1290 Funds Semi-Annual Report

N-CSRS 1 d497750dncsrs.htm 1290 FUNDS SEMI-ANNUAL REPORT 1290 Funds Semi-Annual Report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number 811-22959

1290 FUNDS

(Exact name of registrant as specified in charter)

1290 Avenue of the Americas

New York, New York 10104

(Address of principal executive offices)

Shane Daly

Executive Vice President and Secretary

Equitable Investment Management Group, LLC

1290 Avenue of the Americas

New York, New York 10104

(Name and Address of Agent for Service)

Copies to:

MARK 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: November 1, 2022 - April 30, 2023


Item 1.		Reports to Stockholders.

Item 1(a):

LOGO

Semi-Annual Report

April 30, 2023

1290 Funds

Semi-Annual Report

April 30, 2023

Table of Contents



Funds

1290 Diversified Bond		1
1290 Essex Small Cap Growth		12
1290 GAMCO Small/Mid Cap Value		20
1290 High Yield Bond		31
1290 Loomis Sayles Multi-Asset Income		44
1290 Multi-Alternative Strategies		62
1290 Retirement 2020		69
1290 Retirement 2025		74
1290 Retirement 2030		79
1290 Retirement 2035		84
1290 Retirement 2040		89
1290 Retirement 2045		94
1290 Retirement 2050		99
1290 Retirement 2055		103
1290 Retirement 2060		108
1290 SmartBeta Equity		113

Notes to Financial Statements		125

Control Person and Principal Holders of Securities (Unaudited)		147

Proxy Voting Policies and Procedures (Unaudited)		147

Quarterly Portfolio Holdings Information (Unaudited)		147

1290 DIVERSIFIED BOND FUND (Unaudited)



Sector Weightings as of April 30, 2023	% of Net Assets
U.S. Treasury Obligations		36.0	%
Mortgage-Backed Securities		28.1
Foreign Government Securities		23.3
Repurchase Agreements		3.1
Energy		2.4
Investment Company		2.0
Consumer Discretionary		1.8
Information Technology		1.0
Financials		1.0
Real Estate		0.8
Communication Services		0.7
Materials		0.2
Cash and Other		(0.4	)

		100.0	%

Holdings are subject to change without notice.

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Fund, you incur two types of costs:

(1) transaction costs, including applicable sales charges and redemption fees; and (2) ongoing costs, including investment advisory fees, distribution and/or service (12b-1) fees (in the case of Class A and Class R shares of the Fund), and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended April 30, 2023 and held for the entire six-month period.

Actual Expenses

The first line of the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the following table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

EXAMPLE



	Beginning Account Value 11/1/22		Ending Account Value 4/30/23		Expenses Paid During Period* 11/1/22 - 4/30/23
Class A
Actual		$1,000.00		$1,113.50		$3.93
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.08		3.76
Class I
Actual		1,000.00		1,115.70		2.62
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.32		2.51
Class R
Actual		1,000.00		1,112.90		5.24
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.84		5.01

* Expenses are equal to the Fund’s A, I and R shares annualized expense ratio of 0.75%, 0.50% and 1.00%, respectively, multiplied by the average account value over the period, and multiplied by 181/365 (to reflect the one-half year period).

1290 FUNDS

1290 DIVERSIFIED BOND FUND

PORTFOLIO OF INVESTMENTS

April 30, 2023 (Unaudited)



	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Convertible Bond (0.5%)
Information Technology (0.5%)
*Technology Hardware, Storage & Peripherals (0.5%)*
Western Digital Corp. 1.500%, 2/1/24 (e)	$	3,450,000	$	3,334,425

Total Information Technology				3,334,425

Total Convertible Bond				3,334,425

Corporate Bonds (7.4%)
Communication Services (0.7%)
*Wireless Telecommunication Services (0.7%)*
T-Mobile USA, Inc. 5.650%, 1/15/53		4,675,000		4,779,360

Total Communication Services				4,779,360

Consumer Discretionary (1.8%)
*Automobiles (0.5%)*
General Motors Co. 5.200%, 4/1/45		3,540,000		2,974,711

*Specialty Retail (1.3%)*
Lowe’s Cos., Inc. 5.625%, 4/15/53		8,891,000		8,896,987

Total Consumer Discretionary				11,871,698

Energy (2.4%)
*Oil, Gas & Consumable Fuels (2.4%)*
Devon Energy Corp. 7.875%, 9/30/31		1,190,000		1,349,894
Diamondback Energy, Inc. 6.250%, 3/15/33		5,880,000		6,243,161
Hess Corp. 7.875%, 10/1/29		410,000		463,587
7.300%, 8/15/31		750,000		844,373
New Fortress Energy, Inc. 6.750%, 9/15/25§		7,060,000		6,738,346

Total Energy				15,639,361

Financials (1.0%)
*Capital Markets (0.8%)*
Ares Capital Corp. 4.250%, 3/1/25		1,070,000		1,021,620
Golub Capital BDC, Inc. 2.500%, 8/24/26		5,275,000		4,557,836

				5,579,456

*Financial Services (0.2%)*
United Wholesale Mortgage LLC 5.500%, 4/15/29§		1,271,000		1,080,350

Total Financials				6,659,806

Information Technology (0.5%)
*Technology Hardware, Storage & Peripherals (0.5%)*
Dell International LLC 3.375%, 12/15/41§		4,790,000		3,376,357

Total Information Technology				3,376,357

Materials (0.2%)
*Metals & Mining (0.2%)*
First Quantum Minerals Ltd. 7.500%, 4/1/25§		1,580,000		1,567,459

Total Materials				1,567,459

Real Estate (0.8%)
*Specialized REITs (0.8%)*
Equinix, Inc. (REIT) 2.500%, 5/15/31		5,925,000		4,885,001

Total Real Estate				4,885,001

Total Corporate Bonds				48,779,042

Foreign Government Securities (23.3%)
Notas do Tesouro Nacional 10.000%, 1/1/33	BRL	311,920,000		54,700,631
Republic of South Africa
Series 2048 8.750%, 2/28/48 (x)	ZAR	988,700,000		40,641,853
Titulos de Tesoreria
Series B 7.000%, 3/26/31	COP	227,120,000,000		36,801,852
7.250%, 10/26/50		166,800,000,000		21,691,012

Total Foreign Government Securities				153,835,348

Mortgage-Backed Securities (28.1%)
FHLMC UMBS 4.000%, 7/1/52	$	30,770,464		29,353,804
FNMA UMBS 4.000%, 6/1/52		31,193,912		29,787,001
5.000%, 10/1/52		5,727,341		5,683,791
5.000%, 11/1/52		31,685,262		31,444,331
5.500%, 1/1/53		31,689,244		31,907,887
GNMA 5.000%, 10/20/52		3,425,559		3,406,113
5.500%, 10/20/52		27,152,030		27,301,120
5.000%, 2/20/53		12,824,352		12,747,545
5.000%, 3/20/53		13,848,753		13,761,483

Total Mortgage-Backed Securities				185,393,075

U.S. Treasury Obligations (36.0%)
U.S. Treasury Bonds 2.250%, 2/15/52		64,530,000		48,094,041
2.875%, 5/15/52		117,840,000		100,696,507
U.S. Treasury Notes
(US Treasury 3 Month Bill Money Market Yield + 0.20%), 5.331%, 1/31/25 (k)		89,000,000		89,128,552

Total U.S. Treasury Obligations				237,919,100

Total Long-Term Debt Securities (95.3%) (Cost $647,970,364)				629,260,990

See Notes to Financial Statements.

1290 FUNDS

1290 DIVERSIFIED BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2023 (Unaudited)



	Number of Shares		Value (Note 1)
SHORT-TERM INVESTMENTS:
Investment Companies (2.0%)
Dreyfus Treasury Obligations Cash Management Fund 4.73% (7 day yield) (xx)		5,480,000	$	5,480,000
JPMorgan Prime Money Market Fund, IM Shares 5.07% (7 day yield)		7,371,890		7,374,102

Total Investment Companies				12,854,102


	Principal Amount		Value (Note 1)
Repurchase Agreements (3.1%)
Santander US Capital Markets LLC, 4.81%, dated 4/28/23, due 5/1/23, repurchase price $14,525,820, collateralized by various Corporate Bonds, 4.250%, maturing 5/25/33, U.S. Government Agency Securities, ranging from 1.101%-5.453%, maturing 8/25/30-11/20/69; total market value $14,816,337. (xx)	$	14,520,000		14,520,000
TD Prime Services LLC, 4.89%, dated 4/28/23, due 5/1/23, repurchase price $6,222,535, collateralized by various Common Stocks; total market value $6,844,795. (xx)		6,220,000		6,220,000

Total Repurchase Agreements				20,740,000

Total Short-Term Investments (5.1%) (Cost $33,594,109)				33,594,102

Total Investments in Securities (100.4%) (Cost $681,564,473)				662,855,092
Other Assets Less Liabilities (-0.4%)				(2,842,738	)

Net Assets (100%)			$	660,012,354

§	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, 2023, the market value of these securities amounted to $12,762,512 or 1.9% of net assets.

(e)

Step Bond - Coupon rate increases or decreases in increments to maturity. Rate disclosed is as of April 30, 2023. 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, 2023.

(x)

All or a portion of security is on loan at April 30, 2023.

(xx)

At April 30, 2023, the Fund had loaned securities with a total value of $25,207,369. This was collateralized by cash of $26,220,000 which was subsequently invested in an investment company and joint repurchase agreements as detailed in the Notes to the Financial Statements.

Glossary:

AUD

— Australian Dollar

BRL

— Brazilian Real

CAD

— Canadian Dollar

CHF

— Swiss Franc

CNY

— Chinese Renminbi

COP

— Colombian Peso

EUR

— European Currency Unit

FHLMC

— Federal Home Loan Mortgage Corp.

FNMA

— Federal National Mortgage Association

GNMA

— Government National Mortgage Association

JPY

— Japanese Yen

KRW

— Korean (South) Won

NOK

— Norwegian Krone

NZD

— New Zealand Dollar

OAT

— Obligations Assimilables du Trésor

OTC

— Over- the-counter

PEN

— Peruvian Sol

REIT

— Real Estate Investment Trust

SEK

— Swedish Krona

STIBOR

— Stockholm Interbank Offered Rate

UMBS

— Uniform Mortgage-Backed Securities

USD

— United States Dollar

ZAR

— South African Rand



Country Diversification As a Percentage of Total Net Assets
Brazil	8.3	%
Colombia	8.9
South Africa	6.1
United States	76.9
Zambia	0.2
Cash and Other	(0.4	)

	100.0	%

See Notes to Financial Statements.

1290 FUNDS

1290 DIVERSIFIED BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2023 (Unaudited)

Futures contracts outstanding as of April 30, 2023 (Note 1):


Description	Number of Contracts			Expiration Date		Trading Currency		Notional Amount ($)			Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
Euro-OAT		275			6/2023		EUR		39,389,895			186,287
U.S. Treasury 5 Year Note		2,257			6/2023		USD		247,688,118			1,145,877
U.S. Treasury 10 Year Ultra Note		447			6/2023		USD		54,289,547			48,097
U.S. Treasury Ultra Bond		228			6/2023		USD		32,240,625			1,330,041

												2,710,302

Short Contracts
Japan 10 Year Bond		(345	)		6/2023		JPY		(376,285,368	)		(8,050,202	)

												(8,050,202	)

												(5,339,900	)

Forward Foreign Currency Contracts outstanding as of April 30, 2023 (Note 1):


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation) ($)
EUR	90,300,000	USD	98,955,518	Citibank NA		5/5/2023		564,822
EUR	660,000	USD	720,378	HSBC Bank plc		5/5/2023		7,013
EUR	30,420,000	USD	33,199,019	HSBC Bank plc		5/5/2023		327,102
USD	53,458,896	EUR	48,480,000	JPMorgan Chase Bank		5/5/2023		28,707
PEN	195,200,000	USD	51,363,922	HSBC Bank plc^**		5/9/2023		1,279,722
USD	30,886,973	ZAR	552,500,000	HSBC Bank plc		5/15/2023		721,136
USD	33,292,171	CNY	228,830,000	HSBC Bank plc^**		5/17/2023		217,844
USD	19,536,906	AUD	28,870,000	JPMorgan Chase Bank		6/7/2023		403,331
CHF	42,810,000	USD	46,333,676	Barclays Bank plc		6/13/2023		1,803,560
CHF	12,170,000	USD	13,371,790	Citibank NA		6/13/2023		312,634
CHF	11,800,000	USD	13,107,470	Goldman Sachs Bank USA		6/13/2023		160,911
USD	20,829,598	JPY	2,730,000,000	Barclays Bank plc		6/16/2023		650,773
USD	33,463,029	JPY	4,326,000,000	Citibank NA		6/16/2023		1,487,352
USD	674,382	JPY	89,000,000	HSBC Bank plc		6/16/2023		16,538
USD	58,189,980	JPY	7,690,000,000	Morgan Stanley		6/16/2023		1,349,260
SEK	136,800,000	USD	13,208,369	Morgan Stanley		6/22/2023		167,816
USD	32,911,774	BRL	164,170,000	HSBC Bank plc^**		7/19/2023		495,607

Total unrealized appreciation								9,994,128

EUR	18,360,000	USD	20,272,855	Barclays Bank plc		5/5/2023		(38,155	)
USD	30,287,504	EUR	28,540,000	Barclays Bank plc		5/5/2023		(1,166,654	)
USD	68,556,096	EUR	62,720,000	JPMorgan Chase Bank		5/5/2023		(568,109	)
USD	50,615,843	PEN	195,200,000	HSBC Bank plc^**		5/9/2023		(2,027,801	)
USD	12,810,074	ZAR	236,000,000	Barclays Bank plc		5/15/2023		(75,242	)
USD	12,680,438	ZAR	234,200,000	National Australia Bank Ltd.		5/15/2023		(106,601	)
ZAR	264,400,000	USD	14,468,644	Goldman Sachs Bank USA		5/15/2023		(32,721	)
CNY	228,830,000	USD	33,380,986	HSBC Bank plc^**		5/17/2023		(306,660	)
AUD	28,870,000	USD	19,418,539	Goldman Sachs Bank USA		6/7/2023		(284,964	)
KRW	70,470,000,000	USD	54,048,352	Citibank NA^**		6/9/2023		(1,272,242	)
USD	104,858,933	CHF	96,730,000	Goldman Sachs Bank USA		6/13/2023		(3,908,056	)
JPY	5,092,000,000	USD	38,348,571	Citibank NA		6/16/2023		(710,997	)
JPY	14,154,000,000	USD	106,946,910	Morgan Stanley		6/16/2023		(2,327,463	)
USD	13,003,308	SEK	136,800,000	Morgan Stanley		6/22/2023		(372,877	)
NOK	379,500,000	USD	36,199,052	Morgan Stanley		6/23/2023		(495,242	)
NZD	41,790,000	USD	26,055,430	Barclays Bank plc		6/26/2023		(218,734	)
CAD	97,360,000	USD	72,412,729	Citibank NA		7/25/2023		(431,207	)
USD	19,665,128	CAD	26,790,000	Barclays Bank plc		7/25/2023		(141,620	)
USD	31,778,345	CAD	43,240,000	Citibank NA		7/25/2023		(190,441	)
USD	20,129,038	CAD	27,330,000	Goldman Sachs Bank USA		7/25/2023		(76,950	)

See Notes to Financial Statements.

1290 FUNDS

1290 DIVERSIFIED BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2023 (Unaudited)


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation) ($)
COP	48,000,000,000	USD	10,388,936	JPMorgan Chase Bank^**		7/28/2023		(372,776	)
EUR	48,480,000	USD	53,735,087	JPMorgan Chase Bank		8/4/2023		(32,798	)

Total unrealized depreciation								(15,158,310	)

Net unrealized depreciation								(5,164,182	)

**	Non-deliverable forward.

OTC Interest rate swap contracts outstanding as of April 30, 2023 (Note 1):

Reference
Entity

Payments

Made by

Fund

Payments
Received by
Fund

Frequency of
Payments
Made/Received

Counterparty

Maturity
Date

Notional
Amount

Upfront
Payments
(Receipts)
($)

Unrealized
Appreciation
(Depreciation) ($)

Value ($)

3 month STIBOR

3.05% and decrease in total return of index

Increase in total return of index

At termination

JPMorgan Chase Bank

4/25/2033

SEK

412,700,000

—

(739,308

)

(739,308

)

—

(739,308

)

(739,308

)

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, 2023:

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:
Convertible Bonds
Information Technology	$	—		$	3,334,425		$	—	$	3,334,425
Corporate Bonds
Communication Services		—			4,779,360			—		4,779,360
Consumer Discretionary		—			11,871,698			—		11,871,698
Energy		—			15,639,361			—		15,639,361
Financials		—			6,659,806			—		6,659,806
Information Technology		—			3,376,357			—		3,376,357
Materials		—			1,567,459			—		1,567,459
Real Estate		—			4,885,001			—		4,885,001
Foreign Government Securities		—			153,835,348			—		153,835,348
Forward Currency Contracts		—			9,994,128			—		9,994,128
Futures		2,710,302			—			—		2,710,302
Mortgage-Backed Securities		—			185,393,075			—		185,393,075
Short-Term Investments
Investment Companies		12,854,102			—			—		12,854,102
Repurchase Agreements		—			20,740,000			—		20,740,000
U.S. Treasury Obligations		—			237,919,100			—		237,919,100

Total Assets	$	15,564,404		$	659,995,118		$	—	$	675,559,522


Liabilities:
Forward Currency Contracts	$	—		$	(15,158,310	)	$	—	$	(15,158,310	)
Futures		(8,050,202	)		—			—		(8,050,202	)
OTC Interest Rate Swaps		—			(739,308	)		—		(739,308	)

Total Liabilities	$	(8,050,202	)	$	(15,897,618	)	$	—	$	(23,947,820	)

Total	$	7,514,202		$	644,097,500		$	—	$	651,611,702

See Notes to Financial Statements.

1290 FUNDS

1290 DIVERSIFIED BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2023 (Unaudited)

Fair Values of Derivative Instruments as of April 30, 2023:


	Statement of Assets and Liabilities
Derivatives Contracts^	Asset Derivatives	Fair Value
Interest rate contracts	Receivables, Net assets – Unrealized appreciation	$	2,710,302	*
Foreign exchange contracts	Receivables		9,994,128

Total		$	12,704,430


	Liability Derivatives
Interest rate contracts	Payables, Net assets – Unrealized depreciation	$	(8,789,510	)*
Foreign exchange contracts	Payables		(15,158,310	)

Total		$	(23,947,820	)

*	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.

The Effect of Derivative Instruments on the Statement of Operations for the six months ended April 30, 2023:


Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives Contracts^	Futures			Forward Foreign Currency Contracts			Swaps			Total
Interest rate contracts	$	(591,799	)	$	—		$	19,134		$	(572,665	)
Foreign exchange contracts		—			(339,840	)		—			(339,840	)
Credit contracts		—			—			2,633,305			2,633,305

Total	$	(591,799	)	$	(339,840	)	$	2,652,439		$	1,720,800


Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives Contracts^	Futures			Forward Foreign Currency Contracts			Swaps			Total
Interest rate contracts	$	6,429,219		$	—		$	(739,308	)	$	5,689,911
Foreign exchange contracts		—			(9,864,934	)		—			(9,864,934	)
Credit contracts		—			—			(444,642	)		(444,642	)

Total	$	6,429,219		$	(9,864,934	)	$	(1,183,950	)	$	(4,619,665	)

^ 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.

The Fund held forward foreign currency contracts with an average settlement value of approximately $1,102,663,000, futures contracts with an average notional balance of approximately $543,000,000 and swaps contracts with an average notional balance of approximately $43,057,000 during the six months ended April 30, 2023.

See Notes to Financial Statements.

1290 FUNDS

1290 DIVERSIFIED BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2023 (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, 2023:


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	$	2,454,333	$	(1,640,405	)	$	—		$	813,928
Citibank NA		2,364,808		(2,364,808	)		—			—
Goldman Sachs Bank USA		160,911		(160,911	)		—			—
HSBC Bank plc		3,064,962		(2,334,461	)		—			730,501
JPMorgan Chase Bank		432,038		(432,038	)		—			—
Morgan Stanley		1,517,076		(1,517,076	)		—			—

Total	$	9,994,128	$	(8,449,699	)	$	—		$	1,544,429


Counterparty	Gross Amount of Derivative Liabilities Presented in the Statement of Assets and Liabilities (a)		Derivatives Available for Offset			Collateral Pledged*			Net Amount Due to Counterparty
Barclays Bank plc	$	1,640,405	$	(1,640,405	)	$	—		$	—
Citibank NA		2,604,887		(2,364,808	)		(240,079	)		—
Goldman Sachs Bank USA		4,302,691		(160,911	)		—			4,141,780
HSBC Bank plc		2,334,461		(2,334,461	)		—			—
JPMorgan Chase Bank		1,712,991		(432,038	)		(1,090,000	)		190,953
Morgan Stanley		3,195,582		(1,517,076	)		—			1,678,506
National Australia Bank Ltd.		106,601		—			—			106,601

Total	$	15,897,618	$	(8,449,699	)	$	(1,330,079	)	$	6,117,840

(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.

*	The table above does not include the additional collateral pledged to the counterparty. Total additional collateral pledged is $479,921.

Investment security transactions for the six months ended April 30, 2023 were as follows:


Cost of Purchases:
Long-term investments other than U.S. government debt securities	$	211,866,604
Long-term U.S. government debt securities		225,628,086

	$	437,494,690


Net Proceeds of Sales and Redemptions:
Long-term investments other than U.S. government debt securities	$	232,631,787
Long-term U.S. government debt securities		183,127,593

	$	415,759,380

As of April 30, 2023, 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	$	20,360,876
Aggregate gross unrealized depreciation		(45,940,651	)

Net unrealized depreciation	$	(25,579,775	)

Federal income tax cost of investments in securities and derivative instruments, if applicable	$	677,191,477

See Notes to Financial Statements.

1290 FUNDS

1290 DIVERSIFIED BOND FUND

STATEMENT OF ASSETS AND LIABILITIES

April 30, 2023 (Unaudited)


ASSETS
Investments in Securities, at value (x)
Unaffiliated Issuers (Cost $660,824,473)	$	642,115,092
Repurchase Agreements (Cost $20,740,000)		20,740,000
Cash		767,734
Cash held as collateral for forward foreign currency contracts		1,000,000
Cash held as collateral at broker for swaps		810,000
Due from broker for futures variation margin		18,060,419
Unrealized appreciation on forward foreign currency contracts		9,994,128
Dividends, interest and other receivables		8,871,014
Receivable for Fund shares sold		633,478
Prepaid registration and filing fees		26,158
Securities lending income receivable		4,263

Total assets		703,022,286

LIABILITIES
Payable for return of collateral on securities loaned		26,220,000
Unrealized depreciation on forward foreign currency contracts		15,158,310
Market value on OTC swap contracts		739,308
Payable for Fund shares repurchased		508,152
Administrative fees payable		82,309
Investment advisory fees payable		79,190
Transfer agent fees payable		56,784
Dividends and distributions payable		7,996
Trustees’ fees payable		4,397
Distribution fees payable – Class A		1,430
Distribution fees payable – Class R		904
Foreign currency overdraft payable		155
Accrued expenses		150,997

Total liabilities		43,009,932

NET ASSETS	$	660,012,354

Net assets were comprised of:
Paid in capital	$	791,953,892
Total distributable earnings (loss)		(131,941,538	)

Net assets	$	660,012,354

Class A
Net asset value and redemption price per share, $6,751,766 / 753,355 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.96
Maximum sales charge (4.50% of offering price)		0.42

Maximum offering price per share	$	9.38

Class I
Net asset value, offering and redemption price per share, $651,143,397 / 72,361,678 shares outstanding (unlimited amount authorized: $0.001 par value)	$	9.00

Class R
Net asset value, offering and redemption price per share, $2,117,191 / 237,798 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.90

(x)

Includes value of securities on loan of $25,207,369.

STATEMENT OF OPERATIONS

For the Six Months Ended April 30, 2023 (Unaudited)


INVESTMENT INCOME
Interest (net of $52,697 foreign withholding tax)	$	19,464,562
Dividends		290,060
Securities lending (net)		13,149

Total income		19,767,771

EXPENSES
Investment advisory fees		1,939,926
Administrative fees		484,982
Professional fees		212,129
Transfer agent fees		184,327
Custodian fees		90,792
Printing and mailing expenses		83,043
Registration and filing fees		38,241
Trustees’ fees		10,594
Distribution fees – Class A		8,775
Distribution fees – Class R		5,149
Miscellaneous		49,393

Gross expenses		3,107,351
Less: Waiver from investment adviser		(1,476,204	)

Net expenses		1,631,147

NET INVESTMENT INCOME (LOSS)		18,136,624

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Investments in securities		(8,943,388	)
Futures contracts		(591,799	)
Forward foreign currency contracts		(339,840	)
Foreign currency transactions		32,122
Swaps		2,652,439

Net realized gain (loss)		(7,190,466	)

Change in unrealized appreciation (depreciation) on:
Investments in securities		61,796,961
Futures contracts		6,429,219
Forward foreign currency contracts		(9,864,934	)
Foreign currency translations		375,887
Swaps		(1,183,950	)

Net change in unrealized appreciation (depreciation)		57,553,183

NET REALIZED AND UNREALIZED GAIN (LOSS)		50,362,717

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	68,499,341

See Notes to Financial Statements.

1290 FUNDS

1290 DIVERSIFIED BOND FUND

STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	18,136,624		$	20,245,867
Net realized gain (loss)		(7,190,466	)		(95,477,364	)
Net change in unrealized appreciation (depreciation)		57,553,183			(72,757,596	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		68,499,341			(147,989,093	)

Distributions to shareholders:
Class A		(247,195	)		(188,400	)
Class I		(23,082,763	)		(15,568,311	)
Class R		(69,193	)		(32,711	)

Total distributions to shareholders		(23,399,151	)		(15,789,422	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 41,436 and 344,531 shares, respectively ]		376,408			3,530,170
Capital shares issued in reinvestment of dividends [ 24,211 and 17,771 shares, respectively ]		219,943			179,508
Capital shares repurchased [ (106,030) and (367,977) shares , respectively]		(961,699	)		(3,633,376	)

Total Class A transactions		(365,348	)		76,302

Class I
Capital shares sold [ 9,394,907 and 23,508,727 shares, respectively ]		84,611,989			233,550,194
Capital shares issued in reinvestment of dividends [ 2,526,219 and 1,540,016 shares, respectively ]		23,030,920			15,545,930
Capital shares repurchased [ (8,732,850) and (18,709,408) shares , respectively]		(79,102,337	)		(183,231,555	)

Total Class I transactions		28,540,572			65,864,569

Class R
Capital shares sold [ 92,760 and 122,727 shares, respectively ]		840,222			1,171,008
Capital shares issued in reinvestment of dividends [ 7,611 and 3,248 shares, respectively ]		68,660			32,335
Capital shares repurchased [ (81,145) and (26,149) shares , respectively]		(737,824	)		(238,047	)

Total Class R transactions		171,058			965,296

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		28,346,282			66,906,167

TOTAL INCREASE (DECREASE) IN NET ASSETS		73,446,472			(96,872,348	)
NET ASSETS:
Beginning of period		586,565,882			683,438,230

End of period	$	660,012,354		$	586,565,882

See Notes to Financial Statements.

1290 FUNDS

1290 DIVERSIFIED BOND FUND

FINANCIAL HIGHLIGHTS


	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
Class A	Six Months Ended April 30, 2023 (Unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	8.33		$	10.70		$	10.68		$	10.34		$	9.52		$	10.12

Income (loss) from investment operations:
Net investment income (loss) (e)		0.24			0.27			0.29			0.39			0.41	**		0.26
Net realized and unrealized gain (loss)		0.71			(2.41	)		0.44			0.43			0.80			(0.40	)

Total from investment operations		0.95			(2.14	)		0.73			0.82			1.21			(0.14	)

Less distributions:
Dividends from net investment income		(0.32	)		(0.23	)		(0.47	)		(0.15	)		(0.39	)		(0.43	)
Distributions from net realized gains		—			—			(0.22	)		(0.33	)		—			—
Return of capital		—			—			(0.02	)		—			—			(0.03	)

Total dividends and distributions		(0.32	)		(0.23	)		(0.71	)		(0.48	)		(0.39	)		(0.46	)

Net asset value, end of period	$	8.96		$	8.33		$	10.70		$	10.68		$	10.34		$	9.52

Total return (b)		11.35	%		(20.39	)%		6.73	%		8.32	%		12.97	%		(1.44	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	6,752		$	6,608		$	8,550		$	7,796		$	3,848		$	190
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%		1.05	%
Before waivers and reimbursements (a)(f)		1.21	%		1.20	%		1.22	%		1.42	%		1.55	%		1.85	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)(f)		5.36	%		2.75	%		2.62	%		3.76	%*		4.00	%**		2.63	%
Before waivers and reimbursements (a)(f)		4.90	%		2.31	%		2.15	%		3.09	%*		3.19	%**		1.83	%
Portfolio turnover rate^		68	%(z)		244	%		165	%		200	%		194	%		139	%***

	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
Class I	Six Months Ended April 30, 2023 (Unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	8.36		$	10.72		$	10.71		$	10.37		$	9.53		$	10.13

Income (loss) from investment operations:
Net investment income (loss) (e)		0.25			0.30			0.31			0.41			0.42	**		0.27
Net realized and unrealized gain (loss)		0.72			(2.42	)		0.43			0.41			0.84			(0.38	)

Total from investment operations		0.97			(2.12	)		0.74			0.82			1.26			(0.11	)

Less distributions:
Dividends from net investment income		(0.33	)		(0.24	)		(0.49	)		(0.15	)		(0.42	)		(0.46	)
Distributions from net realized gains		—			—			(0.22	)		(0.33	)		—			—
Return of capital		—			—			(0.02	)		—			—			(0.03	)

Total dividends and distributions		(0.33	)		(0.24	)		(0.73	)		(0.48	)		(0.42	)		(0.49	)

Net asset value, end of period	$	9.00		$	8.36		$	10.72		$	10.71		$	10.37		$	9.53

Total return (b)		11.57	%		(20.18	)%		6.85	%		8.34	%		13.43	%		(1.19	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	651,143		$	578,149		$	673,625		$	169,409		$	81,249		$	30,590
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%		0.91	%
Before waivers and reimbursements (a)(f)		0.96	%		0.95	%		0.96	%		1.17	%		1.34	%		1.54	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)(f)		5.61	%		3.04	%		2.79	%		3.95	%*		4.12	%**		2.70	%
Before waivers and reimbursements (a)(f)		5.16	%		2.59	%		2.33	%		3.28	%*		3.28	%**		2.06	%
Portfolio turnover rate^		68	%(z)		244	%		165	%		200	%		194	%		139	%***

See Notes to Financial Statements.

1290 FUNDS

1290 DIVERSIFIED BOND FUND

FINANCIAL HIGHLIGHTS (Continued)


	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
Class R	Six Months Ended April 30, 2023 (Unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	8.27		$	10.64		$	10.63		$	10.34		$	9.51		$	10.11

Income (loss) from investment operations:
Net investment income (loss) (e)		0.23			0.26			0.25			0.35	*		0.35	**		0.23
Net realized and unrealized gain (loss)		0.70			(2.42	)		0.45			0.41			0.85			(0.39	)

Total from investment operations		0.93			(2.16	)		0.70			0.76			1.20			(0.16	)

Less distributions:
Dividends from net investment income		(0.30	)		(0.21	)		(0.45	)		(0.14	)		(0.37	)		(0.41	)
Distributions from net realized gains		—			—			(0.22	)		(0.33	)		—			—
Return of capital		—			—			(0.02	)		—			—			(0.03	)

Total dividends and distributions		(0.30	)		(0.21	)		(0.69	)		(0.47	)		(0.37	)		(0.44	)

Net asset value, end of period	$	8.90		$	8.27		$	10.64		$	10.63		$	10.34		$	9.51

Total return (b)		11.29	%		(20.60	)%		6.44	%		7.77	%		12.84	%		(1.69	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	2,117		$	1,808		$	1,264		$	298		$	145		$	96
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.32	%
Before waivers and reimbursements (a)(f)		1.46	%		1.46	%		1.47	%		1.67	%		1.88	%		2.09	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)(f)		5.12	%		2.68	%		2.24	%		3.43	%*		3.51	%**		2.34	%
Before waivers and reimbursements (a)(f)		4.67	%		2.22	%		1.77	%		2.75	%*		2.63	%**		1.57	%
Portfolio turnover rate^		68	%(z)		244	%		165	%		200	%		194	%		139	%***

*	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.

**	Includes accretion, interest and inflation adjustments on Argentine TIPS Bonds. Without this income, the per share income for each class would have been $0.07 lower and the ratios for each class would have been 0.65% lower.

***	The portfolio turnover rate calculation includes purchase and sales made as a result of the replacement of the sub-adviser. Excluding such transactions, the portfolio turnover rate would have been 64%.

^	Portfolio turnover rate excludes derivatives, if any.

(a)

Ratios for periods less than one year are annualized.

(b)

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

(e)

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

(f)

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

(z)

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

See Notes to Financial Statements.

1290 ESSEX SMALL CAP GROWTH FUND (Unaudited)



Sector Weightings as of April 30, 2023	% of Net Assets
Health Care		25.7	%
Industrials		25.0
Information Technology		20.8
Consumer Discretionary		11.0
Investment Companies		8.2
Financials		4.5
Consumer Staples		3.5
Materials		3.4
Energy		2.0
Cash and Other		(4.1	)

		100.0	%

Holdings are subject to change without notice.

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Fund, you incur two types of costs:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended April 30, 2023 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE



	Beginning Account Value 11/1/22†		Ending Account Value 4/30/23		Expenses Paid During Period* 11/1/22 - 4/30/23
Class A
Actual	$	1,000.00	$	969.10	$	5.52
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.19		5.66
Class I
Actual		1,000.00		970.10		4.30
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.43		4.41
Class R
Actual		1,000.00		968.20		6.73
Hypothetical (5% average annual return before expenses)		1,000.00		1,017.95		6.90

† The Fund commenced operations for July 11, 2022. * Expenses are equal to the Fund’s Class A, Class I and Class R shares annualized expense ratio of 1.13%, 0.88% and 1.38%, respectively, multiplied by the average account value over the period, and multiplied by 181/365 (to reflect the one-half year period).

1290 FUNDS

1290 ESSEX SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS

April 30, 2023 (Unaudited)



	Number of Shares		Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (11.0%)
*Automobile Components (3.0%)*
Patrick Industries, Inc.		10,110	$	693,849
Superior Industries International, Inc.*		153,668		754,510

				1,448,359

*Hotels, Restaurants & Leisure (1.4%)*
Kura Sushi USA, Inc., Class A (x)*		9,357		644,885

*Household Durables (4.0%)*
Century Communities, Inc.		10,627		715,622
Skyline Champion Corp.*		13,872		1,028,886
Vuzix Corp. (x)*		43,166		173,528

				1,918,036

*Specialty Retail (2.6%)*
CarParts.com, Inc.*		76,505		362,633
Five Below, Inc.*		2,727		538,201
Revolve Group, Inc.*		17,586		363,151

				1,263,985

Total Consumer Discretionary				5,275,265

Consumer Staples (3.5%)
*Food Products (1.6%)*
SunOpta, Inc.*		88,872		755,412

*Personal Care Products (1.9%)*
e.l.f. Beauty, Inc.*		9,781		907,286

Total Consumer Staples				1,662,698

Energy (2.0%)
*Energy Equipment & Services (0.7%)*
TETRA Technologies, Inc.*		117,038		333,558

*Oil, Gas & Consumable Fuels (1.3%)*
American Resources Corp. (x)*		194,484		215,877
Matador Resources Co.		8,558		419,599

				635,476

Total Energy				969,034

Financials (4.5%)
*Banks (2.1%)*
Bancorp, Inc. (The)*		13,589		433,625
Brookline Bancorp, Inc.		33,856		322,986
OP Bancorp		30,611		278,254

				1,034,865

*Capital Markets (1.2%)*
Evercore, Inc., Class A		4,937		563,164

*Insurance (1.2%)*
HCI Group, Inc.		11,050		559,793

Total Financials				2,157,822

Health Care (25.7%)
*Biotechnology (3.7%)*
Avid Bioservices, Inc.*		24,357		439,644
Insmed, Inc.*		25,815		503,392
Kiniksa Pharmaceuticals Ltd., Class A*		33,057		355,363
Veracyte, Inc.*		21,818		493,960

				1,792,359

*Health Care Equipment & Supplies (10.9%)*
Accuray, Inc.*		129,875		433,782
Alphatec Holdings, Inc.*		52,994		765,233
AtriCure, Inc.*		12,602		554,362
Axogen, Inc.*		54,875		494,973
ClearPoint Neuro, Inc. (x)*		40,157		422,452
Cutera, Inc. (x)*		19,185		437,418
Orthofix Medical, Inc.*		22,100		416,143
Stereotaxis, Inc. (x)*		166,600		276,556
Tandem Diabetes Care, Inc.*		6,931		274,329
TransMedics Group, Inc.*		14,483		1,145,605

				5,220,853

*Health Care Providers & Services (2.5%)*
Biodesix, Inc. (x)*		161,098		278,700
Castle Biosciences, Inc.*		17,680		400,098
Viemed Healthcare, Inc.*		48,809		529,578

				1,208,376

*Health Care Technology (2.1%)*
Evolent Health, Inc., Class A*		15,611		568,396
Phreesia, Inc.*		14,201		449,320

				1,017,716

*Life Sciences Tools & Services (2.9%)*
Adaptive Biotechnologies Corp.*		50,079		357,564
Akoya Biosciences, Inc.*		49,044		341,346
Codexis, Inc.*		72,649		284,784
NanoString Technologies, Inc.*		38,840		380,632

				1,364,326

*Pharmaceuticals (3.6%)*
Evolus, Inc.*		48,480		423,715
EyePoint Pharmaceuticals, Inc. (x)*		38,182		239,783
Ocular Therapeutix, Inc.*		48,103		298,239
Revance Therapeutics, Inc.*		23,323		742,371

				1,704,108

Total Health Care				12,307,738

Industrials (25.0%)
*Aerospace & Defense (3.6%)*
Kratos Defense & Security Solutions, Inc.*		46,740		602,946
Leonardo DRS, Inc.*		73,872		1,111,773

				1,714,719

*Building Products (2.9%)*
Builders FirstSource, Inc.*		10,486		993,758
Caesarstone Ltd. (x)		34,467		157,170
Griffon Corp.		8,276		235,452

				1,386,380

*Commercial Services & Supplies (3.2%)*
CECO Environmental Corp.*		40,204		466,769
Heritage-Crystal Clean, Inc.*		20,125		703,570
Performant Financial Corp.*		112,806		365,491

				1,535,830

*Construction & Engineering (3.4%)*
iSun, Inc. (x)*		184,958		116,524
Matrix Service Co.*		57,508		273,738
Sterling Infrastructure, Inc.*		33,950		1,253,434

				1,643,696

See Notes to Financial Statements.

1290 FUNDS

1290 ESSEX SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2023 (Unaudited)



	Number of Shares		Value (Note 1)
*Electrical Equipment (3.5%)*
Babcock & Wilcox Enterprises, Inc.*		93,668	$	582,615
Beam Global (x)*		14,342		127,931
LSI Industries, Inc.		51,583		654,588
SunPower Corp.*		25,110		331,954

				1,697,088

*Machinery (3.1%)*
3D Systems Corp.*		23,652		216,652
Evoqua Water Technologies Corp.*		11,520		569,664
Luxfer Holdings plc		26,426		402,997
Manitex International, Inc.*		60,141		310,929

				1,500,242

*Professional Services (2.1%)*
BlackSky Technology, Inc. (x)*		143,653		178,130
Resources Connection, Inc.		39,169		571,475
Willdan Group, Inc.*		16,646		243,864

				993,469

*Trading Companies & Distributors (3.2%)*
Alta Equipment Group, Inc.		32,445		458,772
MRC Global, Inc.*		51,489		501,503
Transcat, Inc.*		7,335		559,587

				1,519,862

Total Industrials				11,991,286

Information Technology (20.8%)
*Communications Equipment (3.8%)*
CalAmp Corp.*		97,497		247,642
Cambium Networks Corp.*		21,348		323,209
Digi International, Inc.*		23,464		707,674
DZS, Inc.*		37,336		253,885
Lantronix, Inc.*		83,558		307,493

				1,839,903

*Electronic Equipment, Instruments & Components (4.0%)*
Benchmark Electronics, Inc.		20,737		442,735
Identiv, Inc.*		77,540		426,470
Luna Innovations, Inc.*		69,969		439,405
Novanta, Inc.*		3,903		596,535

				1,905,145

*IT Services (0.8%)*
Endava plc (ADR)*		6,818		392,512

*Semiconductors & Semiconductor Equipment (5.3%)*
Aehr Test Systems*		19,044		471,339
Amtech Systems, Inc.*		64,185		553,916
Ichor Holdings Ltd.*		15,235		424,295
Impinj, Inc.*		6,019		532,140
Kopin Corp.*		209,014		217,375
SkyWater Technology, Inc.*		38,652		349,414

				2,548,479

*Software (5.9%)*
Docebo, Inc. (x)*		14,248		551,112
Domo, Inc., Class B*		12,132		192,656
EverCommerce, Inc.*		44,013		531,237
Instructure Holdings, Inc. (x)*		25,815		684,872
Porch Group, Inc. (x)*		122,869		111,823
Soundthinking, Inc.*		15,141		450,445
Zuora, Inc., Class A*		38,182		297,438

				2,819,583

*Technology Hardware, Storage & Peripherals (1.0%)*
Stratasys Ltd.*		32,163		461,861

Total Information Technology				9,967,483

Materials (3.4%)
*Chemicals (1.7%)*
AdvanSix, Inc.		16,458		620,137
Aspen Aerogels, Inc.*		33,010		206,643

				826,780

*Containers & Packaging (1.7%)*
O-I Glass, Inc.*		35,737		803,010

Total Materials				1,629,790

Total Common Stocks (95.9%) (Cost $48,047,709)				45,961,116

SHORT-TERM INVESTMENTS:
Investment Companies (8.2%)
Dreyfus Treasury Obligations Cash Management Fund 4.73% (7 day yield) (xx)		1,999,890		1,999,890
JPMorgan Prime Money Market Fund, IM Shares 5.07% (7 day yield)		1,937,061		1,937,643

Total Investment Companies				3,937,533

Total Short-Term Investments (8.2%) (Cost $3,937,621)				3,937,533

Total Investments in Securities (104.1%) (Cost $51,985,330)				49,898,649
Other Assets Less Liabilities (-4.1%)				(1,947,614	)

Net Assets (100%)			$	47,951,035

*	Non-income producing.

(x)

All or a portion of security is on loan at April 30, 2023.

(xx)

At April 30, 2023, the Fund had loaned securities with a total value of $2,379,486. This was collateralized by $548,973 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.250%, maturing 5/25/23 – 5/15/52 and by cash of $1,999,890 which was subsequently invested in an investment company and joint repurchase agreements as detailed in the Notes to the Financial Statements.

Glossary:

ADR

— American Depositary Receipt

See Notes to Financial Statements.

1290 FUNDS

1290 ESSEX SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2023 (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, 2023:

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
Consumer Discretionary	$	5,275,265	$	—	$	—	$	5,275,265
Consumer Staples		1,662,698		—		—		1,662,698
Energy		969,034		—		—		969,034
Financials		2,157,822		—		—		2,157,822
Health Care		12,307,738		—		—		12,307,738
Industrials		11,991,286		—		—		11,991,286
Information Technology		9,967,483		—		—		9,967,483
Materials		1,629,790		—		—		1,629,790
Short-Term Investments
Investment Companies		3,937,533		—		—		3,937,533

Total Assets	$	49,898,649	$	—	$	—	$	49,898,649

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	49,898,649	$	—	$	—	$	49,898,649

The Fund held no derivatives contracts during the six months ended April 30, 2023.

Investment security transactions for the six months ended April 30, 2023 were as follows:


Cost of Purchases:
Long-term investments other than U.S. government debt securities	$	43,420,349
Net Proceeds of Sales and Redemptions:
Long-term investments other than U.S. government debt securities	$	5,184,692


Aggregate gross unrealized appreciation	$	2,632,114
Aggregate gross unrealized depreciation		(4,718,795	)

Net unrealized depreciation	$	(2,086,681	)

Federal income tax cost of investments in securities and derivative instruments, if applicable	$	51,985,330

See Notes to Financial Statements.

1290 FUNDS

1290 ESSEX SMALL CAP GROWTH FUND

STATEMENT OF ASSETS AND LIABILITIES

April 30, 2023 (Unaudited)


ASSETS
Investments in Securities, at value (x) (Cost $51,985,330)	$	49,898,649
Cash		300,000
Receivable for securities sold		386,505
Receivable for Fund shares sold		172,803
Deferred offering cost		40,804
Prepaid registration and filing fees		31,230
Dividends, interest and other receivables		10,552
Securities lending income receivable		3,961
Other assets		4,108

Total assets		50,848,612

LIABILITIES
Payable for return of collateral on securities loaned		1,999,890
Payable for securities purchased		785,171
Payable for Fund shares repurchased		63,496
Transfer agent fees payable		3,053
Administrative fees payable		729
Distribution fees payable – Class R		47
Distribution fees payable – Class A		25
Accrued expenses		45,166

Total liabilities		2,897,577

NET ASSETS	$	47,951,035

Net assets were comprised of:
Paid in capital	$	49,951,311
Total distributable earnings (loss)		(2,000,276	)

Net assets	$	47,951,035

Class A
Net asset value and redemption price per share, $121,480 / 11,941 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.17
Maximum sales charge (5.50% of offering price)		0.59

Maximum offering price per share	$	10.76

Class I
Net asset value, offering and redemption price per share, $47,708,194 / 4,680,202 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.19

Class R
Net asset value, offering and redemption price per share, $121,361 / 11,953 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.15

(x)

Includes value of securities on loan of $2,379,486.

