# EDGAR Filing Document

**Accession Number:** 0001605941
**File Stem:** 0001752724-23-071207
**Filing Date:** 2023-3
**Character Count:** 224551
**Document Hash:** 33ffa87ce5d65bcf84ed94c8cb8cae2e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-071207.hdr.sgml**: 20230329

**ACCESSION NUMBER**: 0001752724-23-071207

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230329

**DATE AS OF CHANGE**: 20230329

**PERIOD START**: 20231031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** 1290 Funds
- **CENTRAL INDEX KEY:** 0001605941
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22959
- **FILM NUMBER:** 23772975

**BUSINESS ADDRESS:**
- **STREET 1:** 1290 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10104
- **BUSINESS PHONE:** 212-554-1234

**MAIL ADDRESS:**
- **STREET 1:** 1290 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10104

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** 1290 Funds Trust
- **DATE OF NAME CHANGE:** 20140418

## Series and Classes Contracts Data

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

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

## Nport-Ex

**1290 FUNDS** 

1290 DIVERSIFIED BOND FUND

PORTFOLIO OF INVESTMENTS

January 31, 2023 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** | **Value**<br>**(Note 1)** |
|  LONG-TERM DEBT SECURITIES: |  |  |
|  **Collateralized Mortgage Obligations (0.1%)** |  |  |
|  Residential Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3 A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.633%, 9/25/59(l)§ | $146092 | $143049 |
|  TDA CAM FTA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 9 B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.868%, 4/28/50(l)(m) | 800000 | 719148 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Collateralized Mortgage Obligations** |  | 862197 |
|  **Commercial Mortgage-Backed Securities (2.7%)** |  |  |
|  JPMDB Commercial Mortgage Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C8 C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.811%, 6/15/51(l) | $12000000 | 10316790 |
|  Wells Fargo Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C49 D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 3/15/52§ | 11154000 | 7862974 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Commercial Mortgage-Backed Securities** |  | 18179764 |
|  **Convertible Bond (0.5%)** |  |  |
|  **Information Technology (0.5%)** |  |  |
|  ***Technology Hardware, Storage & Peripherals (0.5%)*** |  |  |
|  Western Digital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 2/1/24(e) | 3450000 | 3312000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 3312000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Convertible Bond** |  | 3312000 |
|  **Corporate Bonds (12.8%)** |  |  |
|  **Communication Services (2.3%)** |  |  |
|  ***Interactive Media & Services (1.6%)*** |  |  |
|  Meta Platforms, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 8/15/52 | 12205000 | 10586965 |
|  ***Wireless Telecommunication Services (0.7%)*** |  |  |
|  T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 1/15/53 | 4675000 | 4834209 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 15421174 |
|  **Consumer Discretionary (2.9%)** |  |  |
|  ***Automobiles (1.3%)*** |  |  |
|  General Motors Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 10/15/32 | 5836000 | 5729765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 4/1/45 | 3540000 | 3084444 |
|  |  | 8814209 |
|  ***Hotels, Restaurants & Leisure (0.2%)*** |  |  |
|  Starbucks Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 11/15/30 | 1448000 | 1257685 |
|  ***Specialty Retail (1.4%)*** |  |  |
|  Lowe's Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 4/15/53 | 8891000 | 9139108 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 19211002 |
|  **Energy (3.4%)** |  |  |
|  ***Oil, Gas & Consumable Fuels (3.4%)*** |  |  |
|  Devon Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 9/30/31 | 1190000 | 1391932 |
|  Diamondback Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 3/15/33 | 5880000 | 6238825 |
|  Energean Israel Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 3/30/31(m)(x) | 7380000 | 6618015 |
|  Hess Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 10/1/29 | 410000 | 465375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.300%, 8/15/31 | 750000 | 835147 |
|  New Fortress Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 9/15/25§ | 7060000 | 6777388 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 22326682 |
|  **Financials (2.7%)** |  |  |
|  ***Banks (1.7%)*** |  |  |
|  Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.94%), 3.785%, 3/17/33(k) | 5100000 | 4586114 |
|  JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.08%), 4.912%, 7/25/33(k) | 6470000 | 6415401 |
|  |  | 11001515 |
|  ***Capital Markets (0.8%)*** |  |  |
|  Ares Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 3/1/25 | 1070000 | 1034745 |
|  Golub Capital BDC, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 8/24/26 | 5275000 | 4611937 |
|  |  | 5646682 |
|  ***Thrifts & Mortgage Finance (0.2%)*** |  |  |
|  United Wholesale Mortgage LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 4/15/29§ | 1271000 | 1090010 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 17738207 |
|  **Information Technology (0.5%)** |  |  |
|  ***Technology Hardware, Storage & Peripherals (0.5%)*** |  |  |
|  Dell International LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 12/15/41§ | 4790000 | 3435435 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 3435435 |
|  **Materials (0.2%)** |  |  |
|  ***Metals & Mining (0.2%)*** |  |  |
|  First Quantum Minerals Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 4/1/25§ | 1580000 | 1556379 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 1556379 |
|  **Real Estate (0.8%)** |  |  |
|  ***Equity Real Estate Investment Trusts (REITs) (0.8%)*** |  |  |
|  Equinix, Inc. (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 5/15/31 | 5925000 | 4931684 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 4931684 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bonds** |  | 84620563 |
|  **Foreign Government Securities (28.2%)** |  |  |
|  Bonos de la Tesoreria |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 8/12/32 | 213420000 | 48504732 |
|  Notas do Tesouro Nacional |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000%, 1/1/33 | 311920000 | 51505257 |

---

See Notes to Portfolio of Investments.

