
   

 

 

 

Fixed Income (24.0%)

 

iShares Core U.S. Aggregate Bond ETF

    7,345       727,302  

iShares TIPS Bond ETF

    1,171       129,419  
   

 

 

 

Total Fixed Income

      856,721  
   

 

 

 

Total Investments in Securities (98.6%)
(Cost $3,086,805)

      3,515,643  

Other Assets Less Liabilities (1.4%)

      51,213  
 

 

 

 

Net Assets (100%)

    $ 3,566,856  
   

 

 

 

Glossary:

  TIPS

— Treasury Inflation Protected Security

 

 

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of April 30, 2025:

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

 

         
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

  $ 3,515,643     $     $     $ 3,515,643  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Assets

  $ 3,515,643     $     $     $ 3,515,643  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Liabilities

  $     $     $     $  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $   3,515,643     $   —     $   —     $   3,515,643  
 

 

 

   

 

 

   

 

 

   

 

 

 

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

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

 

Cost of Purchases:

 

Long-term investments other than U.S. government debt securities

  $ 212,226  

Net Proceeds of Sales and Redemptions:

 

Long-term investments other than U.S. government debt securities

  $   4,636,471  

As of April 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

 

Aggregate gross unrealized appreciation

  $ 399,455  

Aggregate gross unrealized depreciation

     
 

 

 

 

Net unrealized appreciation

  $ 399,455  
 

 

 

 

Federal income tax cost of investments in securities and derivative instruments, if applicable

  $   3,116,188  
 

 

 

 

 

See Notes to Financial Statements.

 

88


1290 FUNDS

1290 RETIREMENT 2040 FUND

 

 

 

STATEMENT OF ASSETS AND LIABILITIES

April 30, 2025 (Unaudited)

 

ASSETS

 

Investments in Securities, at value (Cost $3,086,805)

  $ 3,515,643  

Cash

    54,971  

Prepaid registration and filing fees

    7,924  

Receivable from investment adviser

    2,035  

Dividends, interest and other receivables

    218  

Other assets

    2,472  
 

 

 

 

Total assets

    3,583,263  
 

 

 

 

LIABILITIES

 

Transfer agent fees payable

    1,054  

Trustees’ fees payable

    12  

Accrued expenses

    15,341  
 

 

 

 

Total liabilities

    16,407  
 

 

 

 

Commitments and contingent liabilities^

 

NET ASSETS

  $ 3,566,856  
 

 

 

 

Net assets were comprised of:

 

Paid in capital

  $ 2,380,707  

Total distributable earnings (loss)

    1,186,149  
 

 

 

 

Net assets

  $ 3,566,856  
 

 

 

 

Class I

 

Net asset value, offering and redemption price per share, $3,566,856 / 257,809 shares outstanding (unlimited amount authorized: $0.001 par value)

  $ 13.84  
 

 

 

 

 

^

See Note 2 in Notes to the Financial Statements.

STATEMENT OF OPERATIONS

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

 

INVESTMENT INCOME

 

Dividends

  $ 76,655  

Interest

    1,377  

Securities lending (net)

    46  
 

 

 

 

Total income

    78,078  
 

 

 

 

EXPENSES

 

Registration and filing fees

    17,497  

Investment advisory fees

    13,908  

Professional fees

    9,401  

Printing and mailing expenses

    7,374  

Transfer agent fees

    5,056  

Administrative fees

    4,172  

Custodian fees

    1,234  

Trustees’ fees

    100  

Miscellaneous

    2,510  
 

 

 

 

Gross expenses

    61,252  

Less:   Waiver from investment adviser

    (18,080

      Reimbursement from investment adviser

    (28,171
 

 

 

 

Net expenses

    15,001  
 

 

 

 

NET INVESTMENT INCOME (LOSS)

    63,077  
 

 

 

 

REALIZED AND UNREALIZED GAIN (LOSS)

 

Net realized gain (loss) on investments in securities

    776,738  

Net change in unrealized appreciation (depreciation) on investments in securities

    (660,075
 

 

 

 

NET REALIZED AND UNREALIZED GAIN (LOSS)

    116,663  
 

 

 

 

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

  $ 179,740  
 

 

 

 

 

STATEMENT OF CHANGES IN NET ASSETS

 

    Six Months Ended
April 30, 2025
(Unaudited)
    Year Ended
October 31, 2024
 

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:

 

Net investment income (loss)

  $ 63,077     $ 152,672  

Net realized gain (loss)

    776,738       447,570  

Net change in unrealized appreciation (depreciation)

    (660,075     970,563  
 

 

 

   

 

 

 

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

    179,740       1,570,805  
 

 

 

   

 

 

 

Distributions to shareholders:

   

Class I

    (616,113     (190,060
 

 

 

   

 

 

 

CAPITAL SHARES TRANSACTIONS:

   

Class I

   

Capital shares sold [ 16,100 and 134,971 shares, respectively ]

    229,221       1,789,519  

Capital shares issued in reinvestment of dividends [ 24,109 and 8,188 shares, respectively ]

    332,948       106,859  

Capital shares repurchased [ (320,584) and (157,441) shares, respectively ]

    (4,417,719     (2,116,075
 

 

 

   

 

 

 

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS

    (3,855,550     (219,697
 

 

 

   

 

 

 

TOTAL INCREASE (DECREASE) IN NET ASSETS

    (4,291,923     1,161,048  

NET ASSETS:

 

Beginning of period

    7,858,779       6,697,731  
 

 

 

   

 

 

 

End of period

  $ 3,566,856     $ 7,858,779  
 

 

 

   

 

 

 

 

See Notes to Financial Statements.

 

89


1290 FUNDS

1290 RETIREMENT 2040 FUND

FINANCIAL HIGHLIGHTS

 

 

 

Class I    Six Months Ended
April 30, 2025
(Unaudited)
    Year Ended October 31,  
  2024     2023     2022     2021     2020  

Net asset value, beginning of period

   $ 14.60     $ 12.12     $ 11.99     $ 14.32     $ 11.80     $ 12.05  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from investment operations:

            

Net investment income (loss) (e)(x)

     0.16       0.28       0.24       0.25       0.17       0.23  

Net realized and unrealized gain (loss)

     0.21       2.53       0.21       (2.28     2.82       (0.26
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

     0.37       2.81       0.45       (2.03     2.99       (0.03
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Less distributions:

 

Dividends from net investment income

     (0.28     (0.23     (0.26     (0.16     (0.22     (0.21

Distributions from net realized gains

     (0.85     (0.10     (0.06     (0.14     (0.25     (0.01
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total dividends and distributions

     (1.13     (0.33     (0.32     (0.30     (0.47     (0.22
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value, end of period

   $ 13.84     $ 14.60     $ 12.12     $ 11.99     $ 14.32     $ 11.80  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total return (b)

     2.57     23.53     3.70     (14.46 )%      25.92     (0.24 )% 
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratios/Supplemental Data:

 

Net assets, end of period (000’s)

   $   3,567     $   7,859     $   6,698     $   6,003     $   5,715     $   4,185  

Ratio of expenses to average net assets:

            

After waivers and reimbursements (a)(f)

     0.54 %(j)      0.54 %(j)      0.54 %(j)      0.54 %(j)      0.53 %(j)      0.53 %**(j) 

Before waivers and reimbursements (a)(f)

     2.20     2.19     2.48     2.57     3.05     3.86

Ratio of net investment income (loss) to average net assets:

            

After waivers and reimbursements (a)(f)(x)

     2.27     2.01     1.94     1.91     1.22     1.93

Before waivers and reimbursements (a)(f)(x)

     0.61     0.35     %‡‡      (0.12 )%      (1.29 )%      (1.39 )% 

Portfolio turnover rate^

     4 %(z)      19     4     2     4     20
**

Includes tax expense of less than 0.005%.

‡‡

Amount is less than 0.005%.

^

Portfolio turnover rate excludes derivatives, if any.

(a)

Ratios for periods less than one year are annualized.

(b)

Total returns for periods less than one year are not annualized.

(e)

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

(f)

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

(j)

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

(x)

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

(z)

Portfolio turnover rate for periods less than one year is not annualized.

 

See Notes to Financial Statements.

 

90


1290 FUNDS

1290 RETIREMENT 2045 FUND

PORTFOLIO OF INVESTMENTS

April 30, 2025 (Unaudited)

 

     
     Number of
Shares
    Value
(Note 1)
 

EXCHANGE TRADED FUNDS (ETF):

 

Equity (79.5%)

 

Invesco S&P 500 Low Volatility ETF

    4,676     $ 340,553  

Invesco S&P Emerging Markets Low Volatility ETF

    1,768       44,182  

Invesco S&P International Developed Low Volatility ETF

    6,228       199,670  

Invesco S&P MidCap Low Volatility ETF

    3,053       183,241  

Invesco S&P SmallCap Low Volatility ETF

    1,785       79,825  

iShares Core MSCI EAFE ETF

    4,916       386,938  

iShares Core MSCI Emerging Markets ETF

    1,593       86,293  

iShares Core S&P Total U.S. Stock Market ETF

    8,501       1,028,536  

iShares MSCI EAFE Min Vol Factor ETF

    2,413       198,904  

iShares MSCI Emerging Markets Min Vol Factor ETF

    725       43,145  

iShares MSCI USA Min Vol Factor ETF

    3,806     352,207  

SPDR SSGA US Small Cap Low Volatility Index ETF

    654       77,864  
   

 

 

 

Total Equity

      3,021,358  
   

 

 

 

Fixed Income (19.1%)

 

iShares Core U.S. Aggregate Bond ETF

    6,223       616,201  

iShares TIPS Bond ETF

    992       109,636  
   

 

 

 

Total Fixed Income

      725,837  
   

 

 

 

Total Investments in Securities (98.6%)
(Cost $3,321,085)

 

    3,747,195  

Other Assets Less Liabilities (1.4%)

 

    52,382  
 

 

 

 

Net Assets (100%)

    $  3,799,577  
   

 

 

 

Glossary:

  TIPS

— Treasury Inflation Protected Security

 

 

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of April 30, 2025:

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

 

         
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

  $ 3,747,195     $     $     $ 3,747,195  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Assets

  $ 3,747,195     $     $     $ 3,747,195  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Liabilities

  $     $     $     $  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $   3,747,195     $     —     $     —     $   3,747,195  
 

 

 

   

 

 

   

 

 

   

 

 

 

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

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

 

Cost of Purchases:

 

Long-term investments other than U.S. government debt securities

  $ 360,684  

Net Proceeds of Sales and Redemptions:

 

Long-term investments other than U.S. government debt securities

  $  8,782,206  

As of April 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

 

Aggregate gross unrealized appreciation

  $ 411,217  

Aggregate gross unrealized depreciation

     
 

 

 

 

Net unrealized appreciation

  $ 411,217  
 

 

 

 

Federal income tax cost of investments in securities and derivative instruments, if applicable

  $  3,335,978  
 

 

 

 

 

See Notes to Financial Statements.

 

91


1290 FUNDS

1290 RETIREMENT 2045 FUND

 

 

 

STATEMENT OF ASSETS AND LIABILITIES

April 30, 2025 (Unaudited)

 

ASSETS

 

Investments in Securities, at value (Cost $3,321,085)

  $ 3,747,195  

Cash

    56,823  

Prepaid registration and filing fees

    7,999  

Receivable from investment adviser

    1,454  

Dividends, interest and other receivables

    223  

Other assets

    2,515  
 

 

 

 

Total assets

    3,816,209  
 

 

 

 

LIABILITIES

 

Transfer agent fees payable

    1,081  

Trustees’ fees payable

    18  

Accrued expenses

    15,533  
 

 

 

 

Total liabilities

    16,632  
 

 

 

 

Commitments and contingent liabilities^

 

NET ASSETS

  $ 3,799,577  
 

 

 

 

Net assets were comprised of:

 

Paid in capital

  $ 1,349,588  

Total distributable earnings (loss)

    2,449,989  
 

 

 

 

Net assets

  $ 3,799,577  
 

 

 

 

Class I

 

Net asset value, offering and redemption price per share, $3,799,577 / 268,328 shares outstanding (unlimited amount authorized: $0.001 par value)

  $ 14.16  
 

 

 

 

 

^

See Note 2 in Notes to the Financial Statements.

STATEMENT OF OPERATIONS

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

 

INVESTMENT INCOME

 

Dividends

  $ 109,337  

Interest

    1,467  

Securities lending (net)

    109  
 

 

 

 

Total income

    110,913  
 

 

 

 

EXPENSES

 

Investment advisory fees

    19,428  

Registration and filing fees

    17,692  

Professional fees

    9,779  

Printing and mailing expenses

    6,815  

Administrative fees

    5,828  

Transfer agent fees

    5,510  

Custodian fees

    1,086  

Trustees’ fees

    144  

Miscellaneous

    3,028  
 

 

 

 

Gross expenses

    69,310  

Less:   Waiver from investment adviser

    (25,256

     Reimbursement from investment adviser

    (23,236
 

 

 

 

Net expenses

    20,818  
 

 

 

 

NET INVESTMENT INCOME (LOSS)

    90,095  
 

 

 

 

REALIZED AND UNREALIZED GAIN (LOSS)

 

Net realized gain (loss) on investments in securities

    2,027,569  

Net change in unrealized appreciation (depreciation) on investments in securities

    (1,829,690
 

 

 

 

NET REALIZED AND UNREALIZED GAIN (LOSS)

    197,879  
 

 

 

 

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

  $ 287,974  
 

 

 

 

 

See Notes to Financial Statements.

 

92


1290 FUNDS

1290 RETIREMENT 2045 FUND

 

 

STATEMENT OF CHANGES IN NET ASSETS

 

    Six Months Ended
April 30, 2025
(Unaudited)
    Year Ended
October 31, 2024
 

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:

 

Net investment income (loss)

  $ 90,095     $ 198,733  

Net realized gain (loss)

    2,027,569       24,533  

Net change in unrealized appreciation (depreciation)

    (1,829,690     1,905,738  
 

 

 

   

 

 

 

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

    287,974       2,129,004  
 

 

 

   

 

 

 

Distributions to shareholders:

   

Class I

    (241,536     (284,189
 

 

 

   

 

 

 

CAPITAL SHARES TRANSACTIONS:

   

Class I

   

Capital shares sold [ 29,392 and 164,685 shares, respectively ]

    414,340       2,170,899  

Capital shares issued in reinvestment of dividends [ 12,077 and 14,756 shares, respectively ]

    171,001       184,746  

Capital shares repurchased [ (618,672) and (43,924) shares, respectively ]

    (8,748,550     (578,725
 

 

 

   

 

 

 

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS

    (8,163,209     1,776,920  
 

 

 

   

 

 

 

TOTAL INCREASE (DECREASE) IN NET ASSETS

    (8,116,771     3,621,735  

NET ASSETS:

 

Beginning of period

    11,916,348       8,294,613  
 

 

 

   

 

 

 

End of period

  $ 3,799,577     $ 11,916,348  
 

 

 

   

 

 

 

 

See Notes to Financial Statements.

