1290 FUNDS

1290 DIVERSIFIED BOND FUND

PORTFOLIO OF INVESTMENTS

July 31, 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	$	3,362,025
Total Information Technology				3,362,025
Total Convertible Bond				3,362,025
Corporate Bonds (4.8%)
Energy (2.4%)
Oil, Gas & Consumable Fuels (2.4%)
Devon Energy Corp.
7.875%, 9/30/31		1,190,000		1,347,359
Diamondback Energy, Inc.
6.250%, 3/15/33		5,880,000		6,127,344
Hess Corp.
7.875%, 10/1/29		410,000		451,813
7.300%, 8/15/31		750,000		824,710
New Fortress Energy, Inc.
6.750%, 9/15/25§		7,060,000		6,713,707
Total Energy				15,464,933
Financials (1.0%)
Capital Markets (0.8%)
Ares Capital Corp.
4.250%, 3/1/25		1,070,000		1,025,988
Golub Capital BDC, Inc.
2.500%, 8/24/26		5,275,000		4,628,754
				5,654,742
Financial Services (0.2%)
United Wholesale Mortgage LLC
5.500%, 4/15/29§		1,271,000		1,114,171
Total Financials				6,768,913
Information Technology (0.5%)
Technology Hardware, Storage & Peripherals (0.5%)
Dell International LLC
3.375%, 12/15/41§		4,790,000		3,383,008
Total Information Technology				3,383,008
Materials (0.2%)
Metals & Mining (0.2%)
First Quantum Minerals Ltd.
7.500%, 4/1/25§		1,380,000		1,373,004
Total Materials				1,373,004
Real Estate (0.7%)
Specialized REITs (0.7%)
Equinix, Inc. (REIT)
2.500%, 5/15/31		5,925,000		4,821,786
Total Real Estate				4,821,786
Total Corporate Bonds				31,811,644
Foreign Government Securities (26.3%)
Kingdom of Norway
3.000%, 3/14/24(m)	NOK	704,200,000		68,941,055
Mex Bonos Desarr Fix Rt
Series M
8.000%, 7/31/53	MXN	236,300,000		12,787,153
Republic of South Africa
Series 2048
8.750%, 2/28/48	ZAR	962,900,000		39,727,896
Titulos de Tesoreria
Series B
7.250%, 10/26/50	COP	100,195,000,000		18,094,895
U.K. Treasury Bonds
3.750%, 10/22/53(m)	GBP	31,150,000		35,365,880
Total Foreign Government Securities				174,916,879
Mortgage-Backed Securities (34.0%)
FHLMC UMBS
4.000%, 7/1/52	$	30,395,151		28,380,132
FNMA UMBS
4.000%, 6/1/52		29,070,032		27,161,029
5.000%, 10/1/52		5,599,066		5,480,389
5.000%, 11/1/52		31,171,570		30,481,637
5.500%, 1/1/53		30,977,592		30,755,027
GNMA
5.000%, 10/20/52		3,356,660		3,293,425
5.500%, 10/20/52		28,153,715		27,975,006
5.000%, 2/20/53		12,693,224		12,437,244
5.500%, 2/20/53		7,485,248		7,440,074
5.000%, 3/20/53		13,725,895		13,453,379
5.500%, 4/20/53		13,546,781		13,469,258
5.500%, 5/20/53		9,321,242		9,262,074
5.000%, 6/20/53		10,381,069		10,168,473
5.500%, 6/20/53		6,026,551		5,988,297
Total Mortgage-Backed Securities				225,745,444
U.S. Treasury Obligations (29.6%)
U.S. Treasury Bonds
2.250%, 2/15/52		65,430,000		45,800,097
2.875%, 5/15/52		154,200,000		123,893,116
U.S. Treasury Notes
(US Treasury 3 Month Bill Money Market Yield + 0.20%), 5.541%, 1/31/25(k)		27,030,000		27,077,537
Total U.S. Treasury Obligations				196,770,750
Total Long-Term Debt Securities (95.2%) (Cost $651,062,026)				632,606,742
	Number of Shares
SHORT-TERM INVESTMENT:
Investment Company (1.5%)
JPMorgan Prime Money Market Fund, IM Shares 5.49% (7 day yield)		9,801,883		9,803,843
Total Short-Term Investment (1.5%) (Cost $9,803,843)				9,803,843
Total Investments in Securities (96.7%) (Cost $660,865,869)				642,410,585
Other Assets Less Liabilities (3.3%)				21,829,139
Net Assets (100%)			$	664,239,724

See Notes to Portfolio of Investments.

1

1290 FUNDS

1290 DIVERSIFIED BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2023 (Unaudited)

§ Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At July 31, 2023, the market value of these securities amounted to $12,583,890 or 1.9% of net assets.

(e) Step Bond - Coupon rate increases or decreases in increments to maturity. Rate disclosed is as of July 31, 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 July 31, 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 July 31, 2023, the market value or fair value, as applicable, of these securities amounted to $104,306,935 or 15.7% of net assets.

Glossary:

AUD — Australian Dollar

CHF — Swiss Franc

COP — Colombian Peso

EUR — European Currency Unit

FHLMC — Federal Home Loan Mortgage Corp.

FNMA — Federal National Mortgage Association

GBP — British Pound

GNMA — Government National Mortgage Association

JPY — Japanese Yen

KRW — Korean (South) Won

MXN — Mexican Peso

NOK — Norwegian Krone

OTC — Over- the-counter

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

Colombia	2.7	%
Mexico	1.9
Norway	10.4
South Africa	6.0
United Kingdom	5.3
United States	70.2
Zambia	0.2
Cash and Other	3.3
	100.0	%

See Notes to Portfolio of Investments.

2

1290 FUNDS

1290 DIVERSIFIED BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2023 (Unaudited)

Futures contracts outstanding as of July 31, 2023 (Note 1):

Description	Number of Contracts			Expiration Date		Trading Currency		Notional Amount ($)			Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
Long Gilt		477			9/2023		GBP		58,846,744			(176,337	)
U.S. Treasury 5 Year Note		3,860			9/2023		USD		412,326,408			(4,705,326	)
U.S. Treasury 10 Year Ultra Note		765			9/2023		USD		89,493,047			(1,681,333	)
												(6,562,996	)
Short Contracts
Japan 10 Year Bond		(252	)		9/2023		JPY		(260,033,037	)		2,285,460
U.S. Treasury Ultra Bond		(295	)		9/2023		USD		(39,004,531	)		166,793
												2,452,253
												(4,110,743	)

Forward Foreign Currency Contracts outstanding as of July 31, 2023 (Note 1):

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation) ($)
USD	663,098	EUR	600,000	Morgan Stanley	8/4/2023		3,335
ZAR	516,200,000	USD	26,581,087	HSBC Bank plc	8/15/2023		2,244,927
ZAR	224,400,000	USD	12,299,867	Morgan Stanley	8/15/2023		231,240
AUD	48,730,000	USD	32,381,085	Goldman Sachs Bank USA	8/31/2023		387,743
AUD	47,960,000	USD	31,597,727	JPMorgan Chase Bank	8/31/2023		653,310
USD	32,516,996	AUD	47,910,000	Barclays Bank plc	8/31/2023		299,583
USD	33,116,157	AUD	48,780,000	HSBC Bank plc	8/31/2023		313,706
USD	35,135,841	GBP	27,240,000	JPMorgan Chase Bank	9/1/2023		171,694
KRW	67,690,000,000	USD	52,177,600	Citibank NA**	9/13/2023		1,060,856
JPY	217,000,000	USD	1,517,568	HSBC Bank plc	9/19/2023		19,724
NOK	216,600,000	USD	21,292,701	Goldman Sachs Bank USA	9/29/2023		117,533
NOK	151,100,000	USD	14,147,178	Morgan Stanley	9/29/2023		788,585
COP	24,520,000,000	USD	6,004,800	JPMorgan Chase Bank**	10/30/2023		97,787
USD	16,693,539	EUR	15,090,000	JPMorgan Chase Bank	11/7/2023		20,873
Total unrealized appreciation							6,410,896
EUR	92,990,000	USD	103,351,930	JPMorgan Chase Bank	8/4/2023		(1,099,702	)
USD	11,666,033	EUR	10,830,000	Citibank NA	8/4/2023		(242,685	)
USD	32,102,244	EUR	29,780,000	Goldman Sachs Bank USA	8/4/2023		(643,980	)
USD	654,040	EUR	600,000	HSBC Bank plc	8/4/2023		(5,723	)
USD	55,046,661	EUR	51,180,000	JPMorgan Chase Bank	8/4/2023		(1,231,101	)
USD	39,203,646	ZAR	740,600,000	HSBC Bank plc	8/15/2023		(2,153,475	)
USD	13,355,602	ZAR	239,300,000	JPMorgan Chase Bank	8/15/2023		(7,562	)
GBP	1,770,000	USD	2,283,545	Morgan Stanley	9/1/2023		(11,645	)
USD	35,372,441	GBP	27,850,000	JPMorgan Chase Bank	9/1/2023		(374,677	)
USD	63,589,456	CHF	56,690,000	Goldman Sachs Bank USA	9/11/2023		(1,713,564	)
USD	1,233,617	CHF	1,100,000	HSBC Bank plc	9/11/2023		(33,508	)
USD	637,614	CHF	570,000	Morgan Stanley	9/11/2023		(18,987	)
USD	52,763,347	KRW	67,690,000,000	Citibank NA**	9/13/2023		(475,109	)
JPY	4,583,000,000	USD	32,896,909	Barclays Bank plc	9/19/2023		(429,590	)
JPY	17,470,000,000	USD	127,080,424	JPMorgan Chase Bank	9/19/2023		(3,317,807	)
JPY	478,000,000	USD	3,417,826	Morgan Stanley	9/19/2023		(31,533	)
SEK	340,800,000	USD	33,448,821	Goldman Sachs Bank USA	10/17/2023		(955,623	)
Total unrealized depreciation							(12,746,271	)
Net unrealized depreciation							(6,335,375	)

** Non-deliverable forward.

See Notes to Portfolio of Investments.

3

1290 FUNDS

1290 DIVERSIFIED BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2023 (Unaudited)

OTC Interest rate swap contracts outstanding as of July 31, 2023 (Note 1):

Reference Entity	Payments Made by Fund	Payments Received by Fund	Frequency of Payments Made/Received	Counterparty	Maturity Date		Notional Amount		Value and Unrealized Appreciation (Depreciation) ($)
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		(227,455	)
										(227,455	)

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 July 31, 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	$	—		$	3,362,025		$	—	$	3,362,025
Corporate Bonds
Energy		—			15,464,933			—		15,464,933
Financials		—			6,768,913			—		6,768,913
Information Technology		—			3,383,008			—		3,383,008
Materials		—			1,373,004			—		1,373,004
Real Estate		—			4,821,786			—		4,821,786
Foreign Government Securities		—			174,916,879			—		174,916,879
Forward Currency Contracts		—			6,410,896			—		6,410,896
Futures		2,452,253			—			—		2,452,253
Mortgage-Backed Securities		—			225,745,444			—		225,745,444
Short-Term Investment
Investment Company		9,803,843			—			—		9,803,843
U.S. Treasury Obligations		—			196,770,750			—		196,770,750
Total Assets	$	12,256,096		$	639,017,638		$	—	$	651,273,734
Liabilities:
Forward Currency Contracts	$	—		$	(12,746,271	)	$	—	$	(12,746,271	)
Futures		(6,562,996	)		—			—		(6,562,996	)
OTC Interest Rate Swaps		—			(227,455	)		—		(227,455	)
Total Liabilities	$	(6,562,996	)	$	(12,973,726	)	$	—	$	(19,536,722	)
Total	$	5,693,100		$	626,043,912		$	—	$	631,737,012

As of July 31, 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	$	22,153,741
Aggregate gross unrealized depreciation		(46,909,602	)
Net unrealized depreciation	$	(24,755,861	)
Federal income tax cost of investments in securities and derivative instruments, if applicable	$	656,492,873

See Notes to Portfolio of Investments.

4

1290 FUNDS

1290 ESSEX SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS

July 31, 2023 (Unaudited)

	Number of Shares		Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (10.6%)
Automobile Components (2.7%)
Patrick Industries, Inc.		10,482	$	907,217
Superior Industries International, Inc.*		159,319		583,108
				1,490,325
Diversified Consumer Services (1.0%)
Lincoln Educational Services Corp.(x)*		76,929		546,965
Hotels, Restaurants & Leisure (1.0%)
Kura Sushi USA, Inc., Class A(x)*		5,519		549,196
Household Durables (2.2%)
Century Communities, Inc.		6,957		537,220
Skyline Champion Corp.*		9,896		689,355
				1,226,575
Specialty Retail (3.0%)
CarParts.com, Inc.*		79,318		398,176
Five Below, Inc.*		2,828		589,185
Revolve Group, Inc., Class A(x)*		18,233		359,555
Stitch Fix, Inc., Class A*		66,381		339,207
				1,686,123
Textiles, Apparel & Luxury Goods (0.7%)
Unifi, Inc.*		51,822		409,912
Total Consumer Discretionary				5,909,096
Consumer Staples (2.4%)
Food Products (1.1%)
SunOpta, Inc.*		92,140		610,888
Personal Care Products (1.3%)
e.l.f. Beauty, Inc.*		5,996		699,853
Total Consumer Staples				1,310,741
Energy (2.8%)
Energy Equipment & Services (1.2%)
TETRA Technologies, Inc.*		151,616		680,756
Oil, Gas & Consumable Fuels (1.6%)
American Resources Corp.*		201,635		387,139
Matador Resources Co.		8,873		493,605
				880,744
Total Energy				1,561,500
Financials (6.7%)
Banks (1.6%)
Bancorp, Inc. (The)*		14,089		533,973
Brookline Bancorp, Inc.		35,101		374,879
				908,852
Capital Markets (1.2%)
Evercore, Inc., Class A		5,119		691,372
Financial Services (2.1%)
Paymentus Holdings, Inc., Class A(x)*		50,847		574,063
Payoneer Global, Inc.*		107,448		571,623
				1,145,686
Insurance (1.8%)
HCI Group, Inc.(x)		11,457		719,614
Heritage Insurance Holdings, Inc.*		63,830		287,873
				1,007,487
Total Financials				3,753,397
Health Care (24.3%)
Biotechnology (3.3%)
Insmed, Inc.*		26,764		591,217
Kiniksa Pharmaceuticals Ltd., Class A*		34,272		645,684
Veracyte, Inc.*		22,621		620,946
				1,857,847
Health Care Equipment & Supplies (12.1%)
Accuray, Inc.*		134,651		573,613
Alphatec Holdings, Inc.*		54,943		970,843
Apyx Medical Corp.*		51,187		286,135
AtriCure, Inc.*		13,065		723,148
Axogen, Inc.*		56,893		491,556
Cutera, Inc.*		19,890		397,999
Inari Medical, Inc.*		8,873		506,382
Inmode Ltd.*		15,064		646,396
Orthofix Medical, Inc.*		29,007		571,148
Stereotaxis, Inc.(x)*		241,318		374,043
Tandem Diabetes Care, Inc.*		9,349		326,467
TransMedics Group, Inc.*		9,546		889,496
				6,757,226
Health Care Providers & Services (2.5%)
Biodesix, Inc.(x)*		167,022		198,756
PetIQ, Inc., Class A*		15,649		261,964
Talkspace, Inc.*		274,108		474,207
Viemed Healthcare, Inc.*		50,604		427,604
				1,362,531
Health Care Technology (1.7%)
Evolent Health, Inc., Class A*		16,185		491,862
Phreesia, Inc.*		14,723		467,014
				958,876
Life Sciences Tools & Services (1.6%)
Adaptive Biotechnologies Corp.*		51,920		438,205
NanoString Technologies, Inc.*		93,496		445,041
				883,246
Pharmaceuticals (3.1%)
Evolus, Inc.*		50,262		503,625
EyePoint Pharmaceuticals, Inc.*		39,586		494,825
Ocular Therapeutix, Inc.*		56,844		258,072
Revance Therapeutics, Inc.*		20,622		487,298
				1,743,820
Total Health Care				13,563,546
Industrials (26.1%)
Aerospace & Defense (3.5%)
Kratos Defense & Security Solutions, Inc.*		48,459		731,246
Leonardo DRS, Inc.(x)*		71,178		1,187,961
				1,919,207
Building Products (2.7%)
Builders FirstSource, Inc.*		5,349		772,556
Caesarstone Ltd.		35,735		200,116
Griffon Corp.		12,919		538,981
				1,511,653
Commercial Services & Supplies (3.8%)
CECO Environmental Corp.*		41,682		501,851
Enviri Corp.*		46,570		439,155
Heritage-Crystal Clean, Inc.*		17,951		827,003
Performant Financial Corp.*		116,954		359,049
				2,127,058
Construction & Engineering (3.8%)
Matrix Service Co.*		59,623		377,414

See Notes to Portfolio of Investments.

5

1290 FUNDS

1290 ESSEX SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2023 (Unaudited)

	Number of Shares		Value (Note 1)
Sterling Infrastructure, Inc.*		29,153	$	1,748,888
				2,126,302
Electrical Equipment (3.9%)
Babcock & Wilcox Enterprises, Inc.*		97,112		532,174
Beam Global(x)*		14,869		170,696
FTC Solar, Inc.*		114,440		434,872
LSI Industries, Inc.		53,480		673,848
SunPower Corp.(x)*		38,513		380,123
				2,191,713
Machinery (3.5%)
3D Systems Corp.*		44,705		389,380
Commercial Vehicle Group, Inc.*		42,560		446,880
Graham Corp.*		32,225		451,150
Luxfer Holdings plc		27,398		346,859
Manitex International, Inc.*		62,353		313,012
				1,947,281
Professional Services (1.7%)
BlackSky Technology, Inc., Class A(x)*		193,006		384,082
Willdan Group, Inc.*		27,447		553,881
				937,963
Trading Companies & Distributors (3.2%)
Alta Equipment Group, Inc.		33,638		543,254
MRC Global, Inc.*		53,383		602,694
Transcat, Inc.*		7,605		637,907
				1,783,855
Total Industrials				14,545,032
Information Technology (21.6%)
Communications Equipment (3.4%)
CalAmp Corp.*		100,866		93,805
Cambium Networks Corp.*		22,133		358,555
Ceragon Networks Ltd.*		167,637		338,627
Digi International, Inc.*		17,816		747,025
Lantronix, Inc.*		82,536		371,412
				1,909,424
Electronic Equipment, Instruments & Components (6.0%)
Benchmark Electronics, Inc.		21,499		569,938
Identiv, Inc.*		80,391		619,815
Luna Innovations, Inc.*		72,542		655,780
Novanta, Inc.*		4,046		715,737
SmartRent, Inc., Class A*		95,972		381,968
Vuzix Corp.(x)*		79,903		421,888
				3,365,126
IT Services (0.9%)
Endava plc (ADR)*		9,417		494,016
Semiconductors & Semiconductor Equipment (5.8%)
Aehr Test Systems(x)*		16,878		880,356
Amtech Systems, Inc.*		66,545		715,359
Ichor Holdings Ltd.*		15,795		611,582
Kopin Corp.*		271,105		517,811
SkyWater Technology, Inc.(x)*		49,970		488,707
				3,213,815
Software (3.8%)
Docebo, Inc.(x)*		14,772		567,393
Domo, Inc., Class B*		22,084		394,641
EverCommerce, Inc.*		45,631		532,970
Porch Group, Inc.(x)*		127,387		173,246
Zuora, Inc., Class A*		39,586		464,344
				2,132,594
Technology Hardware, Storage & Peripherals (1.7%)
Stratasys Ltd.*		33,346		604,563
Turtle Beach Corp.*		28,812		324,135
				928,698
Total Information Technology				12,043,673
Materials (2.0%)
Chemicals (2.0%)
AdvanSix, Inc.		17,063		684,397
Aspen Aerogels, Inc.*		54,845		457,407
Total Materials				1,141,804
Total Common Stocks (96.5%) (Cost $49,587,688)				53,828,789
EXCHANGE TRADED FUND (ETF):
Equity (0.7%)
iShares Russell 2000 Growth ETF(x)		1,586		402,908
Total Exchange Traded Fund (0.7%) (Cost $390,802)				402,908
SHORT-TERM INVESTMENTS:
Investment Companies (6.1%)
BlackRock Liquidity FedFund, Institutional Shares 5.15% (7 day yield)(xx)		1,000,000		1,000,000
Dreyfus Treasury Obligations Cash Management Fund 5.15% (7 day yield)(xx)		1,000,000		1,000,000
JPMorgan Prime Money Market Fund, IM Shares 5.49% (7 day yield)		1,394,156		1,394,435
Total Investment Companies				3,394,435
	Principal Amount
Repurchase Agreement (0.5%)
HSBC Securities, Inc., 5.28%, dated 7/31/23, due 8/1/23, repurchase price $288,512, collateralized by various U.S. Government Treasury Securities, ranging from 0.000%-0.125%, maturing 12/28/23-2/15/53; total market value $294,282.(xx)	$	288,469		288,469
Total Short-Term Investments (6.6%) (Cost $3,682,905)				3,682,904
Total Investments in Securities (103.8%) (Cost $53,661,395)				57,914,601
Other Assets Less Liabilities (-3.8%)				(2,130,887	)
Net Assets (100%)			$	55,783,714

* Non-income producing.

(x) All or a portion of security is on loan at July 31, 2023.

(xx) At July 31, 2023, the Fund had loaned securities with a total value of $2,582,036. This was collateralized by $339,075 of various U.S. Government Treasury Securities, ranging from 0.000% – 3.625%, maturing 8/10/23 – 2/15/53 and by cash of $2,288,469 which was subsequently invested in investment companies and joint repurchase agreements.

See Notes to Portfolio of Investments.