STATEMENT OF OPERATIONS

For the Six Months Ended April 30, 2023 (Unaudited)


INVESTMENT INCOME
Dividends	$	61,571
Interest		4,619
Securities lending (net)		14,749

Total income		80,939

EXPENSES
Offering costs		102,578
Investment advisory fees		100,201
Professional fees		32,200
Registration and filing fees		29,140
Administrative fees		20,041
Transfer agent fees		11,519
Custodian fees		8,628
Printing and mailing expenses		7,978
Trustees’ fees		328
Distribution fees – Class R		268
Distribution fees – Class A		157
Miscellaneous		2,818

Gross expenses		315,856
Less: Waiver from investment adviser		(120,242	)
Reimbursement from investment adviser		(77,684	)

Net expenses		117,930

NET INVESTMENT INCOME (LOSS)		(36,991	)

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on investments in securities		123,909
Net change in unrealized appreciation (depreciation) on investments in securities		(2,584,211	)

NET REALIZED AND UNREALIZED GAIN (LOSS)		(2,460,302	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(2,497,293	)

See Notes to Financial Statements.

1290 FUNDS

1290 ESSEX SMALL CAP GROWTH FUND

STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended April 30, 2023 (Unaudited)			July 11, 2022* to October 31, 2022
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	(36,991	)	$	(11,760	)
Net realized gain (loss)		123,909			74,961
Net change in unrealized appreciation (depreciation)		(2,584,211	)		497,530

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(2,497,293	)		560,731

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

Total distributions to shareholders		(73,637	)		—

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 54 and 11,877 shares ]		556			119,798
Capital shares issued in reinvestment of dividends [ 10 and 0 shares ]		105			—

Total Class A transactions		661			119,798

Class I
Capital shares sold [ 3,810,982 and 980,000 shares ]		41,089,771			9,800,000
Capital shares issued in reinvestment of dividends [ 1,695 and 0 shares ]		17,682			—
Capital shares repurchased [ (112,475) and 0 shares ]		(1,186,790	)		—

Total Class I transactions		39,920,663			9,800,000

Class R
Capital shares sold [ 1,953 and 10,000 shares ]		20,112			100,000

Total Class R transactions		20,112			100,000

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		39,941,436			10,019,798

TOTAL INCREASE (DECREASE) IN NET ASSETS		37,370,506			10,580,529
NET ASSETS:
Beginning of period		10,580,529			—

End of period	$	47,951,035		$	10,580,529

* Commencement of operations.

See Notes to Financial Statements.

1290 FUNDS

1290 ESSEX SMALL CAP GROWTH FUND

FINANCIAL HIGHLIGHTS


Class A	Six Months Ended April 30, 2023 (Unaudited)			July 11, 2022* to October 31, 2022
Net asset value, beginning of period	$	10.55		$	10.00

Income (loss) from investment operations:
Net investment income (loss) (e)(x)		(0.03	)		(0.02	)
Net realized and unrealized gain (loss)		(0.29	)		0.57

Total from investment operations		(0.32	)		0.55

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

Net asset value, end of period	$	10.17		$	10.55

Total return (b)		(3.09	)%		5.50	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	121		$	125
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		1.13	%		1.13	%
Before waivers and reimbursements (a)(f)		2.80	%		6.32	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)(f)(x)		(0.50	)%		(0.61	)%(l)
Before waivers and reimbursements (a)(f)(x)		(2.17	)%		(5.80	)%(l)
Portfolio turnover rate^		19	%(z)		29	%(z)

Class I	Six Months Ended April 30, 2023 (Unaudited)			July 11, 2022* to October 31, 2022
Net asset value, beginning of period	$	10.56		$	10.00

Income (loss) from investment operations:
Net investment income (loss) (e)(x)		(0.01	)		(0.01	)
Net realized and unrealized gain (loss)		(0.30	)		0.57

Total from investment operations		(0.31	)		0.56

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

Net asset value, end of period	$	10.19		$	10.56

Total return (b)		(2.99	)%		5.60	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	47,708		$	10,350
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		0.88	%		0.88	%
Before waivers and reimbursements (a)(f)		2.36	%		6.03	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)(f)(x)		(0.27	)%		(0.35	)%(l)
Before waivers and reimbursements (a)(f)(x)		(1.75	)%		(5.50	)%(l)
Portfolio turnover rate^		19	%(z)		29	%(z)

See Notes to Financial Statements.

1290 FUNDS

1290 ESSEX SMALL CAP GROWTH FUND

FINANCIAL HIGHLIGHTS (Continued)


Class R	Six Months Ended April 30, 2023 (Unaudited)			July 11, 2022* to October 31, 2022
Net asset value, beginning of period	$	10.54		$	10.00

Income (loss) from investment operations:
Net investment income (loss) (e)(x)		(0.04	)		(0.03	)
Net realized and unrealized gain (loss)		(0.29	)		0.57

Total from investment operations		(0.33	)		0.54

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

Net asset value, end of period	$	10.15		$	10.54

Total return (b)		(3.18	)%		5.40	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	121		$	105
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		1.38	%		1.38	%
Before waivers and reimbursements (a)(f)		3.04	%		6.53	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)(f)(x)		(0.75	)%		(0.85	)%(l)
Before waivers and reimbursements (a)(f)(x)		(2.41	)%		(6.00	)%(l)
Portfolio turnover rate^		19	%(z)		29	%(z)

*	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.

(x)

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

(z)

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

See Notes to Financial Statements.

1290 GAMCO SMALL/MID CAP VALUE FUND (Unaudited)



Sector Weightings as of April 30, 2023	% of Net Assets
Industrials		39.6	%
Communication Services		14.4
Consumer Discretionary		12.6
Consumer Staples		11.0
Materials		7.5
Investment Companies		4.2
Health Care		3.7
Utilities		2.3
Information Technology		2.0
Energy		1.9
Financials		1.8
Real Estate		0.8
Repurchase Agreement		0.3
Cash and Other		(2.1	)

		100.0	%

Holdings are subject to change without notice.

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Fund, you incur two types of costs:

(1) transaction costs, including applicable sales charges and redemption fees; and (2) ongoing costs, including investment advisory fees, distribution and/or service (12b-1) fees (in the case of Class A, Class R and Class T shares of the Fund), and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended April 30, 2023 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE



	Beginning Account Value 11/1/22		Ending Account Value 4/30/23		Expenses Paid During Period* 11/1/22 - 4/30/23
Class A
Actual		$1,000.00		$1,066.70		$6.14
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.85		6.00
Class I
Actual		1,000.00		1,068.20		4.87
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.09		4.75
Class R
Actual		1,000.00		1,065.80		7.42
Hypothetical (5% average annual return before expenses)		1,000.00		1,017.61		7.25
Class T
Actual		1,000.00		1,068.20		4.87
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.09		4.75

* Expenses are equal to the Fund’s A, I, R and T shares annualized expense ratio of 1.20%, 0.95%, 1.45% and 0.95%, respectively, multiplied by the average account value over the period, and multiplied by 181/365 (to reflect the one-half year period).

1290 FUNDS

1290 GAMCO SMALL/MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS

April 30, 2023 (Unaudited)



	Number of Shares		Value (Note 1)

COMMON STOCKS:
Communication Services (14.4%)
*Diversified Telecommunication Services (0.6%)*
EchoStar Corp., Class A*		3,700	$	63,159
Telesat Corp.*		75,000		650,250

				713,409

*Entertainment (4.4%)*
Liberty Media Corp.-Liberty Braves, Class A*		41,000		1,605,970
Liberty Media Corp.-Liberty Braves, Class C*		12,100		460,042
Madison Square Garden Entertainment Corp. (x)*		18,500		596,995
Madison Square Garden Sports Corp., Class A		10,500		2,105,250
Sphere Entertainment Co.*		19,000		534,660

				5,302,917

*Media (8.1%)*
Altice USA, Inc., Class A*		10,700		37,450
AMC Networks, Inc., Class A*		21,500		380,335
Clear Channel Outdoor Holdings, Inc.*		313,000		397,510
Corus Entertainment, Inc., Class B (x)		128,000		134,155
EW Scripps Co. (The), Class A*		26,500		223,395
Grupo Televisa SAB (ADR)		240,000		1,214,400
JCDecaux SE*		23,000		508,908
Liberty Media Corp.-Liberty SiriusXM, Class A*		4,000		112,400
News Corp., Class B		13,000		230,750
Nexstar Media Group, Inc., Class A		10,200		1,769,190
Paramount Global, Class A (x)		41,500		1,098,090
Sinclair Broadcast Group, Inc., Class A (x)		120,000		2,386,800
Sirius XM Holdings, Inc. (x)		27,760		105,488
TEGNA, Inc.		30,000		513,000
Telenet Group Holding NV		10,000		232,372
WideOpenWest, Inc.*		26,000		297,180

				9,641,423

*Wireless Telecommunication Services (1.3%)*
Gogo, Inc.*		12,900		172,989
Millicom International Cellular SA (x)*		42,000		752,220
Telephone and Data Systems, Inc.		24,000		240,000
United States Cellular Corp.*		20,500		435,420

				1,600,629

Total Communication Services				17,258,378

Consumer Discretionary (12.6%)
*Automobile Components (4.1%)*
Dana, Inc.		95,000		1,405,050
Gentex Corp.		23,500		648,365
Gentherm, Inc.*		2,000		119,300
Goodyear Tire & Rubber Co. (The)*		80,000		853,600
Modine Manufacturing Co.*		58,000		1,212,780
Strattec Security Corp.*		37,500		727,500

				4,966,595

*Diversified Consumer Services (0.1%)*
H&R Block, Inc.		3,000		101,730


*Hotels, Restaurants & Leisure (3.5%)*
Bally’s Corp.*		12,000		206,400
Caesars Entertainment, Inc.*		28,500		1,290,765
Churchill Downs, Inc.		2,100		614,313
GAN Ltd.*		18,200		30,212
Golden Entertainment, Inc.*		14,500		611,320
Nathan’s Famous, Inc.		18,900		1,410,885
Wynn Resorts Ltd.*		800		91,424

				4,255,319

*Household Durables (1.0%)*
Bassett Furniture Industries, Inc.		22,500		322,875
Lennar Corp., Class B		9,000		880,380

				1,203,255

*Leisure Products (1.8%)*
Brunswick Corp.		14,900		1,263,371
Johnson Outdoors, Inc., Class A		10,000		580,000
Mattel, Inc.*		12,900		232,200
Peloton Interactive, Inc., Class A*		3,300		29,304

				2,104,875

*Specialty Retail (2.1%)*
AutoNation, Inc.*		8,000		1,053,600
Lands’ End, Inc. (x)*		9,000		64,530
Monro, Inc.		16,000		782,080
Valvoline, Inc.		18,000		621,900

				2,522,110

Total Consumer Discretionary				15,153,884

Consumer Staples (11.0%)
*Beverages (2.1%)*
National Beverage Corp.*		19,000		944,300
Remy Cointreau SA		9,400		1,628,365

				2,572,665

*Consumer Staples Distribution & Retail (0.3%)*
Ingles Markets, Inc., Class A		1,300		119,652
Village Super Market, Inc., Class A		8,900		194,821

				314,473

*Food Products (4.1%)*
Bunge Ltd.		3,500		327,600
Calavo Growers, Inc.		28,200		901,272
Farmer Bros Co.*		94,000		267,900
Hain Celestial Group, Inc. (The)*		26,500		475,145
J M Smucker Co. (The)		11,500		1,775,715
Maple Leaf Foods, Inc. (x)		47,000		963,000
McCormick & Co., Inc. (Non-Voting)		2,900		251,430

				4,962,062

*Household Products (3.5%)*
Energizer Holdings, Inc.		62,000		2,072,660
Spectrum Brands Holdings, Inc.		31,000		2,061,500

				4,134,160

*Personal Care Products (1.0%)*
Edgewell Personal Care Co.		27,300		1,192,191

Total Consumer Staples				13,175,551

See Notes to Financial Statements.

1290 FUNDS

1290 GAMCO SMALL/MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2023 (Unaudited)



	Number of Shares		Value (Note 1)

Energy (1.9%)
*Energy Equipment & Services (1.9%)*
Dril-Quip, Inc.*		54,000	$	1,473,120
RPC, Inc.		104,000		768,560

Total Energy				2,241,680

Financials (1.8%)
*Banks (1.4%)*
Cadence Bank		8,100		163,782
Flushing Financial Corp.		20,900		251,427
SouthState Corp.		4,500		310,410
Synovus Financial Corp.		29,100		896,280

				1,621,899

*Capital Markets (0.3%)*
Affiliated Managers Group, Inc.		1,000		144,380
Janus Henderson Group plc		8,000		207,600

				351,980

*Financial Services (0.1%)*
MoneyGram International, Inc.*		16,000		162,560

Total Financials				2,136,439

Health Care (3.7%)
*Health Care Equipment & Supplies (0.8%)*
Cutera, Inc. (x)*		23,000		524,400
QuidelOrtho Corp.*		4,400		395,780

				920,180

*Health Care Providers & Services (1.0%)*
Option Care Health, Inc.*		17,500		562,625
Patterson Cos., Inc.		21,600		585,576

				1,148,201

*Health Care Technology (0.6%)*
Evolent Health, Inc., Class A*		16,500		600,765
Teladoc Health, Inc.*		6,700		177,751

				778,516

*Life Sciences Tools & Services (0.1%)*
Bio-Rad Laboratories, Inc., Class A*		300		135,237

*Pharmaceuticals (1.2%)*
Harmony Biosciences Holdings, Inc.*		1,500		48,360
Perrigo Co. plc		25,000		929,750
Teva Pharmaceutical Industries Ltd. (ADR)*		48,000		419,040

				1,397,150

Total Health Care				4,379,284

Industrials (39.6%)
*Aerospace & Defense (6.8%)*
AAR Corp.*		18,100		955,319
Aerojet Rocketdyne Holdings, Inc.*		35,000		1,974,350
Kaman Corp.		61,000		1,346,270
Moog, Inc., Class A		10,500		946,155
Moog, Inc., Class B		12,500		1,126,375
Textron, Inc.		27,300		1,827,462

				8,175,931


*Building Products (1.9%)*
AZZ, Inc.		30,500		1,150,765
Griffon Corp.		42,000		1,194,900

				2,345,665

*Commercial Services & Supplies (2.0%)*
KAR Auction Services, Inc.*		20,000		270,800
Matthews International Corp., Class A		57,500		2,177,525

				2,448,325

*Construction & Engineering (1.8%)*
Arcosa, Inc.		14,000		945,560
Valmont Industries, Inc.		4,000		1,162,240

				2,107,800

*Machinery (24.1%)*
Astec Industries, Inc.		48,000		1,981,440
CIRCOR International, Inc.*		68,000		1,893,120
CNH Industrial NV		31,300		441,330
Commercial Vehicle Group, Inc.*		91,100		667,763
Crane Co.*		17,700		1,275,639
Crane NXT Co.		16,900		800,384
Donaldson Co., Inc.		800		50,840
Eastern Co. (The)		24,100		427,775
Enerpac Tool Group Corp.		21,500		510,840
EnPro Industries, Inc.		23,200		2,187,064
Flowserve Corp.		43,000		1,435,770
Gorman-Rupp Co. (The)		9,000		220,950
Graco, Inc.		3,000		237,870
Hyster-Yale Materials Handling, Inc.		41,500		2,185,390
Ingersoll Rand, Inc.		16,000		912,320
ITT, Inc.		10,000		844,400
Iveco Group NV (Borsa Italiana Exchange)*		47,200		424,144
Iveco Group NV (OTC Exchange)*		7,800		69,763
Kennametal, Inc.		18,500		480,260
L B Foster Co., Class A*		39,000		436,020
Manitowoc Co., Inc. (The)*		17,200		262,988
Mueller Industries, Inc.		35,400		2,543,490
Mueller Water Products, Inc., Class A		13,700		183,580
Park-Ohio Holdings Corp.		71,000		920,870
Shyft Group, Inc. (The)		4,000		100,320
Snap-on, Inc.		6,000		1,556,460
Tennant Co.		12,601		962,969
Terex Corp.		9,700		432,523
Timken Co. (The)		1,000		76,850
Toro Co. (The)		5,300		552,578
Trinity Industries, Inc.		72,000		1,724,400
Twin Disc, Inc.*		111,000		1,270,950
Watts Water Technologies, Inc., Class A		5,000		808,650

				28,879,710

*Trading Companies & Distributors (3.0%)*
Ashtead Group plc		2,300		132,463
GATX Corp.		12,900		1,469,439
Herc Holdings, Inc.		20,000		2,000,400

				3,602,302

Total Industrials				47,559,733

See Notes to Financial Statements.

1290 FUNDS

1290 GAMCO SMALL/MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2023 (Unaudited)



	Number of Shares		Value (Note 1)

Information Technology (2.0%)
*Electronic Equipment, Instruments & Components (0.7%)*
Landis+Gyr Group AG*		8,900	$	735,463
Rogers Corp.*		500		80,475

				815,938

*IT Services (0.8%)*
Kyndryl Holdings, Inc.*		66,000		954,360

*Software (0.5%)*
A10 Networks, Inc.		12,000		169,680
NCR Corp.*		17,500		390,075

				559,755

*Technology Hardware, Storage & Peripherals (0.0%)†*
Diebold Nixdorf, Inc. (x)*		87,000		70,200

Total Information Technology				2,400,253

Materials (7.5%)
*Chemicals (4.7%)*
Axalta Coating Systems Ltd.*		24,000		757,680
Chr Hansen Holding A/S		1,400		108,900
Core Molding Technologies, Inc.*		80,000		1,500,000
Element Solutions, Inc.		65,900		1,196,085
HB Fuller Co.		9,700		641,849
Huntsman Corp.		9,000		241,110
Scotts Miracle-Gro Co. (The) (x)		18,000		1,202,580

				5,648,204

*Containers & Packaging (1.6%)*
Greif, Inc., Class A		19,000		1,193,010
Myers Industries, Inc.		40,900		775,055

				1,968,065

*Metals & Mining (1.2%)*
Ampco-Pittsburgh Corp.*		85,000		256,700
Freeport-McMoRan, Inc.		18,500		701,335
Tredegar Corp.		51,100		479,318

				1,437,353

Total Materials				9,053,622

Real Estate (0.8%)
*Hotel & Resort REITs (0.2%)*
Ryman Hospitality Properties, Inc. (REIT)		2,500		224,150

*Real Estate Management & Development (0.6%)*
Seritage Growth Properties (REIT), Class A (x)*		16,000		119,840
St Joe Co. (The)		16,100		661,710

				781,550

Total Real Estate				1,005,700

Utilities (2.3%)
*Gas Utilities (1.3%)*
National Fuel Gas Co.		20,000		1,118,000
Southwest Gas Holdings, Inc.		8,000		448,000

				1,566,000


*Independent Power and Renewable Electricity Producers (1.0%)*
AES Corp. (The)		50,000		1,183,000

Total Utilities				2,749,000

Total Common Stocks (97.6%) (Cost $104,172,901)				117,113,524


	Number of Rights		Value (Note 1)
RIGHTS:
Industrials (0.0%)†
*Electrical Equipment (0.0%)†*
Pineapple Energy, Inc., CVR (r)* (Cost $—)		6,250		18,391


	Number of Warrants		Value (Note 1)
WARRANTS:
Energy (0.0%)†
*Energy Equipment & Services (0.0%)†*
Weatherford International plc, expiring 12/13/23*		1,117		726

Total Energy				726

Health Care (0.0%)†
*Health Care Providers & Services (0.0%)†*
Option Care Health, Inc., expiring 6/30/25*		22		8

Total Health Care				8

Materials (0.0%)†
*Metals & Mining (0.0%)†*
Ampco-Pittsburgh Corp., expiring 8/1/25*		30,000		13,740

Total Materials				13,740

Total Warrants (0.0%)† (Cost $—)				14,474


	Number of Shares		Value (Note 1)
SHORT-TERM INVESTMENTS:
Investment Companies (4.2%)
Dreyfus Treasury Obligations Cash Management Fund 4.73% (7 day yield) (xx)		2,500,000		2,500,000
JPMorgan Prime Money Market Fund, IM Shares 5.07% (7 day yield)		2,416,247		2,416,971

Total Investment Companies				4,916,971

See Notes to Financial Statements.

1290 FUNDS

1290 GAMCO SMALL/MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2023 (Unaudited)



	Principal Amount		Value (Note 1)

Repurchase Agreement (0.3%)
Deutsche Bank Securities, Inc., 4.78%, dated 4/28/23, due 5/1/23, repurchase price $412,052, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 8/15/23-5/15/43; total market value $420,125. (xx)	$	411,888	$	411,888

Total Short-Term Investments (4.5%) (Cost $5,329,083)				5,328,859

Total Investments in Securities (102.1%) (Cost $109,501,984)				122,475,248
Other Assets Less Liabilities (-2.1%)				(2,488,948	)

Net Assets (100%)			$	119,986,300

*	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, 2023.

(xx)

At April 30, 2023, the Fund had loaned securities with a total value of $5,137,122. This was collateralized by $2,396,230 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.250%, maturing 5/25/23 – 5/15/52 and by cash of $2,911,888 which was subsequently invested in an investment company and joint repurchase agreements as detailed in the Notes to the Financial Statements.

Glossary:

ADR

— American Depositary Receipt

CVR

— Contingent Value Right

REIT

— Real Estate Investment Trusts

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, 2023:

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	$	16,517,098	$	741,280	$	—	$	17,258,378
Consumer Discretionary		15,153,884		—		—		15,153,884
Consumer Staples		11,295,756		1,879,795		—		13,175,551
Energy		2,241,680		—		—		2,241,680
Financials		2,136,439		—		—		2,136,439
Health Care		4,379,284		—		—		4,379,284
Industrials		45,379,213		2,180,520		—		47,559,733
Information Technology		1,664,790		735,463		—		2,400,253
Materials		8,944,722		108,900		—		9,053,622
Real Estate		1,005,700		—		—		1,005,700
Utilities		2,749,000		—		—		2,749,000
Rights
Industrials		—		—		18,391		18,391
Short-Term Investments
Investment Companies		4,916,971		—		—		4,916,971
Repurchase Agreement		—		411,888		—		411,888
Warrants
Energy		726		—		—		726
Health Care		—		8		—		8
Materials		13,740		—		—		13,740

Total Assets	$	116,399,003	$	6,057,854	$	18,391	$	122,475,248

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	116,399,003	$	6,057,854	$	18,391	$	122,475,248

The Fund held no derivatives contracts during the six months ended April 30, 2023.

See Notes to Financial Statements.

1290 FUNDS

1290 GAMCO SMALL/MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2023 (Unaudited)

Investment security transactions for the six months ended April 30, 2023 were as follows:


Cost of Purchases:
Long-term investments other than U.S. government debt securities	$	5,290,152
Net Proceeds of Sales and Redemptions:
Long-term investments other than U.S. government debt securities	$	6,613,957


Aggregate gross unrealized appreciation	$	22,045,083
Aggregate gross unrealized depreciation		(12,246,786	)

Net unrealized appreciation	$	9,798,297

Federal income tax cost of investments in securities and derivative instruments, if applicable	$	112,676,951

See Notes to Financial Statements.

1290 FUNDS

1290 GAMCO SMALL/MID CAP VALUE FUND

STATEMENT OF ASSETS AND LIABILITIES

April 30, 2023 (Unaudited)



ASSETS
Investments in Securities, at value (x)
Unaffiliated Issuers (Cost $109,090,096)	$	122,063,360
Repurchase Agreements (Cost $411,888)		411,888
Cash		341,748
Foreign cash (Cost $6,846)		6,927
Receivable for Fund shares sold		249,929
Dividends, interest and other receivables		47,480
Receivable for securities sold		33,190
Prepaid registration and filing fees		23,919
Securities lending income receivable		3,951

Total assets		123,182,392

LIABILITIES
Payable for return of collateral on securities loaned		2,911,888
Payable for Fund shares repurchased		89,090
Transfer agent fees payable		48,659
Investment advisory fees payable		43,495
Payable for securities purchased		24,804
Administrative fees payable		14,717
Distribution fees payable – Class A		1,148
Trustees’ fees payable		703
Distribution fees payable – Class R		477
Distribution fees payable – Class T**		31
Accrued expenses		61,080

Total liabilities		3,196,092

NET ASSETS	$	119,986,300

Net assets were comprised of:
Paid in capital	$	109,023,806
Total distributable earnings (loss)		10,962,494

Net assets	$	119,986,300

Class A
Net asset value and redemption price per share, $5,588,812 / 374,334 shares outstanding (unlimited amount authorized: $0.001 par value)	$	14.93
Maximum sales charge (5.50% of offering price)		0.87

Maximum offering price per share	$	15.80

Class I
Net asset value, offering and redemption price per share, $113,079,878 / 7,560,012 shares outstanding (unlimited amount authorized: $0.001 par value)	$	14.96

Class R
Net asset value, offering and redemption price per share, $1,165,321 / 78,758 shares outstanding (unlimited amount authorized: $0.001 par value)	$	14.80

Class T**
Net asset value and redemption price per share, $152,289 / 10,179 shares outstanding (unlimited amount authorized: $0.001 par value)	$	14.96
Maximum sales charge (2.50% of offering price)		0.38

Maximum offering price per share	$	15.34

(x)

Includes value of securities on loan of $5,137,122.

**	Class T shares currently are not offered for sale.

STATEMENT OF OPERATIONS

For the Six Months Ended April 30, 2023 (Unaudited)


INVESTMENT INCOME
Dividends (net of $7,348 foreign withholding tax)	$	961,495
Interest		6,146
Securities lending (net)		25,322

Total income		992,963

EXPENSES
Investment advisory fees		443,399
Transfer agent fees		111,367
Administrative fees		88,680
Professional fees		58,026
Registration and filing fees		21,341
Printing and mailing expenses		19,230
Custodian fees		11,876
Distribution fees – Class A		6,814
Distribution fees – Class R		2,764
Trustees’ fees		1,929
Distribution fees – Class T**		189
Miscellaneous		10,282

Gross expenses		775,897
Less: Waiver from investment adviser		(204,999	)
Waiver from distributor		(189	)

Net expenses		570,709

NET INVESTMENT INCOME (LOSS)		422,254

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Investments in securities		949,791
Foreign currency transactions		43,224

Net realized gain (loss)		993,015

Change in unrealized appreciation (depreciation) on:
Investments in securities		6,184,732
Foreign currency translations		369

Net change in unrealized appreciation (depreciation)		6,185,101

NET REALIZED AND UNREALIZED GAIN (LOSS)		7,178,116

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	7,600,370

**	Class T shares currently are not offered for sale.

See Notes to Financial Statements.

1290 FUNDS

1290 GAMCO SMALL/MID CAP VALUE FUND

STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	422,254		$	929,206
Net realized gain (loss)		993,015			2,685,439
Net change in unrealized appreciation (depreciation)		6,185,101			(23,467,296	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		7,600,370			(19,852,651	)

Distributions to shareholders:
Class A		(115,589	)		(387,779	)
Class I		(2,655,839	)		(9,782,485	)
Class R		(23,110	)		(73,341	)
Class T**		(3,637	)		(11,801	)

Total distributions to shareholders		(2,798,175	)		(10,255,406	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 31,378 and 46,002 shares, respectively ]		478,614			729,775
Capital shares issued in reinvestment of dividends and distributions [ 7,696 and 23,486 shares, respectively ]		111,872			376,006
Capital shares repurchased [ (23,572) and (54,051) shares , respectively]		(352,222	)		(829,479	)

Total Class A transactions		238,264			276,302

Class I
Capital shares sold [ 849,008 and 3,073,849 shares, respectively ]		12,741,490			47,407,966
Capital shares issued in reinvestment of dividends and distributions [ 146,693 and 505,418 shares, respectively ]		2,135,267			8,096,806
Capital shares repurchased [ (1,071,864) and (4,377,065) shares , respectively]		(15,906,981	)		(62,504,731	)

Total Class I transactions		(1,030,224	)		(6,999,959	)

Class R
Capital shares sold [ 10,232 and 13,472 shares, respectively ]		153,338			209,451
Capital shares issued in reinvestment of dividends and distributions [ 1,368 and 3,895 shares, respectively ]		19,714			62,009
Capital shares repurchased [ (4,829) and (9,596) shares , respectively]		(72,011	)		(134,914	)

Total Class R transactions		101,041			136,546

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(690,919	)		(6,587,111	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		4,111,276			(36,695,168	)
NET ASSETS:
Beginning of period		115,875,024			152,570,192

End of period	$	119,986,300		$	115,875,024

** Class T shares currently are not offered for sale.

See Notes to Financial Statements.

1290 FUNDS

1290 GAMCO SMALL/MID CAP VALUE FUND

FINANCIAL HIGHLIGHTS


	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
Class A	Six Months Ended April 30, 2022 (Unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	14.31		$	17.19		$	11.41		$	12.46		$	12.33		$	12.83

Income (loss) from investment operations:
Net investment income (loss) (e)		0.04			0.06			0.09	(2)		0.04	(1)		0.05			0.03
Net realized and unrealized gain (loss)		0.90			(1.82	)		5.73			(0.90	)		0.22			(0.25	)

Total from investment operations		0.94			(1.76	)		5.82			(0.86	)		0.27			(0.22	)

Less distributions:
Dividends from net investment income		—			(0.26	)		(0.04	)		(0.04	)		(0.02	)		(0.03	)
Distributions from net realized gains		(0.32	)		(0.86	)		—			(0.15	)		(0.12	)		(0.25	)

Total dividends and distributions		(0.32	)		(1.12	)		(0.04	)		(0.19	)		(0.14	)		(0.28	)

Net asset value, end of period	$	14.93		$	14.31		$	17.19		$	11.41		$	12.46		$	12.33

Total return (b)		6.67	%		(10.93	)%		51.10	%		(7.04	)%		2.29	%		(1.84	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	5,589		$	5,134		$	5,904		$	3,400		$	3,896		$	3,599
Ratio of expenses to average net assets:
After waivers (a)(f)		1.20	%(j)		1.21	%(k)		1.24	%(o)		1.25	%(o)		1.24	%(o)		1.24	%(o)
Before waivers (a)(f)		1.55	%		1.51	%		1.42	%		1.58	%		1.66	%		1.79	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)(f)		0.48	%		0.42	%		0.55	%(bb)		0.40	%(aa)		0.39	%		0.26	%
Before waivers (a)(f)		0.13	%		0.13	%		0.37	%(bb)		0.07	%(aa)		(0.03	)%		(0.28	)%
Portfolio turnover rate^		4	%(z)		27	%		35	%		19	%		37	%		49	%

	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
Class I	Six Months Ended April 30, 2022 (Unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	14.35		$	17.24		$	11.43		$	12.49		$	12.36		$	12.86

Income (loss) from investment operations:
Net investment income (loss) (e)		0.05			0.10			0.13	(2)		0.07	(1)		0.08			0.07
Net realized and unrealized gain (loss)		0.91			(1.84	)		5.75			(0.91	)		0.23			(0.26	)

Total from investment operations		0.96			(1.74	)		5.88			(0.84	)		0.31			(0.19	)

Less distributions:
Dividends from net investment income		(0.03	)		(0.29	)		(0.07	)		(0.07	)		(0.06	)		(0.06	)
Distributions from net realized gains		(0.32	)		(0.86	)		—			(0.15	)		(0.12	)		(0.25	)

Total dividends and distributions		(0.35	)		(1.15	)		(0.07	)		(0.22	)		(0.18	)		(0.31	)

Net asset value, end of period	$	14.96		$	14.35		$	17.24		$	11.43		$	12.49		$	12.36

Total return (b)		6.82	%		(10.74	)%		51.57	%		(6.88	)%		2.57	%		(1.60	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	113,080		$	109,572		$	145,394		$	84,537		$	95,601		$	86,815
Ratio of expenses to average net assets:
After waivers (a)(f)		0.95	%(j)		0.96	%(k)		0.99	%(o)		1.00	%(o)		0.99	%(o)		0.99	%(o)
Before waivers (a)(f)		1.30	%		1.25	%		1.17	%		1.33	%		1.41	%		1.51	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)(f)		0.73	%		0.68	%		0.76	%(bb)		0.64	%(aa)		0.64	%		0.54	%
Before waivers (a)(f)		0.38	%		0.40	%		0.59	%(bb)		0.31	%(aa)		0.22	%		0.03	%
Portfolio turnover rate^		4	%(z)		27	%		35	%		19	%		37	%		49	%

See Notes to Financial Statements.

1290 FUNDS

1290 GAMCO SMALL/MID CAP VALUE FUND

FINANCIAL HIGHLIGHTS (Continued)


	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
Class R	Six Months Ended April 30, 2022 (Unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	14.20		$	17.07		$	11.33		$	12.38		$	12.26		$	12.76

Income (loss) from investment operations:
Net investment income (loss) (e)		0.02			0.03			0.05	(2)		0.02	(1)		0.02			—	##
Net realized and unrealized gain (loss)		0.90			(1.82	)		5.70			(0.91	)		0.22			(0.25	)

Total from investment operations		0.92			(1.79	)		5.75			(0.89	)		0.24			(0.25	)

Less distributions:
Dividends from net investment income		—			(0.22	)		(0.01	)		(0.01	)		—			—
Distributions from net realized gains		(0.32	)		(0.86	)		—			(0.15	)		(0.12	)		(0.25	)

Total dividends and distributions		(0.32	)		(1.08	)		(0.01	)		(0.16	)		(0.12	)		(0.25	)

Net asset value, end of period	$	14.80		$	14.20		$	17.07		$	11.33		$	12.38		$	12.26

Total return (b)		6.58	%		(11.17	)%		50.80	%		(7.31	)%		2.02	%		(2.07	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	1,165		$	1,022		$	1,096		$	685		$	912		$	801
Ratio of expenses to average net assets:
After waivers (a)(f)		1.45	%(j)		1.46	%(k)		1.49	%(o)		1.50	%(o)		1.49	%(o)		1.49	%(o)
Before waivers (a)(f)		1.79	%		1.76	%		1.67	%		1.83	%		1.91	%		2.05	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)(f)		0.23	%		0.17	%		0.28	%(bb)		0.15	%(aa)		0.14	%		0.02	%
Before waivers (a)(f)		(0.12	)%		(0.12	)%		0.11	%(bb)		(0.19	)%(aa)		(0.28	)%		(0.54	)%
Portfolio turnover rate^		4	%(z)		27	%		35	%		19	%		37	%		49	%

	Six Months Ended April 30, 2022 (Unaudited)			Year Ended October 31,
Class T**	Six Months Ended April 30, 2022 (Unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	14.35		$	17.24		$	11.43		$	12.49		$	12.36		$	12.86

Income (loss) from investment operations:
Net investment income (loss) (e)		0.05			0.11			0.13	(2)		0.07	(1)		0.08			0.07
Net realized and unrealized gain (loss)		0.91			(1.85	)		5.75			(0.91	)		0.23			(0.26	)

Total from investment operations		0.96			(1.74	)		5.88			(0.84	)		0.31			(0.19	)

Less distributions:
Dividends from net investment income		(0.03	)		(0.29	)		(0.07	)		(0.07	)		(0.06	)		(0.06	)
Distributions from net realized gains		(0.32	)		(0.86	)		—			(0.15	)		(0.12	)		(0.25	)

Total dividends and distributions		(0.35	)		(1.15	)		(0.07	)		(0.22	)		(0.18	)		(0.31	)

Net asset value, end of period	$	14.96		$	14.35		$	17.24		$	11.43		$	12.49		$	12.36

Total return (b)		6.82	%		(10.74	)%		51.57	%		(6.88	)%		2.57	%		(1.60	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	152		$	146		$	176		$	116		$	127		$	126
Ratio of expenses to average net assets:
After waivers (a)(f)		0.95	%(j)		0.96	%(k)		0.99	%(o)		1.00	%(o)		0.99	%(o)		0.99	%(o)
Before waivers (a)(f)		1.55	%		1.51	%		1.42	%		1.58	%		1.66	%		1.80	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)(f)		0.73	%		0.74	%		0.79	%(bb)		0.64	%(aa)		0.64	%		0.50	%
Before waivers (a)(f)		0.14	%		0.19	%		0.37	%(bb)		0.06	%(aa)		(0.02	)%		(0.31	)%
Portfolio turnover rate^		4	%(z)		27	%		35	%		19	%		37	%		49	%

See Notes to Financial Statements.

1290 FUNDS

1290 GAMCO SMALL/MID CAP VALUE FUND

FINANCIAL HIGHLIGHTS (Continued)

^	Portfolio turnover rate excludes derivatives, if any.

**	Class T shares currently are not offered for sale. Class T shares were formerly known as Class C Shares.

##	Per share amount is less than $0.005.

(1)

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

(2)

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

(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, 1.45% for Class R and 1.20% for Class T.

(k)

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

(o)

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

(z)

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

(aa)

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

(bb)

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

See Notes to Financial Statements.

1290 HIGH YIELD BOND FUND (Unaudited)



Sector Weightings as of April 30, 2023	% of Net Assets
Consumer Discretionary		15.2	%
Information Technology		12.3
Industrials		12.1
Communication Services		11.9
Materials		11.8
Energy		9.3
Health Care		7.3
Financials		6.6
Consumer Staples		4.6
Real Estate		3.4
Repurchase Agreements		3.1
Investment Company		2.5
Utilities		0.6
Cash and Other		(0.7	)

		100.0	%

Holdings are subject to change without notice.

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Fund, you incur two types of costs:

(1) transaction costs, including applicable sales charges and redemption fees; and (2) ongoing costs, including investment advisory fees, distribution and/or service (12b-1) fees (in the case of Class A, Class R and Class T shares of the Fund), and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended April 30, 2023 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE



	Beginning Account Value 11/1/22		Ending Account Value 4/30/23		Expenses Paid During Period* 11/1/22 - 4/30/23
Class A
Actual		$1,000.00		$1,051.20		$5.09
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.84		5.01
Class I
Actual		1,000.00		1,052.50		3.82
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.08		3.76
Class R
Actual		1,000.00		1,048.60		6.35
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.60		6.26
Class T
Actual		1,000.00		1,052.50		3.82
Hypothetical (5% average annual return before expenses)		1,000.00		1,021.08		3.76

* Expenses are equal to the Fund’s A, I, R and T shares annualized expense ratio of 1.00%, 0.75%, 1.25% and 0.75%, respectively, multiplied by the average account value over the period, and multiplied by 181/365 (to reflect the one-half year period).

1290 FUNDS

1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS

April 30, 2023 (Unaudited)



	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Corporate Bonds (95.1%)
Communication Services (11.9%)
*Diversified Telecommunication Services (4.4%)*
Altice France SA 8.125%, 2/1/27§	$	200,000	$	178,182
CCO Holdings LLC 5.500%, 5/1/26§		147,000		143,984
6.375%, 9/1/29§		290,000		274,050
4.750%, 3/1/30§		135,000		116,437
4.500%, 5/1/32		346,000		276,800
4.500%, 6/1/33§		352,000		280,199
Level 3 Financing, Inc. 4.250%, 7/1/28§		191,000		111,258
Lumen Technologies, Inc. 5.125%, 12/15/26 (x)§		235,000		154,327
5.375%, 6/15/29§		263,000		118,963
Sprint Capital Corp. 8.750%, 3/15/32		161,000		196,184
Windstream Escrow LLC 7.750%, 8/15/28§		219,000		180,127
Zayo Group Holdings, Inc. 4.000%, 3/1/27§		330,000		248,717
6.125%, 3/1/28 (x)§		364,000		231,595

				2,510,823

*Entertainment (1.0%)*
Lions Gate Capital Holdings LLC 5.500%, 4/15/29§		324,000		235,088
Live Nation Entertainment, Inc. 4.875%, 11/1/24§		169,000		166,465
6.500%, 5/15/27§		186,000		188,708

				590,261

*Interactive Media & Services (0.1%)*
Rackspace Technology Global, Inc. 5.375%, 12/1/28§		187,000		43,477

*Media (6.2%)*
CSC Holdings LLC 11.250%, 5/15/28§		200,000		198,802
5.750%, 1/15/30§		200,000		102,000
Gray Television, Inc. 4.750%, 10/15/30§		282,000		182,183
McGraw-Hill Education, Inc. 8.000%, 8/1/29§		339,000		286,455
Nexstar Media, Inc. 5.625%, 7/15/27§		251,000		235,777
Outfront Media Capital LLC 5.000%, 8/15/27§		372,000		342,240
Sinclair Television Group, Inc. 5.500%, 3/1/30 (x)§		161,000		124,366
Sirius XM Radio, Inc. 3.125%, 9/1/26§		304,000		271,700
3.875%, 9/1/31§		259,000		195,382
Stagwell Global LLC 5.625%, 8/15/29§		315,000		272,475
TEGNA, Inc . 4.750%, 3/15/26§		253,000		240,983
5.000%, 9/15/29		174,000		152,685
Univision Communications, Inc. 7.375%, 6/30/30§		250,000		239,225
Videotron Ltd. 3.625%, 6/15/29§		118,000		102,571
VZ Secured Financing BV 5.000%, 1/15/32§		270,000		225,113
Ziggo Bond Co. BV 6.000%, 1/15/27§		350,000		329,000

				3,500,957

*Wireless Telecommunication Services (0.2%)*
Sprint LLC 7.625%, 3/1/26		114,000		120,693

Total Communication Services				6,766,211

Consumer Discretionary (15.2%)
*Automobile Components (0.4%)*
Clarios Global LP 6.750%, 5/15/28§		231,000		230,639

*Automobiles (0.5%)*
Ford Motor Co. 6.625%, 10/1/28		271,000		275,743

*Broadline Retail (0.8%)*
Getty Images, Inc. 9.750%, 3/1/27§		448,000		447,440

*Distributors (0.3%)*
Ritchie Bros Holdings, Inc. 7.750%, 3/15/31§		136,000		144,160

*Diversified Consumer Services (0.3%)*
GEMS MENASA Cayman Ltd. 7.125%, 7/31/26§		200,000		195,162

*Hotels, Restaurants & Leisure (8.8%)*
1011778 BC ULC 5.750%, 4/15/25§		164,000		164,000
3.875%, 1/15/28§		96,000		89,690
Caesars Entertainment, Inc. 6.250%, 7/1/25§		372,000		372,465
4.625%, 10/15/29§		164,000		143,090
7.000%, 2/15/30§		62,000		62,620
Carnival Corp. 6.000%, 5/1/29§		405,000		316,439
CDI Escrow Issuer, Inc. 5.750%, 4/1/30§		291,000		280,448
CEC Entertainment LLC 6.750%, 5/1/26§		177,000		167,708
Churchill Downs, Inc. 5.500%, 4/1/27§		175,000		170,238
Dave & Buster’s, Inc. 7.625%, 11/1/25§		276,000		280,140
Hilton Domestic Operating Co., Inc. 5.750%, 5/1/28§		267,000		266,333
3.625%, 2/15/32§		228,000		194,210
Life Time, Inc. 5.750%, 1/15/26§		346,000		337,350
MajorDrive Holdings IV LLC 6.375%, 6/1/29§		304,000		240,160
NCL Corp. Ltd. 8.375%, 2/1/28§		218,000		218,545
Royal Caribbean Cruises Ltd. 5.375%, 7/15/27§		368,000		325,680
11.625%, 8/15/27§		156,000		165,165

See Notes to Financial Statements.

1290 FUNDS

1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2023 (Unaudited)



	Principal Amount		Value (Note 1)
Scientific Games Holdings LP 6.625%, 3/1/30§	$	219,000	$	194,303
Six Flags Entertainment Corp. 7.250%, 5/15/31§		144,000		142,200
Station Casinos LLC 4.500%, 2/15/28§		303,000		278,457
4.625%, 12/1/31§		214,000		182,970
Wyndham Hotels & Resorts, Inc. 4.375%, 8/15/28§		170,000		157,561
Yum! Brands, Inc. 5.375%, 4/1/32		263,000		256,754

				5,006,526

*Household Durables (0.7%)*
CD&R Smokey Buyer, Inc. 6.750%, 7/15/25§		331,000		290,453
Newell Brands, Inc. 6.625%, 9/15/29 (x)		110,000		108,454

				398,907

*Specialty Retail (2.9%)*
Asbury Automotive Group, Inc. 5.000%, 2/15/32§		204,000		175,695
LBM Acquisition LLC 6.250%, 1/15/29§		256,000		202,240
LCM Investments Holdings II LLC 4.875%, 5/1/29§		218,000		185,193
Sonic Automotive, Inc. 4.875%, 11/15/31§		245,000		196,919
Specialty Building Products Holdings LLC 6.375%, 9/30/26§		381,000		344,805
SRS Distribution, Inc. 4.625%, 7/1/28§		161,000		142,083
6.000%, 12/1/29 (x)§		209,000		170,230
White Cap Buyer LLC 6.875%, 10/15/28§		271,000		235,092

				1,652,257

*Textiles, Apparel & Luxury Goods (0.5%)*
Crocs, Inc. 4.125%, 8/15/31§		174,000		146,931
Hanesbrands, Inc. 9.000%, 2/15/31 (x)§		160,000		163,936

				310,867

Total Consumer Discretionary				8,661,701

Consumer Staples (4.6%)
*Beverages (0.2%)*
Primo Water Holdings, Inc. 4.375%, 4/30/29§		170,000		149,600

*Consumer Staples Distribution & Retail (1.2%)*
Albertsons Cos., Inc. 3.250%, 3/15/26§		62,000		58,603
Performance Food Group, Inc. 6.875%, 5/1/25§		193,000		194,447
United Natural Foods, Inc. 6.750%, 10/15/28§		240,000		225,912
US Foods, Inc. 4.625%, 6/1/30§		251,000		228,724

				707,686

*Food Products (1.6%)*
Post Holdings, Inc. 5.750%, 3/1/27§		118,000		116,230
4.625%, 4/15/30§		100,000		90,325
4.500%, 9/15/31§		289,000		252,046
Sigma Holdco BV 7.875%, 5/15/26 (x)§		200,000		158,606
Simmons Foods, Inc. 4.625%, 3/1/29§		336,000		277,620

				894,827

*Household Products (1.0%)*
Energizer Holdings, Inc. 4.750%, 6/15/28§		272,000		244,120
Kronos Acquisition Holdings, Inc. 7.000%, 12/31/27§		179,000		156,956
Spectrum Brands, Inc. 5.750%, 7/15/25		70,000		69,300
5.500%, 7/15/30 (x)§		21,000		19,307
3.875%, 3/15/31§		88,000		72,160

				561,843

*Personal Care Products (0.6%)*
Herbalife Nutrition Ltd. 7.875%, 9/1/25§		108,000		103,232
Prestige Brands, Inc. 3.750%, 4/1/31§		279,000		235,576

				338,808

Total Consumer Staples				2,652,764

Energy (9.3%)
*Energy Equipment & Services (0.5%)*
Precision Drilling Corp. 7.125%, 1/15/26§		154,000		150,535
Transocean, Inc. 8.750%, 2/15/30§		128,000		129,299

				279,834

*Oil, Gas & Consumable Fuels (8.8%)*
Aethon United BR LP 8.250%, 2/15/26§		238,000		232,050
Antero Resources Corp. 7.625%, 2/1/29§		42,000		42,884
Ascent Resources Utica Holdings LLC 7.000%, 11/1/26§		234,000		226,269
Blue Racer Midstream LLC 7.625%, 12/15/25§		118,000		119,001
6.625%, 7/15/26§		198,000		194,731
Crescent Energy Finance LLC 7.250%, 5/1/26§		255,000		243,624
Crestwood Midstream Partners LP 6.000%, 2/1/29§		369,000		348,170
7.375%, 2/1/31§		142,000		141,467
CrownRock LP 5.625%, 10/15/25§		293,000		288,605
Delek Logistics Partners LP 6.750%, 5/15/25		295,000		290,242
Encino Acquisition Partners Holdings LLC 8.500%, 5/1/28§		169,000		148,919

See Notes to Financial Statements.