 

93


1290 FUNDS

1290 RETIREMENT 2045 FUND

FINANCIAL HIGHLIGHTS

 

 

 

     Six Months Ended
April 30, 2025
(Unaudited)
    Year Ended October 31,  

Class I

  2024     2023     2022     2021     2020  

Net asset value, beginning of period

   $ 14.09     $ 11.68     $ 11.67     $ 14.46     $ 11.83     $ 12.18  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from investment operations:

            

Net investment income (loss) (e)(x)

     0.16       0.25       0.22       0.24       0.16       0.23  

Net realized and unrealized gain (loss)

     0.19       2.56       0.24       (2.18     3.03       (0.36
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

     0.35       2.81       0.46       (1.94     3.19       (0.13
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Less distributions:

 

Dividends from net investment income

     (0.25     (0.22     (0.26     (0.18     (0.23     (0.22

Distributions from net realized gains

     (0.03     (0.18     (0.19     (0.67     (0.33    
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total dividends and distributions

     (0.28     (0.40     (0.45     (0.85     (0.56     (0.22
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value, end of period

   $ 14.16     $ 14.09     $ 11.68     $ 11.67     $ 14.46     $ 11.83  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total return (b)

     2.50     24.47     3.86     (14.30 )%      27.63     (1.08 )% 
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratios/Supplemental Data:

 

Net assets, end of period (000’s)

   $   3,800     $   11,916     $   8,295     $   7,584     $   8,138     $   6,625  

Ratio of expenses to average net assets:

            

After waivers and reimbursements (a)(f)

     0.54 %(j)      0.54 %(j)      0.53 %(j)      0.53 %(j)      0.53 %**(j)      0.53 %(j) 

Before waivers and reimbursements (a)(f)

     1.78     1.76     2.13     2.16     2.18     2.78

Ratio of net investment income (loss) to average net assets:

            

After waivers and reimbursements (a)(f)(x)

     2.32     1.90     1.86     1.90     1.21     1.92

Before waivers and reimbursements (a)(f)(x)

     1.07     0.68     0.26     0.27     (0.43 )%      (0.33 )% 

Portfolio turnover rate^

     5 %(z)      1     10     5     18     18
**

Includes tax expense of less than 0.005%.

#

Per share amount is less than $0.005.

^

Portfolio turnover rate excludes derivatives, if any.

(a)

Ratios for periods less than one year are annualized.

(b)

Total returns for periods less than one year are not annualized.

(e)

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

(f)

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

(j)

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

(x)

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

(z)

Portfolio turnover rate for periods less than one year is not annualized.

 

See Notes to Financial Statements.

 

94


1290 FUNDS

1290 RETIREMENT 2050 FUND

PORTFOLIO OF INVESTMENTS

April 30, 2025 (Unaudited)

 

     
    

Number of

Shares

    Value
(Note 1)
 

EXCHANGE TRADED FUNDS (ETF):

 

Equity (84.5%)

 

Invesco S&P 500 Low Volatility ETF

    5,280     $ 384,542  

Invesco S&P Emerging Markets Low Volatility ETF

    1,964       49,080  

Invesco S&P International Developed Low Volatility ETF

    6,901       221,246  

Invesco S&P MidCap Low Volatility ETF

    3,374       202,507  

Invesco S&P SmallCap Low Volatility ETF

    1,982       88,635  

iShares Core MSCI EAFE ETF

    5,445       428,576  

iShares Core MSCI Emerging Markets ETF

    1,769       95,827  

iShares Core S&P Total U.S. Stock Market ETF

    9,444       1,142,630  

iShares MSCI EAFE Min Vol Factor ETF

    2,649       218,357  

iShares MSCI Emerging Markets Min Vol Factor ETF

    805       47,906  

iShares MSCI USA Min Vol Factor ETF

    4,301       398,015  

SPDR SSGA US Small Cap Low Volatility Index ETF

    726       86,436  
   

 

 

 

Total Equity

      3,363,757  
   

 

 

 

Fixed Income (14.1%)

 

iShares Core U.S. Aggregate Bond ETF

    4,826     477,870  

iShares TIPS Bond ETF

    769       84,990  
   

 

 

 

Total Fixed Income

      562,860  
   

 

 

 

Total Investments in Securities (98.6%)
(Cost $3,407,989)

      3,926,617  

Other Assets Less Liabilities (1.4%)

      56,053  
 

 

 

 

Net Assets (100%)

    $ 3,982,670  
   

 

 

 

Glossary:

  TIPS

— Treasury Inflation Protected Security

 

 

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of April 30, 2025:

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

 

         
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

  $ 3,926,617     $     $     $ 3,926,617  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Assets

  $ 3,926,617     $     $     $ 3,926,617  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Liabilities

  $     $     $     $  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $   3,926,617     $   —     $   —     $   3,926,617  
 

 

 

   

 

 

   

 

 

   

 

 

 

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

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

 

Cost of Purchases:

 

Long-term investments other than U.S. government debt securities

  $ 294,290  

Net Proceeds of Sales and Redemptions:

 

Long-term investments other than U.S. government debt securities

  $  8,456,773  

 

See Notes to Financial Statements.

 

95


1290 FUNDS

1290 RETIREMENT 2050 FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

 

As of April 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

 

Aggregate gross unrealized appreciation

  $ 474,387  

Aggregate gross unrealized depreciation

     
 

 

 

 

Net unrealized appreciation

  $ 474,387  
 

 

 

 

Federal income tax cost of investments in securities and derivative instruments, if applicable

  $  3,452,230  
 

 

 

 

 

See Notes to Financial Statements.

 

96


1290 FUNDS

1290 RETIREMENT 2050 FUND

 

 

 

STATEMENT OF ASSETS AND LIABILITIES

April 30, 2025 (Unaudited)

 

ASSETS

 

Investments in Securities, at value (Cost $3,407,989)

  $ 3,926,617  

Cash

    60,962  

Prepaid registration and filing fees

    7,979  

Receivable from investment adviser

    1,018  

Dividends, interest and other receivables

    226  

Other assets

    2,719  
 

 

 

 

Total assets

    3,999,521  
 

 

 

 

LIABILITIES

 

Transfer agent fees payable

    1,053  

Trustees’ fees payable

    19  

Accrued expenses

    15,779  
 

 

 

 

Total liabilities

    16,851  
 

 

 

 

Commitments and contingent liabilities^

 

NET ASSETS

  $ 3,982,670  
 

 

 

 

Net assets were comprised of:

 

Paid in capital

  $ 1,427,542  

Total distributable earnings (loss)

    2,555,128  
 

 

 

 

Net assets

  $ 3,982,670  
 

 

 

 

Class I

 

Net asset value, offering and redemption price per share, $3,982,670 / 257,083 shares outstanding (unlimited amount authorized: $0.001 par value)

  $ 15.49  
 

 

 

 

 

^

See Note 2 in Notes to the Financial Statements.

STATEMENT OF OPERATIONS

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

 

INVESTMENT INCOME

 

Dividends

  $ 107,553  

Interest

    1,447  

Securities lending (net)

    85  
 

 

 

 

Total income

    109,085  
 

 

 

 

EXPENSES

 

Investment advisory fees

    19,579  

Registration and filing fees

    18,050  

Professional fees

    9,781  

Printing and mailing expenses

    6,504  

Administrative fees

    5,873  

Transfer agent fees

    4,824  

Custodian fees

    1,322  

Trustees’ fees

    145  

Miscellaneous

    2,984  
 

 

 

 

Gross expenses

    69,062  

Less:   Waiver from investment adviser

    (25,452

     Reimbursement from investment adviser

    (22,769
 

 

 

 

Net expenses

    20,841  
 

 

 

 

NET INVESTMENT INCOME (LOSS)

    88,244  
 

 

 

 

REALIZED AND UNREALIZED GAIN (LOSS)

 

Net realized gain (loss) on investments in securities

    2,070,327  

Net change in unrealized appreciation (depreciation) on investments in securities

    (1,861,423
 

 

 

 

NET REALIZED AND UNREALIZED GAIN (LOSS)

    208,904  
 

 

 

 

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

  $ 297,148  
 

 

 

 

 

STATEMENT OF CHANGES IN NET ASSETS

 

    Six Months Ended
April 30, 2025
(Unaudited)
    Year Ended
October 31, 2024
 

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:

   

Net investment income (loss)

  $ 88,244     $ 193,216  

Net realized gain (loss)

    2,070,327       101,714  

Net change in unrealized appreciation (depreciation)

    (1,861,423     1,942,111  
 

 

 

   

 

 

 

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

    297,148       2,237,041  
 

 

 

   

 

 

 

Distributions to shareholders:

   

Class I

    (309,874     (189,958
 

 

 

   

 

 

 

CAPITAL SHARES TRANSACTIONS:

   

Class I

   

Capital shares sold [ 20,058 and 142,453 shares, respectively ]

    312,222       2,055,184  

Capital shares issued in reinvestment of dividends [ 13,472 and 8,752 shares, respectively ]

    209,353       120,078  

Capital shares repurchased [ (544,733) and (53,450) shares, respectively ]

    (8,462,073     (760,203
 

 

 

   

 

 

 

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS

    (7,940,498     1,415,059  
 

 

 

   

 

 

 

TOTAL INCREASE (DECREASE) IN NET ASSETS

    (7,953,224     3,462,142  

NET ASSETS:

   

Beginning of period

    11,935,894       8,473,752  
 

 

 

   

 

 

 

End of period

  $ 3,982,670     $ 11,935,894  
 

 

 

   

 

 

 

 

See Notes to Financial Statements.

 

97


1290 FUNDS

1290 RETIREMENT 2050 FUND

FINANCIAL HIGHLIGHTS

 

 

 

    Six Months Ended
April 30, 2025
(Unaudited)
    Year Ended October 31,  
Class I   2024     2023     2022     2021     2020  

Net asset value, beginning of period

  $ 15.54     $ 12.64     $ 12.43     $ 14.82     $ 11.76     $ 12.24  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from investment operations:

           

Net investment income (loss) (e)(x)

    0.17       0.27       0.24       0.26       0.16       0.22  

Net realized and unrealized gain (loss)

    0.18       2.90       0.30       (2.34     3.24       (0.46
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

    0.35       3.17       0.54       (2.08     3.40       (0.24
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Less distributions:

           

Dividends from net investment income

    (0.27     (0.22     (0.27     (0.16     (0.21     (0.22

Distributions from net realized gains

    (0.13     (0.05     (0.06     (0.15     (0.13     (0.02
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total dividends and distributions

    (0.40     (0.27     (0.33     (0.31     (0.34     (0.24
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value, end of period

  $ 15.49     $ 15.54     $ 12.64     $ 12.43     $ 14.82     $ 11.76  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total return (b)

    2.26     25.45     4.32     (14.31 )%      29.37     (2.05 )% 
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratios/Supplemental Data:

           

Net assets, end of period (000’s)

  $   3,983     $   11,936     $   8,474     $   6,743     $   6,432     $   4,761  

Ratio of expenses to average net assets:

           

After waivers and reimbursements (a)(f)

    0.53 %(j)      0.53 %(j)      0.53 %(j)      0.53 %(j)      0.53 %(j)      0.53 %**(j) 

Before waivers and reimbursements (a)(f)

    1.76     1.74     2.17     2.39     2.75     3.80

Ratio of net investment income (loss) to average net assets:

           

After waivers and reimbursements (a)(f)(x)

    2.25     1.84     1.83     1.93     1.17     1.90

Before waivers and reimbursements (a)(f)(x)

    1.02     0.63     0.19     0.07     (1.05 )%      (1.37 )% 

Portfolio turnover rate^

    4 %(z)      3     2     2     5     21
**

Includes tax expense of less than 0.005%.

^

Portfolio turnover rate excludes derivatives, if any.

(a)

Ratios for periods less than one year are annualized.

(b)

Total returns for periods less than one year are not annualized.

(e)

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

(f)

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

(j)

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

(x)

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

(z)

Portfolio turnover rate for periods less than one year is not annualized.

 

See Notes to Financial Statements.

 

98


1290 FUNDS

1290 RETIREMENT 2055 FUND

PORTFOLIO OF INVESTMENTS

April 30, 2025 (Unaudited)

 

     
     Number of
Shares
    Value
(Note 1)
 

EXCHANGE TRADED FUNDS (ETF):

 

Equity (89.4%)

 

Invesco S&P 500 Low Volatility ETF

    5,474     $ 398,671  

Invesco S&P Emerging Markets Low Volatility ETF

    2,014       50,330  

Invesco S&P International Developed Low Volatility ETF

    7,008       224,677  

Invesco S&P MidCap Low Volatility ETF

    3,447       206,889  

Invesco S&P SmallCap Low Volatility ETF

    2,033       90,916  

iShares Core MSCI EAFE ETF

    5,547       436,604  

iShares Core MSCI Emerging Markets ETF

    1,814       98,264  

iShares Core S&P Total U.S. Stock Market ETF

    9,830       1,189,332  

iShares MSCI EAFE Min Vol Factor ETF

    2,721       224,292  

iShares MSCI Emerging Markets Min Vol Factor ETF

    826       49,155  

iShares MSCI USA Min Vol Factor ETF

    4,468       413,469  

SPDR SSGA US Small Cap Low Volatility Index ETF

    744       88,579  
   

 

 

 

Total Equity

      3,471,178  
   

 

 

 

Fixed Income (9.1%)

 

iShares Core U.S. Aggregate Bond ETF

    3,020     299,040  

iShares TIPS Bond ETF

    482       53,271  
   

 

 

 

Total Fixed Income

      352,311  
   

 

 

 

Total Investments in Securities (98.5%)
(Cost $3,333,992)

 

    3,823,489  

Other Assets Less Liabilities (1.5%)

 

    56,799  
 

 

 

 

Net Assets (100%)

    $ 3,880,288  
   

 

 

 

Glossary:

  TIPS

— Treasury Inflation Protected Security

 

 

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of April 30, 2025:

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

 

         
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

  $ 3,823,489     $     $     $ 3,823,489  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Assets

  $ 3,823,489     $     $     $ 3,823,489  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Liabilities

  $     $     $     $  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $   3,823,489     $     —     $     —     $   3,823,489  
 

 

 

   

 

 

   

 

 

   

 

 

 

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

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

 

Cost of Purchases:

 

Long-term investments other than U.S. government debt securities

  $ 408,495  

Net Proceeds of Sales and Redemptions:

 

Long-term investments other than U.S. government debt securities

  $  5,100,777  

 

See Notes to Financial Statements.

 

99


1290 FUNDS

1290 RETIREMENT 2055 FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

 

As of April 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

 

Aggregate gross unrealized appreciation

  $ 486,595  

Aggregate gross unrealized depreciation

     
 

 

 

 

Net unrealized appreciation

  $ 486,595  
 

 

 

 

Federal income tax cost of investments in securities and derivative instruments, if applicable

  $  3,336,894  
 

 

 

 

 

See Notes to Financial Statements.

 

100


1290 FUNDS

1290 RETIREMENT 2055 FUND

 

 

 

STATEMENT OF ASSETS AND LIABILITIES

April 30, 2025 (Unaudited)

 

ASSETS

 

Investments in Securities, at value (Cost $3,333,992)

  $ 3,823,489  

Cash

    59,775  

Prepaid registration and filing fees

    7,926  

Receivable from investment adviser

    2,651  

Dividends, interest and other receivables

    225  

Other assets

    2,605  
 

 

 

 

Total assets

    3,896,671  
 

 

 

 

LIABILITIES

 

Transfer agent fees payable

    1,030  

Trustees’ fees payable

    23  

Accrued expenses

    15,330  
 

 

 

 

Total liabilities

    16,383  
 

 

 

 

Commitments and contingent liabilities^

 

NET ASSETS

  $ 3,880,288  
 

 

 

 

Net assets were comprised of:

 

Paid in capital

  $ 1,806,885  

Total distributable earnings (loss)

    2,073,403  
 

 

 

 

Net assets

  $ 3,880,288  
 

 

 

 

Class I

 

Net asset value, offering and redemption price per share, $3,880,288 / 251,214 shares outstanding (unlimited amount authorized: $0.001 par value)

  $ 15.45  
 

 

 

 

 

^

See Note 2 in Notes to the Financial Statements.