6

1290 FUNDS

1290 ESSEX SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2023 (Unaudited)

Glossary:

ADR — American Depositary Receipt

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of July 31, 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	$	5,909,096	$	—	$	—	$	5,909,096
Consumer Staples		1,310,741		—		—		1,310,741
Energy		1,561,500		—		—		1,561,500
Financials		3,753,397		—		—		3,753,397
Health Care		13,563,546		—		—		13,563,546
Industrials		14,545,032		—		—		14,545,032
Information Technology		12,043,673		—		—		12,043,673
Materials		1,141,804		—		—		1,141,804
Exchange Traded Fund		402,908		—		—		402,908
Short-Term Investments
Investment Companies		3,394,435		—		—		3,394,435
Repurchase Agreement		—		288,469		—		288,469
Total Assets	$	57,626,132	$	288,469	$	—	$	57,914,601
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	57,626,132	$	288,469	$	—	$	57,914,601

As of July 31, 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	$	7,190,937
Aggregate gross unrealized depreciation		(2,937,731	)
Net unrealized appreciation	$	4,253,206
Federal income tax cost of investments in securities and derivative instruments, if applicable	$	53,661,395

See Notes to Portfolio of Investments.

7

1290 FUNDS

1290 GAMCO SMALL/MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS

July 31, 2023 (Unaudited)

	Number of Shares		Value (Note 1)
COMMON STOCKS:
Communication Services (13.2%)
Diversified Telecommunication Services (0.8%)
EchoStar Corp., Class A*		4,500	$	87,435
Telesat Corp.*		110,000		1,037,300
				1,124,735
Entertainment (4.4%)
Atlanta Braves Holdings, Inc., Class A(x)*		39,500		1,869,930
Atlanta Braves Holdings, Inc., Class C*		12,100		492,712
Madison Square Garden Entertainment Corp., Class A(x)*		18,500		644,540
Madison Square Garden Sports Corp.		10,500		2,233,875
Sphere Entertainment Co.*		19,000		806,550
				6,047,607
Media (6.8%)
Altice USA, Inc., Class A*		8,000		27,120
AMC Networks, Inc., Class A*		21,500		271,330
Clear Channel Outdoor Holdings, Inc.*		313,000		563,400
Corus Entertainment, Inc., Class B(x)		135,000		148,447
EW Scripps Co. (The), Class A*		26,500		261,290
Grupo Televisa SAB (ADR)(x)		268,000		1,423,080
JCDecaux SE*		23,000		431,169
Liberty Media Corp.-Liberty SiriusXM, Class A*		4,000		126,800
News Corp., Class B		13,000		261,430
Nexstar Media Group, Inc., Class A		10,200		1,904,544
Paramount Global, Class A(x)		50,000		963,000
Sinclair, Inc.(x)		130,000		1,808,300
Sirius XM Holdings, Inc.(x)		27,760		141,576
TEGNA, Inc.		40,000		676,000
WideOpenWest, Inc.*		28,000		230,720
				9,238,206
Wireless Telecommunication Services (1.2%)
Gogo, Inc.*		12,900		194,403
Millicom International Cellular SA(x)*		42,000		656,040
Telephone and Data Systems, Inc.		30,000		240,600
United States Cellular Corp.(x)*		28,000		495,880
				1,586,923
Total Communication Services				17,997,471
Consumer Discretionary (14.1%)
Automobile Components (5.5%)
Dana, Inc.		95,000		1,803,100
Garrett Motion, Inc.*		10,000		77,800
Gentex Corp.		24,000		805,920
Gentherm, Inc.*		2,000		119,540
Goodyear Tire & Rubber Co. (The)*		100,000		1,608,000
Modine Manufacturing Co.*		55,800		2,095,848
Strattec Security Corp.*		40,000		935,600
				7,445,808
Diversified Consumer Services (0.1%)
H&R Block, Inc.		3,000		100,830
Hotels, Restaurants & Leisure (3.7%)
Bally’s Corp.*		17,000		276,760
Caesars Entertainment, Inc.*		28,500		1,682,070
Churchill Downs, Inc.		4,000		463,400
GAN Ltd.*		17,000		31,790
Golden Entertainment, Inc.*		23,000		973,820
Nathan’s Famous, Inc.		18,900		1,513,890
Wynn Resorts Ltd.		800		87,184
				5,028,914
Household Durables (1.0%)
Bassett Furniture Industries, Inc.		22,500		396,000
Lennar Corp., Class B		9,000		1,034,190
				1,430,190
Leisure Products (1.8%)
Brunswick Corp.		14,900		1,286,019
Johnson Outdoors, Inc., Class A		15,000		886,800
Mattel, Inc.*		12,900		274,770
Peloton Interactive, Inc., Class A(x)*		3,700		35,927
				2,483,516
Specialty Retail (2.0%)
Advance Auto Parts, Inc.		6,600		490,974
AutoNation, Inc.*		7,500		1,207,350
Lands’ End, Inc.*		10,000		93,800
Monro, Inc.		16,000		586,400
Valvoline, Inc.		10,000		379,700
				2,758,224
Total Consumer Discretionary				19,247,482
Consumer Staples (10.3%)
Beverages (2.1%)
Boston Beer Co., Inc. (The), Class A*		500		185,720
National Beverage Corp.*		19,000		1,004,150
Remy Cointreau SA*		9,400		1,613,857
				2,803,727
Consumer Staples Distribution & Retail (0.3%)
Ingles Markets, Inc., Class A		2,000		169,600
Village Super Market, Inc., Class A		8,900		207,192
				376,792
Food Products (3.7%)
Bunge Ltd.		3,500		380,345
Calavo Growers, Inc.		29,000		1,094,170
Farmer Bros Co.(x)*		94,000		282,000
Hain Celestial Group, Inc. (The)*		28,000		354,760
J M Smucker Co. (The)		11,500		1,732,475
Maple Leaf Foods, Inc.(x)		47,000		980,882
McCormick & Co., Inc. (Non-Voting)		2,900		255,520
				5,080,152
Household Products (3.4%)
Energizer Holdings, Inc.		62,000		2,213,400
Spectrum Brands Holdings, Inc.		31,000		2,430,710
				4,644,110
Personal Care Products (0.8%)
Edgewell Personal Care Co.		27,300		1,075,893
Total Consumer Staples				13,980,674
Energy (1.7%)
Energy Equipment & Services (1.7%)
Dril-Quip, Inc.*		54,000		1,398,060
RPC, Inc.		104,000		865,280
Total Energy				2,263,340
Financials (1.9%)
Banks (1.6%)
Cadence Bank		9,000		225,450
Flushing Financial Corp.		23,000		362,940
SouthState Corp.		4,500		349,515
Synovus Financial Corp.		37,000		1,254,300
				2,192,205
Capital Markets (0.3%)
Affiliated Managers Group, Inc.		1,000		138,640

See Notes to Portfolio of Investments.

8

1290 FUNDS

1290 GAMCO SMALL/MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2023 (Unaudited)

	Number of Shares		Value (Note 1)
Janus Henderson Group plc		8,000	$	234,800
				373,440
Total Financials				2,565,645
Health Care (3.3%)
Health Care Equipment & Supplies (0.7%)
Cutera, Inc.*		29,000		580,290
QuidelOrtho Corp.*		4,400		384,384
				964,674
Health Care Providers & Services (1.0%)
Option Care Health, Inc.*		17,500		591,150
Patterson Cos., Inc.		20,800		684,112
				1,275,262
Health Care Technology (0.5%)
Evolent Health, Inc., Class A*		16,500		501,435
Teladoc Health, Inc.*		6,700		199,459
				700,894
Life Sciences Tools & Services (0.1%)
Bio-Rad Laboratories, Inc., Class A*		300		121,608
Pharmaceuticals (1.0%)
Harmony Biosciences Holdings, Inc.*		1,500		53,055
Perrigo Co. plc		25,000		916,000
Teva Pharmaceutical Industries Ltd. (ADR)*		48,000		403,200
				1,372,255
Total Health Care				4,434,693
Industrials (38.6%)
Aerospace & Defense (5.1%)
AAR Corp.*		18,100		1,082,380
Kaman Corp.		58,000		1,327,620
Moog, Inc., Class A		10,500		1,107,120
Moog, Inc., Class B		12,900		1,360,176
Textron, Inc.		27,300		2,123,121
				7,000,417
Building Products (2.3%)
AZZ, Inc.		31,000		1,374,230
Griffon Corp.		42,000		1,752,240
				3,126,470
Commercial Services & Supplies (1.8%)
Matthews International Corp., Class A		47,000		2,157,300
OPENLANE, Inc.*		20,000		314,000
				2,471,300
Construction & Engineering (1.6%)
Arcosa, Inc.		13,500		1,041,930
MDU Resources Group, Inc.		2,400		53,088
Valmont Industries, Inc.		4,000		1,059,000
				2,154,018
Machinery (24.5%)
Astec Industries, Inc.		48,000		2,371,200
CIRCOR International, Inc.*		52,000		2,896,400
CNH Industrial NV		31,300		449,468
Commercial Vehicle Group, Inc.*		91,100		956,550
Crane Co.		18,500		1,733,265
Crane NXT Co.		8,000		473,200
Donaldson Co., Inc.		800		50,264
Eastern Co. (The)		26,900		495,767
Enerpac Tool Group Corp., Class A		22,000		604,560
EnPro Industries, Inc.		21,000		2,914,380
Flowserve Corp.		43,000		1,623,680
Gorman-Rupp Co. (The)		11,500		364,550
Graco, Inc.		3,000		237,990
Hyster-Yale Materials Handling, Inc.		40,500		1,934,280
Ingersoll Rand, Inc.		16,000		1,044,320
ITT, Inc.		12,000		1,195,200
Iveco Group NV (Borsa Italiana Exchange)*		52,200		495,080
Iveco Group NV (OTC Exchange)*		7,800		75,036
Kennametal, Inc.		18,500		563,880
L B Foster Co., Class A*		42,000		588,840
Manitowoc Co., Inc. (The)*		16,800		304,416
Mueller Industries, Inc.		31,700		2,569,602
Mueller Water Products, Inc., Class A		13,700		220,433
Park-Ohio Holdings Corp.		72,000		1,387,440
Shyft Group, Inc. (The)		4,000		57,720
Snap-on, Inc.		5,200		1,416,688
Tennant Co.		11,500		922,760
Terex Corp.		9,700		568,711
Timken Co. (The)		1,000		92,860
Toro Co. (The)		5,300		538,745
Trinity Industries, Inc.		75,000		1,966,500
Twin Disc, Inc.*		111,000		1,443,000
Watts Water Technologies, Inc., Class A		4,500		839,385
				33,396,170
Trading Companies & Distributors (3.3%)
Ashtead Group plc		2,300		170,077
GATX Corp.		12,900		1,617,144
Herc Holdings, Inc.		20,000		2,676,600
				4,463,821
Total Industrials				52,612,196
Information Technology (1.7%)
Electronic Equipment, Instruments & Components (0.5%)
Landis+Gyr Group AG		8,900		769,520
IT Services (0.7%)
Kyndryl Holdings, Inc.*		68,000		928,880
Software (0.5%)
A10 Networks, Inc.		12,000		186,240
NCR Corp.*		18,000		483,840
				670,080
Total Information Technology				2,368,480
Materials (7.6%)
Chemicals (4.7%)
Axalta Coating Systems Ltd.*		23,500		752,000
Core Molding Technologies, Inc.*		75,500		1,821,060
Element Solutions, Inc.		65,900		1,381,264
HB Fuller Co.		9,700		718,091
Huntsman Corp.		10,000		297,700
Scotts Miracle-Gro Co. (The)		20,000		1,400,800
				6,370,915
Construction Materials (0.0%)†
Knife River Corp.*		600		26,082
Containers & Packaging (1.7%)
Ardagh Metal Packaging SA		35,000		132,300
Greif, Inc., Class A		19,000		1,405,430
Myers Industries, Inc.		42,000		823,620
				2,361,350
Metals & Mining (1.2%)
Ampco-Pittsburgh Corp.*		85,000		307,700
Freeport-McMoRan, Inc.		18,500		826,025
Tredegar Corp.		60,000		415,200
				1,548,925
Total Materials				10,307,272

See Notes to Portfolio of Investments.

9

1290 FUNDS

1290 GAMCO SMALL/MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2023 (Unaudited)

	Number of Shares		Value (Note 1)
Real Estate (1.0%)
Hotel & Resort REITs (0.2%)
Ryman Hospitality Properties, Inc. (REIT)		2,500	$	238,225
Real Estate Management & Development (0.8%)
Seritage Growth Properties (REIT), Class A(x)*		16,000		150,240
St Joe Co. (The)		16,100		1,022,028
				1,172,268
Total Real Estate				1,410,493
Utilities (2.3%)
Gas Utilities (1.5%)
National Fuel Gas Co.		21,500		1,141,865
Southwest Gas Holdings, Inc.		14,000		923,160
				2,065,025
Independent Power and Renewable Electricity Producers (0.8%)
AES Corp. (The)		50,000		1,081,500
Total Utilities				3,146,525
Total Common Stocks (95.7%) (Cost $104,621,208)				130,334,271
	Number of Rights
RIGHTS:
Industrials (0.0%)†
Electrical Equipment (0.0%)†
Pineapple Energy, Inc., CVR(r)* (Cost $—)		6,250		18,391
	Number of Warrants
WARRANTS:
Energy (0.0%)†
Energy Equipment & Services (0.0%)†
Weatherford International plc, expiring 12/13/23*		1,117		1,955
Total Energy				1,955
Health Care (0.0%)†
Health Care Providers & Services (0.0%)†
Option Care Health, Inc., expiring 6/30/25*		22		7
Total Health Care				7
Materials (0.0%)†
Metals & Mining (0.0%)†
Ampco-Pittsburgh Corp., expiring 8/1/25*		30,000		14,211
Total Materials				14,211
Total Warrants (0.0%)† (Cost $—)				16,173
	Number of Shares
SHORT-TERM INVESTMENTS:
Investment Companies (3.9%)
BlackRock Liquidity FedFund, Institutional Shares 5.15% (7 day yield)(xx)		800,000		800,000
Dreyfus Treasury Obligations Cash Management Fund 5.15% (7 day yield)(xx)		800,000		800,000
JPMorgan Prime Money Market Fund, IM Shares 5.49% (7 day yield)		3,734,628		3,735,375
Total Investment Companies				5,335,375
	Principal Amount
Repurchase Agreement (1.0%)
HSBC Securities, Inc., 5.28%, dated 7/31/23, due 8/1/23, repurchase price $1,325,341, collateralized by various U.S. Government Treasury Securities, ranging from 0.000%-0.125%, maturing 12/28/23-2/15/53; total market value $1,351,847.(xx)	$	1,325,146		1,325,146
Total Short-Term Investments (4.9%) (Cost $6,660,521)				6,660,521
Total Investments in Securities (100.6%) (Cost $111,281,729)				137,029,356
Other Assets Less Liabilities (-0.6%)				(771,552	)
Net Assets (100%)			$	136,257,804

* 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 July 31, 2023.

(xx) At July 31, 2023, the Fund had loaned securities with a total value of $3,314,550. This was collateralized by $617,797 of various U.S. Government Treasury Securities, ranging from 0.000% – 5.491%, maturing 8/10/23 – 2/15/53 and by cash of $2,925,146 which was subsequently invested in investment companies and joint repurchase agreements.

Glossary:

ADR — American Depositary Receipt

CVR — Contingent Value Right

REIT — Real Estate Investment Trust

See Notes to Portfolio of Investments.

10

1290 FUNDS

1290 GAMCO SMALL/MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 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 July 31, 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	$	17,566,302	$	431,169	$	—	$	17,997,471
Consumer Discretionary		19,247,482		—		—		19,247,482
Consumer Staples		12,111,297		1,869,377		—		13,980,674
Energy		2,263,340		—		—		2,263,340
Financials		2,565,645		—		—		2,565,645
Health Care		4,434,693		—		—		4,434,693
Industrials		50,016,060		2,596,136		—		52,612,196
Information Technology		1,598,960		769,520		—		2,368,480
Materials		10,307,272		—		—		10,307,272
Real Estate		1,410,493		—		—		1,410,493
Utilities		3,146,525		—		—		3,146,525
Rights
Industrials		—		—		18,391		18,391
Short-Term Investments
Investment Companies		5,335,375		—		—		5,335,375
Repurchase Agreement		—		1,325,146		—		1,325,146
Warrants
Energy		1,955		—		—		1,955
Health Care		—		7		—		7
Materials		14,211		—		—		14,211
Total Assets	$	130,019,610	$	6,991,355	$	18,391	$	137,029,356
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	130,019,610	$	6,991,355	$	18,391	$	137,029,356

As of July 31, 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	$	32,856,749
Aggregate gross unrealized depreciation		(10,284,089	)
Net unrealized appreciation	$	22,572,660
Federal income tax cost of investments in securities and derivative instruments, if applicable	$	114,456,696

See Notes to Portfolio of Investments.

11

1290 FUNDS

1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS

July 31, 2023 (Unaudited)

	Principal		Value
	Amount		(Note 1)
LONG-TERM DEBT SECURITIES:
Corporate Bonds (95.7%)
Communication Services (11.1%)
Diversified Telecommunication Services (4.0%)
Altice France SA
8.125%, 2/1/27§	$	200,000	$	163,000
CCO Holdings LLC
5.500%, 5/1/26§		187,000		182,606
6.375%, 9/1/29§		290,000		276,225
4.750%, 3/1/30§		175,000		151,813
4.500%, 5/1/32		346,000		282,121
4.500%, 6/1/33§		352,000		277,411
Level 3 Financing, Inc.
4.250%, 7/1/28§		191,000		135,133
Lumen Technologies, Inc.
5.125%, 12/15/26(x)§		235,000		122,200
5.375%, 6/15/29§		244,000		97,600
Sprint Capital Corp.
8.750%, 3/15/32		161,000		194,125
Windstream Escrow LLC
7.750%, 8/15/28§		219,000		182,865
Zayo Group Holdings, Inc.
4.000%, 3/1/27§		356,000		254,540
6.125%, 3/1/28§		268,000		164,820
				2,484,459
Entertainment (0.9%)
Lions Gate Capital Holdings LLC
5.500%, 4/15/29(x)§		238,000		162,016
Live Nation Entertainment, Inc.
4.875%, 11/1/24§		169,000		166,887
6.500%, 5/15/27(x)§		186,000		186,349
				515,252
Interactive Media & Services (0.1%)
Rackspace Technology Global, Inc.
5.375%, 12/1/28§		187,000		50,490
Media (5.9%)
CSC Holdings LLC
11.250%, 5/15/28§		200,000		197,750
5.750%, 1/15/30§		200,000		103,000
Gray Television, Inc.
4.750%, 10/15/30§		314,000		216,987
McGraw-Hill Education, Inc.
8.000%, 8/1/29(x)§		339,000		289,845
Nexstar Media, Inc.
5.625%, 7/15/27§		351,000		328,721
Outfront Media Capital LLC
5.000%, 8/15/27§		372,000		341,310
Sinclair Television Group, Inc.
5.500%, 3/1/30§		161,000		80,500
Sirius XM Radio, Inc.
3.125%, 9/1/26§		304,000		273,430
3.875%, 9/1/31§		259,000		202,833
Stagwell Global LLC
5.625%, 8/15/29§		315,000		266,836
TEGNA, Inc.
4.750%, 3/15/26§		253,000		241,995
5.000%, 9/15/29		174,000		155,077
Univision Communications, Inc.
7.375%, 6/30/30§		250,000		243,125
Videotron Ltd.
3.625%, 6/15/29§		195,000		169,650
VZ Secured Financing BV
5.000%, 1/15/32§		270,000		218,616
Ziggo Bond Co. BV
6.000%, 1/15/27§		350,000		323,750
				3,653,425
Wireless Telecommunication Services (0.2%)
Sprint LLC
7.625%, 3/1/26		114,000		118,532
Total Communication Services				6,822,158
Consumer Discretionary (15.7%)
Automobile Components (0.4%)
Clarios Global LP
6.750%, 5/15/28(x)§		231,000		231,289
Automobiles (0.5%)
Ford Motor Co.
6.625%, 10/1/28(x)		271,000		275,065
Broadline Retail (0.7%)
Getty Images, Inc.
9.750%, 3/1/27§		448,000		444,640
Distributors (1.0%)
Ritchie Bros Holdings, Inc.
7.750%, 3/15/31§		261,000		272,001
Windsor Holdings III LLC
8.500%, 6/15/30(x)§		370,000		371,850
				643,851
Diversified Consumer Services (0.3%)
GEMS MENASA Cayman Ltd.
7.125%, 7/31/26§		200,000		193,250
Hotels, Restaurants & Leisure (8.8%)
1011778 BC ULC
5.750%, 4/15/25§		164,000		162,975
3.875%, 1/15/28§		96,000		87,840
Caesars Entertainment, Inc.
6.250%, 7/1/25§		372,000		369,842
4.625%, 10/15/29(x)§		164,000		144,320
7.000%, 2/15/30§		62,000		62,620
Carnival Corp.
6.000%, 5/1/29§		405,000		363,994
CDI Escrow Issuer, Inc.
5.750%, 4/1/30§		347,000		322,276
CEC Entertainment LLC
6.750%, 5/1/26§		211,000		202,560
Churchill Downs, Inc.
5.500%, 4/1/27§		175,000		169,313
Dave & Buster’s, Inc.
7.625%, 11/1/25§		319,000		322,987
Hilton Domestic Operating Co., Inc.
5.750%, 5/1/28§		267,000		262,995
3.625%, 2/15/32§		228,000		190,665
Life Time, Inc.
5.750%, 1/15/26(x)§		382,000		373,405
MajorDrive Holdings IV LLC
6.375%, 6/1/29§		232,000		190,240
NCL Corp. Ltd.
8.375%, 2/1/28§		218,000		226,992
Ontario Gaming GTA LP
8.000%, 8/1/30§		203,000		204,522

See Notes to Portfolio of Investments.