1290 FUNDS

1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2023 (Unaudited)



	Principal Amount		Value (Note 1)
Genesis Energy LP 8.000%, 1/15/27	$	160,000	$	159,058
7.750%, 2/1/28		382,000		376,270
Holly Energy Partners LP 6.375%, 4/15/27§		123,000		120,997
5.000%, 2/1/28§		181,000		168,375
Kinetik Holdings LP 5.875%, 6/15/30§		292,000		278,892
NuStar Logistics LP 5.750%, 10/1/25		125,000		122,500
6.000%, 6/1/26		175,000		171,796
Occidental Petroleum Corp. 6.625%, 9/1/30		50,000		53,375
6.125%, 1/1/31		55,000		57,354
6.450%, 9/15/36		396,000		421,106
Permian Resources Operating LLC 5.875%, 7/1/29§		77,000		72,573
Southwestern Energy Co. 4.750%, 2/1/32		157,000		138,157
Summit Midstream Holdings LLC 8.500%, 10/15/26§		290,000		274,050
Sunoco LP 4.500%, 4/30/30		363,000		323,070

				5,013,535

Total Energy				5,293,369

Financials (6.6%)
*Capital Markets (0.2%)*
Aretec Escrow Issuer, Inc. 7.500%, 4/1/29§		111,000		91,159

*Consumer Finance (2.2%)*
Bread Financial Holdings, Inc. 4.750%, 12/15/24§		160,000		141,000
7.000%, 1/15/26§		167,000		139,619
Curo Group Holdings Corp. 7.500%, 8/1/28§		352,000		140,360
Ford Motor Credit Co. LLC 2.300%, 2/10/25		200,000		186,280
4.950%, 5/28/27		200,000		188,500
7.350%, 3/6/30		200,000		204,420
4.000%, 11/13/30		322,000		275,922

				1,276,101

*Financial Services (2.8%)*
Armor Holdco, Inc. 8.500%, 11/15/29§		145,000		117,921
Freedom Mortgage Corp. 8.250%, 4/15/25§		260,000		238,875
6.625%, 1/15/27§		242,000		196,020
PHH Mortgage Corp. 7.875%, 3/15/26§		104,000		93,158
Rocket Mortgage LLC 2.875%, 10/15/26§		129,000		114,487
Shift4 Payments LLC 4.625%, 11/1/26§		335,000		314,277
Verscend Escrow Corp. 9.750%, 8/15/26§		531,000		534,765

				1,609,503

*Insurance (1.4%)*
Alliant Holdings Intermediate LLC 6.750%, 10/15/27§		296,000		275,280
BroadStreet Partners, Inc. 5.875%, 4/15/29§		196,000		168,074
HUB International Ltd. 7.000%, 5/1/26§		327,000		325,130

				768,484

Total Financials				3,745,247

Health Care (7.3%)
*Biotechnology (0.3%)*
Grifols Escrow Issuer SA 4.750%, 10/15/28§		200,000		160,544

*Health Care Equipment & Supplies (1.3%)*
Garden Spinco Corp. 8.625%, 7/20/30§		107,000		115,025
Medline Borrower LP 3.875%, 4/1/29§		269,000		234,366
5.250%, 10/1/29§		200,000		172,125
Varex Imaging Corp. 7.875%, 10/15/27§		200,000		197,250

				718,766

*Health Care Providers & Services (2.4%)*
AdaptHealth LLC 6.125%, 8/1/28§		178,000		155,750
5.125%, 3/1/30§		229,000		188,352
HealthEquity, Inc. 4.500%, 10/1/29§		368,000		329,066
Tenet Healthcare Corp. 4.875%, 1/1/26		304,000		299,440
6.125%, 6/15/30§		184,000		181,240
US Acute Care Solutions LLC 6.375%, 3/1/26§		256,000		227,840

				1,381,688

*Health Care Technology (0.8%)*
IQVIA, Inc. 5.000%, 10/15/26 (x)§		200,000		196,500
5.000%, 5/15/27§		260,000		253,612

				450,112

*Pharmaceuticals (2.5%)*
1375209 BC Ltd. 9.000%, 1/30/28§		91,000		90,090
Bausch Health Cos., Inc. 5.500%, 11/1/25§		310,000		269,700
11.000%, 9/30/28§		151,000		122,499
Catalent Pharma Solutions, Inc. 5.000%, 7/15/27 (x)§		262,000		251,520
3.500%, 4/1/30 (x)§		245,000		206,978
Cheplapharm Arzneimittel GmbH 5.500%, 1/15/28§		200,000		182,778
Organon & Co. 5.125%, 4/30/31§		200,000		178,000
P&L Development LLC 7.750%, 11/15/25§		176,000		139,040

				1,440,605

Total Health Care				4,151,715

See Notes to Financial Statements.

1290 FUNDS

1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2023 (Unaudited)



	Principal Amount		Value (Note 1)
Industrials (12.1%)
*Aerospace & Defense (0.4%)*
Rolls-Royce plc 5.750%, 10/15/27§	$	200,000	$	199,130

*Building Products (1.4%)*
Advanced Drainage Systems, Inc. 6.375%, 6/15/30§		43,000		42,409
Camelot Return Merger Sub, Inc. 8.750%, 8/1/28§		116,000		109,910
CP Atlas Buyer, Inc. 7.000%, 12/1/28§		152,000		115,520
JELD-WEN, Inc. 6.250%, 5/15/25§		111,000		111,832
New Enterprise Stone & Lime Co., Inc. 5.250%, 7/15/28§		188,000		167,790
Standard Industries, Inc. 4.375%, 7/15/30§		179,000		153,716
Summit Materials LLC 5.250%, 1/15/29§		124,000		117,825

				819,002

*Commercial Services & Supplies (5.5%)*
ACCO Brands Corp. 4.250%, 3/15/29§		244,000		204,960
ADT Security Corp. (The) 4.875%, 7/15/32§		218,000		189,660
Allied Universal Holdco LLC 6.625%, 7/15/26§		404,000		388,850
9.750%, 7/15/27§		314,000		292,020
6.000%, 6/1/29 (x)§		48,000		37,440
Aramark Services, Inc. 5.000%, 4/1/25§		259,000		255,762
6.375%, 5/1/25§		224,000		223,440
Garda World Security Corp. 9.500%, 11/1/27§		371,000		354,650
6.000%, 6/1/29§		299,000		245,928
GFL Environmental, Inc. 5.125%, 12/15/26§		220,000		216,150
KAR Auction Services, Inc. 5.125%, 6/1/25§		113,000		111,870
Madison IAQ LLC 5.875%, 6/30/29§		94,000		73,555
Matthews International Corp. 5.250%, 12/1/25§		411,000		393,019
Neptune Bidco US, Inc. 9.290%, 4/15/29§		170,000		160,012

				3,147,316

*Construction & Engineering (1.0%)*
Dycom Industries, Inc. 4.500%, 4/15/29§		248,000		225,680
Pike Corp. 5.500%, 9/1/28§		270,000		244,229
Weekley Homes LLC 4.875%, 9/15/28§		111,000		96,015

				565,924

*Ground Transportation (1.9%)*
NESCO Holdings II, Inc. 5.500%, 4/15/29§		306,000		275,626
Watco Cos. LLC 6.500%, 6/15/27§		586,000		565,490
Williams Scotsman International, Inc. 6.125%, 6/15/25§		34,000		33,788
XPO Escrow Sub LLC 7.500%, 11/15/27§		222,000		227,115

				1,102,019

*Machinery (0.6%)*
ATS Corp. 4.125%, 12/15/28§		217,000		194,215
Chart Industries, Inc. 7.500%, 1/1/30§		169,000		174,070

				368,285

*Professional Services (0.7%)*
Dun & Bradstreet Corp. (The) 5.000%, 12/15/29§		244,000		214,866
Science Applications International Corp. 4.875%, 4/1/28§		178,000		167,543

				382,409

*Trading Companies & Distributors (0.6%)*
WESCO Distribution, Inc. 7.250%, 6/15/28§		326,000		334,150

Total Industrials				6,918,235

Information Technology (12.3%)
*Communications Equipment (1.3%)*
CommScope, Inc. 6.000%, 3/1/26§		294,000		280,761
8.250%, 3/1/27§		242,000		187,550
4.750%, 9/1/29§		312,000		251,082

				719,393

*Electronic Equipment, Instruments & Components (0.8%)*
Coherent Corp. 5.000%, 12/15/29§		156,000		139,737
Likewize Corp. 9.750%, 10/15/25 (x)§		194,000		173,131
Sensata Technologies, Inc. 3.750%, 2/15/31§		130,000		112,691

				425,559

*IT Services (1.5%)*
Ahead DB Holdings LLC 6.625%, 5/1/28§		202,000		168,670
ION Trading Technologies Sarl 5.750%, 5/15/28§		200,000		166,766
Northwest Fiber LLC 6.000%, 2/15/28§		179,000		133,462
Presidio Holdings, Inc. 8.250%, 2/1/28§		174,000		163,995
Unisys Corp. 6.875%, 11/1/27§		348,000		232,290

				865,183

*Software (8.7%)*
ACI Worldwide, Inc. 5.750%, 8/15/26§		287,000		285,924
Alteryx, Inc. 8.750%, 3/15/28§		202,000		195,940
AthenaHealth Group, Inc. 6.500%, 2/15/30 (x)§		333,000		270,563

See Notes to Financial Statements.

1290 FUNDS

1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2023 (Unaudited)



	Principal Amount		Value (Note 1)
Boxer Parent Co., Inc. 7.125%, 10/2/25§	$	229,000	$	229,286
Camelot Finance SA 4.500%, 11/1/26§		296,000		278,610
Central Parent, Inc. 7.250%, 6/15/29§		164,000		162,040
Clarivate Science Holdings Corp. 4.875%, 7/1/29§		399,000		356,606
Cloud Software Group, Inc. 6.500%, 3/31/29§		128,000		115,360
9.000%, 9/30/29§		96,000		82,320
Gen Digital, Inc. 5.000%, 4/15/25§		304,000		300,687
7.125%, 9/30/30 (x)§		189,000		189,945
Helios Software Holdings, Inc. 4.625%, 5/1/28§		200,000		169,500
McAfee Corp. 7.375%, 2/15/30§		382,000		317,060
NCR Corp. 5.000%, 10/1/28§		245,000		213,763
5.125%, 4/15/29§		317,000		273,523
Open Text Holdings, Inc. 4.125%, 12/1/31§		303,000		249,975
Rocket Software, Inc. 6.500%, 2/15/29§		326,000		268,950
SS&C Technologies, Inc. 5.500%, 9/30/27§		536,000		516,570
ZoomInfo Technologies LLC 3.875%, 2/1/29§		589,000		507,276

				4,983,898

Total Information Technology				6,994,033

Materials (11.8%)
*Chemicals (5.1%)*
Avient Corp. 7.125%, 8/1/30§		198,000		201,960
Axalta Coating Systems LLC 4.750%, 6/15/27§		178,000		169,545
HB Fuller Co. 4.250%, 10/15/28		218,000		200,168
Illuminate Buyer LLC 9.000%, 7/1/28§		510,000		450,075
INEOS Quattro Finance 2 plc 3.375%, 1/15/26§		200,000		184,500
LSF11 A5 HoldCo LLC 6.625%, 10/15/29§		233,000		200,671
Minerals Technologies, Inc. 5.000%, 7/1/28§		320,000		290,400
NOVA Chemicals Corp. 4.875%, 6/1/24§		116,000		114,115
Nufarm Australia Ltd. 5.000%, 1/27/30§		300,000		264,267
Olin Corp. 5.625%, 8/1/29		214,000		208,851
Olympus Water US Holding Corp. 4.250%, 10/1/28§		343,000		291,979
WR Grace Holdings LLC 5.625%, 8/15/29§		366,000		314,701

				2,891,232

*Containers & Packaging (6.4%)*
ARD Finance SA 6.500%, 6/30/27 PIK§		400,000		330,000
Ardagh Metal Packaging Finance USA LLC 4.000%, 9/1/29§		200,000		162,192
Ardagh Packaging Finance plc 4.125%, 8/15/26§		200,000		188,180
Ball Corp. 6.875%, 3/15/28 (x)		204,000		210,987
Clydesdale Acquisition Holdings, Inc. 8.750%, 4/15/30§		269,000		244,117
Crown Americas LLC 5.250%, 4/1/30		163,000		158,518
Intelligent Packaging Ltd. Finco, Inc. 6.000%, 9/15/28§		248,000		205,374
LABL, Inc. 6.750%, 7/15/26§		219,000		215,168
10.500%, 7/15/27§		364,000		343,070
5.875%, 11/1/28§		158,000		145,557
Mauser Packaging Solutions Holding Co. 7.875%, 8/15/26§		210,000		211,579
9.250%, 4/15/27§		620,000		586,675
Owens-Brockway Glass Container, Inc. 6.625%, 5/13/27§		159,000		159,199
Sealed Air Corp. 6.125%, 2/1/28§		103,000		104,287
Trivium Packaging Finance BV 5.500%, 8/15/26 (e)§		400,000		386,000

				3,650,903

*Metals & Mining (0.3%)*
Kaiser Aluminum Corp. 4.500%, 6/1/31§		212,000		166,420

Total Materials				6,708,555

Real Estate (3.4%)
*Diversified REITs (0.3%)*
VICI Properties LP (REIT) 4.625%, 6/15/25§		180,000		174,978

*Hotel & Resort REITs (1.3%)*
Park Intermediate Holdings LLC (REIT) 5.875%, 10/1/28§		204,000		188,190
4.875%, 5/15/29§		338,000		292,370
XHR LP (REIT) 6.375%, 8/15/25§		181,000		178,017
4.875%, 6/1/29§		86,000		74,390

				732,967

*Real Estate Management & Development (1.3%)*
Cushman & Wakefield US Borrower LLC 6.750%, 5/15/28§		224,000		209,765
Greystar Real Estate Partners LLC 5.750%, 12/1/25§		411,000		401,753
Howard Hughes Corp. (The) 4.375%, 2/1/31§		192,000		155,040

				766,558

See Notes to Financial Statements.

1290 FUNDS

1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2023 (Unaudited)



	Principal Amount		Value (Note 1)
*Specialized REITs (0.5%)*
Iron Mountain, Inc. (REIT) 5.000%, 7/15/28§	$	300,000	$	281,625

Total Real Estate				1,956,128

Utilities (0.6%)
*Water Utilities (0.6%)*
Solaris Midstream Holdings LLC 7.625%, 4/1/26§		354,000		339,150

Total Utilities				339,150

Total Corporate Bonds				54,187,108

Total Long-Term Debt Securities (95.1%) (Cost $58,653,852)				54,187,108


	Number of Shares		Value (Note 1)
SHORT-TERM INVESTMENTS:
Investment Company (2.5%)
JPMorgan Prime Money Market Fund, IM Shares 5.07% (7 day yield)		1,401,488		1,401,908


	Principal Amount		Value (Note 1)
Repurchase Agreements (3.1%)
Deutsche Bank Securities, Inc., 4.78%, dated 4/28/23, due 5/1/23, repurchase price $794,131, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 8/15/23-5/15/43; total market value $809,691. (xx)	$	793,815		793,815
Santander US Capital Markets LLC, 4.81%, dated 4/28/23, due 5/1/23, repurchase price $1,000,401, collateralized by various Corporate Bonds, 4.250%, maturing 5/25/33, U.S. Government Agency Securities, ranging from 1.101%-5.453%, maturing 8/25/30-11/20/69; total market value $1,020,409. (xx)		1,000,000		1,000,000

Total Repurchase Agreements				1,793,815

Total Short-Term Investments (5.6%) (Cost $3,195,748)				3,195,723

Total Investments in Securities (100.7%) (Cost $61,849,600)				57,382,831
Other Assets Less Liabilities (-0.7%)				(378,229	)

Net Assets (100%)			$	57,004,602

§	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, 2023, the market value of these securities amounted to $48,684,481 or 85.4% of net assets.

(e)

Step Bond - Coupon rate increases or decreases in increments to maturity. Rate disclosed is as of April 30, 2023. Maturity date disclosed is the ultimate maturity date.

(x)

All or a portion of security is on loan at April 30, 2023.

(xx)

At April 30, 2023, the Fund had loaned securities with a total value of $1,837,996. This was collateralized by $75,686 of various U.S. Government Treasury Securities, ranging from 0.125% - 7.625%, maturing 6/30/23 - 11/15/52 and by cash of $1,793,815 which was subsequently invested in joint repurchase agreements as detailed in the Notes to the Financial Statements.

Glossary:

PIK

— Payment-in Kind Security

REIT

— Real Estate Investment Trust

See Notes to Financial Statements.

1290 FUNDS

1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2023 (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, 2023:

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	$	—	$	6,766,211	$	—	$	6,766,211
Consumer Discretionary		—		8,661,701		—		8,661,701
Consumer Staples		—		2,652,764		—		2,652,764
Energy		—		5,293,369		—		5,293,369
Financials		—		3,745,247		—		3,745,247
Health Care		—		4,151,715		—		4,151,715
Industrials		—		6,918,235		—		6,918,235
Information Technology		—		6,994,033		—		6,994,033
Materials		—		6,708,555		—		6,708,555
Real Estate		—		1,956,128		—		1,956,128
Utilities		—		339,150		—		339,150
Short-Term Investments
Investment Company		1,401,908		—		—		1,401,908
Repurchase Agreements		—		1,793,815		—		1,793,815

Total Assets	$	1,401,908	$	55,980,923	$	—	$	57,382,831

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	1,401,908	$	55,980,923	$	—	$	57,382,831

The Fund held no derivatives contracts during the six months ended April 30, 2023.

Investment security transactions for the six months ended April 30, 2023 were as follows:


Cost of Purchases:
Long-term investments other than U.S. government debt securities	$	12,936,662
Net Proceeds of Sales and Redemptions:
Long-term investments other than U.S. government debt securities	$	13,703,758


Aggregate gross unrealized appreciation	$	437,142
Aggregate gross unrealized depreciation		(5,202,997	)

Net unrealized depreciation	$	(4,765,855	)

Federal income tax cost of investments in securities and derivative instruments, if applicable	$	62,148,686

See Notes to Financial Statements.

1290 FUNDS

1290 HIGH YIELD BOND FUND

STATEMENT OF ASSETS AND LIABILITIES

April 30, 2023 (Unaudited)


ASSETS
Investments in Securities, at value (x)
Unaffiliated Issuers (Cost $60,055,785)	$	55,589,016
Repurchase Agreements (Cost $1,793,815)		1,793,815
Cash		912,011
Dividends, interest and other receivables		930,909
Receivable for Fund shares sold		103,389
Prepaid registration and filing fees		23,177
Securities lending income receivable		1,741

Total assets		59,354,058

LIABILITIES
Payable for return of collateral on securities loaned		1,793,815
Payable for securities purchased		373,917
Payable for Fund shares repurchased		70,531
Dividends and distributions payable		27,867
Transfer agent fees payable		15,895
Administrative fees payable		6,924
Investment advisory fees payable		5,603
Distribution fees payable – Class A		418
Trustees’ fees payable		340
Distribution fees payable – Class R		139
Distribution fees payable – Class T**		24
Accrued expenses		53,983

Total liabilities		2,349,456

NET ASSETS	$	57,004,602

Net assets were comprised of:
Paid in capital	$	67,986,325
Total distributable earnings (loss)		(10,981,723	)

Net assets	$	57,004,602

Class A
Net asset value and redemption price per share, $2,024,782 / 249,492 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.12
Maximum sales charge (4.50% of offering price)		0.38

Maximum offering price per share	$	8.50

Class I
Net asset value, offering and redemption price per share, $54,523,971 / 6,713,013 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.12

Class R
Net asset value, offering and redemption price per share, $340,607 / 41,990 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.11

Class T**
Net asset value and redemption price per share, $115,242 / 14,192 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.12
Maximum sales charge (2.50% of offering price)		0.21

Maximum offering price per share	$	8.33

(x)

Includes value of securities on loan of $1,837,996.

**	Class T shares currently are not offered for sale.

STATEMENT OF OPERATIONS

For the Six Months Ended April 30, 2023 (Unaudited)


INVESTMENT INCOME
Interest	$	1,855,938
Dividends		14,769
Securities lending (net)		6,487

Total income		1,877,194

EXPENSES
Investment advisory fees		168,758
Professional fees		50,091
Administrative fees		42,189
Transfer agent fees		39,374
Registration and filing fees		19,799
Printing and mailing expenses		11,822
Custodian fees		5,270
Distribution fees – Class A		2,421
Trustees’ fees		936
Distribution fees – Class R		833
Distribution fees – Class T**		142
Miscellaneous		8,004

Gross expenses		349,639
Less: Waiver from investment adviser		(135,270	)
Waiver from distributor		(142	)

Net expenses		214,227

NET INVESTMENT INCOME (LOSS)		1,662,967

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on investments in securities		(1,648,547	)
Net change in unrealized appreciation (depreciation) on investments in securities		2,962,334

NET REALIZED AND UNREALIZED GAIN (LOSS)		1,313,787

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	2,976,754

**	Class T shares currently are not offered for sale.

See Notes to Financial Statements.

1290 FUNDS

1290 HIGH YIELD BOND FUND

STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	1,662,967		$	3,167,270
Net realized gain (loss)		(1,648,547	)		(1,392,297	)
Net change in unrealized appreciation (depreciation)		2,962,334			(8,653,409	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		2,976,754			(6,878,436	)

Distributions to shareholders:
Class A		(56,847	)		(93,582	)
Class I		(1,642,066	)		(3,116,946	)
Class R		(9,273	)		(24,103	)
Class T**		(3,450	)		(6,029	)

Total distributions to shareholders		(1,711,636	)		(3,240,660	)

Tax return of capital:
Class A		—			(3,520	)
Class I		—			(117,255	)
Class R		—			(907	)
Class T**		—			(227	)

Total tax return of capital		—			(121,909	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 32,851 and 31,851 shares, respectively ]		268,297			278,951
Capital shares issued in reinvestment of dividends [ 6,026 and 10,296 shares, respectively ]		48,721			87,004
Capital shares repurchased [ (21,393) and (42,273) shares , respectively]		(171,872	)		(367,373	)

Total Class A transactions		145,146			(1,418	)

Class I
Capital shares sold [ 1,864,561 and 3,722,474 shares, respectively ]		14,968,242			32,049,122
Capital shares issued in reinvestment of dividends [ 180,933 and 269,055 shares, respectively ]		1,463,938			2,268,148
Capital shares repurchased [ (2,098,573) and (4,415,555) shares , respectively]		(16,949,095	)		(37,127,471	)

Total Class I transactions		(516,915	)		(2,810,201	)

Class R
Capital shares sold [ 6,273 and 11,772 shares, respectively ]		50,400			103,048
Capital shares issued in reinvestment of dividends [ 552 and 1,916 shares, respectively ]		4,458			16,423
Capital shares repurchased [ (11,990) and (43,232) shares , respectively]		(96,106	)		(371,473	)

Total Class R transactions		(41,248	)		(252,002	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(413,017	)		(3,063,621	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		852,101			(13,304,626	)
NET ASSETS:
Beginning of period		56,152,501			69,457,127

End of period	$	57,004,602		$	56,152,501

** Class T shares currently are not offered for sale.

See Notes to Financial Statements.

1290 FUNDS

1290 HIGH YIELD BOND FUND

FINANCIAL HIGHLIGHTS


	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
Class A	Six Months Ended April 30, 2023 (Unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	7.95		$	9.24		$	9.01		$	9.06		$	8.93		$	9.33

Income (loss) from investment operations:
Net investment income (loss) (e)		0.23			0.40			0.39			0.44			0.47			0.48
Net realized and unrealized gain (loss)		0.21			(1.27	)		0.26			(0.03	)		0.14			(0.40	)

Total from investment operations		0.44			(0.87	)		0.65			0.41			0.61			0.08

Less distributions:
Dividends from net investment income		(0.27	)		(0.40	)		(0.42	)		(0.46	)		(0.47	)		(0.48	)
Return of capital		—			(0.02	)		—	#		—			(0.01	)		—

Total dividends and distributions		(0.27	)		(0.42	)		(0.42	)		(0.46	)		(0.48	)		(0.48	)

Net asset value, end of period	$	8.12		$	7.95		$	9.24		$	9.01		$	9.06		$	8.93

Total return (b)		5.12	%		(9.60	)%		7.27	%		4.72	%		6.97	%		0.86	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	2,025		$	1,844		$	2,145		$	2,115		$	1,623		$	2,500
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.04	%
Before waivers and reimbursements (a)(f)		1.48	%		1.43	%		1.44	%		1.68	%		1.79	%		1.77	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)(f)		5.68	%		4.61	%		4.24	%		4.97	%		5.27	%		5.20	%
Before waivers and reimbursements (a)(f)		5.20	%		4.18	%		3.80	%		4.29	%		4.48	%		4.47	%
Portfolio turnover rate^		24	%(z)		43	%		39	%		59	%		54	%		45	%

	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
Class I	Six Months Ended April 30, 2023 (Unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	7.95		$	9.25		$	9.01		$	9.06		$	8.94		$	9.34

Income (loss) from investment operations:
Net investment income (loss) (e)		0.24			0.42			0.42			0.47			0.50			0.50
Net realized and unrealized gain (loss)		0.21			(1.28	)		0.26			(0.04	)		0.12			(0.40	)

Total from investment operations		0.45			(0.86	)		0.68			0.43			0.62			0.10

Less distributions:
Dividends from net investment income		(0.28	)		(0.42	)		(0.44	)		(0.48	)		(0.49	)		(0.50	)
Return of capital		—			(0.02	)		—	#		—			(0.01	)		—

Total dividends and distributions		(0.28	)		(0.44	)		(0.44	)		(0.48	)		(0.50	)		(0.50	)

Net asset value, end of period	$	8.12		$	7.95		$	9.25		$	9.01		$	9.06		$	8.94

Total return (b)		5.25	%		(9.47	)%		7.65	%		4.98	%		7.12	%		1.09	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	54,524		$	53,821		$	66,473		$	42,159		$	35,453		$	30,386
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%		0.80	%
Before waivers and reimbursements (a)(f)		1.23	%		1.18	%		1.18	%		1.43	%		1.53	%		1.52	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)(f)		5.92	%		4.84	%		4.47	%		5.22	%		5.50	%		5.47	%
Before waivers and reimbursements (a)(f)		5.44	%		4.42	%		4.04	%		4.54	%		4.71	%		4.74	%
Portfolio turnover rate^		24	%(z)		43	%		39	%		59	%		54	%		45	%

See Notes to Financial Statements.

1290 FUNDS

1290 HIGH YIELD BOND FUND

FINANCIAL HIGHLIGHTS (Continued)


	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
Class R	Six Months Ended April 30, 2023 (Unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	7.95		$	9.23		$	9.00		$	9.05		$	8.93		$	9.33

Income (loss) from investment operations:
Net investment income (loss) (e)		0.22			0.37			0.37			0.42			0.45			0.45
Net realized and unrealized gain (loss)		0.20			(1.25	)		0.25			(0.03	)		0.13			(0.39	)

Total from investment operations		0.42			(0.88	)		0.62			0.39			0.58			0.06

Less distributions:
Dividends from net investment income		(0.26	)		(0.38	)		(0.39	)		(0.44	)		(0.45	)		(0.46	)
Return of capital		—			(0.02	)		—	#		—			(0.01	)		—

Total dividends and distributions		(0.26	)		(0.40	)		(0.39	)		(0.44	)		(0.46	)		(0.46	)

Net asset value, end of period	$	8.11		$	7.95		$	9.23		$	9.00		$	9.05		$	8.93

Total return (b)		4.86	%		(9.72	)%		7.01	%		4.46	%		6.59	%		0.63	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	341		$	375		$	708		$	638		$	307		$	287
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%		1.30	%
Before waivers and reimbursements (a)(f)		1.73	%		1.67	%		1.69	%		1.92	%		2.03	%		2.02	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)(f)		5.43	%		4.29	%		3.98	%		4.69	%		5.00	%		4.96	%
Before waivers and reimbursements (a)(f)		4.94	%		3.87	%		3.54	%		4.01	%		4.22	%		4.23	%
Portfolio turnover rate^		24	%(z)		43	%		39	%		59	%		54	%		45	%

	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
Class T**	Six Months Ended April 30, 2023 (Unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	7.95		$	9.24		$	9.01		$	9.06		$	8.93		$	9.33

Income (loss) from investment operations:
Net investment income (loss) (e)		0.24			0.42			0.42			0.47			0.50			0.50
Net realized and unrealized gain (loss)		0.21			(1.27	)		0.25			(0.04	)		0.13			(0.40	)

Total from investment operations		0.45			(0.85	)		0.67			0.43			0.63			0.10

Less distributions:
Dividends from net investment income		(0.28	)		(0.42	)		(0.44	)		(0.48	)		(0.49	)		(0.50	)
Return of capital		—			(0.02	)		—	#		—			(0.01	)		—

Total dividends and distributions		(0.28	)		(0.44	)		(0.44	)		(0.48	)		(0.50	)		(0.50	)

Net asset value, end of period	$	8.12		$	7.95		$	9.24		$	9.01		$	9.06		$	8.93

Total return (b)		5.25	%		(9.37	)%		7.53	%		4.98	%		7.24	%		1.09	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	115		$	113		$	131		$	128		$	129		$	127
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%		0.80	%
Before waivers and reimbursements (a)(f)		1.48	%		1.43	%		1.44	%		1.68	%		1.78	%		1.77	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)(f)		5.92	%		4.86	%		4.49	%		5.23	%		5.50	%		5.46	%
Before waivers and reimbursements (a)(f)		5.19	%		4.18	%		3.80	%		4.30	%		4.47	%		4.49	%
Portfolio turnover rate^		24	%(z)		43	%		39	%		59	%		54	%		45	%

See Notes to Financial Statements.

1290 FUNDS

1290 HIGH YIELD BOND FUND

FINANCIAL HIGHLIGHTS (Continued)

**	Class T shares currently are not offered for sale. Class T shares were formerly known as Class C Shares.

#	Per share amount is less than $0.005.

^	Portfolio turnover rate excludes derivatives, if any.

(a)

Ratios for periods less than one year are annualized.

(b)

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

(e)

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

(f)

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

(z)

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

See Notes to Financial Statements.

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND (Unaudited)



Sector Weightings as of April 30, 2023	% of Net Assets
Financials		19.8	%
Consumer Discretionary		10.4
Information Technology		8.1
Industrials		7.5
Exchange Traded Funds		7.0
Foreign Government Securities		6.4
Consumer Staples		6.2
Health Care		6.0
Energy		6.0
Communication Services		5.7
Materials		4.5
U.S. Treasury Obligation		3.9
Utilities		2.5
Asset-Backed Securities		1.7
Real Estate		1.3
Repurchase Agreement		1.1
Cash and Other		1.9

		100.0	%

Holdings are subject to change without notice.

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Fund, you incur two types of costs:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended April 30, 2023 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE



	Beginning Account Value 11/1/22		Ending Account Value 4/30/23		Expenses Paid During Period* 11/1/22 - 4/30/23
Class A
Actual		$1,000.00		$1,075.10		$5.37
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.62		5.23
Class I
Actual		1,000.00		1,076.10		4.08
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.86		3.98
Class R
Actual		1,000.00		1,073.00		6.65
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.38		6.47

* Expenses are equal to the Fund’s A, I and R shares annualized expense ratio of 1.04%, 0.79% and 1.29%, respectively, multiplied by the average account value over the period, and multiplied by 181/365 (to reflect the one-half year period).

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS

April 30, 2023 (Unaudited)



	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Asset-Backed Securities (1.7%)
Anchorage Capital CLO 17 Ltd.,
Series 2021-17A A1 6.430%, 7/15/34 (l)§	$	250,000	$	243,335
Magnetite XXVII Ltd.,
Series 2020-27A AR 6.390%, 10/20/34 (l)§		335,000		328,242
Sound Point CLO XXVII Ltd.,
Series 2020-2A AR 6.435%, 10/25/34 (l)§		340,000		329,112
United Airlines Pass-Through Trust,
Series 2020-1 A 5.875%, 10/15/27		25,154		24,965

Total Asset-Backed Securities				925,654

Convertible Bonds (0.8%)
Communication Services (0.1%)
*Interactive Media & Services (0.1%)*
Ziff Davis, Inc. 1.750%, 11/1/26§		49,000		46,697

Total Communication Services				46,697

Consumer Discretionary (0.1%)
*Hotels, Restaurants & Leisure (0.1%)*
Carnival Corp. 5.750%, 12/1/27§		27,000		27,729

Total Consumer Discretionary				27,729

Consumer Staples (0.1%)
*Personal Care Products (0.1%)*
Beauty Health Co. (The) 1.250%, 10/1/26§		95,000		77,662

Total Consumer Staples				77,662

Financials (0.1%)
*Financial Services (0.1%)*
Block, Inc. 0.125%, 3/1/25		55,000		51,232

Total Financials				51,232

Industrials (0.4%)
*Electrical Equipment (0.4%)*
Stem, Inc. 0.500%, 12/1/28§		390,000		200,828

Total Industrials				200,828

Total Convertible Bonds				404,148

Corporate Bonds (42.9%)
Communication Services (3.2%)
*Diversified Telecommunication Services (0.3%)*
Frontier Communications Holdings LLC 6.000%, 1/15/30§		80,000		61,200
Telecom Italia Capital SA 7.721%, 6/4/38		65,000		60,560
Windstream Escrow LLC 7.750%, 8/15/28§		60,000		49,350

				171,110

*Entertainment (0.8%)*
Lions Gate Capital Holdings LLC 5.500%, 4/15/29§		50,000		36,279
Take-Two Interactive Software, Inc. 4.950%, 3/28/28		265,000		266,860
Warnermedia Holdings, Inc. 6.412%, 3/15/26		135,000		135,512

				438,651

*Interactive Media & Services (0.4%)*
Cars.com, Inc. 6.375%, 11/1/28§		55,000		51,975
TripAdvisor, Inc. 7.000%, 7/15/25§		150,000		150,937

				202,912

*Media (1.0%)*
CMG Media Corp. 8.875%, 12/15/27§		30,000		23,259
Directv Financing LLC 5.875%, 8/15/27§		125,000		109,166
DISH DBS Corp. 5.875%, 11/15/24		375,000		310,305
Spanish Broadcasting System, Inc. 9.750%, 3/1/26§		17,000		11,050
Urban One, Inc. 7.375%, 2/1/28§		55,000		49,793

				503,573

*Wireless Telecommunication Services (0.7%)*
Kenbourne Invest SA 6.875%, 11/26/24§		200,000		132,162
Millicom International Cellular SA 4.500%, 4/27/31 (m)		245,000		189,385
United States Cellular Corp. 6.700%, 12/15/33		55,000		50,009

				371,556

Total Communication Services				1,687,802

Consumer Discretionary (6.7%)
*Automobile Components (1.1%)*
Clarios Global LP 8.500%, 5/15/27§		55,000		55,109
Icahn Enterprises LP 4.750%, 9/15/24		155,000		152,577
JB Poindexter & Co., Inc. 7.125%, 4/15/26§		49,000		47,163
Magna International, Inc. 5.980%, 3/21/26		265,000		266,966
Patrick Industries, Inc. 4.750%, 5/1/29§		55,000		47,850

				569,665

*Automobiles (0.3%)*
PM General Purchaser LLC 9.500%, 10/1/28§		55,000		52,113
Thor Industries, Inc. 4.000%, 10/15/29 (x)§		60,000		49,050
Winnebago Industries, Inc. 6.250%, 7/15/28§		95,000		90,725

				191,888

See Notes to Financial Statements.

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2023 (Unaudited)



	Principal Amount		Value (Note 1)
*Broadline Retail (0.2%)*
GrubHub Holdings, Inc. 5.500%, 7/1/27§	$	55,000	$	40,150
Macy’s Retail Holdings LLC 6.125%, 3/15/32§		35,000		30,527
4.500%, 12/15/34		47,000		33,581
Millennium Escrow Corp. 6.625%, 8/1/26§		10,000		6,700
NMG Holding Co., Inc. 7.125%, 4/1/26§		9,000		8,348

				119,306

*Diversified Consumer Services (0.2%)*
Grand Canyon University 4.125%, 10/1/24		105,000		99,356

*Hotels, Restaurants & Leisure (1.7%)*
Affinity Interactive 6.875%, 12/15/27§		60,000		53,700
Carnival Corp. 7.625%, 3/1/26 (x)§		158,000		145,162
Expedia Group, Inc. 4.625%, 8/1/27		170,000		166,710
2.950%, 3/15/31		265,000		222,747
Full House Resorts, Inc. 8.250%, 2/15/28§		30,000		27,600
GPS Hospitality Holding Co. LLC 7.000%, 8/15/28§		30,000		17,700
Jacobs Entertainment, Inc. 6.750%, 2/15/29§		53,000		46,242
NCL Corp. Ltd. 3.625%, 12/15/24§		65,000		60,775
Royal Caribbean Cruises Ltd. 11.625%, 8/15/27§		110,000		116,463
Scientific Games Holdings LP 6.625%, 3/1/30§		55,000		48,798

				905,897

*Household Durables (1.7%)*
Ashton Woods USA LLC 4.625%, 4/1/30§		61,000		50,020
Beazer Homes USA, Inc. 7.250%, 10/15/29		60,000		57,228
Century Communities, Inc. 3.875%, 8/15/29§		105,000		91,875
Empire Communities Corp. 7.000%, 12/15/25§		53,000		48,362
KB Home 4.800%, 11/15/29		50,000		46,500
7.250%, 7/15/30		50,000		51,000
LGI Homes, Inc. 4.000%, 7/15/29§		75,000		60,750
M/I Homes, Inc. 4.950%, 2/1/28		105,000		98,437
Meritage Homes Corp. 5.125%, 6/6/27		40,000		39,100
3.875%, 4/15/29§		74,000		66,600
Taylor Morrison Communities, Inc. 5.750%, 1/15/28§		105,000		103,878
Tempur Sealy International, Inc. 3.875%, 10/15/31§		105,000		86,888
Tri Pointe Homes, Inc. 5.250%, 6/1/27		100,000		96,000

				896,638

*Specialty Retail (1.3%)*
Academy Ltd. 6.000%, 11/15/27§	$	95,000	$	92,947
Asbury Automotive Group, Inc. 4.625%, 11/15/29§		79,000		70,158
Bath & Body Works, Inc. 6.875%, 11/1/35		80,000		72,000
Foot Locker, Inc. 4.000%, 10/1/29§		105,000		88,517
Gap, Inc. (The) 3.625%, 10/1/29§		90,000		63,879
Group 1 Automotive, Inc. 4.000%, 8/15/28§		105,000		93,187
Guitar Center, Inc. 8.500%, 1/15/26§		50,000		44,000
GYP Holdings III Corp. 4.625%, 5/1/29§		53,000		46,640
LSF9 Atlantis Holdings LLC 7.750%, 2/15/26§		15,000		13,950
Sonic Automotive, Inc. 4.875%, 11/15/31§		80,000		64,300
Upbound Group, Inc. 6.375%, 2/15/29§		60,000		52,500

				702,078

*Textiles, Apparel & Luxury Goods (0.2%)*
Kontoor Brands, Inc. 4.125%, 11/15/29§		105,000		89,250

Total Consumer Discretionary				3,574,078

Consumer Staples (1.4%)
*Food Products (0.8%)*
Mars, Inc. 4.750%, 4/20/33§		265,000		267,525
McCormick & Co., Inc. 4.950%, 4/15/33		155,000		155,037
TreeHouse Foods, Inc. 4.000%, 9/1/28		30,000		26,484

				449,046

*Household Products (0.3%)*
Central Garden & Pet Co. 4.125%, 10/15/30		110,000		93,775
Energizer Holdings, Inc. 4.750%, 6/15/28§		60,000		53,850

				147,625

*Personal Care Products (0.3%)*
Coty, Inc. 5.000%, 4/15/26§		58,000		56,451
Edgewell Personal Care Co. 5.500%, 6/1/28§		105,000		100,645

				157,096

Total Consumer Staples				753,767

Energy (4.9%)
*Energy Equipment & Services (0.5%)*
CSI Compressco LP 7.500%, 4/1/25 (x)§		50,000		47,603
Enerflex Ltd. 9.000%, 10/15/27§		110,000		109,330

See Notes to Financial Statements.

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2023 (Unaudited)



	Principal Amount		Value (Note 1)
Oceaneering International, Inc. 6.000%, 2/1/28	$	55,000	$	52,168
USA Compression Partners LP 6.875%, 9/1/27		55,000		53,534

				262,635

*Oil, Gas & Consumable Fuels (4.4%)*
Aethon United BR LP 8.250%, 2/15/26§		45,000		43,875
Alliance Resource Operating Partners LP 7.500%, 5/1/25§		145,000		143,369
Calumet Specialty Products Partners LP 8.125%, 1/15/27§		30,000		28,944
Civitas Resources, Inc. 5.000%, 10/15/26§		84,000		79,690
Crescent Energy Finance LLC 7.250%, 5/1/26§		50,000		47,769
CVR Energy, Inc. 5.250%, 2/15/25§		160,000		154,427
5.750%, 2/15/28§		55,000		49,148
Encino Acquisition Partners Holdings LLC 8.500%, 5/1/28§		50,000		44,059
EnLink Midstream LLC 5.625%, 1/15/28§		105,000		103,425
EnLink Midstream Partners LP 5.050%, 4/1/45		46,000		36,332
FTAI Infra Escrow Holdings LLC 10.500%, 6/1/27§		45,000		45,335
Global Partners LP 6.875%, 1/15/29		60,000		55,650
Hess Midstream Operations LP 4.250%, 2/15/30§		300,000		265,917
5.500%, 10/15/30§		115,000		107,094
ITT Holdings LLC 6.500%, 8/1/29§		60,000		49,638
Moss Creek Resources Holdings, Inc. 10.500%, 5/15/27§		50,000		48,250
Northern Oil and Gas, Inc. 8.125%, 3/1/28§		10,000		9,850
NuStar Logistics LP 6.375%, 10/1/30		90,000		86,411
PBF Holding Co. LLC 7.250%, 6/15/25		88,000		87,670
Permian Resources Operating LLC 7.750%, 2/15/26§		50,000		50,000
Rockies Express Pipeline LLC 3.600%, 5/15/25§		20,000		18,925
4.800%, 5/15/30§		105,000		93,188
Southwestern Energy Co. 5.700%, 1/23/25 (e),(k)		150,000		150,000
Strathcona Resources Ltd. 6.875%, 8/1/26§		55,000		46,337
Tallgrass Energy Partners LP 6.000%, 3/1/27 (x)§		115,000		110,675
Targa Resources Corp. 6.125%, 3/15/33		70,000		72,818
TransCanada PipeLines Ltd. 6.203%, 3/9/26		265,000		266,146
Western Midstream Operating LP 6.150%, 4/1/33		20,000		20,344

				2,315,286

Total Energy				2,577,921

Financials (14.9%)
*Banks (9.0%)*
Banco Bilbao Vizcaya Argentaria SA (USD Swap Semi 5 Year + 3.87%), 6.125%, 11/16/27 (k)(y)		400,000		320,000
Banco Santander SA (USD ICE Swap Rate 5 Year + 4.99%), 7.500%, 2/8/24 (k)(m)(y)		200,000		191,500
Bank of America Corp. (SOFR + 1.63%), 5.202%, 4/25/29 (k)		270,000		270,943
Bank of Ireland Group plc (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.65%), 6.253%, 9/16/26 (k)§		200,000		199,564
Credit Agricole SA (USD Swap Semi 5 Year + 4.32%), 6.875%, 9/23/24 (k)(y)§		200,000		188,250
DNB Bank ASA (United States SOFR Compounded Index + 1.95%), 5.896%, 10/9/26 (k)§		250,000		251,584
HSBC Holdings plc 4.250%, 3/14/24		250,000		246,025
(USD ICE Swap Rate 5 Year + 3.75%), 6.000%, 5/22/27 (k)(y)		280,000		245,700
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.86%), 8.000%, 3/7/28 (k)(y)		200,000		197,500
(USD ICE Swap Rate 5 Year + 3.61%), 6.500%, 3/23/28 (k)(y)		230,000		202,113
HSBC USA, Inc. 5.625%, 3/17/25		400,000		402,554
ING Groep NV (USD Swap Semi 5 Year + 4.45%), 6.500%, 4/16/25 (k)(y)		200,000		184,000
JPMorgan Chase & Co. (SOFR + 2.58%), 5.717%, 9/14/33 (k)		185,000		190,003
Lloyds Banking Group plc (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.70%), 5.871%, 3/6/29 (k)		200,000		203,986
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.91%), 8.000%, 9/27/29 (k)(y)		260,000		237,449
NatWest Group plc (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.10%), 6.016%, 3/2/34 (k)		200,000		206,972
Santander Holdings USA, Inc. 3.450%, 6/2/25		170,000		161,579
Societe Generale SA (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.39%), 9.375%, 11/22/27 (k)(y)§		250,000		237,500
Standard Chartered plc (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.95%), 1.822%, 11/23/25 (k)§		270,000		252,760

See Notes to Financial Statements.