STATEMENT OF OPERATIONS

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

 

INVESTMENT INCOME

 

Dividends

  $ 78,247  

Interest

    1,415  

Securities lending (net)

    65  
 

 

 

 

Total income

    79,727  
 

 

 

 

EXPENSES

 

Registration and filing fees

    17,488  

Investment advisory fees

    15,186  

Professional fees

    9,484  

Printing and mailing expenses

    7,864  

Transfer agent fees

    4,920  

Administrative fees

    4,556  

Custodian fees

    1,096  

Trustees’ fees

    109  

Miscellaneous

    2,902  
 

 

 

 

Gross expenses

    63,605  

Less:   Waiver from investment adviser

    (19,742

     Reimbursement from investment adviser

    (27,795
 

 

 

 

Net expenses

    16,068  
 

 

 

 

NET INVESTMENT INCOME (LOSS)

    63,659  
 

 

 

 

REALIZED AND UNREALIZED GAIN (LOSS)

 

Net realized gain (loss) on investments in securities

    1,577,120  

Net change in unrealized appreciation (depreciation) on investments in securities

    (1,421,350
 

 

 

 

NET REALIZED AND UNREALIZED GAIN (LOSS)

    155,770  
 

 

 

 

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

  $ 219,429  
 

 

 

 

 

STATEMENT OF CHANGES IN NET ASSETS

 

    Six Months Ended
April 30, 2025
(Unaudited)
    Year Ended
October 31, 2024
 

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:

 

Net investment income (loss)

  $ 63,659     $ 124,414  

Net realized gain (loss)

    1,577,120       34,022  

Net change in unrealized appreciation (depreciation)

    (1,421,350     1,372,452  
 

 

 

   

 

 

 

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

    219,429       1,530,888  
 

 

 

   

 

 

 

Distributions to shareholders:

   

Class I

    (171,728     (265,313
 

 

 

   

 

 

 

CAPITAL SHARES TRANSACTIONS:

   

Class I

   

Capital shares sold [ 26,116 and 132,037 shares, respectively ]

    403,182       1,896,042  

Capital shares issued in reinvestment of dividends [ 6,009 and 8,276 shares, respectively ]

    93,196       111,719  

Capital shares repurchased [ (327,693) and (15,706) shares, respectively ]

    (5,080,807     (227,518
 

 

 

   

 

 

 

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS

    (4,584,429     1,780,243  
 

 

 

   

 

 

 

TOTAL INCREASE (DECREASE) IN NET ASSETS

    (4,536,728     3,045,818  

NET ASSETS:

 

Beginning of period

    8,417,016       5,371,198  
 

 

 

   

 

 

 

End of period

  $ 3,880,288     $ 8,417,016  
 

 

 

   

 

 

 

 

See Notes to Financial Statements.

 

101


1290 FUNDS

1290 RETIREMENT 2055 FUND

FINANCIAL HIGHLIGHTS

 

 

 

    Six Months Ended
April 30, 2025
(Unaudited)
    Year Ended October 31,  
Class I   2024     2023     2022     2021     2020  

Net asset value, beginning of period

  $ 15.39     $ 12.72     $ 12.65     $ 15.00     $ 11.73     $ 12.32  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from investment operations:

           

Net investment income (loss) (e)(x)

    0.16       0.26       0.24       0.26       0.16       0.23  

Net realized and unrealized gain (loss)

    0.21       3.02       0.32       (2.37     3.45       (0.58
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

    0.37       3.28       0.56       (2.11     3.61       (0.35
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Less distributions:

 

Dividends from net investment income

    (0.25     (0.23     (0.27     (0.17     (0.21     (0.23

Distributions from net realized gains

    (0.06     (0.38     (0.22     (0.07     (0.13     (0.01
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total dividends and distributions

    (0.31     (0.61     (0.49     (0.24     (0.34     (0.24
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value, end of period

  $ 15.45     $ 15.39     $ 12.72     $ 12.65     $ 15.00     $ 11.73  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total return (b)

    2.42     26.50     4.36     (14.34 )%      31.27     (2.97 )% 
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratios/Supplemental Data:

 

Net assets, end of period (000’s)

  $  3,880     $  8,417     $  5,371     $  5,120     $  5,478     $  3,883  

Ratio of expenses to average net assets:

           

After waivers and reimbursements (a)(f)

    0.53 %(j)      0.53 %(j)      0.53 %(j)      0.52 %(j)      0.52 %(j)      0.53 %**(j) 

Before waivers and reimbursements (a)(f)

    2.09     2.31     2.83     2.86     3.11     4.34

Ratio of net investment income (loss) to average net assets:

           

After waivers and reimbursements (a)(f)(x)

    2.10     1.77     1.81     1.88     1.16     1.97

Before waivers and reimbursements (a)(f)(x)

    0.53     (0.02 )%      (0.49 )%      (0.46 )%      (1.43 )%      (1.84 )% 

Portfolio turnover rate^

    7 %(z)      2     12     5     2     6
**

Includes Tax expense of 0.01%.

^

Portfolio turnover rate excludes derivatives, if any.

(a)

Ratios for periods less than one year are annualized.

(b)

Total returns for periods less than one year are not annualized.

(e)

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

(f)

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

(j)

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

(x)

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

(z)

Portfolio turnover rate for periods less than one year is not annualized.

 

See Notes to Financial Statements.

 

102


1290 FUNDS

1290 SMARTBETA EQUITY FUND

PORTFOLIO OF INVESTMENTS

April 30, 2025 (Unaudited)

 

     
     Number of
Shares
    Value
(Note 1)
 

COMMON STOCKS:

 

Communication Services (6.7%)

 

Diversified Telecommunication Services (1.8%)

 

AT&T, Inc.

    28,500     $ 789,450  

Deutsche Telekom AG (Registered)

    9,864       353,112  

Koninklijke KPN NV

    113,411       526,116  

Nippon Telegraph & Telephone Corp.

    262,500       274,103  

Quebecor, Inc., Class B

    11,538       316,529  

Telstra Group Ltd.

    133,153       384,663  

Verizon Communications, Inc.

    29,361       1,293,646  
   

 

 

 
      3,937,619  
   

 

 

 

Entertainment (0.3%)

 

Electronic Arts, Inc.

    3,753       544,523  
   

 

 

 

Interactive Media & Services (3.5%)

 

Alphabet, Inc., Class A

    32,244       5,120,347  

Meta Platforms, Inc., Class A

    4,339       2,382,111  
   

 

 

 
      7,502,458  
   

 

 

 

Media (0.3%)

 

Comcast Corp., Class A

    21,804       745,697  
   

 

 

 

Wireless Telecommunication Services (0.8%)

 

KDDI Corp.

    20,600       363,576  

SoftBank Corp.

    391,000       590,410  

T-Mobile US, Inc.

    3,486       860,868  
   

 

 

 
      1,814,854  
   

 

 

 

Total Communication Services

      14,545,151  
   

 

 

 

Consumer Discretionary (9.3%)

 

Automobile Components (0.2%)

 

Bridgestone Corp.

    9,000       377,109  
   

 

 

 

Automobiles (0.7%)

 

Tesla, Inc.*

    5,105       1,440,427  
   

 

 

 

Broadline Retail (2.5%)

 

Amazon.com, Inc.*

    21,886       4,036,216  

Dollarama, Inc.

    5,463       674,058  

Wesfarmers Ltd.

    15,570       781,114  
   

 

 

 
      5,491,388  
   

 

 

 

Hotels, Restaurants & Leisure (2.6%)

 

Aristocrat Leisure Ltd.

    8,814       377,366  

Booking Holdings, Inc.

    171       871,977  

Chipotle Mexican Grill, Inc.*

    10,000       505,200  

Darden Restaurants, Inc.

    1,421       285,109  

McDonald’s Corp.

    7,537       2,409,202  

Restaurant Brands International, Inc.

    3,652       235,316  

Starbucks Corp.

    2,633       210,772  

Yum! Brands, Inc.

    5,011       753,855  
   

 

 

 
      5,648,797  
   

 

 

 

Household Durables (0.1%)

 

Garmin Ltd.

    1,213       226,673  
   

 

 

 

Specialty Retail (2.9%)

 

AutoZone, Inc.*

    200       752,520  

Fast Retailing Co. Ltd.

    800       262,862  

Home Depot, Inc. (The)

    4,828       1,740,446  

Industria de Diseno Textil SA (x)

    5,279       282,510  

Lowe’s Cos., Inc.

    4,100       916,596  

O’Reilly Automotive, Inc.*

    572       809,494  

TJX Cos., Inc. (The)

    9,003     1,158,506  

Tractor Supply Co.

    7,000       354,340  
   

 

 

 
      6,277,274  
   

 

 

 

Textiles, Apparel & Luxury Goods (0.3%)

 

adidas AG

    1,662       379,760  

NIKE, Inc., Class B

    6,880       388,032  
   

 

 

 
      767,792  
   

 

 

 

Total Consumer Discretionary

      20,229,460  
   

 

 

 

Consumer Staples (11.6%)

 

Beverages (2.4%)

 

Anheuser-Busch InBev SA/NV

    4,111       268,252  

Coca-Cola Co. (The)

    25,766       1,869,323  

Keurig Dr Pepper, Inc.

    11,401       394,361  

Monster Beverage Corp.*

    4,641       279,017  

PepsiCo, Inc.

    17,114       2,320,316  
   

 

 

 
      5,131,269  
   

 

 

 

Consumer Staples Distribution & Retail (3.2%)

 

Costco Wholesale Corp.

    2,721       2,706,035  

Empire Co. Ltd., Class A

    9,205       341,866  

George Weston Ltd.

    2,100       409,154  

Koninklijke Ahold Delhaize NV

    14,652       599,870  

Kroger Co. (The)

    4,778       345,019  

Loblaw Cos. Ltd.

    2,300       373,379  

Seven & i Holdings Co. Ltd.

    18,500       273,592  

Walmart, Inc.

    15,550       1,512,238  

Woolworths Group Ltd.

    18,481       373,726  
   

 

 

 
      6,934,879  
   

 

 

 

Food Products (1.8%)

 

Chocoladefabriken Lindt & Spruengli AG

    24       350,106  

Danone SA

    5,704       490,836  

General Mills, Inc.

    15,721       892,010  

Hershey Co. (The)

    3,500       585,165  

J M Smucker Co. (The)

    2,200       255,794  

Kraft Heinz Co. (The)

    8,508       247,583  

McCormick & Co., Inc. (Non-Voting)

    3,756       287,935  

Nestle SA (Registered)

    6,870       730,325  
   

 

 

 
      3,839,754  
   

 

 

 

Household Products (3.3%)

 

Church & Dwight Co., Inc.

    4,952       491,931  

Clorox Co. (The)

    1,586       225,688  

Colgate-Palmolive Co.

    18,509       1,706,345  

Essity AB, Class B

    9,638       277,608  

Henkel AG & Co. KGaA (Preference) (q)

    7,013       543,416  

Kimberly-Clark Corp.

    7,964       1,049,496  

Procter & Gamble Co. (The)

    17,894       2,909,027  
   

 

 

 
      7,203,511  
   

 

 

 

Personal Care Products (0.9%)

 

Beiersdorf AG

    2,994       420,577  

Kao Corp.

    14,300       610,786  

L’Oreal SA*

    776       340,209  

Unilever plc

    5,289       335,445  

Unilever plc (Cboe Europe)

    4,078       258,614  
   

 

 

 
      1,965,631  
   

 

 

 

Total Consumer Staples

      25,075,044  
   

 

 

 

 

See Notes to Financial Statements.

 

103


1290 FUNDS

1290 SMARTBETA EQUITY FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

 

     
     Number of
Shares
    Value
(Note 1)
 

Energy (1.5%)

 

Oil, Gas & Consumable Fuels (1.5%)

 

Cheniere Energy, Inc.

    1,250     $ 288,888  

Enbridge, Inc.

    23,766       1,111,413  

EOG Resources, Inc.

    2,036       224,632  

Equinor ASA

    26,389       603,451  

Idemitsu Kosan Co. Ltd.

    47,300       292,606  

TC Energy Corp.

    9,944       502,393  

TotalEnergies SE

    4,294       248,866  
   

 

 

 

Total Energy

      3,272,249  
   

 

 

 

Financials (19.7%)

 

Banks (4.9%)

 

Bank of Montreal

    2,662       255,058  

Bank of Nova Scotia (The)

    19,316       966,501  

Canadian Imperial Bank of Commerce

    14,014       883,880  

Commonwealth Bank of Australia

    4,270       455,676  

DBS Group Holdings Ltd.

    12,100       393,266  

DNB Bank ASA

    18,395       457,603  

Intesa Sanpaolo SpA

    49,447       262,267  

JPMorgan Chase & Co.

    5,354       1,309,695  

National Bank of Canada

    4,142       363,785  

Nordea Bank Abp (Aquis Stock Exchange)

    23,265       320,881  

Nordea Bank Abp (Turquoise Stock Exchange)

    13,972       190,813  

Oversea-Chinese Banking Corp. Ltd.

    22,500       278,214  

Royal Bank of Canada

    16,493       1,979,615  

Toronto-Dominion Bank (The)

    18,501       1,182,180  

United Overseas Bank Ltd.

    27,600       731,999  

Wells Fargo & Co.

    8,028       570,068  
   

 

 

 
      10,601,501  
   

 

 

 

Capital Markets (3.8%)

 

Ameriprise Financial, Inc.

    1,500       706,530  

Bank of New York Mellon Corp. (The)

    7,700       619,157  

Cboe Global Markets, Inc.

    3,189       707,320  

CME Group, Inc.

    5,581       1,546,383  

Daiwa Securities Group, Inc.

    33,000       215,615  

Deutsche Boerse AG

    3,831       1,230,375  

FactSet Research Systems, Inc.

    567       245,069  

Intercontinental Exchange, Inc.

    6,366       1,069,297  

Moody’s Corp.

    1,075       487,104  

MSCI, Inc.

    459       250,206  

S&P Global, Inc.

    1,534       767,077  

TMX Group Ltd.

    9,500       385,003  
   

 

 

 
      8,229,136  
   

 

 

 

Financial Services (3.7%)

 

Berkshire Hathaway, Inc., Class B*

    4,022       2,144,731  

Fiserv, Inc.*

    5,339       985,419  

Jack Henry & Associates, Inc.

    1,472       255,289  

Mastercard, Inc., Class A

    3,361       1,842,030  

Visa, Inc., Class A

    8,277       2,859,704  
   

 

 

 
      8,087,173  
   

 

 

 

Insurance (7.3%)

 

Aflac, Inc.

    5,945       646,103  

Allianz SE (Registered)

    2,318       956,107  

Allstate Corp. (The)

    1,723       341,826  

Aon plc, Class A

    2,200       780,538  

Chubb Ltd.

    3,283       939,201  

Generali (x)

    20,746       755,358  

Great-West Lifeco, Inc.

    7,112     276,566  

Hannover Rueck SE

    1,052       336,552  

Hartford Insurance Group, Inc. (The)

    2,600       318,942  

Intact Financial Corp.

    4,371       970,745  

Loews Corp.

    5,300       460,199  

Marsh & McLennan Cos., Inc.

    7,000       1,578,290  

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)*

    1,413       962,991  

NN Group NV

    7,846       479,082  

Progressive Corp. (The)

    5,411       1,524,495  

QBE Insurance Group Ltd.

    33,610       464,809  

Sampo OYJ, Class A

    52,575       525,196  

Sompo Holdings, Inc.

    10,600       344,363  

Sun Life Financial, Inc.

    10,300       613,771  

Tokio Marine Holdings, Inc.

    9,600       383,248  

Travelers Cos., Inc. (The)

    2,160       570,521  

W.R. Berkley Corp.

    5,400       387,126  

Willis Towers Watson plc

    818       251,780  

Zurich Insurance Group AG

    1,542       1,088,097  
   

 

 

 
      15,955,906  
   

 

 

 

Total Financials

      42,873,716  
   

 

 

 

Health Care (8.9%)

 

Biotechnology (0.4%)

 

AbbVie, Inc.

    1,312       255,971  

Gilead Sciences, Inc.

    6,013       640,625  
   

 

 

 
      896,596  
   

 

 

 

Health Care Equipment & Supplies (2.9%)

 

Abbott Laboratories

    15,318       2,002,829  

Becton Dickinson & Co.