12

1290 FUNDS

1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2023 (Unaudited)

	Principal		Value
	Amount		(Note 1)
Royal Caribbean Cruises Ltd.
5.375%, 7/15/27§	$	368,000	$	349,600
11.625%, 8/15/27§		156,000		169,849
Scientific Games Holdings LP
6.625%, 3/1/30(x)§		219,000		193,589
Six Flags Entertainment Corp.
7.250%, 5/15/31(x)§		190,000		180,975
Station Casinos LLC
4.500%, 2/15/28§		303,000		272,700
4.625%, 12/1/31§		214,000		180,830
Wyndham Hotels & Resorts, Inc.
4.375%, 8/15/28§		203,000		185,238
Yum! Brands, Inc.
5.375%, 4/1/32		226,000		213,177
				5,403,504
Household Durables (0.8%)
CD&R Smokey Buyer, Inc.
6.750%, 7/15/25§		328,000		308,320
Newell Brands, Inc.
6.625%, 9/15/29(x)		185,000		182,687
				491,007
Specialty Retail (2.6%)
Asbury Automotive Group, Inc.
5.000%, 2/15/32§		204,000		177,329
LBM Acquisition LLC
6.250%, 1/15/29§		256,000		220,160
LCM Investments Holdings II LLC
4.875%, 5/1/29§		218,000		189,440
Sonic Automotive, Inc.
4.875%, 11/15/31(x)§		245,000		203,656
Specialty Building Products Holdings LLC
6.375%, 9/30/26§		411,000		390,964
SRS Distribution, Inc.
6.000%, 12/1/29(x)§		209,000		180,001
White Cap Buyer LLC
6.875%, 10/15/28(x)§		271,000		243,900
				1,605,450
Textiles, Apparel & Luxury Goods (0.6%)
Crocs, Inc.
4.125%, 8/15/31§		174,000		139,009
Hanesbrands, Inc.
9.000%, 2/15/31(x)§		224,000		228,200
				367,209
Total Consumer Discretionary				9,655,265
Consumer Staples (4.7%)
Beverages (0.3%)
Primo Water Holdings, Inc.
4.375%, 4/30/29§		220,000		191,400
Consumer Staples Distribution & Retail (1.4%)
Albertsons Cos., Inc.
3.250%, 3/15/26§		164,000		151,970
Performance Food Group, Inc.
6.875%, 5/1/25§		193,000		193,000
United Natural Foods, Inc.
6.750%, 10/15/28§		274,000		227,420
US Foods, Inc.
4.625%, 6/1/30§		318,000		285,008
				857,398
Food Products (1.5%)
Post Holdings, Inc.
5.750%, 3/1/27§		118,000		115,493
4.625%, 4/15/30§		124,000		109,312
4.500%, 9/15/31§		289,000		244,927
Sigma Holdco BV
7.875%, 5/15/26(x)§		200,000		174,000
Simmons Foods, Inc.
4.625%, 3/1/29§		365,000		302,950
				946,682
Household Products (0.9%)
Energizer Holdings, Inc.
4.750%, 6/15/28§		272,000		243,467
Kronos Acquisition Holdings, Inc.
7.000%, 12/31/27(x)§		211,000		184,889
Spectrum Brands, Inc.
5.500%, 7/15/30§		21,000		19,215
3.875%, 3/15/31(x)§		88,000		71,940
				519,511
Personal Care Products (0.6%)
Herbalife Nutrition Ltd.
7.875%, 9/1/25§		108,000		101,520
Prestige Brands, Inc.
3.750%, 4/1/31§		308,000		257,180
				358,700
Total Consumer Staples				2,873,691
Energy (8.6%)
Energy Equipment & Services (0.6%)
Precision Drilling Corp.
7.125%, 1/15/26§		228,000		226,290
Transocean, Inc.
8.750%, 2/15/30§		162,000		167,873
				394,163
Oil, Gas & Consumable Fuels (8.0%)
Aethon United BR LP
8.250%, 2/15/26§		238,000		236,215
Antero Resources Corp.
7.625%, 2/1/29§		120,000		122,700
Ascent Resources Utica Holdings LLC
7.000%, 11/1/26§		234,000		228,735
Blue Racer Midstream LLC
7.625%, 12/15/25§		118,000		118,715
6.625%, 7/15/26§		230,000		225,688
Callon Petroleum Co.
7.500%, 6/15/30(x)§		128,000		123,840
Crescent Energy Finance LLC
7.250%, 5/1/26§		291,000		285,180
Crestwood Midstream Partners LP
6.000%, 2/1/29§		369,000		346,860
7.375%, 2/1/31§		142,000		142,028
CrownRock LP
5.625%, 10/15/25§		293,000		288,605
Delek Logistics Partners LP
6.750%, 5/15/25		319,000		311,025

See Notes to Portfolio of Investments.

13

1290 FUNDS

1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2023 (Unaudited)

	Principal		Value
	Amount		(Note 1)
Encino Acquisition Partners Holdings LLC
8.500%, 5/1/28§	$	205,000	$	188,088
Genesis Energy LP
8.000%, 1/15/27		197,000		193,060
7.750%, 2/1/28		382,000		368,630
Holly Energy Partners LP
5.000%, 2/1/28§		181,000		169,461
Kinetik Holdings LP
5.875%, 6/15/30(x)§		313,000		300,871
NuStar Logistics LP
5.750%, 10/1/25		186,000		182,739
6.000%, 6/1/26		175,000		171,871
Permian Resources Operating LLC
5.875%, 7/1/29(x)§		151,000		143,450
Southwestern Energy Co.
4.750%, 2/1/32		166,000		146,910
Summit Midstream Holdings LLC
9.000%, 10/15/26(e)§		290,000		284,925
Sunoco LP
4.500%, 4/30/30		358,000		316,830
				4,896,426
Total Energy				5,290,589
Financials (6.8%)
Capital Markets (0.1%)
Aretec Escrow Issuer, Inc.
7.500%, 4/1/29(x)§		111,000		99,290
Consumer Finance (2.7%)
Bread Financial Holdings, Inc.
4.750%, 12/15/24§		160,000		155,483
7.000%, 1/15/26§		167,000		160,258
Ford Motor Credit Co. LLC
2.300%, 2/10/25		200,000		186,764
6.950%, 6/10/26		200,000		200,960
4.950%, 5/28/27		200,000		189,500
7.350%, 3/6/30		200,000		206,500
4.000%, 11/13/30		322,000		275,713
GGAM Finance Ltd.
8.000%, 6/15/28§		280,000		284,200
				1,659,378
Financial Services (2.8%)
Armor Holdco, Inc.
8.500%, 11/15/29§		145,000		123,431
Freedom Mortgage Corp.
8.250%, 4/15/25(x)§		281,000		276,695
6.625%, 1/15/27§		242,000		212,925
PHH Mortgage Corp.
7.875%, 3/15/26§		156,000		141,180
Rocket Mortgage LLC
2.875%, 10/15/26§		129,000		114,810
Shift4 Payments LLC
4.625%, 11/1/26§		335,000		314,481
Verscend Escrow Corp.
9.750%, 8/15/26§		531,000		531,000
				1,714,522
Insurance (1.2%)
Alliant Holdings Intermediate LLC
6.750%, 10/15/27§		196,000		185,710
BroadStreet Partners, Inc.
5.875%, 4/15/29§		236,000		209,653
HUB International Ltd.
7.000%, 5/1/26§		352,000		349,360
				744,723
Total Financials				4,217,913
Health Care (7.4%)
Biotechnology (0.3%)
Grifols SA
4.750%, 10/15/28(x)§		200,000		175,476
Health Care Equipment & Supplies (1.2%)
Garden Spinco Corp.
8.625%, 7/20/30§		107,000		116,095
Medline Borrower LP
3.875%, 4/1/29§		296,000		259,000
5.250%, 10/1/29(x)§		220,000		193,600
Varex Imaging Corp.
7.875%, 10/15/27§		152,000		151,240
				719,935
Health Care Providers & Services (2.6%)
AdaptHealth LLC
6.125%, 8/1/28§		247,000		222,300
5.125%, 3/1/30§		229,000		188,925
HealthEquity, Inc.
4.500%, 10/1/29§		323,000		289,117
Heartland Dental LLC
10.500%, 4/30/28(x)§		147,000		147,184
Tenet Healthcare Corp.
4.875%, 1/1/26		348,000		335,507
6.125%, 6/15/30		184,000		178,167
US Acute Care Solutions LLC
6.375%, 3/1/26§		299,000		260,689
				1,621,889
Health Care Technology (1.1%)
IQVIA, Inc.
5.000%, 10/15/26§		200,000		193,816
5.000%, 5/15/27§		260,000		250,128
5.700%, 5/15/28§		200,000		198,616
				642,560
Life Sciences Tools & Services (0.1%)
Fortrea Holdings, Inc.
7.500%, 7/1/30§		72,000		73,404
Pharmaceuticals (2.1%)
1375209 BC Ltd.
9.000%, 1/30/28(x)§		91,000		91,000
Bausch Health Cos., Inc.
5.500%, 11/1/25(x)§		310,000		277,450
11.000%, 9/30/28(x)§		188,000		138,825
Catalent Pharma Solutions, Inc.
5.000%, 7/15/27§		262,000		245,625
3.500%, 4/1/30§		245,000		204,575
Cheplapharm Arzneimittel GmbH
5.500%, 1/15/28§		200,000		181,000
Organon & Co.
5.125%, 4/30/31§		200,000		168,971
				1,307,446
Total Health Care				4,540,710
Industrials (13.3%)
Aerospace & Defense (0.3%)
Rolls-Royce plc
5.750%, 10/15/27§		200,000		196,000

See Notes to Portfolio of Investments.

14

1290 FUNDS

1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2023 (Unaudited)

	Principal		Value
	Amount		(Note 1)
Building Products (1.9%)
Advanced Drainage Systems, Inc.
6.375%, 6/15/30§	$	120,000	$	119,100
Camelot Return Merger Sub, Inc.
8.750%, 8/1/28§		116,000		113,100
CP Atlas Buyer, Inc.
7.000%, 12/1/28§		152,000		125,780
Emerald Debt Merger Sub LLC
6.625%, 12/15/30§		229,000		226,996
JELD-WEN, Inc.
6.250%, 5/15/25(x)§		111,000		112,110
New Enterprise Stone & Lime Co., Inc.
5.250%, 7/15/28§		188,000		175,385
Standard Industries, Inc.
4.375%, 7/15/30§		209,000		180,459
Summit Materials LLC
5.250%, 1/15/29§		124,000		116,983
				1,169,913
Commercial Services & Supplies (5.5%)
ACCO Brands Corp.
4.250%, 3/15/29§		244,000		208,920
ADT Security Corp. (The)
4.875%, 7/15/32(x)§		218,000		187,480
Allied Universal Holdco LLC
6.625%, 7/15/26§		404,000		384,810
9.750%, 7/15/27§		314,000		287,080
6.000%, 6/1/29(x)§		48,000		36,000
Aramark Services, Inc.
5.000%, 4/1/25§		259,000		254,791
6.375%, 5/1/25§		285,000		283,931
Garda World Security Corp.
9.500%, 11/1/27(x)§		410,000		400,262
6.000%, 6/1/29§		299,000		248,918
GFL Environmental, Inc.
5.125%, 12/15/26§		220,000		213,400
Madison IAQ LLC
5.875%, 6/30/29(x)§		132,000		110,374
Matthews International Corp.
5.250%, 12/1/25§		591,000		571,054
Neptune Bidco US, Inc.
9.290%, 4/15/29§		170,000		156,400
OPENLANE, Inc.
5.125%, 6/1/25§		61,000		59,457
				3,402,877
Construction & Engineering (1.2%)
Brand Industrial Services, Inc.
10.375%, 8/1/30§		50,000		50,985
Dycom Industries, Inc.
4.500%, 4/15/29(x)§		248,000		224,440
Pike Corp.
5.500%, 9/1/28§		295,000		265,500
Weekley Homes LLC
4.875%, 9/15/28§		172,000		153,725
				694,650
Ground Transportation (2.3%)
EquipmentShare.com, Inc.
9.000%, 5/15/28§		90,000		88,961
NESCO Holdings II, Inc.
5.500%, 4/15/29§		337,000		305,490
Watco Cos. LLC
6.500%, 6/15/27§		503,000		480,365
Williams Scotsman International, Inc.
6.125%, 6/15/25§		116,000		115,420
XPO Escrow Sub LLC
7.500%, 11/15/27§		222,000		228,733
XPO, Inc.
7.125%, 6/1/31§		212,000		213,590
				1,432,559
Machinery (0.7%)
ATS Corp.
4.125%, 12/15/28§		217,000		193,412
Chart Industries, Inc.
7.500%, 1/1/30§		211,000		214,693
				408,105
Professional Services (0.6%)
Dun & Bradstreet Corp. (The)
5.000%, 12/15/29(x)§		244,000		215,940
Science Applications International Corp.
4.875%, 4/1/28§		178,000		165,797
				381,737
Trading Companies & Distributors (0.8%)
Beacon Roofing Supply, Inc.
6.500%, 8/1/30§		162,000		161,797
WESCO Distribution, Inc.
7.250%, 6/15/28§		326,000		332,113
				493,910
Total Industrials				8,179,751
Information Technology (12.7%)
Communications Equipment (1.5%)
CommScope Technologies LLC
6.000%, 6/15/25§		150,000		135,187
CommScope, Inc.
6.000%, 3/1/26(x)§		375,000		343,253
8.250%, 3/1/27§		242,000		183,315
4.750%, 9/1/29(x)§		361,000		277,067
				938,822
Electronic Equipment, Instruments & Components (0.3%)
Likewize Corp.
9.750%, 10/15/25(x)§		194,000		186,240
IT Services (1.6%)
Ahead DB Holdings LLC
6.625%, 5/1/28§		202,000		173,720
ION Trading Technologies Sarl
5.750%, 5/15/28(x)§		200,000		173,500
Northwest Fiber LLC
6.000%, 2/15/28§		258,000		203,820
Presidio Holdings, Inc.
8.250%, 2/1/28(x)§		190,000		184,243
Unisys Corp.
6.875%, 11/1/27(x)§		348,000		283,182
				1,018,465
Software (9.3%)
ACI Worldwide, Inc.
5.750%, 8/15/26(x)§		287,000		280,901

See Notes to Portfolio of Investments.

15

1290 FUNDS

1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2023 (Unaudited)

	Principal		Value
	Amount		(Note 1)
Alteryx, Inc.
8.750%, 3/15/28(x)§	$	202,000	$	195,031
AthenaHealth Group, Inc.
6.500%, 2/15/30(x)§		372,000		313,708
Boxer Parent Co., Inc.
7.125%, 10/2/25§		305,000		305,763
Camelot Finance SA
4.500%, 11/1/26§		296,000		277,870
Capstone Borrower, Inc.
8.000%, 6/15/30(x)§		131,000		129,691
Central Parent, Inc.
7.250%, 6/15/29§		164,000		162,360
Clarivate Science Holdings Corp.
4.875%, 7/1/29§		442,000		391,113
Cloud Software Group, Inc.
6.500%, 3/31/29§		163,000		145,885
9.000%, 9/30/29§		262,000		233,914
Gen Digital, Inc.
5.000%, 4/15/25§		328,000		320,318
7.125%, 9/30/30(x)§		251,000		252,933
Helios Software Holdings, Inc.
4.625%, 5/1/28(x)§		200,000		173,000
McAfee Corp.
7.375%, 2/15/30§		382,000		329,952
NCR Corp.
5.000%, 10/1/28§		245,000		222,031
5.125%, 4/15/29§		344,000		307,880
Open Text Holdings, Inc.
4.125%, 12/1/31§		402,000		332,152
Rocket Software, Inc.
6.500%, 2/15/29§		326,000		273,840
SS&C Technologies, Inc.
5.500%, 9/30/27§		536,000		515,568
ZoomInfo Technologies LLC
3.875%, 2/1/29(x)§		638,000		547,085
				5,710,995
Total Information Technology				7,854,522
Materials (11.3%)
Chemicals (4.9%)
Avient Corp.
7.125%, 8/1/30§		198,000		199,728
Axalta Coating Systems LLC
4.750%, 6/15/27§		178,000		168,691
HB Fuller Co.
4.250%, 10/15/28		218,000		195,110
Illuminate Buyer LLC
9.000%, 7/1/28(x)§		510,000		463,462
INEOS Quattro Finance 2 plc
3.375%, 1/15/26(x)§		200,000		181,400
LSF11 A5 HoldCo LLC
6.625%, 10/15/29§		233,000		194,143
Minerals Technologies, Inc.
5.000%, 7/1/28§		320,000		293,200
NOVA Chemicals Corp.
4.875%, 6/1/24§		144,000		140,400
Nufarm Australia Ltd.
5.000%, 1/27/30§		300,000		266,250
Olin Corp.
5.625%, 8/1/29(x)		214,000		207,179
Olympus Water US Holding Corp.
4.250%, 10/1/28§		343,000		270,970
6.250%, 10/1/29§		200,000		144,750
WR Grace Holdings LLC
5.625%, 8/15/29(x)§		366,000		308,126
				3,033,409
Containers & Packaging (6.1%)
ARD Finance SA
6.500%, 6/30/27 PIK§		400,000		325,000
Ardagh Metal Packaging Finance USA LLC
4.000%, 9/1/29(x)§		200,000		163,500
Ardagh Packaging Finance plc
4.125%, 8/15/26§		200,000		187,380
Ball Corp.
6.875%, 3/15/28		164,000		167,280
Clydesdale Acquisition Holdings, Inc.
8.750%, 4/15/30(x)§		269,000		243,445
Crown Americas LLC
5.250%, 4/1/30(x)		163,000		155,002
Intelligent Packaging Ltd. Finco, Inc.
6.000%, 9/15/28§		248,000		219,463
LABL, Inc.
6.750%, 7/15/26§		219,000		214,072
10.500%, 7/15/27§		438,000		416,100
5.875%, 11/1/28(x)§		158,000		143,780
Mauser Packaging Solutions Holding Co.
7.875%, 8/15/26§		210,000		208,425
9.250%, 4/15/27(x)§		500,000		463,750
Owens-Brockway Glass Container, Inc.
6.625%, 5/13/27§		210,000		208,162
7.250%, 5/15/31§		146,000		148,094
Sealed Air Corp.
6.125%, 2/1/28§		103,000		101,970
Trivium Packaging Finance BV
5.500%, 8/15/26(e)§		400,000		379,848
				3,745,271
Metals & Mining (0.3%)
Kaiser Aluminum Corp.
4.500%, 6/1/31§		212,000		173,177
Total Materials				6,951,857
Real Estate (3.5%)
Diversified REITs (0.3%)
VICI Properties LP (REIT)
4.625%, 6/15/25§		180,000		174,242
Hotel & Resort REITs (1.3%)
Park Intermediate Holdings LLC (REIT)
5.875%, 10/1/28§		204,000		187,680
4.875%, 5/15/29§		338,000		294,165
XHR LP (REIT)
6.375%, 8/15/25§		214,000		210,522
4.875%, 6/1/29(x)§		125,000		108,750
				801,117

See Notes to Portfolio of Investments.

16

1290 FUNDS

1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2023 (Unaudited)

	Principal		Value
	Amount		(Note 1)
Real Estate Management & Development (1.4%)
Cushman & Wakefield US Borrower LLC
6.750%, 5/15/28(x)§	$	224,000	$	204,960
Greystar Real Estate Partners LLC
5.750%, 12/1/25§		470,000		458,838
Howard Hughes Corp. (The)
4.375%, 2/1/31§		273,000		225,143
				888,941
Specialized REITs (0.5%)
Iron Mountain, Inc. (REIT)
5.000%, 7/15/28§		300,000		277,500
Total Real Estate				2,141,800
Utilities (0.6%)
Water Utilities (0.6%)
Solaris Midstream Holdings LLC
7.625%, 4/1/26(x)§		384,000		375,110
Total Utilities				375,110
Total Corporate Bonds				58,903,366
Total Long-Term Debt Securities (95.7%) (Cost $62,790,271)				58,903,366
	Number of Shares
SHORT-TERM INVESTMENTS:
Investment Companies (10.4%)
BlackRock Liquidity FedFund, Institutional Shares 5.15% (7 day yield)(xx)		2,700,000		2,700,000
Dreyfus Treasury Obligations Cash Management Fund 5.15% (7 day yield)(xx)		2,700,000		2,700,000
JPMorgan Prime Money Market Fund, IM Shares 5.49% (7 day yield)		1,041,730		1,041,938
Total Investment Companies				6,441,938
	Principal Amount
Repurchase Agreement (6.3%)
HSBC Securities, Inc., 5.28%, dated 7/31/23,due 8/1/23, repurchase price $3,868,577,collateralized by various U.S. Government Treasury Securities,ranging from 0.000%-0.125%, maturing 12/28/23-2/15/53; total market value $3,945,949.(xx)	$	3,868,010		3,868,010
Total Short-Term Investments (16.7%) (Cost $10,309,949)				10,309,948
Total Investments in Securities (112.4%) (Cost $73,100,220)				69,213,314
Other Assets Less Liabilities (-12.4%)				(7,632,352	)
Net Assets (100%)			$	61,580,962

§ Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At July 31, 2023, the market value of these securities amounted to $53,493,835 or 86.9% of net assets.

(e) Step Bond - Coupon rate increases or decreases in increments to maturity. Rate disclosed is as of July 31, 2023. Maturity date disclosed is the ultimate maturity date.

(x) All or a portion of security is on loan at July 31, 2023.