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2023 (Unaudited)



	Principal Amount		Value (Note 1)
UniCredit SpA (USD ICE Swap Rate 5 Year + 4.91%), 7.296%, 4/2/34 (k)§	$	240,000	$	226,151
Wells Fargo & Co. (SOFR + 2.02%), 5.389%, 4/24/34 (k)		157,000		158,962

				4,775,095

*Capital Markets (3.6%)*
BGC Partners, Inc. 4.375%, 12/15/25		345,000		325,350
Credit Suisse AG 4.750%, 8/9/24		500,000		483,750
7.950%, 1/9/25		250,000		254,375
Deutsche Bank AG (SOFR + 1.87%), 2.129%, 11/24/26 (k)		230,000		203,968
(SOFR + 3.65%), 7.079%, 2/10/34 (k)		200,000		186,500
Morgan Stanley (SOFR + 1.59%), 5.164%, 4/20/29 (k)		145,000		145,830
OWL Rock Core Income Corp. 5.500%, 3/21/25		230,000		223,778
StoneX Group, Inc. 8.625%, 6/15/25§		95,000		95,078

				1,918,629

*Consumer Finance (0.5%)*
General Motors Financial Co., Inc. 5.400%, 4/6/26		260,000		259,910

*Financial Services (1.1%)*
Armor Holdco, Inc. 8.500%, 11/15/29§		30,000		24,398
Enact Holdings, Inc. 6.500%, 8/15/25§		100,000		99,030
Global Payments, Inc. 5.400%, 8/15/32		225,000		221,352
LD Holdings Group LLC 6.500%, 11/1/25§		35,000		24,675
NMI Holdings, Inc. 7.375%, 6/1/25§		95,000		96,308
PHH Mortgage Corp. 7.875%, 3/15/26§		55,000		49,266
United Wholesale Mortgage LLC 5.750%, 6/15/27§		109,000		98,917

				613,946

*Insurance (0.7%)*
Genworth Holdings, Inc. 6.500%, 6/15/34		60,000		53,047
Liberty Mutual Group, Inc. 4.300%, 2/1/61§		330,000		198,825
Prudential Financial, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.23%), 6.000%, 9/1/52 (k)		85,000		81,600
USI, Inc. 6.875%, 5/1/25§		25,000		24,781

				358,253

Total Financials				7,925,833

Health Care (0.5%)
*Health Care Equipment & Supplies (0.2%)*
Medtronic Global Holdings SCA 4.250%, 3/30/28		95,000		95,086

*Health Care Providers & Services (0.1%)*
Prime Healthcare Services, Inc. 7.250%, 11/1/25§		55,000		48,950

*Pharmaceuticals (0.2%)*
Eli Lilly and Co. 4.700%, 2/27/33		130,000		134,643

Total Health Care				278,679

Industrials (4.1%)
*Aerospace & Defense (0.7%)*
Embraer Netherlands Finance BV 5.050%, 6/15/25		225,000		220,219
Howmet Aerospace, Inc. 6.750%, 1/15/28		110,000		115,500
Spirit AeroSystems, Inc. 4.600%, 6/15/28 (x)		35,000		29,708

				365,427

*Air Freight & Logistics (0.4%)*
United Parcel Service, Inc. 4.875%, 3/3/33		230,000		237,145

*Building Products (0.4%)*
Camelot Return Merger Sub, Inc. 8.750%, 8/1/28§		30,000		28,425
Eco Material Technologies, Inc. 7.875%, 1/31/27§		50,000		47,750
JELD-WEN, Inc. 4.875%, 12/15/27§		60,000		52,350
MIWD Holdco II LLC 5.500%, 2/1/30§		60,000		50,850
Oscar AcquisitionCo LLC 9.500%, 4/15/30§		30,000		26,175

				205,550

*Commercial Services & Supplies (0.4%)*
Deluxe Corp. 8.000%, 6/1/29§		30,000		23,100
Harsco Corp. 5.750%, 7/31/27§		60,000		49,505
Pitney Bowes, Inc. 6.875%, 3/15/27§		60,000		45,900
Republic Services, Inc. 5.000%, 4/1/34		50,000		51,087
Waste Pro USA, Inc. 5.500%, 2/15/26§		25,000		23,250

				192,842

*Construction & Engineering (0.8%)*
Artera Services LLC 9.033%, 12/4/25§		55,000		46,984
Brundage-Bone Concrete Pumping Holdings, Inc. 6.000%, 2/1/26 (x)§		50,000		47,000
Global Infrastructure Solutions, Inc. 5.625%, 6/1/29§		50,000		41,605
IHS Netherlands Holdco BV 8.000%, 9/18/27§		235,000		206,110

See Notes to Financial Statements.

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2023 (Unaudited)



	Principal Amount		Value (Note 1)
Pike Corp. 5.500%, 9/1/28§	$	30,000	$	27,136
Weekley Homes LLC 4.875%, 9/15/28§		83,000		71,795

				440,630

*Electrical Equipment (0.2%)*
Atkore, Inc. 4.250%, 6/1/31§		102,000		89,633

*Ground Transportation (0.0%)†*
Watco Cos. LLC 6.500%, 6/15/27§		25,000		24,125

*Machinery (0.2%)*
Manitowoc Co., Inc. (The) 9.000%, 4/1/26§		50,000		49,625
Wabash National Corp. 4.500%, 10/15/28§		65,000		56,550

				106,175

*Passenger Airlines (0.7%)*
American Airlines Group, Inc. 3.750%, 3/1/25§		180,000		169,200
Mileage Plus Holdings LLC 6.500%, 6/20/27§		225,250		224,270

				393,470

*Trading Companies & Distributors (0.2%)*
Alta Equipment Group, Inc. 5.625%, 4/15/26§		50,000		46,750
BlueLinx Holdings, Inc. 6.000%, 11/15/29§		55,000		46,062

				92,812

*Transportation Infrastructure (0.1%)*
Seaspan Corp. 5.500%, 8/1/29§		60,000		47,880

Total Industrials				2,195,689

Information Technology (2.3%)
*Communications Equipment (0.4%)*
CommScope Technologies LLC 6.000%, 6/15/25§		160,000		150,400
Viasat, Inc. 6.500%, 7/15/28§		65,000		51,395

				201,795

*Electronic Equipment, Instruments & Components (0.0%)†*
Jabil, Inc. 5.450%, 2/1/29		25,000		25,128

*Semiconductors & Semiconductor Equipment (0.8%)*
Broadcom, Inc. 4.150%, 4/15/32§		240,000		218,280
Micron Technology, Inc. 6.750%, 11/1/29		190,000		199,600

				417,880

*Software (0.2%)*
GoTo Group, Inc. 5.500%, 9/1/27§		10,000		5,656
Open Text Corp. 3.875%, 12/1/29§		45,000		37,800
Veritas US, Inc. 7.500%, 9/1/25§		60,000		45,450

				88,906

*Technology Hardware, Storage & Peripherals (0.9%)*
Dell International LLC 5.750%, 2/1/33 (x)		155,000		156,614
Seagate HDD Cayman 9.625%, 12/1/32§		45,000		49,163
Xerox Corp. 6.750%, 12/15/39		50,000		38,000
Xerox Holdings Corp. 5.000%, 8/15/25§		160,000		152,021
5.500%, 8/15/28§		75,000		63,937

				459,735

Total Information Technology				1,193,444

Materials (3.2%)
*Chemicals (1.0%)*
Braskem Netherlands Finance BV 4.500%, 1/31/30§		255,000		214,123
Chemours Co. (The) 4.625%, 11/15/29§		65,000		53,300
Diamond BC BV 4.625%, 10/1/29§		25,000		24,562
Illuminate Buyer LLC 9.000%, 7/1/28§		30,000		26,475
LSF11 A5 HoldCo LLC 6.625%, 10/15/29§		30,000		25,838
Methanex Corp. 5.250%, 12/15/29		99,000		92,936
Rain CII Carbon LLC 7.250%, 4/1/25§		38,000		36,828
Trinseo Materials Operating SCA 5.375%, 9/1/25 (x)§		59,000		49,283

				523,345

*Construction Materials (0.4%)*
Cemex SAB de CV 3.875%, 7/11/31§		260,000		216,418

*Containers & Packaging (0.1%)*
Graham Packaging Co., Inc. 7.125%, 8/15/28§		25,000		21,812
OI European Group BV 4.750%, 2/15/30§		55,000		50,256

				72,068

*Metals & Mining (1.5%)*
Baffinland Iron Mines Corp. 8.750%, 7/15/26§		50,000		47,875
Carpenter Technology Corp. 7.625%, 3/15/30		95,000		96,781
Commercial Metals Co. 3.875%, 2/15/31		110,000		95,150
FMG Resources August 2006 Pty. Ltd. 6.125%, 4/15/32§		100,000		96,750
Infrabuild Australia Pty. Ltd. 12.000%, 10/1/24§		25,000		23,906
Mineral Resources Ltd. 8.500%, 5/1/30§		100,000		101,750

See Notes to Financial Statements.

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2023 (Unaudited)



	Principal Amount		Value (Note 1)
New Gold, Inc. 7.500%, 7/15/27§	$	50,000	$	48,042
Northern Star Resources Ltd. 6.125%, 4/11/33§		180,000		179,131
SunCoke Energy, Inc. 4.875%, 6/30/29§		55,000		48,047
Taseko Mines Ltd. 7.000%, 2/15/26§		55,000		50,250
TMS International Corp. 6.250%, 4/15/29§		30,000		22,819

				810,501

*Paper & Forest Products (0.2%)*
Domtar Corp. 6.750%, 10/1/28§		85,000		74,056

Total Materials				1,696,388

Real Estate (0.7%)
*Health Care REITs (0.2%)*
CTR Partnership LP (REIT) 3.875%, 6/30/28§		100,000		86,500

*Hotel & Resort REITs (0.1%)*
Service Properties Trust (REIT) 4.500%, 3/15/25		85,000		79,475

*Real Estate Management & Development (0.2%)*
Forestar Group, Inc. 5.000%, 3/1/28§		110,000		99,000

*Specialized REITs (0.2%)*
Crown Castle, Inc. (REIT) 5.100%, 5/1/33		115,000		115,194

Total Real Estate				380,169

Utilities (1.0%)
*Electric Utilities (0.7%)*
DPL, Inc. 4.125%, 7/1/25		110,000		105,462
NextEra Energy Capital Holdings, Inc. 6.051%, 3/1/25 (k)		65,000		66,034
PG&E Corp. 5.250%, 7/1/30		115,000		105,225
Vistra Operations Co. LLC 4.375%, 5/1/29§		135,000		120,249

				396,970

*Gas Utilities (0.3%)*
AmeriGas Partners LP 5.625%, 5/20/24		150,000		148,313

Total Utilities				545,283

Total Corporate Bonds				22,809,053

Foreign Government Securities (6.4%)
Federal Republic of Nigeria 8.375%, 3/24/29 (m)		245,000		199,032
Mex Bonos Desarr Fix Rt 7.500%, 5/26/33	MXN	15,783,500		802,584
Republic of Angola 8.000%, 11/26/29 (m)	$	200,000		168,163
Republic of Costa Rica 7.000%, 4/4/44 (m)		200,000		196,663
7.158%, 3/12/45 (m)		240,000		238,620
Republic of Indonesia 7.000%, 2/15/33	IDR	11,493,000,000		809,469
Republic of South Africa 5.875%, 4/20/32	$	285,000		258,691
8.875%, 2/28/35	ZAR	16,615,000		761,898

Total Foreign Government Securities				3,435,120

U.S. Treasury Obligation (3.9%)
U.S. Treasury Bonds 3.625%, 2/15/53		2,080,000		2,060,360

Total U.S. Treasury Obligation				2,060,360

Total Long-Term Debt Securities (55.7%) (Cost $29,885,692)				29,634,335


	Number of Shares		Value (Note 1)
COMMON STOCKS:
Communication Services (2.4%)
*Diversified Telecommunication Services (0.6%)*
AT&T, Inc.		7,224		127,648
Nippon Telegraph & Telephone Corp.		900		27,448
TELUS Corp.		1,300		27,557
Verizon Communications, Inc.		4,466		173,415

				356,068

*Entertainment (0.3%)*
Netflix, Inc.*		143		47,180
Nintendo Co. Ltd.		1,000		42,176
Walt Disney Co. (The)*		589		60,372

				149,728

*Interactive Media & Services (0.9%)*
Alphabet, Inc., Class A*		1,607		172,495
Alphabet, Inc., Class C*		1,362		147,396
Meta Platforms, Inc., Class A*		620		148,999

				468,890

*Media (0.5%)*
Comcast Corp., Class A		4,763		197,045
Interpublic Group of Cos., Inc. (The)		929		33,193
Publicis Groupe SA		400		32,785

				263,023

*Wireless Telecommunication Services (0.1%)*
KDDI Corp.		1,200		37,473
SoftBank Corp.		2,100		23,653

				61,126

Total Communication Services				1,298,835

Consumer Discretionary (3.6%)
*Automobile Components (0.1%)*
Bridgestone Corp.		800		32,094

*Automobiles (0.6%)*
Honda Motor Co. Ltd.		1,600		42,488

See Notes to Financial Statements.

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2023 (Unaudited)



	Number of Shares		Value (Note 1)
Stellantis NV		2,406	$	39,791
Tesla, Inc.*		763		125,368
Toyota Motor Corp.		8,000		109,850

				317,497

*Broadline Retail (0.6%)*
Amazon.com, Inc.*		2,377		250,655
Next plc		302		25,602
Wesfarmers Ltd.		1,671		57,558

				333,815

*Hotels, Restaurants & Leisure (0.6%)*
Booking Holdings, Inc.*		17		45,667
Hilton Worldwide Holdings, Inc.		395		56,888
McDonald’s Corp.		178		52,643
Starbucks Corp.		1,334		152,463
Yum! Brands, Inc.		272		38,238

				345,899

*Household Durables (0.2%)*
DR Horton, Inc.		451		49,529
Garmin Ltd.		375		36,814

				86,343

*Specialty Retail (0.4%)*
Home Depot, Inc. (The)		251		75,436
Lowe’s Cos., Inc.		229		47,593
O’Reilly Automotive, Inc.*		40		36,692
TJX Cos., Inc. (The)		519		40,908

				200,629

*Textiles, Apparel & Luxury Goods (1.1%)*
LVMH Moet Hennessy Louis Vuitton SE		274		263,296
Moncler SpA		3,700		274,317
NIKE, Inc., Class B		447		56,644

				594,257

Total Consumer Discretionary				1,910,534

Consumer Staples (4.7%)
*Beverages (1.6%)*
Brown-Forman Corp., Class B		508		33,066
Coca-Cola Co. (The)		3,738		239,792
Constellation Brands, Inc., Class A		153		35,109
Heineken NV		2,395		274,901
PepsiCo, Inc.		1,346		256,938

				839,806

*Consumer Staples Distribution & Retail (0.5%)*
Costco Wholesale Corp.		137		68,941
Dollar General Corp.		167		36,984
Koninklijke Ahold Delhaize NV		1,084		37,331
Walgreens Boots Alliance, Inc.		827		29,152
Walmart, Inc.		426		64,313

				236,721

*Food Products (1.0%)*
Archer-Daniels-Midland Co.		405		31,622
Danone SA		787		52,077
General Mills, Inc.		582		51,583
Kellogg Co.		449		31,327
Mondelez International, Inc., Class A		1,111		85,236
Nestle SA (Registered)		1,937		248,344
Tyson Foods, Inc., Class A		582		36,369

				536,558

*Household Products (0.9%)*
Colgate-Palmolive Co.		731		58,334
Kimberly-Clark Corp.		330		47,814
Procter & Gamble Co. (The)		2,200		344,036
Reckitt Benckiser Group plc		633		51,193

				501,377

*Personal Care Products (0.3%)*
Estee Lauder Cos., Inc. (The), Class A		149		36,761
Kao Corp.		700		28,328
Unilever plc		1,815		101,092

				166,181

*Tobacco (0.4%)*
Imperial Brands plc		1,242		30,718
Japan Tobacco, Inc.		1,100		23,668
Philip Morris International, Inc.		1,578		157,753

				212,139

Total Consumer Staples				2,492,782

Energy (1.1%)
*Energy Equipment & Services (0.1%)*
Schlumberger NV		692		34,150

*Oil, Gas & Consumable Fuels (1.0%)*
Chevron Corp.		426		71,815
ConocoPhillips		470		48,358
EOG Resources, Inc.		298		35,602
Exxon Mobil Corp.		1,061		125,559
Hess Corp.		250		36,265
Kinder Morgan, Inc.		1,949		33,426
Marathon Petroleum Corp.		464		56,608
Phillips 66		406		40,194
Santos Ltd.		6,203		29,122
Valero Energy Corp.		598		68,573

				545,522

Total Energy				579,672

Financials (4.8%)
*Banks (2.1%)*
Banco Bilbao Vizcaya Argentaria SA		36,510		268,582
Bank of America Corp.		1,725		50,508
BNP Paribas SA		4,194		271,529
Citigroup, Inc.		729		34,314
DBS Group Holdings Ltd.		2,000		49,603
Fifth Third Bancorp		1,611		42,208
JPMorgan Chase & Co.		685		94,694
KeyCorp		2,518		28,353
Oversea-Chinese Banking Corp. Ltd.		4,300		40,707
PNC Financial Services Group, Inc. (The)		317		41,289
Regions Financial Corp.		657		11,997
Truist Financial Corp.		1,620		52,780
US Bancorp		1,643		56,322
Wells Fargo & Co.		971		38,597

				1,081,483

See Notes to Financial Statements.

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2023 (Unaudited)



	Number of Shares		Value (Note 1)
*Capital Markets (0.9%)*
Bank of New York Mellon Corp. (The)		541	$	23,041
BlackRock, Inc.		189		126,857
Blackstone, Inc., Class A		506		45,201
Charles Schwab Corp. (The)		451		23,560
CME Group, Inc.		314		58,332
Goldman Sachs Group, Inc. (The)		124		42,586
Moody’s Corp.		140		43,837
Morgan Stanley		443		39,857
MSCI, Inc.		72		34,736
Northern Trust Corp.		145		11,333
S&P Global, Inc.		117		42,422

				491,762

*Financial Services (0.7%)*
Berkshire Hathaway, Inc., Class B*		399		131,092
Fiserv, Inc.*		333		40,666
Mastercard, Inc., Class A		213		80,946
PayPal Holdings, Inc.*		440		33,440
Visa, Inc., Class A		408		94,954

				381,098

*Insurance (1.1%)*
Aflac, Inc.		578		40,373
Allianz SE (Registered)		336		84,290
Allstate Corp. (The)		194		22,457
American International Group, Inc.		660		35,006
Arch Capital Group Ltd.*		708		53,150
Arthur J Gallagher & Co.		212		44,109
AXA SA		1,306		42,636
Everest Re Group Ltd.		105		39,690
Manulife Financial Corp.		1,200		23,693
Marsh & McLennan Cos., Inc.		198		35,678
MetLife, Inc.		479		29,377
Sun Life Financial, Inc.		500		24,527
Swiss Re AG		320		32,162
Tokio Marine Holdings, Inc.		1,600		32,191
Zurich Insurance Group AG		120		58,042

				597,381

Total Financials				2,551,724

Health Care (5.5%)
*Biotechnology (0.9%)*
AbbVie, Inc.		1,745		263,704
Amgen, Inc.		608		145,762
Gilead Sciences, Inc.		551		45,298

				454,764

*Health Care Equipment & Supplies (0.7%)*
Abbott Laboratories		440		48,607
Becton Dickinson & Co.		133		35,153
Boston Scientific Corp.*		785		40,914
Edwards Lifesciences Corp.*		447		39,327
Intuitive Surgical, Inc.*		136		40,966
Medtronic plc		1,489		135,425
Stryker Corp.		151		45,247

				385,639

*Health Care Providers & Services (0.6%)*
Centene Corp.*		408		28,123
Cigna Group (The)		169		42,806
CVS Health Corp.		1,538		112,751
Elevance Health, Inc.		99		46,396
UnitedHealth Group, Inc.		199		97,926

				328,002

*Life Sciences Tools & Services (0.3%)*
Agilent Technologies, Inc.		246		33,316
Danaher Corp.		198		46,908
Thermo Fisher Scientific, Inc.		117		64,923

				145,147

*Pharmaceuticals (3.0%)*
Bristol-Myers Squibb Co.		692		46,205
Eli Lilly and Co.		220		87,089
GSK plc		3,284		59,491
Johnson & Johnson		2,403		393,371
Merck & Co., Inc.		2,545		293,871
Novartis AG (Registered)		1,561		159,769
Otsuka Holdings Co. Ltd.		900		30,817
Pfizer, Inc.		5,492		213,584
Roche Holding AG		540		169,256
Sanofi		875		96,443
Zoetis, Inc.		257		45,176

				1,595,072

Total Health Care				2,908,624

Industrials (3.0%)
*Aerospace & Defense (0.4%)*
BAE Systems plc		2,792		35,597
Boeing Co. (The)*		191		39,495
General Dynamics Corp.		156		34,061
Northrop Grumman Corp.		93		42,898
Raytheon Technologies Corp.		451		45,055

				197,106

*Air Freight & Logistics (0.4%)*
Deutsche Post AG (Registered)		1,061		50,922
United Parcel Service, Inc., Class B		800		143,848

				194,770

*Building Products (0.1%)*
Trane Technologies plc		209		38,834

*Commercial Services & Supplies (0.1%)*
Cintas Corp.		89		40,563

*Electrical Equipment (0.3%)*
ABB Ltd. (Registered)		1,858		67,063
Eaton Corp. plc		209		34,928
Emerson Electric Co.		563		46,875
Mitsubishi Electric Corp.		2,300		28,516

				177,382

*Ground Transportation (0.1%)*
Norfolk Southern Corp.		160		32,485
Union Pacific Corp.		209		40,901

				73,386

*Industrial Conglomerates (0.5%)*
3M Co.		758		80,515
General Electric Co.		564		55,819
Honeywell International, Inc.		167		33,373

See Notes to Financial Statements.

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2023 (Unaudited)



	Number of Shares		Value (Note 1)
Siemens AG (Registered)		635	$	104,179

				273,886

*Machinery (0.7%)*
Atlas Copco AB, Class A		4,416		63,936
Caterpillar, Inc.		162		35,446
Cummins, Inc.		327		76,858
Deere & Co.		89		33,644
Dover Corp.		339		49,548
Kone OYJ, Class B		542		30,907
Parker-Hannifin Corp.		127		41,260
Volvo AB, Class B		2,049		42,385

				373,984

*Marine Transportation (0.0%)†*
AP Moller – Maersk A/S, Class B		4		7,215

*Professional Services (0.3%)*
Automatic Data Processing, Inc.		160		35,200
Paychex, Inc.		360		39,550
RELX plc		1,663		55,318
SGS SA (Registered)		335		30,253

				160,321

*Trading Companies & Distributors (0.1%)*
ITOCHU Corp.		1,100		36,553
Mitsui & Co. Ltd.		1,300		40,702

				77,255

Total Industrials				1,614,702

Information Technology (5.8%)
*Communications Equipment (0.4%)*
Cisco Systems, Inc.		4,178		197,411

*Electronic Equipment, Instruments & Components (0.2%)*
Amphenol Corp., Class A		532		40,150
Keysight Technologies, Inc.*		243		35,147
Kyocera Corp.		100		5,251
TE Connectivity Ltd.		308		37,690

				118,238

*IT Services (0.3%)*
Accenture plc, Class A		186		52,134
International Business Machines Corp.		971		122,744

				174,878

*Semiconductors & Semiconductor Equipment (1.9%)*
Advanced Micro Devices, Inc.*		560		50,047
Analog Devices, Inc.		205		36,875
Applied Materials, Inc.		451		50,976
Broadcom, Inc.		414		259,371
Intel Corp.		4,361		135,453
KLA Corp.		93		35,948
NVIDIA Corp.		681		188,971
QUALCOMM, Inc.		339		39,595
Texas Instruments, Inc.		913		152,654
Tokyo Electron Ltd.		400		45,681

				995,571

*Software (1.7%)*
Adobe, Inc.*		143		53,991
Intuit, Inc.		112		49,723
Microsoft Corp.		2,032		624,352
Oracle Corp.		433		41,014
Roper Technologies, Inc.		74		33,654
Salesforce, Inc.*		337		66,851
ServiceNow, Inc.*		89		40,888

				910,473

*Technology Hardware, Storage & Peripherals (1.3%)*
Apple, Inc.		3,777		640,881
HP, Inc.		1,125		33,424

				674,305

Total Information Technology				3,070,876

Materials (1.3%)
*Chemicals (0.6%)*
Air Products and Chemicals, Inc.		197		57,989
BASF SE		957		49,413
Dow, Inc.		832		45,261
Linde plc		137		50,615
LyondellBasell Industries NV, Class A		755		71,430
Sherwin-Williams Co. (The)		163		38,719

				313,427

*Construction Materials (0.2%)*
CRH plc		870		42,073
Holcim AG*		613		40,384

				82,457

*Metals & Mining (0.5%)*
Anglo American plc		1,237		37,990
BHP Group Ltd.		3,938		116,516
Freeport-McMoRan, Inc.		861		32,640
Rio Tinto Ltd.		498		37,204
Rio Tinto plc		881		55,942

				280,292

*Paper & Forest Products (0.0%)†*
UPM-Kymmene OYJ		778		24,807

Total Materials				700,983

Real Estate (0.6%)
*Health Care REITs (0.1%)*
Healthpeak Properties, Inc. (REIT)		1,702		37,393

*Industrial REITs (0.1%)*
Prologis, Inc. (REIT)		318		39,829

*Real Estate Management & Development (0.1%)*
Daiwa House Industry Co. Ltd.		1,000		25,522
Sun Hung Kai Properties Ltd.		2,500		34,825

				60,347

*Residential REITs (0.2%)*
AvalonBay Communities, Inc. (REIT)		253		45,634
Camden Property Trust (REIT)		395		43,470
Equity Residential (REIT)		609		38,519

				127,623

*Specialized REITs (0.1%)*
American Tower Corp. (REIT)		149		30,454

Total Real Estate				295,646

See Notes to Financial Statements.

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2023 (Unaudited)



	Number of Shares		Value (Note 1)
Utilities (1.5%)
*Electric Utilities (0.8%)*
Alliant Energy Corp.		1,387	$	76,479
American Electric Power Co., Inc.		527		48,705
Duke Energy Corp.		614		60,712
Edison International		444		32,678
Evergy, Inc.		577		35,838
Exelon Corp.		723		30,684
Hydro One Ltd. (m)		1,000		29,287
Iberdrola SA		4,769		61,871
NextEra Energy, Inc.		388		29,733
Xcel Energy, Inc.		605		42,296

				448,283

*Multi-Utilities (0.7%)*
Ameren Corp.		416		37,012
CMS Energy Corp.		1,182		73,591
Consolidated Edison, Inc.		377		37,123
DTE Energy Co.		308		34,622
National Grid plc		3,322		47,652
NiSource, Inc.		1,588		45,195
Sempra Energy		286		44,470
WEC Energy Group, Inc.		378		36,352

				356,017

Total Utilities				804,300

Total Common Stocks (34.3%) (Cost $17,440,787)				18,228,678

EXCHANGE TRADED FUNDS (ETF):
Equity (2.9%)
iShares MSCI All Country Asia ex Japan ETF		23,000		1,534,330

Alternatives (4.1%)
Global X S&P 500 Covered Call ETF (x)		54,674		2,214,844

Total Exchange Traded Funds (7.0%) (Cost $3,720,179)				3,749,174


	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENT:
Repurchase Agreement (1.1%)
Deutsche Bank Securities, Inc., 4.78%, dated 4/28/23, due 5/1/23, repurchase price $583,576, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 8/15/23-5/15/43; total market value $595,010. (xx)	$	583,344		583,344

Total Short-Term Investment (1.1%) (Cost $583,344)				583,344

Total Investments in Securities (98.1%) (Cost $51,630,002)				52,195,531
Other Assets Less Liabilities (1.9%)				1,015,155

Net Assets (100%)			$	53,210,686

*	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, 2023, the market value of these securities amounted to $12,425,410 or 23.4% of net assets.

(e)

Step Bond – Coupon rate increases or decreases in increments to maturity. Rate disclosed is as of April 30, 2023. 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, 2023.

(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, 2023.

(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, 2023, the market value or fair value, as applicable, of these securities amounted to $1,212,650 or 2.3% of net assets.

(x)

All or a portion of security is on loan at April 30, 2023.

(xx)

At April 30, 2023, the Fund had loaned securities with a total value of $574,295. This was collateralized by cash of $583,344 which was subsequently invested in joint repurchase agreements 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, 2023.

Glossary:

CLO

— Collateralized Loan Obligation

ICE

— Intercontinental Exchange

IDR

— Indonesian Rupiah

MXN

— Mexican Peso

REIT

— Real Estate Investment Trust

SOFR

— Secured Overnight Financing Rate

USD

— United States Dollar

ZAR

— South African Rand

See Notes to Financial Statements.

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2023 (Unaudited)



Country Diversification As a Percentage of Total Net Assets
Angola	0.3	%
Australia	1.3
Brazil	0.8
Canada	2.1
Cayman Islands	1.7
Chile	0.2
Costa Rica	0.8
Denmark	0.0	#
Finland	0.1
France	2.0
Germany	1.3
Guatemala	0.4
Hong Kong	0.2
Indonesia	1.5
Ireland	0.5
Italy	1.1
Japan	1.1
Mexico	1.9
Netherlands	0.9
Nigeria	0.8
Norway	0.5
Singapore	0.2
South Africa	2.0
Spain	1.6
Sweden	0.2
Switzerland	2.0
United Kingdom	4.0
United States	68.6
Cash and Other	1.9

	100.0	%

#	Percent shown is less than 0.05%.

Written Call Options Contracts as of April 30, 2023 (Note 1):

Description

Counterparty

Number of
Contracts

Notional
Amount

Exercise
Price

Expiration
Date

Value
($)

S&P 500 Index

Exchange Traded

USD

(2,100

)

USD 4,120.00

5/19/2023

(192,990

)

Total Written Options Contracts (Premiums Received ($153,678))

(192,990

)

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, 2023:

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	$	—	$	925,654	$	—	$	925,654
Common Stocks
Communication Services		1,135,300		163,535		—		1,298,835
Consumer Discretionary		1,065,538		844,996		—		1,910,534
Consumer Staples		1,645,130		847,652		—		2,492,782
Energy		550,550		29,122		—		579,672
Financials		1,671,982		879,742		—		2,551,724
Health Care		2,392,848		515,776		—		2,908,624
Industrials		1,021,156		593,546		—		1,614,702
Information Technology		3,019,944		50,932		—		3,070,876
Materials		296,654		404,329		—		700,983
Real Estate		235,299		60,347		—		295,646
Utilities		694,777		109,523		—		804,300

See Notes to Financial Statements.

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2023 (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
Convertible Bonds
Communication Services	$	—		$	46,697	$	—	$	46,697
Consumer Discretionary		—			27,729		—		27,729
Consumer Staples		—			77,662		—		77,662
Financials		—			51,232		—		51,232
Industrials		—			200,828		—		200,828
Corporate Bonds
Communication Services		—			1,687,802		—		1,687,802
Consumer Discretionary		—			3,574,078		—		3,574,078
Consumer Staples		—			753,767		—		753,767
Energy		—			2,577,921		—		2,577,921
Financials		—			7,925,833		—		7,925,833
Health Care		—			278,679		—		278,679
Industrials		—			2,195,689		—		2,195,689
Information Technology		—			1,193,444		—		1,193,444
Materials		—			1,696,388		—		1,696,388
Real Estate		—			380,169		—		380,169
Utilities		—			545,283		—		545,283
Exchange Traded Funds		3,749,174			—		—		3,749,174
Foreign Government Securities		—			3,435,120		—		3,435,120
Short-Term Investment
Repurchase Agreement		—			583,344		—		583,344
U.S. Treasury Obligation		—			2,060,360		—		2,060,360

Total Assets	$	17,478,352		$	34,717,179	$	—	$	52,195,531

Liabilities:
Options Written
Call Options Written	$	(192,990	)	$	—	$	—	$	(192,990	)

Total Liabilities	$	(192,990	)	$	—	$	—	$	(192,990	)

Total	$	17,285,362		$	34,717,179	$	—	$	52,002,541

Fair Values of Derivative Instruments as of April 30, 2023:


	Statement of Assets and Liabilities
Derivatives Contracts^	Liability Derivatives	Fair Value
Equity contracts	Payables, Net assets – Unrealized depreciation	$	(192,990	)

Total		$	(192,990	)

See Notes to Financial Statements.

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2023 (Unaudited)

The Effect of Derivative Instruments on the Statement of Operations for the six months ended April 30, 2023:


Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
Derivatives Contracts^	Options			Total
Equity contracts	$	(103,399	)	$	(103,399	)

Total	$	(103,399	)	$	(103,399	)


Amount of Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
Derivatives Contracts^	Options			Total
Equity contracts	$	(39,312	)	$	(39,312	)

Total	$	(39,312	)	$	(39,312	)

^ The Fund held option contracts as a substitute for investing in conventional securities, hedging and in an attempt to enhance returns.

The Fund held option contracts with an average notional balance of approximately $256,000 during the six months ended April 30, 2023.

Investment security transactions for the six months ended April 30, 2023 were as follows:


Cost of Purchases:
Long-term investments other than U.S. government debt securities	$	50,258,761
Long-term U.S. government debt securities		9,656,031

	$	59,914,792


Net Proceeds of Sales and Redemptions:
Long-term investments other than U.S. government debt securities	$	48,939,822
Long-term U.S. government debt securities		9,899,759

	$	58,839,581


Aggregate gross unrealized appreciation	$	1,556,690
Aggregate gross unrealized depreciation		(1,102,324	)

Net unrealized appreciation	$	454,366

Federal income tax cost of investments in securities and derivative instruments, if applicable	$	51,548,175

For the six months ended April 30, 2023, the Fund incurred approximately $160 as brokerage commissions with Sanford C. Bernstein & Co., LLC, an affiliated broker/dealer.

See Notes to Financial Statements.

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1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

STATEMENT OF ASSETS AND LIABILITIES

April 30, 2023 (Unaudited)


ASSETS
Investments in Securities, at value (x)
Unaffiliated Issuers (Cost $51,046,658)	$	51,612,187
Repurchase Agreements (Cost $583,344)		583,344
Cash		2,344,608
Foreign cash (Cost $79,748)		79,818
Receivable for securities sold		813,345
Dividends, interest and other receivables		489,354
Prepaid registration and filing fees		27,838
Securities lending income receivable		760
Receivable for Fund shares sold		81

Total assets		55,951,335

LIABILITIES
Payable for securities purchased		1,708,481
Payable for return of collateral on securities loaned		583,344
Options written, at value (Premiums received $153,678)		192,990
Dividends and distributions payable		181,242
Payable for Fund shares repurchased		10,744
Transfer agent fees payable		6,914
Administrative fees payable		6,546
Investment advisory fees payable		6,307
Distribution fees payable – Class A		1,034
Trustees’ fees payable		474
Distribution fees payable – Class R		72
Accrued expenses		42,501

Total liabilities		2,740,649

NET ASSETS	$	53,210,686

Net assets were comprised of:
Paid in capital	$	52,855,966
Total distributable earnings (loss)		354,720

Net assets	$	53,210,686

Class A
Net asset value and redemption price per share, $5,030,364 / 491,131 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.24
Maximum sales charge (4.50% of offering price)		0.48

Maximum offering price per share	$	10.72

Class I
Net asset value, offering and redemption price per share, $48,006,760 / 4,682,885 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.25

Class R
Net asset value, offering and redemption price per share, $173,562 / 16,959 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.23

(x)

Includes value of securities on loan of $574,295.

STATEMENT OF OPERATIONS

For the Six Months Ended April 30, 2023 (Unaudited)


INVESTMENT INCOME
Interest (net of $1,896 foreign withholding tax)	$	1,081,506
Dividends (net of $13,811 foreign withholding tax)		402,487
Securities lending (net)		7,176

Total income		1,491,169

EXPENSES
Investment advisory fees		170,220
Professional fees		49,442
Administrative fees		39,282
Registration and filing fees		18,933
Transfer agent fees		17,455
Custodian fees		14,523
Printing and mailing expenses		11,755
Distribution fees – Class A		6,052
Trustees’ fees		861
Distribution fees – Class R		433
Miscellaneous		9,292

Gross expenses		338,248
Less: Waiver from investment adviser		(123,927	)

Net expenses		214,321

NET INVESTMENT INCOME (LOSS)		1,276,848

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Investments in securities		1,245
Foreign currency transactions		21,464
Options written		(103,399	)

Net realized gain (loss)		(80,690	)

Change in unrealized appreciation (depreciation) on:
Investments in securities		2,696,989
Foreign currency translations		823
Options written		(39,312	)

Net change in unrealized appreciation (depreciation)		2,658,500

NET REALIZED AND UNREALIZED GAIN (LOSS)		2,577,810

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	3,854,658

See Notes to Financial Statements.

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	1,276,848		$	1,034,956
Net realized gain (loss)		(80,690	)		1,479,876
Net change in unrealized appreciation (depreciation)		2,658,500			(9,957,838	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		3,854,658			(7,443,006	)

Distributions to shareholders:
Class A		(209,209	)		(540,321	)
Class I		(2,106,874	)		(7,375,626	)
Class R		(7,321	)		(20,118	)

Total distributions to shareholders		(2,323,404	)		(7,936,065	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 63,439 and 108,775 shares, respectively ]		646,905			1,197,094
Capital shares issued in reinvestment of dividends and distributions [ 19,926 and 47,161 shares, respectively ]		204,563			527,259
Capital shares repurchased [ (41,646) and (113,366) shares , respectively]		(426,032	)		(1,232,204	)

Total Class A transactions		425,436			492,149

Class I
Capital shares sold [ 122,165 and 112,024 shares, respectively ]		1,248,211			1,187,510
Capital shares issued in reinvestment of dividends and distributions [ 19,088 and 67,812 shares, respectively ]		196,052			762,467
Capital shares repurchased [ (116,279) and (1,089,258) shares , respectively]		(1,182,294	)		(11,392,348	)

Total Class I transactions		261,969			(9,442,371	)

Class R
Capital shares sold [ 150 and 352 shares, respectively ]		1,521			3,719
Capital shares issued in reinvestment of dividends and distributions [ 294 and 675 shares, respectively ]		3,014			7,552
Capital shares repurchased [ (366) and (71) shares , respectively]		(3,738	)		(823	)

Total Class R transactions		797			10,448

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		688,202			(8,939,774	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		2,219,456			(24,318,845	)
NET ASSETS:
Beginning of period		50,991,230			75,310,075

End of period	$	53,210,686		$	50,991,230

See Notes to Financial Statements.

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

FINANCIAL HIGHLIGHTS


	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
Class A	Six Months Ended April 30, 2023 (Unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	9.94		$	12.54		$	11.47		$	11.23		$	10.61		$	11.25

Income (loss) from investment operations:
Net investment income (loss) (e)(x)		0.24			0.16			0.07			0.12			0.18			0.15
Net realized and unrealized gain (loss)		0.50			(1.46	)		1.91			0.70			0.91			(0.01	)

Total from investment operations		0.74			(1.30	)		1.98			0.82			1.09			0.14

Less distributions:
Dividends from net investment income		(0.24	)		(0.24	)		(0.12	)		(0.18	)		(0.17	)		(0.13	)
Distributions from net realized gains		(0.20	)		(1.06	)		(0.79	)		(0.40	)		(0.30	)		(0.65	)

Total dividends and distributions		(0.44	)		(1.30	)		(0.91	)		(0.58	)		(0.47	)		(0.78	)

Net asset value, end of period	$	10.24		$	9.94		$	12.54		$	11.47		$	11.23		$	10.61

Total return (b)		7.51	%		(11.35	)%		18.12	%		7.64	%		10.73	%		1.19	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	5,030		$	4,469		$	5,104		$	3,520		$	2,081		$	2,440
Ratio of expenses to average net assets:
After waivers (a)(f)		1.04	%		1.14	%(j)		1.16	%(k)		1.16	%(k)		1.15	%(k)		1.20	%(m)
Before waivers (a)(f)		1.52	%		1.68	%		1.48	%		1.61	%		1.67	%		1.66	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)(f)(x)		4.65	%		1.52	%		0.59	%		1.05	%		1.70	%		1.39	%
Before waivers (a)(f)(x)		4.18	%		0.98	%		0.28	%		0.60	%		1.19	%		0.93	%
Portfolio turnover rate^		118	%(z)		255	%*		106	%		131	%		63	%		79	%

	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
Class I	Six Months Ended April 30, 2023 (Unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	9.95		$	12.57		$	11.49		$	11.25		$	10.63		$	11.27

Income (loss) from investment operations:
Net investment income (loss) (e)(x)		0.25			0.18			0.10			0.15			0.21			0.18
Net realized and unrealized gain (loss)		0.50			(1.45	)		1.92			0.70			0.91			(0.01	)

Total from investment operations		0.75			(1.27	)		2.02			0.85			1.12			0.17

Less distributions:
Dividends from net investment income		(0.25	)		(0.29	)		(0.15	)		(0.21	)		(0.20	)		(0.16	)
Distributions from net realized gains		(0.20	)		(1.06	)		(0.79	)		(0.40	)		(0.30	)		(0.65	)

Total dividends and distributions		(0.45	)		(1.35	)		(0.94	)		(0.61	)		(0.50	)		(0.81	)

Net asset value, end of period	$	10.25		$	9.95		$	12.57		$	11.49		$	11.25		$	10.63

Total return (b)		7.61	%		(11.10	)%		18.47	%		7.89	%		11.00	%		1.44	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	48,007		$	46,354		$	70,007		$	62,303		$	59,997		$	57,126
Ratio of expenses to average net assets:
After waivers (a)(f)		0.79	%		0.89	%(j)		0.91	%(k)		0.91	%(k)		0.90	%(k)		0.95	%(m)
Before waivers (a)(f)		1.27	%		1.40	%		1.23	%		1.36	%		1.42	%		1.41	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)(f)(x)		4.90	%		1.66	%		0.85	%		1.35	%		1.95	%		1.62	%
Before waivers (a)(f)(x)		4.43	%		1.15	%		0.53	%		0.89	%		1.43	%		1.16	%
Portfolio turnover rate^		118	%(z)		255	%*		106	%		131	%		63	%		79	%

See Notes to Financial Statements.

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

FINANCIAL HIGHLIGHTS (Continued)


	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
Class R	Six Months Ended April 30, 2023 (Unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	9.94		$	12.51		$	11.44		$	11.21		$	10.59		$	11.23

Income (loss) from investment operations:
Net investment income (loss) (e)(x)		0.22			0.13			0.04			0.09			0.15			0.12
Net realized and unrealized gain (loss)		0.50			(1.45	)		1.92			0.70			0.91			(0.01	)

Total from investment operations		0.72			(1.32	)		1.96			0.79			1.06			0.11

Less distributions:
Dividends from net investment income		(0.23	)		(0.19	)		(0.10	)		(0.16	)		(0.14	)		(0.10	)
Distributions from net realized gains		(0.20	)		(1.06	)		(0.79	)		(0.40	)		(0.30	)		(0.65	)

Total dividends and distributions		(0.43	)		(1.25	)		(0.89	)		(0.56	)		(0.44	)		(0.75	)

Net asset value, end of period	$	10.23		$	9.94		$	12.51		$	11.44		$	11.21		$	10.59

Total return (b)		7.30	%		(11.52	)%		17.87	%		7.30	%		10.46	%		0.93	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	174		$	168		$	199		$	179		$	168		$	156
Ratio of expenses to average net assets:
After waivers (a)(f)		1.29	%		1.39	%(j)		1.41	%(k)		1.41	%(k)		1.40	%(k)		1.45	%(m)
Before waivers (a)(f)		1.77	%		1.93	%		1.73	%		1.86	%		1.92	%		1.91	%
Ratio of net investment income (loss) to average net assets:
After waivers (a)(f)(x)		4.40	%		1.26	%		0.35	%		0.84	%		1.44	%		1.13	%
Before waivers (a)(f)(x)		3.93	%		0.72	%		0.03	%		0.39	%		0.93	%		0.67	%
Portfolio turnover rate^		118	%(z)		255	%*		106	%		131	%		63	%		79	%

*	The portfolio turnover rate calculation includes purchase and sales made as a result of the replacement of the sub-adviser.

^	Portfolio turnover rate excludes derivatives, if any.

(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.

(m)

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.

(x)

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

(z)

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

See Notes to Financial Statements.

1290 MULTI-ALTERNATIVE STRATEGIES FUND (Unaudited)



Table by Asset Class (as a percentage of Total Investments in Securities)

As of April 30, 2023
Alternatives	30.2	%
Fixed Income	27.1
Equity	20.5
Commodity	12.6
Repurchase Agreements	9.6



Top 10 Holdings (as a percentage of Total Investments in Securities)

As of April 30, 2023
iShares Convertible Bond ETF	13.6	%
Vanguard Short-Term Inflation-Protected Securities ETF	13.5
IQ Merger Arbitrage ETF	13.2
iMGP DBi Managed Futures Strategy ETF	12.1
JPMorgan Equity Premium Income ETF	7.9
Invesco DB Precious Metals Fund	6.3
Vanguard Global ex-U.S. Real Estate ETF	6.3
iShares Core US REIT ETF	6.2
Deutsche Bank Securities, Inc.	6.1
ProShares Long Online/Short Stores ETF	5.0
Holdings are subject to change without notice.

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Fund, you incur two types of costs:

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended April 30, 2023 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE



	Beginning Account Value 11/1/22		Ending Account Value 4/30/23		Expenses Paid During Period* 11/1/22 - 4/30/23
Class A
Actual		$1,000.00		$1,016.00		$5.50
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.34		5.51
Class I
Actual		1,000.00		1,017.50		4.25
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.58		4.26
Class R
Actual		1,000.00		1,013.40		6.74
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.10		6.76

* Expenses are equal to the Fund’s A, I and R shares annualized expense ratio of 1.10%, 0.85% and 1.35%, respectively, multiplied by the average account value over the period, and multiplied by 181/365 (to reflect the one-half year period).