    3,000       621,270  

Boston Scientific Corp.*

    13,634       1,402,530  

IDEXX Laboratories, Inc.*

    562       243,149  

Medtronic plc

    12,999       1,101,795  

ResMed, Inc.

    1,085       256,700  

Stryker Corp.

    2,001       748,214  
   

 

 

 
      6,376,487  
   

 

 

 

Health Care Providers & Services (1.5%)

 

Cardinal Health, Inc.

    2,372       335,140  

Cencora, Inc.

    2,200       643,874  

HCA Healthcare, Inc.

    1,091       376,482  

McKesson Corp.

    455       324,319  

UnitedHealth Group, Inc.

    3,531       1,452,795  
   

 

 

 
      3,132,610  
   

 

 

 

Life Sciences Tools & Services (0.4%)

 

Agilent Technologies, Inc.

    2,904       312,471  

Thermo Fisher Scientific, Inc.

    1,257       539,253  
   

 

 

 
      851,724  
   

 

 

 

Pharmaceuticals (3.7%)

 

Bristol-Myers Squibb Co.

    11,794       592,059  

Eli Lilly & Co.

    990       889,960  

Johnson & Johnson

    12,263       1,916,830  

Merck & Co., Inc.

    3,006       256,111  

Merck KGaA

    1,756       242,494  

Novartis AG (Registered)

    10,826       1,230,230  

Novo Nordisk A/S (ADR)

    3,753       249,387  

Otsuka Holdings Co. Ltd.

    4,600       223,823  

Roche Holding AG

    2,433       793,853  

Sanofi SA

    4,752       516,259  

 

See Notes to Financial Statements.

 

104


1290 FUNDS

1290 SMARTBETA EQUITY FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

 

     
     Number of
Shares
    Value
(Note 1)
 

Takeda Pharmaceutical Co. Ltd.

    10,400     $ 315,171  

Zoetis, Inc.

    5,625       879,750  
   

 

 

 
      8,105,927  
   

 

 

 

Total Health Care

      19,363,344  
   

 

 

 

Industrials (14.8%)

 

Aerospace & Defense (2.1%)

 

GE Aerospace

    6,651       1,340,443  

L3Harris Technologies, Inc.

    1,095       240,922  

Lockheed Martin Corp.

    2,248       1,073,982  

Northrop Grumman Corp.

    894       434,931  

RTX Corp.

    9,419       1,188,018  

Singapore Technologies Engineering Ltd.

    69,900       396,569  
   

 

 

 
      4,674,865  
   

 

 

 

Air Freight & Logistics (0.5%)

 

Deutsche Post AG

    8,646       367,396  

Expeditors International of Washington, Inc.

    4,800       527,568  

United Parcel Service, Inc., Class B

    2,762       263,219  
   

 

 

 
      1,158,183  
   

 

 

 

Building Products (1.2%)

 

Allegion plc

    5,500       765,600  

Geberit AG (Registered)

    619       427,641  

Trane Technologies plc

    3,431       1,315,137  
   

 

 

 
      2,508,378  
   

 

 

 

Commercial Services & Supplies (1.8%)

 

Brambles Ltd.

    40,979       538,631  

Cintas Corp.

    3,376       714,632  

Copart, Inc.*

    10,314       629,463  

Republic Services, Inc.

    3,877       972,158  

Secom Co. Ltd.

    7,600       278,954  

Waste Management, Inc.

    2,953       689,112  
   

 

 

 
      3,822,950  
   

 

 

 

Construction & Engineering (0.4%)

 

Stantec, Inc.

    3,784       332,122  

WSP Global, Inc.

    2,894       512,968  
   

 

 

 
      845,090  
   

 

 

 

Electrical Equipment (1.0%)

 

ABB Ltd. (Registered)

    10,619       555,685  

Eaton Corp. plc

    3,080       906,660  

Emerson Electric Co.

    2,195       230,716  

Schneider Electric SE

    2,328       538,531  
   

 

 

 
      2,231,592  
   

 

 

 

Ground Transportation (0.2%)

 

Union Pacific Corp.

    2,065       445,338  
   

 

 

 

Industrial Conglomerates (0.1%)

 

Siemens AG (Registered)

    1,241       283,915  
   

 

 

 

Machinery (3.6%)

 

Atlas Copco AB, Class A(x)

    35,680       553,168  

Caterpillar, Inc.

    2,584       799,154  

Cummins, Inc.

    1,658       487,187  

Epiroc AB, Class A

    13,403       289,540  

FANUC Corp.

    9,600       245,338  

GEA Group AG

    5,420       351,825  

Illinois Tool Works, Inc.

    4,800       1,151,568  

Knorr-Bremse AG

    3,781     373,504  

Komatsu Ltd.

    9,600       275,350  

Kone OYJ, Class B

    4,544       280,548  

Otis Worldwide Corp.

    7,848       755,527  

Parker-Hannifin Corp.

    898       543,344  

Pentair plc

    5,900       535,307  

Snap-on, Inc.

    1,600       502,096  

Volvo AB, Class B

    22,816       619,883  
   

 

 

 
      7,763,339  
   

 

 

 

Marine Transportation (0.1%)

 

Kuehne + Nagel International AG (Registered)

    1,085       248,261  
   

 

 

 

Professional Services (2.7%)

 

Automatic Data Processing, Inc.

    5,705       1,714,923  

Broadridge Financial Solutions, Inc.

    2,400       581,760  

Leidos Holdings, Inc.

    2,034       299,364  

Paychex, Inc.

    4,091       601,868  

RELX plc

    5,697       308,783  

Thomson Reuters Corp.

    4,474       832,522  

Verisk Analytics, Inc.

    2,496       739,889  

Wolters Kluwer NV

    4,833       851,099  
   

 

 

 
      5,930,208  
   

 

 

 

Trading Companies & Distributors (1.1%)

 

Fastenal Co.

    12,442       1,007,429  

ITOCHU Corp.

    9,500       483,837  

W.W. Grainger, Inc.

    800       819,448  
   

 

 

 
      2,310,714  
   

 

 

 

Total Industrials

      32,222,833  
   

 

 

 

Information Technology (19.3%)

 

Communications Equipment (0.8%)

 

Cisco Systems, Inc.

    10,505       606,454  

Motorola Solutions, Inc.

    2,700       1,189,053  
   

 

 

 
      1,795,507  
   

 

 

 

Electronic Equipment, Instruments & Components (0.7%)

 

Amphenol Corp., Class A

    9,437       726,177  

CDW Corp.

    1,993       319,996  

TE Connectivity plc

    2,800       409,864  
   

 

 

 
      1,456,037  
   

 

 

 

IT Services (1.9%)

 

Accenture plc, Class A

    4,060       1,214,549  

CGI, Inc.

    7,409       785,614  

Fujitsu Ltd.

    15,600       343,794  

Gartner, Inc.*

    900       378,972  

International Business Machines Corp.

    2,773       670,567  

NEC Corp.

    13,500       328,200  

VeriSign, Inc.*

    1,395       393,557  
   

 

 

 
      4,115,253  
   

 

 

 

Semiconductors & Semiconductor Equipment (4.5%)

 

Broadcom, Inc.

    8,859       1,705,092  

NVIDIA Corp.

    69,522       7,572,336  

QUALCOMM, Inc.

    3,526       523,470  
   

 

 

 
      9,800,898  
   

 

 

 

Software (6.7%)

 

Autodesk, Inc.*

    1,948       534,239  

Constellation Software, Inc.

    309       1,113,608  

Dassault Systemes SE

    7,350       273,441  

 

See Notes to Financial Statements.

 

105


1290 FUNDS

1290 SMARTBETA EQUITY FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

 

     
     Number of
Shares
    Value
(Note 1)
 

Fair Isaac Corp.*

    200     $ 397,936  

Intuit, Inc.

    1,083       679,550  

Microsoft Corp.

    20,478       8,094,134  

Oracle Corp.

    3,386       476,478  

Palo Alto Networks, Inc.*

    2,232       417,228  

Roper Technologies, Inc.

    1,600       896,128  

Salesforce, Inc.

    2,826       759,374  

SAP SE

    3,390       980,444  
   

 

 

 
      14,622,560  
   

 

 

 

Technology Hardware, Storage & Peripherals (4.7%)

 

Apple, Inc.

    44,981       9,558,462  

Canon, Inc. (x)

    10,500       323,416  

NetApp, Inc.

    2,900       260,275  
   

 

 

 
      10,142,153  
   

 

 

 

Total Information Technology

      41,932,408  
   

 

 

 

Materials (2.2%)

 

Chemicals (2.2%)

 

Air Liquide SA

    1,500       306,821  

Ecolab, Inc.

    3,400       854,862  

Givaudan SA (Registered)

    154       742,991  

Linde plc

    3,351       1,518,774  

Sherwin-Williams Co. (The)

    2,900       1,023,468  

Symrise AG, Class A

    2,583       297,151  
   

 

 

 

Total Materials

      4,744,067  
   

 

 

 

Real Estate (0.7%)

 

Real Estate Management & Development (0.2%)

 

Swiss Prime Site AG (Registered)

    2,427       341,988  
   

 

 

 

Residential REITs (0.3%)

 

AvalonBay Communities, Inc. (REIT)

    2,200       461,956  

Equity Residential (REIT)

    3,400       238,884  
   

 

 

 
      700,840  
   

 

 

 

Specialized REITs (0.2%)

 

Public Storage (REIT)

    1,598       480,087  
   

 

 

 

Total Real Estate

      1,522,915  
   

 

 

 

Utilities (4.5%)

 

Electric Utilities (2.3%)

 

Duke Energy Corp.

    6,042       737,245  

Enel SpA

    64,680       560,097  

Eversource Energy

    10,900       648,332  

Exelon Corp.

    8,780       411,782  

Hydro One Ltd. (m)

    13,760       529,400  

Iberdrola SA

    47,505       855,406  

Southern Co. (The)

    7,103       652,694  

Terna - Rete Elettrica Nazionale

    58,178       577,872  
   

 

 

 
      4,972,828  
   

 

 

 

Gas Utilities (0.5%)

 

Atmos Energy Corp.

    5,688       913,663  

Hong Kong & China Gas Co. Ltd.

    308,000       277,596  
   

 

 

 
      1,191,259  
   

 

 

 

Multi-Utilities (1.7%)

 

Consolidated Edison, Inc.

    7,600       856,900  

E.ON SE

    37,794       659,992  

National Grid plc

    26,197       378,105  

Public Service Enterprise Group, Inc.

    12,100       967,153  

Sempra

    10,912     810,434  
   

 

 

 
      3,672,584  
   

 

 

 

Total Utilities

      9,836,671  
   

 

 

 

Total Common Stocks (99.2%)
(Cost $172,935,223)

      215,617,858  
   

 

 

 
     
     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 (0.6%)

 

 

Invesco Government & Agency Portfolio, Institutional Shares 4.26% (7 day yield) (xx)

    485,667       485,667  

JPMorgan Prime Money Market Fund, IM Shares 4.49% (7 day yield)

    882,229       882,405  
   

 

 

 

Total Investment Companies

      1,368,072  
 

 

 

 

Total Short-Term Investments (0.6%)
(Cost $1,368,072)

 

    1,368,072  
   

 

 

 

Total Investments in Securities (99.8%)
(Cost $174,303,295)

 

    216,985,930  

Other Assets Less Liabilities (0.2%)

 

    484,861  
 

 

 

 

Net Assets (100%)

    $ 217,470,791  
   

 

 

 

 

*

Non-income producing.

(m)

Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At April 30, 2025, the market value or fair value, as applicable, of these securities amounted to $529,400 or 0.2% of net assets.

(q)

Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.

(r)

Fair value determined using significant unobservable inputs.

(x)

All or a portion of security is on loan at April 30, 2025.

(xx)

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

 

See Notes to Financial Statements.

 

106


1290 FUNDS

1290 SMARTBETA EQUITY FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

 

  Glossary:

  ADR

— American Depositary Receipt

  AUD

— Australian Dollar

  CAD

— Canadian Dollar

  CHF

— Swiss Franc

  DKK

— Denmark Krone

  EUR

— European Currency Unit

  GBP

— British Pound

  HKD

— Hong Kong Dollar

  ILS

— Israel New Shekel

  JPY

— Japanese Yen

  NOK

— Norwegian Krone

  NZD

— New Zealand Dollar

  REIT

— Real Estate Investment Trust

  SEK

— Swedish Krona

  SGD

— Singapore Dollar

  USD

— United States Dollar

 

   

Country Diversification

As a Percentage of Total Net Assets

      

Australia

    1.6

Belgium

    0.1  

Canada

    7.4  

Denmark

    0.1  

Finland

    0.6  

France

    0.8  

Germany

    4.0  

Hong Kong

    0.1  

Ireland

    0.6  

Italy

    1.0  

Japan

    3.1  

Netherlands

    1.1  

Norway

    0.5  

Singapore

    0.8  

Spain

    0.5  

Sweden

    0.8  

Switzerland

    1.9  

United Kingdom

    0.6  

United States

    74.2  

Cash and Other

    0.2  
   

 

 

 
      100.0
   

 

 

 

 

 

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

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of April 30, 2025:

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

 

         
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

  $    12,053,171     $ 2,491,980     $     $ 14,545,151  

Consumer Discretionary

    17,768,739       2,460,721             20,229,460  

Consumer Staples

    19,201,682       5,873,362         —         25,075,044  

Energy

    2,127,326       1,144,923             3,272,249  

Financials

    32,041,204          10,832,512                42,873,716  

Health Care

    16,041,514       3,321,830             19,363,344  

Industrials

    23,954,375       8,268,458             32,222,833  

Information Technology

    39,683,113       2,249,295             41,932,408  

Materials

    3,397,104       1,346,963             4,744,067  

Real Estate

    1,180,927       341,988             1,522,915  

Utilities

    6,527,603       3,309,068             9,836,671  

Short-Term Investments

       

Investment Companies

    1,368,072                   1,368,072  

 

See Notes to Financial Statements.

 

107


1290 FUNDS

1290 SMARTBETA EQUITY FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2025 (Unaudited)

 

         
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

  $   175,344,830     $   41,641,100     $     $   216,985,930  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Liabilities

  $     $     $     $  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ 175,344,830     $ 41,641,100     $   —     $ 216,985,930  
 

 

 

   

 

 

   

 

 

   

 

 

 

 

(a)

Value is zero.

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

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

 

Cost of Purchases:

 

Long-term investments other than U.S. government debt securities

  $   39,569,768  

Net Proceeds of Sales and Redemptions:

 

Long-term investments other than U.S. government debt securities

  $ 36,833,591  

As of April 30, 2025, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

 

Aggregate gross unrealized appreciation

  $ 47,042,242  

Aggregate gross unrealized depreciation

    (4,733,390
 

 

 

 

Net unrealized appreciation

  $ 42,308,852  
 

 

 

 

Federal income tax cost of investments in securities and derivative instruments, if applicable

  $   174,677,078  
 

 

 

 

 

See Notes to Financial Statements.