------

**1290 FUNDS** 

1290 DIVERSIFIED BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br>**Amount** |  | **Value**<br>**(Note 1)** |
|  Republic of South Africa |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2048 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750%, 2/28/48 | 691400000 |  | $31380433 |
|  Titulos de Tesoreria |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 3/26/31 | 220670000000 |  | 35016857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 10/26/50 | 159800000000 |  | 20824137 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Government Securities** |  |  | 187231416 |
|  **Mortgage-Backed Securities (24.2%)** |  |  |  |
|  FHLMC UMBS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 7/1/52 | $31132095 |  | 30007529 |
|  FNMA UMBS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/1/52 | 31649930 |  | 30526440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/1/52 | 5821276 |  | 5840485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/1/52 | 32143731 |  | 32239751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 1/1/53 | 29881302 |  | 30329829 |
|  GNMA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/20/52 | 3456226 |  | 3476469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 10/20/52 | 27370096 |  | 27793938 |
|  **Total Mortgage-Backed Securities** |  |  | 160214441 |
|  **U.S. Treasury Obligations (25.5%)** |  |  |  |
|  U.S. Treasury Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 2/15/52 | 64530000 |  | 48079367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/15/52 | 104930000 |  | 89726504 |
|  U.S. Treasury Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury 3 Month Bill Money Market Yield + 0.04%), 4.666%, 7/31/24(k) | 31340000 |  | 31304385 |
|  **Total U.S. Treasury Obligations** |  |  | 169110256 |
|  **Total Long-Term Debt Securities (94.0%)**<br> *(Cost $646,439,491)* | **Total Long-Term Debt Securities (94.0%)**<br> *(Cost $646,439,491)* |  | 623530637 |
|  | **Number of<br>Shares** |  |  |
|  SHORT-TERM INVESTMENTS: |  |  |  |
|  **Investment Company (1.5%)** |  |  |  |
|  JPMorgan Prime Money Market Fund, IM Shares | 9566031 |  | 9571770 |
|  | **Principal**<br>**Amount** |  |  |
|  **Repurchase Agreement (0.2%)** |  |  |  |
|  Deutsche Bank Securities, Inc., 4.28%, dated 1/31/23, due 2/1/23, repurchase price $1,642,816,collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 2/15/26-11/15/50; total market value $1,675,473. (xx) | $1642621 |  | 1642621 |
|  **Total Short-Term Investments (1.7%)**<br> *(Cost $11,214,391)* | **Total Short-Term Investments (1.7%)**<br> *(Cost $11,214,391)* |  | 11214391 |
|  **Total Investments in Securities (95.7%)**<br> *(Cost $657,653,882)* | **Total Investments in Securities (95.7%)**<br> *(Cost $657,653,882)* |  | 634745028 |
|  **Other Assets Less Liabilities (4.3%)** | **Other Assets Less Liabilities (4.3%)** |  | 28652483 |
|  **Net Assets (100%)** | **Net Assets (100%)** |  | $663397511 |

---

---

| | |
|:---|:---|
| *§* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At January 31, 2023, the market value of these securities amounted to $20,865,235 or 3.1% of net assets.*  |

---

*(e)* *Step Bond - Coupon rate increases or decreases in increments to maturity. Rate disclosed is as of January 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 January 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 January 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 January 31, 2023, the market value or fair value, as applicable, of these securities amounted to $7,337,163 or 1.1% of net assets.* 

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

*(xx)* *At January 31, 2023, the Fund had loaned securities with a total value of $1,620,632. This was collateralized by cash of $1,642,621 which was subsequently invested in joint repurchase agreements.* 

See Notes to Portfolio of Investments.

------

**1290 FUNDS** 

1290 DIVERSIFIED BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2023 (Unaudited)

*Glossary:* 

*AUD — Australian Dollar* 

*BRL — Brazilian Real* 

*CAD — Canadian Dollar* 

*CHF — Swiss Franc* 

*CLP — Chilean Peso* 

*COP — Colombian Peso* 

*EUR — European Currency Unit* 

*FHLMC — Federal Home Loan Mortgage Corp.* 

*FNMA — Federal National Mortgage Association* 

*GNMA — Government National Mortgage Association* 

*HUF — Hungarian Forint* 

*JPY — Japanese Yen* 

*KRW — Korean (South) Won* 

*MXN — Mexican Peso* 

*NOK — Norwegian Krone* 

*NZD — New Zealand Dollar* 

*PEN — Peruvian Sol* 

*PLN — Polish Zloty* 

*SEK — Swedish Krona* 

*SOFR — Secured Overnight Financing Rate* 

*THB — Thailand Baht* 

*UMBS — Uniform Mortgage-Backed Securities* 

*USD — United States Dollar* 

*ZAR — South African Rand* 

**Country Diversification** 

As a Percentage of Total Net Assets

---

| | |
|:---|:---|
|  Brazil | 7.8% |
|  Colombia | 8.4 |
|  Israel | 1 |
|  Peru | 7.3 |
|  South Africa | 4.7 |
|  Spain | 0.1 |
|  United States | 66.1 |
|  Zambia | 0.3 |
|  Cash and Other | 4.3 |
|  | 100.0% |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Trading<br>Currency** | **Notional<br>Amount ($)** | **Value and<br>Unrealized<br>Appreciation**<br>**(Depreciation) ($)** |
|  **Long Contracts** |  |  |  |  |  |
|  U.S. Treasury 10 Year Note | 493 | 3/2023 | USD | 56456203 | (192299) |
|  U.S. Treasury Ultra Bond | 1033 | 3/2023 | USD | 146427750 | 3410022 |
|  |  |  |  |  | 3217723 |
|  **Short Contracts** |  |  |  |  |  |
|  Japan 10 Year Bond | (333) | 3/2023 | JPY | (374943187) | 2774442 |
|  |  |  |  |  | 2774442 |
|  |  |  |  |  | 5992165 |

---

See Notes to Portfolio of Investments.