(xx) At July 31, 2023, the Fund had loaned securities with a total value of $9,124,651. This was collateralized by $66,142 of various U.S. Government Treasury Securities, ranging from 0.000% – 7.625%, maturing 8/15/23 – 2/15/53 and by cash of $9,268,010 which was subsequently invested in investment companies and joint repurchase agreements.

Glossary:

PIK — Payment-in Kind Security

REIT — Real Estate Investment Trust

See Notes to Portfolio of Investments.

17

1290 FUNDS

1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 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 July 31, 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	$	—	$	6,822,158	$	—	$	6,822,158
Consumer Discretionary		—		9,655,265		—		9,655,265
Consumer Staples		—		2,873,691		—		2,873,691
Energy		—		5,290,589		—		5,290,589
Financials		—		4,217,913		—		4,217,913
Health Care		—		4,540,710		—		4,540,710
Industrials		—		8,179,751		—		8,179,751
Information Technology		—		7,854,522		—		7,854,522
Materials		—		6,951,857		—		6,951,857
Real Estate		—		2,141,800		—		2,141,800
Utilities		—		375,110		—		375,110
Short-Term Investments
Investment Companies		6,441,938		—		—		6,441,938
Repurchase Agreement		—		3,868,010		—		3,868,010
Total Assets	$	6,441,938	$	62,771,376	$	—	$	69,213,314
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	6,441,938	$	62,771,376	$	—	$	69,213,314

As of July 31, 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	$	479,335
Aggregate gross unrealized depreciation		(4,665,327	)
Net unrealized depreciation	$	(4,185,992	)
Federal income tax cost of investments in securities and derivative instruments, if applicable	$	73,399,306

See Notes to Portfolio of Investments.

18

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS

July 31, 2023 (Unaudited)

	Principal		Value
	Amount		(Note 1)
LONG-TERM DEBT SECURITIES:
Asset-Backed Securities (1.7%)
Anchorage Capital CLO 17 Ltd.,
Series 2021-17A A1
6.740%, 7/15/34(l)§	$	250,000	$	246,875
Magnetite XXVII Ltd.,
Series 2020-27A AR
6.728%, 10/20/34(l)§		335,000		333,252
Sound Point CLO XXVII Ltd.,
Series 2020-2A AR
6.793%, 10/25/34(l)§		340,000		333,918
United Airlines Pass-Through Trust,
Series 2020-1 A
5.875%, 10/15/27		23,899		23,601
Total Asset-Backed Securities				937,646
Convertible Bonds (1.0%)
Communication Services (0.1%)
Interactive Media & Services (0.1%)
Liberty TripAdvisor Holdings, Inc.
0.500%, 6/30/51§		70,000		57,610
Total Communication Services				57,610
Consumer Discretionary (0.1%)
Hotels, Restaurants & Leisure (0.1%)
Carnival Corp.
5.750%, 12/1/27§		27,000		44,861
Total Consumer Discretionary				44,861
Consumer Staples (0.2%)
Personal Care Products (0.2%)
Beauty Health Co. (The)
1.250%, 10/1/26§		160,000		126,400
Total Consumer Staples				126,400
Financials (0.1%)
Financial Services (0.1%)
Block, Inc.
0.125%, 3/1/25		55,000		54,340
Total Financials				54,340
Industrials (0.5%)
Electrical Equipment (0.5%)
Stem, Inc.
0.500%, 12/1/28§		390,000		240,348
Total Industrials				240,348
Total Convertible Bonds				523,559
Corporate Bonds (43.2%)
Communication Services (3.3%)
Diversified Telecommunication Services (0.7%)
AT&T, Inc.
5.400%, 2/15/34		250,000		245,691
Consolidated Communications, Inc.
6.500%, 10/1/28§		67,000		52,260
Telecom Italia Capital SA
7.200%, 7/18/36		78,000		66,871
				364,822
Entertainment (0.2%)
Cinemark USA, Inc.
5.250%, 7/15/28§		61,000		53,222
Lions Gate Capital Holdings LLC
5.500%, 4/15/29§		65,000		44,248
				97,470
Interactive Media & Services (0.4%)
Cars.com, Inc.
6.375%, 11/1/28§		55,000		51,425
TripAdvisor, Inc.
7.000%, 7/15/25§		150,000		150,375
				201,800
Media (0.9%)
CMG Media Corp.
8.875%, 12/15/27§		46,000		35,535
Directv Financing LLC
5.875%, 8/15/27§		114,000		102,176
DISH DBS Corp.
5.875%, 11/15/24		180,000		165,600
5.125%, 6/1/29		133,000		66,525
Gannett Holdings LLC
6.000%, 11/1/26§		12,000		10,329
Sinclair Television Group, Inc.
5.500%, 3/1/30§		55,000		27,500
Spanish Broadcasting System, Inc.
9.750%, 3/1/26§		17,000		11,560
Townsquare Media, Inc.
6.875%, 2/1/26§		51,000		49,151
Urban One, Inc.
7.375%, 2/1/28§		55,000		48,415
				516,791
Wireless Telecommunication Services (1.1%)
Kenbourne Invest SA
6.875%, 11/26/24§		200,000		173,542
Millicom International Cellular SA
4.500%, 4/27/31(m)		245,000		194,991
T-Mobile USA, Inc.
4.800%, 7/15/28(x)		260,000		254,328
				622,861
Total Communication Services				1,803,744
Consumer Discretionary (7.2%)
Automobile Components (1.0%)
Clarios Global LP
8.500%, 5/15/27§		55,000		55,688
Goodyear Tire & Rubber Co. (The)
9.500%, 5/31/25		142,000		145,195
JB Poindexter & Co., Inc.
7.125%, 4/15/26§		49,000		48,374
Magna International, Inc.
5.980%, 3/21/26		265,000		264,773
Patrick Industries, Inc.
4.750%, 5/1/29§		67,000		57,955
				571,985
Automobiles (0.2%)
PM General Purchaser LLC
9.500%, 10/1/28§		55,000		53,625

See Notes to Portfolio of Investments.

19

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2023 (Unaudited)

	Principal		Value
	Amount		(Note 1)
Thor Industries, Inc.
4.000%, 10/15/29§	$	67,000	$	57,387
				111,012
Broadline Retail (0.2%)
ANGI Group LLC
3.875%, 8/15/28§		59,000		49,396
Millennium Escrow Corp.
6.625%, 8/1/26§		36,000		26,820
NMG Holding Co., Inc.
7.125%, 4/1/26§		38,000		35,292
				111,508
Distributors (0.3%)
American Builders & Contractors Supply Co., Inc.
4.000%, 1/15/28§		57,000		52,226
Resideo Funding, Inc.
4.000%, 9/1/29§		109,000		92,650
				144,876
Diversified Consumer Services (0.3%)
Grand Canyon University
4.125%, 10/1/24		105,000		98,962
WW International, Inc.
4.500%, 4/15/29§		52,000		36,920
				135,882
Hotels, Restaurants & Leisure (1.8%)
Affinity Interactive
6.875%, 12/15/27§		10,000		8,875
Bloomin’ Brands, Inc.
5.125%, 4/15/29§		60,000		54,375
Carnival Corp.
7.625%, 3/1/26§		15,000		14,756
5.750%, 3/1/27§		184,000		170,200
CEC Entertainment LLC
6.750%, 5/1/26§		53,000		50,880
Expedia Group, Inc.
2.950%, 3/15/31		265,000		222,724
GPS Hospitality Holding Co. LLC
7.000%, 8/15/28§		30,000		19,650
MGM Resorts International
6.750%, 5/1/25		69,000		69,086
Midwest Gaming Borrower LLC
4.875%, 5/1/29§		57,000		50,445
NCL Corp. Ltd.
3.625%, 12/15/24§		65,000		62,400
Royal Caribbean Cruises Ltd.
7.500%, 10/15/27		142,000		143,420
Sizzling Platter LLC
8.500%, 11/28/25§		57,000		55,931
Viking Cruises Ltd.
5.875%, 9/15/27§		63,000		58,827
				981,569
Household Durables (2.2%)
Ashton Woods USA LLC
4.625%, 8/1/29§		61,000		52,613
Beazer Homes USA, Inc.
5.875%, 10/15/27		64,000		61,440
CD&R Smokey Buyer, Inc.
6.750%, 7/15/25§		52,000		48,880
Century Communities, Inc.
3.875%, 8/15/29§		117,000		101,436
KB Home
4.800%, 11/15/29		50,000		46,000
7.250%, 7/15/30		50,000		51,031
LGI Homes, Inc.
4.000%, 7/15/29§		104,000		87,100
M/I Homes, Inc.
4.950%, 2/1/28		117,000		109,980
Meritage Homes Corp.
5.125%, 6/6/27(x)		120,000		116,100
Shea Homes LP
4.750%, 2/15/28		113,000		102,265
Taylor Morrison Communities, Inc.
5.875%, 6/15/27§		117,000		115,391
Tempur Sealy International, Inc.
4.000%, 4/15/29§		135,000		116,438
TopBuild Corp.
3.625%, 3/15/29§		124,000		108,500
Tri Pointe Homes, Inc.
5.250%, 6/1/27(x)		121,000		116,765
				1,233,939
Leisure Products (0.1%)
Vista Outdoor, Inc.
4.500%, 3/15/29(x)§		59,000		50,150
Specialty Retail (0.9%)
Asbury Automotive Group, Inc.
4.750%, 3/1/30		137,000		119,532
Group 1 Automotive, Inc.
4.000%, 8/15/28§		116,000		102,370
GYP Holdings III Corp.
4.625%, 5/1/29§		53,000		47,038
LSF9 Atlantis Holdings LLC
7.750%, 2/15/26§		62,000		58,125
Specialty Building Products Holdings LLC
6.375%, 9/30/26§		55,000		52,319
Upbound Group, Inc.
6.375%, 2/15/29§		60,000		55,050
Valvoline, Inc.
3.625%, 6/15/31§		64,000		52,560
				486,994
Textiles, Apparel & Luxury Goods (0.2%)
G-III Apparel Group Ltd.
7.875%, 8/15/25§		57,000		55,860
Wolverine World Wide, Inc.
4.000%, 8/15/29(x)§		60,000		46,743
				102,603
Total Consumer Discretionary				3,930,518
Consumer Staples (0.6%)
Food Products (0.3%)
B&G Foods, Inc.
5.250%, 4/1/25		34,000		32,300
Lamb Weston Holdings, Inc.
4.125%, 1/31/30§		133,000		117,371
TreeHouse Foods, Inc.
4.000%, 9/1/28		30,000		26,063
				175,734
Household Products (0.1%)
Spectrum Brands, Inc.
5.000%, 10/1/29§		62,000		55,800

See Notes to Portfolio of Investments.

20

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2023 (Unaudited)

	Principal		Value
	Amount		(Note 1)
Personal Care Products (0.2%)
BellRing Brands, Inc.
7.000%, 3/15/30§	$	51,000	$	50,969
Coty, Inc.
5.000%, 4/15/26§		70,000		67,463
				118,432
Total Consumer Staples				349,966
Energy (2.4%)
Energy Equipment & Services (0.4%)
Noble Finance II LLC
8.000%, 4/15/30§		104,000		106,860
USA Compression Partners LP
6.875%, 9/1/27		55,000		52,870
Weatherford International Ltd.
8.625%, 4/30/30§		69,000		70,725
				230,455
Oil, Gas & Consumable Fuels (2.0%)
Alliance Resource Operating Partners LP
7.500%, 5/1/25§		123,000		121,776
Calumet Specialty Products Partners LP
8.125%, 1/15/27§		30,000		28,649
Civitas Resources, Inc.
5.000%, 10/15/26§		10,000		9,438
8.750%, 7/1/31§		121,000		125,235
CVR Energy, Inc.
5.250%, 2/15/25§		160,000		156,000
Hess Midstream Operations LP
4.250%, 2/15/30§		300,000		262,500
Moss Creek Resources Holdings, Inc.
7.500%, 1/15/26§		57,000		53,152
Southwestern Energy Co.
5.700%, 1/23/25(e)(k)		150,000		148,500
Targa Resources Corp.
6.125%, 3/15/33		70,000		71,646
TerraForm Power Operating LLC
5.000%, 1/31/28§		117,000		108,467
Western Midstream Operating LP
6.150%, 4/1/33(x)		20,000		20,277
				1,105,640
Total Energy				1,336,095
Financials (15.1%)
Banks (9.7%)
Banco Bilbao Vizcaya Argentaria SA
(USD Swap Semi 5 Year + 3.87%), 6.125%, 11/16/27(k)(y)		400,000		344,000
Banco Santander SA
(USD ICE Swap Rate 5 Year + 4.99%), 7.500%, 2/8/24(k)(m)(y)		200,000		193,500
Bank of America Corp.
(SOFR + 1.63%), 5.202%, 4/25/29(k)		270,000		268,004
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		199,321
Barclays plc
(SOFR + 3.57%), 7.119%, 6/27/34(k)		265,000		268,444
Credit Agricole SA
(USD Swap Semi 5 Year + 4.32%), 6.875%, 9/23/24(k)(y)§		200,000		195,629
DNB Bank ASA
(United States SOFR Compounded Index + 1.95%), 5.896%, 10/9/26(k)§		250,000		250,147
Fifth Third Bancorp
(SOFR + 2.34%), 6.339%, 7/27/29(k)		80,000		81,395
HSBC Holdings plc
4.250%, 3/14/24		250,000		246,665
(USD ICE Swap Rate 5 Year + 3.75%), 6.000%, 5/22/27(k)(y)		280,000		256,200
(USD ICE Swap Rate 5 Year + 3.61%), 6.500%, 3/23/28(k)(y)		230,000		213,612
(SOFR + 2.98%), 6.547%, 6/20/34(k)		265,000		263,974
HSBC USA, Inc.
5.625%, 3/17/25		200,000		199,930
ING Groep NV
(USD Swap Semi 5 Year + 4.45%), 6.500%, 4/16/25(k)(y)		200,000		188,000
Intesa Sanpaolo SpA
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.90%), 7.778%, 6/20/54(k)§		265,000		266,406
JPMorgan Chase & Co.
(SOFR + 2.58%), 5.717%, 9/14/33(k)		185,000		186,976
Lloyds Banking Group plc
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.91%), 8.000%, 9/27/29(k)(y)		260,000		242,256
NatWest Group plc
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.10%), 6.016%, 3/2/34(k)(x)		200,000		201,014
Santander Holdings USA, Inc.
3.450%, 6/2/25		170,000		161,816
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		253,712

See Notes to Portfolio of Investments.

21

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2023 (Unaudited)

	Principal		Value
	Amount		(Note 1)
Standard Chartered plc
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.95%), 1.822%, 11/23/25(k)§	$	270,000	$	254,128
Truist Financial Corp.
(SOFR + 2.05%), 6.047%, 6/8/27(k)		200,000		200,077
UniCredit SpA
(USD ICE Swap Rate 5 Year + 4.91%), 7.296%, 4/2/34(k)§		240,000		228,967
Wells Fargo & Co.
(SOFR + 2.02%), 5.389%, 4/24/34(k)		157,000		155,776
				5,319,949
Capital Markets (3.5%)
Advisor Group Holdings, Inc.
10.750%, 8/1/27§		33,000		33,599
BGC Partners, Inc.
4.375%, 12/15/25		345,000		319,699
Blue Owl Credit Income Corp.
5.500%, 3/21/25		230,000		222,600
Coinbase Global, Inc.
3.375%, 10/1/28§		72,000		50,293
Credit Suisse AG
4.750%, 8/9/24		500,000		491,147
7.950%, 1/9/25		250,000		254,941
Deutsche Bank AG
(SOFR + 1.87%), 2.129%, 11/24/26(k)		230,000		208,438
(SOFR + 3.65%), 7.079%, 2/10/34(k)		200,000		192,134
Morgan Stanley
(SOFR + 1.59%), 5.164%, 4/20/29(k)		145,000		143,224
				1,916,075
Consumer Finance (0.8%)
Enova International, Inc.
8.500%, 9/15/25§		51,000		50,107
General Motors Financial Co., Inc.
5.400%, 4/6/26		260,000		258,218
Macquarie Airfinance Holdings Ltd.
8.375%, 5/1/28§		105,000		106,574
World Acceptance Corp.
7.000%, 11/1/26§		29,000		25,382
				440,281
Financial Services (0.7%)
Armor Holdco, Inc.
8.500%, 11/15/29§		30,000		25,538
Freedom Mortgage Corp.
7.625%, 5/1/26§		68,000		62,207
Home Point Capital, Inc.
5.000%, 2/1/26§		33,000		30,806
LD Holdings Group LLC
6.500%, 11/1/25§		35,000		29,031
MPH Acquisition Holdings LLC
5.750%, 11/1/28§		55,000		42,144
NMI Holdings, Inc.
7.375%, 6/1/25§		95,000		95,965
United Wholesale Mortgage LLC
5.500%, 4/15/29§		99,000		86,784
Verscend Escrow Corp.
9.750%, 8/15/26§		30,000		30,000
				402,475
Insurance (0.4%)
Liberty Mutual Group, Inc.
4.300%, 2/1/61§		330,000		205,425
USI, Inc.
6.875%, 5/1/25§		25,000		24,860
				230,285
Total Financials				8,309,065
Health Care (0.7%)
Health Care Equipment & Supplies (0.2%)
Medtronic Global Holdings SCA
4.250%, 3/30/28		95,000		92,774
Health Care Providers & Services (0.3%)
DaVita, Inc.
3.750%, 2/15/31§		114,000		91,342
Encompass Health Corp.
4.625%, 4/1/31		70,000		62,038
Tenet Healthcare Corp.
6.875%, 11/15/31		15,000		15,022
				168,402
Pharmaceuticals (0.2%)
Eli Lilly and Co.
4.700%, 2/27/33(x)		130,000		130,666
Total Health Care				391,842
Industrials (7.2%)
Aerospace & Defense (1.6%)
Bombardier, Inc.
7.500%, 2/1/29§		99,000		97,647
Embraer Netherlands Finance BV
5.050%, 6/15/25		225,000		221,792
HEICO Corp.
5.350%, 8/1/33		270,000		266,509
Howmet Aerospace, Inc.
6.750%, 1/15/28		128,000		131,840
Spirit AeroSystems, Inc.
4.600%, 6/15/28		19,000		16,126
TransDigm, Inc.
4.625%, 1/15/29		178,000		158,865
				892,779
Air Freight & Logistics (0.1%)
Rand Parent LLC
8.500%, 2/15/30(x)§		69,000		64,860
Building Products (1.3%)
Builders FirstSource, Inc.
4.250%, 2/1/32§		141,000		122,318
Camelot Return Merger Sub, Inc.
8.750%, 8/1/28§		30,000		29,250
Eco Material Technologies, Inc.
7.875%, 1/31/27§		50,000		48,000
JELD-WEN, Inc.
4.875%, 12/15/27(x)§		60,000		54,000
Masonite International Corp.
3.500%, 2/15/30§		131,000		110,368

See Notes to Portfolio of Investments.

22

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2023 (Unaudited)

	Principal		Value
	Amount		(Note 1)
MIWD Holdco II LLC
5.500%, 2/1/30§	$	60,000	$	50,911
Oscar AcquisitionCo LLC
9.500%, 4/15/30§		30,000		28,462
Smyrna Ready Mix Concrete LLC
6.000%, 11/1/28§		121,000		115,027
Standard Industries, Inc.
5.000%, 2/15/27§		145,000		138,868
				697,204
Commercial Services & Supplies (0.6%)
Enviri Corp.
5.750%, 7/31/27§		60,000		51,825
Garda World Security Corp.
9.500%, 11/1/27§		49,000		47,836
GFL Environmental, Inc.
3.750%, 8/1/25§		92,000		88,090
Matthews International Corp.
5.250%, 12/1/25§		48,000		46,380
Pitney Bowes, Inc.
6.875%, 3/15/27§		60,000		45,300
Republic Services, Inc.
5.000%, 4/1/34		50,000		49,691
Waste Pro USA, Inc.
5.500%, 2/15/26§		25,000		23,578
				352,700
Construction & Engineering (1.0%)
Artera Services LLC
9.033%, 12/4/25§		55,000		51,666
Brundage-Bone Concrete Pumping Holdings, Inc.
6.000%, 2/1/26§		50,000		48,025
Global Infrastructure Solutions, Inc.
5.625%, 6/1/29§		50,000		41,924
Great Lakes Dredge & Dock Corp.
5.250%, 6/1/29§		34,000		28,518
IHS Netherlands Holdco BV
8.000%, 9/18/27§		235,000		213,488
Pike Corp.
5.500%, 9/1/28§		30,000		27,000
Weekley Homes LLC
4.875%, 9/15/28§		122,000		109,038
				519,659
Electrical Equipment (0.2%)
EnerSys
4.375%, 12/15/27§		113,000		104,525
Ground Transportation (0.5%)
EquipmentShare.com, Inc.
9.000%, 5/15/28§		54,000		53,377
Hertz Corp. (The)
5.000%, 12/1/29§		60,000		49,275
Uber Technologies, Inc.
7.500%, 5/15/25§		99,000		100,376
Watco Cos. LLC
6.500%, 6/15/27§		25,000		23,875
XPO CNW, Inc.
6.700%, 5/1/34		70,000		68,950
				295,853
Machinery (0.4%)
ATS Corp.
4.125%, 12/15/28§		53,000		47,239
Manitowoc Co., Inc. (The)
9.000%, 4/1/26§		50,000		49,625
Mueller Water Products, Inc.
4.000%, 6/15/29§		118,000		105,315
Werner FinCo LP
11.500%, 6/15/28§		30,000		30,000
				232,179
Passenger Airlines (1.0%)
Allegiant Travel Co.
7.250%, 8/15/27§		108,000		106,650
American Airlines Group, Inc.
3.750%, 3/1/25§		180,000		172,800
Mileage Plus Holdings LLC
6.500%, 6/20/27§		212,000		211,394
VistaJet Malta Finance plc
7.875%, 5/1/27§		22,000		20,343
9.500%, 6/1/28§		51,000		48,577
				559,764
Professional Services (0.2%)
TriNet Group, Inc.
3.500%, 3/1/29§		125,000		109,216
Trading Companies & Distributors (0.2%)
Alta Equipment Group, Inc.
5.625%, 4/15/26§		50,000		46,498
BlueLinx Holdings, Inc.
6.000%, 11/15/29§		55,000		49,156
				95,654
Transportation Infrastructure (0.1%)
Seaspan Corp.
5.500%, 8/1/29§		75,000		59,936
Total Industrials				3,984,329
Information Technology (3.7%)
Communications Equipment (0.4%)
CommScope Technologies LLC
6.000%, 6/15/25(x)§		160,000		144,200
Viasat, Inc.
6.500%, 7/15/28§		65,000		50,050
				194,250
Electronic Equipment, Instruments & Components (0.0%)†
Jabil, Inc.
5.450%, 2/1/29		25,000		24,806
IT Services (0.3%)
Arches Buyer, Inc.
6.125%, 12/1/28§		37,000		31,728
Twilio, Inc.
3.625%, 3/15/29		125,000		107,187
Unisys Corp.
6.875%, 11/1/27§		57,000		46,383
				185,298
Semiconductors & Semiconductor Equipment (1.0%)
Broadcom, Inc.
4.150%, 4/15/32§		240,000		216,192
Entegris, Inc.
3.625%, 5/1/29(x)§		137,000		118,676
Micron Technology, Inc.
6.750%, 11/1/29		190,000		199,436
				534,304
Software (1.0%)
CWT Travel Group, Inc.
8.500%, 11/19/26§		55,000		25,850

See Notes to Portfolio of Investments.