 

108


1290 FUNDS

1290 SMARTBETA EQUITY FUND

 

 

 

STATEMENT OF ASSETS AND LIABILITIES

April 30, 2025 (Unaudited)

 

ASSETS

 

Investments in Securities, at value (x) (Cost $174,303,295)

  $ 216,985,930  

Cash

    383,000  

Foreign cash (Cost $117,961)

    118,147  

Dividends, interest and other receivables

    551,042  

Receivable for Fund shares sold

    330,480  

Prepaid registration and filing fees

    27,603  

Securities lending income receivable

    3,388  
 

 

 

 

Total assets

    218,399,590  
 

 

 

 

LIABILITIES

 

Payable for return of collateral on securities loaned

    485,667  

Payable for Fund shares repurchased

    200,061  

Investment advisory fees payable

    81,131  

Transfer agent fees payable

    33,438  

Administrative fees payable

    25,972  

Distribution fees payable – Class R

    1,472  

Distribution fees payable – Class A

    1,158  

Accrued expenses

    99,900  
 

 

 

 

Total liabilities

    928,799  
 

 

 

 

Commitments and contingent liabilities^

 

NET ASSETS

  $ 217,470,791  
 

 

 

 

Net assets were comprised of:

 

Paid in capital

  $ 169,265,909  

Total distributable earnings (loss)

    48,204,882  
 

 

 

 

Net assets

  $ 217,470,791  
 

 

 

 

Class A

 

Net asset value and redemption price per share, $5,836,811 / 310,786 shares outstanding (unlimited amount authorized: $0.001 par value)

  $ 18.78  

Maximum sales charge (5.50% of offering price)

    1.09  
 

 

 

 

Maximum offering price per share

  $ 19.87  
 

 

 

 

Class I

 

Net asset value, offering and redemption price per share, $207,910,178 / 11,042,574 shares outstanding (unlimited amount authorized: $0.001 par value)

  $ 18.83  
 

 

 

 

Class R

 

Net asset value, offering and redemption price per share, $3,723,802 / 198,761 shares outstanding (unlimited amount authorized: $0.001 par value)

  $ 18.74  
 

 

 

 

 

(x)

Includes value of securities on loan of $1,693,848.

^

See Note 2 in Notes to the Financial Statements.

STATEMENT OF OPERATIONS

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

 

INVESTMENT INCOME

 

Dividends (net of $122,474 foreign withholding tax)

  $ 2,038,740  

Interest

    8,905  

Securities lending (net)

    7,129  
 

 

 

 

Total income

    2,054,774  
 

 

 

 

EXPENSES

 

Investment advisory fees

    758,558  

Administrative fees

    162,549  

Transfer agent fees

    115,192  

Professional fees

    57,218  

Printing and mailing expenses

    34,913  

Registration and filing fees

    21,699  

Custodian fees

    14,601  

Distribution fees – Class R

    9,111  

Distribution fees – Class A

    7,439  

Trustees’ fees

    3,595  

Miscellaneous

    18,707  
 

 

 

 

Gross expenses

    1,203,582  

Less:   Waiver from investment adviser

    (266,072
 

 

 

 

Net expenses

    937,510  
 

 

 

 

NET INVESTMENT INCOME (LOSS)

    1,117,264  
 

 

 

 

REALIZED AND UNREALIZED GAIN (LOSS)

 

Realized gain (loss) on:

 

Investments in securities

    5,028,511  

Foreign currency transactions

    (14,452
 

 

 

 

Net realized gain (loss)

    5,014,059  
 

 

 

 

Change in unrealized appreciation (depreciation) on:

 

Investments in securities

    (1,975,885

Foreign currency translations

    17,714  
 

 

 

 

Net change in unrealized appreciation (depreciation)

    (1,958,171
 

 

 

 

NET REALIZED AND UNREALIZED GAIN (LOSS)

    3,055,888  
 

 

 

 

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

  $ 4,173,152  
 

 

 

 

 

See Notes to Financial Statements.

 

109


1290 FUNDS

1290 SMARTBETA EQUITY FUND

 

 

 

STATEMENT OF CHANGES IN NET ASSETS

 

    Six Months Ended
April 30, 2025
(Unaudited)
    Year Ended
October 31, 2024
 

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:

 

Net investment income (loss)

  $ 1,117,264     $ 2,377,117  

Net realized gain (loss)

    5,014,059       10,181,124  

Net change in unrealized appreciation (depreciation)

    (1,958,171     40,812,304  
 

 

 

   

 

 

 

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

    4,173,152       53,370,545  
 

 

 

   

 

 

 

Distributions to shareholders:

   

Class A

    (247,696     (68,338

Class I

    (8,815,698     (2,810,472

Class R

    (137,600     (24,199

Class T**

          (2,483
 

 

 

   

 

 

 

Total distributions to shareholders

    (9,200,994     (2,905,492
 

 

 

   

 

 

 

CAPITAL SHARES TRANSACTIONS:

   

Class A

   

Capital shares sold [ 18,858 and 47,641 shares, respectively ]

    359,766       828,562  

Capital shares issued in reinvestment of dividends [ 12,952 and 4,167 shares, respectively ]

    247,656       68,338  

Capital shares repurchased [ (29,607) and (73,974) shares, respectively ]

    (552,024     (1,324,378
 

 

 

   

 

 

 

Total Class A transactions

    55,398       (427,478
 

 

 

   

 

 

 

Class I

   

Capital shares sold [ 1,457,414 and 3,094,753 shares, respectively ]

    27,657,845       54,891,400  

Capital shares issued in reinvestment of dividends [ 459,291 and 171,020 shares, respectively ]

    8,795,418       2,808,138  

Capital shares repurchased [ (1,479,123) and (4,491,799) shares, respectively ]

    (27,979,267     (78,668,900
 

 

 

   

 

 

 

Total Class I transactions

    8,473,996       (20,969,362
 

 

 

   

 

 

 

Class R

   

Capital shares sold [ 13,325 and 58,077 shares, respectively ]

    253,054       1,020,710  

Capital shares issued in reinvestment of dividends [ 7,208 and 1,477 shares, respectively ]

    137,600       24,199  

Capital shares repurchased [ (6,917) and (18,051) shares, respectively ]

    (132,228     (307,750
 

 

 

   

 

 

 

Total Class R transactions

    258,426       737,159  
 

 

 

   

 

 

 

Class T**

   

Capital shares repurchased [ 0 and (10,332) shares ]

          (204,085
 

 

 

   

 

 

 

Total Class T transactions

          (204,085
 

 

 

   

 

 

 

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS

    8,787,820       (20,863,766
 

 

 

   

 

 

 

TOTAL INCREASE (DECREASE) IN NET ASSETS

    3,759,978       29,601,287  

NET ASSETS:

 

Beginning of period

    213,710,813       184,109,526  
 

 

 

   

 

 

 

End of period

  $ 217,470,791     $ 213,710,813  
 
 

 

 

   

 

 

 

**   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.

 

110


1290 FUNDS

1290 SMARTBETA EQUITY FUND

FINANCIAL HIGHLIGHTS

 

 

 

    Six Months Ended
April 30, 2025
(Unaudited)
    Year Ended October 31,  
Class A   2024     2023     2022     2021     2020  

Net asset value, beginning of period

  $ 19.19     $ 14.90     $ 14.15     $ 17.61     $ 13.34     $ 13.34  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from investment operations:

           

Net investment income (loss) (e)

    0.07       0.16       0.17       0.15       0.14       0.14  

Net realized and unrealized gain (loss)

    0.30       4.33       0.70       (2.37     4.29       0.14  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

    0.37       4.49       0.87       (2.22     4.43       0.28  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Less distributions:

 

Dividends from net investment income

    (0.18     (0.20     (0.12     (0.13     (0.08     (0.13

Distributions from net realized gains

    (0.60               (1.11     (0.08     (0.15
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total dividends and distributions

    (0.78     (0.20     (0.12     (1.24     (0.16     (0.28
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value, end of period

  $ 18.78     $ 19.19     $ 14.90     $ 14.15     $ 17.61     $ 13.34  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total return (b)

    1.88     30.38     6.14     (13.73 )%      33.49     2.07
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratios/Supplemental Data:

 

Net assets, end of period (000’s)

  $ 5,837     $ 5,922     $ 4,929     $ 4,888     $ 4,978     $ 3,278  

Ratio of expenses to average net assets:

           

After waivers and reimbursements (a)(f)

    1.10     1.10     1.10     1.10     1.10     1.14

Before waivers and reimbursements (a)(f)

    1.35     1.37     1.41     1.42     1.48     1.83

Ratio of net investment income (loss) to average net assets:

           

After waivers and reimbursements (a)(f)

    0.79     0.91     1.15     0.96     0.89     1.04

Before waivers and reimbursements (a)(f)

    0.54     0.64     0.84     0.64     0.51     0.35

Portfolio turnover rate^

    17 %(z)      32     34     38     59     42
    Six Months Ended
April 30, 2025
(Unaudited)
    Year Ended October 31,  
Class I   2024     2023     2022     2021     2020  

Net asset value, beginning of period

  $ 19.26     $ 14.95     $ 14.19     $ 17.66     $ 13.37     $ 13.37  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from investment operations:

           

Net investment income (loss) (e)

    0.10       0.21       0.21       0.19       0.19       0.17  

Net realized and unrealized gain (loss)

    0.30       4.34       0.71       (2.38     4.29       0.14  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

    0.40       4.55       0.92       (2.19     4.48       0.31  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Less distributions:

 

Dividends from net investment income

    (0.23     (0.24     (0.16     (0.17     (0.11     (0.16

Distributions from net realized gains

    (0.60               (1.11     (0.08     (0.15
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total dividends and distributions

    (0.83     (0.24     (0.16     (1.28     (0.19     (0.31
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value, end of period

  $ 18.83     $ 19.26     $ 14.95     $ 14.19     $ 17.66     $ 13.37  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total return (b)

    2.01     30.72     6.46     (13.56 )%      33.87     2.30
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratios/Supplemental Data:

 

Net assets, end of period (000’s)

  $  207,910     $  204,247     $  176,892     $  150,789     $  124,320     $  46,777  

Ratio of expenses to average net assets:

           

After waivers and reimbursements (a)(f)

    0.85     0.85     0.85     0.85     0.85     0.89

Before waivers and reimbursements (a)(f)

    1.10     1.12     1.16     1.17     1.23     1.58

Ratio of net investment income (loss) to average net assets:

           

After waivers and reimbursements (a)(f)

    1.05     1.17     1.40     1.23     1.16     1.27

Before waivers and reimbursements (a)(f)

    0.80     0.90     1.09     0.90     0.78     0.58

Portfolio turnover rate^

    17 %(z)      32     34     38     59     42

 

See Notes to Financial Statements.

 

111


1290 FUNDS

1290 SMARTBETA EQUITY FUND

FINANCIAL HIGHLIGHTS (Continued)

 

 

 

    Six Months Ended
April 30, 2025
(Unaudited)
    Year Ended October 31,  
Class R   2024     2023     2022     2021     2020  

Net asset value, beginning of period

  $ 19.13     $ 14.85     $ 14.10     $ 17.56     $   13.30     $   13.31  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from investment operations:

           

Net investment income (loss) (e)

    0.05       0.11       0.14       0.11       0.10       0.10  

Net realized and unrealized gain (loss)

    0.30       4.33       0.69       (2.37     4.29       0.14  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

    0.35       4.44       0.83       (2.26     4.39       0.24  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Less distributions:

 

Dividends from net investment income

    (0.14     (0.16     (0.08     (0.09     (0.05     (0.10

Distributions from net realized gains

    (0.60               (1.11     (0.08     (0.15
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total dividends and distributions

    (0.74     (0.16     (0.08     (1.20     (0.13     (0.25
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value, end of period

  $ 18.74     $ 19.13     $ 14.85     $ 14.10     $ 17.56     $ 13.30  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total return (b)

    1.76     30.11     5.90     (13.97 )%      33.21     1.75
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratios/Supplemental Data:

 

Net assets, end of period (000’s)

  $   3,724     $   3,541     $   2,134     $   1,381     $ 936     $ 236  

Ratio of expenses to average net assets:

           

After waivers and reimbursements (a)(f)

    1.35     1.35     1.35     1.35     1.35     1.39

Before waivers and reimbursements (a)(f)

    1.60     1.62     1.66     1.68     1.73     2.09

Ratio of net investment income (loss) to average net assets:

           

After waivers and reimbursements (a)(f)

    0.55     0.64     0.89     0.72     0.64     0.77

Before waivers and reimbursements (a)(f)

    0.30     0.37     0.58     0.40     0.26     0.07

Portfolio turnover rate^

    17 %(z)      32     34     38     59     42
#

Per share amount is less than $0.005.

^

Portfolio turnover rate excludes derivatives, if any.

(a)

Ratios for periods less than one year are annualized.

(b)

Total returns for periods less than one year are not annualized.

(e)

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

(f)

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

(z)

Portfolio turnover rate for periods less than one year is not annualized.

 

See Notes to Financial Statements.

 

112


1290 FUNDS

NOTES TO FINANCIAL STATEMENTS

April 30, 2025 (Unaudited)

 

Note 1

Organization and Significant Accounting Policies

1290 Funds (the “Trust”) was organized as a Delaware statutory trust on March 1, 2013 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open- end management investment company with sixteen diversified funds in operation (each, a “Fund” and collectively, the “Funds”). Equitable Investment Management, LLC (“EIM” or the “Adviser”) is the investment adviser to each Fund. The Adviser is registered with the U.S. Securities and Exchange Commission (“SEC”) as an investment adviser under the Investment Advisers Act of 1940, as amended, and is an indirect, wholly-owned subsidiary of Equitable Holdings, Inc., which is a publicly- owned company.

Effective November 29, 2023, the name of the 1290 Retirement 2060 Fund changed to 1290 Avantis® 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.

 

113


1290 FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

April 30, 2025 (Unaudited)

 

EIM contributed seed capital to the Fund below:

 

Funds:

  Redemption
Date
    Class     Seed capital  

1290 GAMCO Small/Mid Cap Value

    10/15/2024       T     $ 184,904  

1290 High Yield Bond

    10/15/2024       T       121,901  

1290 SmartBeta Equity

    10/15/2024       T       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.

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

 

114


1290 FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

April 30, 2025 (Unaudited)

 

The following is a summary of the significant accounting policies of the Trust:

The preparation of financial statements in accordance with United States of America generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates. The Funds are investment companies and, accordingly, follow the Investment Company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. GAAP.

Valuation:

Equity securities (including securities issued by ETFs) listed on national securities exchanges are generally valued at the last sale price or official closing price on the date of valuation or, if there is no sale or official closing price, at the latest available bid price. Securities listed on the NASDAQ Stock Market will be valued using the NASDAQ Official Closing Price (“NOCP”). Other unlisted stocks are generally valued at their last sale price or official closing price, or, if there is no such price, at a bid price estimated by a broker.

Corporate and municipal bonds and notes are generally valued on the basis of prices provided by a pricing service. The pricing services may utilize many inputs that are observable in making evaluations which may include, but are not limited to, trading activity for similar securities, issuer details, yields, default rates, credit spreads, quoted prices and any developments related to the specific securities. However, when such prices are not available, such bonds and notes are generally fair valued at a bid price estimated by a broker.

Convertible preferred stocks listed on national securities exchanges are generally valued as of their last sale price or official closing price on the date of valuation or, if there is no sale, at the latest available bid price. Convertible bonds and unlisted convertible preferred stocks are generally valued using prices obtained from a pricing service for such investments or, if a pricing service price is not available, fair valued at bid prices obtained from one or more of the major dealers in such bonds or stocks. Convertible bonds may be matrix-priced based upon the conversion value to the underlying common stocks and market premiums.

Mortgage-backed and asset-backed securities are generally valued at evaluated prices obtained from a pricing service where available, or fair valued at a bid price obtained from one or more of the major dealers in such securities. The pricing service may utilize data such as issuer type, coupon, cash flows, collateral performance, mortgage prepayment projection tables and Adjustable Rate Mortgage evaluations that incorporate index data, periodic and life caps, the next coupon reset date and the convertibility of the bond in making evaluations. If a quoted price is unavailable, an equivalent yield or yield spread quotes may be obtained from a broker and converted to a price.

Options that are traded on an exchange are generally valued at their last sale price or official closing price on the date of valuation or, if there is no sale, at the latest available bid price. Options not traded on an exchange or not actively traded are valued according to fair value methods. The market value of a put or call option will usually reflect, among other factors, the market price of the underlying security.

U.S. Treasury securities and other obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities, are generally valued at prices obtained from a bond pricing service where available. The pricing service may utilize data received from active market makers and broker- dealers, yield curves and the spread over comparable U.S. Treasury issues in making evaluations. Debt securities with original or remaining maturities of 60 days or less may be valued at amortized cost.