------

**1290 FUNDS** 

1290 DIVERSIFIED BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2023 (Unaudited)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation) ($)** |
|  EUR | 6430000 | USD | 6808872 | Morgan Stanley | 2/3/2023 | 182008 |
|  SEK | 330900000 | USD | 30194361 | HSBC Bank plc | 2/6/2023 | 1455699 |
|  USD | 18654081 | ZAR | 324900000 | HSBC Bank plc | 2/15/2023 | 2337 |
|  USD | 27256039 | ZAR | 467700000 | Morgan Stanley | 2/15/2023 | 406483 |
|  HUF | 5310000000 | USD | 13208955 | Goldman Sachs Bank USA | 2/23/2023 | 1448238 |
|  HUF | 5320000000 | USD | 13576624 | Morgan Stanley | 2/23/2023 | 1108172 |
|  HUF | 4860000000 | USD | 11882777 | National Australia Bank Ltd. | 2/23/2023 | 1532281 |
|  CLP | 24320000000 | USD | 26761889 | HSBC Bank plc<sup>\*\*</sup> | 3/6/2023 | 3645043 |
|  KRW | 42770000000 | USD | 32896204 | Citibank NA<sup>\*\*</sup> | 3/8/2023 | 1866482 |
|  THB | 1368500000 | USD | 39666667 | HSBC Bank plc | 3/10/2023 | 1938250 |
|  JPY | 3474000000 | USD | 26563492 | JPMorgan Chase Bank | 3/14/2023 | 267628 |
|  NZD | 50830000 | USD | 32383341 | Goldman Sachs Bank USA | 3/20/2023 | 485001 |
|  PLN | 125400000 | USD | 28758144 | HSBC Bank plc | 4/20/2023 | 23691 |
|  CAD | 26500000 | USD | 19682700 | Citibank NA | 4/25/2023 | 247327 |
|  USD | 26892272 | COP | 126750000000 | JPMorgan Chase Bank<sup>\*\*</sup> | 4/27/2023 | 190356 |
|  MXN | 258200000 | USD | 13454784 | Citibank NA | 4/28/2023 | 47690 |
|  EUR | 30420000 | USD | 33199019 | HSBC Bank plc | 5/5/2023 | 56602 |
|  USD | 50615843 | PEN | 195200000 | HSBC Bank plc<sup>\*\*</sup> | 5/9/2023 | 214987 |
|  **Total unrealized appreciation** | **Total unrealized appreciation** | **Total unrealized appreciation** |  |  |  | 15118275 |
|  USD | 40274286 | EUR | 37810000 | Barclays Bank plc | 2/3/2023 | (833833) |
|  USD | 33592406 | EUR | 31340000 | Morgan Stanley | 2/3/2023 | (481342) |
|  USD | 31319449 | SEK | 330900000 | Morgan Stanley | 2/6/2023 | (330611) |
|  PEN | 195200000 | USD | 50966057 | HSBC Bank plc<sup>\*\*</sup> | 2/7/2023 | (221448) |
|  USD | 49475626 | PEN | 195200000 | HSBC Bank plc<sup>\*\*</sup> | 2/7/2023 | (1268984) |
|  ZAR | 227700000 | USD | 13133533 | HSBC Bank plc | 2/15/2023 | (61812) |
|  USD | 13621150 | HUF | 5250000000 | Goldman Sachs Bank USA | 2/23/2023 | (870425) |
|  USD | 28730573 | CLP | 24320000000 | HSBC Bank plc<sup>\*\*</sup> | 3/6/2023 | (1676357) |
|  AUD | 48590000 | USD | 34591160 | Barclays Bank plc | 3/7/2023 | (251208) |
|  USD | 33543621 | AUD | 48590000 | Morgan Stanley | 3/7/2023 | (796332) |
|  USD | 33543476 | KRW | 42770000000 | Citibank NA<sup>\*\*</sup> | 3/8/2023 | (1219210) |
|  USD | 39686829 | THB | 1368500000 | HSBC Bank plc | 3/10/2023 | (1918088) |
|  USD | 27053088 | CHF | 24970000 | Goldman Sachs Bank USA | 3/13/2023 | (332768) |
|  JPY | 1761000000 | USD | 13915740 | Morgan Stanley | 3/14/2023 | (314818) |
|  USD | 19838741 | JPY | 2677000000 | JPMorgan Chase Bank | 3/14/2023 | (836822) |
|  USD | 5911794 | JPY | 797000000 | Morgan Stanley | 3/14/2023 | (243762) |
|  NOK | 264800000 | USD | 26865520 | Goldman Sachs Bank USA | 3/20/2023 | (280687) |
|  NOK | 325500000 | USD | 33548584 | Morgan Stanley | 3/20/2023 | (869720) |
|  USD | 65750737 | NZD | 103160000 | Goldman Sachs Bank USA | 3/20/2023 | (955896) |
|  SEK | 346200000 | USD | 33556592 | Barclays Bank plc | 4/14/2023 | (323728) |
|  USD | 33143459 | SEK | 346200000 | HSBC Bank plc | 4/14/2023 | (89404) |
|  USD | 28664168 | PLN | 125400000 | HSBC Bank plc | 4/20/2023 | (117667) |
|  COP | 151660000000 | USD | 32961749 | JPMorgan Chase Bank<sup>\*\*</sup> | 4/27/2023 | (1012144) |
|  USD | 13301531 | MXN | 258200000 | JPMorgan Chase Bank | 4/28/2023 | (200944) |
|  **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** |  |  |  | (15508010) |
|  **Net unrealized depreciation** | **Net unrealized depreciation** | **Net unrealized depreciation** |  |  |  | (389735) |

---

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

See Notes to Portfolio of Investments.