23

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2023 (Unaudited)

	Principal		Value
	Amount		(Note 1)
Fair Isaac Corp.
5.250%, 5/15/26§	$	111,000	$	108,780
MicroStrategy, Inc.
6.125%, 6/15/28§		55,000		49,363
Open Text Corp.
3.875%, 12/1/29§		152,000		128,630
Oracle Corp.
2.875%, 3/25/31		270,000		229,183
				541,806
Technology Hardware, Storage & Peripherals (1.0%)
Dell International LLC
5.750%, 2/1/33(x)		155,000		157,104
Seagate HDD Cayman
8.500%, 7/15/31§		134,000		139,528
Xerox Corp.
6.750%, 12/15/39		37,000		28,536
Xerox Holdings Corp.
5.000%, 8/15/25§		160,000		153,200
5.500%, 8/15/28§		87,000		76,125
				554,493
Total Information Technology				2,034,957
Materials (1.9%)
Chemicals (0.6%)
Braskem Netherlands Finance BV
4.500%, 1/31/30(x)§		255,000		216,814
Methanex Corp.
5.125%, 10/15/27		128,000		120,640
				337,454
Construction Materials (0.6%)
Cemex SAB de CV
3.875%, 7/11/31§		260,000		222,950
Knife River Corp.
7.750%, 5/1/31(x)§		107,000		109,273
				332,223
Metals & Mining (0.7%)
FMG Resources August 2006 Pty. Ltd.
5.875%, 4/15/30§		138,000		132,452
Infrabuild Australia Pty. Ltd.
12.000%, 10/1/24§		25,000		24,281
Northern Star Resources Ltd.
6.125%, 4/11/33§		180,000		174,491
TMS International Corp.
6.250%, 4/15/29(x)§		30,000		25,088
				356,312
Paper & Forest Products (0.0%)†
Louisiana-Pacific Corp.
3.625%, 3/15/29§		12,000		10,485
Total Materials				1,036,474
Real Estate (0.6%)
Health Care REITs (0.2%)
CTR Partnership LP (REIT)
3.875%, 6/30/28§		112,000		99,217
Real Estate Management & Development (0.4%)
Forestar Group, Inc.
5.000%, 3/1/28(x)§		111,000		102,675
Hunt Cos., Inc.
5.250%, 4/15/29§		70,000		55,655
Realogy Group LLC
5.750%, 1/15/29§		67,000		49,580
				207,910
Total Real Estate				307,127
Utilities (0.5%)
Electric Utilities (0.5%)
NextEra Energy Capital Holdings, Inc.
6.051%, 3/1/25		65,000		65,479
PG&E Corp.
5.000%, 7/1/28(x)		101,000		93,071
Vistra Operations Co. LLC
4.375%, 5/1/29§		147,000		129,544
Total Utilities				288,094
Total Corporate Bonds				23,772,211
Foreign Government Securities (7.8%)
Bonos de la Tesoreria de la Republica en pesos
2.500%, 3/1/25	CLP	295,000,000		333,758
Federal Republic of Nigeria
8.375%, 3/24/29(m)	$	245,000		229,641
Hungary Government Bond
1.000%, 11/26/25	HUF	143,600,000		341,549
Mex Bonos Desarr Fix Rt
7.500%, 5/26/33	MXN	15,783,500		860,425
Notas do Tesouro Nacional
10.000%, 1/1/33	BRL	2,026,000		408,555
Oriental Republic of Uruguay
9.750%, 7/20/33	UYU	12,005,000		333,616
Republic of Angola
8.000%, 11/26/29(m)	$	200,000		176,442
Republic of Costa Rica
7.000%, 4/4/44(m)		200,000		198,124
7.158%, 3/12/45(m)		240,000		241,603
Republic of Indonesia
7.000%, 2/15/33	IDR	11,493,000,000		802,529
Republic of South Africa
8.875%, 2/28/35	ZAR	7,655,000		356,224
Total Foreign Government Securities				4,282,466
U.S. Treasury Obligation (0.1%)
U.S. Treasury Bonds
3.625%, 2/15/53	$	80,000		74,456
Total U.S. Treasury Obligation				74,456
Total Long-Term Debt Securities (53.8%) (Cost $29,434,263)				29,590,338
	Number of Shares
COMMON STOCKS:
Communication Services (3.9%)
Diversified Telecommunication Services (0.9%)
AT&T, Inc.		19,034		276,374
Nippon Telegraph & Telephone Corp.		25,000		28,626
Telstra Group Ltd.		8,816		25,226
Verizon Communications, Inc.		4,371		148,964
				479,190

See Notes to Portfolio of Investments.

24

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2023 (Unaudited)

	Number of		Value
	Shares		(Note 1)
Entertainment (0.5%)
Madison Square Garden Sports Corp.		559	$	118,927
Netflix, Inc.*		143		62,773
Nintendo Co. Ltd.		1,000		45,338
Walt Disney Co. (The)*		589		52,356
				279,394
Interactive Media & Services (1.7%)
Alphabet, Inc., Class A*		1,607		213,281
Alphabet, Inc., Class C*		3,993		531,508
Meta Platforms, Inc., Class A*		620		197,532
				942,321
Media (0.7%)
Comcast Corp., Class A		7,670		347,144
Omnicom Group, Inc.		356		30,125
Publicis Groupe SA		346		27,931
				405,200
Wireless Telecommunication Services (0.1%)
KDDI Corp.		1,200		35,317
SoftBank Corp.		2,600		28,839
				64,156
Total Communication Services				2,170,261
Consumer Discretionary (4.0%)
Automobile Components (0.0%)†
Cie Generale des Etablissements Michelin SCA		1,012		33,125
Automobiles (0.9%)
Bayerische Motoren Werke AG		371		45,221
Honda Motor Co. Ltd.		1,500		47,584
Stellantis NV		2,332		47,804
Tesla, Inc.*		763		204,049
Toyota Motor Corp.		8,000		134,172
				478,830
Broadline Retail (1.3%)
Amazon.com, Inc.*		4,798		641,396
Wesfarmers Ltd.		1,657		55,261
				696,657
Hotels, Restaurants & Leisure (0.4%)
Booking Holdings, Inc.*		17		50,504
Hilton Worldwide Holdings, Inc.		395		61,418
McDonald’s Corp.		178		52,190
Starbucks Corp.		408		41,441
Yum! Brands, Inc.		272		37,446
				242,999
Household Durables (0.2%)
DR Horton, Inc.		451		57,286
Sekisui House Ltd.		1,800		36,680
				93,966
Specialty Retail (1.1%)
Home Depot, Inc. (The)		970		323,825
Lowe’s Cos., Inc.		229		53,648
O’Reilly Automotive, Inc.*		40		37,031
TJX Cos., Inc. (The)		2,137		184,915
				599,419
Textiles, Apparel & Luxury Goods (0.1%)
NIKE, Inc., Class B		447		49,344
Total Consumer Discretionary				2,194,340
Consumer Staples (3.8%)
Beverages (1.1%)
Brown-Forman Corp., Class B		508		35,865
Carlsberg A/S, Class B		186		27,897
Coca-Cola Co. (The)		3,697		228,955
Constellation Brands, Inc., Class A		153		41,739
Kirin Holdings Co. Ltd.		2,100		31,035
PepsiCo, Inc.		1,313		246,135
				611,626
Consumer Staples Distribution & Retail (0.5%)
Coles Group Ltd.		2,261		27,625
Costco Wholesale Corp.		137		76,812
Dollar General Corp.		167		28,200
Koninklijke Ahold
Delhaize NV		990		34,163
Target Corp.		347		47,355
Walmart, Inc.		426		68,100
				282,255
Food Products (0.7%)
Archer-Daniels-Midland Co.		405		34,409
Danone SA		718		43,837
General Mills, Inc.		528		39,463
Nestle SA (Registered)		1,862		228,210
Tyson Foods, Inc., Class A		582		32,429
				378,348
Household Products (0.9%)
Colgate-Palmolive Co.		678		51,704
Essity AB, Class B		924		22,902
Kimberly-Clark Corp.		315		40,667
Procter & Gamble Co. (The)		2,126		332,294
Reckitt Benckiser Group plc		624		46,751
				494,318
Personal Care Products (0.2%)
Estee Lauder Cos., Inc. (The), Class A		149		26,820
Unilever plc		1,823		98,050
				124,870
Tobacco (0.4%)
Altria Group, Inc.		1,358		61,680
Philip Morris International, Inc.		1,608		160,350
				222,030
Total Consumer Staples				2,113,447
Energy (2.3%)
Energy Equipment & Services (0.1%)
Schlumberger NV		692		40,371
Oil, Gas & Consumable Fuels (2.2%)
Chevron Corp.		1,666		272,658
ConocoPhillips		470		55,328
EOG Resources, Inc.		298		39,494
Exxon Mobil Corp.		3,834		411,158
Hess Corp.		250		37,933
Kinder Morgan, Inc.		2,365		41,884
Marathon Petroleum Corp.		464		61,721
Phillips 66		418		46,628

See Notes to Portfolio of Investments.

25

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2023 (Unaudited)

	Number of		Value
	Shares		(Note 1)
Suncor Energy, Inc.		1,400	$	43,805
TotalEnergies SE		1,761		106,996
Valero Energy Corp.		590		76,057
Woodside Energy Group Ltd.		1,952		49,811
				1,243,473
Total Energy				1,283,844
Financials (6.7%)
Banks (3.6%)
Banco Bilbao Vizcaya Argentaria SA		36,510		289,429
Banco Santander SA		74,652		302,341
Bank of America Corp.		25,016		800,512
Citigroup, Inc.		729		34,744
Citizens Financial Group, Inc.		987		31,841
Fifth Third Bancorp		1,127		32,796
JPMorgan Chase & Co.		685		108,203
KeyCorp		2,518		30,996
M&T Bank Corp.		222		31,049
Oversea-Chinese Banking Corp. Ltd.		4,600		46,009
PNC Financial Services Group, Inc. (The)		412		56,399
Truist Financial Corp.		1,954		64,912
United Overseas Bank Ltd.		2,000		45,272
US Bancorp		2,174		86,264
Wells Fargo & Co.		971		44,821
				2,005,588
Capital Markets (1.2%)
3i Group plc		1,391		35,292
BlackRock, Inc.		175		129,299
Blackstone, Inc.		615		64,446
Charles Schwab Corp. (The)		451		29,811
CME Group, Inc.		286		56,902
Goldman Sachs Group, Inc. (The)		124		44,128
Moody’s Corp.		140		49,385
Morgan Stanley		443		40,561
MSCI, Inc., Class A		72		39,462
Partners Group Holding AG		34		38,131
S&P Global, Inc.		117		46,157
State Street Corp.		413		29,918
T. Rowe Price Group, Inc.		304		37,471
				640,963
Financial Services (0.7%)
Berkshire Hathaway, Inc., Class B*		399		140,432
Fiserv, Inc.*		333		42,028
Mastercard, Inc., Class A		213		83,981
PayPal Holdings, Inc.*		440		33,361
Visa, Inc., Class A		408		96,994
				396,796
Insurance (1.2%)
Aflac, Inc.		650		47,021
Allianz SE (Registered)		365		87,246
American International Group, Inc.		660		39,785
Arch Capital Group Ltd.*		708		55,005
Arthur J Gallagher & Co.		212		45,538
AXA SA		1,754		53,941
Everest Group Ltd.		105		37,854
Marsh & McLennan Cos., Inc.		198		37,307
MetLife, Inc.		717		45,149
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		141		53,113
Swiss Re AG		360		37,525
Tokio Marine Holdings, Inc.		1,700		38,943
Zurich Insurance Group AG		123		59,353
				637,780
Total Financials				3,681,127
Health Care (5.0%)
Biotechnology (0.8%)
AbbVie, Inc.		1,696		253,688
Amgen, Inc.		582		136,275
Gilead Sciences, Inc.		551		41,953
				431,916
Health Care Equipment & Supplies (0.7%)
Abbott Laboratories		440		48,985
Becton Dickinson & Co.		133		37,057
Boston Scientific Corp.*		785		40,702
Edwards Lifesciences Corp.*		447		36,685
Intuitive Surgical, Inc.*		136		44,118
Medtronic plc		1,451		127,340
Stryker Corp.		151		42,795
				377,682
Health Care Providers & Services (0.6%)
Centene Corp.*		408		27,781
Cigna Group (The)		169		49,872
CVS Health Corp.		1,469		109,719
Elevance Health, Inc.		99		46,691
UnitedHealth Group, Inc.		199		100,768
				334,831
Life Sciences Tools & Services (0.3%)
Agilent Technologies, Inc.		246		29,956
Danaher Corp.		198		50,502
Thermo Fisher Scientific, Inc.		117		64,193
				144,651
Pharmaceuticals (2.6%)
Astellas Pharma, Inc.		2,000		29,248
Bristol-Myers Squibb Co.		692		43,036
Eli Lilly and Co.		220		100,001
Johnson & Johnson		2,295		384,481
Merck & Co., Inc.		2,425		258,626
Novartis AG (Registered)		1,386		144,743
Pfizer, Inc.		5,333		192,308
Roche Holding AG		499		154,842
Sanofi		814		86,895
Zoetis, Inc., Class A		257		48,339
				1,442,519
Total Health Care				2,731,599
Industrials (3.6%)
Aerospace & Defense (0.5%)
BAE Systems plc		2,734		32,680
Boeing Co. (The)*		191		45,620
General Dynamics Corp.		156		34,879
Lockheed Martin Corp.		159		70,973
Northrop Grumman Corp.		93		41,385
RTX Corp.		451		39,656
				265,193

See Notes to Portfolio of Investments.

26

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2023 (Unaudited)

	Number of		Value
	Shares		(Note 1)
Air Freight & Logistics (0.4%)
DHL Group		1,041	$	53,475
United Parcel Service, Inc., Class B		798		149,330
				202,805
Building Products (0.3%)
Cie de Saint-Gobain		576		38,936
Owens Corning		823		115,212
Trane Technologies plc		209		41,683
				195,831
Commercial Services & Supplies (0.1%)
Cintas Corp.		89		44,682
Construction & Engineering (0.1%)
Vinci SA		455		53,419
Electrical Equipment (0.3%)
ABB Ltd. (Registered)		1,494		59,722
Eaton Corp. plc		209		42,912
Emerson Electric Co.		523		47,776
				150,410
Ground Transportation (0.1%)
Norfolk Southern Corp.		160		37,375
Union Pacific Corp.		209		48,492
				85,867
Industrial Conglomerates (0.3%)
3M Co.		760		84,740
General Electric Co.		564		64,431
Honeywell International, Inc.		167		32,420
				181,591
Machinery (1.1%)
Allison Transmission Holdings, Inc.		1,864		109,398
Caterpillar, Inc.		162		42,957
Cummins, Inc.		152		39,642
Deere & Co.		89		38,234
Dover Corp.		339		49,484
Komatsu Ltd.		1,200		33,436
Kone OYJ, Class B		569		29,179
PACCAR, Inc.		521		44,874
Parker-Hannifin Corp.		127		52,071
Terex Corp.		1,766		103,541
Volvo AB, Class B		1,895		41,774
				584,590
Professional Services (0.2%)
Automatic Data Processing, Inc.		160		39,561
RELX plc		1,912		64,289
				103,850
Trading Companies & Distributors (0.2%)
ITOCHU Corp.		1,100		44,459
Mitsui & Co. Ltd.		1,200		46,738
				91,197
Total Industrials				1,959,435
Information Technology (9.7%)
Communications Equipment (0.4%)
Cisco Systems, Inc.		3,964		206,286
Electronic Equipment, Instruments & Components (0.3%)
Amphenol Corp., Class A		532		46,981
Corning, Inc.		940		31,904
Keysight Technologies, Inc.*		243		39,142
TE Connectivity Ltd.		308		44,195
				162,222
IT Services (0.9%)
Accenture plc, Class A		186		58,841
Gartner, Inc.*		884		312,574
International Business Machines Corp.		956		137,836
				509,251
Semiconductors & Semiconductor Equipment (2.6%)
Advanced Micro Devices, Inc.*		560		64,064
Analog Devices, Inc.		205		40,904
Applied Materials, Inc.		451		68,367
Broadcom, Inc.		390		350,474
Intel Corp.		1,190		42,566
KLA Corp.		93		47,797
NVIDIA Corp.		681		318,224
PDF Solutions, Inc.*		2,411		110,882
QUALCOMM, Inc.		1,138		150,409
Texas Instruments, Inc.		865		155,700
Tokyo Electron Ltd.		400		59,734
				1,409,121
Software (3.9%)
Adobe, Inc.*		759		414,543
Elastic NV*		1,546		102,732
Everbridge, Inc.*		3,672		113,245
HubSpot, Inc.*		199		115,529
Intuit, Inc.		112		57,310
Microsoft Corp.		2,032		682,589
Oracle Corp.		433		50,761
Roper Technologies, Inc.		74		36,486
Salesforce, Inc.*		337		75,828
ServiceNow, Inc.*		628		366,124
Zscaler, Inc.*		729		116,917
				2,132,064
Technology Hardware, Storage & Peripherals (1.6%)
Apple, Inc.		3,777		741,992
Hewlett Packard Enterprise Co.		1,805		31,371
HP, Inc.		1,034		33,946
Pure Storage, Inc., Class A*		2,815		104,127
				911,436
Total Information Technology				5,330,380
Materials (1.3%)
Chemicals (0.6%)
Air Products and Chemicals, Inc.		176		53,738
Asahi Kasei Corp.		4,700		31,993
Dow, Inc.		832		46,983
Linde plc		137		53,522
LyondellBasell Industries NV, Class A		733		72,464
Nutrien Ltd.		500		34,456
Sherwin-Williams Co. (The)		163		45,069
				338,225
Construction Materials (0.1%)
Holcim Ltd.		587		40,792
Containers & Packaging (0.0%)†
Amcor plc		3,000		30,780
Metals & Mining (0.6%)
Anglo American plc		1,178		36,192
BHP Group Ltd.		3,438		106,251

See Notes to Portfolio of Investments.

27

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2023 (Unaudited)

	Number of		Value
	Shares		(Note 1)
Freeport-McMoRan, Inc.		861	$	38,444
Glencore plc		8,463		51,432
Rio Tinto Ltd.		380		29,882
Rio Tinto plc		848		56,046
				318,247
Total Materials				728,044
Real Estate (0.5%)
Health Care REITs (0.1%)
Healthpeak Properties, Inc. (REIT)		1,702		37,155
Industrial REITs (0.1%)
Prologis, Inc. (REIT)		318		39,671
Real Estate Management & Development (0.1%)
CK Asset Holdings Ltd.		6,500		37,505
Residential REITs (0.2%)
AvalonBay Communities, Inc. (REIT)		253		47,728
Camden Property Trust (REIT)		395		43,091
Equity Residential (REIT)		609		40,157
				130,976
Specialized REITs (0.0%)†
American Tower Corp. (REIT)		149		28,356
Total Real Estate				273,663
Utilities (1.4%)
Electric Utilities (0.8%)
Alliant Energy Corp.		805		43,261
American Electric Power Co., Inc.		530		44,912
Duke Energy Corp.		632		59,168
Evergy, Inc.		577		34,603
Eversource Energy		468		33,850
Exelon Corp.		723		30,265
Fortis, Inc.		1,300		55,415
Iberdrola SA		4,733		59,091
NextEra Energy, Inc.		388		28,440
Xcel Energy, Inc.		601		37,701
				426,706
Gas Utilities (0.1%)
Atmos Energy Corp.		278		33,835
Multi-Utilities (0.5%)
CMS Energy Corp.		660		40,306
DTE Energy Co.		623		71,209
National Grid plc		3,894		51,548
NiSource, Inc.		1,588		44,210
Public Service Enterprise Group, Inc.		543		34,274
Sempra		289		43,067
				284,614
Total Utilities				745,155
Total Common Stocks (42.2%) (Cost $21,085,903)				23,211,295
EXCHANGE TRADED FUNDS (ETF):
Equity (1.0%)
Global X Nasdaq 100 Covered Call ETF		30,243		545,281
Alternatives (1.3%)
Global X S&P 500 Covered Call ETF(x)		16,315		674,462
Total Exchange Traded Funds (2.3%) (Cost $1,198,937)				1,219,743
SHORT-TERM INVESTMENTS:
Investment Companies (1.1%)
BlackRock Liquidity FedFund, Institutional Shares 5.15% (7 day yield)(xx)		300,000		300,000
Dreyfus Treasury Obligations Cash Management Fund 5.15% (7 day yield)(xx)		300,000		300,000
Total Investment Companies				600,000
	Principal Amount
Repurchase Agreement (1.1%)
HSBC Securities, Inc., 5.28%, dated 7/31/23,due 8/1/23, repurchase price $617,573, collateralized by various U.S. Government Treasury Securities, ranging from 0.000%-0.125%, maturing 12/28/23-2/15/53; total market value $629,924.(xx)	$	617,482		617,482
Total Short-Term Investments (2.2%) (Cost $1,217,482)				1,217,482
Total Investments in Securities (100.5%) (Cost $52,936,585)				55,238,858
Other Assets Less Liabilities (-0.5%)				(249,323	)
Net Assets (100%)			$	54,989,535

See Notes to Portfolio of Investments.