Foreign securities, including foreign government securities, not traded directly in the U.S., or traded in American Depositary Receipts (“ADR”) or similar form, are generally valued at representative quoted prices from the primary exchange in the currency of the country of origin. Foreign currency is converted into U.S. dollar equivalent at current exchange rates.

 

115


1290 FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

April 30, 2025 (Unaudited)

 

Investments in shares of open-end investment companies (other than ETFs) held by a Fund are generally valued at the net asset value (“NAV”) of the shares of such funds as described in the underlying funds’ prospectuses.

Futures contracts are generally valued at their last settlement price or, if there is no settlement price, at the latest available bid price.

Forward foreign currency contracts are generally valued by interpolating between the forward and spot currency rates as quoted by a pricing service as of a designated hour on the valuation date. The pricing service may utilize data such as actual trading information and foreign currency rates gathered from leading market makers and foreign currency trading centers throughout the world in making evaluations. Forward foreign currency contracts may be settled with the counterparty in U.S. dollars without the delivery of foreign currency.

Centrally cleared swaps are priced using the value determined by the central counterparty at the end of the day, which price may be provided to the Funds by an approved pricing service. With respect to over-the-counter swaps and centrally cleared swaps where the central counterparty price is unavailable, a price provided by an approved pricing service will be used. Central counterparties and approved pricing services may utilize evaluation techniques including fair value pricing models to provide pricing information.

Securities for which market quotations are readily available are valued at their market value. All other securities are valued at their fair value, as determined in good faith by the Board of Trustees. In accordance with Rule 2a-5 under the 1940 Act, the Board of Trustees (the “Board”) of the Trust has designated the Adviser as the Funds’ valuation designee (the “Valuation Designee”). As Valuation Designee, EIM, subject to the oversight of the Board, is responsible for determining in good faith the fair value of Fund investments for which market quotations are not readily available or are believed by the Adviser to be unreliable. In these circumstances, a Fund may use a fair value estimate made according to methods the Adviser has approved in the good-faith belief that the resulting valuation will reflect the fair value of the security. EIM’s day-to-day responsibilities as Valuation Designee are performed by a valuation committee established by EIM (the “Committee”).

The Adviser also serves as the administrator of the Funds. The Administrator oversees the calculation of the NAV of the Funds and their respective share classes. The Administrator has entered into a sub-administration agreement with JPMorgan Chase Bank, N.A. (the “Sub-Administrator”) to assist in performing certain duties, including the calculation of the Funds’ NAVs.

Due to the inherent uncertainty of the valuation of securities for which market quotations are not readily available, the fair value of such securities may differ significantly from the values that would have been used had a ready market for such securities existed.

Various inputs are used in determining the value of each Fund’s assets or liabilities carried at fair value. These inputs are summarized in three broad levels below:

 

   

Level 1 - quoted prices in active markets for identical assets

   

Level 2 - other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

   

Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

A summary of inputs used to value each Fund’s assets and liabilities carried at fair value as of April 30, 2025, is included in the Portfolio of Investments for each Fund. Changes in valuation techniques may result in transfers in or out of an investment’s assigned level.

Transfers into and transfers out of Level 3 are included in the Level 3 reconciliation following the Portfolio of Investments for each Fund, if any. Transfers between levels may be due to a decline, or an increase, in market activity (e.g., frequency of trades), which may result in a lack of, or an increase in, available observable market inputs to determine price.

 

116


1290 FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

April 30, 2025 (Unaudited)

 

The inputs or methodology used to fair value securities are not necessarily an indication of the risk associated with investing in those securities. An investment’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement.

The Committee has the ability to meet and review reports based on the valuation techniques used to fair value Level 3 securities. As part of a review, the Committee would consider obtaining updates from its pricing vendors and Sub-Advisers for fair valued securities. For example, with respect to model driven prices, the Committee could receive reports regarding a review and recalculation of pricing models and related discounts. For those securities which are valued based on broker quotes, the Committee may evaluate variances between existing broker quotes and any alternative broker quotes provided by a Sub-Adviser or other pricing source.

To substantiate unobservable inputs used in a fair valuation, the Committee may perform an independent verification as well as additional research for fair value notifications received from the pricing agents. Among other factors, particular areas of focus may include: description of security, historical pricing, intra-day price movement, last trade information, corporate actions, related securities, any available company news and announcements, any available trade data or other information. The Committee also notes the materiality of holdings and price changes on a Fund’s NAV.

The Committee reviews and considers changes in value for all fair valued securities that have occurred since the last review.

Events or circumstances affecting the values of Fund securities that occur between the closing of their principal markets and the time the NAV is determined may be reflected in the Trust’s calculation of a NAV for each applicable Fund when the Committee deems that the particular event or circumstance would materially affect such Fund’s NAV.

Security Transactions and Investment Income:

Securities transactions are recorded on the trade date net of brokerage fees, commissions, and transfer fees. Dividend income (net of withholding taxes) and distributions to shareholders are recorded on the ex-dividend date, except that certain dividends from foreign securities, if any, are recognized as soon as the Fund is informed of the ex-dividend date. Non-cash dividends, if any, are recorded at the market value or fair value, as applicable, of the asset received. Interest income (including amortization of premium and accretion of discount on long-term securities using the effective yield method) and interest expense are accrued daily. The Trust records paydown gains and losses realized on prepayments received on mortgage-backed securities as an adjustment to interest income.

The Funds record distributions received in excess of income from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Funds adjust the estimated amounts of components of distributions (and consequently its net investment income) as necessary once the issuers provide information about the actual composition of the distributions.

Realized gains and losses on the sale of investments are computed on the basis of the specific identified cost of the investments sold. Unrealized appreciation (depreciation) on investments and foreign currency denominated assets and liabilities, if any, is presented net of deferred taxes on unrealized appreciation in the Statements of Assets and Liabilities.

Foreign Taxes:

The Funds may be subject to foreign taxes on dividend and interest income, gains on investments or currency purchase/repatriation, all or a portion of which may be recoverable. Each Fund applies for refunds where available. The Funds will accrue such taxes and recoveries as applicable, based on their current interpretation of the tax rules and regulations that exist in the markets in which they invest.

 

117


1290 FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

April 30, 2025 (Unaudited)

 

Allocation of Expenses and Income:

Expenses attributable to a single Fund or class are charged to that Fund or class. Expenses of the Trust not attributable to a single Fund or class are charged to each Fund or class in proportion to the average net assets of each Fund or other appropriate allocation methods.

All income earned and expenses incurred by each Fund are borne on a pro-rata basis by each outstanding class of shares, based on the proportionate interest in the Fund represented by the daily net assets of such class, except for distribution fees, which are charged on a class-specific basis.

Offering costs incurred in connection with the offering of shares of a Fund will be amortized and recorded as an expense on a straight line basis over 12 months from the date of the Fund’s commencement of public offering of shares. Amortized offering costs are disclosed in the Statement of Operations.

Foreign Currency Valuation:

The books and records of the Trust are kept in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at current exchange rates at the following dates:

(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.

The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. However, the Funds’ conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statements of Operations. During the year ended October 31, 2024, the Funds did not incur any interest or penalties. Each of the tax years in the four year ended October 31, 2024 remains subject to examination by the Internal Revenue Service, state and local taxing authorities.

 

118


1290 FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

April 30, 2025 (Unaudited)

 

Each Fund (other than the 1290 Diversified Bond Fund, 1290 High Yield Bond Fund and 1290 Loomis Sayles Multi-Asset Income Fund) generally distributes most or all of its net investment income and net realized gains, if any, annually. Each of the 1290 Diversified Bond Fund, 1290 High Yield Bond Fund and 1290 Loomis Sayles Multi-Asset Income Fund normally distributes dividends from its net investment income monthly and distributes its net realized gains, if any, annually. Dividends to shareholders of a Fund to which such gains are attributable from net realized short- term and long-term capital gains are declared and distributed at least annually. All distributions are calculated on a tax basis and, as such, the amounts may differ from financial statement investment income and realized gains. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by each Fund. Short-term capital gains and foreign currency gains are treated as capital gains for U.S. GAAP purposes but are considered ordinary income for tax purposes. The tax character of distributions for the years ended April 30, 2025 and October 31, 2024 and the tax composition of undistributed ordinary income and undistributed long term gains at April 30, 2025 are presented in the following table. For the Funds, the cumulative significant differences related to the tax composition of undistributed ordinary income and long term gains are primarily due to 1256 mark to market contracts (1290 Diversified Bond), capital loss carryforwards (1290 Diversified Bond, 1290 Essex Small Cap Growth, 1290 High Yield Bond and 1290 Multi-Alternative Strategies ), deferral of losses on offsetting positions (1290 Loomis Sayles Multi-Asset Income), partnership basis adjustments (1290 Multi-Alternative Strategies) and wash sale loss deferrals (1290 GAMCO Small/Mid Cap Value, 1290 High Yield Bond, 1290 Loomis Sayles Multi-Asset Income, 1290 Multi-Alternative Strategies, 1290 Retirement 2020, 1290 Retirement 2025, 1290 Retirement 2030 and 1290 Retirement 2035).

 

    Year Ended
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  

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        

 

119


1290 FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

April 30, 2025 (Unaudited)

 

Ordinary losses incurred after December 31st and within the taxable year are deemed to arise on the first business day of a Fund’s next taxable year. For the year ended October 31, 2024, the Fund elected to defer late year losses, in the amount listed below:

 

Fund:

   Deferred Late Year Losses
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:

 

Fund:

   Return of Capital  

1290 Diversified Bond

   $ 8,391,802  

1290 High Yield Bond

     31,809  

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 Funds’ derivatives are not accounted for as hedging instruments because the Funds account for their derivatives at fair value and record any changes in fair value in current period earnings in the Statements of Operations. All open derivative positions at period end are reflected on each respective Fund’s Portfolio of Investments. The volume of derivative activity, based on month-end notional amounts during the period is also noted in each respective Fund’s Portfolio of Investments. Portfolio securities are reserved and/or pledged with the custodian as collateral for current or potential derivative holdings as necessary throughout the year.

Options:

Certain Funds may write (sell) covered options as a hedge to provide protection against adverse movements in the price of securities in the Fund or to enhance investment performance. Certain Funds purchase and sell exchange traded options on foreign currencies. When a Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted on a daily basis to the current market price of the option written. Premiums received from writing options that expire unexercised are recognized as gains on the expiration

 

120


1290 FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

April 30, 2025 (Unaudited)

 

date. Premiums received from writing options that are exercised or are cancelled in closing purchase transactions are offset against the cost of any securities purchased or added to the proceeds or netted against the amount paid on the transaction to determine the realized gain or loss. In writing options, a Fund must assume that the option may be exercised at any time prior to the expiration of its obligation as a writer, and that in such circumstances the net proceeds of the sale (or cost of) purchase of the underlying securities and currencies pursuant to the call or put option may be substantially below or above the prevailing market price. A Fund also has the additional risk of not being able to enter into a closing purchase transaction if a liquid secondary market does not exist and bears the risk of unfavorable changes in the price of the financial instruments underlying the options.

Certain Funds may purchase put options on securities to increase the Fund’s total investment return or to protect its holdings against a substantial decline in market value or fair value, as applicable. The purchase of put options on securities will enable a Fund to preserve, at least partially, unrealized gains in an appreciated security in its Fund without actually selling the security. In addition, the Funds will continue to receive interest or dividend income on the security. The Funds may also purchase call options on securities to protect against substantial increases in prices of securities that Funds intend to purchase pending their ability to invest in an orderly manner in those securities. The Funds may sell put or call options they have previously purchased, which could result in a net gain or loss depending on whether the amount received on the sale is more or less than the premium and other transaction costs paid on the put or call option which was bought.

Futures Contracts, Options on Futures Contracts, and Foreign Currency Contracts:

The futures contracts used by the Funds are agreements to buy or sell a financial instrument for a set price in the future. Options on futures contracts used by the Funds are rights to buy or sell a futures contract for a set price in the future. Certain Funds buy or sell futures contracts for the purpose of protecting their Fund securities against future changes in interest rates and indices which might adversely affect the value of the Funds’ securities or the price of securities that they intend to purchase at a later date. Initial margin deposits are made upon entering into futures contracts and can be in cash, certain money market instruments, treasury securities or other liquid, high grade debt securities. During the period the futures contracts are open, changes in the market price of the contracts are recognized as unrealized gains or losses by “marking-to-market” at the end of each trading day. Variation margin payments on futures contracts are received or made, depending upon whether unrealized gains or losses are incurred. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the proceeds from or cost of the closing transactions and the Fund’s basis in the contract. The Funds enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, a Fund’s credit risk is limited to failure of the exchange or board of trade.

During the six months ended April 30, 2025, certain Funds held forward foreign currency contracts to either gain exposure to certain currencies or enter into an economic hedge against changes in the values of securities held in the Fund that do not qualify for hedge accounting under Accounting Standards Codification (“ASC”) 815. The Statement of Operations for each Fund reflects realized gains or losses, if any, on forward currency contracts and change in unrealized appreciation or depreciation, if any, on forward foreign currency contacts. Further information on the impact of these positions on the Funds’ financial statements can be found in the Statement of Operations and Portfolio of Investments for each Fund.

The Funds may be exposed to foreign currency risks associated with Fund investments. Certain Funds may purchase foreign currency on a spot (or cash) basis. In addition, certain Funds enter into contracts to purchase or sell foreign currencies at a future date (“forward contracts”). A forward foreign currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Daily fluctuations in the value of such contracts are recognized as

 

121


1290 FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

April 30, 2025 (Unaudited)

 

unrealized appreciation or depreciation by “marking-to-market”. The gain or loss arising from the difference between the original contracts and the closing of such contracts is included in realized gains or losses from forward foreign currency contracts in the Statements of Operations of the Funds. The Funds may engage in these forward contracts to protect against uncertainty in the level of future rates in connection with the purchase and sale of Fund securities (“transaction hedging”) and to protect the value of specific Fund positions (“position hedging”). The Funds also buy forward foreign currency contracts to gain exposure to currencies.

Swap Agreements:

Changes in market value or fair value, as applicable, if any, are reflected as a component of net changes in unrealized appreciation (depreciation) on the Statements of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for the change in value as appropriate (“variation margin”) on the Statements of Assets and Liabilities. Over-the-counter (“OTC”) swap payments received or made at the beginning of the measurement period are reflected as such on the Statements of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). These upfront premiums are recorded as realized gains or losses on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Fund are included as part of realized gains or losses on the Statement of Operations.

Total return swap agreements involve commitments where cash flows are exchanged based on the price of an underlying reference and based on a fixed or variable rate. Total return swap agreements may involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific reference asset, which may include an underlying equity, index, or bond, and in return receives a fixed or variable rate. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference less a financing rate, if any. As a receiver, the Fund would receive payments based on any positive total return and would owe payments in the event of a negative total return. As the payer, the Fund would owe payments on any net positive total return, and would receive payment in the event of a negative total return. In connection with total return swap agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Interest rate swaps involve the exchange between two parties of payments calculated by reference to specified interest rates (e.g., an exchange of floating rate payments for fixed rate payments). The purchase of an interest rate cap entitles the purchaser, to the extent that a specified index exceeds a predetermined interest rate, to receive payments of interest on a notional principal amount from the party selling such interest rate cap. The purchase of an interest rate floor entitles the purchaser, to the extent that a specified index falls below a predetermined interest rate, to receive payments of interest on a notional principal amount from the party selling such interest rate floor. Caps and floors may be less liquid than swaps. In addition, the value of interest rate transactions will fluctuate based on changes in interest rates.

Credit default swap agreements involve greater risks than if a Fund had invested in the reference obligation directly since, in addition to general market risks, credit default swaps are subject to illiquidity risk, counterparty risk and credit risk. A Fund will enter into credit default swap agreements only with counterparties that meet certain standards of creditworthiness. A buyer generally also will lose its investment and recover nothing should no credit event occur and the swap is held to its termination date. If a credit event were to occur, the value of any deliverable obligation received by the seller, coupled with the upfront or periodic payments previously received, may be less than the full notional value it pays to the buyer, resulting in a loss of value to the seller.