------

**1290 FUNDS** 

1290 DIVERSIFIED BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 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 January 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**<br>**Quoted Prices in Active**<br>**Markets for Identical**<br>**Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3**<br>**Significant Unobservable**<br>**Inputs (including the**<br>**Fund's own**<br>**assumptions in**<br>**determining the fair**<br>**value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Collateralized Mortgage Obligations** | $— | $862197 | $— | $862197 |
|  **Commercial Mortgage-Backed Securities** |  | 18179764 |  | 18179764 |
|  **Convertible Bonds** |  |  |  |  |
|  Information Technology |  | 3312000 |  | 3312000 |
|  **Corporate Bonds** |  |  |  |  |
|  Communication Services |  | 15421174 |  | 15421174 |
|  Consumer Discretionary |  | 19211002 |  | 19211002 |
|  Energy |  | 22326682 |  | 22326682 |
|  Financials |  | 17738207 |  | 17738207 |
|  Information Technology |  | 3435435 |  | 3435435 |
|  Materials |  | 1556379 |  | 1556379 |
|  Real Estate |  | 4931684 |  | 4931684 |
|  **Foreign Government Securities** |  | 187231416 |  | 187231416 |
|  **Forward Currency Contracts** |  | 15118275 |  | 15118275 |
|  **Futures** | 6184464 |  |  | 6184464 |
|  **Mortgage-Backed Securities** |  | 160214441 |  | 160214441 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Company | 9571770 |  |  | 9571770 |
|  Repurchase Agreement |  | 1642621 |  | 1642621 |
|  **U.S. Treasury Obligations** |  | 169110256 |  | 169110256 |
|  **Total Assets** | $**15756234** | $**640291533** | $**—** | $**656047767** |
|  **Liabilities:** |  |  |  |  |
|  **Forward Currency Contracts** | $— | $(15508010) | $— | $(15508010) |
|  **Futures** | (192299) |  |  | (192299) |
|  **Total Liabilities** | $**(192299)** | $**(15508010)** | $**—** | $**(15700309)** |
|  **Total** | $**15563935** | $**624783523** | $**—** | $**640347458** |

---

As of January 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 | $28679008 |
|  Aggregate gross unrealized depreciation | (41612436) |
|  Net unrealized depreciation | $(12933428) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $653280886 |

---

See Notes to Portfolio of Investments.

------

**1290 FUNDS** 

1290 ESSEX SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS

January 31, 2023 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: |  |  |
|  **Consumer Discretionary (10.9%)** |  |  |
|  ***Auto Components (3.0%)*** |  |  |
|  Patrick Industries, Inc. | 4965 | $352366 |
|  Superior Industries International, Inc.\* | 75473 | 426423 |
|  |  | 778789 |
|  ***Diversified Consumer Services (0.6%)*** |  |  |
|  Chegg, Inc.\* | 7760 | 161098 |
|  ***Hotels, Restaurants & Leisure (1.1%)*** |  |  |
|  Kura Sushi USA, Inc., Class A\* | 4596 | 285595 |
|  ***Household Durables (3.1%)*** |  |  |
|  Century Communities, Inc. | 5219 | 319403 |
|  Skyline Champion Corp.\* | 6813 | 401626 |
|  Vuzix Corp.(x)\* | 21201 | 110457 |
|  |  | 831486 |
|  ***Internet & Direct Marketing Retail (2.1%)*** |  |  |
|  CarParts.com, Inc.\* | 29492 | 201135 |
|  Porch Group, Inc.\* | 60346 | 178021 |
|  Revolve Group, Inc.\* | 6490 | 185225 |
|  |  | 564381 |
|  ***Specialty Retail (1.0%)*** |  |  |
|  Five Below, Inc.\* | 1339 | 263957 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 2885306 |
|  **Consumer Staples (4.3%)** |  |  |
|  ***Food & Staples Retailing (0.4%)*** |  |  |
|  Grocery Outlet Holding Corp.\* | 3903 | 118612 |
|  ***Food Products (2.2%)*** |  |  |