1290 FUNDS

1290 MULTI-ALTERNATIVE STRATEGIES FUND

PORTFOLIO OF INVESTMENTS

April 30, 2023 (Unaudited)



	Number of Shares		Value (Note 1)
EXCHANGE TRADED FUNDS (ETF):
Alternatives (33.1%)
iMGP DBi Managed Futures Strategy ETF		65,340	$	1,735,430
IQ Merger Arbitrage ETF*		59,730		1,894,636
ProShares Long Online/Short Stores ETF*‡		23,310		718,640
ProShares RAFI Long/Short, Escrow Shares (r)*		19,010		—

Total Alternatives				4,348,706

Commodity (13.8%)
Invesco DB Agriculture Fund		22,300		467,185
Invesco DB Energy Fund		21,350		432,551
Invesco DB Precious Metals Fund		17,600		912,072

Total Commodity				1,811,808

Equity (22.3%)
iShares Core US REIT ETF		17,640		896,288
JPMorgan Equity Premium Income ETF (x)		20,530		1,137,362
Vanguard Global ex-U.S. Real Estate ETF (x)		21,460		906,256

Total Equity				2,939,906

Fixed Income (29.7%)
iShares Convertible Bond ETF		27,450		1,959,107
Vanguard Short-Term Inflation-Protected Securities ETF		40,600		1,942,304

Total Fixed Income				3,901,411

Total Exchange Traded Funds (98.9%) (Cost $14,437,471)				13,001,831


	Principal Amount		Value (Note 1)
SHORT-TERM INVESTMENTS:
Repurchase Agreements (10.5%)
Deutsche Bank Securities, Inc., 4.78%, dated 4/28/23, due 5/1/23, repurchase price $870,614, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 8/15/23-5/15/43; total market value $887,672. (xx)	$	870,267		870,267
Santander US Capital Markets LLC, 4.81%, dated 4/28/23, due 5/1/23, repurchase price $512,380, collateralized by various Corporate Bonds, 4.250%, maturing 5/25/33, U.S. Government Agency Securities, ranging from 1.101%-5.453%, maturing 8/25/30-11/20/69; total market value $522,628. (xx)		512,175		512,175

Total Repurchase Agreements				1,382,442

Total Short-Term Investments (10.5%) (Cost $1,382,442)				1,382,442

Total Investments in Securities (109.4%) (Cost $15,819,913)				14,384,273
Other Assets Less Liabilities (-9.4%)				(1,243,568	)

Net Assets (100%)			$	13,140,705

*	Non-income producing.

‡	All, or a portion, of the security is an affiliated company as defined under the Investment Company Act of 1940.

(r)

Fair value determined using significant unobservable inputs.

(x)

All or a portion of security is on loan at April 30, 2023.

(xx)

At April 30, 2023, the Fund had loaned securities with a total value of $1,365,301. This was collateralized by cash of $1,382,442 which was subsequently invested in joint repurchase agreements as detailed in the Notes to the Financial Statements.

Glossary:

REIT

— Real Estate Investment Trust

Investments in companies which were affiliates for the six months ended April 30, 2023, were as follows:


Security Description	Shares at April 30, 2023		Market Value October 31, 2022 ($)		Purchases at Cost ($)		Proceeds from Sales ($)			Net Realized Gain (Loss) ($)			Change in Unrealized Appreciation/ (Depreciation) ($)		Market Value April 30, 2023 ($)		Dividend/ Interest Income ($)		Capital Gain Distributions ($)
EXCHANGE TRADED FUNDS (ETF):
Alternatives
ProShares Long Online/Short Stores ETF,*		23,310		739,937		—		(63,086	)		(80,924	)		122,713		718,640		—		—

**	Not affiliated at October 31, 2022.

See Notes to Financial Statements.

1290 FUNDS

1290 MULTI-ALTERNATIVE STRATEGIES FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2023 (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, 2023:

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	$	13,001,831	$	—	$	—	(a)	$	13,001,831
Short-Term Investments
Repurchase Agreements		—		1,382,442		—			1,382,442

Total Assets	$	13,001,831	$	1,382,442	$	—		$	14,384,273

Total Liabilities	$	—	$	—	$	—		$	—

Total	$	13,001,831	$	1,382,442	$	—		$	14,384,273

(a)

Value is zero

The Fund held no derivatives contracts during the six months ended April 30, 2023.

Investment security transactions for the six months ended April 30, 2023 were as follows:


Cost of Purchases:
Long-term investments other than U.S. government debt securities	$	5,276,589
Net Proceeds of Sales and Redemptions:
Long-term investments other than U.S. government debt securities	$	4,913,239


Aggregate gross unrealized appreciation	$	166,778
Aggregate gross unrealized depreciation		(1,742,353	)

Net unrealized depreciation	$	(1,575,575	)

Federal income tax cost of investments in securities and derivative instruments, if applicable	$	15,959,848

See Notes to Financial Statements.

1290 FUNDS

1290 MULTI-ALTERNATIVE STRATEGIES FUND

STATEMENT OF ASSETS AND LIABILITIES

April 30, 2023 (Unaudited)



ASSETS
Investments in Securities, at value (x)
Affiliated Issuers (Cost $1,159,699)	$	718,640
Unaffiliated Issuers (Cost $13,277,772)		12,283,191
Repurchase Agreements (Cost $1,382,442)		1,382,442
Cash		103,235
Receivable for Fund shares sold		51,817
Prepaid registration and filing fees		13,454
Receivable from investment adviser		2,165
Securities lending income receivable		921

Total assets		14,555,865

LIABILITIES
Payable for return of collateral on securities loaned		1,382,442
Transfer agent fees payable		3,814
Payable for Fund shares repurchased		166
Trustees’ fees payable		103
Distribution fees payable – Class A		79
Distribution fees payable – Class R		53
Accrued expenses		28,503

Total liabilities		1,415,160

NET ASSETS	$	13,140,705

Net assets were comprised of:
Paid in capital	$	15,330,554
Total distributable earnings (loss)		(2,189,849	)

Net assets	$	13,140,705

Class A
Net asset value and redemption price per share, $383,243 / 44,240 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.66
Maximum sales charge (5.50% of offering price)		0.50

Maximum offering price per share	$	9.16

Class I
Net asset value, offering and redemption price per share, $12,633,392 / 1,457,236 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.67

Class R
Net asset value, offering and redemption price per share, $124,070 / 14,386 shares outstanding (unlimited amount authorized: $0.001 par value)	$	8.62

(x)

Includes value of securities on loan of $1,365,301.

STATEMENT OF OPERATIONS

For the Six Months Ended April 30, 2023 (Unaudited)



INVESTMENT INCOME
Dividends	$	148,948
Interest		1,807
Securities lending (net)		6,080

Total income		156,835

EXPENSES
Investment advisory fees		31,574
Professional fees		23,120
Registration and filing fees		15,619
Transfer agent fees		13,643
Administrative fees		9,472
Printing and mailing expenses		6,622
Custodian fees		2,801
Distribution fees – Class A		503
Distribution fees – Class R		328
Trustees’ fees		208
Miscellaneous		3,000

Gross expenses		106,890
Less: Waiver from investment adviser		(41,046	)
Reimbursement from investment adviser		(11,342	)

Net expenses		54,502

NET INVESTMENT INCOME (LOSS)		102,333

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on investments in securities ($(80,924) realized gain (loss) from affiliates)		(311,662	)
Net change in unrealized appreciation (depreciation) on investments in securities ($122,713 of change in unrealized appreciation (depreciation) from affiliates)		430,354

NET REALIZED AND UNREALIZED GAIN (LOSS)		118,692

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	221,025

See Notes to Financial Statements.

1290 FUNDS

1290 MULTI-ALTERNATIVE STRATEGIES FUND

STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	102,333		$	251,984
Net realized gain (loss)		(311,662	)		(229,458	)
Net change in unrealized appreciation (depreciation)		430,354			(2,219,996	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		221,025			(2,197,470	)

Distributions to shareholders:
Class A		(11,013	)		(61,473	)
Class I		(335,910	)		(1,528,806	)
Class R		(2,987	)		(14,470	)

Total distributions to shareholders		(349,910	)		(1,604,749	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 66 and 1,395 shares, respectively ]		567			12,851
Capital shares issued in reinvestment of dividends [ 1,008 and 5,213 shares, respectively ]		8,798			51,140
Capital shares repurchased [ (7,134) and (15,796) shares , respectively]		(61,896	)		(152,199	)

Total Class A transactions		(52,531	)		(88,208	)

Class I
Capital shares sold [ 173,618 and 167,874 shares, respectively ]		1,509,176			1,614,312
Capital shares issued in reinvestment of dividends [ 10,989 and 50,070 shares, respectively ]		95,937			491,182
Capital shares repurchased [ (104,634) and (262,372) shares , respectively]		(917,546	)		(2,468,330	)

Total Class I transactions		687,567			(362,836	)

Class R
Capital shares sold [ 794 and 3,306 shares, respectively ]		6,857			30,745
Capital shares issued in reinvestment of dividends [ 116 and 449 shares, respectively ]		1,005			4,393
Capital shares repurchased [ (1,588) and (5,334) shares , respectively]		(13,722	)		(52,577	)

Total Class R transactions		(5,860	)		(17,439	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		629,176			(468,483	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		500,291			(4,270,702	)
NET ASSETS:
Beginning of period		12,640,414			16,911,116

End of period	$	13,140,705		$	12,640,414

See Notes to Financial Statements.

1290 FUNDS

1290 MULTI-ALTERNATIVE STRATEGIES FUND

FINANCIAL HIGHLIGHTS


	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
Class A	Six Months Ended April 30, 2023 (Unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	8.74		$	11.27		$	9.92		$	10.32		$	10.02		$	10.21

Income (loss) from investment operations:
Net investment income (loss) (e)(x)		0.07			0.15			0.26			0.10			0.11			0.04
Net realized and unrealized gain (loss)		0.07			(1.65	)		1.15			(0.30	)		0.28			(0.19	)

Total from investment operations		0.14			(1.50	)		1.41			(0.20	)		0.39			(0.15	)

Less distributions:
Dividends from net investment income		(0.22	)		(0.16	)		(0.06	)		(0.20	)		(0.04	)		—
Distributions from net realized gains		—			(0.87	)		—			—			(0.05	)		(0.04	)

Total dividends and distributions		(0.22	)		(1.03	)		(0.06	)		(0.20	)		(0.09	)		(0.04	)

Net asset value, end of period	$	8.66		$	8.74		$	11.27		$	9.92		$	10.32		$	10.02

Total return (b)		1.60	%		(14.28	)%		14.24	%		(2.01	)%		3.98	%		(1.49	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	383		$	440		$	670		$	556		$	627		$	827
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		1.10	%		1.10	%		1.13	%(j)		1.06	%***(k)		1.07	%**(m)		1.03	%(n)
Before waivers and reimbursements (a)(f)		1.93	%		1.86	%		1.78	%		1.97	%		1.89	%		1.79	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)(f)		1.52	%(x)		1.55	%		2.34	%(x)		1.03	%(x)		1.12	%(x)		0.39	%(x)
Before waivers and reimbursements (a)(f)		0.70	%(x)		0.79	%		1.69	%(x)		0.12	%(x)		0.30	%(x)		(0.37	)%(x)
Portfolio turnover rate^		39	%(z)		26	%		66	%		15	%		8	%		5	%

	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
Class I	Six Months Ended April 30, 2023 (Unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	8.76		$	11.29		$	9.94		$	10.34		$	10.04		$	10.23

Income (loss) from investment operations:
Net investment income (loss) (e)(x)		0.07			0.17			0.27			0.13			0.13			0.07
Net realized and unrealized gain (loss)		0.08			(1.64	)		1.16			(0.31	)		0.29			(0.20	)

Total from investment operations		0.15			(1.47	)		1.43			(0.18	)		0.42			(0.13	)

Less distributions:
Dividends from net investment income		(0.24	)		(0.19	)		(0.08	)		(0.22	)		(0.07	)		(0.02	)
Distributions from net realized gains		—			(0.87	)		—			—			(0.05	)		(0.04	)

Total dividends and distributions		(0.24	)		(1.06	)		(0.08	)		(0.22	)		(0.12	)		(0.06	)

Net asset value, end of period	$	8.67		$	8.76		$	11.29		$	9.94		$	10.34		$	10.04

Total return (b)		1.75	%		(14.04	)%		14.48	%		(1.76	)%		4.25	%		(1.25	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	12,633		$	12,070		$	16,054		$	13,776		$	17,783		$	18,151
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		0.85	%		0.85	%		0.88	%(j)		0.81	%***(k)		0.82	%**(m)		0.78	%(n)
Before waivers and reimbursements (a)(f)		1.68	%		1.61	%		1.53	%		1.71	%		1.63	%		1.54	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)(f)		1.63	%(x)		1.75	%		2.45	%(x)		1.36	%(x)		1.32	%(x)		0.66	%(x)
Before waivers and reimbursements (a)(f)		0.80	%(x)		0.99	%		1.80	%(x)		0.46	%(x)		0.50	%(x)		(0.11	)%(x)
Portfolio turnover rate^		39	%(z)		26	%		66	%		15	%		8	%		5	%

See Notes to Financial Statements.

1290 FUNDS

1290 MULTI-ALTERNATIVE STRATEGIES FUND

FINANCIAL HIGHLIGHTS (Continued)


	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
Class R	Six Months Ended April 30, 2023 (Unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	8.70		$	11.21		$	9.87		$	10.27		$	9.97		$	10.19

Income (loss) from investment operations:
Net investment income (loss) (e)(x)		0.05			0.12			0.21			0.06			0.08			0.03
Net realized and unrealized gain (loss)		0.07			(1.62	)		1.16			(0.29	)		0.29			(0.21	)

Total from investment operations		0.12			(1.50	)		1.37			(0.23	)		0.37			(0.18	)

Less distributions:
Dividends from net investment income		(0.20	)		(0.14	)		(0.03	)		(0.17	)		(0.02	)		—
Distributions from net realized gains		—			(0.87	)		—			—			(0.05	)		(0.04	)

Total dividends and distributions		(0.20	)		(1.01	)		(0.03	)		(0.17	)		(0.07	)		(0.04	)

Net asset value, end of period	$	8.62		$	8.70		$	11.21		$	9.87		$	10.27		$	9.97

Total return (b)		1.34	%		(14.39	)%		13.95	%		(2.27	)%		3.74	%		(1.79	)%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	124		$	131		$	187		$	136		$	116		$	105
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		1.35	%		1.35	%		1.38	%(j)		1.31	%***(k)		1.32	%**(m)		1.26	%(n)
Before waivers and reimbursements (a)(f)		2.18	%		2.11	%		2.03	%		2.23	%		2.13	%		2.02	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)(f)		1.14	%(x)		1.25	%		1.96	%(x)		0.65	%(x)		0.78	%(x)		0.27	%(x)
Before waivers and reimbursements (a)(f)		0.31	%(x)		0.48	%		1.31	%(x)		(0.26	)%(x)		(0.04	)%(x)		(0.49	)%(x)
Portfolio turnover rate^		39	%(z)		26	%		66	%		15	%		8	%		5	%

**	Includes Tax expense of 0.04%.

***	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.

(m)

Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.69% for Class A, 1.44% for Class I and 1.94% for Class R.

(n)

Including direct and indirect expenses, the net expense ratio after waivers and reimbursements would be 1.65% for Class A, 1.40% for Class I and 1.90% for Class R.

(x)

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

(z)

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

See Notes to Financial Statements.

1290 RETIREMENT 2020 FUND (Unaudited)



Table by Asset Class (as a percentage of Total Investments in Securities) As of April 30, 2023
Fixed Income	54.0	%
Equity	45.9
Investment Company	0.1



Top 10 Holdings (as a percentage of Total Investments in Securities) As of April 30, 2023
iShares Core U.S. Aggregate Bond ETF	30.9	%
iShares Core S&P Total US Stock Market ETF	16.4
iShares TIPS Bond ETF	8.1
Vanguard Short-Term Bond ETF	6.7
iShares Core MSCI EAFE ETF	6.0
Invesco S&P 500 Low Volatility ETF	5.5
iShares MSCI USA Min Vol Factor ETF	5.4
Vanguard Total International Bond ETF	4.3
iShares Broad USD High Yield Corporate Bond ETF	4.0
iShares MSCI EAFE Min Vol Factor ETF	3.1
Holdings are subject to change without notice.

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Fund, you incur two types of costs:

(1) transaction costs, including applicable sales charges and redemption fees; and (2) ongoing costs, including investment advisory fees, distribution and/or service (12b-1) fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended April 30, 2023 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE



	Beginning Account Value 11/1/22		Ending Account Value 4/30/23		Expenses Paid During Period* 11/1/22 - 4/30/23
Class I
Actual	$	1,000.00	$	1,070.10	$	2.85
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.04		2.78

* Expenses are equal to the Fund’s I shares annualized expense ratio of 0.56%, multiplied by the average account value over the period, and multiplied by 181/365 (to reflect the one-half year period).

1290 FUNDS

1290 RETIREMENT 2020 FUND

PORTFOLIO OF INVESTMENTS

April 30, 2023 (Unaudited)



	Number of Shares		Value (Note 1)

EXCHANGE TRADED FUNDS (ETF):
Equity (45.6%)
Invesco S&P 500 Low Volatility ETF		7,190	$	459,729
Invesco S&P Emerging Markets Low Volatility ETF		1,480		34,854
Invesco S&P International Developed Low Volatility ETF		8,670		245,101
Invesco S&P MidCap Low Volatility ETF		4,660		243,951
Invesco S&P SmallCap Low Volatility ETF		2,100		85,197
iShares Core MSCI EAFE ETF		7,260		499,270
iShares Core MSCI Emerging Markets ETF		1,500		72,870
iShares Core S&P Total US Stock Market ETF		14,970		1,369,306
iShares MSCI EAFE Min Vol Factor ETF		3,640		256,110
iShares MSCI Emerging Markets Min Vol Factor ETF		720		40,118
iShares MSCI USA Min Vol Factor ETF		6,090		449,564
SPDR SSGA US Small Cap Low Volatility Index ETF		870		87,966

Total Equity				3,844,036

Fixed Income (53.6%)
iShares Broad USD High Yield Corporate Bond ETF		9,320		330,301
iShares Core U.S. Aggregate Bond ETF		25,850		2,583,966
iShares TIPS Bond ETF		6,140		676,505
Vanguard Short-Term Bond ETF		7,360		564,070
Vanguard Total International Bond ETF		7,330		358,804

Total Fixed Income				4,513,646

Total Exchange Traded Funds (99.2%) (Cost $8,452,171)				8,357,682


SHORT-TERM INVESTMENT:
Investment Company (0.1%)
JPMorgan Prime Money Market Fund, IM Shares 5.07% (7 day yield)		7,142	$	7,144

Total Short-Term Investment (0.1%) (Cost $7,144)				7,144

Total Investments in Securities (99.3%) (Cost $8,459,315)				8,364,826
Other Assets Less Liabilities (0.7%)				63,915

Net Assets (100%)			$	8,428,741

Glossary:

TIPS

— Treasury Inflation Protected Security

See Notes to Financial Statements.

1290 FUNDS

1290 RETIREMENT 2020 FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2023 (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, 2023:

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



Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Fund’s own assumptions in determining the fair value of investments)		Total
Assets:
Exchange Traded Funds
Exchange Traded Funds	$	8,357,682	$	—	$	—	$	8,357,682
Short-Term Investment
Investment Company		7,144		—		—		7,144

Total Assets	$	8,364,826	$	—	$	—	$	8,364,826

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	8,364,826	$	—	$	—	$	8,364,826

The Fund held no derivatives contracts during the six months ended April 30, 2023.

Investment security transactions for the six months ended April 30, 2023 were as follows:


Cost of Purchases:
Long-term investments other than U.S. government debt securities	$	263,432
Net Proceeds of Sales and Redemptions:
Long-term investments other than U.S. government debt securities	$	251,677


Aggregate gross unrealized appreciation	$	499,046
Aggregate gross unrealized depreciation		(653,089	)

Net unrealized depreciation	$	(154,043	)

Federal income tax cost of investments in securities and derivative instruments, if applicable	$	8,518,869

See Notes to Financial Statements.

1290 FUNDS

1290 RETIREMENT 2020 FUND

STATEMENT OF ASSETS AND LIABILITIES

April 30, 2023 (Unaudited)


ASSETS
Investments in Securities, at value (Cost $8,459,315)	$	8,364,826
Cash		75,000
Prepaid registration and filing fees		14,160
Receivable from investment adviser		4,131
Receivable for Fund shares sold		2,520
Securities lending income receivable		321
Dividends, interest and other receivables		40

Total assets		8,460,998

LIABILITIES
Transfer agent fees payable		3,053
Trustees’ fees payable		87
Accrued expenses		29,117

Total liabilities		32,257

NET ASSETS	$	8,428,741

Net assets were comprised of:
Paid in capital	$	8,539,690
Total distributable earnings (loss)		(110,949	)

Net assets	$	8,428,741

Class I
Net asset value, offering and redemption price per share, $8,428,741 / 841,415 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.02

STATEMENT OF OPERATIONS

For the Six Months Ended April 30, 2023 (Unaudited)


INVESTMENT INCOME
Dividends	$	94,914
Interest		898
Securities lending (net)		3,928

Total income		99,740

EXPENSES
Professional fees		21,869
Investment advisory fees		20,164
Registration and filing fees		9,692
Printing and mailing expenses		6,073
Administrative fees		6,050
Transfer agent fees		5,554
Custodian fees		2,480
Trustees’ fees		132
Miscellaneous		2,435

Gross expenses		74,449
Less: Waiver from investment adviser		(26,214	)
Reimbursement from investment adviser		(25,828	)

Net expenses		22,407

NET INVESTMENT INCOME (LOSS)		77,333

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on investments in securities		20,387
Net change in unrealized appreciation (depreciation) on investments in securities		457,516

NET REALIZED AND UNREALIZED GAIN (LOSS)		477,903

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	555,236

STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	77,333		$	210,786
Net realized gain (loss)		20,387			560,795
Net change in unrealized appreciation (depreciation)		457,516			(2,153,728	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		555,236			(1,382,147	)

Distributions to shareholders:
Class I		(774,969	)		(629,769	)

CAPITAL SHARES TRANSACTIONS:
Class I
Capital shares sold [ 29,233 and 128,678 shares, respectively ]		289,793			1,497,807
Capital shares issued in reinvestment of dividends and distributions [ 66,431 and 39,292 shares, respectively ]		653,020			473,869
Capital shares repurchased [ (19,819) and (418,154) shares , respectively]		(199,394	)		(4,864,426	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		743,419			(2,892,750	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		523,686			(4,904,666	)
NET ASSETS:
Beginning of period		7,905,055			12,809,721

End of period	$	8,428,741		$	7,905,055

See Notes to Financial Statements.

1290 FUNDS

1290 RETIREMENT 2020 FUND

FINANCIAL HIGHLIGHTS


Class I	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
Class I	Six Months Ended April 30, 2023 (Unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	10.33		$	12.61		$	11.3		$	11.57		$	10.49		$	10.66

Income (loss) from investment operations:
Net investment income (loss) (e)(x)		0.10			0.25			0.17			0.22			0.23			0.20
Net realized and unrealized gain (loss)		0.61			(1.91	)		1.6			(0.10	)		1.05			(0.17	)

Total from investment operations		0.71			(1.66	)		1.77			0.12			1.28			0.03

Less distributions:
Dividends from net investment income		(0.27	)		(0.15	)		(0.20	)		(0.24	)		(0.15	)		(0.18	)
Distributions from net realized gains		(0.75	)		(0.47	)		(0.26	)		(0.15	)		(0.05	)		(0.02	)

Total dividends and distributions		(1.02	)		(0.62	)		(0.46	)		(0.39	)		(0.20	)		(0.20	)

Net asset value, end of period	$	10.02		$	10.33		$	12.61		$	11.30		$	11.57		$	10.49

Total return (b)		7.01	%		(13.85	)%		15.99	%		1.03	%		12.37	%		0.24	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	8,429		$	7,905		$	12810		$	12,168		$	10,791		$	7,659
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		0.56	%(j)		0.55	%(j)		0.54	%(j)		0.53	%**(j)		0.54	%(j)		0.53	%(j)
Before waivers and reimbursements (a)(f)		1.85	%		1.86	%		1.60	%		1.93	%		2.09	%		3.93	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)(f)(x)		1.92	%		2.18	%		1.38	%		1.95	%		2.10	%		1.88	%
Before waivers and reimbursements (a)(f)(x)		0.63	%		0.87	%		0.31	%		0.56	%		0.55	%		(1.52	)%
Portfolio turnover rate^		3	%(z)		13	%		17	%		32	%		18	%		8	%

**	Includes tax expense of less than 0.005%.

^	Portfolio turnover rate excludes derivatives, if any.

(a)

Ratios for periods less than one year are annualized.

(b)

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

(e)

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

(f)

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

(j)

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

(x)

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

(z)

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

See Notes to Financial Statements.

1290 RETIREMENT 2025 FUND (Unaudited)



Table by Asset Class (as a percentage of Total Investments in Securities) As of April 30, 2023
Equity	55.2	%
Fixed Income	44.1
Investment Company	0.4
Repurchase Agreements	0.3



Top 10 Holdings (as a percentage of Total Investments in Securities) As of April 30, 2023
iShares Core U.S. Aggregate Bond ETF	28.2	%
iShares Core S&P Total US Stock Market ETF	19.3
iShares Core MSCI EAFE ETF	6.7
iShares TIPS Bond ETF	6.6
iShares MSCI USA Min Vol Factor ETF	6.2
Invesco S&P 500 Low Volatility ETF	6.2
Vanguard Short-Term Bond ETF	3.6
iShares MSCI EAFE Min Vol Factor ETF	3.5
Invesco S&P MidCap Low Volatility ETF	3.4
Invesco S&P International Developed Low Volatility ETF	3.3
Holdings are subject to change without notice.

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Fund, you incur two types of costs:

(1) transaction costs, including applicable sales charges and redemption fees; and (2) ongoing costs, including investment advisory fees, distribution and/or service (12b-1) fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended April 30, 2023 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE



	Beginning Account Value 11/1/22		Ending Account Value 4/30/23		Expenses Paid During Period* 11/1/22 - 4/30/23
Class I
Actual	$	1,000.00	$	1,073.40	$	2.83
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.07		2.76

* Expenses are equal to the Fund’s I shares annualized expense ratio of 0.55%, multiplied by the average account value over the period, and multiplied by 181/365 (to reflect the one-half year period).

1290 FUNDS

1290 RETIREMENT 2025 FUND

PORTFOLIO OF INVESTMENTS

April 30, 2023 (Unaudited)



	Number of Shares		Value (Note 1)

EXCHANGE TRADED FUNDS (ETF):
Equity (55.1%)
Invesco S&P 500 Low Volatility ETF		18,600	$	1,189,284
Invesco S&P Emerging Markets Low Volatility ETF		6,180		145,539
Invesco S&P International Developed Low Volatility ETF		22,610		639,185
Invesco S&P MidCap Low Volatility ETF (x)		12,450		651,758
Invesco S&P SmallCap Low Volatility ETF		7,630		309,549
iShares Core MSCI EAFE ETF		18,730		1,288,062
iShares Core MSCI Emerging Markets ETF		6,180		300,225
iShares Core S&P Total US Stock Market ETF		40,400		3,695,388
iShares MSCI EAFE Min Vol Factor ETF		9,440		664,198
iShares MSCI Emerging Markets Min Vol Factor ETF		2,950		164,374
iShares MSCI USA Min Vol Factor ETF		16,170		1,193,669
SPDR SSGA US Small Cap Low Volatility Index ETF		3,090		312,432

Total Equity				10,553,663

Fixed Income (44.1%)
iShares Broad USD High Yield Corporate Bond ETF		15,650		554,636
iShares Core U.S. Aggregate Bond ETF		53,990		5,396,840
iShares TIPS Bond ETF		11,530		1,270,375
Vanguard Short-Term Bond ETF		8,870		679,797
Vanguard Total International Bond ETF		11,160		546,282

Total Fixed Income				8,447,930

Total Exchange Traded Funds (99.2%) (Cost $18,722,659)				19,001,593

SHORT-TERM INVESTMENTS:
Investment Company (0.4%)
JPMorgan Prime Money Market Fund, IM Shares 5.07% (7 day yield)		85,723		85,749

	Principal Amount		Value (Note 1)

Repurchase Agreements (0.3%)
Deutsche Bank Securities, Inc., 4.78%, dated 4/28/23, due 5/1/23, repurchase price $3,251, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 8/15/23-5/15/43; total market value $3,315. (xx)	$	3,250		3,250

Santander US Capital Markets LLC, 4.81%, dated 4/28/23, due 5/1/23, repurchase price $50,020, collateralized by various Corporate Bonds, 4.250%, maturing 5/25/33, U.S. Government Agency Securities, ranging from 1.101%-5.453%, maturing 8/25/30-11/20/69; total market value $51,020. (xx)		50,000		50,000

Total Repurchase Agreements				53,250

Total Short-Term Investments (0.7%) (Cost $138,999)				138,999

Total Investments in Securities (99.9%) (Cost $18,861,658)				19,140,592
Other Assets Less Liabilities (0.1%)				10,740

Net Assets (100%)			$	19,151,332

(x)

All or a portion of security is on loan at April 30, 2023.

(xx)

At April 30, 2023, the Fund had loaned securities with a total value of $52,350. This was collateralized by cash of $53,250 which was subsequently invested in joint repurchase agreements as detailed in the Notes to the Financial Statements.

Glossary:

TIPS

— Treasury Inflation Protected Security

See Notes to Financial Statements.

1290 FUNDS

1290 RETIREMENT 2025 FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2023 (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, 2023:

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	$	19,001,593	$	—	$	—	$	19,001,593
Short-Term Investments
Investment Company		85,749		—		—		85,749
Repurchase Agreements		—		53,250		—		53,250

Total Assets	$	19,087,342	$	53,250	$	—	$	19,140,592

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	19,087,342	$	53,250	$	—	$	19,140,592

The Fund held no derivatives contracts during the six months ended April 30, 2023.

Investment security transactions for the six months ended April 30, 2023 were as follows:


Cost of Purchases:
Long-term investments other than U.S. government debt securities	$	1,715,529
Net Proceeds of Sales and Redemptions:
Long-term investments other than U.S. government debt securities	$	325,559


Aggregate gross unrealized appreciation	$	1,346,888
Aggregate gross unrealized depreciation		(1,209,319	)

Net unrealized appreciation	$	137,569

Federal income tax cost of investments in securities and derivative instruments, if applicable	$	19,003,023

See Notes to Financial Statements.

1290 FUNDS

1290 RETIREMENT 2025 FUND

STATEMENT OF ASSETS AND LIABILITIES

April 30, 2023 (Unaudited)


ASSETS
Investments in Securities, at value (x)
Unaffiliated Issuers (Cost $18,808,408)	$	19,087,342
Repurchase Agreements (Cost $53,250)		53,250
Cash		75,000
Prepaid registration and filing fees		14,478
Receivable for Fund shares sold		6,894
Dividends, interest and other receivables		957
Receivable from investment adviser		246
Securities lending income receivable		241

Total assets		19,238,408

LIABILITIES
Payable for return of collateral on securities loaned		53,250
Transfer agent fees payable		2,477
Trustees’ fees payable		143
Accrued expenses		31,206

Total liabilities		87,076

NET ASSETS	$	19,151,332

Net assets were comprised of:
Paid in capital	$	18,913,769
Total distributable earnings (loss)		237,563

Net assets	$	19,151,332

Class I
Net asset value, offering and redemption price per share, $19,151,332 / 1,786,086 shares outstanding (unlimited amount authorized: $0.001 par value)	$	10.72

(x)

Includes value of securities on loan of $52,350.

STATEMENT OF OPERATIONS

For the Six Months Ended April 30, 2023 (Unaudited)


INVESTMENT INCOME
Dividends	$	197,050
Interest		1,336
Securities lending (net)		11,567

Total income		209,953

EXPENSES
Investment advisory fees		43,362
Professional fees		24,354
Administrative fees		13,009
Registration and filing fees		10,036
Printing and mailing expenses		7,176
Transfer agent fees		5,405
Custodian fees		2,827
Trustees’ fees		282
Miscellaneous		3,150

Gross expenses		109,601
Less: Waiver from investment adviser		(56,371	)
Reimbursement from investment adviser		(5,515	)

Net expenses		47,715

NET INVESTMENT INCOME (LOSS)		162,238

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on investments in securities		49,763
Net change in unrealized appreciation (depreciation) on investments in securities		1,028,629

NET REALIZED AND UNREALIZED GAIN (LOSS)		1,078,392

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	1,240,630

STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	162,238		$	385,185
Net realized gain (loss)		49,763			713,851
Net change in unrealized appreciation (depreciation)		1,028,629			(4,000,791	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		1,240,630			(2,901,755	)

Distributions to shareholders:
Class I		(1,124,759	)		(1,149,434	)

CAPITAL SHARES TRANSACTIONS:
Class I
Capital shares sold [ 177,500 and 178,296 shares, respectively ]		1,883,837			2,067,080
Capital shares issued in reinvestment of dividends and distributions [ 107,018 and 91,808 shares, respectively ]		1,124,759			1,149,434
Capital shares repurchased [ (52,894) and (511,840) shares , respectively]		(570,363	)		(6,148,922	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		2,438,233			(2,932,408	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		2,554,104			(6,983,597	)
NET ASSETS:
Beginning of period		16,597,228			23,580,825

End of period	$	19,151,332		$	16,597,228

See Notes to Financial Statements.

1290 FUNDS

1290 RETIREMENT 2025 FUND

FINANCIAL HIGHLIGHTS


Class I	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
Class I	Six Months Ended April 30, 2023 (Unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	10.68		$	13.13		$	11.42		$	11.81		$	10.62		$	10.75

Income (loss) from investment operations:
Net investment income (loss) (e)(x)		0.10			0.23			0.17			0.21			0.22			0.21
Net realized and unrealized gain (loss)		0.67			(2.00	)		1.96			(0.15	)		1.14			(0.14	)

Total from investment operations		0.77			(1.77	)		2.13			0.06			1.36			0.07

Less distributions:
Dividends from net investment income		(0.25	)		(0.17	)		(0.20	)		(0.23	)		(0.14	)		(0.18	)
Distributions from net realized gains		(0.48	)		(0.51	)		(0.22	)		(0.22	)		(0.03	)		(0.02	)

Total dividends and distributions		(0.73	)		(0.68	)		(0.42	)		(0.45	)		(0.17	)		(0.20	)

Net asset value, end of period	$	10.72		$	10.68		$	13.13		$	11.42		$	11.81		$	10.62

Total return (b)		7.34	%		(14.20	)%		19.05	%		0.47	%		12.99	%		0.60	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	19,151		$	16,597		$	23,581		$	20,456		$	19,202		$	10,286
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		0.55	%(j)		0.55	%(j)		0.54	%(j)		0.54	%**(j)		0.54	%(j)		0.54	%(j)
Before waivers and reimbursements (a)(f)		1.26	%		1.26	%		1.18	%		1.43	%		1.58	%		3.23	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)(f)(x)		1.87	%		2.00	%		1.33	%		1.88	%		1.99	%		1.91	%
Before waivers and reimbursements (a)(f)(x)		1.16	%		1.29	%		0.68	%		0.99	%		0.95	%		(0.79	)%
Portfolio turnover rate^		2	%(z)		7	%		17	%		34	%		23	%		4	%

**	Includes tax expense of less than 0.005%.

^	Portfolio turnover rate excludes derivatives, if any.

(a)

Ratios for periods less than one year are annualized.

(b)

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

(e)

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

(f)

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

(j)

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

(x)

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

(z)

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

See Notes to Financial Statements.

1290 RETIREMENT 2030 FUND (Unaudited)



Table by Asset Class (as a percentage of Total Investments in Securities) As of April 30, 2023
Equity	64.7	%
Fixed Income	33.0
Repurchase Agreement	2.3



Top 10 Holdings (as a percentage of Total Investments in Securities) As of April 30, 2023
iShares Core U.S. Aggregate Bond ETF	25.5	%
iShares Core S&P Total US Stock Market ETF	22.3
iShares Core MSCI EAFE ETF	8.4
iShares MSCI USA Min Vol Factor ETF	7.3
Invesco S&P 500 Low Volatility ETF	7.3
iShares TIPS Bond ETF	4.9
iShares MSCI EAFE Min Vol Factor ETF	4.2
Invesco S&P International Developed Low Volatility ETF	4.2
Invesco S&P MidCap Low Volatility ETF	4.0
Deutsche Bank Securities, Inc.	2.3
Holdings are subject to change without notice.

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Fund, you incur two types of costs:

(1) transaction costs, including applicable sales charges and redemption fees; and (2) ongoing costs, including investment advisory fees, distribution and/or service (12b-1) fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended April 30, 2023 and held for the entire six-month period.

Actual Expenses

The first line of the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled ‘‘Expenses Paid During Period’’ to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

EXAMPLE



	Beginning Account Value 11/1/22		Ending Account Value 4/30/23		Expenses Paid During Period* 11/1/22 - 4/30/23
Class I
Actual		$1,000.00		$1,079.70		$2.82
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.09		2.74

* Expenses are equal to the Fund’s I shares annualized expense ratio of 0.55%, multiplied by the average account value over the period, and multiplied by 181/365 (to reflect the one-half year period).

1290 FUNDS

1290 RETIREMENT 2030 FUND

PORTFOLIO OF INVESTMENTS

April 30, 2023 (Unaudited)



	Number of Shares		Value (Note 1)

EXCHANGE TRADED FUNDS (ETF):
Equity (65.8%)
Invesco S&P 500 Low Volatility ETF (x)		10,690	$	683,519
Invesco S&P Emerging Markets Low Volatility ETF		3,790		89,254
Invesco S&P International Developed Low Volatility ETF		13,840		391,257
Invesco S&P MidCap Low Volatility ETF		7,110		372,208
Invesco S&P SmallCap Low Volatility ETF		3,880		157,412
iShares Core MSCI EAFE ETF		11,450		787,416
iShares Core MSCI Emerging Markets ETF		3,510		170,516
iShares Core S&P Total US Stock Market ETF		22,970		2,101,066
iShares MSCI EAFE Min Vol Factor ETF		5,660		398,238
iShares MSCI Emerging Markets Min Vol Factor ETF		1,690		94,167
iShares MSCI USA Min Vol Factor ETF		9,260		683,573
SPDR SSGA US Small Cap Low Volatility Index ETF		1,560		157,733

Total Equity				6,086,359

Fixed Income (33.6%)
iShares Broad USD High Yield Corporate Bond ETF		2,120		75,133
iShares Core U.S. Aggregate Bond ETF		24,010		2,400,039
iShares TIPS Bond ETF		4,220		464,960
Vanguard Short-Term Bond ETF		1,200		91,968
Vanguard Total International Bond ETF		1,490		72,935

Total Fixed Income				3,105,035

Total Exchange Traded Funds (99.4%) (Cost $9,456,209)				9,191,394

	Principal Amount		Value (Note 1)

SHORT-TERM INVESTMENT:
Repurchase Agreement (2.3%)
Deutsche Bank Securities, Inc., 4.78%, dated 4/28/23, due 5/1/23, repurchase price $214,889, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 8/15/23-5/15/43; total market value $219,099. (xx)	$	214,803		214,803

Total Short-Term Investment (2.3%) (Cost $214,803)				214,803

Total Investments in Securities (101.7%) (Cost $9,671,012)				9,406,197
Other Assets Less Liabilities (-1.7%)				(155,104	)

Net Assets (100%)			$	9,251,093

(x)

All or a portion of security is on loan at April 30, 2023.

(xx)

At April 30, 2023, the Fund had loaned securities with a total value of $210,490. This was collateralized by cash of $214,803 which was subsequently invested in joint repurchase agreements as detailed in the Notes to the Financial Statements.

Glossary:

TIPS

— Treasury Inflation Protected Security

See Notes to Financial Statements.

1290 FUNDS

1290 RETIREMENT 2030 FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2023 (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, 2023:

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	$	9,191,394	$	—	$	—	$	9,191,394
Short-Term Investment
Repurchase Agreement		—		214,803		—		214,803

Total Assets	$	9,191,394	$	214,803	$	—	$	9,406,197

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	9,191,394	$	214,803	$	—	$	9,406,197

The Fund held no derivatives contracts during the six months ended April 30, 2023.

Investment security transactions for the six months ended April 30, 2023 were as follows:


Cost of Purchases:
Long-term investments other than U.S. government debt securities	$	664,561
Net Proceeds of Sales and Redemptions:
Long-term investments other than U.S. government debt securities	$	563,864


Aggregate gross unrealized appreciation	$	170,196
Aggregate gross unrealized depreciation		(466,907	)

Net unrealized depreciation	$	(296,711	)

Federal income tax cost of investments in securities and derivative instruments, if applicable	$	9,702,908

See Notes to Financial Statements.

1290 FUNDS

1290 RETIREMENT 2030 FUND

STATEMENT OF ASSETS AND LIABILITIES

April 30, 2023 (Unaudited)


ASSETS
Investments in Securities, at value (x)
Unaffiliated Issuers (Cost $9,456,209)	$	9,191,394
Repurchase Agreements (Cost $214,803)		214,803
Cash		71,924
Prepaid registration and filing fees		14,183
Receivable from investment adviser		3,925
Receivable for Fund shares sold		1,469
Securities lending income receivable		213

Total assets		9,497,911

LIABILITIES
Payable for return of collateral on securities loaned		214,803
Transfer agent fees payable		2,971
Trustees’ fees payable		15
Accrued expenses		29,029

Total liabilities		246,818

NET ASSETS	$	9,251,093

Net assets were comprised of:
Paid in capital	$	9,520,831
Total distributable earnings (loss)		(269,738	)

Net assets	$	9,251,093

Class I
Net asset value, offering and redemption price per share, $9,251,093 / 833,198 shares outstanding (unlimited amount authorized: $0.001 par value)	$	11.10

(x)

Includes value of securities on loan of $210,490.

STATEMENT OF OPERATIONS

For the Six Months Ended April 30, 2023 (Unaudited)


INVESTMENT INCOME
Dividends	$	100,042
Interest		1,186
Securities lending (net)		3,750

Total income		104,978

EXPENSES
Investment advisory fees		22,829
Professional fees		22,161
Registration and filing fees		9,695
Administrative fees		6,849
Printing and mailing expenses		6,209
Transfer agent fees		5,504
Custodian fees		2,621
Trustees’ fees		149
Miscellaneous		2,384

Gross expenses		78,401
Less: Waiver from investment adviser		(29,678	)
Reimbursement from investment adviser		(23,777	)

Net expenses		24,946

NET INVESTMENT INCOME (LOSS)		80,032

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on investments in securities		10,716
Net change in unrealized appreciation (depreciation) on investments in securities		591,304

NET REALIZED AND UNREALIZED GAIN (LOSS)		602,020

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	682,052

STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	80,032		$	189,462
Net realized gain (loss)		10,716			513,771
Net change in unrealized appreciation (depreciation)		591,304			(2,171,060	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		682,052			(1,467,827	)

Distributions to shareholders:
Class I		(714,090	)		(251,074	)

CAPITAL SHARES TRANSACTIONS:
Class I
Capital shares sold [ 87,702 and 232,188 shares, respectively ]		966,965			2,932,089
Capital shares issued in reinvestment of dividends and distributions [ 55,551 and 13,805 shares, respectively ]		603,279			181,124
Capital shares repurchased [ (75,475) and (284,398) shares , respectively]		(815,122	)		(3,563,883	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		755,122			(450,670	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		723,084			(2,169,571	)
NET ASSETS:
Beginning of period		8,528,009			10,697,580

End of period	$	9,251,093		$	8,528,009

See Notes to Financial Statements.

1290 FUNDS

1290 RETIREMENT 2030 FUND

FINANCIAL HIGHLIGHTS


	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
Class I	Six Months Ended April 30, 2023 (Unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	11.14		$	13.31		$	11.57		$	11.89		$	10.69		$	10.80

Income (loss) from investment operations:
Net investment income (loss) (e)(x)		0.10			0.24			0.16			0.22			0.22			0.20
Net realized and unrealized gain (loss)		0.77			(2.13	)		2.30			(0.30	)		1.20			(0.12	)

Total from investment operations		0.87			(1.89	)		2.46			(0.08	)		1.42			0.08

Less distributions:
Dividends from net investment income		(0.25	)		(0.14	)		(0.20	)		(0.21	)		(0.18	)		(0.18	)
Distributions from net realized gains		(0.66	)		(0.14	)		(0.52	)		(0.03	)		(0.04	)		(0.01	)

Total dividends and distributions		(0.91	)		(0.28	)		(0.72	)		(0.24	)		(0.22	)		(0.19	)

Net asset value, end of period	$	11.10		$	11.14		$	13.31		$	11.57		$	11.89		$	10.69

Total return (b)		7.97	%		(14.52	)%		21.98	%		(0.68	)%		13.56	%		0.70	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	9,251		$	8,528		$	10,698		$	5,682		$	6,724		$	4,273
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		0.55	%(j)		0.54	%(j)		0.54	%(j)		0.54	%**(j)		0.54	%(j)		0.54	%(j)
Before waivers and reimbursements (a)(f)		1.72	%		1.85	%		2.14	%		2.88	%		3.14	%		4.74	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)(f)(x)		1.75	%		1.97	%		1.24	%		1.95	%		1.98	%		1.78	%
Before waivers and reimbursements (a)(f)(x)		0.58	%		0.66	%		(0.36	)%		(0.40	)%		(0.62	)%		(2.41	)%
Portfolio turnover rate^		6	%(z)		30	%		8	%		38	%		5	%		3	%

**	Includes tax expense of less than 0.005%.

^	Portfolio turnover rate excludes derivatives, if any.

(a)

Ratios for periods less than one year are annualized.

(b)

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

(e)

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

(f)

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

(j)

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

(x)

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

(z)

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

See Notes to Financial Statements.