 

122


1290 FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

April 30, 2025 (Unaudited)

 

A Fund’s obligations under a credit default swap agreement will be accrued daily (offset against any amounts owing to the Fund). In connection with credit default swaps in which a Fund is the buyer, the Fund will segregate or “earmark” cash or assets determined to be liquid, or enter into certain offsetting positions, with a value at least equal to the Fund’s exposure (any accrued but unpaid net amounts owed by the Fund to any counterparty), on a marked-to-market basis. In connection with credit default swaps in which a Fund is the seller, the Fund will segregate or “earmark” cash or assets determined to be liquid, or enter into offsetting positions, with a value at least equal to the full notional amount of the swap (minus any amounts owed to the Fund). Such segregation or “earmarking” is intended to ensure that the Fund has assets available to satisfy its obligations with respect to the transaction and limit any potential leveraging of the Fund. Such segregation or “earmarking” will not limit the Fund’s exposure to loss. To the extent that credit default swaps are entered into for hedging purposes or are covered as described above, the Adviser believes such obligations do not constitute “senior securities” under the 1940 Act and, accordingly, will not treat them as being subject to the Fund’s senior security and borrowing restrictions.

A Fund may use inflation-linked swaps to provide inflation protection within its portfolio. These are agreements between counterparties to exchange interest payments based on interest rates over the life of the swap. One cash flow stream will typically be a floating rate payment based upon the Consumer Price Index while the other is a pre-determined fixed interest rate. The use of swaps exposes the Fund to interest rate risk. Swaptions are marked-to-market daily based upon values from third party vendors.

An option on a swap agreement, also called a “swaption,” is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market- based “premium.” A receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate, or index. A payer swaption gives the owner the right to pay the total return of a specified asset, reference rate, or index. A purchaser of a swaption risks losing only the amount of the premium they have paid should they decide to let the option expire, whereas the seller of a swaption is subject to the risk that they will become obligated if the option is exercised. Swaptions also include options that allow an existing swap to be terminated or extended by one of the counterparties.

Forward Settling Transactions:

Certain Funds make contracts to purchase or sell securities for a fixed price at a future date beyond customary settlement time (“forward settling transactions”). Funds will designate the segregation, either on their records or with the Trust’s custodian, of cash or other liquid securities in an amount sufficient to meet the purchase price, or may enter into offsetting contracts for the forward sale of other securities they own. These commitments are reported at market value or fair value, as applicable, in the financial statements. Forward settling transactions may be considered securities in themselves and involve a risk of loss if the value of the security to be purchased declines or if the value of the security to be sold increases prior to the settlement date, which is a risk in addition to the risk of decline in the value of the Funds’ other assets. Where such purchases or sales are made through dealers, a Fund relies on the dealer to consummate the sale. The dealer’s failure to do so may result in the loss to a Fund of an advantageous yield or price. Market risk exists on these commitments to the same extent as if the securities were owned on a settled basis and gains and losses are recorded and reported in the same manner. However, during the commitment period, these investments earn no interest or dividends.

Certain Funds may enter into to-be-announced purchase or sale commitments (“TBA transactions”), pursuant to which it agrees to purchase or sell, respectively, mortgage backed securities for a fixed unit price, with payment and delivery at a scheduled future date beyond the customary settlement period for such securities. With TBA transactions, the particular securities to be received or delivered by a Fund are not identified at the trade date; however, the securities must meet specified terms, including issuer, rate, and mortgage term, and be within industry-accepted

 

123


1290 FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

April 30, 2025 (Unaudited)

 

“good delivery” standards. Funds may enter into TBA transactions with the intention of taking possession of or relinquishing the underlying securities, may elect to extend the settlement by “rolling” the transaction, and/or may use TBA transactions to gain or reduce interim exposure to underlying securities. Until settlement, a Fund maintains liquid assets sufficient to settle its commitment to purchase a TBA or, in the case of a sale commitment, a Fund maintains an entitlement to the security to be sold.

Master netting arrangements and collateral:

International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreements”) govern bilateral OTC derivative transactions entered into by the Sub-Advisers on behalf of the Funds with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. In limited circumstances, the ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level. These amounts, if any, may be segregated with a third- party custodian. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Portfolio of Investments.

Master Securities Forward Transaction Agreements (“Master Forward Agreements”) govern certain forward settling transactions, such as TBA transactions, delayed-delivery or sale-buybacks by and between the Sub-Advisers on behalf of the Funds and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral. The market value of forward settling transactions, collateral pledged and/or received, and the net exposure by counterparty as of period end is disclosed in the Portfolio of Investments.

ISDA Master Agreements and Master Forward Agreements are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Under most ISDA Master Agreements and Master Forward Agreements, collateral is routinely pledged if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant master agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 (on a per counterparty basis) depending on the counterparty and the type of master agreement.

Collateral on OTC derivatives and centrally cleared derivatives may be in the form of cash or debt securities issued by the U.S. government or related agencies or foreign governments. Cash pledged as collateral by a Fund is reflected as cash held as collateral at the broker in the accompanying financial statements and generally is restricted from withdrawal by the Fund; securities pledged as collateral by a Fund are so noted in the accompanying Portfolio of Investments; both remain in the Fund’s assets. Securities received as collateral by counterparties are not included in the Fund’s assets because the Fund does not obtain effective control over those securities. The obligation to return cash collateral received from counterparties is included as a liability in the accompanying financial statements. Collateral posted or received by the Fund may be held in a segregated account at the respective counterparty or Fund’s custodian.

Securities Lending:

During the six months ended April 30, 2025, certain Funds entered into securities lending transactions. To generate additional income, a Fund may lend its portfolio securities, up to 30% of the market value of the Fund’s total assets, to brokers, dealers, and other financial institutions.

 

124


1290 FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

April 30, 2025 (Unaudited)

 

JPMorgan serves as securities lending agent for the securities lending program of the Trust. Securities lending transactions are considered to be overnight and continuous and can be terminated by a Fund or the borrower at any time.

The Funds’ securities lending policies and procedures require that the borrower (i) deliver collateral consisting of cash or U.S. Government securities, equal to at least 102% of the value of the portfolio securities loaned with respect to each new loan of U.S. securities, and equal to at least 105% of the value of the portfolio securities loaned with respect to each new loan of non-U.S. securities; and, for loans of U.S. Treasury securities, collateral equal to the lesser of 102% of the loaned securities’ current market value or 100% of the loaned securities’ par value; (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. Cash collateral received is permitted to be invested in short-term, highly liquid investments, such as government money market funds and repurchase agreements, and shown in the Portfolio of Investments and included in calculating the Fund’s total assets. The Trust currently limits reinvestment of cash collateral under the program to investment in government money market funds. U.S. Government securities received as collateral, if any, are held in safekeeping by JPMorgan and cannot be sold or repledged by the Fund and accordingly are not reflected in the Fund’s total assets. For additional information on the non-cash collateral received, please refer to note (xx) in the Portfolio of Investments. Certain of the securities on loan may have been sold prior to the close of the reporting period and are included in Receivables for Securities Sold on the Statements of Assets and Liabilities.

The Funds receive payments from the lending agent equivalent to any dividends and/or interest that would have been earned on the securities loaned while simultaneously seeking to earn income on the investment of cash collateral. Securities lending income includes any fees charged to borrowers less expenses associated with the loan. Income from the securities lending program is recorded when earned from the lending agent and reflected in the Statements of Operations under “Securities lending (net).” The Funds may invest cash collateral in government money market funds or repurchase agreements as indicated on the Portfolio of Investments, and record a liability in the Statements of Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Such liabilities, if any, are reflected in the Statements of Assets and Liabilities under “Payable for return of collateral on securities loaned”. The Funds do not have the right to vote on securities while they are on loan. There may be risks of delay or restrictions in recovery of the securities or disposal of collateral should the borrower of the securities fail financially. Loans are made, however, only to borrowers deemed by the lending agent to be of good standing and creditworthy and approved by EIM. Loans are subject to termination by a Fund or the borrower at any time, and, therefore, are not considered to be illiquid investments. The lending agent receives a fee based on a percentage of earnings derived from the investment of cash collateral. The Funds currently receive 90% of the net earnings from the securities lending program up to $45 million of aggregate earnings across all Funds within a calendar year and 92% thereafter.

The Securities Lending Agreement between the Trust and JPMorgan provides that in the event of a default by a borrower with respect to any loan, a Fund may terminate the loan and JPMorgan will exercise any and all remedies provided under the applicable borrower agreement to make the Fund whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting borrower against the purchase cost of the replacement securities. If, despite such efforts by JPMorgan to exercise these remedies, the Fund sustains losses as a result of a borrower’s default, JPMorgan indemnifies the Fund by purchasing replacement securities at JPMorgan’s expense, or paying the Fund an amount equal to the market value of the replacement securities, subject to certain limitations which are set forth in detail in the Securities Lending Agreement between the Fund and JPMorgan.

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

 

125


1290 FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

April 30, 2025 (Unaudited)

 

Market, Credit and Other Risk:

A Fund’s investments in financial instruments expose the Fund to various risks such as, but not limited to, market, interest rate, foreign currency, foreign securities, forward settling transactions, equity, and credit risks.

The market values of a Fund’s investments may decline due to factors that are specifically related to a particular company or issuer, as well as general market conditions, such as real or perceived adverse economic or political conditions, changes in the general outlook for corporate earnings, inflation rates and/or investor expectations concerning such rates, changes in interest rates or currency rates, recessions or adverse investor sentiment generally. The market values of a Fund’s investments may also decline due to factors that affect a particular sector or industry, such as labor shortages or increased production costs and competitive conditions within the sector or industry. During a general downturn in the securities markets, multiple asset classes may decline in value simultaneously. Even when markets perform well, there is no assurance that the investments held by a Fund will increase in value along with the broader market. World markets, or those in a particular region, may all react in similar fashion to important economic, political or other developments.

Events such as environmental, natural or man-made disasters or other catastrophes, public health crises (such as epidemics and pandemics), social unrest, supply chain disruptions, widespread and prolonged power outages, and cybersecurity incidents, and governments’ reactions (or failure to react) to such events, could cause uncertainty in the markets and may adversely affect the performance of the global economy. Geopolitical and other events, including acts of terrorism, tensions, war or other open conflicts between nations, or political or economic dysfunction within some nations that are global economic powers or major producers of oil or other commodities, may lead to overall instability in world economies and markets generally and have led, and may in the future lead, to increased market volatility and may have adverse long-term effects. Impacts from climate change may include significant risks to global financial assets and economic growth. Furthermore, impacts from the rapidly growing use of artificial intelligence technologies, including by market participants, may include significant risks to global financial markets.

Changes in government or central bank policies, changes to regulations involving the securities markets, and political, diplomatic and other events within the United States and abroad may affect investor and consumer confidence and may increase uncertainty in or impair the operation of the U.S. or other security markets, perhaps suddenly and to a significant degree. High public debt and deficits in the United States and other countries creates ongoing systemic and market risks and policymaking uncertainty, and may negatively affect economic conditions and the values of markets, sectors, or companies in which a Fund invests.

Changes in interest rates may affect the yield, liquidity and value of investments in debt securities or other income-producing securities. Changes in interest rates also may affect the value of other securities. When interest rates rise, the value of a Fund’s debt securities generally declines. Conversely, when interest rates decline, the value of a Fund’s debt securities generally rises. Typically, the longer the maturity (i.e., the term of a debt security) or duration (i.e., a measure of the sensitivity of a debt security to changes in market interest rates, based on the entire cash flow associated with the security) of a debt security, the greater the effect a change in interest rates could have on the security’s price. Thus, the sensitivity of a Fund’s debt securities to interest rate risk will increase the greater the duration of those securities. Changes in government or central bank monetary policy may have a substantial and immediate impact on interest rates, which could result in losses to a Fund. It is difficult to predict accurately the timing, frequency, magnitude or direction of interest rate changes, and the evaluation of macro-economic and other conditions or events could cause a change in approach in the future. Fixed-income and related markets may continue to experience heightened levels of interest rate volatility. Inflation risk is the uncertainty over the future real value (after inflation) of an investment. A Fund’s investments may not keep pace with inflation, and the value of an investment in a Fund may be eroded over time by inflation. Changes in government or central bank policies could negatively affect the value and liquidity of a Fund’s investments and cause it to lose money.

 

126


1290 FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

April 30, 2025 (Unaudited)

 

If a Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in financial derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, a Fund’s investments in foreign currency denominated securities may reduce the Fund’s returns. The Funds are subject to off-balance sheet risk to the extent of the value of the contracts for purchase of foreign currency and in an unlimited amount for sales of foreign currency.

Foreign (non-U.S.) securities in this report are classified by the country of risk of a holding. Investments in foreign securities, including depositary receipts, involve risks not associated with, or more prevalent than those that may be associated with, investments in U.S. securities. Foreign markets may be less liquid, more volatile and subject to less government supervision and regulation than U.S. markets. Differences between U.S. and foreign legal, political and economic systems, regulatory regimes and market practices, as well as changes in international trading patterns, also may adversely impact security values, and it may take more time to clear and settle trades involving foreign securities. In addition, securities issued by U.S. entities with substantial foreign operations or holdings can involve risks relating to conditions in foreign countries.

Tensions, wars, or other open conflicts between nations, such as between Russia and Ukraine, in the Middle East, and in eastern Asia, the resulting responses by the United States and other countries, and the potential for wider conflict have had, and could continue to have, severe adverse effects on regional and global economies and could further increase volatility and uncertainty in the financial markets. The extent and duration of ongoing hostilities or military actions and the repercussions of such actions are impossible to predict. These events have resulted in, and could continue to result in, significant market disruptions, including in certain industries or sectors such as the oil and natural gas markets, and may further strain global supply chains and negatively affect inflation and global growth. The resulting adverse market conditions could be prolonged. These and any related events could significantly impact a Fund’s performance and the value of an investment in a Fund, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries or regions directly affected.

Forward settling transactions and forward foreign currency contracts involve elements of both market and credit risk in excess of the amounts reflected in the Statements of Assets and Liabilities. They are executed directly with the counterparty and not through an exchange and can be terminated only by agreement of both parties to such contracts. With respect to such transactions there is no daily margin settlement. There is also the risk that the security will not be issued or that the other party to the transaction will not meet its obligations. If this occurs, a Fund may lose both the investment opportunity for its assets if set aside to pay for the security and any gain in the security. The use of forward settling transactions may result in market risk to the Funds that is greater than if the Funds had engaged solely in transactions that settle in the customary time.

The use of futures contracts involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the underlying hedged assets. Should interest rates or indices move unexpectedly, the Fund may not achieve the anticipated benefits of the futures contracts and may incur a loss. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional value of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss.

Equity securities and equity related investments generally have greater market price volatility than fixed income securities, although under certain market conditions fixed income securities may

 

127


1290 FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

April 30, 2025 (Unaudited)

 

have comparable or greater price volatility. In addition, common stock prices may be particularly sensitive to rising interest rates, which increase borrowing costs and the costs of capital.

A Fund will be exposed to credit risk with respect to the parties with whom it trades and will also bear the risk of settlement default. A Fund is subject to the risk that the issuer or guarantor of a fixed income security, or the counterparty to a transaction, is unable or unwilling, or is perceived as unable or unwilling, to make timely interest or principal payments or otherwise honor its obligations, which may cause the Fund’s holding to lose value. The downgrade of a security’s credit rating may decrease its value. Lower credit quality also may lead to greater volatility in the price of a security and may negatively affect a security’s liquidity. The credit quality of a security can deteriorate suddenly and rapidly.