|  SunOpta, Inc.\* | 43649 | 356612 |
|  Vital Farms, Inc.\* | 12517 | 220049 |
|  |  | 576661 |
|  ***Personal Products (1.7%)*** |  |  |
|  e.l.f. Beauty, Inc.\* | 7714 | 443941 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 1139214 |
|  **Energy (2.5%)** |  |  |
|  ***Energy Equipment & Services (0.9%)*** |  |  |
|  TETRA Technologies, Inc.\* | 57482 | 227629 |
|  ***Oil, Gas & Consumable Fuels (1.6%)*** |  |  |
|  American Resources Corp.(x)\* | 95519 | 148054 |
|  Matador Resources Co. | 4203 | 278071 |
|  |  | 426125 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 653754 |
|  **Financials (4.9%)** |  |  |
|  ***Banks (2.0%)*** |  |  |
|  Bancorp, Inc. (The)\* | 9353 | 317347 |
|  Brookline Bancorp, Inc. | 16628 | 217494 |
|  |  | 534841 |
|  ***Capital Markets (1.2%)*** |  |  |
|  Evercore, Inc., Class A | 2425 | 314789 |
|  ***Insurance (1.0%)*** |  |  |
|  HCI Group, Inc.(x) | 5427 | 272490 |
|  ***Thrifts & Mortgage Finance (0.7%)*** |  |  |
|  OP Bancorp | 15035 | 170497 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 1292617 |
|  **Health Care (23.5%)** |  |  |
|  ***Biotechnology (3.5%)*** |  |  |
|  Avid Bioservices, Inc.\* | 18106 | 286618 |
|  Insmed, Inc.\* | 12679 | 272979 |
|  Kiniksa Pharmaceuticals Ltd., Class A\* | 11524 | 166637 |
|  Veracyte, Inc.\* | 8083 | 203126 |
|  |  | 929360 |
|  ***Health Care Equipment & Supplies (10.3%)*** |  |  |
|  Alphatec Holdings, Inc.\* | 26028 | 338885 |
|  Axogen, Inc.\* | 26951 | 255226 |
|  Cardiovascular Systems, Inc.\* | 16975 | 236632 |
|  ClearPoint Neuro, Inc.(x)\* | 19723 | 187566 |
|  Cutera, Inc.\* | 9423 | 328203 |
|  Orthofix Medical, Inc.\* | 10854 | 234772 |
|  Stereotaxis, Inc.\* | 81824 | 178376 |
|  Tandem Diabetes Care, Inc.\* | 3395 | 138312 |
|  TransMedics Group, Inc.\* | 7113 | 448261 |
|  ViewRay, Inc.\* | 87251 | 400482 |
|  |  | 2746715 |
|  ***Health Care Providers & Services (1.9%)*** |  |  |
|  Biodesix, Inc.\* | 53926 | 129422 |
|  Castle Biosciences, Inc.\* | 5843 | 158229 |
|  Viemed Healthcare, Inc.\* | 23972 | 203522 |
|  |  | 491173 |
|  ***Health Care Technology (2.4%)*** |  |  |
|  Evolent Health, Inc., Class A\* | 7667 | 247030 |
|  iCAD, Inc.\* | 55127 | 126241 |
|  Phreesia, Inc.\* | 6975 | 261493 |
|  |  | 634764 |
|  ***Life Sciences Tools & Services (2.6%)*** |  |  |
|  Akoya Biosciences, Inc.\* | 24088 | 270990 |
|  Codexis, Inc.\* | 35681 | 219438 |
|  NanoString Technologies, Inc.\* | 19076 | 201824 |
|  |  | 692252 |
|  ***Pharmaceuticals (2.8%)*** |  |  |
|  Evolus, Inc.\* | 23811 | 247396 |
|  EyePoint Pharmaceuticals, Inc.(x)\* | 23949 | 111602 |
|  Revance Therapeutics, Inc.\* | 11455 | 397260 |
|  |  | 756258 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 6250522 |
|  **Industrials (25.8%)** |  |  |
|  ***Aerospace & Defense (2.8%)*** |  |  |
|  Kratos Defense & Security Solutions, Inc.\* | 22956 | 262846 |
|  Leonardo DRS, Inc.\* | 36282 | 484365 |
|  |  | 747211 |
|  ***Building Products (2.7%)*** |  |  |
|  Builders FirstSource, Inc.\* | 5704 | 454609 |
|  Caesarstone Ltd. | 16928 | 105631 |
|  Griffon Corp. | 4065 | 166177 |
|  |  | 726417 |
|  ***Commercial Services & Supplies (3.4%)*** |  |  |
|  CECO Environmental Corp.\* | 24619 | 354267 |
|  Heritage-Crystal Clean, Inc.\* | 9884 | 367685 |
|  Performant Financial Corp.\* | 55404 | 179509 |
|  |  | 901461 |
|  ***Construction & Engineering (3.6%)*** |  |  |
|  iSun, Inc.(x)\* | 59931 | 121660 |
|  Matrix Service Co.\* | 28245 | 227937 |
|  Sterling Infrastructure, Inc.\* | 16674 | 606767 |
|  |  | 956364 |