28

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2023 (Unaudited)

* 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 July 31, 2023, the market value of these securities amounted to $14,140,785 or 25.7% of net assets.

(e) Step Bond - Coupon rate increases or decreases in increments to maturity. Rate disclosed is as of July 31, 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 July 31, 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 July 31, 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 July 31, 2023, the market value or fair value, as applicable, of these securities amounted to $1,234,301 or 2.2% of net assets.

(x) All or a portion of security is on loan at July 31, 2023.

(xx) At July 31, 2023, the Fund had loaned securities with a total value of $1,245,900. This was collateralized by $61,244 of various U.S. Government Treasury Securities, ranging from 0.000% – 3.625%, maturing 8/10/23 – 2/15/53 and by cash of $1,217,482 which was subsequently invested in investment companies and joint repurchase agreements.

(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 July 31, 2023.

Glossary:

BRL — Brazilian Real

CLP — Chilean Peso

CLO — Collateralized Loan Obligation

HUF — Hungarian Forint

ICE — Intercontinental Exchange

IDR — Indonesian Rupiah

MXN — Mexican Peso

REIT — Real Estate Investment Trust

SOFR — Secured Overnight Financing Rate

USD — United States Dollar

UYU — Uruguayan Peso

ZAR — South African Rand

See Notes to Portfolio of Investments.

29

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2023 (Unaudited)

Country Diversification

As a Percentage of Total Net Assets

Angola	0.3	%
Australia	1.3
Brazil	1.5
Canada	1.7
Cayman Islands	1.7
Chile	0.9
Costa Rica	0.8
Denmark	0.0	#
Finland	0.0	#
France	1.5
Germany	1.2
Guatemala	0.4
Hong Kong	0.2
Hungary	0.6
Indonesia	1.5
Ireland	0.4
Italy	1.0
Japan	1.2
Mexico	2.0
Netherlands	0.4
Nigeria	0.8
Norway	0.5
Singapore	0.2
South Africa	0.7
Spain	2.2
Sweden	0.1
Switzerland	2.0
United Kingdom	4.3
United States	70.5
Uruguay	0.6
Cash and Other	(0.5	)
	100.0	%

# Percent shown is less than 0.05%.

See Notes to Portfolio of Investments.

30

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2023 (Unaudited)

Written Call Options Contracts as of July 31, 2023 (Note 1):

Description

Counterparty

Number of Contracts

Notional Amount

Exercise Price

Expiration Date

Value ($)

S&P 500 Index

Exchange Traded

21

USD

(2,100

)

USD

4,555.00

8/18/2023

(150,990

)

Total Written Options Contracts (Premiums Received ($125,378))

(150,990

)

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 July 31, 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	$	—	$	937,646		$	—	$	937,646
Common Stocks
Communication Services		1,978,984		191,277			—		2,170,261
Consumer Discretionary		1,794,493		399,847			—		2,194,340
Consumer Staples		1,552,977		560,470			—		2,113,447
Energy		1,127,037		156,807			—		1,283,844
Financials		2,594,532		1,086,595			—		3,681,127
Health Care		2,315,871		415,728			—		2,731,599
Industrials		1,461,328		498,107			—		1,959,435
Information Technology		5,270,646		59,734			—		5,330,380
Materials		375,456		352,588			—		728,044
Real Estate		236,158		37,505			—		273,663
Utilities		634,516		110,639			—		745,155
Convertible Bonds
Communication Services		—		57,610			—		57,610
Consumer Discretionary		—		44,861			—		44,861
Consumer Staples		—		126,400			—		126,400
Financials		—		54,340			—		54,340
Industrials		—		240,348			—		240,348
Corporate Bonds
Communication Services		—		1,803,744			—		1,803,744
Consumer Discretionary		—		3,930,518			—		3,930,518
Consumer Staples		—		349,966			—		349,966
Energy		—		1,336,095			—		1,336,095
Financials		—		8,309,065			—		8,309,065
Health Care		—		391,842			—		391,842
Industrials		—		3,984,329			—		3,984,329
Information Technology		—		2,034,957			—		2,034,957
Materials		—		1,036,474			—		1,036,474
Real Estate		—		307,127			—		307,127
Utilities		—		288,094			—		288,094
Exchange Traded Funds		1,219,743		—			—		1,219,743
Foreign Government Securities		—		4,282,466			—		4,282,466
Short-Term Investments
Investment Companies		600,000		—			—		600,000
Repurchase Agreement		—		617,482			—		617,482
U.S. Treasury Obligation		—		74,456			—		74,456
Total Assets	$	21,161,741	$	34,077,117		$	—	$	55,238,858
Liabilities:
Options Written
Call Options Written	$	—	$	(150,990	)	$	—	$	(150,990	)
Total Liabilities	$	—	$	(150,990	)	$	—	$	(150,990	)
Total	$	21,161,741	$	33,926,127		$	—	$	55,087,868

See Notes to Portfolio of Investments.

31

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2023 (Unaudited)

As of July 31, 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	$	2,999,532
Aggregate gross unrealized depreciation		(794,722	)
Net unrealized appreciation	$	2,204,810
Federal income tax cost of investments in securities and derivative instruments, if applicable	$	52,883,058

See Notes to Portfolio of Investments.

32

1290 FUNDS

1290 MULTI-ALTERNATIVE STRATEGIES FUND

PORTFOLIO OF INVESTMENTS

July 31, 2023 (Unaudited)

	Number of Shares		Value (Note 1)
EXCHANGE TRADED FUNDS (ETF):
Alternatives (31.9%)
iMGP DBi Managed Futures Strategy ETF		63,430	$	1,746,228
IQ Merger Arbitrage ETF*		59,340		1,849,034
ProShares Long Online/Short Stores ETF*‡		23,310		899,918
ProShares RAFI Long/Short, Escrow Shares(r)*		19,010		—
Total Alternatives				4,495,180
Commodity (12.5%)
Invesco DB Agriculture Fund		19,730		432,679
Invesco DB Energy Fund		20,830		465,134
Invesco DB Precious Metals Fund		16,860		861,126
Total Commodity				1,758,939
Equity (24.7%)
iShares Core US REIT ETF(x)		18,380		972,486
JPMorgan Equity Premium Income ETF(x)		27,040		1,510,995
Vanguard Global ex-U.S. Real Estate ETF(x)		23,680		1,005,926
Total Equity				3,489,407
Fixed Income (30.4%)
iShares Convertible Bond ETF		29,490		2,317,619
Vanguard Short-Term Inflation-Protected Securities ETF		41,770		1,975,721
Total Fixed Income				4,293,340
Total Exchange Traded Funds (99.5%) (Cost $14,784,546)				14,036,866
SHORT-TERM INVESTMENTS:
Investment Company (0.1%)
Dreyfus Treasury Obligations Cash Management Fund 5.15% (7 day yield)(xx)		11,498		11,498
	Principal Amount
Repurchase Agreement (12.6%)
HSBC Securities, Inc., 5.28%, dated 7/31/23, due 8/1/23, repurchase price $1,785,876, collateralized by various U.S. Government Treasury Securities, ranging from 0.000%-0.125%, maturing 12/28/23-2/15/53; total market value $1,821,594.(xx)	$	1,785,615	$	1,785,615
Total Short-Term Investments (12.7%) (Cost $1,797,113)				1,797,113
Total Investments in Securities (112.2%) (Cost $16,581,659)				15,833,979
Other Assets Less Liabilities (-12.2%)				(1,733,349	)
Net Assets (100%)			$	14,100,630

See Notes to Portfolio of Investments.

33

1290 FUNDS

1290 MULTI-ALTERNATIVE STRATEGIES FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2023 (Unaudited)

* 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 July 31, 2023.

(xx) At July 31, 2023, the Fund had loaned securities with a total value of $1,873,004. This was collateralized by $112,947 of various U.S. Government Treasury Securities, ranging from 0.125% – 5.491%, maturing 6/30/24 – 2/15/51 and by cash of $1,797,113 which was subsequently invested in investment companies and joint repurchase agreements.

Glossary:

REIT — Real Estate Investment Trust

Investments in companies which were affiliates for the nine months ended July 31, 2023, were as follows:

Security Description	Shares at July 31, 2023		Market Value October 31, 2022 ($)		Purchases at Cost ($)		Proceeds from Sales ($)			Net Realized Gain (Loss) ($)			Change in Unrealized Appreciation/ (Depreciation) ($)		Market Value July 31, 2023 ($)		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	)		303,991		899,918		—		—

** Not affiliated at October 31, 2022.

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 July 31, 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	$	14,036,866	$	—	$	—	(a)	$	14,036,866
Short-Term Investments
Investment Company		11,498		—		—			11,498
Repurchase Agreement		—		1,785,615		—			1,785,615
Total Assets	$	14,048,364	$	1,785,615	$	—		$	15,833,979
Total Liabilities	$	—	$	—	$	—		$	—
Total	$	14,048,364	$	1,785,615	$	—		$	15,833,979

(a) Value is zero.

As of July 31, 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	$	203,740
Aggregate gross unrealized depreciation		(1,091,355	)
Net unrealized depreciation	$	(887,615	)
Federal income tax cost of investments in securities and derivative instruments, if applicable	$	16,721,594

See Notes to Portfolio of Investments.

34

1290 FUNDS

1290 RETIREMENT 2020 FUND

PORTFOLIO OF INVESTMENTS

July 31, 2023 (Unaudited)

	Number of Shares		Value (Note 1)
EXCHANGE TRADED FUNDS (ETF):
Equity (44.8%)
Invesco S&P 500 Low Volatility ETF		6,140	$	388,478
Invesco S&P Emerging Markets Low Volatility ETF		1,170		28,595
Invesco S&P International Developed Low Volatility ETF		7,530		209,861
Invesco S&P MidCap Low Volatility ETF		4,010		214,254
Invesco S&P SmallCap Low Volatility ETF		1,860		79,348
iShares Core MSCI EAFE ETF		6,090		423,559
iShares Core MSCI Emerging Markets ETF		1,050		54,842
iShares Core S&P Total US Stock Market ETF		11,520		1,168,013
iShares MSCI EAFE Min Vol Factor ETF		3,060		210,956
iShares MSCI Emerging Markets Min Vol Factor ETF		570		32,444
iShares MSCI USA Min Vol Factor ETF		5,090		383,582
SPDR SSGA US Small Cap Low Volatility Index ETF		770		83,961
Total Equity				3,277,893
Fixed Income (55.1%)
iShares Broad USD High Yield Corporate Bond ETF		8,310		295,337
iShares Core U.S. Aggregate Bond ETF		23,500		2,295,480
iShares TIPS Bond ETF		5,650		605,454
Vanguard Short-Term Bond ETF(x)		6,770		512,354
Vanguard Total International Bond ETF		6,680		325,583
Total Fixed Income				4,034,208
Total Exchange Traded Funds (99.9%) (Cost $7,417,061)				7,312,101
SHORT-TERM INVESTMENTS:
Investment Companies (2.8%)
BlackRock Liquidity FedFund, Institutional Shares 5.15% (7 day yield)(xx)		100,000		100,000
Dreyfus Treasury Obligations Cash Management Fund 5.15% (7 day yield)(xx)		100,000		100,000
Total Investment Companies				200,000
	Principal Amount
Repurchase Agreement (3.0%)
HSBC Securities, Inc., 5.28%, dated 7/31/23, due 8/1/23, repurchase price $223,595, collateralized by various U.S. Government Treasury Securities, ranging from 0.000%-0.125%, maturing 12/28/23-2/15/53; total market value $228,066.(xx)	$	223,562		223,562
Total Short-Term Investments (5.8%) (Cost $423,562)				423,562
Total Investments in Securities (105.7%) (Cost $7,840,623)				7,735,663
Other Assets Less Liabilities (-5.7%)				(419,051	)
Net Assets (100%)			$	7,316,612

See Notes to Portfolio of Investments.

35

1290 FUNDS

1290 RETIREMENT 2020 FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2023 (Unaudited)

(x) All or a portion of security is on loan at July 31, 2023.

(xx) At July 31, 2023, the Fund had loaned securities with a total value of $414,953. This was collateralized by cash of $423,562 which was subsequently invested in investment companies and joint repurchase agreements.

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 July 31, 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	$	7,312,101	$	–	$	—	$	7,312,101
Short-Term Investments
Investment Companies		200,000		—		—		200,000
Repurchase Agreement		—		223,562		—		223,562
Total Assets	$	7,512,101	$	223,562	$	—	$	7,735,663
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	7,512,101	$	223,562	$	—	$	7,735,663

As of July 31, 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	$	494,741
Aggregate gross unrealized depreciation		(659,255	)
Net unrealized depreciation	$	(164,514	)
Federal income tax cost of investments in securities and derivative instruments, if applicable	$	7,900,177

See Notes to Portfolio of Investments.

36

1290 FUNDS

1290 RETIREMENT 2025 FUND

PORTFOLIO OF INVESTMENTS

July 31, 2023 (Unaudited)

	Number of Shares		Value (Note 1)
EXCHANGE TRADED FUNDS (ETF):
Equity (55.1%)
Invesco S&P 500 Low Volatility ETF		15,520	$	981,950
Invesco S&P Emerging Markets Low Volatility ETF		5,430		132,709
Invesco S&P International Developed Low Volatility ETF		19,670		548,203
Invesco S&P MidCap Low Volatility ETF		10,220		546,054
Invesco S&P SmallCap Low Volatility ETF		6,140		261,932
iShares Core MSCI EAFE ETF		15,250		1,060,638
iShares Core MSCI Emerging Markets ETF		5,270		275,252
iShares Core S&P Total US Stock Market ETF		29,860		3,027,505
iShares MSCI EAFE Min Vol Factor ETF(x)		7,850		541,179
iShares MSCI Emerging Markets Min Vol Factor ETF		2,300		130,916
iShares MSCI USA Min Vol Factor ETF		13,180		993,245
SPDR SSGA US Small Cap Low Volatility Index ETF		2,420		263,877
Total Equity				8,763,460
Fixed Income (43.6%)
iShares Broad USD High Yield Corporate Bond ETF		13,050		463,797
iShares Core U.S. Aggregate Bond ETF		45,300		4,424,904
iShares TIPS Bond ETF		9,630		1,031,951
Vanguard Short-Term Bond ETF(x)		7,370		557,761
Vanguard Total International Bond ETF		9,170		446,946
Total Fixed Income				6,925,359
Total Exchange Traded Funds (98.7%) (Cost $15,412,559)				15,688,819
SHORT-TERM INVESTMENTS:
Investment Companies (1.2%)
BlackRock Liquidity FedFund, Institutional Shares 5.15% (7 day yield)(xx)		100,000		100,000
Dreyfus Treasury Obligations Cash Management Fund 5.15% (7 day yield)(xx)		100,000		100,000
Total Investment Companies				200,000
	Principal Amount
Repurchase Agreement (4.4%)
HSBC Securities, Inc., 5.28%, dated 7/31/23, due 8/1/23, repurchase price $693,772, collateralized by various U.S. Government Treasury Securities, ranging from 0.000%-0.125%, maturing 12/28/23-2/15/53; total market value $707,648.(xx)	$	693,671		693,671
Total Short-Term Investments (5.6%) (Cost $893,671)				893,671
Total Investments in Securities (104.3%) (Cost $16,306,230)				16,582,490
Other Assets Less Liabilities (-4.3%)				(686,540	)
Net Assets (100%)			$	15,895,950

See Notes to Portfolio of Investments.

37

1290 FUNDS

1290 RETIREMENT 2025 FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2023 (Unaudited)

(x) All or a portion of security is on loan at July 31, 2023.

(xx) At July 31, 2023, the Fund had loaned securities with a total value of $873,233. This was collateralized by cash of $893,671 which was subsequently invested in investment companies and joint repurchase agreements.

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 July 31, 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	$	15,688,819	$	—	$	—	$	15,688,819
Short-Term Investments
Investment Companies		200,000		—		—		200,000
Repurchase Agreement		—		693,671		—		693,671
Total Assets	$	15,888,819	$	693,671	$	—	$	16,582,490
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	15,888,819	$	693,671	$	—	$	16,582,490

As of July 31, 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	$	1,307,538
Aggregate gross unrealized depreciation		(1,172,643	)
Net unrealized appreciation	$	134,895
Federal income tax cost of investments in securities and derivative instruments, if applicable	$	16,447,595

See Notes to Portfolio of Investments.

38

1290 FUNDS

1290 RETIREMENT 2030 FUND

PORTFOLIO OF INVESTMENTS

July 31, 2023 (Unaudited)

	Number of Shares		Value (Note 1)
EXCHANGE TRADED FUNDS (ETF):
Equity (65.0%)
Invesco S&P 500 Low Volatility ETF		11,130	$	704,195
Invesco S&P Emerging Markets Low Volatility ETF		3,790		92,628
Invesco S&P International Developed Low Volatility ETF		14,530		404,951
Invesco S&P MidCap Low Volatility ETF		7,470		399,121
Invesco S&P SmallCap Low Volatility ETF		4,330		184,718
iShares Core MSCI EAFE ETF		11,660		810,953
iShares Core MSCI Emerging Markets ETF		3,510		183,327
iShares Core S&P Total US Stock Market ETF		21,760		2,206,246
iShares MSCI EAFE Min Vol Factor ETF(x)		5,870		404,678
iShares MSCI Emerging Markets Min Vol Factor ETF		1,690		96,195
iShares MSCI USA Min Vol Factor ETF		9,440		711,398
SPDR SSGA US Small Cap Low Volatility Index ETF		1,690		184,278
Total Equity				6,382,688
Fixed Income (34.7%)
iShares Broad USD High Yield Corporate Bond ETF		2,790		99,157
iShares Core U.S. Aggregate Bond ETF		26,520		2,590,474
iShares TIPS Bond ETF		4,740		507,938
Vanguard Short-Term Bond ETF(x)		1,560		118,061
Vanguard Total International Bond ETF		1,970		96,018
Total Fixed Income				3,411,648
Total Exchange Traded Funds (99.7%) (Cost $9,887,516)				9,794,336
SHORT-TERM INVESTMENTS:
Investment Companies (0.8%)
BlackRock Liquidity FedFund, Institutional Shares 5.15% (7 day yield)(xx)		36,627		36,627
Dreyfus Treasury Obligations Cash Management Fund 5.15% (7 day yield)(xx)		36,627		36,627
Total Investment Companies				73,254
	Principal Amount
Repurchase Agreement (3.6%)
HSBC Securities, Inc., 5.28%, dated 7/31/23, due 8/1/23, repurchase price $360,711, collateralized by various U.S. Government Treasury Securities, ranging from 0.000%-0.125%, maturing 12/28/23-2/15/53; total market value $367,925.(xx)	$	360,658		360,658
Total Short-Term Investments (4.4%) (Cost $433,912)				433,912
Total Investments in Securities (104.1%) (Cost $10,321,428)				10,228,248
Other Assets Less Liabilities (-4.1%)				(406,782	)
Net Assets (100%)			$	9,821,466

(x) All or a portion of security is on loan at July 31, 2023.

(xx) At July 31, 2023, the Fund had loaned securities with a total value of $423,325. This was collateralized by cash of $433,912 which was subsequently invested in investment companies and joint repurchase agreements.

See Notes to Portfolio of Investments.

39

1290 FUNDS

1290 RETIREMENT 2030 FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2023 (Unaudited)

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 July 31, 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	$	9,794,336	$	—	$	—	$	9,794,336
Short-Term Investments
Investment Companies		73,254		—		—		73,254
Repurchase Agreement		—		360,658		—		360,658
Total Assets	$	9,867,590	$	360,658	$	—	$	10,228,248
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	9,867,590	$	360,658	$	—	$	10,228,248

As of July 31, 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	$	403,460
Aggregate gross unrealized depreciation		(528,537	)
Net unrealized depreciation	$	(125,077	)
Federal income tax cost of investments in securities and derivative instruments, if applicable	$	10,353,325

See Notes to Portfolio of Investments.