Certain Funds may invest in below investment grade high-yield securities (commonly known as “junk bonds”). These securities are considered to be high risk investments. Securities rated below investment grade are speculative in nature, involve greater risk of default by the issuing entity and may be subject to greater market fluctuations than higher rated fixed income securities because such securities are generally unsecured and subordinated to other creditors’ claims. The retail secondary market for these “junk bonds” may be less liquid than that of higher rated securities and adverse economic conditions could make it difficult to sell certain securities or could result in lower prices than those used in calculating a Fund’s NAV.

A Fund that invests in affiliated mutual funds, unaffiliated mutual funds and ETFs will indirectly pay a portion of the expenses incurred by the underlying funds and ETFs. As a result, the cost of investing in the Fund may be higher than the cost of investing in a Fund that invests directly in individual securities and financial instruments. The Fund also is subject to certain risks related to the underlying funds’ and ETFs’ investments in securities and financial instruments (such as fixed income securities, including high yield, asset-backed and mortgage-related securities, equity securities, foreign and emerging markets securities, commodities and real estate securities) and the ability of the Fund to meet its investment objective will directly depend on the ability of the underlying funds or ETFs to meet their investment objectives. With respect to a Fund’s investments in index-based ETFs, there is also the risk that an ETF’s performance may not match that of the index it seeks to track. It is also possible that an active trading market for an ETF may not develop or be maintained, in which case the liquidity and value of a Fund’s investments in the ETF could be substantially and adversely affected. The extent to which the investment performance and risks associated with a Fund correlate to those of a particular underlying fund or ETF will depend upon the extent to which the Fund’s assets are allocated from time to time for investment in the underlying fund or ETF, which will vary.

Offsetting Assets and Liabilities:

The Funds may be subject to various netting arrangements with select counterparties (“Master Agreements”). Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. As the Master Agreements are specific to unique operations of different asset types; they allow a Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes the Statements of Assets and Liabilities generally show derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Segment Reporting:

In accordance with FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures (“ASU 2023-07”), EIM’s Chief Operating Officer, who serves as the chief operating decision maker (“CODM”) with respect to each Fund, has determined that each Fund has a single operating segment. The CODM’s decision is based on the

 

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1290 FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

April 30, 2025 (Unaudited)

 

fact that each Fund has a single investment strategy that is disclosed in the Fund’s prospectus; each Fund’s performance is assessed, and resources are allocated, at a Fund level; and each Fund’s operating results are reviewed for the Fund as a whole. For each Fund, the financial information reviewed by the CODM is consistent with the Fund’s Financial Statements included herein.

 

Note 2

Agreements

The Trust, on behalf of each Fund, has entered into an investment advisory agreement (the “Advisory Agreement”) with the Adviser which provides that the Adviser is responsible for (i) providing a continuous investment program for the Funds; (ii) monitoring the implementation of the investment program for each Fund; (iii) assessing the investment objectives and policies, composition, investment style and investment process for each Fund; (iv) effecting transactions for each Fund and selecting brokers or dealers to execute such transactions; (v) developing and evaluating strategic initiatives with respect to the Funds; (vi) making recommendations to the Board regarding the investment programs of the Funds, including any changes to the investment objectives and policies of a Fund; (vii) coordinating and/or implementing strategic initiatives approved by the Board; and (viii) preparing and providing reports to the Board on the impact of such strategic initiatives. The Adviser is paid a fee for these services. The fee is accrued daily and paid monthly based on the Fund’s average daily net assets, at an annual rate of:

 

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

 

    (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

 

129


1290 FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

April 30, 2025 (Unaudited)

 

or dealers selected by the Adviser or the respective Sub-Advisers; and (iii) perform certain limited related administrative functions in connection therewith. The Adviser pays the expenses of providing investment sub-advisory services to the Funds, including the fees of the Sub-Advisers of each Fund.

For administrative services, each Fund pays the Administrator an asset-based administration fee of 0.15% of the average daily net assets of the Fund. The asset-based administration fee is calculated and billed monthly, and subject to an annual minimum of $30,000 per Fund or $30,000 for each allocated portion (or sleeve) of a Fund, as applicable. The Administrator has contracted with the Sub-Administrator to provide, pursuant to a sub-administration agreement, the Funds with certain administrative services, including monitoring of Fund compliance and Fund accounting services.

The Trust, on behalf of the Funds, has entered into a distribution agreement (the “Distribution Agreement”) with ALPS Distributors, Inc. (“ALPS” or the “Distributor”), under which ALPS serves as Distributor for each Fund’s Class A, Class I and Class R shares. The Board has approved Distribution Plans pursuant to Rule 12b-1 under the 1940 Act for Class A and Class R shares for each Fund. Pursuant to the Distribution Plans, the Funds will pay the Distributor annual fees at the following rates:

 

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  

The Trust, on behalf of the Funds, has entered into a transfer agency and service agreement (the “Transfer Agency Agreement”) with SS&C GIDS, Inc. (“Transfer Agent”). Pursuant to the Transfer Agency Agreement, the Transfer Agent is responsible for, among other things, the issuance, transfer and redemption of shares, the opening and maintenance of shareholder accounts, the handling of certain communications between shareholders and the Trust, and the payment of dividends and distributions payable by the Funds. Under the Transfer Agency Agreement, the Transfer Agent receives a monthly fee comprised of a fixed base fee plus a fee computed on the basis of the number of shareholder accounts it maintains for the Trust during the month.

The Trust, on behalf of the Funds, has entered into a custody agreement (the “Custody Agreement”) with JPMorgan Chase Bank, N.A. (in this capacity, the “Custodian”). The Custody Agreement provides for an annual fee based on the amount of assets under custody plus transaction charges. The Custodian serves as custodian of the Trust’s Fund securities and other assets. Under the terms of the Custody Agreement between the Trust and the Custodian, the Custodian maintains and deposits in each Fund’s account, cash, securities and other assets of the Funds. The Custodian is also required, upon the order of the Trust, to deliver securities held by the Custodian, and to make payments for securities purchased by the Trust. The Custodian has also entered into sub-custodian agreements with a number of foreign banks and clearing agencies, pursuant to which Fund securities purchased outside the United States are maintained in the custody of these entities. As of April 30, 2025, certain of the Funds maintain significant cash balances with the Custodian or its affiliates. These balances are presented as cash on each Fund’s Statement of Assets and Liabilities.

 

130


1290 FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

April 30, 2025 (Unaudited)

 

The Adviser has contractually agreed to limit the expenses of certain Funds (exclusive of certain items noted below) through April 30, 2026 (unless the Board consents to an earlier revision or termination of this arrangement) (“Expense Limitation Agreement”). Pursuant to the Expense Limitation Agreement, the Adviser has agreed to waive its and its affiliates’ management, administrative and other fees and, if necessary, make payments to a Fund to limit the expenses of each Fund listed below so that the total annual operating expenses of each Fund (exclusive of taxes, interest, brokerage commissions, dividend and interest expenses on securities sold short, capitalized expenses (other than offering costs), fees and expenses of other investment companies in which a Fund invests (except as noted in the table below), 12b-1 fees, and extraordinary expenses not incurred in the ordinary course of such Fund’s business) do not exceed the following annual rates:

 

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.

The Adviser first waives its advisory fees, then waives its administration fees, and then reimburses the Fund’s expenses out of its own resources. Each Fund may at a later date reimburse to the Adviser the amount of any such waivers or payments provided that the waivers or payments are reimbursed within three years of the waivers or payments being recorded and the Fund’s expense ratio, after the reimbursement is taken into account, does not exceed the Fund’s expense cap at the time of the waiver or the Fund’s expense cap at the time of the reimbursement, whichever is lower. Consequently, no reimbursement by a Fund will be made unless the Fund’s total annual expense ratio is less than the respective percentages stated above for the respective period. Any reimbursement, called recoupment fees on the Statement of Operations of the Fund, will be based on the earliest fees waived or assumed by the Adviser. During the six months ended April 30, 2025, the Funds did not incur recoupment fees and as of April 30, 2025, no commitment or contingent liability is expected. At April 30, 2025, under the Expense Limitation Agreement, the amount that would be recoverable from each Fund is as follows:

 

    Amount Eligible Through     Total Eligible
For

Reimbursement
 

Funds:

  2025     2026     2027     2028  

1290 Avantis® U.S. Large Cap Growth

  $ 72,452     $ 129,096     $ 264,400     $ 145,424     $ 611,372  

1290 Diversified Bond

    1,529,042       3,030,013       2,652,034       1,256,725       8,467,814  

1290 Essex Small Cap Growth

    202,116       412,087       254,364       123,303       991,870  

1290 GAMCO Small/Mid Cap Value

    256,887       411,133       402,629       211,143       1,281,792  

1290 High Yield Bond

    151,527       299,929       294,924       146,049       892,429  

 

131


1290 FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

April 30, 2025 (Unaudited)

 

    Amount Eligible Through     Total Eligible
For

Reimbursement
 

Funds:

  2025     2026     2027     2028  

1290 Loomis Sayles Multi-Asset Income

  $ 207,029     $ 282,902     $ 359,264     $ 188,308     $ 1,037,503  

1290 Multi-Alternative Strategies

    61,260       122,841       117,430       51,117       352,648  

1290 Retirement 2020

    71,429       126,214       123,477       43,116       364,236  

1290 Retirement 2025

    72,629       133,596       129,041       48,373       383,639  

1290 Retirement 2030

    70,373       127,176       126,387       46,991       370,927  

1290 Retirement 2035

    72,116       129,923       127,597       50,379       380,015  

1290 Retirement 2040

    71,923       126,010       125,766       46,251       369,950  

1290 Retirement 2045

    72,987       127,739       127,346       48,492       376,564  

1290 Retirement 2050

    71,977       127,733       126,727       48,221       374,658  

1290 Retirement 2055

    72,452       126,530       125,584       47,537       372,103  

1290 SmartBeta Equity

    275,339       556,893       553,875       266,072       1,652,179  

Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts with vendors and others that provide for general indemnifications. A Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund. However, based on experience, the Trust and management expect the risk of loss to be remote.

 

Note 3

Sales Charges

The Distributor receives sales charges on the Funds’ Class A shares and the proceeds of contingent deferred sales charges paid by the investor in connection with certain redemptions of the Funds’ Class A shares. Sales loads and contingent deferred sales charges imposed on purchases and redemptions of Fund shares are retained by the Trust’s Distributor and do not represent expenses or income of the Funds. The Distributor has advised the Funds that for the six months ended April 30, 2025, the proceeds retained from sales and redemptions are as follows:

 

    Class A  

Funds:

  Front
End
Sales
Charge
    Contingent
Deferred
Sales
Charge
 

1290 Avantis® U.S. Large Cap Growth

  $ 10,598     $  

1290 Diversified Bond

    4,864        

1290 Essex Small Cap Growth

    2,557        

1290 GAMCO Small/Mid Cap Value

    13,013        

1290 High Yield Bond

    696        

1290 Loomis Sayles Multi-Asset Income

    21,287        

1290 Multi-Alternative Strategies

    5        

1290 SmartBeta Equity

    15,077        

 

Note 4

Compensation of Officers

Each officer of the Trust is an employee of Equitable Financial Life Insurance Company (“Equitable Financial”), EIM, Equitable Investment Management Group, LLC (“EIMG”) and/or Equitable Distributors, LLC. No officer of the Trust, other than the Chief Compliance Officer, receives compensation paid by the Trust. During the six months ended April 30, 2025, the two trusts in the fund complex reimbursed EIM and EIMG for $280,000 of the Chief Compliance Officer’s compensation, including $2,435 reimbursed by the Trust.

 

132


1290 FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

April 30, 2025 (Unaudited)

 

Note 5

Percentage of Ownership by Affiliates

Equitable Investment Management Group, LLC, a wholly-owned subsidiary of Equitable Financial Life Insurance company, may be deemed to be a control person with respect to the 1290 Funds by virtue of its ownership of a substantial majority of the 1290 Funds’ shares. Shareholders owning more than 25% of the outstanding shares of a Fund may be able to determine the outcome of most issues that are submitted to shareholders for a vote.

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

 

 

Funds:

   Percentage of
Ownership
 

1290 Avantis® U.S. Large Cap Growth

     19

1290 Essex Small Cap Growth

     18  

1290 GAMCO Small/ Mid Cap Value

     16  

1290 High Yield Bond

     7  

1290 Loomis Sayles Multi-Asset Income

     56  

1290 Multi-Alternative Strategies

     49  

1290 Retirement 2020

     100  

1290 Retirement 2025

     88  

1290 Retirement 2030

     93  

1290 Retirement 2035

     91  

1290 Retirement 2040

     97  

1290 Retirement 2045

     93  

1290 Retirement 2050

     97  

1290 Retirement 2055

     100  

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 April 30, 2025.

 

Portfolios:

  1290 Avantis® U.S.
Large Cap Growth
Fund
    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

    5.08     1.18                

EQ/Conservative Allocation

    1.41       4.18                          

EQ/Conservative-Plus Allocation

    2.26       3.69                          

EQ/Moderate Allocation

    14.66       20.79                          

EQ/Moderate-Plus Allocation

    24.01       15.67                          

EQ/Aggressive Allocation

    12.34       2.22                          

Equitable Conservative Growth MF/ETF

    0.65       4.43       4.24       2.34       8.44       3.49  

Equitable Growth MF/ETF

    0.71       0.48       3.69       2.06       2.16       3.95  

Equitable Moderate Growth MF/ETF

    0.41       1.11       2.49       1.38       1.83       2.22  

Target 2015 Allocation

          0.57                          

Target 2025 Allocation

          1.98                          

Target 2035 Allocation

          1.88                          

Target 2045 Allocation

          1.01                          

Target 2055 Allocation

          0.24                          

 

133


1290 FUNDS

NOTES TO FINANCIAL STATEMENTS (Concluded)

April 30, 2025 (Unaudited)

 

The 1290 Funds and EQ Advisors Trust are part of the same fund complex and are advised by affiliated investment advisers. EIM, the investment adviser to the 1290 Funds, and EIMG, the investment adviser to the EQ Advisors Trust, are both indirect, wholly-owned subsidiaries of Equitable Holdings, Inc.

 

Note 6

Subsequent Events

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

 

134


Item 8:

Changes in and Disagreements with Accountants for Open-End Management Investment Companies (Unaudited)

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

 

Item 9:

Proxy Disclosures for Open-End Management Investment Companies (Unaudited)

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

 

Item 10:

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies (Unaudited)

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies

 

Item 11:

Statement Regarding Basis for Approval of Investment Advisory Contract (Unaudited)

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

 

135


Item 12.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

 

Item 13.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

 

Item 14.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

 

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.

 

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 (“1940 Act”) are effective as of a date within 90 days prior to the filing date of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act.

 

(b)

The registrant’s certifying officers are not aware of any changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 17.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not Applicable.

 

Item 18.

Recovery of Erroneously Awarded Compensation.

Not applicable.

 

Item 19.

Exhibits.

 

(a)(1)

Registrant’s Code of Ethics - Not applicable (please see Item 2).

 

(a)(2)

Not applicable.

 

(a)(3)(i)

Principal Executive Officer’s Section 302 certification attached hereto.

 

(a)(3)(ii)

Principal Financial Officer’s Section 302 certification attached hereto.

 

(b)

Combined Section 906 certification attached hereto.

 

(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.

 

136


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

1290 FUNDS

 

By:  

/s/ Steven M. Joenk

  Steven M. Joenk
  Chief Executive Officer and Principal Executive Officer
  July 1, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By:  

/s/ Steven M. Joenk

  Steven M. Joenk
  Chief Executive Officer and Principal Executive Officer
  July 1, 2025

 

By:  

/s/ Brian E. Walsh

  Brian E. Walsh
  Chief Financial Officer and Principal Financial Officer
  July 1, 2025

 


ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

PRINCIPAL EXECUTIVE OFFICER'S SECTION 302 CERTIFICATION

PRINCIPAL FINANCIAL OFFICER'S SECTION 302 CERTIFICATION

COMBINED SECTION 906 CERTIFICATION

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