1290 RETIREMENT 2035 FUND (Unaudited)



Table by Asset Class (as a percentage of Total Investments in Securities) As of April 30, 2023
Equity	63.1	%
Fixed Income	23.6
Repurchase Agreements	13.3



Top 10 Holdings (as a percentage of Total Investments in Securities) As of April 30, 2023
iShares Core S&P Total US Stock Market ETF	21.7	%
iShares Core U.S. Aggregate Bond ETF	20.1
Santander US Capital Markets LLC	8.5
iShares Core MSCI EAFE ETF	8.1
Invesco S&P 500 Low Volatility ETF	7.1
iShares MSCI USA Min Vol Factor ETF	7.0
Deutsche Bank Securities, Inc.	4.8
Invesco S&P MidCap Low Volatility ETF	4.1
iShares MSCI EAFE Min Vol Factor ETF	4.0
Invesco S&P International Developed Low Volatility ETF	4.0
Holdings are subject to change without notice.

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Fund, you incur two types of costs:

(1) transaction costs, including applicable sales charges and redemption fees; and (2) ongoing costs, including investment advisory fees, distribution and/or service (12b-1) fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended April 30, 2023 and held for the entire six-month period.

Actual Expenses

The first line of the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled ‘‘Expenses Paid During Period’’ to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

EXAMPLE



	Beginning Account Value 11/1/22		Ending Account Value 4/30/23		Expenses Paid During Period* 11/1/22 - 4/30/23
Class I
Actual		$1,000.00		$1,081.60		$2.79
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.11		2.71

* Expenses are equal to the Fund’s I shares annualized expense ratio of 0.54%, multiplied by the average account value over the period, and multiplied by 181/365 (to reflect the one-half year period).

1290 FUNDS

1290 RETIREMENT 2035 FUND

PORTFOLIO OF INVESTMENTS

April 30, 2023 (Unaudited)



	Number of Shares		Value (Note 1)

EXCHANGE TRADED FUNDS (ETF):
Equity (72.4%)
Invesco S&P 500 Low Volatility ETF		13,070	$	835,696
Invesco S&P Emerging Markets Low Volatility ETF		4,370		102,914
Invesco S&P International Developed Low Volatility ETF		16,850		476,350
Invesco S&P MidCap Low Volatility ETF		9,140		478,479
Invesco S&P SmallCap Low Volatility ETF		4,960		201,227
iShares Core MSCI EAFE ETF		13,860		953,152
iShares Core MSCI Emerging Markets ETF		4,340		210,837
iShares Core S&P Total US Stock Market ETF (x)		28,060		2,566,648
iShares MSCI EAFE Min Vol Factor ETF		6,780		477,041
iShares MSCI Emerging Markets Min Vol Factor ETF		1,960		109,211
iShares MSCI USA Min Vol Factor ETF		11,270		831,951
SPDR SSGA US Small Cap Low Volatility Index ETF		2,040		206,266

Total Equity				7,449,772

Fixed Income (27.1%)
iShares Core U.S. Aggregate Bond ETF		23,750		2,374,050
iShares TIPS Bond ETF		3,810		419,786

Total Fixed Income				2,793,836

Total Exchange Traded Funds (99.5%) (Cost $9,685,402)				10,243,608

	Principal Amount		Value (Note 1)

SHORT-TERM INVESTMENTS:
Repurchase Agreements (15.2%)
Deutsche Bank Securities, Inc., 4.78%, dated 4/28/23, due 5/1/23, repurchase price $567,701, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 8/15/23-5/15/43; total market value $578,825. (xx)	$	567,475		567,475
Santander US Capital Markets LLC, 4.81%, dated 4/28/23, due 5/1/23, repurchase price $1,000,401, collateralized by various Corporate Bonds, 4.250%, maturing 5/25/33, U.S. Government Agency Securities, ranging from 1.101%-5.453%, maturing 8/25/30-11/20/69; total market value $1,020,409. (xx)		1,000,000		1,000,000

Total Repurchase Agreements				1,567,475

Total Short-Term Investments (15.2%) (Cost $1,567,475)				1,567,475

Total Investments in Securities (114.7%) (Cost $11,252,877)				11,811,083
Other Assets Less Liabilities (-14.7%)				(1,512,922	)

Net Assets (100%)			$	10,298,161

(x)

All or a portion of security is on loan at April 30, 2023.

(xx)

At April 30, 2023, the Fund had loaned securities with a total value of $1,545,843. This was collateralized by cash of $1,567,475 which was subsequently invested in joint repurchase agreements as detailed in the Notes to the Financial Statements.

Glossary:

TIPS

— Treasury Inflation Protected Security

See Notes to Financial Statements.

1290 FUNDS

1290 RETIREMENT 2035 FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2023 (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, 2023:

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	$	10,243,608	$	—	$	—	$	10,243,608
Short-Term Investments
Repurchase Agreements		—		1,567,475		—		1,567,475

Total Assets	$	10,243,608	$	1,567,475	$	—	$	11,811,083

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	10,243,608	$	1,567,475	$	—	$	11,811,083

The Fund held no derivatives contracts during the six months ended April 30, 2023.

Investment security transactions for the six months ended April 30, 2023 were as follows:


Cost of Purchases:
Long-term investments other than U.S. government debt securities	$	381,333
Net Proceeds of Sales and Redemptions:
Long-term investments other than U.S. government debt securities	$	1,301,158


Aggregate gross unrealized appreciation	$	946,979
Aggregate gross unrealized depreciation		(447,414	)

Net unrealized appreciation	$	499,565

Federal income tax cost of investments in securities and derivative instruments, if applicable	$	11,311,518

See Notes to Financial Statements.

1290 FUNDS

1290 RETIREMENT 2035 FUND

STATEMENT OF ASSETS AND LIABILITIES

April 30, 2023 (Unaudited)


ASSETS
Investments in Securities, at value (x)
Unaffiliated Issuers (Cost $9,685,402)	$	10,243,608
Repurchase Agreements (Cost $1,567,475)		1,567,475
Cash		60,656
Prepaid registration and filing fees		14,257
Receivable for Fund shares sold		8,064
Receivable from investment adviser		3,669
Securities lending income receivable		205
Dividends, interest and other receivables		1

Total assets		11,897,935

LIABILITIES
Payable for return of collateral on securities loaned		1,567,475
Transfer agent fees payable		2,729
Trustees’ fees payable		40
Accrued expenses		29,530

Total liabilities		1,599,774

NET ASSETS	$	10,298,161

Net assets were comprised of:
Paid in capital	$	9,714,920
Total distributable earnings (loss)		583,241

Net assets	$	10,298,161

Class I
Net asset value, offering and redemption price per share, $ 10,298,161 / 885,669 shares outstanding (unlimited amount authorized: $0.001 par value)	$	11.63

(x)

Includes value of securities on loan of $1,545,843.

STATEMENT OF OPERATIONS

For the Six Months Ended April 30, 2023 (Unaudited)


INVESTMENT INCOME
Dividends	$	114,642
Interest		1,199
Securities lending (net)		4,668

Total income		120,509

EXPENSES
Investment advisory fees		26,872
Professional fees		22,646
Registration and filing fees		9,782
Administrative fees		8,062
Printing and mailing expenses		6,422
Transfer agent fees		5,872
Custodian fees		2,439
Trustees’ fees		179
Miscellaneous		2,627

Gross expenses		84,901
Less: Waiver from investment adviser		(34,934	)
Reimbursement from investment adviser		(20,826	)

Net expenses		29,141

NET INVESTMENT INCOME (LOSS)		91,368

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on investments in securities		71,188
Net change in unrealized appreciation (depreciation) on investments in securities		674,339

NET REALIZED AND UNREALIZED GAIN (LOSS)		745,527

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	836,895

STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	91,368		$	234,478
Net realized gain (loss)		71,188			554,515
Net change in unrealized appreciation (depreciation)		674,339			(2,701,949	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		836,895			(1,912,956	)

Distributions to shareholders:
Class I		(792,730	)		(166,168	)

CAPITAL SHARES TRANSACTIONS:
Class I
Capital shares sold [ 71,052 and 139,063 shares, respectively ]		815,912			1,793,285
Capital shares issued in reinvestment of dividends and distributions [ 60,435 and 9,201 shares, respectively ]		687,149			125,693
Capital shares repurchased [ (147,256) and (282,034) shares , respectively]		(1,696,791	)		(3,586,965	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(193,730	)		(1,667,987	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		(149,565	)		(3,747,111	)
NET ASSETS:
Beginning of period		10,447,726			14,194,837

End of period	$	10,298,161		$	10,447,726

See Notes to Financial Statements.

1290 FUNDS

1290 RETIREMENT 2035 FUND

FINANCIAL HIGHLIGHTS


	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
Class I	Six Months Ended April 30, 2023 (Unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	11.59		$	13.71		$	11.62		$	12.03		$	10.76		$	10.85

Income (loss) from investment operations:
Net investment income (loss) (e)(x)		0.10			0.24			0.16			0.22			0.22			0.19
Net realized and unrealized gain (loss)		0.82			(2.20	)		2.52			(0.32	)		1.23			(0.09	)

Total from investment operations		0.92			(1.96	)		2.68			(0.10	)		1.45			0.10

Less distributions:
Dividends from net investment income		(0.27	)		(0.16	)		(0.21	)		(0.22	)		(0.16	)		(0.18	)
Distributions from net realized gains		(0.61	)		—			(0.38	)		(0.09	)		(0.02	)		(0.01	)

Total dividends and distributions		(0.88	)		(0.16	)		(0.59	)		(0.31	)		(0.18	)		(0.19	)

Net asset value, end of period	$	11.63		$	11.59		$	13.71		$	11.62		$	12.03		$	10.76

Total return (b)		8.16	%		(14.46	)%		23.70	%		(0.87	)%		13.61	%		0.88	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	10,298		$	10,448		$	14,195		$	9,521		$	8,369		$	6,692
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)		0.53	%(j)
Before waivers and reimbursements (a)(f)		1.58	%		1.60	%		1.63	%		2.17	%		2.50	%		3.95	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)(f)(x)		1.70	%		1.91	%		1.23	%		1.92	%		1.98	%		1.73	%
Before waivers and reimbursements (a)(f)(x)		0.66	%		0.85	%		0.14	%		0.28	%		0.01	%		(1.68	)%
Portfolio turnover rate^		4	%(z)		10	%		1	%		40	%		13	%		2	%

**	Includes tax expense of less than 0.005%.

^	Portfolio turnover rate excludes derivatives, if any.

(a)

Ratios for periods less than one year are annualized.

(b)

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

(e)

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

(f)

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

(j)

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

(x)

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

(z)

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

See Notes to Financial Statements.

1290 RETIREMENT 2040 FUND (Unaudited)



Table by Asset Class (as a percentage of Total Investments in Securities) As of April 30, 2023
Equity	73.0	%
Fixed Income	20.9
Repurchase Agreement	6.1



Top 10 Holdings (as a percentage of Total Investments in Securities) As of April 30, 2023
iShares Core S&P Total US Stock Market ETF	25.3	%
iShares Core U.S. Aggregate Bond ETF	17.7
iShares Core MSCI EAFE ETF	9.2
Invesco S&P 500 Low Volatility ETF	8.3
iShares MSCI USA Min Vol Factor ETF	8.3
Deutsche Bank Securities, Inc.	6.1
iShares MSCI EAFE Min Vol Factor ETF	4.7
Invesco S&P International Developed Low Volatility ETF	4.6
Invesco S&P MidCap Low Volatility ETF	4.5
iShares TIPS Bond ETF	3.2
Holdings are subject to change without notice.

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Fund, you incur two types of costs:

(1) transaction costs, including applicable sales charges and redemption fees; and (2) ongoing costs, including investment advisory fees, distribution and/or service (12b-1) fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended April 30, 2023 and held for the entire six-month period.

Actual Expenses

The first line of the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled ‘‘Expenses Paid During Period’’ to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

EXAMPLE



	Beginning Account Value 11/1/22		Ending Account Value 4/30/23		Expenses Paid During Period* 11/1/22 - 4/30/23
Class I
Actual		$1,000.00		$1,083.20		$2.78
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.13		2.70

* Expenses are equal to the Fund’s I shares annualized expense ratio of 0.54%, multiplied by the average account value over the period, and multiplied by 181/365 (to reflect the one-half year period).

1290 FUNDS

1290 RETIREMENT 2040 FUND

PORTFOLIO OF INVESTMENTS

April 30, 2023 (Unaudited)



	Number of Shares		Value (Note 1)


EXCHANGE TRADED FUNDS (ETF):
Equity (77.4%)
Invesco S&P 500 Low Volatility ETF (x)		9,040	$	578,018
Invesco S&P Emerging Markets Low Volatility ETF		2,940		69,237
Invesco S&P International Developed Low Volatility ETF		11,270		318,603
Invesco S&P MidCap Low Volatility ETF		6,030		315,670
Invesco S&P SmallCap Low Volatility ETF		3,410		138,344
iShares Core MSCI EAFE ETF		9,330		641,624
iShares Core MSCI Emerging Markets ETF		2,870		139,425
iShares Core S&P Total US Stock Market ETF		19,240		1,759,883
iShares MSCI EAFE Min Vol Factor ETF		4,680		329,285
iShares MSCI Emerging Markets Min Vol Factor ETF		1,270		70,764
iShares MSCI USA Min Vol Factor ETF		7,800		575,796
SPDR SSGA US Small Cap Low Volatility Index ETF		1,440		145,599

Total Equity				5,082,248

Fixed Income (22.1%)
iShares Core U.S. Aggregate Bond ETF		12,350		1,234,506
iShares TIPS Bond ETF		1,990		219,258

Total Fixed Income				1,453,764

Total Exchange Traded Funds (99.5%) (Cost $6,010,515)				6,536,012

	Principal Amount		Value (Note 1)

SHORT-TERM INVESTMENT:
Repurchase Agreement (6.5%)
Deutsche Bank Securities, Inc., 4.78%, dated 4/28/23, due 5/1/23, repurchase price $426,579, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 8/15/23-5/15/43; total market value $434,937. (xx)	$	426,409		426,409

Total Short-Term Investment (6.5%) (Cost $426,409)				426,409

Total Investments in Securities (106.0%) (Cost $6,436,924)				6,962,421
Other Assets Less Liabilities (-6.0%)				(391,079	)

Net Assets (100%)			$	6,571,342

(x)

All or a portion of security is on loan at April 30, 2023.

(xx)

At April 30, 2023, the Fund had loaned securities with a total value of $417,848. This was collateralized by cash of $426,409 which was subsequently invested in joint repurchase agreements as detailed in the Notes to the Financial Statements.

Glossary:

TIPS

— Treasury Inflation Protected Security

See Notes to Financial Statements.

1290 FUNDS

1290 RETIREMENT 2040 FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2023 (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, 2023:

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



Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Fund’s own assumptions in determining the fair value of investments)		Total
Assets:
Exchange Traded Funds
Exchange Traded Funds	$	6,536,012	$	—	$	—	$	6,536,012
Short-Term Investment
Repurchase Agreement		—		426,409		—		426,409

Total Assets	$	6,536,012	$	426,409	$	—	$	6,962,421

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	6,536,012	$	426,409	$	—	$	6,962,421

The Fund held no derivatives contracts during the six months ended April 30, 2023.

Investment security transactions for the six months ended April 30, 2023 were as follows:


Cost of Purchases:
Long-term investments other than U.S. government debt securities	$	299,725
Net Proceeds of Sales and Redemptions:
Long-term investments other than U.S. government debt securities	$	182,568


Aggregate gross unrealized appreciation	$	707,042
Aggregate gross unrealized depreciation		(194,102	)

Net unrealized appreciation	$	512,940

Federal income tax cost of investments in securities and derivative instruments, if applicable	$	6,449,481

See Notes to Financial Statements.

1290 FUNDS

1290 RETIREMENT 2040 FUND

STATEMENT OF ASSETS AND LIABILITIES

April 30, 2023 (Unaudited)


ASSETS
Investments in Securities, at value (x)
Unaffiliated Issuers (Cost $6,010,515)	$	6,536,012
Repurchase Agreements (Cost $426,409)		426,409
Cash		68,766
Prepaid registration and filing fees		14,091
Receivable from investment adviser		4,923
Receivable for Fund shares sold		371
Securities lending income receivable		369

Total assets		7,050,941

LIABILITIES
Payable for return of collateral on securities loaned		426,409
Payable for securities purchased		15,545
Payable for Fund shares repurchased		6,378
Transfer agent fees payable		3,218
Trustees’ fees payable		43
Accrued expenses		28,006

Total liabilities		479,599

NET ASSETS	$	6,571,342

Net assets were comprised of:
Paid in capital	$	6,029,586
Total distributable earnings (loss)		541,756

Net assets	$	6,571,342

Class I
Net asset value, offering and redemption price per share, $6,571,342 / 519,019 shares outstanding (unlimited amount authorized: $0.001 par value)	$	12.66

(x)

Includes value of securities on loan of $417,848.

STATEMENT OF OPERATIONS

For the Six Months Ended April 30, 2023 (Unaudited)


INVESTMENT INCOME
Dividends	$	65,051
Interest		929
Securities lending (net)		5,966

Total income		71,946

EXPENSES
Professional fees		21,372
Investment advisory fees		15,591
Registration and filing fees		9,571
Printing and mailing expenses		5,855
Transfer agent fees		5,504
Administrative fees		4,678
Custodian fees		2,273
Trustees’ fees		102
Miscellaneous		2,273

Gross expenses		67,219
Less: Waiver from investment adviser		(20,269	)
Reimbursement from investment adviser		(30,142	)

Net expenses		16,808

NET INVESTMENT INCOME (LOSS)		55,138

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on investments in securities		20,282
Net change in unrealized appreciation (depreciation) on investments in securities		423,004

NET REALIZED AND UNREALIZED GAIN (LOSS)		443,286

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	498,424

STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	55,138		$	115,645
Net realized gain (loss)		20,282			25,132
Net change in unrealized appreciation (depreciation)		423,004			(1,103,028	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		498,424			(962,251	)

Distributions to shareholders:
Class I		(160,072	)		(123,256	)

CAPITAL SHARES TRANSACTIONS:
Class I
Capital shares sold [ 31,129 and 107,689 shares, respectively ]		386,236			1,451,149
Capital shares issued in reinvestment of dividends and distributions [ 6,479 and 3,304 shares, respectively ]		80,140			46,681
Capital shares repurchased [ (19,149) and (9,613) shares , respectively]		(236,489	)		(124,690	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		229,887			1,373,140

TOTAL INCREASE (DECREASE) IN NET ASSETS		568,239			287,633
NET ASSETS:
Beginning of period		6,003,103			5,715,470

End of period	$	6,571,342		$	6,003,103

See Notes to Financial Statements.

1290 FUNDS

1290 RETIREMENT 2040 FUND

FINANCIAL HIGHLIGHTS


	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
Class I	Six Months Ended April 30, 2023 (Unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	11.99		$	14.32		$	11.80		$	12.05		$	10.84		$	10.89

Income (loss) from investment operations:
Net investment income (loss) (e)(x)		0.11			0.25			0.17			0.23			0.22			0.20
Net realized and unrealized gain (loss)		0.88			(2.28	)		2.82			(0.26	)		1.24			(0.06	)

Total from investment operations		0.99			(2.03	)		2.99			(0.03	)		1.46			0.14

Less distributions:
Dividends from net investment income		(0.26	)		(0.16	)		(0.22	)		(0.21	)		(0.20	)		(0.18	)
Distributions from net realized gains		(0.06	)		(0.14	)		(0.25	)		(0.01	)		(0.05	)		(0.01	)

Total dividends and distributions		(0.32	)		(0.30	)		(0.47	)		(0.22	)		(0.25	)		(0.19	)

Net asset value, end of period	$	12.66		$	11.99		$	14.32		$	11.80		$	12.05		$	10.84

Total return (b)		8.32	%		(14.46	)%		25.92	%		(0.24	)%		13.79	%		1.26	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	6,571		$	6,003		$	5,715		$	4,185		$	4,005		$	2,915
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)		2.15	%		2.57	%		3.05	%		3.86	%		4.57	%		5.31	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)(f)(x)		1.77	%		1.91	%		1.22	%		1.93	%		1.96	%		1.80	%
Before waivers and reimbursements (a)(f)(x)		0.15	%		(0.12	)%		(1.29	)%		(1.39	)%		(2.08	)%		(2.99	)%
Portfolio turnover rate^		3	%(z)		2	%		4	%		20	%		3	%		2	%

**	Includes tax expense of less than 0.005%.

^	Portfolio turnover rate excludes derivatives, if any.

(a)

Ratios for periods less than one year are annualized.

(b)

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

(e)

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

(f)

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

(j)

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

(x)

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

(z)

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

See Notes to Financial Statements.

1290 RETIREMENT 2045 FUND (Unaudited)



Table by Asset Class (as a percentage of Total Investments in Securities) As of April 30, 2023
Equity	82.8	%
Fixed Income	17.2



Top 10 Holdings (as a percentage of Total Investments in Securities) As of April 30, 2023
iShares Core S&P Total US Stock Market ETF	28.8	%
iShares Core U.S. Aggregate Bond ETF	14.6
iShares Core MSCI EAFE ETF	10.3
Invesco S&P 500 Low Volatility ETF	9.5
iShares MSCI USA Min Vol Factor ETF	9.5
iShares MSCI EAFE Min Vol Factor ETF	5.2
Invesco S&P International Developed Low Volatility ETF	5.2
Invesco S&P MidCap Low Volatility ETF	5.1
iShares TIPS Bond ETF	2.6
iShares Core MSCI Emerging Markets ETF	2.3
Holdings are subject to change without notice.

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Fund, you incur two types of costs:

(1) transaction costs, including applicable sales charges and redemption fees; and (2) ongoing costs, including investment advisory fees, distribution and/or service (12b-1) fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended April 30, 2023 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE



	Beginning Account Value 11/1/22		Ending Account Value 4/30/23		Expenses Paid During Period* 11/1/22 - 4/30/23
Class I
Actual		$1,000.00		$1,083.00		$2.76
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.14		2.68

* Expenses are equal to the Fund’s I shares annualized expense ratio of 0.54%, multiplied by the average account value over the period, and multiplied by 181/365 (to reflect the one-half year period).

1290 FUNDS

1290 RETIREMENT 2045 FUND

PORTFOLIO OF INVESTMENTS

April 30, 2023 (Unaudited)



	Number of Shares		Value (Note 1)

EXCHANGE TRADED FUNDS (ETF):
Equity (82.6%)
Invesco S&P 500 Low Volatility ETF		11,670	$	746,180
Invesco S&P Emerging Markets Low Volatility ETF		4,020		94,671
Invesco S&P International Developed Low Volatility ETF		14,380		406,523
Invesco S&P MidCap Low Volatility ETF		7,680		402,048
Invesco S&P SmallCap Low Volatility ETF		4,390		178,102
iShares Core MSCI EAFE ETF		11,840		814,237
iShares Core MSCI Emerging Markets ETF		3,720		180,718
iShares Core S&P Total US Stock Market ETF		24,780		2,266,627
iShares MSCI EAFE Min Vol Factor ETF		5,840		410,902
iShares MSCI Emerging Markets Min Vol Factor ETF		1,720		95,838
iShares MSCI USA Min Vol Factor ETF		10,090		744,844
SPDR SSGA US Small Cap Low Volatility Index ETF		1,780		179,977

Total Equity				6,520,667


Fixed Income (17.1%)
iShares Core U.S. Aggregate Bond ETF		11,510		1,150,540
iShares TIPS Bond ETF		1,830		201,629

Total Fixed Income				1,352,169

Total Exchange Traded Funds (99.7%) (Cost $7,047,962)				7,872,836

Total Investments in Securities (99.7%) (Cost $7,047,962)				7,872,836
Other Assets Less Liabilities (0.3%)				25,287

Net Assets (100%)			$	7,898,123

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, 2023:

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



Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Fund’s own assumptions in determining the fair value of investments)		Total
Assets:
Exchange Traded Funds
Exchange Traded Funds	$	7,872,836	$	—	$	—	$	7,872,836

Total Assets	$	7,872,836	$	—	$	—	$	7,872,836

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	7,872,836	$	—	$	—	$	7,872,836

The Fund held no derivatives contracts during the six months ended April 30, 2023.

Investment security transactions for the six months ended April 30, 2023 were as follows:


Cost of Purchases:
Long-term investments other than U.S. government debt securities	$	444,328
Net Proceeds of Sales and Redemptions:
Long-term investments other than U.S. government debt securities	$	675,517

See Notes to Financial Statements.

1290 FUNDS

1290 RETIREMENT 2045 FUND

PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2023 (Unaudited)


Aggregate gross unrealized appreciation	$	1,008,200
Aggregate gross unrealized depreciation		(185,809	)

Net unrealized appreciation	$	822,391

Federal income tax cost of investments in securities and derivative instruments, if applicable	$	7,050,445

See Notes to Financial Statements.

1290 FUNDS

1290 RETIREMENT 2045 FUND

STATEMENT OF ASSETS AND LIABILITIES

April 30, 2023 (Unaudited)


ASSETS
Investments in Securities, at value (Cost $7,047,962)	$	7,872,836
Cash		38,070
Prepaid registration and filing fees		14,153
Receivable from investment adviser		4,478
Receivable for Fund shares sold		817
Securities lending income receivable		309
Dividends, interest and other receivables		52

Total assets		7,930,715

LIABILITIES
Transfer agent fees payable		3,238
Payable for Fund shares repurchased		931
Trustees’ fees payable		51
Accrued expenses		28,372

Total liabilities		32,592

NET ASSETS	$	7,898,123

Net assets were comprised of:
Paid in capital	$	6,980,807
Total distributable earnings (loss)		917,316

Net assets	$	7,898,123

Class I
Net asset value, offering and redemption price per share, $7,898,123 / 648,335 shares outstanding (unlimited amount authorized: $0.001 par value)	$	12.18

STATEMENT OF OPERATIONS

For the Six Months Ended April 30, 2023 (Unaudited)


INVESTMENT INCOME
Dividends	$	79,375
Interest		965
Securities lending (net)		3,773

Total income		84,113

EXPENSES
Professional fees		21,777
Investment advisory fees		19,246
Registration and filing fees		9,632
Printing and mailing expenses		6,033
Administrative fees		5,774
Transfer agent fees		5,703
Custodian fees		2,207
Trustees’ fees		126
Miscellaneous		2,385

Gross expenses		72,883
Less: Waiver from investment adviser		(25,020	)
Reimbursement from investment adviser		(27,259	)

Net expenses		20,604

NET INVESTMENT INCOME (LOSS)		63,509

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on investments in securities		89,242
Net change in unrealized appreciation (depreciation) on investments in securities		473,679

NET REALIZED AND UNREALIZED GAIN (LOSS)		562,921

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	626,430

STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	63,509		$	147,672
Net realized gain (loss)		89,242			120,337
Net change in unrealized appreciation (depreciation)		473,679			(1,468,800	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		626,430			(1,200,791	)

Distributions to shareholders:
Class I		(285,733	)		(477,748	)

CAPITAL SHARES TRANSACTIONS:
Class I
Capital shares sold [ 64,902 and 89,244 shares, respectively ]		774,653			1,131,378
Capital shares issued in reinvestment of dividends and distributions [ 14,586 and 19,296 shares, respectively ]		173,580			265,123
Capital shares repurchased [ (81,260) and (21,318) shares , respectively]		(974,452	)		(272,190	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		(26,219	)		1,124,311

TOTAL INCREASE (DECREASE) IN NET ASSETS		314,478			(554,228	)
NET ASSETS:
Beginning of period		7,583,645			8,137,873

End of period	$	7,898,123		$	7,583,645

See Notes to Financial Statements.

1290 FUNDS

1290 RETIREMENT 2045 FUND

FINANCIAL HIGHLIGHTS


	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
Class I	Six Months Ended April 30, 2023 (Unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	11.67		$	14.46		$	11.83		$	12.18		$	10.91		$	10.93

Income (loss) from investment operations:
Net investment income (loss) (e)(x)		0.10			0.24			0.16			0.23			0.23			0.20
Net realized and unrealized gain (loss)		0.86			(2.18	)		3.03			(0.36	)		1.25			(0.03	)

Total from investment operations		0.96			(1.94	)		3.19			(0.13	)		1.48			0.17

Less distributions:
Dividends from net investment income		(0.26	)		(0.18	)		(0.23	)		(0.22	)		(0.18	)		(0.18	)
Distributions from net realized gains		(0.19	)		(0.67	)		(0.33	)		—	#		(0.03	)		(0.01	)

Total dividends and distributions		(0.45	)		(0.85	)		(0.56	)		(0.22	)		(0.21	)		(0.19	)

Net asset value, end of period	$	12.18		$	11.67		$	14.46		$	11.83		$	12.18		$	10.91

Total return (b)		8.30	%		(14.30	)%		27.63	%		(1.08	)%		13.85	%		1.53	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	7,898		$	7,584		$	8,138		$	6,625		$	5,635		$	3,834
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		0.54	%(j)		0.53	%(j)		0.53	%(j)		0.53	%**(j)		0.53	%(j)		0.53	%(j)
Before waivers and reimbursements (a)(f)		1.89	%		2.16	%		2.18	%		2.78	%		3.51	%		4.91	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)(f)(x)		1.65	%		1.90	%		1.21	%		1.92	%		1.97	%		1.76	%
Before waivers and reimbursements (a)(f)(x)		0.29	%		0.27	%		(0.43	)%		(0.33	)%		(1.01	)%		(2.62	)%
Portfolio turnover rate^		6	%(z)		5	%		18	%		18	%		1	%		2	%

**	Includes tax expense of less than 0.005%.

#	Per share amount is less than $0.005.

^	Portfolio turnover rate excludes derivatives, if any.

(a)

Ratios for periods less than one year are annualized.

(b)

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

(e)

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

(f)

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

(j)

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

(x)

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

(z)

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

See Notes to Financial Statements.

1290 RETIREMENT 2050 FUND (Unaudited)



Table by Asset Class (as a percentage of Total Investments in Securities) As of April 30, 2023
Equity	87.9	%
Fixed Income	12.1



Top 10 Holdings (as a percentage of Total Investments in Securities) As of April 30, 2023
iShares Core S&P Total US Stock Market ETF	30.8	%
iShares Core MSCI EAFE ETF	10.8
iShares Core U.S. Aggregate Bond ETF	10.3
iShares MSCI USA Min Vol Factor ETF	10.3
Invesco S&P 500 Low Volatility ETF	10.1
iShares MSCI EAFE Min Vol Factor ETF	5.6
Invesco S&P MidCap Low Volatility ETF	5.4
Invesco S&P International Developed Low Volatility ETF	5.4
iShares Core MSCI Emerging Markets ETF	2.5
SPDR SSGA US Small Cap Low Volatility Index ETF	2.5
Holdings are subject to change without notice.

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Fund, you incur two types of costs:

(1) transaction costs, including applicable sales charges and redemption fees; and (2) ongoing costs, including investment advisory fees, distribution and/or service (12b-1) fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended April 30, 2023 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE



	Beginning Account Value 11/1/22		Ending Account Value 4/30/23		Expenses Paid During Period* 11/1/22 - 4/30/23
Class I
Actual		$1,000.00		$1,086.10		$2.75
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.16		2.66

* Expenses are equal to the Fund’s I shares annualized expense ratio of 0.53%, multiplied by the average account value over the period, and multiplied by 181/365 (to reflect the one-half year period).

1290 FUNDS

1290 RETIREMENT 2050 FUND

PORTFOLIO OF INVESTMENTS

April 30, 2023 (Unaudited)



	Number of Shares		Value (Note 1)

EXCHANGE TRADED FUNDS (ETF):
Equity (87.2%)
Invesco S&P 500 Low Volatility ETF		12,390	$	792,217
Invesco S&P Emerging Markets Low Volatility ETF		3,890		91,609
Invesco S&P International Developed Low Volatility ETF		14,900		421,223
Invesco S&P MidCap Low Volatility ETF		8,080		422,988
Invesco S&P SmallCap Low Volatility ETF		4,570		185,405
iShares Core MSCI EAFE ETF		12,270		843,808
iShares Core MSCI Emerging Markets ETF		3,980		193,348
iShares Core S&P Total US Stock Market ETF		26,410		2,415,723
iShares MSCI EAFE Min Vol Factor ETF		6,210		436,936
iShares MSCI Emerging Markets Min Vol Factor ETF		1,730		96,395

iShares MSCI USA Min Vol Factor ETF		10,890		803,900
SPDR SSGA US Small Cap Low Volatility Index ETF		1,900		192,110

Total Equity				6,895,662

Fixed Income (12.0%)
iShares Core U.S. Aggregate Bond ETF		8,120		811,675
iShares TIPS Bond ETF		1,270		139,929

Total Fixed Income				951,604

Total Investments in Securities (99.2%) (Cost $6,948,575)				7,847,266
Other Assets Less Liabilities (0.8%)				66,694

Net Assets (100%)			$	7,913,960

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, 2023:

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



Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Fund’s own assumptions in determining the fair value of investments)		Total
Assets:
Exchange Traded Funds
Exchange Traded Funds	$	7,847,266	$	—	$	—	$	7,847,266

Total Assets	$	7,847,266	$	—	$	—	$	7,847,266

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	7,847,266	$	—	$	—	$	7,847,266

The Fund held no derivatives contracts during the six months ended April 30, 2023.

Investment security transactions for the six months ended April 30, 2023 were as follows:


Cost of Purchases:
Long-term investments other than U.S. government debt securities	$	665,614
Net Proceeds of Sales and Redemptions:
Long-term investments other than U.S. government debt securities	$	55,891


Aggregate gross unrealized appreciation	$	978,033
Aggregate gross unrealized depreciation		(121,220	)

Net unrealized appreciation	$	856,813

Federal income tax cost of investments in securities and derivative instruments, if applicable	$	6,990,453

See Notes to Financial Statements.

100

1290 FUNDS

1290 RETIREMENT 2050 FUND

STATEMENT OF ASSETS AND LIABILITIES

April 30, 2023 (Unaudited)


ASSETS
Investments in Securities, at value (Cost $6,948,575)	$	7,847,266
Cash		73,404
Prepaid registration and filing fees		14,121
Receivable for Fund shares sold		5,470
Receivable from investment adviser		4,524
Securities lending income receivable		328
Dividends, interest and other receivables		87

Total assets		7,945,200

LIABILITIES
Transfer agent fees payable		2,897
Trustees’ fees payable		54
Accrued expenses		28,289

Total liabilities		31,240

NET ASSETS	$	7,913,960

Net assets were comprised of:
Paid in capital	$	7,046,409
Total distributable earnings (loss)		867,551

Net assets	$	7,913,960

Class I
Net asset value, offering and redemption price per share, $7,913,960 / 601,492 shares outstanding (unlimited amount authorized: $0.001 par value)	$	13.16

STATEMENT OF OPERATIONS

For the Six Months Ended April 30, 2023 (Unaudited)


INVESTMENT INCOME
Dividends	$	72,145
Interest		1,037
Securities lending (net)		3,757

Total income		76,939

EXPENSES
Professional fees		21,607
Investment advisory fees		17,982
Registration and filing fees		9,595
Printing and mailing expenses		5,959
Transfer agent fees		5,451
Administrative fees		5,394
Custodian fees		2,331
Trustees’ fees		116
Miscellaneous		2,300

Gross expenses		70,735
Less: Waiver from investment adviser		(23,376	)
Reimbursement from investment adviser		(28,219	)

Net expenses		19,140

NET INVESTMENT INCOME (LOSS)		57,799

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on investments in securities		8,023
Net change in unrealized appreciation (depreciation) on investments in securities		521,217

NET REALIZED AND UNREALIZED GAIN (LOSS)		529,240

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	587,039

STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	57,799		$	127,906
Net realized gain (loss)		8,023			32,873
Net change in unrealized appreciation (depreciation)		521,217			(1,191,150	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		587,039			(1,030,371	)

Distributions to shareholders:
Class I		(181,109	)		(139,581	)

CAPITAL SHARES TRANSACTIONS:
Class I
Capital shares sold [ 73,740 and 130,163 shares, respectively ]		947,542			1,777,782
Capital shares issued in reinvestment of dividends and distributions [ 7,647 and 4,122 shares, respectively ]		98,186			60,381
Capital shares repurchased [ (22,204) and (25,931) shares , respectively]		(281,100	)		(356,653	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		764,628			1,481,510

TOTAL INCREASE (DECREASE) IN NET ASSETS		1,170,558			311,558
NET ASSETS:
Beginning of period		6,743,402			6,431,844

End of period	$	7,913,960		$	6,743,402

See Notes to Financial Statements.

101

1290 FUNDS

1290 RETIREMENT 2050 FUND

FINANCIAL HIGHLIGHTS


	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
Class I	Six Months Ended April 30, 2023 (Unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	12.43		$	14.82		$	11.76		$	12.24		$	10.97		$	10.98

Income (loss) from investment operations:
Net investment income (loss) (e)(x)		0.10			0.26			0.16			0.22			0.22			0.20
Net realized and unrealized gain (loss)		0.96			(2.34	)		3.24			(0.46	)		1.30			(0.02	)

Total from investment operations		1.06			(2.08	)		3.40			(0.24	)		1.52			0.18

Less distributions:
Dividends from net investment income		(0.27	)		(0.16	)		(0.21	)		(0.22	)		(0.20	)		(0.18	)
Distributions from net realized gains		(0.06	)		(0.15	)		(0.13	)		(0.02	)		(0.05	)		(0.01	)

Total dividends and distributions		(0.33	)		(0.31	)		(0.34	)		(0.24	)		(0.25	)		(0.19	)

Net asset value, end of period	$	13.16		$	12.43		$	14.82		$	11.76		$	12.24		$	10.97

Total return (b)		8.61	%		(14.31	)%		29.37	%		(2.05	)%		14.18	%		1.63	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	7,914		$	6,743		$	6,432		$	4,761		$	3,747		$	3,068
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)		0.52	%(j)		0.52	%(j)
Before waivers and reimbursements (a)(f)		1.97	%		2.39	%		2.75	%		3.80	%		4.52	%		5.20	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)(f)(x)		1.61	%		1.93	%		1.17	%		1.90	%		1.96	%		1.77	%
Before waivers and reimbursements (a)(f)(x)		0.17	%		0.07	%		(1.05	)%		(1.37	)%		(2.03	)%		(2.90	)%
Portfolio turnover rate^		1	%(z)		2	%		5	%		21	%		2	%		2	%

**	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.

102

1290 RETIREMENT 2055 FUND (Unaudited)



Table by Asset Class (as a percentage of Total Investments in Securities) As of April 30, 2023
Equity	84.4	%
Repurchase Agreement	9.0
Fixed Income	6.6



Top 10 Holdings (as a percentage of Total Investments in Securities) As of April 30, 2023
iShares Core S&P Total US Stock Market ETF	29.6	%
iShares Core MSCI EAFE ETF	10.4
Invesco S&P 500 Low Volatility ETF	9.9
iShares MSCI USA Min Vol Factor ETF	9.8
Deutsche Bank Securities, Inc.	9.0
iShares Core U.S. Aggregate Bond ETF	5.6
iShares MSCI EAFE Min Vol Factor ETF	5.2
Invesco S&P International Developed Low Volatility ETF	5.2
Invesco S&P MidCap Low Volatility ETF	5.1
iShares Core MSCI Emerging Markets ETF	2.3
Holdings are subject to change without notice.

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Fund, you incur two types of costs:

(1) transaction costs, including applicable sales charges and redemption fees; and (2) ongoing costs, including investment advisory fees, distribution and/or service (12b-1) fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended April 30, 2023 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE



	Beginning Account Value 11/1/22		Ending Account Value 4/30/23		Expenses Paid During Period* 11/1/22 - 4/30/23
Class I
Actual		$1,000.00		$1,085.40		$2.73
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.18		2.64

* Expenses are equal to the Fund’s I shares annualized expense ratio of 0.53%, multiplied by the average account value over the period, and multiplied by 181/365 (to reflect the one-half year period).

103

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PORTFOLIO OF INVESTMENTS

April 30, 2023 (Unaudited)



	Number of Shares		Value (Note 1)

EXCHANGE TRADED FUNDS (ETF):
Equity (92.2%)
Invesco S&P 500 Low Volatility ETF(x)		9,130	$	583,772
Invesco S&P Emerging Markets Low Volatility ETF		2,940		69,237
Invesco S&P International Developed Low Volatility ETF		10,890		307,860
Invesco S&P MidCap Low Volatility ETF		5,790		303,107
Invesco S&P SmallCap Low Volatility ETF		3,290		133,475
iShares Core MSCI EAFE ETF		8,980		617,555
iShares Core MSCI Emerging Markets ETF		2,820		136,996
iShares Core S&P Total US Stock Market ETF		19,210		1,757,139
iShares MSCI EAFE Min Vol Factor ETF		4,400		309,584
iShares MSCI Emerging Markets Min Vol Factor ETF		1,240		69,093
iShares MSCI USA Min Vol Factor ETF		7,870		580,963
SPDR SSGA US Small Cap Low Volatility Index ETF		1,330		134,477

Total Equity				5,003,258

Fixed Income (7.2%)
iShares Core U.S. Aggregate Bond ETF		3,310		330,868
iShares TIPS Bond ETF		540		59,497

Total Fixed Income				390,365

Total Exchange Traded Funds (99.4%) (Cost $4,529,606)				5,393,623

	Principal Amount		Value (Note 1)

SHORT-TERM INVESTMENT:
Repurchase Agreement (9.9%)
Deutsche Bank Securities, Inc., 4.78%, dated 4/28/23, due 5/1/23, repurchase price $536,373, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 8/15/23-5/15/43; total market value $546,882. (xx)	$	536,159		536,159

Total Short-Term Investment (9.9%) (Cost $536,159)				536,159

Total Investments in Securities (109.3%) (Cost $5,065,765)				5,929,782
Other Assets Less Liabilities (-9.3%)				(501,772	)

Net Assets (100%)			$	5,428,010

(x)

All or a portion of security is on loan at April 30, 2023.

(xx)

At April 30, 2023, the Fund had loaned securities with a total value of $525,395. This was collateralized by cash of $536,159 which was subsequently invested in joint repurchase agreements as detailed in the Notes to the Financial Statements.

Glossary:

TIPS

— Treasury Inflation Protected Security

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of April 30, 2023:

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	$	5,393,623	$	—	$	—	$	5,393,623
Short-Term Investment
Repurchase Agreement		—		536,159		—		536,159

Total Assets	$	5,393,623	$	536,159	$	—	$	5,929,782

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	5,393,623	$	536,159	$	—	$	5,929,782

The Fund held no derivatives contracts during the six months ended April 30, 2023.

See Notes to Financial Statements.

104

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PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2023 (Unaudited)

Investment security transactions for the six months ended April 30, 2023 were as follows:


Cost of Purchases:
Long-term investments other than U.S. government debt securities	$	398,785
Net Proceeds of Sales and Redemptions:
Long-term investments other than U.S. government debt securities	$	512,882


Aggregate gross unrealized appreciation	$	923,362
Aggregate gross unrealized depreciation		(59,631	)

Net unrealized appreciation	$	863,731

Federal income tax cost of investments in securities and derivative instruments, if applicable	$	5,066,051

See Notes to Financial Statements.

105

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STATEMENT OF ASSETS AND LIABILITIES

April 30, 2023 (Unaudited)


ASSETS
Investments in Securities, at value (x)
Unaffiliated Issuers (Cost $4,529,606)	$	5,393,623
Repurchase Agreements (Cost $536,159)		536,159
Cash		40,985
Prepaid registration and filing fees		14,051
Receivable from investment adviser		5,370
Receivable for Fund shares sold		4,885
Securities lending income receivable		305

Total assets		5,995,378

LIABILITIES
Payable for return of collateral on securities loaned		536,159
Transfer agent fees payable		3,233
Trustees’ fees payable		46
Accrued expenses		27,930

Total liabilities		567,368

NET ASSETS	$	5,428,010

Net assets were comprised of:
Paid in capital	$	4,451,893
Total distributable earnings (loss)		976,117

Net assets	$	5,428,010

Class I
Net asset value, offering and redemption price per share, $5,428,010 / 410,282 shares outstanding (unlimited amount authorized: $0.001 par value)	$	13.23

(x)

Includes value of securities on loan of $525,395.

STATEMENT OF OPERATIONS

For the Six Months Ended April 30, 2023 (Unaudited)


INVESTMENT INCOME
Dividends	$	53,827
Interest		932
Securities lending (net)		3,019

Total income		57,778

EXPENSES
Professional fees		21,143
Investment advisory fees		13,478
Registration and filing fees		9,544
Printing and mailing expenses		5,756
Transfer agent fees		5,504
Administrative fees		4,043
Custodian fees		2,579
Trustees’ fees		88
Miscellaneous		2,197

Gross expenses		64,332
Less: Waiver from investment adviser		(17,521	)
Reimbursement from investment adviser		(32,569	)

Net expenses		14,242

NET INVESTMENT INCOME (LOSS)		43,536

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on investments in securities		109,372
Net change in unrealized appreciation (depreciation) on investments in securities		289,137

NET REALIZED AND UNREALIZED GAIN (LOSS)		398,509

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	442,045

STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	43,536		$	99,072
Net realized gain (loss)		109,372			87,863
Net change in unrealized appreciation (depreciation)		289,137			(995,869	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		442,045			(808,934	)

Distributions to shareholders:
Class I		(197,242	)		(86,186	)

CAPITAL SHARES TRANSACTIONS:
Class I
Capital shares sold [ 41,990 and 65,983 shares, respectively ]		541,514			901,418
Capital shares issued in reinvestment of dividends and distributions [ 5,820 and 1,847 shares, respectively ]		75,142			27,561
Capital shares repurchased [ (42,234) and (28,317) shares , respectively]		(553,112	)		(392,385	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		63,544			536,594

TOTAL INCREASE (DECREASE) IN NET ASSETS		308,347			(358,526	)
NET ASSETS:
Beginning of period		5,119,663			5,478,189

End of period	$	5,428,010		$	5,119,663

See Notes to Financial Statements.