40

1290 FUNDS

1290 RETIREMENT 2035 FUND

PORTFOLIO OF INVESTMENTS

July 31, 2023 (Unaudited)

	Number of Shares		Value (Note 1)
EXCHANGE TRADED FUNDS (ETF):
Equity (72.6%)
Invesco S&P 500 Low Volatility ETF		13,560	$	857,941
Invesco S&P Emerging Markets Low Volatility ETF		4,370		106,803
Invesco S&P International Developed Low Volatility ETF		17,610		490,791
Invesco S&P MidCap Low Volatility ETF		9,440		504,378
Invesco S&P SmallCap Low Volatility ETF		5,340		227,805
iShares Core MSCI EAFE ETF		14,310		995,261
iShares Core MSCI Emerging Markets ETF		4,340		226,678
iShares Core S&P Total US Stock Market ETF		26,470		2,683,793
iShares MSCI EAFE Min Vol Factor ETF(x)		7,230		498,436
iShares MSCI Emerging Markets Min Vol Factor ETF		1,960		111,563
iShares MSCI USA Min Vol Factor ETF		11,550		870,408
SPDR SSGA US Small Cap Low Volatility Index ETF		2,050		223,532
Total Equity				7,797,389
Fixed Income (27.5%)
iShares Core U.S. Aggregate Bond ETF		25,750		2,515,260
iShares TIPS Bond ETF		4,150		444,714
Total Fixed Income				2,959,974
Total Exchange Traded Funds (100.1%) (Cost $9,970,660)				10,757,363
	Principal Amount
SHORT-TERM INVESTMENT:
Repurchase Agreement (3.9%)
HSBC Securities, Inc., 5.28%, dated 7/31/23, due 8/1/23, repurchase price $414,373, collateralized by various U.S. Government Treasury Securities, ranging from 0.000%-0.125%, maturing 12/28/23-2/15/53; total market value $422,660.(xx)	$	414,312		414,312
Total Short-Term Investment (3.9%) (Cost $414,312)				414,312
Total Investments in Securities (104.0%) (Cost $10,384,972)				11,171,675
Other Assets Less Liabilities (-4.0%)				(423,671	)
Net Assets (100%)			$	10,748,004

See Notes to Portfolio of Investments.

41

1290 FUNDS

1290 RETIREMENT 2035 FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2023 (Unaudited)

(x) All or a portion of security is on loan at July 31, 2023.

(xx) At July 31, 2023, the Fund had loaned securities with a total value of $403,713. This was collateralized by cash of $414,312 which was subsequently invested in joint repurchase agreements.

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 July 31, 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	$	10,757,363	$	—	$	—	$	10,757,363
Short-Term Investment
Repurchase Agreement		—		414,312		—		414,312
Total Assets	$	10,757,363	$	414,312	$	—	$	11,171,675
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	10,757,363	$	414,312	$	—	$	11,171,675

As of July 31, 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	$	1,235,090
Aggregate gross unrealized depreciation		(507,028	)
Net unrealized appreciation	$	728,062
Federal income tax cost of investments in securities and derivative instruments, if applicable	$	10,443,613

See Notes to Portfolio of Investments.

42

1290 FUNDS

1290 RETIREMENT 2040 FUND

PORTFOLIO OF INVESTMENTS

July 31, 2023 (Unaudited)

	Number of Shares		Value (Note 1)
EXCHANGE TRADED FUNDS (ETF):
Equity (77.2%)
Invesco S&P 500 Low Volatility ETF		9,680	$	612,453
Invesco S&P Emerging Markets Low Volatility ETF		3,210		78,452
Invesco S&P International Developed Low Volatility ETF		12,000		334,440
Invesco S&P MidCap Low Volatility ETF		6,280		335,540
Invesco S&P SmallCap Low Volatility ETF		3,570		152,296
iShares Core MSCI EAFE ETF		9,620		669,071
iShares Core MSCI Emerging Markets ETF		2,870		149,900
iShares Core S&P Total US Stock Market ETF		18,430		1,868,618
iShares MSCI EAFE Min Vol Factor ETF		4,930		339,874
iShares MSCI Emerging Markets Min Vol Factor ETF		1,380		78,550
iShares MSCI USA Min Vol Factor ETF		7,800		587,808
SPDR SSGA US Small Cap Low Volatility Index ETF		1,440		157,018
Total Equity				5,364,020
Fixed Income (22.3%)
iShares Core U.S. Aggregate Bond ETF		13,490		1,317,703
iShares TIPS Bond ETF		2,140		229,323
Total Fixed Income				1,547,026
Total Investments in Securities (99.5%) (Cost $6,223,420)				6,911,046
Other Assets Less Liabilities (0.5%)				32,581
Net Assets (100%)			$	6,943,627

Glossary:

TIPS — Treasury Inflation Protected Security

See Notes to Portfolio of Investments.

43

1290 FUNDS

1290 RETIREMENT 2040 FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 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 July 31, 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	$	6,911,046	$	—	$	—	$	6,911,046
Total Assets	$	6,911,046	$	—	$	—	$	6,911,046
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	6,911,046	$	—	$	—	$	6,911,046

As of July 31, 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	$	889,616
Aggregate gross unrealized depreciation		(214,547	)
Net unrealized appreciation	$	675,069
Federal income tax cost of investments in securities and derivative instruments, if applicable	$	6,235,977

See Notes to Portfolio of Investments.

44

1290 FUNDS

1290 RETIREMENT 2045 FUND

PORTFOLIO OF INVESTMENTS

July 31, 2023 (Unaudited)

	Number of Shares		Value (Note 1)
EXCHANGE TRADED FUNDS (ETF):
Equity (82.0%)
Invesco S&P 500 Low Volatility ETF		12,230	$	773,792
Invesco S&P Emerging Markets Low Volatility ETF		4,020		98,249
Invesco S&P International Developed Low Volatility ETF		15,270		425,575
Invesco S&P MidCap Low Volatility ETF		7,900		422,096
Invesco S&P SmallCap Low Volatility ETF		4,880		208,181
iShares Core MSCI EAFE ETF		12,490		868,680
iShares Core MSCI Emerging Markets ETF		3,720		194,296
iShares Core S&P Total US Stock Market ETF		23,950		2,428,290
iShares MSCI EAFE Min Vol Factor ETF		6,250		430,875
iShares MSCI Emerging Markets Min Vol Factor ETF		1,720		97,902
iShares MSCI USA Min Vol Factor ETF		10,520		792,787
SPDR SSGA US Small Cap Low Volatility Index ETF		1,890		206,086
Total Equity				6,946,809
Fixed Income (17.4%)
iShares Core U.S. Aggregate Bond ETF		12,930		1,263,002
iShares TIPS Bond ETF		1,970		211,105
Total Fixed Income				1,474,107
Total Investments in Securities (99.4%) (Cost $7,355,034)				8,420,916
Other Assets Less Liabilities (0.6%)				54,408
Net Assets (100%)			$	8,475,324

Glossary:

TIPS — Treasury Inflation Protected Security

See Notes to Portfolio of Investments.

45

1290 FUNDS

1290 RETIREMENT 2045 FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 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 July 31, 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	$	8,420,916	$	—	$	—	$	8,420,916
Total Assets	$	8,420,916	$	—	$	—	$	8,420,916
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	8,420,916	$	—	$	—	$	8,420,916

As of July 31, 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	$	1,277,588
Aggregate gross unrealized depreciation		(214,189	)
Net unrealized appreciation	$	1,063,399
Federal income tax cost of investments in securities and derivative instruments, if applicable	$	7,357,517

See Notes to Portfolio of Investments.

46

1290 FUNDS

1290 RETIREMENT 2050 FUND

PORTFOLIO OF INVESTMENTS

July 31, 2023 (Unaudited)

	Number of Shares		Value (Note 1)
EXCHANGE TRADED FUNDS (ETF):
Equity (87.0%)
Invesco S&P 500 Low Volatility ETF		13,790	$	872,493
Invesco S&P Emerging Markets Low Volatility ETF		4,240		103,626
Invesco S&P International Developed Low Volatility ETF		16,360		455,953
Invesco S&P MidCap Low Volatility ETF(x)		8,610		460,031
Invesco S&P SmallCap Low Volatility ETF		4,950		211,167
iShares Core MSCI EAFE ETF		13,390		931,275
iShares Core MSCI Emerging Markets ETF		3,980		207,875
iShares Core S&P Total US Stock Market ETF		26,030		2,639,182
iShares MSCI EAFE Min Vol Factor ETF(x)		6,740		464,656
iShares MSCI Emerging Markets Min Vol Factor ETF		1,950		110,994
iShares MSCI USA Min Vol Factor ETF		11,430		861,365
SPDR SSGA US Small Cap Low Volatility Index ETF		1,900		207,176
Total Equity				7,525,793
Fixed Income (12.4%)
iShares Core U.S. Aggregate Bond ETF		9,330		911,354
iShares TIPS Bond ETF		1,530		163,955
Total Fixed Income				1,075,309
Total Exchange Traded Funds (99.4%) (Cost $7,424,297)				8,601,102
SHORT-TERM INVESTMENTS:
Investment Company (0.2%)
JPMorgan Prime Money Market Fund, IM Shares 5.49% (7 day yield)		16,396		16,400
	Principal Amount
Repurchase Agreement (4.6%)
HSBC Securities, Inc., 5.28%, dated 7/31/23, due 8/1/23, repurchase price $397,182, collateralized by various U.S. Government Treasury Securities, ranging from 0.000%-0.125%, maturing 12/28/23-2/15/53; total market value $405,126.(xx)	$	397,124		397,124
Total Short-Term Investments (4.8%) (Cost $413,524)				413,524
Total Investments in Securities (104.2%) (Cost $7,837,821)				9,014,626
Other Assets Less Liabilities (-4.2%)				(358,599	)
Net Assets (100%)			$	8,656,027

(x) All or a portion of security is on loan at July 31, 2023.

(xx) At July 31, 2023, the Fund had loaned securities with a total value of $387,029. This was collateralized by cash of $397,124 which was subsequently invested in joint repurchase agreements.

See Notes to Portfolio of Investments.

47

1290 FUNDS

1290 RETIREMENT 2050 FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2023 (Unaudited)

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 July 31, 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	$	8,601,102	$	—	$	—	$	8,601,102
Short-Term Investments
Investment Company		16,400		—		—		16,400
Repurchase Agreement		—		397,124		—		397,124
Total Assets	$	8,617,502	$	397,124	$	—	$	9,014,626
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	8,617,502	$	397,124	$	—	$	9,014,626

As of July 31, 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	$	1,281,623
Aggregate gross unrealized depreciation		(146,696	)
Net unrealized appreciation	$	1,134,927
Federal income tax cost of investments in securities and derivative instruments, if applicable	$	7,879,699

See Notes to Portfolio of Investments.

48

1290 FUNDS

1290 RETIREMENT 2055 FUND

PORTFOLIO OF INVESTMENTS

July 31, 2023 (Unaudited)

	Number of Shares		Value (Note 1)
EXCHANGE TRADED FUNDS (ETF):
Equity (91.9%)
Invesco S&P 500 Low Volatility ETF		9,740	$	616,250
Invesco S&P Emerging Markets Low Volatility ETF		2,940		71,853
Invesco S&P International Developed Low Volatility ETF		11,700		326,079
Invesco S&P MidCap Low Volatility ETF		6,100		325,922
Invesco S&P SmallCap Low Volatility ETF		3,490		148,883
iShares Core MSCI EAFE ETF(x)		9,340		649,597
iShares Core MSCI Emerging Markets ETF		2,820		147,289
iShares Core S&P Total US Stock Market ETF		18,530		1,878,757
iShares MSCI EAFE Min Vol Factor ETF		4,720		325,397
iShares MSCI Emerging Markets Min Vol Factor ETF		1,240		70,581
iShares MSCI USA Min Vol Factor ETF		8,230		620,213
SPDR SSGA US Small Cap Low Volatility Index ETF		1,380		150,475
Total Equity				5,331,296
Fixed Income (7.5%)
iShares Core U.S. Aggregate Bond ETF		3,780		369,231
iShares TIPS Bond ETF		590		63,224
Total Fixed Income				432,455
Total Exchange Traded Funds (99.4%) (Cost $4,706,462)				5,763,751
	Principal Amount
SHORT-TERM INVESTMENT:
Repurchase Agreement (3.6%)
HSBC Securities, Inc., 5.28%, dated 7/31/23, due 8/1/23, repurchase price $205,930, collateralized by various U.S. Government Treasury Securities, ranging from 0.000%-0.125%, maturing 12/28/23-2/15/53; total market value $210,049. (xx)	$	205,900		205,900
Total Short-Term Investment (3.6%) (Cost $205,900)				205,900
Total Investments in Securities (103.0%) (Cost $4,912,362)				5,969,651
Other Assets Less Liabilities (-3.0%)				(169,910	)
Net Assets (100%)			$	5,799,741

(x) All or a portion of security is on loan at July 31, 2023.

(xx) At July 31, 2023, the Fund had loaned securities with a total value of $201,695. This was collateralized by cash of $205,900 which was subsequently invested in joint repurchase agreements.

Glossary:

TIPS — Treasury Inflation Protected Security

See Notes to Portfolio of Investments.

49

1290 FUNDS

1290 RETIREMENT 2055 FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 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 July 31, 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	$	5,763,751	$	—	$	—	$	5,763,751
Short-Term Investment
Repurchase Agreement		—		205,900		—		205,900
Total Assets	$	5,763,751	$	205,900	$	—	$	5,969,651
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	5,763,751	$	205,900	$	—	$	5,969,651

As of July 31, 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	$	1,122,623
Aggregate gross unrealized depreciation		(65,620	)
Net unrealized appreciation	$	1,057,003
Federal income tax cost of investments in securities and derivative instruments, if applicable	$	4,912,648

See Notes to Portfolio of Investments.

50

1290 FUNDS

1290 RETIREMENT 2060 FUND

PORTFOLIO OF INVESTMENTS

July 31, 2023 (Unaudited)

	Number of Shares		Value (Note 1)
EXCHANGE TRADED FUNDS (ETF):
Equity (97.5%)
Invesco S&P 500 Low Volatility ETF		11,450	$	724,442
Invesco S&P Emerging Markets Low Volatility ETF		3,570		87,251
Invesco S&P International Developed Low Volatility ETF		13,890		387,114
Invesco S&P MidCap Low Volatility ETF		7,220		385,764
Invesco S&P SmallCap Low Volatility ETF		4,240		180,878
iShares Core MSCI EAFE ETF		11,140		774,787
iShares Core MSCI Emerging Markets ETF		3,380		176,538
iShares Core S&P Total US Stock Market ETF		22,070		2,237,677
iShares MSCI EAFE Min Vol Factor ETF(x)		5,600		386,064
iShares MSCI Emerging Markets Min Vol Factor ETF		1,470		83,672
iShares MSCI USA Min Vol Factor ETF		9,680		729,485
SPDR SSGA US Small Cap Low Volatility Index ETF		1,620		176,645
Total Equity				6,330,317
Fixed Income (2.5%)
iShares Core U.S. Aggregate Bond ETF		1,380		134,798
iShares TIPS Bond ETF		250		26,790
Total Fixed Income				161,588
Total Exchange Traded Funds (100.0%) (Cost $5,381,106)				6,491,905
	Principal Amount
SHORT-TERM INVESTMENT:
Repurchase Agreement (4.9%)
HSBC Securities, Inc., 5.28%, dated 7/31/23, due 8/1/23, repurchase price $319,625, collateralized by various U.S. Government Treasury Securities, ranging from 0.000%-0.125%, maturing 12/28/23-2/15/53; total market value $326,017. (xx)	$	319,578		319,578
Total Short-Term Investment (4.9%) (Cost $319,578)				319,578
Total Investments in Securities (104.9%) (Cost $5,700,684)				6,811,483
Other Assets Less Liabilities (-4.9%)				(317,503	)
Net Assets (100%)			$	6,493,980

See Notes to Portfolio of Investments.

51

1290 FUNDS

1290 RETIREMENT 2060 FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2023 (Unaudited)

(x) All or a portion of security is on loan at July 31, 2023.

(xx) At July 31, 2023, the Fund had loaned securities with a total value of $311,402. This was collateralized by cash of $319,578 which was subsequently invested in joint repurchase agreements.

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 July 31, 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	$	6,491,905	$	—	$	—	$	6,491,905
Short-Term Investment
Repurchase Agreement		—		319,578		—		319,578
Total Assets	$	6,491,905	$	319,578	$	—	$	6,811,483
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	6,491,905	$	319,578	$	—	$	6,811,483

As of July 31, 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	$	1,127,781
Aggregate gross unrealized depreciation		(28,262	)
Net unrealized appreciation	$	1,099,519
Federal income tax cost of investments in securities and derivative instruments, if applicable	$	5,711,964

See Notes to Portfolio of Investments.

52

1290 FUNDS

1290 SMARTBETA EQUITY FUND

PORTFOLIO OF INVESTMENTS

July 31, 2023 (Unaudited)

	Number of Shares		Value (Note 1)
COMMON STOCKS:
Communication Services (4.6%)
Diversified Telecommunication Services (1.0%)
AT&T, Inc.		28,500	$	413,820
Nippon Telegraph & Telephone Corp.		212,500		243,322
Spark New Zealand Ltd.		84,881		273,088
Swisscom AG (Registered)		922		592,499
Telenor ASA		17,872		191,327
Telstra Group Ltd.		133,153		381,010
				2,095,066
Interactive Media & Services (2.3%)
Alphabet, Inc., Class A*		33,900		4,499,208
Media (0.8%)
Comcast Corp., Class A		29,100		1,317,066
Quebecor, Inc., Class B		8,300		203,181
				1,520,247
Wireless Telecommunication Services (0.5%)
KDDI Corp.		12,700		373,773
Rogers Communications, Inc., Class B		4,800		210,179
T-Mobile US, Inc.*		3,703		510,162
				1,094,114
Total Communication Services				9,208,635
Consumer Discretionary (6.0%)
Automobile Components (0.2%)
Bridgestone Corp.		8,900		368,662
Automobiles (0.6%)
Bayerische Motoren Werke AG		4,953		603,724
Mercedes-Benz Group AG		5,488		438,314
Tesla, Inc.*		899		240,419
				1,282,457
Broadline Retail (1.4%)
Amazon.com, Inc.*		16,100		2,152,248
Dollarama, Inc.		2,900		191,024
Wesfarmers Ltd.		10,269		342,470
				2,685,742
Distributors (0.2%)
Genuine Parts Co.		1,000		155,720
Pool Corp.		555		213,531
				369,251
Hotels, Restaurants & Leisure (0.1%)
Aristocrat Leisure Ltd.		8,814		232,848
Household Durables (0.4%)
DR Horton, Inc.		1,900		241,338
Lennar Corp., Class A		1,600		202,928
Sekisui House Ltd.(x)		17,200		350,492
				794,758
Specialty Retail (2.7%)
AutoZone, Inc.*		200		496,344
Home Depot, Inc. (The)		5,600		1,869,504
Industria de Diseno Textil SA		5,279		202,046
Lowe’s Cos., Inc.		4,100		960,507
O’Reilly Automotive, Inc.*		741		686,011
TJX Cos., Inc. (The)		6,800		588,404
Tractor Supply Co.		1,400		313,586
Ulta Beauty, Inc.*		400		177,920
				5,294,322
Textiles, Apparel & Luxury Goods (0.4%)
Kering SA		311		179,042
LVMH Moet Hennessy Louis Vuitton SE		258		240,582
NIKE, Inc., Class B		3,400		375,326
				794,950
Total Consumer Discretionary				11,822,990
Consumer Staples (11.8%)
Beverages (2.9%)
Brown-Forman Corp., Class B		3,900		275,340
Carlsberg A/S, Class B		1,112		166,782
Coca-Cola Co. (The)		31,500		1,950,795
Diageo plc		7,117		310,314
Heineken NV		4,730		463,585
Keurig Dr Pepper, Inc.		10,132		344,589
Monster Beverage Corp.*		3,314		190,522
PepsiCo, Inc.		11,000		2,062,060
				5,763,987
Consumer Staples Distribution & Retail (2.6%)
Coles Group Ltd.		17,307		211,461
Costco Wholesale Corp.		3,168		1,776,203
Dollar General Corp.		1,700		287,062
George Weston Ltd.		2,100		241,827
Koninklijke Ahold Delhaize NV		14,652		505,608
Loblaw Cos. Ltd.		2,300		204,072
Walmart, Inc.		9,800		1,566,628
Woolworths Group Ltd.		14,776		383,305
				5,176,166
Food Products (3.4%)
Ajinomoto Co., Inc.		4,600		179,034
Archer-Daniels-Midland Co.		8,100		688,176
Danone SA		5,704		348,259
General Mills, Inc.		11,700		874,458
Hershey Co. (The)		3,500		809,585
J M Smucker Co. (The)		2,200		331,430
Kellogg Co.		7,700		515,053
McCormick & Co., Inc. (Non-Voting)		2,100		187,908
Mondelez International, Inc., Class A		18,800		1,393,644
Nestle SA (Registered)		12,000		1,470,741
				6,798,288
Household Products (2.3%)
Church & Dwight Co., Inc.		2,000		191,340
Colgate-Palmolive Co.		12,800		976,128
Henkel AG & Co. KGaA (Preference)(q)		3,969		306,260
Kimberly-Clark Corp.		6,100		787,510
Procter & Gamble Co. (The)		14,100		2,203,830
				4,465,068
Personal Care Products (0.6%)
Beiersdorf AG		2,994		387,786
L’Oreal SA		776		361,079
Unilever plc (Cboe Europe)		4,078		219,323
Unilever plc (London Stock Exchange)		5,289		284,470
				1,252,658
Total Consumer Staples				23,456,167
Energy (1.7%)
Oil, Gas & Consumable Fuels (1.7%)
Chevron Corp.		3,200		523,712
Enbridge, Inc.		29,000		1,066,181
ENEOS Holdings, Inc.		64,400		233,309
Equinor ASA		16,118		490,456
Exxon Mobil Corp.		10,600		1,136,744
Total Energy				3,450,402
Financials (16.7%)
Banks (5.0%)
Bank Hapoalim BM		42,421		377,060

See Notes to Portfolio of Investments.