---

See Notes to Portfolio of Investments.

------

**1290 FUNDS** 

1290 ESSEX SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  ***Electrical Equipment (3.7%)*** |  |  |  |
|  Babcock & Wilcox Enterprises, Inc.\* |  | 46004 | $305467 |
|  Beam Global(x)\* |  | 7044 | 122636 |
|  LSI Industries, Inc. |  | 25335 | 347849 |
|  SunPower Corp.(x)\* |  | 12333 | 214964 |
|  |  |  | 990916 |
|  ***Machinery (2.8%)*** |  |  |  |
|  3D Systems Corp.\* |  | 11617 | 126161 |
|  Evoqua Water Technologies Corp.\* |  | 5658 | 274470 |
|  Luxfer Holdings plc |  | 12979 | 214802 |
|  Manitex International, Inc.\* |  | 29538 | 120515 |
|  |  |  | 735948 |
|  ***Professional Services (3.5%)*** |  |  |  |
|  Atlas Technical Consultants, Inc.\* |  | 26212 | 317952 |
|  BlackSky Technology, Inc.(x)\* |  | 70554 | 128408 |
|  Resources Connection, Inc. |  | 19238 | 332240 |
|  Willdan Group, Inc.\* |  | 8175 | 155652 |
|  |  |  | 934252 |
|  ***Trading Companies & Distributors (3.3%)*** |  |  |  |
|  Alta Equipment Group, Inc. |  | 15935 | 270098 |
|  MRC Global, Inc.\* |  | 21824 | 296806 |
|  Transcat, Inc.\* |  | 3603 | 300923 |
|  |  |  | 867827 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  |  | 6860396 |
|  **Information Technology (22.5%)** |  |  |  |
|  ***Communications Equipment (4.6%)*** |  |  |  |
|  CalAmp Corp.\* |  | 37395 | 173139 |
|  Cambium Networks Corp.\* |  | 10485 | 224693 |
|  Digi International, Inc.\* |  | 11524 | 391701 |
|  DZS, Inc.\* |  | 18337 | 232880 |
|  Lantronix, Inc.\* |  | 41039 | 207247 |
|  |  |  | 1229660 |
|  ***Electronic Equipment, Instruments & Components (4.6%)*** |  |  |  |
|  Benchmark Electronics, Inc. |  | 10185 | 285078 |
|  Identiv, Inc.\* |  | 38083 | 332084 |
|  Luna Innovations, Inc.\* |  | 34365 | 303787 |
|  Novanta, Inc.\* |  | 1941 | 313413 |
|  |  |  | 1234362 |
|  ***IT Services (1.1%)*** |  |  |  |
|  Endava plc (ADR)\* |  | 3349 | 294277 |
|  ***Semiconductors & Semiconductor Equipment (6.5%)*** |  |  |  |
|  Aehr Test Systems(x)\* |  | 11617 | 406130 |
|  Amtech Systems, Inc.\* |  | 31524 | 341405 |
|  Ichor Holdings Ltd.\* |  | 7483 | 252925 |
|  Impinj, Inc.\* |  | 2956 | 383630 |
|  Kopin Corp.\* |  | 102656 | 123187 |
|  SkyWater Technology, Inc.(x)\* |  | 18984 | 205407 |
|  |  |  | 1712684 |
|  ***Software (5.1%)*** |  |  |  |
|  Docebo, Inc.(x)\* |  | 6998 | 266554 |
|  Domo, Inc., Class B\* |  | 5958 | 92408 |
|  EverCommerce, Inc.(x)\* |  | 21617 | 223304 |
|  Instructure Holdings, Inc.(x)\* |  | 12679 | 342713 |
|  ShotSpotter, Inc.\* |  | 7436 | 286658 |
|  Zuora, Inc., Class A\* |  | 18753 | 148524 |
|  |  |  | 1360161 |
|  ***Technology Hardware, Storage & Peripherals (0.6%)*** |  |  |  |
|  Stratasys Ltd.\* |  | 11062 | 158518 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  |  | 5989662 |
|  **Materials (3.2%)** |  |  |  |
|  ***Chemicals (1.9%)*** |  |  |  |
|  AdvanSix, Inc. |  | 8083 | 349509 |
|  Aspen Aerogels, Inc.\* |  | 16212 | 170226 |
|  |  |  | 519735 |
|  ***Containers & Packaging (1.3%)*** |  |  |  |
|  O-I Glass, Inc.\* |  | 17552 | 337876 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 857611 |
|  **Total Common Stocks (97.6%)**<br> *(Cost $23,750,505)* |  |  | 25929082 |
|  SHORT-TERM INVESTMENTS: |  |  |  |
|  **Investment Companies (0.8%)** |  |  |  |
|  Dreyfus Treasury Obligations Cash Management Fund (xx) |  | 100000 | 100000 |
|  JPMorgan Prime Money Market Fund, IM Shares |  | 97343 | 97401 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** |  |  | 197401 |
|  | **Principal<br>Amount** | **Principal<br>Amount** |  |
|  **Repurchase Agreement (4.0%)** |  |  |  |
|  Deutsche Bank Securities, Inc., 4.28%, dated 1/31/23, due 2/1/23,repurchase price $1,067,812, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 2/15/26- 11/15/50; total market value $1,089,039. (xx) | $| 1067685 | 1067685 |
|  **Total Short-Term Investments (4.8%)**<br> *(Cost $1,265,086)* | **Total Short-Term Investments (4.8%)**<br> *(Cost $1,265,086)* | **Total Short-Term Investments (4.8%)**<br> *(Cost $1,265,086)* | 1265086 |
|  **Total Investments in Securities (102.4%)**<br> *(Cost $25,015,591)* | **Total Investments in Securities (102.4%)**<br> *(Cost $25,015,591)* | **Total Investments in Securities (102.4%)**<br> *(Cost $25,015,591)* | 27194168 |
|  **Other Assets Less Liabilities (-2.4%)** |  |  | (643106) |
|  **Net Assets (100%)** |  |  | $26551062 |

---

*\** *Non-income producing.* 

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

*(xx)* *At January 31, 2023, the Fund had loaned securities with a total value of $1,486,790. This was collateralized by $365,421 of various U.S. Government Treasury Securities, ranging from 0.000% – 7.625%, maturing 2/9/23 – 8/15/52 and by cash of $1,167,685 which was subsequently invested in an investment company and joint repurchase agreements.* 

*Glossary:* 

*ADR — American Depositary Receipt* 

See Notes to Portfolio of Investments.

------

**1290 FUNDS** 

1290 ESSEX SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 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 January 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**<br>**Quoted Prices in Active**<br>**Markets for Identical**<br>**Securities** | **Level 2**<br>**Significant Other**<br>**Observable Inputs**<br>**(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,**<br>**credit risk, etc.)** | **Level 3**<br>**Significant Unobservable**<br>**Inputs (including the<br>Fund's own**<br>**assumptions in**<br>**determining the fair<br>value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  Consumer Discretionary | $2885306 | $— | $— | $2885306 |
|  Consumer Staples | 1139214 |  |  | 1139214 |
|  Energy | 653754 |  |  | 653754 |
|  Financials | 1292617 |  |  | 1292617 |
|  Health Care | 6250522 |  |  | 6250522 |
|  Industrials | 6860396 |  |  | 6860396 |
|  Information Technology | 5989662 |  |  | 5989662 |
|  Materials | 857611 |  |  | 857611 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 197401 |  |  | 197401 |
|  Repurchase Agreement |  | 1067685 |  | 1067685 |
|  **Total Assets** | $**26126483** | $**1067685** | $**—** | $**27194168** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**26126483** | $**1067685** | $**—** | $**27194168** |

---

As of January 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 | $2820329 |
|  Aggregate gross unrealized depreciation | (641752) |
|  Net unrealized appreciation | $2178577 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $25015591 |

---

See Notes to Portfolio of Investments.