106

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FINANCIAL HIGHLIGHTS


	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
Class I	Six Months Ended April 30, 2023 (Unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	12.65		$	15.00		$	11.73		$	12.32		$	11.04		$	11.02

Income (loss) from investment operations:
Net investment income (loss) (e)(x)		0.10			0.26			0.16			0.23			0.22			0.20
Net realized and unrealized gain (loss)		0.97			(2.37	)		3.45			(0.58	)		1.32			0.01

Total from investment operations		1.07			(2.11	)		3.61			(0.35	)		1.54			0.21

Less distributions:
Dividends from net investment income		(0.27	)		(0.17	)		(0.21	)		(0.23	)		(0.21	)		(0.18	)
Distributions from net realized gains		(0.22	)		(0.07	)		(0.13	)		(0.01	)		(0.05	)		(0.01	)

Total dividends and distributions		(0.49	)		(0.24	)		(0.34	)		(0.24	)		(0.26	)		(0.19	)

Net asset value, end of period	$	13.23		$	12.65		$	15.00		$	11.73		$	12.32		$	11.04

Total return (b)		8.54	%		(14.34	)%		31.27	%		(2.97	)%		14.29	%		1.90	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	5,428		$	5,120		$	5,478		$	3,883		$	3,545		$	2,918
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		0.53	%(j)		0.52	%(j)		0.52	%(j)		0.53	%**(j)		0.52	%(j)		0.52	%(j)
Before waivers and reimbursements (a)(f)		2.39	%		2.86	%		3.11	%		4.34	%		4.74	%		5.27	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)(f)(x)		1.61	%		1.88	%		1.16	%		1.97	%		1.95	%		1.73	%
Before waivers and reimbursements (a)(f)(x)		(0.24	)%		(0.46	)%		(1.43	)%		(1.84	)%		(2.27	)%		(3.02	)%
Portfolio turnover rate^		7	%(z)		5	%		2	%		6	%		2	%		2	%

**	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 0.66% in 2020 and 0.65% in 2023, 2022, 2020, 2019 and 2018.

(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.

107

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Table by Asset Class (as a percentage of Total Investments in Securities) As of April 30, 2023
Equity	90.3	%
Repurchase Agreement	7.6
Fixed Income	2.1



Top 10 Holdings (as a percentage of Total Investments in Securities) As of April 30, 2023
iShares Core S&P Total US Stock Market ETF	31.6	%
iShares Core MSCI EAFE ETF	11.1
Invesco S&P 500 Low Volatility ETF	10.7
iShares MSCI USA Min Vol Factor ETF	10.5
Deutsche Bank Securities, Inc.	7.6
iShares MSCI EAFE Min Vol Factor ETF	5.6
Invesco S&P International Developed Low Volatility ETF	5.5
Invesco S&P MidCap Low Volatility ETF	5.5
Invesco S&P SmallCap Low Volatility ETF	2.5
iShares Core MSCI Emerging Markets ETF	2.4
Holdings are subject to change without notice.

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Fund, you incur two types of costs:

(1) transaction costs, including applicable sales charges and redemption fees; and (2) ongoing costs, including investment advisory fees, distribution and/or service (12b-1) fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended April 30, 2023 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE



	Beginning Account Value 11/1/22		Ending Account Value 4/30/23		Expenses Paid During Period* 11/1/22 - 4/30/23
Class I
Actual		$1,000.00		$1,086.90		$2.71
Hypothetical (5% average annual return before expenses)		1,000.00		1,022.20		2.63

* Expenses are equal to the Fund’s I shares annualized expense ratio of 0.52%, multiplied by the average account value over the period, and multiplied by 181/365 (to reflect the one-half year period).

108

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PORTFOLIO OF INVESTMENTS

April 30, 2023 (Unaudited)



	Number of Shares		Value (Note 1)

EXCHANGE TRADED FUNDS (ETF):
Equity (97.2%)
Invesco S&P 500 Low Volatility ETF (x)		10,540	$	673,927
Invesco S&P Emerging Markets Low Volatility ETF		3,320		78,186
Invesco S&P International Developed Low Volatility ETF		12,370		349,700
Invesco S&P MidCap Low Volatility ETF		6,600		345,510
Invesco S&P SmallCap Low Volatility ETF		3,810		154,572
iShares Core MSCI EAFE ETF		10,180		700,079
iShares Core MSCI Emerging Markets ETF		3,150		153,027
iShares Core S&P Total US Stock Market ETF		21,840		1,997,705
iShares MSCI EAFE Min Vol Factor ETF		5,030		353,911
iShares MSCI Emerging Markets Min Vol Factor ETF		1,470		81,908
iShares MSCI USA Min Vol Factor ETF		9,000		664,380
SPDR SSGA US Small Cap Low Volatility Index ETF		1,490		150,655

Total Equity				5,703,560

Fixed Income (2.2%)
iShares Core U.S. Aggregate Bond ETF		1,080		107,957
iShares TIPS Bond ETF		200		22,036

Total Fixed Income				129,993

Total Exchange Traded Funds (99.4%) (Cost $4,981,109)				5,833,553

	Principal Amount		Value (Note 1)

SHORT-TERM INVESTMENT:
Repurchase Agreement (8.2%)
Deutsche Bank Securities, Inc., 4.78%, dated 4/28/23, due 5/1/23, repurchase price $480,170, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 8/15/23-5/15/43; total market value $489,579. (xx)	$	479,979		479,979

Total Short-Term Investment (8.2%) (Cost $479,979)				479,979

Total Investments in Securities (107.6%) (Cost $5,461,088)				6,313,532
Other Assets Less Liabilities (-7.6%)				(445,856	)

Net Assets (100%)			$	5,867,676

(x)

All or a portion of security is on loan at April 30, 2023.

(xx)

At April 30, 2023, the Fund had loaned securities with a total value of $470,343. This was collateralized by cash of $479,979 which was subsequently invested in joint repurchase agreements as detailed in the Notes to the Financial Statements.

Glossary:

TIPS

— Treasury Inflation Protected Security

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of April 30, 2023:

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	$	5,833,553	$	—	$	—	$	5,833,553
Short-Term Investment
Repurchase Agreement		—		479,979		—		479,979

Total Assets	$	5,833,553	$	479,979	$	—	$	6,313,532

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	5,833,553	$	479,979	$	—	$	6,313,532

The Fund held no derivatives contracts during the six months ended April 30, 2023.

See Notes to Financial Statements.

109

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PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2023 (Unaudited)

Investment security transactions for the six months ended April 30, 2023 were as follows:


Cost of Purchases:
Long-term investments other than U.S. government debt securities	$	522,568
Net Proceeds of Sales and Redemptions:
Long-term investments other than U.S. government debt securities	$	296,354


Aggregate gross unrealized appreciation	$	878,883
Aggregate gross unrealized depreciation		(37,720	)

Net unrealized appreciation	$	841,163

Federal income tax cost of investments in securities and derivative instruments, if applicable	$	5,472,369

See Notes to Financial Statements.

110

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STATEMENT OF ASSETS AND LIABILITIES

April 30, 2023 (Unaudited)


ASSETS
Investments in Securities, at value (x)
Unaffiliated Issuers (Cost $4,981,109)	$	5,833,553
Repurchase Agreements (Cost $479,979)		479,979
Cash		41,191
Prepaid registration and filing fees		14,063
Receivable from investment adviser		5,362
Receivable for Fund shares sold		4,321
Securities lending income receivable		113
Dividends, interest and other receivables		1

Total assets		6,378,583

LIABILITIES
Payable for return of collateral on securities loaned		479,979
Transfer agent fees payable		3,189
Trustees’ fees payable		45
Accrued expenses		27,694

Total liabilities		510,907

NET ASSETS	$	5,867,676

Net assets were comprised of:
Paid in capital	$	4,977,477
Total distributable earnings (loss)		890,199

Net assets	$	5,867,676

Class I
Net asset value, offering and redemption price per share, $5,867,676 / 439,095 shares outstanding (unlimited amount authorized: $0.001 par value)	$	13.36

(x)

Includes value of securities on loan of $470,343.

STATEMENT OF OPERATIONS

For the Six Months Ended April 30, 2023 (Unaudited)


INVESTMENT INCOME
Dividends	$	53,152
Interest		748
Securities lending (net)		1,856

Total income		55,756

EXPENSES
Professional fees		21,143
Investment advisory fees		13,486
Registration and filing fees		9,553
Transfer agent fees		5,852
Printing and mailing expenses		5,756
Administrative fees		4,046
Custodian fees		2,439
Trustees’ fees		88
Miscellaneous		2,161

Gross expenses		64,524
Less: Waiver from investment adviser		(17,532	)
Reimbursement from investment adviser		(32,839	)

Net expenses		14,153

NET INVESTMENT INCOME (LOSS)		41,603

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on investments in securities		48,706
Net change in unrealized appreciation (depreciation) on investments in securities		363,585

NET REALIZED AND UNREALIZED GAIN (LOSS)		412,291

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	453,894

STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	41,603		$	102,750
Net realized gain (loss)		48,706			94,052
Net change in unrealized appreciation (depreciation)		363,585			(1,048,819	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		453,894			(852,017	)

Distributions to shareholders:
Class I		(211,104	)		(116,998	)

CAPITAL SHARES TRANSACTIONS:
Class I
Capital shares sold [ 58,708 and 83,004 shares, respectively ]		766,501			1,152,423
Capital shares issued in reinvestment of dividends and distributions [ 6,061 and 2,586 shares, respectively ]		78,969			38,948
Capital shares repurchased [ (29,303) and (54,036) shares , respectively]		(383,313	)		(717,525	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		462,157			473,846

TOTAL INCREASE (DECREASE) IN NET ASSETS		704,947			(495,169	)
NET ASSETS:
Beginning of period		5,162,729			5,657,898

End of period	$	5,867,676		$	5,162,729

See Notes to Financial Statements.

111

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FINANCIAL HIGHLIGHTS


	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
Class I	Six Months Ended April 30, 2023 (Unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	12.79		$	15.21		$	11.77		$	12.38		$	11.07		$	11.03

Income (loss) from investment operations:
Net investment income (loss) (e)(x)		0.10			0.25			0.16			0.24			0.22			0.20
Net realized and unrealized gain (loss)		1.00			(2.36	)		3.66			(0.61	)		1.34			0.03

Total from investment operations		1.10			(2.11	)		3.82			(0.37	)		1.56			0.23

Less distributions:
Dividends from net investment income		(0.28	)		(0.16	)		(0.22	)		(0.22	)		(0.21	)		(0.18	)
Distributions from net realized gains		(0.25	)		(0.15	)		(0.16	)		(0.02	)		(0.04	)		(0.01	)

Total dividends and distributions		(0.53	)		(0.31	)		(0.38	)		(0.24	)		(0.25	)		(0.19	)

Net asset value, end of period	$	13.36		$	12.79		$	15.21		$	11.77		$	12.38		$	11.07

Total return (b)		8.69	%		(14.17	)%		33.13	%		(3.11	)%		14.43	%		2.09	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	5,868		$	5,163		$	5,658		$	3,818		$	3,490		$	2,867
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		0.52	%(j)		0.52	%(j)		0.52	%(j)		0.53	%**(j)		0.52	%(j)		0.52	%(j)
Before waivers and reimbursements (a)(f)		2.39	%		2.75	%		3.24	%		4.31	%		4.83	%		5.27	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)(f)(x)		1.54	%		1.84	%		1.13	%		2.01	%		1.93	%		1.73	%
Before waivers and reimbursements (a)(f)(x)		(0.32	)%		(0.39	)%		(1.58	)%		(1.78	)%		(2.39	)%		(3.02	)%
Portfolio turnover rate^		5	%(z)		8	%		4	%		9	%		2	%		2	%

**	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 0.66% in 2020 and 0.65% in 2023, 2022, 2020, 2019 and 2018.

(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.

112

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Sector Weightings as of April 30, 2023	% of Net Assets
Financials		18.6	%
Industrials		17.2
Information Technology		15.7
Health Care		14.2
Consumer Staples		13.0
Consumer Discretionary		5.1
Communication Services		4.6
Utilities		3.6
Materials		2.4
Real Estate		1.9
Energy		1.7
Investment Companies		1.5
Repurchase Agreement		0.1
Cash and Other		0.4

		100.0	%

Holdings are subject to change without notice.

UNDERSTANDING YOUR EXPENSES:

As a shareholder of the Fund, you incur two types of costs:

(1) transaction costs, including applicable sales charges and redemption fees; and (2) ongoing costs, including investment advisory fees, distribution and/or service (12b-1) fees (in the case of Class A, Class R and Class T shares of the Fund), and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 invested at the beginning of the six-month period ended April 30, 2023 and held for the entire six-month period.

Actual Expenses

Hypothetical Example for Comparison Purposes

EXAMPLE



	Beginning Account Value 11/1/22		Ending Account Value 4/30/23		Expenses Paid During Period* 11/1/22 - 4/30/23
Class A
Actual		$1,000.00		$1,097.00		$5.72
Hypothetical (5% average annual return before expenses)		1,000.00		1,019.34		5.51
Class I
Actual		1,000.00		1,098.80		4.42
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.58		4.26
Class R
Actual		1,000.00		1,096.10		7.02
Hypothetical (5% average annual return before expenses)		1,000.00		1,018.10		6.76
Class T
Actual		1,000.00		1,098.80		4.42
Hypothetical (5% average annual return before expenses)		1,000.00		1,020.58		4.26

* Expenses are equal to the Fund’s A, I, R and T shares annualized expense ratio of 1.10%, 0.85%, 1.35% and 0.85%, respectively, multiplied by the average account value over the period, and multiplied by 181/365 (to reflect the one-half year period).

113

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PORTFOLIO OF INVESTMENTS

April 30, 2023 (Unaudited)



	Number of Shares		Value (Note 1)
COMMON STOCKS:
Communication Services (4.6%)
*Diversified Telecommunication Services (1.6%)*
AT&T, Inc.		28,500	$	503,595
Deutsche Telekom AG (Registered)		30,359		731,990
Nippon Telegraph & Telephone Corp.		8,500		259,228
Spark New Zealand Ltd.		84,881		275,051
Swisscom AG (Registered)		922		632,060
Telenor ASA		17,872		223,068
Telstra Group Ltd.		69,093		199,995

				2,824,987

*Interactive Media & Services (1.6%)*
Alphabet, Inc., Class A*		27,600		2,962,584

*Media (0.9%)*
Charter Communications, Inc., Class A*		1,261		464,931
Comcast Corp., Class A		23,800		984,606
Quebecor, Inc., Class B		8,300		214,231

				1,663,768

*Wireless Telecommunication Services (0.5%)*
KDDI Corp.		12,700		396,593
Rogers Communications, Inc., Class B		4,800		237,157
T-Mobile US, Inc.*		2,278		327,804

				961,554

Total Communication Services				8,412,893

Consumer Discretionary (5.1%)
*Automobile Components (0.2%)*
Bridgestone Corp.		8,900		357,049

*Automobiles (0.6%)*
Bayerische Motoren Werke AG		4,953		553,606
Mercedes-Benz Group AG		5,488		427,448
Tesla, Inc.*		899		147,715

				1,128,769

*Broadline Retail (0.9%)*
Amazon.com, Inc.*		11,700		1,233,765
Wesfarmers Ltd.		10,269		353,719

				1,587,484

*Distributors (0.3%)*
Genuine Parts Co.		1,000		168,310
LKQ Corp.		2,700		155,871
Pool Corp.		555		194,983

				519,164

*Hotels, Restaurants & Leisure (0.1%)*
Aristocrat Leisure Ltd.		8,814		221,612

*Household Durables (0.4%)*
DR Horton, Inc.		1,900		208,658
Lennar Corp., Class A		1,600		180,496
Sekisui House Ltd.		17,200		353,647

				742,801

*Specialty Retail (2.4%)*
AutoZone, Inc.*		200		532,662
Home Depot, Inc. (The)		4,900		1,472,646
Lowe’s Cos., Inc.		4,100		852,103
O’Reilly Automotive, Inc.*		741		679,727
TJX Cos., Inc. (The)		6,800		535,976
Tractor Supply Co.		1,400		333,760

				4,406,874

*Textiles, Apparel & Luxury Goods (0.2%)*
Kering SA		311		199,049
LVMH Moet Hennessy Louis Vuitton SE		258		247,921

				446,970

Total Consumer Discretionary				9,410,723

Consumer Staples (13.0%)
*Beverages (3.2%)*
Brown-Forman Corp., Class B		3,900		253,851
Carlsberg A/S, Class B		1,112		183,676
Coca-Cola Co. (The)		31,500		2,020,725
Diageo plc		7,117		325,121
Heineken NV		4,730		542,915
Keurig Dr Pepper, Inc.		10,132		331,316
Monster Beverage Corp.*		3,314		185,584
PepsiCo, Inc.		11,000		2,099,790

				5,942,978

*Consumer Staples Distribution & Retail (2.6%)*
Coles Group Ltd.		17,307		208,459
Costco Wholesale Corp.		2,468		1,241,947
Dollar General Corp.		1,700		376,482
George Weston Ltd.		2,100		281,974
Koninklijke Ahold Delhaize NV		14,652		504,582
Loblaw Cos. Ltd.		2,300		216,326
Walmart, Inc.		9,800		1,479,506
Woolworths Group Ltd.		14,776		380,687

				4,689,963

*Food Products (3.8%)*
Archer-Daniels-Midland Co.		8,100		632,448
Bunge Ltd.		2,100		196,560
Danone SA		5,704		377,441
General Mills, Inc.		11,700		1,036,971
Hershey Co. (The)		3,500		955,710
J M Smucker Co. (The)		1,000		154,410
Kellogg Co.		7,700		537,229
Mondelez International, Inc., Class A		18,800		1,442,336
Nestle SA (Registered)		12,000		1,538,531

				6,871,636

*Household Products (2.7%)*
Church & Dwight Co., Inc.		2,000		194,240
Clorox Co. (The)		1,600		264,992
Colgate-Palmolive Co.		12,800		1,021,440
Henkel AG & Co. KGaA (Preference) (q)		3,969		320,383
Kimberly-Clark Corp.		6,100		883,829
Procter & Gamble Co. (The)		14,100		2,204,958

				4,889,842

*Personal Care Products (0.7%)*
Beiersdorf AG		2,994		417,830
L’Oreal SA		776		370,360
Unilever plc (Cboe Europe)		4,078		227,157
Unilever plc (London Stock Exchange)		5,289		294,586

				1,309,933

Total Consumer Staples				23,704,352

See Notes to Financial Statements.

114

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PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2023 (Unaudited)



	Number of Shares		Value (Note 1)
Energy (1.7%)
*Oil, Gas & Consumable Fuels (1.7%)*
Chevron Corp.		1,900	$	320,302
Enbridge, Inc.		19,400		771,361
ENEOS Holdings, Inc.		64,400		228,927
Equinor ASA		16,118		463,213
Exxon Mobil Corp.		10,600		1,254,404
OMV AG		2,887		136,592

Total Energy				3,174,799

Financials (18.6%)
*Banks (5.7%)*
Bank Hapoalim BM		42,421		365,251
Bank of America Corp.		22,500		658,800
Bank of Montreal (x)		5,200		468,743
Bank of Nova Scotia (The)		17,700		883,530
Canadian Imperial Bank of Commerce		9,000		377,311
Commonwealth Bank of Australia		2,502		165,054
DBS Group Holdings Ltd.		11,000		272,818
Israel Discount Bank Ltd., Class A		31,153		154,893
JPMorgan Chase & Co.		11,100		1,534,464
Mitsubishi UFJ Financial Group, Inc.		48,200		304,051
National Bank of Canada		6,200		462,329
Nordea Bank Abp (Aquis Stock Exchange)		23,265		258,621
Nordea Bank Abp (Turquoise Stock Exchange)		13,972		155,649
Oversea-Chinese Banking Corp. Ltd.		22,500		213,003
PNC Financial Services Group, Inc. (The)		2,700		351,675
Royal Bank of Canada		14,700		1,459,421
Sumitomo Mitsui Financial Group, Inc.		10,000		410,532
Toronto-Dominion Bank (The)		18,700		1,132,752
United Overseas Bank Ltd.		27,600		586,517
US Bancorp		6,028		206,640

				10,422,054

*Capital Markets (3.3%)*
Ameriprise Financial, Inc.		500		152,560
ASX Ltd.		7,512		341,463
Bank of New York Mellon Corp. (The)		7,700		327,943
BlackRock, Inc.		683		458,430
Cboe Global Markets, Inc.		1,900		265,430
CME Group, Inc.		1,900		352,963
Deutsche Boerse AG		2,051		390,768
FactSet Research Systems, Inc.		400		164,676
Goldman Sachs Group, Inc. (The)		1,500		515,160
Hong Kong Exchanges & Clearing Ltd.		4,900		204,434
Intercontinental Exchange, Inc.		4,700		511,971
Moody’s Corp.		1,700		532,304
Morgan Stanley		2,900		260,913
MSCI, Inc.		700		337,715
Nasdaq, Inc.		3,400		188,258
S&P Global, Inc.		2,100		761,418
TMX Group Ltd.		1,900		192,433

				5,958,839

*Consumer Finance (0.4%)*
American Express Co.		4,900		790,566

*Financial Services (2.4%)*
Berkshire Hathaway, Inc., Class B*		4,500		1,478,475
Fiserv, Inc.*		3,739		456,607
Mastercard, Inc., Class A		2,800		1,064,084
Visa, Inc., Class A		6,200		1,442,926

				4,442,092

*Insurance (6.8%)*
Admiral Group plc		5,511		160,073
Aflac, Inc.		8,800		614,680
Allianz SE (Registered)		3,356		841,892
American International Group, Inc.		5,400		286,416
Aon plc, Class A		2,200		715,396
Arthur J Gallagher & Co.		3,100		644,986
Assicurazioni Generali SpA		20,746		431,816
Chubb Ltd.		2,400		483,744
Dai-ichi Life Holdings, Inc.		9,200		170,788
Hannover Rueck SE		1,052		224,431
Hartford Financial Services Group, Inc. (The)		2,600		184,574
Intact Financial Corp.		3,000		453,792
Loews Corp.		5,300		305,121
Manulife Financial Corp.		23,400		462,007
Marsh & McLennan Cos., Inc.		7,000		1,261,330
MetLife, Inc.		3,300		202,389
MS&AD Insurance Group Holdings, Inc.		8,500		279,193
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)*		1,959		735,580
NN Group NV		6,875		257,043
Sampo OYJ, Class A		10,515		533,272
Sompo Holdings, Inc.		9,600		400,612
Sun Life Financial, Inc.		6,400		313,942
Tokio Marine Holdings, Inc.		17,500		352,088
Travelers Cos., Inc. (The)		4,400		797,016
W R Berkley Corp.		3,600		212,112
Willis Towers Watson plc		1,300		301,080
Zurich Insurance Group AG		1,542		745,838

				12,371,211

Total Financials				33,984,762

Health Care (14.2%)
*Biotechnology (0.7%)*
AbbVie, Inc.		1,452		219,426
Amgen, Inc.		1,206		289,127
CSL Ltd.		795		158,229
Gilead Sciences, Inc.		2,100		172,641
Vertex Pharmaceuticals, Inc.*		1,267		431,705

				1,271,128

*Health Care Equipment & Supplies (3.1%)*
Abbott Laboratories		13,600		1,502,392
Alcon, Inc.		2,918		208,972
Becton Dickinson & Co.		2,300		607,913
Boston Scientific Corp.*		6,000		312,720
Coloplast A/S, Class B		1,287		185,483
Edwards Lifesciences Corp.*		5,100		448,698
Hoya Corp.		1,900		200,143
IDEXX Laboratories, Inc.*		562		276,594
Medtronic plc		13,400		1,218,730
ResMed, Inc.		1,200		289,152
Stryker Corp.		1,300		389,545

				5,640,342

See Notes to Financial Statements.

115

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PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2023 (Unaudited)



	Number of Shares		Value (Note 1)
*Health Care Providers & Services (2.9%)*
AmerisourceBergen Corp.		1,200	$	200,220
Cigna Group (The)		1,800		455,922
CVS Health Corp.		9,500		696,445
DaVita, Inc.*		2,500		225,900
Elevance Health, Inc.		1,700		796,705
HCA Healthcare, Inc.		1,100		316,063
Humana, Inc.		300		159,147
Laboratory Corp. of America Holdings		700		158,697
McKesson Corp.		1,200		437,088
UnitedHealth Group, Inc.		3,800		1,869,942

				5,316,129

*Life Sciences Tools & Services (2.0%)*
Agilent Technologies, Inc.		3,500		474,005
Danaher Corp.		3,900		923,949
IQVIA Holdings, Inc.*		800		150,584
Mettler-Toledo International, Inc.*		200		298,300
Thermo Fisher Scientific, Inc.		2,000		1,109,800
Waters Corp.*		900		270,324
West Pharmaceutical Services, Inc.		1,400		505,736

				3,732,698

*Pharmaceuticals (5.5%)*
Astellas Pharma, Inc.		20,500		309,174
AstraZeneca plc		1,309		192,617
Bristol-Myers Squibb Co.		3,400		227,018
Eli Lilly and Co.		2,500		989,650
GSK plc		11,495		208,236
Johnson & Johnson		12,579		2,059,182
Merck & Co., Inc.		11,100		1,281,717
Merck KGaA*		2,813		504,124
Novartis AG (Registered)		8,181		837,331
Novo Nordisk A/S, Class B		4,065		678,115
Pfizer, Inc.		18,300		711,687
Roche Holding AG		2,282		715,265
Sanofi		4,752		523,766
Zoetis, Inc.		4,600		808,588

				10,046,470

Total Health Care				26,006,767

Industrials (17.2%)
*Aerospace & Defense (1.4%)*
Airbus SE		2,956		414,958
General Dynamics Corp.		2,900		633,186
Lockheed Martin Corp.		1,400		650,230
Northrop Grumman Corp.		1,000		461,270
Raytheon Technologies Corp.		3,200		319,680

				2,479,324

*Air Freight & Logistics (0.9%)*
Deutsche Post AG (Registered)		4,680		224,615
Expeditors International of Washington, Inc.		4,800		546,432
Nippon Express Holdings, Inc.		4,600		269,909
United Parcel Service, Inc., Class B		3,500		629,335

				1,670,291

*Building Products (1.3%)*
Allegion plc		5,500		607,640
Assa Abloy AB, Class B		13,662		325,358
Carrier Global Corp.		4,800		200,736
Daikin Industries Ltd.		1,000		181,933
Geberit AG (Registered)		619		352,518
Trane Technologies plc		3,500		650,335

				2,318,520

*Commercial Services & Supplies (1.1%)*
Brambles Ltd.		40,979		387,569
Cintas Corp.		844		384,670
Copart, Inc.*		3,014		238,257
Republic Services, Inc.		1,100		159,082
Secom Co. Ltd.		2,500		159,709
Waste Management, Inc.		4,300		714,015

				2,043,302

*Electrical Equipment (0.9%)*
ABB Ltd. (Registered)		10,619		383,283
Eaton Corp. plc		4,900		818,888
Schneider Electric SE		2,328		406,723

				1,608,894

*Ground Transportation (2.1%)*
Canadian National Railway Co.		7,400		882,090
Canadian Pacific Kansas City Ltd.		3,478		274,163
CSX Corp.		26,701		818,119
Hankyu Hanshin Holdings, Inc.		8,100		252,707
JB Hunt Transport Services, Inc.		800		140,232
Old Dominion Freight Line, Inc.		700		224,273
Union Pacific Corp.		6,100		1,193,770

				3,785,354

*Industrial Conglomerates (1.4%)*
3M Co.		9,200		977,224
Honeywell International, Inc.		7,100		1,418,864
Siemens AG (Registered)		1,414		231,982

				2,628,070

*Machinery (4.2%)*
Atlas Copco AB, Class A (x)		35,680		516,585
Caterpillar, Inc.		3,600		787,680
CNH Industrial NV		12,477		175,542
Cummins, Inc.		1,000		235,040
Deere & Co.		2,000		756,040
Dover Corp.		2,600		380,016
Epiroc AB, Class A		10,331		206,779
Fortive Corp.		2,400		151,416
GEA Group AG		3,889		182,263
IDEX Corp.		1,700		350,744
Illinois Tool Works, Inc.		4,800		1,161,312
Knorr-Bremse AG		3,781		264,613
Kone OYJ, Class B		3,952		225,362
Otis Worldwide Corp.		3,900		332,670
PACCAR, Inc.		10,771		804,486
Pentair plc		5,900		342,672
Snap-on, Inc.		1,600		415,056
Volvo AB, Class B		22,816		471,963

				7,760,239

*Marine Transportation (0.1%)*
Kuehne + Nagel International AG (Registered) (x)		850		250,621

*Professional Services (2.0%)*
Automatic Data Processing, Inc.		5,705		1,255,100

See Notes to Financial Statements.

116

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PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2023 (Unaudited)



	Number of Shares		Value (Note 1)
Jacobs Solutions, Inc.		1,600	$	184,736
Leidos Holdings, Inc.		2,034		189,691
Paychex, Inc.		4,091		449,437
Thomson Reuters Corp.		3,100		407,644
Verisk Analytics, Inc.		1,600		310,576
Wolters Kluwer NV		6,349		841,384

				3,638,568

*Trading Companies & Distributors (1.8%)*
Brenntag SE		4,227		344,007
Fastenal Co.		12,442		669,877
ITOCHU Corp.		16,000		531,677
Mitsubishi Corp.		8,400		311,659
Mitsui & Co. Ltd.		15,500		485,291
Sumitomo Corp.		16,800		301,302
WW Grainger, Inc.		800		556,456

				3,200,269

Total Industrials				31,383,452

Information Technology (15.7%)
*Communications Equipment (0.9%)*
Cisco Systems, Inc.		21,694		1,025,042
Motorola Solutions, Inc.		2,000		582,800
Nokia OYJ		35,922		151,885

				1,759,727

*Electronic Equipment, Instruments & Components (1.1%)*
Amphenol Corp., Class A		8,700		656,589
CDW Corp.		3,200		542,688
Hexagon AB, Class B (x)		20,718		237,033
Keysight Technologies, Inc.*		1,900		274,816
Murata Manufacturing Co. Ltd.		2,800		162,997
TE Connectivity Ltd.		1,300		159,081

				2,033,204

*IT Services (1.2%)*
Accenture plc, Class A		3,000		840,870
Bechtle AG		5,404		250,586
CGI, Inc.*		1,600		162,391
Gartner, Inc.*		900		272,214
International Business Machines Corp.		2,300		290,743
VeriSign, Inc.*		1,395		309,411

				2,126,215

*Semiconductors & Semiconductor Equipment (1.9%)*
Applied Materials, Inc.		3,940		445,338
ASM International NV		435		158,465
ASML Holding NV		1,376		876,121
KLA Corp.		500		193,270
NVIDIA Corp.		802		222,547
NXP Semiconductors NV		2,814		460,765
Texas Instruments, Inc.		6,400		1,070,080

				3,426,586

*Software (5.6%)*
Adobe, Inc.*		2,140		807,978
Autodesk, Inc.*		1,948		379,451
Cadence Design Systems, Inc.*		3,160		661,862
Microsoft Corp.		21,910		6,732,067
Open Text Corp.		4,500		170,421
Roper Technologies, Inc.		1,200		545,736
SAP SE		2,654		359,512
Synopsys, Inc.*		1,445		536,557

				10,193,584

*Technology Hardware, Storage & Peripherals (5.0%)*
Apple, Inc.		50,300		8,534,904
Canon, Inc.		10,500		250,765
FUJIFILM Holdings Corp.		3,700		192,997
HP, Inc.		7,000		207,970

				9,186,636

Total Information Technology				28,725,952

Materials (2.4%)
*Chemicals (1.7%)*
Air Liquide SA		1,364		245,470
Air Products and Chemicals, Inc.		1,000		294,360
Corteva, Inc.		10,800		660,096
Ecolab, Inc.		1,100		184,624
Givaudan SA (Registered)		154		538,700
Mitsubishi Chemical Group Corp.		37,400		219,660
Nutrien Ltd.		3,600		249,743
Sherwin-Williams Co. (The)		2,900		688,866

				3,081,519

*Containers & Packaging (0.1%)*
Avery Dennison Corp.		800		139,584

*Metals & Mining (0.6%)*
BHP Group Ltd.		7,744		229,125
Franco-Nevada Corp.		1,200		182,084
Rio Tinto Ltd.		2,153		160,845
Rio Tinto plc		3,125		198,432
Wheaton Precious Metals Corp.		9,200		453,939

				1,224,425

Total Materials				4,445,528

Real Estate (1.9%)
*Diversified REITs (0.1%)*
Nomura Real Estate Master Fund, Inc. (REIT)		138		161,467

*Office REITs (0.3%)*
Dexus (REIT)		39,018		201,583
Japan Real Estate Investment Corp. (REIT)		37		146,666
Nippon Building Fund, Inc. (REIT)		41		171,913

				520,162

*Real Estate Management & Development (0.1%)*
Sumitomo Realty & Development Co. Ltd.		7,300		170,272

*Residential REITs (0.5%)*
AvalonBay Communities, Inc. (REIT)		2,200		396,814
Equity Residential (REIT)		3,400		215,050
Essex Property Trust, Inc. (REIT)		864		189,847
Mid-America Apartment Communities, Inc. (REIT)		900		138,420

				940,131

*Retail REITs (0.1%)*
Realty Income Corp. (REIT)		2,800		175,952

*Specialized REITs (0.8%)*
American Tower Corp. (REIT)		3,200		654,048
Crown Castle, Inc. (REIT)		5,300		652,377
Weyerhaeuser Co. (REIT)		4,500		134,595

				1,441,020

Total Real Estate				3,409,004

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2023 (Unaudited)



	Number of Shares		Value (Note 1)
Utilities (3.6%)
*Electric Utilities (1.1%)*
Eversource Energy		10,900	$	845,949
Hydro One Ltd. (m)		6,600		193,297
Iberdrola SA		32,488		421,487
Terna - Rete Elettrica Nazionale		58,178		503,554

				1,964,287

*Gas Utilities (0.8%)*
Atmos Energy Corp.		5,688		649,228
Hong Kong & China Gas Co. Ltd.		308,000		273,559
Snam SpA		93,581		519,321

				1,442,108

*Multi-Utilities (1.5%)*
Canadian Utilities Ltd., Class A		6,500		187,921
CMS Energy Corp.		2,600		161,876
Consolidated Edison, Inc.		7,600		748,372
National Grid plc		11,977		171,801
Public Service Enterprise Group, Inc.		7,300		461,360
Sempra Energy		5,800		901,842
WEC Energy Group, Inc.		1,700		163,489

				2,796,661

*Water Utilities (0.2%)*
American Water Works Co., Inc.		2,100		311,325

Total Utilities				6,514,381

Total Common Stocks (98.0%) (Cost $167,703,630)				179,172,613

SHORT-TERM INVESTMENTS:
Investment Companies (1.5%)
Dreyfus Treasury Obligations Cash Management Fund 4.73% (7 day yield) (xx)		268,128		268,128
JPMorgan Prime Money Market Fund, IM Shares 5.07% (7 day yield)		2,495,584		2,496,332

Total Investment Companies				2,764,460


	Principal Amount		Value (Note 1)
Repurchase Agreement (0.1%)
Deutsche Bank Securities, Inc., 4.78%, dated 4/28/23, due 5/1/23, repurchase price $172,422, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 8/15/23-5/15/43; total market value $175,801. (xx)	$	172,354		172,354

Total Short-Term Investments (1.6%) (Cost $2,936,861)				2,936,814

Total Investments in Securities (99.6%) (Cost $170,640,491)				182,109,427
Other Assets Less Liabilities (0.4%)				689,156

Net Assets (100%)			$	182,798,583

*	Non-income producing.

(m)

(q)

Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.

(x)

All or a portion of security is on loan at April 30, 2023.

(xx)

At April 30, 2023, the Fund had loaned securities with a total value of $1,109,113. This was collateralized by $719,297 of various U.S. Government Treasury Securities, ranging from 0.000% – 4.250%, maturing 6/8/23 – 11/15/51 and by cash of $440,482 which was subsequently invested in an investment company and joint repurchase agreements as detailed in the Notes to the Financial Statements.

Glossary:

REIT

— Real Estate Investment Trusts



Country Diversification As a Percentage of Total Net Assets
Australia	1.7	%
Austria	0.1
Brazil	0.2
Canada	5.8
China	0.3
Denmark	0.6
Finland	0.7
France	1.0
Germany	3.8
Hong Kong	0.3
Israel	0.3
Italy	0.8
Japan	4.4
Netherlands	1.7
New Zealand	0.1
Norway	0.4
Singapore	0.6
Spain	0.2
Sweden	1.0
Switzerland	2.2
United Kingdom	0.8
United States	72.6
Cash and Other	0.4

	100.0	%

See Notes to Financial Statements.

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PORTFOLIO OF INVESTMENTS (Continued)

April 30, 2023 (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, 2023:

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	$	5,694,908	$	2,717,985	$	—	$	8,412,893
Consumer Discretionary		6,696,672		2,714,051		—		9,410,723
Consumer Staples		18,012,624		5,691,728		—		23,704,352
Energy		2,346,067		828,732		—		3,174,799
Financials		25,029,082		8,955,680		—		33,984,762
Health Care		21,285,312		4,721,455		—		26,006,767
Industrials		22,683,140		8,700,312		—		31,383,452
Information Technology		26,085,591		2,640,361		—		28,725,952
Materials		2,853,296		1,592,232		—		4,445,528
Real Estate		2,557,103		851,901		—		3,409,004
Utilities		4,624,659		1,889,722		—		6,514,381
Short-Term Investments
Investment Companies		2,764,460		—		—		2,764,460
Repurchase Agreement		—		172,354		—		172,354

Total Assets	$	140,632,914	$	41,476,513	$	—	$	182,109,427

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	140,632,914	$	41,476,513	$	—	$	182,109,427

The Fund held no derivatives contracts during the six months ended April 30, 2023.

Investment security transactions for the six months ended April 30, 2023 were as follows:


Cost of Purchases:
Long-term investments other than U.S. government debt securities	$	44,340,965
Net Proceeds of Sales and Redemptions:
Long-term investments other than U.S. government debt securities	$	35,383,573


Aggregate gross unrealized appreciation	$	17,356,116
Aggregate gross unrealized depreciation		(6,053,111	)

Net unrealized appreciation	$	11,303,005

Federal income tax cost of investments in securities and derivative instruments, if applicable	$	170,806,422

See Notes to Financial Statements.

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STATEMENT OF ASSETS AND LIABILITIES

April 30, 2023 (Unaudited)


ASSETS
Investments in Securities, at value (x)
Unaffiliated Issuers (Cost $170,468,137)	$	181,937,073
Repurchase Agreements (Cost $172,354)		172,354
Cash		394,100
Foreign cash (Cost $105,981)		105,722
Receivable for Fund shares sold		689,166
Dividends, interest and other receivables		399,131
Prepaid registration and filing fees		28,030
Securities lending income receivable		2,375

Total assets		183,727,951

LIABILITIES
Payable for return of collateral on securities loaned		440,482
Payable for Fund shares repurchased		307,972
Investment advisory fees payable		61,756
Transfer agent fees payable		25,781
Administrative fees payable		22,058
Distribution fees payable – Class A		1,074
Trustees’ fees payable		1,038
Distribution fees payable – Class R		745
Distribution fees payable – Class T**		32
Accrued expenses		68,430

Total liabilities		929,368

NET ASSETS	$	182,798,583

Net assets were comprised of:
Paid in capital	$	174,033,949
Total distributable earnings (loss)		8,764,634

Net assets	$	182,798,583

Class A
Net asset value and redemption price per share, $5,304,036 / 344,435 shares outstanding (unlimited amount authorized: $0.001 par value)	$	15.40
Maximum sales charge (5.50% of offering price)		0.90

Maximum offering price per share	$	16.30

Class I
Net asset value, offering and redemption price per share, $175,475,125 / 11,371,943 shares outstanding (unlimited amount authorized: $0.001 par value)	$	15.43

Class R
Net asset value, offering and redemption price per share, $1,860,052 / 121,022 shares outstanding (unlimited amount authorized: $0.001 par value)	$	15.37

Class T**
Net asset value and redemption price per share, $159,370 / 10,332 shares outstanding (unlimited amount authorized: $0.001 par value)†	$	15.43
Maximum sales charge (2.50% of offering price)		0.40

Maximum offering price per share	$	15.83

(x)

Includes value of securities on loan of $1,109,113.

**	Class T shares currently are not offered for sale.

†	Net asset value amounts may not recalculate due to rounding of net assets and/or shares outstanding.

STATEMENT OF OPERATIONS

For the Six Months Ended April 30, 2023 (Unaudited)


INVESTMENT INCOME
Dividends (net of $104,984 foreign withholding tax)	$	1,886,655
Interest		6,168
Securities lending (net)		8,691

Total income		1,901,514

EXPENSES
Investment advisory fees		584,812
Administrative fees		125,317
Transfer agent fees		89,896
Professional fees		71,258
Registration and filing fees		25,093
Printing and mailing expenses		24,895
Custodian fees		18,617
Distribution fees – Class A		6,339
Distribution fees – Class R		4,097
Trustees’ fees		2,701
Distribution fees – Class T**		190
Miscellaneous		17,211

Gross expenses		970,426
Less: Waiver from investment adviser		(249,339	)
Waiver from distributor		(190	)

Net expenses		720,897

NET INVESTMENT INCOME (LOSS)		1,180,617

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) on:
Investments in securities		86,710
Foreign currency transactions		34,172

Net realized gain (loss)		120,882

Change in unrealized appreciation (depreciation) on:
Investments in securities		14,516,431
Foreign currency translations		12,677

Net change in unrealized appreciation (depreciation)		14,529,108

NET REALIZED AND UNREALIZED GAIN (LOSS)		14,649,990

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	15,830,607

**	Class T shares currently are not offered for sale.

See Notes to Financial Statements.

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STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$	1,180,617		$	1,777,719
Net realized gain (loss)		120,882			(3,639,334	)
Net change in unrealized appreciation (depreciation)		14,529,108			(20,499,597	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		15,830,607			(22,361,212	)

Distributions to shareholders:
Class A		(41,330	)		(351,608	)
Class I		(1,652,986	)		(9,465,365	)
Class R		(9,040	)		(71,605	)
Class T**		(1,614	)		(13,147	)

Total distributions to shareholders		(1,704,970	)		(9,901,725	)

CAPITAL SHARES TRANSACTIONS:
Class A
Capital shares sold [ 22,635 and 76,397 shares, respectively ]		333,690			1,157,736
Capital shares issued in reinvestment of dividends and distributions [ 2,774 and 20,966 shares, respectively ]		41,330			351,607
Capital shares repurchased [ (26,498) and (34,561) shares , respectively]		(392,533	)		(524,512	)

Total Class A transactions		(17,513	)		984,831

Class I
Capital shares sold [ 2,078,671 and 6,210,077 shares, respectively ]		30,799,255			95,868,042
Capital shares issued in reinvestment of dividends and distributions [ 110,705 and 563,723 shares, respectively ]		1,651,723			9,464,904
Capital shares repurchased [ (1,441,963) and (3,189,544) shares , respectively]		(21,307,878	)		(47,975,390	)

Total Class I transactions		11,143,100			57,357,556

Class R
Capital shares sold [ 29,152 and 49,639 shares, respectively ]		432,269			777,333
Capital shares issued in reinvestment of dividends and distributions [ 607 and 4,275 shares, respectively]		9,040			71,605
Capital shares repurchased [ (6,695) and (9,270) shares , respectively]		(98,702	)		(140,469	)

Total Class R transactions		342,607			708,469

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS		11,468,194			59,050,856

TOTAL INCREASE (DECREASE) IN NET ASSETS		25,593,831			26,787,919
NET ASSETS:
Beginning of period		157,204,752			130,416,833

End of period	$	182,798,583		$	157,204,752

** Class T shares currently are not offered for sale.

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS


Class A	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
Class A	Six Months Ended April 30, 2023 (Unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	14.15		$	17.61		$	13.34		$	13.34		$	12.09		$	12.23

Income (loss) from investment operations:
Net investment income (loss) (e)		0.09			0.15			0.14			0.14			0.15			0.15
Net realized and unrealized gain (loss)		1.28			(2.37	)		4.29			0.14			1.67			0.06

Total from investment operations		1.37			(2.22	)		4.43			0.28			1.82			0.21

Less distributions:
Dividends from net investment income		(0.12	)		(0.13	)		(0.08	)		(0.13	)		(0.14	)		(0.15	)
Distributions from net realized gains		—	#		(1.11	)		(0.08	)		(0.15	)		(0.43	)		(0.20	)

Total dividends and distributions		(0.12	)		(1.24	)		(0.16	)		(0.28	)		(0.57	)		(0.35	)

Net asset value, end of period	$	15.40		$	14.15		$	17.61		$	13.34		$	13.34		$	12.09

Total return (b)		9.70	%		(13.73	)%		33.49	%		2.07	%		15.81	%		1.64	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	5,304		$	4,888		$	4,978		$	3,278		$	2,014		$	1,123
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		1.10	%		1.10	%		1.10	%		1.14	%		1.15	%		1.15	%
Before waivers and reimbursements (a)(f)		1.40	%		1.42	%		1.48	%		1.83	%		2.26	%		2.42	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)(f)		1.16	%		0.96	%		0.89	%		1.04	%		1.19	%		1.21	%
Before waivers and reimbursements (a)(f)		0.86	%		0.64	%		0.51	%		0.35	%		0.08	%		(0.06	)%
Portfolio turnover rate^		21	%(z)		38	%		59	%		42	%		31	%		49	%

Class I	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
Class I	Six Months Ended April 30, 2023 (Unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	14.19		$	17.66		$	13.37		$	13.37		$	12.11		$	12.25

Income (loss) from investment operations:
Net investment income (loss) (e)		0.10			0.19			0.19			0.17			0.19			0.18
Net realized and unrealized gain (loss)		1.30			(2.38	)		4.29			0.14			1.67			0.06

Total from investment operations		1.40			(2.19	)		4.48			0.31			1.86			0.24

Less distributions:
Dividends from net investment income		(0.16	)		(0.17	)		(0.11	)		(0.16	)		(0.17	)		(0.18	)
Distributions from net realized gains		—	#		(1.11	)		(0.08	)		(0.15	)		(0.43	)		(0.20	)

Total dividends and distributions		(0.16	)		(1.28	)		(0.19	)		(0.31	)		(0.60	)		(0.38	)

Net asset value, end of period	$	15.43		$	14.19		$	17.66		$	13.37		$	13.37		$	12.11

Total return (b)		9.88	%		(13.56	)%		33.87	%		2.30	%		16.16	%		1.86	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	175,475		$	150,789		$	124,320		$	46,777		$	23,959		$	16,340
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		0.85	%		0.85	%		0.85	%		0.89	%		0.90	%		0.90	%
Before waivers and reimbursements (a)(f)		1.15	%		1.17	%		1.23	%		1.58	%		2.02	%		2.16	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)(f)		1.43	%		1.23	%		1.16	%		1.27	%		1.49	%		1.47	%
Before waivers and reimbursements (a)(f)		1.13	%		0.90	%		0.78	%		0.58	%		0.37	%		0.21	%
Portfolio turnover rate^		21	%(z)		38	%		59	%		42	%		31	%		49	%

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS (Continued)


Class R	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
Class R	Six Months Ended April 30, 2023 (Unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	14.10		$	17.56		$	13.30		$	13.31		$	12.06		$	12.20

Income (loss) from investment operations:
Net investment income (loss) (e)		0.07			0.11			0.10			0.10			0.12			0.12
Net realized and unrealized gain (loss)		1.28			(2.37	)		4.29			0.14			1.67			0.06

Total from investment operations		1.35			(2.26	)		4.39			0.24			1.79			0.18

Less distributions:
Dividends from net investment income		(0.08	)		(0.09	)		(0.05	)		(0.10	)		(0.11	)		(0.12	)
Distributions from net realized gains		—	#		(1.11	)		(0.08	)		(0.15	)		(0.43	)		(0.20	)

Total dividends and distributions		(0.08	)		(1.20	)		(0.13	)		(0.25	)		(0.54	)		(0.32	)

Net asset value, end of period	$	15.37		$	14.10		$	17.56		$	13.30		$	13.31		$	12.06

Total return (b)		9.61	%		(13.97	)%		33.21	%		1.75	%		15.55	%		1.39	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	1,860		$	1,381		$	936		$	236		$	151		$	136
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		1.35	%		1.35	%		1.35	%		1.39	%		1.40	%		1.40	%
Before waivers and reimbursements (a)(f)		1.65	%		1.68	%		1.73	%		2.09	%		2.52	%		2.66	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)(f)		0.93	%		0.72	%		0.64	%		0.77	%		1.00	%		0.98	%
Before waivers and reimbursements (a)(f)		0.63	%		0.40	%		0.26	%		0.07	%		(0.12	)%		(0.29	)%
Portfolio turnover rate^		21	%(z)		38	%		59	%		42	%		31	%		49	%

Class T**	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31,
Class T**	Six Months Ended April 30, 2023 (Unaudited)			2022			2021			2020			2019			2018
Net asset value, beginning of period	$	14.19		$	17.65		$	13.37		$	13.37		$	12.11		$	12.25

Income (loss) from investment operations:
Net investment income (loss) (e)		0.10			0.18			0.18			0.17			0.19			0.18
Net realized and unrealized gain (loss)		1.30			(2.36	)		4.29			0.14			1.67			0.06

Total from investment operations		1.40			(2.18	)		4.47			0.31			1.86			0.24

Less distributions:
Dividends from net investment income		(0.16	)		(0.17	)		(0.11	)		(0.16	)		(0.17	)		(0.18	)
Distributions from net realized gains		—	#		(1.11	)		(0.08	)		(0.15	)		(0.43	)		(0.20	)

Total dividends and distributions		(0.16	)		(1.28	)		(0.19	)		(0.31	)		(0.60	)		(0.38	)

Net asset value, end of period	$	15.43		$	14.19		$	17.65		$	13.37		$	13.37		$	12.11

Total return (b)		9.88	%		(13.51	)%		33.79	%		2.30	%		16.16	%		1.86	%

Ratios/Supplemental Data:
Net assets, end of period (000’s)	$	159		$	147		$	182		$	138		$	138		$	125
Ratio of expenses to average net assets:
After waivers and reimbursements (a)(f)		0.85	%		0.85	%		0.85	%		0.90	%		0.90	%		0.90	%
Before waivers and reimbursements (a)(f)		1.40	%		1.42	%		1.48	%		1.84	%		2.27	%		2.41	%
Ratio of net investment income (loss) to average net assets:
After waivers and reimbursements (a)(f)		1.41	%		1.20	%		1.14	%		1.28	%		1.50	%		1.47	%
Before waivers and reimbursements (a)(f)		0.86	%		0.63	%		0.50	%		0.33	%		0.13	%		(0.04	)%
Portfolio turnover rate^		21	%(z)		38	%		59	%		42	%		31	%		49	%

See Notes to Financial Statements.