53

1290 FUNDS

1290 SMARTBETA EQUITY FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2023 (Unaudited)

	Number of Shares		Value (Note 1)
Bank of Montreal		7,300	$	678,377
Bank of Nova Scotia (The)		17,700		891,275
Canadian Imperial Bank of Commerce		9,000		396,405
Commonwealth Bank of Australia		2,502		177,656
DBS Group Holdings Ltd.		11,000		283,407
Israel Discount Bank Ltd., Class A		31,153		165,143
JPMorgan Chase & Co.		7,400		1,168,904
Mitsubishi UFJ Financial Group, Inc.		48,200		388,270
National Bank of Canada		6,200		485,600
Nordea Bank Abp (Aquis Stock Exchange)		23,265		263,626
Nordea Bank Abp (Turquoise Stock Exchange)		13,972		158,058
Oversea-Chinese Banking Corp. Ltd.		22,500		225,042
Royal Bank of Canada		18,600		1,843,990
Sumitomo Mitsui Financial Group, Inc.		10,000		470,530
Toronto-Dominion Bank (The)		18,700		1,233,195
United Overseas Bank Ltd.		27,600		624,749
				9,831,287
Capital Markets (3.0%)
Ameriprise Financial, Inc.		1,500		522,675
ASX Ltd.		7,512		313,395
Bank of New York Mellon Corp. (The)		7,700		349,272
BlackRock, Inc.		683		504,635
Cboe Global Markets, Inc.		1,900		265,392
CME Group, Inc.		1,900		378,024
Deutsche Boerse AG		2,051		393,060
FactSet Research Systems, Inc.		400		174,016
Goldman Sachs Group, Inc. (The)		1,500		533,805
Hong Kong Exchanges & Clearing Ltd.		4,900		204,698
Intercontinental Exchange, Inc.		4,700		539,560
Moody’s Corp.		1,700		599,675
Nasdaq, Inc.		3,400		171,666
S&P Global, Inc.		2,100		828,471
TMX Group Ltd.		9,500		211,087
				5,989,431
Consumer Finance (0.4%)
American Express Co.		4,900		827,512
Financial Services (2.4%)
Berkshire Hathaway, Inc., Class B*		4,500		1,583,820
Fiserv, Inc.*		3,739		471,899
Mastercard, Inc., Class A		2,800		1,103,984
Visa, Inc., Class A		7,000		1,664,110
				4,823,813
Insurance (5.9%)
Admiral Group plc		5,511		150,575
Aflac, Inc.		8,800		636,592
Allianz SE (Registered)		3,356		802,189
American International Group, Inc.		5,400		325,512
Aon plc, Class A		2,200		700,700
Assicurazioni Generali SpA		20,746		442,062
Chubb Ltd.		2,400		490,584
Hannover Rueck SE		1,052		224,568
Hartford Financial Services Group, Inc. (The)		2,600		186,888
Intact Financial Corp.		3,000		443,203
Loews Corp.		5,300		332,045
Manulife Financial Corp.		23,400		467,769
Marsh & McLennan Cos., Inc.		7,000		1,318,940
MS&AD Insurance Group Holdings, Inc.		8,500		316,185
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		1,959		737,933
NN Group NV		7,254		278,195
Progressive Corp. (The)		1,400		176,372
Sampo OYJ, Class A		10,515		463,490
Sompo Holdings, Inc.		9,600		424,515
Sun Life Financial, Inc.		6,400		336,829
Swiss Re AG		1,917		199,823
Tokio Marine Holdings, Inc.		17,500		400,889
Travelers Cos., Inc. (The)		4,400		759,484
W R Berkley Corp.		3,600		222,084
Zurich Insurance Group AG		1,542		744,079
				11,581,505
Total Financials				33,053,548
Health Care (13.6%)
Biotechnology (0.7%)
AbbVie, Inc.		1,452		217,190
Amgen, Inc.		2,106		493,120
CSL Ltd.		795		143,390
Gilead Sciences, Inc.		2,100		159,894
Vertex Pharmaceuticals, Inc.*		1,267		446,415
				1,460,009
Health Care Equipment & Supplies (3.1%)
Abbott Laboratories		15,400		1,714,482
Becton Dickinson & Co.		3,000		835,860
Boston Scientific Corp.*		10,300		534,055
Edwards Lifesciences Corp.*		7,400		607,318
Hoya Corp.		1,900		220,764
IDEXX Laboratories, Inc.*		562		311,758
Medtronic plc		13,400		1,175,984
ResMed, Inc.		1,200		266,820
Stryker Corp.		1,300		368,433
				6,035,474
Health Care Providers & Services (2.8%)
AmerisourceBergen Corp.		2,200		411,180
Cigna Group (The)		1,800		531,180
CVS Health Corp.		9,500		709,555
Elevance Health, Inc.		1,700		801,771
HCA Healthcare, Inc.		1,100		300,091
Humana, Inc.		300		137,049
McKesson Corp.		1,700		684,080
UnitedHealth Group, Inc.		3,800		1,924,206
				5,499,112
Life Sciences Tools & Services (1.3%)
Agilent Technologies, Inc.		3,500		426,195
Mettler-Toledo International, Inc.*		200		251,494
Thermo Fisher Scientific, Inc.		2,000		1,097,320
Waters Corp.*		900		248,589
West Pharmaceutical Services, Inc.		1,400		515,256
				2,538,854
Pharmaceuticals (5.7%)
Astellas Pharma, Inc.		20,500		299,795
AstraZeneca plc		1,309		187,914
Bristol-Myers Squibb Co.		10,700		665,433
Eli Lilly and Co.		2,900		1,318,195
GSK plc		11,495		204,258
Johnson & Johnson		13,979		2,341,902
Merck & Co., Inc.		12,700		1,354,455
Merck KGaA		2,813		494,244
Novartis AG (Registered)		8,181		854,359
Novo Nordisk A/S, Class B		4,065		655,088
Pfizer, Inc.		23,700		854,622
Roche Holding AG		2,282		708,112
Sanofi		4,752		507,278

See Notes to Portfolio of Investments.

54

1290 FUNDS

1290 SMARTBETA EQUITY FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2023 (Unaudited)

	Number of Shares		Value (Note 1)
Zoetis, Inc., Class A		4,600	$	865,214
				11,310,869
Total Health Care				26,844,318
Industrials (17.9%)
Aerospace & Defense (1.0%)
Airbus SE		2,956		435,451
Lockheed Martin Corp.		1,800		803,466
Northrop Grumman Corp.		1,500		667,500
				1,906,417
Air Freight & Logistics (1.0%)
DHL Group		8,646		444,133
Expeditors International of Washington, Inc.		4,800		611,040
Nippon Express Holdings, Inc.		4,600		269,504
United Parcel Service, Inc., Class B		3,500		654,955
				1,979,632
Building Products (1.4%)
Allegion plc		5,500		642,730
Assa Abloy AB, Class B		13,662		328,363
Carrier Global Corp.		4,800		285,840
Daikin Industries Ltd.		1,000		201,666
Geberit AG (Registered)		619		350,226
Trane Technologies plc		4,500		897,480
				2,706,305
Commercial Services & Supplies (1.2%)
Brambles Ltd.		40,979		387,285
Cintas Corp.		844		423,722
Copart, Inc.*		5,157		455,827
Republic Services, Inc., Class A		1,100		166,221
Secom Co. Ltd.		2,500		167,522
Waste Management, Inc.		4,300		704,297
				2,304,874
Construction & Engineering (0.1%)
WSP Global, Inc.		1,400		192,856
Electrical Equipment (0.9%)
ABB Ltd. (Registered)		10,619		424,492
Eaton Corp. plc		4,900		1,006,068
Schneider Electric SE		2,328		414,764
				1,845,324
Ground Transportation (2.1%)
Canadian National Railway Co.		7,400		896,990
Canadian Pacific Kansas City Ltd.		5,878		483,649
CSX Corp.		26,701		889,677
Hankyu Hanshin Holdings, Inc.		8,100		268,795
Old Dominion Freight Line, Inc.		700		293,643
Union Pacific Corp.		6,100		1,415,322
				4,248,076
Industrial Conglomerates (1.5%)
3M Co.		9,200		1,025,800
General Electric Co.		1,800		205,632
Honeywell International, Inc.		7,100		1,378,323
Siemens AG (Registered)		2,495		425,149
				3,034,904
Machinery (4.4%)
Atlas Copco AB, Class A		35,680		507,419
Caterpillar, Inc.		3,600		954,612
CNH Industrial NV		12,477		179,849
Cummins, Inc.		1,000		260,800
Deere & Co.		2,000		859,200
Dover Corp.		2,600		379,522
Epiroc AB, Class A		10,331		206,200
Fortive Corp.		2,400		188,040
GEA Group AG		3,889		165,009
IDEX Corp.		1,700		383,877
Illinois Tool Works, Inc.		4,800		1,263,936
Knorr-Bremse AG		3,781		265,812
Kone OYJ, Class B		3,952		202,662
Otis Worldwide Corp.		3,900		354,744
PACCAR, Inc.		10,771		927,706
Pentair plc		5,900		410,050
Snap-on, Inc.		1,600		435,904
Volvo AB, Class B		22,816		502,969
Xylem, Inc.		2,400		270,600
				8,718,911
Marine Transportation (0.1%)
Kuehne + Nagel International AG (Registered)		850		256,935
Professional Services (2.3%)
Automatic Data Processing, Inc.		5,705		1,410,618
Broadridge Financial Solutions, Inc.		2,400		403,008
Jacobs Solutions, Inc.		1,600		200,656
Leidos Holdings, Inc.		2,034		190,240
Paychex, Inc.		4,091		513,298
Thomson Reuters Corp.		4,545		613,514
Verisk Analytics, Inc., Class A		1,600		366,304
Wolters Kluwer NV		6,349		797,199
				4,494,837
Trading Companies & Distributors (1.9%)
Brenntag SE		4,227		327,562
Fastenal Co.		12,442		729,226
ITOCHU Corp.(x)		16,000		646,680
Mitsubishi Corp.		8,400		428,960
Mitsui & Co. Ltd.		15,500		603,701
Sumitomo Corp.		16,800		359,819
WW Grainger, Inc.		800		590,792
				3,686,740
Total Industrials				35,375,811
Information Technology (19.0%)
Communications Equipment (1.1%)
Cisco Systems, Inc.		25,594		1,331,912
Motorola Solutions, Inc.		2,700		773,901
				2,105,813
Electronic Equipment, Instruments & Components (1.1%)
Amphenol Corp., Class A		8,700		768,297
CDW Corp.		3,200		598,624
Hexagon AB, Class B		20,718		200,658
Keysight Technologies, Inc.*		1,900		306,052
Murata Manufacturing Co. Ltd.		2,800		163,849
TE Connectivity Ltd.		1,300		186,537
				2,224,017
IT Services (1.5%)
Accenture plc, Class A		4,200		1,328,670
Bechtle AG		5,404		237,846
CGI, Inc.*		1,600		162,591
Fujitsu Ltd.		1,400		180,923
Gartner, Inc.*		900		318,231
International Business Machines Corp.		3,800		547,884
VeriSign, Inc.*		1,395		294,275
				3,070,420
Semiconductors & Semiconductor Equipment (3.9%)
Applied Materials, Inc.		3,940		597,265
ASML Holding NV		1,376		986,721
Broadcom, Inc.		1,087		976,832
KLA Corp.		500		256,975
Microchip Technology, Inc.		2,451		230,247
NVIDIA Corp.		3,612		1,687,851
NXP Semiconductors NV		2,814		627,466

See Notes to Portfolio of Investments.

55

1290 FUNDS

1290 SMARTBETA EQUITY FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2023 (Unaudited)

	Number of Shares		Value (Note 1)
QUALCOMM, Inc.		4,900	$	647,633
Texas Instruments, Inc.		9,600		1,728,000
				7,738,990
Software (6.2%)
Adobe, Inc.*		2,533		1,383,449
Autodesk, Inc.*		1,948		412,956
Cadence Design Systems, Inc.*		3,160		739,472
Constellation Software, Inc.		100		211,274
Fair Isaac Corp.*		200		167,594
Microsoft Corp.		22,710		7,628,743
Open Text Corp.		4,500		193,288
Roper Technologies, Inc.		1,600		788,880
Synopsys, Inc.*		1,445		652,851
				12,178,507
Technology Hardware, Storage & Peripherals (5.2%)
Apple, Inc.		47,600		9,351,020
Canon, Inc.		10,500		271,089
FUJIFILM Holdings Corp.		3,700		214,486
HP, Inc.		7,000		229,810
NetApp, Inc.		2,900		226,229
				10,292,634
Total Information Technology				37,610,381
Materials (2.0%)
Chemicals (1.5%)
Air Liquide SA		1,364		244,994
Air Products and Chemicals, Inc.		1,000		305,330
Corteva, Inc.		4,900		276,507
Ecolab, Inc.		2,300		421,222
Givaudan SA (Registered)		154		519,014
Mitsubishi Chemical Group Corp.		37,400		223,324
PPG Industries, Inc.		1,300		187,070
Sherwin-Williams Co. (The)		2,900		801,850
				2,979,311
Metals & Mining (0.5%)
BHP Group Ltd.		7,744		239,328
Franco-Nevada Corp.		3,100		452,358
Rio Tinto Ltd.		2,153		169,303
Rio Tinto plc		3,125		206,539
				1,067,528
Total Materials				4,046,839
Real Estate (1.9%)
Diversified REITs (0.1%)
Nomura Real Estate Master Fund, Inc. (REIT)(x)		138		164,127
Industrial REITs (0.1%)
Goodman Group (REIT)		18,902		260,786
Office REITs (0.2%)
Dexus (REIT)		39,018		215,433
Nippon Building Fund, Inc. (REIT)		41		171,764
				387,197
Real Estate Management & Development (0.1%)
Mitsubishi Estate Co. Ltd.		15,400		188,028
Residential REITs (0.4%)
AvalonBay Communities, Inc. (REIT)		2,200		415,030
Equity Residential (REIT)		3,400		224,196
Essex Property Trust, Inc. (REIT)		864		210,427
				849,653
Retail REITs (0.2%)
Realty Income Corp. (REIT)		5,900		359,723
Specialized REITs (0.8%)
American Tower Corp. (REIT)		3,200		608,992
Crown Castle, Inc. (REIT)		5,300		573,937
Equinix, Inc. (REIT)		200		161,984
Iron Mountain, Inc. (REIT)		3,300		202,620
				1,547,533
Total Real Estate				3,757,047
Utilities (3.6%)
Electric Utilities (1.3%)
Chubu Electric Power Co., Inc.		18,300		229,289
Enel SpA		47,007		324,163
Eversource Energy		10,900		788,397
Hydro One Ltd.(m)		6,600		186,190
Iberdrola SA		47,505		593,092
Terna - Rete Elettrica Nazionale		58,178		491,776
				2,612,907
Gas Utilities (0.5%)
Atmos Energy Corp.		5,688		692,286
Hong Kong & China Gas Co. Ltd.		308,000		263,417
				955,703
Multi-Utilities (1.6%)
CMS Energy Corp.		2,600		158,782
Consolidated Edison, Inc.		7,600		720,936
E.ON SE		37,794		478,085
National Grid plc		26,197		346,789
Public Service Enterprise Group, Inc.		7,300		460,776
Sempra		5,800		864,316
WEC Energy Group, Inc.		1,700		152,762
				3,182,446
Water Utilities (0.2%)
American Water Works Co., Inc.		2,100		309,603
Total Utilities				7,060,659
Total Common Stocks (98.8%) (Cost $175,912,608)				195,686,797
SHORT-TERM INVESTMENTS:
Investment Companies (1.0%)
BlackRock Liquidity FedFund, Institutional Shares 5.15% (7 day yield)(xx)		300,000		300,000
Dreyfus Treasury Obligations Cash Management Fund 5.15% (7 day yield)(xx)		200,000		200,000
JPMorgan Prime Money Market Fund, IM Shares 5.49% (7 day yield)		1,346,434		1,346,704
Total Investment Companies				1,846,704

See Notes to Portfolio of Investments.

56

1290 FUNDS

1290 SMARTBETA EQUITY FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2023 (Unaudited)

	Principal Amount		Value (Note 1)
Repurchase Agreement (0.1%)
HSBC Securities, Inc., 5.28%, dated 7/31/23, due 8/1/23, repurchase price $251,897, collateralized by various U.S. Government Treasury Securities, ranging from 0.000%-0.125%, maturing 12/28/23-2/15/53; total market value $256,935. (xx)	$	251,860	$	251,860
Total Short-Term Investments (1.1%) (Cost $2,098,564)				2,098,564
Total Investments in Securities (99.9%) (Cost $178,011,172)				197,785,361
Other Assets Less Liabilities (0.1%)				189,260
Net Assets (100%)			$	197,974,621

* Non-income producing.

(m) Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At July 31, 2023, the market value or fair value, as applicable, of these securities amounted to $186,190 or 0.1% of net assets.

(q) Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.

(x) All or a portion of security is on loan at July 31, 2023.

(xx) At July 31, 2023, the Fund had loaned securities with a total value of $970,106. This was collateralized by $297,938 of various U.S. Government Treasury Securities, ranging from 0.125% – 4.625%, maturing 7/31/23 – 8/15/50 and by cash of $751,860 which was subsequently invested in investment companies and joint repurchase agreements.

Glossary:

REIT — Real Estate Investment Trust

Country Diversification

As a Percentage of Total Net Assets

Australia	1.8	%
Canada	6.3
China	0.3
Denmark	0.4
Finland	0.6
France	0.9
Germany	3.4
Hong Kong	0.2
Israel	0.3
Italy	0.6
Japan	4.6
Netherlands	1.5
New Zealand	0.1
Norway	0.3
Singapore	0.6
Spain	0.4
Sweden	0.9
Switzerland	1.9
United Kingdom	0.9
United States	73.9
Cash and Other	0.1
	100.0	%

See Notes to Portfolio of Investments.

57

1290 FUNDS

1290 SMARTBETA EQUITY FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 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 July 31, 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	$	7,153,616	$	2,055,019	$	—	$	9,208,635
Consumer Discretionary		8,864,810		2,958,180		—		11,822,990
Consumer Staples		17,858,160		5,598,007		—		23,456,167
Energy		2,726,637		723,765		—		3,450,402
Financials		23,824,351		9,229,197		—		33,053,548
Health Care		22,569,116		4,275,202		—		26,844,318
Industrials		25,807,685		9,568,126		—		35,375,811
Information Technology		35,354,809		2,255,572		—		37,610,381
Materials		2,444,337		1,602,502		—		4,046,839
Real Estate		2,756,909		1,000,138		—		3,757,047
Utilities		4,334,048		2,726,611		—		7,060,659
Short-Term Investments
Investment Companies		1,846,704		—		—		1,846,704
Repurchase Agreement		—		251,860		—		251,860
Total Assets	$	155,541,182	$	42,244,179	$	—	$	197,785,361
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	155,541,182	$	42,244,179	$	—	$	197,785,361

As of July 31, 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	$	23,736,171
Aggregate gross unrealized depreciation		(4,127,913	)
Net unrealized appreciation	$	19,608,258
Federal income tax cost of investments in securities and derivative instruments, if applicable	$	178,177,103

See Notes to Portfolio of Investments.

58

1290 FUNDS

NOTES TO PORTFOLIO OF INVESTMENTS

July 31, 2023 (Unaudited)

Note 1 Valuation

The Board of Trustees (the “Board”) of the 1290 Funds (the “Trust”) is primarily responsible for overseeing that appropriate valuation methods are used to price securities and other investments for each series (each, a “Fund” and collectively, the “Funds”) of the Trust. Section 2(a)(41) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires funds to value their portfolio investments using: (i) the market value of their portfolio securities when market quotations are “readily available” and (ii) the investment’s fair value, as determined in good faith by the Board, when a market quotation for a portfolio security is not readily available or if the investment is not a security. Rule 2a-5 under 1940 Act (“Rule 2a-5”) permits the Board to designate a “valuation designee” to perform the fair value determinations for any and all Fund investments, subject to Board oversight and certain other requirements designed to facilitate the Board’s ability to effectively oversee fair value determinations. Pursuant to Rule 2a-5, the Board designated Equitable Investment Management, LLC, the Trust’s investment adviser (the “Adviser”), as the Funds’ valuation designee. As the Funds’ valuation designee, the Adviser is responsible for determining fair value in good faith for any and all Fund investments. The Adviser has adopted pricing procedures (“Pricing Procedures”) to establish methods for valuing portfolio securities and other investments held by the Trust and its respective Funds, in accordance with 2(a)(41) of the 1940 Act and Rule 2a-5. The Board has delegated the responsibility of calculating the net asset values (“NAVs”) of each of the Trust’s Funds and classes pursuant to these Pricing Procedures to the Trust’s administrator, Equitable Investment Management, LLC (the “Administrator”). 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. The valuation designee has established a valuation committee (the “Committee”) with day-to-day responsibility for, among other things, determining when market values for assets held by the Trust are not readily available, determining the fair value of any such asset and making the actual calculation of the fair value of any such asset in accordance with the Pricing Procedures. The Committee is comprised of senior employees from the Adviser.

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 July 31, 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 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.

59

1290 FUNDS

NOTES TO PORTFOLIO OF INVESTMENTS (Concluded)

July 31, 2023 (Unaudited)

Accounting for Derivative Instruments:

Derivatives accounted for as hedging instruments must be disclosed separately from those that do not qualify for hedge accounting. Even though the Funds may use derivatives in an attempt to achieve an economic hedge, the Fund’s derivatives are not accounted for as hedging instruments because the Funds account for their derivatives at fair value and record any changes in fair value in current period earnings. All open derivative positions at period end are reflected on each respective Fund’s Portfolio of Investments.

For more information on each Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to a Fund’s most recent semi-annual or annual report.

60