------

**1290 FUNDS** 

1290 GAMCO SMALL/MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS

January 31, 2023 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: |  |  |
|  **Communication Services (13.5%)** |  |  |
|  ***Diversified Telecommunication Services (0.5%)*** |  |  |
|  EchoStar Corp., Class A\* | 3700 | $69227 |
|  Telesat Corp.\* | 62000 | 572880 |
|  |  | 642107 |
|  ***Entertainment (3.7%)*** |  |  |
|  Liberty Media Corp.-Liberty Braves, Class A(x)\* | 41000 | 1440330 |
|  Liberty Media Corp.-Liberty Braves, Class C\* | 12100 | 419628 |
|  Madison Square Garden Entertainment Corp.\* | 17000 | 888930 |
|  Madison Square Garden Sports Corp., Class A | 10500 | 1909320 |
|  |  | 4658208 |
|  ***Media (7.9%)*** |  |  |
|  Altice USA, Inc., Class A\* | 12000 | 58800 |
|  AMC Networks, Inc., Class A\* | 22000 | 407220 |
|  Clear Channel Outdoor Holdings, Inc.\* | 313000 | 597830 |
|  Corus Entertainment, Inc., Class B(x) | 128000 | 216452 |
|  EW Scripps Co. (The), Class A\* | 26500 | 396175 |
|  Grupo Televisa SAB (ADR) | 240000 | 1476000 |
|  JCDecaux SE\* | 25000 | 565283 |
|  Liberty Media Corp.-Liberty SiriusXM, Class A\* | 4000 | 162480 |
|  Nexstar Media Group, Inc., Class A | 10200 | 2088654 |
|  Paramount Global, Class A(x) | 42000 | 1119300 |
|  Sinclair Broadcast Group, Inc., Class A | 91000 | 1877330 |
|  Sirius XM Holdings, Inc.(x) | 27760 | 160730 |
|  TEGNA, Inc. | 19000 | 378670 |
|  Telenet Group Holding NV | 10000 | 172419 |
|  WideOpenWest, Inc.\* | 25000 | 287250 |
|  |  | 9964593 |
|  ***Wireless Telecommunication Services (1.4%)*** |  |  |
|  Gogo, Inc.\* | 12900 | 216333 |
|  Millicom International Cellular SA(x)\* | 42000 | 713580 |
|  Telephone and Data Systems, Inc. | 22000 | 294140 |
|  United States Cellular Corp.\* | 18500 | 452510 |
|  |  | 1676563 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 16941471 |
|  **Consumer Discretionary (12.2%)** |  |  |
|  ***Auto Components (4.5%)*** |  |  |
|  Dana, Inc. | 90000 | 1632600 |
|  Gentex Corp. | 22600 | 666926 |
|  Gentherm, Inc.\* | 2000 | 148860 |
|  Goodyear Tire & Rubber Co. (The)\* | 80000 | 900000 |
|  Modine Manufacturing Co.\* | 60000 | 1433400 |
|  Strattec Security Corp.\* | 36300 | 904233 |
|  |  | 5686019 |
|  ***Diversified Consumer Services (0.1%)*** |  |  |
|  H&R Block, Inc. | 4200 | 163716 |
|  ***Hotels, Restaurants & Leisure (3.3%)*** |  |  |
|  Bally's Corp.(x)\* | 10000 | 198700 |
|  Caesars Entertainment, Inc.\* | 25700 | 1337942 |
|  Churchill Downs, Inc. | 2100 | 521010 |
|  GAN Ltd.\* | 20000 | 45600 |
|  Golden Entertainment, Inc.\* | 14500 | 572750 |
|  Nathan's Famous, Inc. | 18900 | 1396332 |
|  Wynn Resorts Ltd.\* | 800 | 82912 |
|  |  | 4155246 |
|  ***Household Durables (1.0%)*** |  |  |
|  Bassett Furniture Industries, Inc. | 22500 | 435600 |
|  Lennar Corp., Class B | 9300 | 803148 |
|  |  | 1238748 |
|  ***Internet & Direct Marketing Retail (0.0%)†*** |  |  |
|  Lands' End, Inc.\* | 7500 | 67725 |
|  ***Leisure Products (1.8%)*** |  |  |
|  Brunswick Corp. | 14900 | 1256517 |
|  Johnson Outdoors, Inc., Class A | 9700 | 664062 |
|  Mattel, Inc.\* | 12900 | 263934 |
|  Peloton Interactive, Inc., Class A(x)\* | 3300 | 42669 |
|  |  | 2227182 |
|  ***Specialty Retail (1.5%)*** |  |  |
|  AutoNation, Inc.\* | 8200 | 1039104 |
|  Monro, Inc. | 16000 | 814400 |
|  |  | 1853504 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 15392140 |
|  **Consumer Staples (10.8%)** |  |  |
|  ***Beverages (2.1%)*** |  |  |
|  National Beverage Corp.\* | 18500 | 817700 |
|  Remy Cointreau SA | 9400 | 1766857 |
|  |  | 2584557 |
|  ***Food & Staples Retailing (0.3%)*** |  |  |
|  Ingles Markets, Inc., Class A | 1300 | 123500 |
|  Village Super Market, Inc., Class A | 8900 | 207014 |
|  |  | 330514 |
|  ***Food Products (4.0%)*** |  |  |
|  Bunge Ltd. | 3700 | 366670 |
|  Calavo Growers, Inc. | 26500 | 849325 |
|  Farmer Bros Co.\* | 92300 | 450424 |
|  Hain Celestial Group, Inc. (The)\* | 26500 | 543780 |
|  J M Smucker Co. (The) | 11500 | 1757200 |
|  Maple Leaf Foods, Inc.(x) | 47000 | 893337 |
|  McCormick & Co., Inc. (Non- Voting) | 2900 | 215818 |
|  |  | 5076554 |
|  ***Household Products (3.5%)*** |  |  |
|  Energizer Holdings, Inc. | 62000 | 2300200 |
|  Spectrum Brands Holdings, Inc. | 31000 | 2104280 |
|  |  | 4404480 |
|  ***Personal Products (0.9%)*** |  |  |
|  Edgewell Personal Care Co. | 27300 | 1170078 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 13566183 |
|  **Energy (2.1%)** |  |  |
|  ***Energy Equipment & Services (2.1%)*** |  |  |
|  Dril-Quip, Inc.\* | 54000 | 1658340 |
|  RPC, Inc. | 104000 | 1031680 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 2690020 |
|  **Financials (1.8%)** |  |  |
|  ***Banks (1.5%)*** |  |  |
|  Cadence Bank | 8100 | 207198 |
|  Flushing Financial Corp. | 20900 | 401071 |
|  SouthState Corp. | 5400 | 429840 |
|  Synovus Financial Corp. | 20100 | 843195 |
|  |  | 1881304 |
|  ***Capital Markets (0.3%)*** |  |  |
|  Affiliated Managers Group, Inc. | 1000 | 172740 |
|  Janus Henderson Group plc | 8000 | 207360 |
|  |  | 380100 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 2261404 |

---

See Notes to Portfolio of Investments.