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1290 SMARTBETA EQUITY FUND

FINANCIAL HIGHLIGHTS (Continued)

**	Class T shares currently are not offered for sale. Class T shares were formerly known as Class C Shares.

#	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.

124

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NOTES TO FINANCIAL STATEMENTS

April 30, 2023 (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. The Adviser is recently organized and has been registered with the SEC as an investment adviser since August 2022. The Adviser began serving as the investment adviser to each Fund on January 1, 2023. Prior to January 1, 2023, Equitable Investment Management Group, LLC (“EIMG”), an affiliate of the Adviser, served as the investment adviser to each Fund.

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, 1290 Retirement 2055 Fund and the 1290 Retirement 2060 Fund (each, a “1290 Retirement Fund” and together, the “1290 Retirement Funds”) as well as 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”). The underlying funds’ financial statements are included in each underlying fund’s annual report, which is filed with the SEC on Form N-CSR and are publicly available through the SEC’s EDGAR database (https://www.sec.gov/edgar/searchedgar/ companysearch.html).

The Trust has authorized four classes of shares, Class A, Class I, Class R and Class T on behalf of each of the sixteen Funds. Class T shares are currently not offered for sale. Additionally, 1290 Retirement Funds currently only offer Class I shares for sale.

The Class A, Class R and Class T 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 four 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 (formerly 1290 DoubleLine Dynamic Allocation Fund) and 1290 High Yield Bond Fund, and up to 5.50% for 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. Class T shares are subject to a maximum front-end sales charge of up to 2.50%.

On March 2, 2022, EIMG redeemed capital out of the 1290 High Yield Bond Fund, 1290 Retirement 2020 Fund, 1290 Retirement 2030 Fund, and 1290 Retirement 2035 Fund in the amount of $5,000,000, $1,500,000, $1,600,000, and $1,700,000, respectively, for Class I shares.

On June 1, 2022, EIMG redeemed capital out of the 1290 High Yield Bond Fund in the amount of $5,000,000 for Class I shares.

On July 11, 2022, EIMG contributed seed capital to the 1290 Essex Small Cap Growth Fund in the amount of $100,000, $9,800,000 and $100,000 for Class A, Class I and Class R, respectively.

125

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NOTES TO FINANCIAL STATEMENTS (Continued)

April 30, 2023 (Unaudited)

On August 19, 2022, EIMG redeemed capital out of the 1290 High Yield Bond Fund in the amount of $5,000,000 for Class I shares.

On December 1, 2022, EIMG redeemed capital out of the 1290 High Yield Bond Fund in the amount of $5,000,000 for Class I share.

The investment objectives of each Fund are as follows:

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. (“Loomis Sayles”)) — 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 Retirement 2060 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.

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.

126

1290 FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

April 30, 2023 (Unaudited)

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, 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. Options not traded on an exchange or 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.

Foreign securities, including foreign government securities, not traded directly in the U.S., or traded in American Depositary Receipts (“ADR”) or similar form, are generally valued at representative quoted prices from the primary exchange in the currency of the country of origin. Foreign currency is converted into U.S. dollar equivalent at current exchange rates.

Investments in shares of open-end investment companies (other than ETFs) held by a Fund are generally valued at the net asset value (“NAV”) of the shares of such funds as described in the underlying funds’ prospectuses.

Futures contracts are generally valued at their last settlement price or, if there is no sale, at the latest available bid price.

Forward foreign currency contracts are generally valued by interpolating between the forward and spot currency rates as quoted by a pricing service as of a designated hour on the valuation date. The pricing service may utilize data such as actual trading information and foreign currency rates gathered from leading market makers and foreign currency trading centers throughout the world in making evaluations. Forward foreign currency contracts may be settled with the counterparty in U.S. dollars without the delivery of foreign currency.

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NOTES TO FINANCIAL STATEMENTS (Continued)

April 30, 2023 (Unaudited)

Swap agreements are two party contracts entered into primarily by institutional investors for periods ranging from a few weeks to more than one year. Swaps are marked-to-market daily based upon values from third party vendors, which may include a clearing counterparty, registered exchange, or quotations from market makers to the extent available. In the event that market quotes are not readily available and the swap cannot be valued pursuant to one of the valuation methods, the fair value of the swap will be determined in good faith by the Trust’s Valuation Committee (as discussed below).

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 (the “Board”) of the Trust. In accordance with Rule 2a-5 under the Investment Company Act of 1940, as amended, the Board has designated the Adviser as its valuation designee (the “Valuation Designee”). As Valuation Designee, EIM, subject to the oversight of the Board, is responsible for making fair valuation determinations in accordance with procedures (the “Pricing Procedures”) approved by the Board. 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 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, 2023, 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 increase in, available observable market inputs to determine price.

The inputs or methodology used to fair value securities are not necessarily an indication of the risk associated with investing in those securities. An investment’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement.

The Committee has the ability to meet and review reports based on the valuation techniques used to fair value Level 3 securities. As part of a review, the Committee would consider obtaining updates from its pricing vendors and Sub-Advisers for fair valued securities. For example, with respect to model driven prices, the Committee could receive reports regarding a review and recalculation of pricing models and related discounts. For those securities which are valued based on broker quotes, the Committee may evaluate variances between existing broker quotes and any alternative broker quotes provided by a Sub-Adviser or other pricing source.

To substantiate unobservable inputs used in a fair valuation, the Committee may perform an independent verification as well as additional research for fair value notifications received from the pricing agents. Among other factors, particular areas of focus may include: description of security, historical

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April 30, 2023 (Unaudited)

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.

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.

Offering costs incurred during the six months ended April 30, 2023 by the Fund is shown below:


Fund:	Amount
1290 Essex Small Cap Growth	$	206,856

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NOTES TO FINANCIAL STATEMENTS (Continued)

April 30, 2023 (Unaudited)

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, 2022, the Funds did not incur any interest or penalties. Each of the tax years in the four year period ended October 31, 2022 remains subject to examination by the Internal Revenue Service, state and local taxing authorities.

Each Fund (other than the 1290 Diversified Bond Fund, 1290 High Yield Bond Fund and 1290 Loomis Sayles Multi-Asset Income Fund) generally distributes most or all of its net investment income and net realized gains, if any, annually. Each of the 1290 Diversified Bond Fund, 1290 High Yield Bond Fund and 1290 Loomis Sayles Multi-Asset Income Fund normally distributes dividends from its net investment income monthly and distributes its net realized gains, if any, annually. Dividends to shareholders of a Fund to which such gains are attributable from net realized short-term and long-term capital gains are declared and distributed at least annually. All distributions are calculated on a tax basis and, as such, the amounts may differ from financial statement investment income and realized gains. Short-term capital gains and foreign currency gains are treated as capital gains for U.S. GAAP purposes but are considered ordinary income for tax purposes. The tax character of distributions for the years ended October 31, 2022 and October 31, 2021 and the tax composition of undistributed ordinary income and undistributed long term gains at October 31, 2022 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 High Yield Bond, 1290

130

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NOTES TO FINANCIAL STATEMENTS (Continued)

April 30, 2023 (Unaudited)

Multi-Alternative Strategies and 1290 SmartBeta Equity), partnership basis adjustments (1290 Multi-Alternative Strategies) and wash sale loss deferrals (1290 GAMCO Small/Mid Cap Value, 1290 Multi-Alternative Strategies, 1290 Retirement 2020, 1290 Retirement 2025, 1290 Retirement 2035 and 1290 Retirement 2050).


	Year Ended October 31, 2022				As of October 31, 2022				Year Ended October 31, 2021
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 Diversified Bond	$	15,789,422	$	—	$	3,161,916	$	—	$	22,199,718	$	1,259,904
1290 Essex Small Cap Growth		—		—		73,124		—		—		—
1290 GAMCO Small/Mid Cap Value		3,318,337		6,937,069		—		2,546,998		547,954		—
1290 High Yield Bond		3,240,660		—		—		—		2,721,245		—
1290 Loomis Sayles Multi-Asset Income		6,031,882		1,904,182		5,035		1,026,233		3,435,284		1,965,664
1290 Multi-Alternative Strategies		360,960		1,243,789		284,712		—		116,723		—
1290 Retirement 2020		166,329		463,440		150,137		570,225		218,431		280,715
1290 Retirement 2025		288,656		860,778		278,123		734,681		361,068		407,870
1290 Retirement 2030		122,307		128,767		131,781		518,561		112,968		291,646
1290 Retirement 2035		166,168		—		164,004		549,891		175,930		314,610
1290 Retirement 2040		65,632		57,624		86,586		26,907		78,809		87,747
1290 Retirement 2045		101,057		376,691		105,639		122,296		123,390		177,383
1290 Retirement 2050		71,905		67,676		93,877		32,172		83,748		50,542
1290 Retirement 2055		61,562		24,624		69,372		87,348		71,655		43,156
1290 Retirement 2060		60,223		56,775		71,474		98,368		72,993		53,812
1290 SmartBeta Equity		3,843,892		6,057,833		1,405,738		674		466,820		352,092

The following Funds had a Return of Capital during the year ended October 31, 2022:


Funds:	Return of Capital
1290 High Yield Bond	$	121,909

The following Funds had a Return of Capital during the year ended October 31, 2021:


Funds:	Return of Capital
1290 Diversified Bond	$	846,864
1290 High Yield Bond		20,164

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	$	—	$	—	$	56,947,012	$	39,596,951
1290 High Yield Bond		—		—		1,086,724		3,330,347
1290 Multi-Alternative Strategies		—		—		—		339,746
1290 Retirement 2035		7,561		—		—		—
1290 SmartBeta Equity		—		—		3,540,104		—

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

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April 30, 2023 (Unaudited)

may use derivatives in an attempt to achieve an economic hedge, the Fund’s derivatives are not accounted for as hedging instruments because the Funds account for their derivatives at fair value and record any changes in fair value in current period earnings in the Statements of Operations. All open derivative positions at period end are reflected on each respective Fund’s Portfolio of Investments. The volume of derivative activity, based on month-end notional amounts during the period is also noted in each respective Fund’s Portfolio of Investments. Portfolio securities are reserved and/or pledged with the custodian as collateral for current or potential derivative holdings as necessary throughout the year.

Options:

Certain Funds may write (sell) covered options as a hedge to provide protection against adverse movements in the price of securities in the Fund or to enhance investment performance. Certain Funds purchase and sell exchange traded options on foreign currencies. When a Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted on a daily basis to the current market price of the option written. Premiums received from writing options that expire unexercised are recognized as gains on the expiration date. Premiums received from writing options that are exercised or are cancelled in closing purchase transactions are offset against the cost of any securities purchased or added to the proceeds or netted against the amount paid on the transaction to determine the realized gain or loss. In writing options, a Fund must assume that the option may be exercised at any time prior to the expiration of its obligation as a writer, and that in such circumstances the net proceeds of the sale (or cost of) purchase of the underlying securities and currencies pursuant to the call or put option may be substantially below or above the prevailing market price. A Fund also has the additional risk of not being able to enter into a closing purchase transaction if a liquid secondary market does not exist and bears the risk of unfavorable changes in the price of the financial instruments underlying the options.

Certain Funds may purchase put options on securities to increase the Fund’s total investment return or to protect its holdings against a substantial decline in market value or fair value, as 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.

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The Funds may be exposed to foreign currency risks associated with Fund investments. Certain Funds may purchase foreign currency on a spot (or cash) basis. In addition, certain Funds enter into contracts to purchase or sell foreign currencies at a future date (“forward contracts”). A forward foreign currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Daily fluctuations in the value of such contracts are recognized as unrealized appreciation or depreciation by “marking-to-market”. The gain or loss arising from the difference between the original contracts and the closing of such contracts is included in realized gains or losses from forward foreign currency transactions in the Statements of Operations of the Funds. The Funds may engage in these forward contracts to protect against uncertainty in the level of future rates in connection with the purchase and sale of Fund securities (“transaction hedging”) and to protect the value of specific Fund positions (“position hedging”). The Funds also buy forward foreign currency contracts to gain exposure to currencies.

Swap Agreements:

Changes in market value or fair value, as applicable, if any, are reflected as a component of net changes in unrealized appreciation (depreciation) on the Statements of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for the change in value as appropriate (“variation margin”) on the Statements of Assets and Liabilities. Over-the-counter (“OTC”) swap payments received or made at the beginning of the measurement period are reflected as such on the Statements of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). These upfront premiums are recorded as realized gains or losses on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by a Fund are included as part of realized gains or losses on the Statement of Operations.

Total return swap agreements involve commitments where cash flows are exchanged based on the price of an underlying reference and based on a fixed or variable rate. Total return swap agreements may involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific reference asset, which may include an underlying equity, index, or bond, and in return receives a fixed or variable rate. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference less a financing rate, if any. As a receiver, the Fund would receive payments based on any positive total return and would owe payments in the event of a negative total return. As the payer, the Fund would owe payments on any net positive total return, and would receive payment in the event of a negative total return. In connection with total return swap agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Interest rate swaps involve the exchange between two parties of payments calculated by reference to specified interest rates (e.g., an exchange of floating rate payments for fixed rate payments). The purchase of an interest rate cap entitles the purchaser, to the extent that a specified index exceeds a predetermined interest rate, to receive payments of interest on a notional principal amount from the party selling such interest rate cap. The purchase of an interest rate floor entitles the purchaser, to the extent that a specified index falls below a predetermined interest rate, to receive payments of interest on a notional principal amount from the party selling such interest rate floor. Caps and floors may be less liquid than swaps. In addition, the value of interest rate transactions will fluctuate based on changes in interest rates.

Credit default swap agreements involve greater risks than if a Fund had invested in the reference obligation directly since, in addition to general market risks, credit default swaps are subject to illiquidity risk, counterparty risk and credit risk. A Fund will enter into credit default swap

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agreements only with counterparties that meet certain standards of creditworthiness. A buyer generally also will lose its investment and recover nothing should no credit event occur and the swap is held to its termination date. If a credit event were to occur, the value of any deliverable obligation received by the seller, coupled with the upfront or periodic payments previously received, may be less than the full notional value it pays to the buyer, resulting in a loss of value to the seller. A Fund’s obligations under a credit default swap agreement will be accrued daily (offset against any amounts owing to the Fund). In connection with credit default swaps in which a Fund is the buyer, the Fund will segregate or “earmark” cash or assets determined to be liquid, or enter into certain offsetting positions, with a value at least equal to the Fund’s exposure (any accrued but unpaid net amounts owed by the Fund to any counterparty), on a marked-to-market basis. In connection with credit default swaps in which a Fund is the seller, the Fund will segregate or “earmark” cash or assets determined to be liquid, or enter into offsetting positions, with a value at least equal to the full notional amount of the swap (minus any amounts owed to the Fund). Such segregation or “earmarking” is intended to ensure that the Fund has assets available to satisfy its obligations with respect to the transaction and limit any potential leveraging of the Fund. Such segregation or “earmarking” will not limit the Fund’s exposure to loss. To the extent that credit default swaps are entered into for hedging purposes or are covered as described above, the Adviser believes such obligations do not constitute “senior securities” under the 1940 Act and, accordingly, will not treat them as being subject to the Fund’s senior security and borrowing restrictions.

A Fund may use inflation-linked swaps to provide inflation protection within its portfolio. These are agreements between counterparties to exchange interest payments based on interest rates over the life of the swap. One cash flow stream will typically be a floating rate payment based upon the Consumer Price Index while the other is a pre-determined fixed interest rate. The use of swaps exposes the Fund to interest rate risk. Swaptions are marked-to-market daily based upon values from third party vendors.

An option on a swap agreement, also called a “swaption,” is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market- based “premium.” A receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate, or index. A payer swaption gives the owner the right to pay the total return of a specified asset, reference rate, or index. A purchaser of a swaption risks losing only the amount of the premium they have paid should they decide to let the option expire, whereas the seller of a swaption is subject to the risk that they will become obligated if the option is exercised. Swaptions also include options that allow an existing swap to be terminated or extended by one of the counterparties.

Forward settling transactions:

Certain Funds make contracts to purchase or sell securities for a fixed price at a future date beyond customary settlement time (“forward settling transactions”). Funds may designate the segregation, either on their records or with the Trust’s custodian, of cash or other liquid securities in an amount sufficient to meet the purchase price, or may enter into offsetting contracts for the forward sale of other securities they own. These commitments are reported at market value or fair value, as applicable, in the financial statements. Forward settling transactions may be considered securities in themselves and involve a risk of loss if the value of the security to be purchased declines or if the value of the security to be sold increases prior to the settlement date, which is a risk in addition to the risk of decline in the value of the Funds’ other assets. Where such purchases or sales are made through dealers, a Fund relies on the dealer to consummate the sale. The dealer’s failure to do so may result in the loss to a Fund of an advantageous yield or price. Market risk exists on these commitments to the same extent as if the securities were owned on a settled basis and gains and losses are recorded and reported in the same manner. However, during the commitment period, these investments earn no interest or dividends.

Certain Funds may enter into to-be-announced purchase or sale commitments (“TBA transactions”), pursuant to which it agrees to purchase or sell, respectively, mortgage backed

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securities for a fixed unit price, with payment and delivery at a scheduled future date beyond the customary settlement period for such securities. With TBA transactions, the particular securities to be received or delivered by a Fund are not identified at the trade date; however, the securities must meet specified terms, including issuer, rate, and mortgage term, and be within industry accepted “good delivery” standards. Funds may enter into TBA transactions with the intention of taking possession of or relinquishing the underlying securities, may elect to extend the settlement by “rolling” the transaction, and/or may use TBA transactions to gain or reduce interim exposure to underlying securities. Until settlement, a Fund maintains liquid assets sufficient to settle its commitment to purchase a TBA or, in the case of a sale commitment, a Fund maintains an entitlement to the security to be sold.

Master netting arrangements and collateral:

International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreements”) govern bilateral OTC derivative transactions entered into by the Sub-Advisers on behalf of the Funds with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. In limited circumstances, the ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level. These amounts, if any, may be segregated with a third- party custodian. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Portfolio of Investments.

Master Securities Forward Transaction Agreements (“Master Forward Agreements”) govern certain forward settling transactions, such as TBA transactions, delayed-delivery or sale buybacks by 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.

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In connection with the adoption of Rule 18f-4 under the 1940 Act (the “Derivatives Rule” or “Rule 18f-4”), the SEC and its staff rescinded and withdrew applicable guidance and relief regarding the segregation of assets to cover derivatives transactions, effective as of August 19, 2022. On August 19, 2022, the Trust adopted and implemented a Derivatives Risk Management Program pursuant to Rule 18f-4 and Policies and Procedures for Limited Derivatives Users, in compliance with the Derivatives Rule. Accordingly, as of August 19, 2022, the Funds no longer segregate assets to cover derivatives transactions, as previously required and discussed above.

Securities Lending:

During the six months ended April 30, 2023, certain Funds entered into securities lending transactions. To generate additional income, a Fund may lend its fund securities, up to 30% of the market value of the Fund’s total assets, to brokers, dealers, and other financial institutions.

JPMorgan serves as securities lending agent for the securities lending program of the Trust. Securities lending transactions are considered to be overnight and continuous and can be terminated by a Fund or the borrower at any time.

The Funds’ securities lending policies and procedures require that the borrower (i) deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the fund securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the fund securities loaned; and (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 generally invested in joint repurchase agreements or government money market funds and shown in the Portfolio of Investments and included in calculating the Fund’s total assets. U.S. Government securities received as collateral, if any, are held in safekeeping by JPMorgan 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 joint repurchase agreements or government money market funds 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”. 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 receive 90% of the net earnings of the Repurchase Agreements 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

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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, 2023, the Securities Lending Agreement does not permit the Fund to enforce a netting arrangement.

Joint Repurchase Agreements:

During the six months ended April 30, 2023, certain Funds have transferred cash collateral received from the securities lending program to a joint account at JPMorgan, the lending agent. The joint account aggregates cash collateral received from the participating Funds, along with other customers of JPMorgan, in order to execute joint repurchase agreement transactions with various counterparties (the “Joint Repurchase Agreements”). As such, each Fund has a proportionate interest in one or more of the Joint Repurchase Agreements. The Joint Repurchase Agreements can contractually be collateralized by U.S. Government Treasury Securities, U.S. Government Agency Securities, Supranational/Non-U.S. Agency or U.S. Equity Securities and are held at a financial institution acting as a tri-party custodian. In a Joint Repurchase Agreement, the seller of the security agrees to repurchase the security at a mutually agreed upon time and price, which reflects the effective rate of return for the term of the agreement. The underlying collateral is marked to market daily to ensure that the value of the collateral pledged is equal to or greater than the agreed upon repurchase price, including accrued interest. In the event of default of the obligation to repurchase, the Fund has the right to cause JPMorgan to liquidate the collateral. JPMorgan shall indemnify the Funds against a decline in the value of the collateral below the agreed upon repurchase price. However, the execution of such actions may result in the delay of realization of the collateral by the Funds. The details of the proportionate share of the Joint Repurchase Agreements open at April 30, 2023 for the Funds are reflected in each Fund’s Portfolio of Investments. At April 30, 2023, the Joint Repurchase Agreements (on a gross basis, including other customers of JPMorgan) in which the Funds participated were as follows:

Deutsche Bank Securities, Inc., 4.78%, dated 4/28/23, due 5/1/23, repurchase price $400,159,333, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 8/15/23-5/15/43; total market value $408,000,000.

Santander US Capital Markets LLC, 4.81%, dated 4/28/23, due 5/1/23, repurchase price $150,060,125, collateralized by various Corporate Bonds, 4.250%, maturing 5/25/33, U.S. Government Agency Securities, ranging from 1.101%-5.453%, maturing 8/25/30-11/20/69; total market value $153,061,332.

TD Prime Services LLC, 4.89%, dated 4/28/23, due 5/1/23, repurchase price $200,081,500, collateralized by various Common Stocks; total market value $220,089,867.

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 industry or industries, such as labor shortages or increased production costs and competitive conditions within an 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

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region, may all react in similar fashion to important economic, political or other developments. Events such as environmental and natural disasters or other catastrophes, public health crises (such as the COVID-19 pandemic, which has caused significant global market disruptions), social unrest, 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 terrorism, tensions, war or other open conflicts between nations, or political or economic dysfunction within some nations that are global economic powers or major producers of oil, may lead to overall instability in world economies and markets generally and have led, and may in the future lead, to increased market volatility and may have adverse long- term effects. Impacts from climate change may include significant risks to global financial assets and economic growth. The U.S. Federal Reserve (“Fed”) has invested or otherwise made available substantial amounts of money to keep credit flowing through short-term money markets and has signaled that it will continue to adjust its operations as appropriate to support short-term money markets. Amid these efforts, concerns about the markets’ dependence on the Fed’s provision of liquidity have grown. Policy changes by the U.S. government and/or the Fed and political events within the United States may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. A downgrade of the ratings of U.S. government debt obligations, or concerns about the U.S. government’s credit quality in general, could have a substantial negative effect on the U.S. and global economies. High public debt in the United States and other countries creates ongoing systemic and market risks and policymaking uncertainty.

Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates. When nominal interest rates decline, the value of certain fixed-income securities held by a Fund generally rises. Conversely, when nominal interest rates rise, the value of certain fixed income securities held by a Fund generally decreases. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Interest rate changes can be sudden and unpredictable, and a Fund may lose money if these changes are not anticipated by Fund management. A Fund may not be able to hedge against changes in interest rates or may choose not to do so for cost or other reasons. In addition, any hedges may not work as intended. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Duration is useful primarily as a measure of the sensitivity of a security’s market price to interest rate (i.e., yield) movements.

Interest rates were unusually low in recent years in the United States and abroad, but the interest rate environment changed dramatically in 2022 as interest rates moved significantly higher. Aggressive stimulus measures in 2020 and 2021, rising demand for goods and services, tight labor markets, and supply chain disruptions contributed to a surge of inflation in many sectors of the U.S. and global economies. Due to concerns regarding high inflation, the U.S. Federal Reserve and many foreign governments and monetary authorities have raised interest rates and implemented other policy initiatives in an effort to control inflation, and they may continue to do so. It is difficult to predict accurately the pace at which central banks or monetary authorities may increase interest rates or the timing, frequency, or magnitude of any such further increases, and the evaluation of macro-economic and other conditions could cause a change in approach in the future. Rising interest rates may present a greater risk than has historically been the case due to the effect of government fiscal and monetary policy initiatives and potential market reaction to those initiatives. As such, fixed-income and related markets may continue to experience heightened levels of interest rate volatility. Inflation risk is the uncertainty over the future real value (after inflation) of an investment. A Fund’s investments may not keep pace with inflation, and the value of an investment in a Fund may be eroded over time by inflation. Changes in government or central bank policies could negatively affect the value and liquidity of a Fund’s investments and cause it to lose money, and there can be no assurance that the initiatives undertaken by governments and central banks will be successful.

Many debt securities, derivatives and other financial instruments utilize the London Interbank Offered Rate (“LIBOR”) as the reference or benchmark rate for variable interest rate calculations. The

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publication of various LIBOR settings either has been, or is in the process of being, discontinued. Most maturities and currencies of LIBOR were phased out at the end of 2021, with the remaining ones to be phased out on June 30, 2023. The Secured Overnight Financing Rate (“SOFR”) has been selected by a committee established by the Board of Governors of the Federal Reserve System and the Federal Reserve Bank of New York to replace LIBOR as a reference or benchmark rate in the United States. Other countries have undertaken similar initiatives to identify replacement reference or benchmark rates in their respective markets. However, there are obstacles to converting certain existing investments and transactions to a new reference or benchmark rate, as well as risks associated with using a new reference or benchmark rate with respect to new investments and transactions. The transition process, or a failure to transition properly, might lead to increased volatility and illiquidity in markets that currently rely on LIBOR to determine interest rates, a reduction in the values of some LIBOR-based investments, and reduced effectiveness of certain hedging strategies, which may adversely affect a Fund’s performance or net asset value. In addition, the alternative reference or benchmark rate may be an ineffective substitute resulting in prolonged adverse market conditions for a Fund.

If a Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in financial derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, a Fund’s investments in foreign currency denominated securities may reduce the Fund’s returns. The Funds are subject to off-balance sheet risk to the extent of the value of the contracts for purchase of foreign currency and in an unlimited amount for sales of foreign currency.

Foreign (non-U.S.) securities in this report are classified by the country of risk of a holding. Investments in foreign securities, including depositary receipts, involve risks not associated with investment in U.S. securities. Foreign markets may be less liquid, more volatile and subject to less government supervision and regulation than U.S. markets. Differences between U.S. and foreign legal, political and economic systems, regulatory regimes and market practices also may impact security values, and it may take more time to clear and settle trades involving foreign securities. In addition, foreign operations or holding can involve risks relating to conditions in foreign countries.

Russia’s military invasion of Ukraine in February 2022, 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 United States and other countries have imposed broad- ranging economic sanctions on Russia and certain Russian individuals, banking entities and corporations as a response to its invasion of Ukraine. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that provide military or economic support to Russia. These sanctions, as well as any other economic consequences related to the invasion, such as additional sanctions, boycotts or changes in consumer or purchaser preferences or cyberattacks on governments, companies or individuals, may further decrease the value and liquidity of certain Russian securities and securities of issuers in other countries that are subject to economic sanctions related to the invasion. To the extent that a Fund has exposure to Russian investments or investments in countries affected by the invasion, the Fund’s ability to price, buy, sell, receive or deliver such investments may be impaired. In addition, any exposure that a Fund may have to counterparties in Russia or in countries affected by the invasion could negatively impact the Fund’s investments. The extent and duration of military actions and the repercussions of such actions (including any retaliatory actions or countermeasures that may be taken by those subject to sanctions) are impossible to predict. These events have resulted in, and

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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. These and any related events could significantly impact a Fund’s performance and the value of an investment in a Fund beyond any direct exposure a Fund may have to Russian issuers or issuers in other countries affected by the invasion.

Forward settling transactions and forward foreign currency contracts involve elements of both market and credit risk in excess of the amounts reflected in the Statements of Assets and Liabilities. They are executed directly with the counterparty and not through an exchange and can be terminated only by agreement of both parties to such contracts. With respect to such transactions there is no daily margin settlement. There is also the risk that the security will not be issued or that the other party to the transaction will not meet its obligations. If this occurs, a Fund may lose both the investment opportunity for its assets if set aside to pay for the security and any gain in the security. The use of forward settling transaction may result in market risk to the Funds that is greater than if the Funds had engaged solely in transactions that settle in the customary time.

Should interest rates or indices move unexpectedly, the Fund may not achieve the anticipated benefits of the futures contracts and may incur a loss. 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. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional value of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss.

Equity securities and equity related investments generally have greater market price volatility than fixed income securities, although under certain market conditions fixed income securities may have comparable or greater price volatility. In addition, common stock prices may be particularly sensitive to rising interest rates, which increase borrowing costs and the costs of capital.

A Fund will be exposed to credit risk to 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 the Fund’s NAV.

Because certain Funds invest in affiliated mutual funds, unaffiliated mutual funds and ETFs, the Funds indirectly bear a portion of the expenses incurred by the underlying funds and ETFs. As a result, the cost of investing in the Funds may be higher than the cost of investing in a Fund that exclusively invests directly in individual securities and financial instruments. The Funds are also 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 fund or ETF to meet its investment objective. With respect to the Fund’s investments in ETFs, there is also the risk that an ETF’s performance may

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not match that of the relevant index. 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 the Fund’s investments in the ETF could be substantially and adversely affected. The extent to which the investment performance and risks associated with the Fund correlate to those of a particular underlying fund or ETF will depend upon the extent to which the Fund’s assets are allocated from time to time for investment in the underlying fund or ETF, which will vary.

Offsetting Assets and Liabilities:

The Funds may be subject to various netting arrangements with select counterparties (“Master Agreements”). Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. As the Master Agreements are specific to unique operations of different asset types; they allow a Fund to close out and net its total exposure to counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes the Statement of Assets and Liabilities generally show derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Note 2

Agreements

The Trust, on behalf of each Fund, has entered into an investment advisory agreement (the “Advisory Agreement”) with the Adviser which provides that the Adviser is responsible for (i) providing a continuous investment program for the Funds; (ii) monitoring the implementation of the investment program for each Fund; (iii) assessing the investment objectives and policies, composition, investment style and investment process for each Fund; (iv) effecting transactions for each Fund and selecting brokers or dealers to execute such transactions; (v) developing and evaluating strategic initiatives with respect to the Funds; (vi) making recommendations to the Board regarding the investment programs of the Funds, including any changes to the investment objectives and policies of a Fund; (vii) coordinating and/or implementing strategic initiatives approved by the Board; and (viii) preparing and providing reports to the Board on the impact of such strategic initiatives. The Adviser is paid a fee for these services. The fee is accrued daily and paid monthly based on the Fund’s average daily net assets, at an annual rate of:


Funds:		Investment Advisory Fees
1290 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
1290 Retirement 2060		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

141

1290 FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

April 30, 2023 (Unaudited)


	(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

Prior to January 1, 2023 EIMG was the investment adviser to the Funds.

On behalf of the Trust, the Adviser has entered into an investment sub-advisory agreement (“Sub-Advisory Agreements”) with each of the Sub-Advisers. Each of the Sub-Advisory Agreements obligates the Sub-Advisers for the respective Funds to: (i) continuously furnish investment programs for the Funds; (ii) place all orders for the purchase and sale of investments for the Funds with brokers or dealers selected by the Adviser or the respective Sub-Advisers; and (iii) perform certain limited related administrative functions in connection therewith. The Adviser pays the expenses of providing investment sub-advisory services to the Funds, including the fees of the Sub-Advisers of each Fund.

For administrative services, each Fund pays the Administrator an asset-based administration fee of 0.15% of the average daily net assets of the Fund. The asset-based administration fee is calculated and billed monthly, and subject to an annual minimum of $30,000 per Fund or $30,000 for each allocated portion (or sleeve) of a Fund, as applicable. The Administrator has contracted with the Sub-Administrator to provide, pursuant to a sub-administration agreement, the Funds with certain administrative services, including monitoring of Fund compliance and Fund accounting services.

The Trust, on behalf of the Funds, has entered into a distribution agreement (the “Distribution Agreement”) with ALPS Distributors, Inc. (“ALPS” or the “Distributor”), under which ALPS serves as Distributor for each Fund’s Class A, Class I, Class R and Class T shares. The Board has approved Distribution Plans pursuant to Rule 12b-1 under the 1940 Act for Class A, Class R and Class T shares for each Fund. Pursuant to the Distribution Plans, the Funds will pay the Distributor annual fees at the following rates:


Share Class:	Distribution Fee and/or Service Fee (as a % of average daily net assets attributable to the class)
Class A		0.25	%
Class R		0.50
Class T*		0.25

The Distribution Fees for Class T shares are currently being waived. This waiver is voluntary and could be eliminated at any time at the discretion of the Distributor. The amounts waived for the period ended April 30, 2023 are included in Waiver from distributor on the Statement of Operations for each Fund and are not eligible for recoupment.

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.

142

1290 FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

April 30, 2023 (Unaudited)

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. At period end, certain of the Funds maintain significant cash balances with the Custodian or its affiliates. These balances are presented as cash on each Fund’s Statement of Assets and Liabilities.

The Adviser has contractually agreed to limit the expenses of certain Funds (exclusive of 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) through April 30, 2024 (unless the Board consents to an earlier revision or termination of this arrangement) (“Expense Limitation Agreement”), pursuant to which the Adviser has agreed to make payments or waive or limit its fees so that the total annual operating expenses do not exceed the following annual rates:


Funds:	Total Expense Limited For All Share Classes to (% of daily net assets)
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 Retirement 2060*		0.65
1290 SmartBeta Equity		0.85

*	Includes fees and expenses of other investment companies in which the Fund invests.

Prior to January 1, 2023 EIMG was the investment adviser to the Funds.

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 payments or waivers provided that the payments or waivers are reimbursed within three years of the payments or waivers 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

143

1290 FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

April 30, 2023 (Unaudited)

on the earliest fees waived or assumed by the Adviser. During the six months ended April 30, 2023, the Funds did not incur recoupment fees. At April 30, 2023, 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:	2023		2024		2025		2026		Total Eligible For Reimbursement
1290 Diversified Bond	$	477,078	$	2,190,751	$	3,005,779	$	1,476,204	$	7,149,812
1290 Essex Small Cap Growth		—		—		202,116		197,926		400,042
1290 GAMCO Small/Mid Cap Value		115,792		251,731		393,763		204,999		966,285
1290 High Yield Bond		135,849		248,164		280,965		135,270		800,248
1290 Loomis Sayles Multi-Asset Income		128,243		200,745		302,294		123,927		755,209
1290 Multi-Alternative Strategies		73,833		101,405		110,420		52,388		338,046
1290 Retirement 2020		90,517		137,253		126,767		52,042		406,579
1290 Retirement 2025		95,213		150,364		137,099		61,886		444,562
1290 Retirement 2030		86,972		131,389		125,762		53,455		397,578
1290 Retirement 2035		90,029		135,296		130,199		55,760		411,284
1290 Retirement 2040		86,631		128,227		123,023		50,411		388,292
1290 Retirement 2045		89,094		133,137		126,549		52,279		401,059
1290 Retirement 2050		86,065		129,144		123,486		51,595		390,290
1290 Retirement 2055		85,831		128,662		123,400		50,090		387,983
1290 Retirement 2060		86,509		129,838		124,402		50,371		391,120
1290 SmartBeta Equity		132,731		350,864		475,250		249,339		1,208,184

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 and Class T shares and the proceeds of contingent deferred sales charges paid by the investor in connection with certain redemptions of the Funds’ Class A shares. The Distributor has advised the Funds that for the six months ended April 30, 2023, the proceeds retained from sales and redemptions are as follows:


	Class A				Class T
Funds:	Front End Sales Charge		Contingent Deferred Sales Charge		Front End Sales Charge
1290 Diversified Bond	$	5,099	$	—	$	—
1290 Essex Small Cap Growth		30		—		—
1290 GAMCO Small/Mid Cap Value		10,438		—		—
1290 High Yield Bond		1,602		—		—
1290 Loomis Sayles Multi-Asset Income		22,445		—		—
1290 Multi-Alternative Strategies		30		—		—
1290 SmartBeta Equity		13,728		—		—

Sales loads and contingent deferred sales charges imposed on purchases and redemptions of Fund shares are retained by the Trust’s Distributors and do not represent expenses or income of the Funds.

144

1290 FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

April 30, 2023 (Unaudited)

Note 4

Compensation of Officers

Each officer of the Trust is an employee of Equitable Financial, EIM 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, 2023, the three trusts in the fund complex reimbursed EIMG for $290,000 of the Chief Compliance Officer’s compensation, including $2,300 reimbursed by the Trust.

Note 5

Percentage of Ownership by Affiliates

At April 30, 2023, EIMG and Equitable Financial held investments in each of the Funds as follows:


Funds:	Percentage of Ownership
1290 Essex Small Cap Growth		21	%
1290 GAMCO Small/ Mid Cap Value		19
1290 High Yield Bond		10
1290 Loomis Sayles Multi-Asset Income		82
1290 Multi-Alternative Strategies		66
1290 RETIREMENT 2020		99
1290 RETIREMENT 2025		98
1290 RETIREMENT 2030		99
1290 RETIREMENT 2035		98
1290 RETIREMENT 2040		99
1290 RETIREMENT 2045		98
1290 RETIREMENT 2050		100
1290 RETIREMENT 2055		100
1290 RETIREMENT 2060		99

Shares of 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 (Equitable Growth MF/ETF, Equitable Moderate Growth MF/ETF, Equitable Conservative Growth MF/ETF (together, the “Managed Portfolio Strategies Portfolios”), EQ/All Asset Growth Allocation Portfolio, and EQ/Ultra Conservative Strategy Portfolio, EQ/Conservative Strategy Portfolio, EQ/Conservative Growth Strategy Portfolio, EQ/Balanced Strategy Portfolio, EQ/Moderate Growth Strategy Portfolio, EQ/Growth Strategy Portfolio and EQ/Aggressive Growth Strategy Portfolio (each, a “Strategic Allocation Series Portfolio” and together, the “Strategic Allocation Series Portfolios”)) and certain series of the EQ/Premier VIP Trust (EQ/Conservative Allocation Portfolio, EQ/Conservative-Plus Allocation Portfolio, EQ/Moderate Allocation Portfolio, EQ/Moderate-Plus Allocation Portfolio and EQ/Aggressive Allocation Portfolio (each, an “EQ Allocation Portfolio” and together, the “EQ Allocation Portfolios”) and the Target 2015 Allocation Portfolio, Target 2025 Allocation Portfolio, Target 2035 Allocation Portfolio, Target 2045 Allocation Portfolio and Target 2055 Allocation Portfolio (each, a “Target Allocation Portfolio” and together, the “Target Allocation Portfolios”)). The following table represents the percentage of ownership that each of the EQ/All Asset Growth Allocation, Managed Portfolio Strategies Portfolios, Strategic Allocation Series Portfolios, EQ Allocation Portfolios and Target Allocation Portfolios has in each Fund’s net assets as of April 30, 2023.


Portfolios:	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		1.00	%		—	%		—	%		—	%		—	%
Equitable Conservative Growth MF/ETF		3.78			5.05			2.77			11.31			4.60
Equitable Moderate Growth MF/ETF		0.44			1.52			0.83			1.08			1.50
Equitable Growth MF/ETF		0.15			2.20			1.21			0.66			2.60

145

1290 FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

April 30, 2023 (Unaudited)


Portfolios:	1290 Diversified Bond			1290 Essex Small Cap Growth			1290 GAMCO Small/Mid Cap Value			1290 High Yield Bond			1290 SmartBeta Equity
EQ/Conservative Allocation		4.33	%		—	%		—	%		—	%		—	%
EQ/Conservative-Plus Allocation		3.83			—			—			—			—
EQ/Moderate Allocation		19.81			—			—			—			—
EQ/Moderate-Plus Allocation		14.71			—			—			—			—
EQ/Aggressive Allocation		1.64			—			—			—			—
Target 2015 Allocation		0.57			—			—			—			—
Target 2025 Allocation		1.38			—			—			—			—
Target 2035 Allocation		0.91			—			—			—			—
Target 2045 Allocation		0.46			—			—			—			—
Target 2055 Allocation		0.07			—			—			—			—

Note 6 - Subsequent Events

The Adviser evaluated subsequent events from April 30, 2023, the date of these financial statements, through the date these financial statements were issued. There are no subsequent events that require recognition or disclosure in the financial statements.

146

CONTROL PERSON AND PRINCIPAL HOLDERS OF SECURITIES (UNAUDITED)

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.

PROXY VOTING POLICIES AND PROCEDURES (UNAUDITED)

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling a toll-free number at 1-888-310-0416 and (ii) on the Securities and Exchange Commission’s website at http://www.sec.gov. Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge (i) on the Trust’s website at www.1290Funds.com and (ii) on the Securities and Exchange Commission’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Funds’ Form N-PORT filings are available on the Securities and Exchange Commission’s website at http://www.sec.gov.

147

Visit the Funds’ Website: 1290Funds.com

Must be accompanied or preceded by a Prospectus. 1290 Funds are distributed by ALPS Distributors, Inc.

DFIN#497750

1290SAR043023

1290 Avenue of the Americas, New York, NY 10104.

Equitable Financial Life Insurance Company


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.		Schedule of Investments.

The Schedule of Investments is included as part of the Semi-Annual Report to Shareholders filed under Item 1 of this Form N-CSR.

Item 7.		Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8.		Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9.		Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10		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 11		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 change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12.		Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not Applicable.

Item 13.		Exhibits.

(a)(1)		Not applicable for the reporting period.

(a)(2)		Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are filed herewith.

(b)		Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are filed herewith.

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
		June 30, 2023

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
		June 30, 2023


By:		/s/ Brian E. Walsh
		Brian E. Walsh
		Chief Financial Officer
		June 30, 2023