------

**1290 FUNDS** 

1290 GAMCO SMALL/MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2023 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  **Health Care (3.7%)** |  |  |
|  ***Health Care Equipment & Supplies (0.9%)*** |  |  |
|  Cutera, Inc.\* | 23000 | $801090 |
|  QuidelOrtho Corp.\* | 4400 | 376684 |
|  |  | 1177774 |
|  ***Health Care Providers & Services (0.9%)*** |  |  |
|  Option Care Health, Inc.\* | 18100 | 522547 |
|  Patterson Cos., Inc. | 21600 | 652104 |
|  |  | 1174651 |
|  ***Health Care Technology (0.6%)*** |  |  |
|  Evolent Health, Inc., Class A\* | 16500 | 531630 |
|  Teladoc Health, Inc.\* | 7000 | 205800 |
|  |  | 737430 |
|  ***Life Sciences Tools & Services (0.1%)*** |  |  |
|  Bio-Rad Laboratories, Inc., Class A\* | 300 | 140238 |
|  ***Pharmaceuticals (1.2%)*** |  |  |
|  Harmony Biosciences Holdings, Inc.\* | 3000 | 144510 |
|  Perrigo Co. plc | 22000 | 823240 |
|  Teva Pharmaceutical Industries Ltd. (ADR)\* | 48000 | 505920 |
|  |  | 1473670 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 4703763 |
|  **Industrials (41.1%)** |  |  |
|  ***Aerospace & Defense (6.8%)*** |  |  |
|  AAR Corp.\* | 18100 | 931064 |
|  Aerojet Rocketdyne Holdings, Inc.\* | 35500 | 1985160 |
|  Kaman Corp. | 58500 | 1475370 |
|  Moog, Inc., Class A | 10500 | 1000860 |
|  Moog, Inc., Class B | 12500 | 1191500 |
|  Textron, Inc. | 27300 | 1988805 |
|  |  | 8572759 |
|  ***Building Products (1.7%)*** |  |  |
|  Griffon Corp. | 52500 | 2146200 |
|  ***Commercial Services & Supplies (2.2%)*** |  |  |
|  IAA, Inc.\* | 6500 | 271245 |
|  KAR Auction Services, Inc.\* | 20000 | 291200 |
|  Matthews International Corp., Class A | 57500 | 2129800 |
|  |  | 2692245 |
|  ***Construction & Engineering (1.8%)*** |  |  |
|  Arcosa, Inc. | 14500 | 859415 |
|  Valmont Industries, Inc. | 4200 | 1384866 |
|  |  | 2244281 |
|  ***Electrical Equipment (1.0%)*** |  |  |
|  AZZ, Inc. | 30500 | 1295640 |
|  Pineapple Energy, Inc.(x)\* | 5000 | 11050 |
|  |  | 1306690 |
|  ***Machinery (23.7%)*** |  |  |
|  Astec Industries, Inc. | 48000 | 2118720 |
|  CIRCOR International, Inc.\* | 74000 | 2046100 |
|  CNH Industrial NV | 31300 | 554636 |
|  Commercial Vehicle Group, Inc.\* | 91100 | 763418 |
|  Crane Holdings Co. | 17700 | 2051607 |
|  Donaldson Co., Inc. | 800 | 49880 |
|  Eastern Co. (The) | 24100 | 522970 |
|  Enerpac Tool Group Corp. | 21500 | 570610 |
|  EnPro Industries, Inc. | 25500 | 3087285 |
|  Flowserve Corp. | 43000 | 1480060 |
|  Gorman-Rupp Co. (The) | 8000 | 229840 |
|  Graco, Inc. | 3000 | 204960 |
|  Hyster-Yale Materials Handling, Inc. | 40000 | 1297200 |
|  Ingersoll Rand, Inc. | 16000 | 896000 |
|  ITT, Inc. | 8300 | 760197 |
|  Iveco Group NV (Borsa Italiana Exchange)\* | 47200 | 386223 |
|  Iveco Group NV (OTC Exchange)\* | 7800 | 63453 |
|  Kennametal, Inc. | 18500 | 527250 |
|  L B Foster Co., Class A\* | 38100 | 450723 |
|  Manitowoc Co., Inc. (The)\* | 17500 | 239750 |
|  Mueller Industries, Inc. | 36500 | 2392575 |
|  Mueller Water Products, Inc., Class A | 13700 | 173305 |
|  Park-Ohio Holdings Corp. | 71000 | 940750 |
|  Shyft Group, Inc. (The) | 4000 | 133160 |
|  Snap-on, Inc. | 7000 | 1741110 |
|  Tennant Co. | 12601 | 883708 |
|  Terex Corp. | 11300 | 575961 |
|  Timken Co. (The) | 1000 | 82350 |
|  Toro Co. (The) | 5300 | 591056 |
|  Trinity Industries, Inc. | 72000 | 2071440 |
|  Twin Disc, Inc.\* | 111000 | 1121100 |
|  Watts Water Technologies, Inc., Class A | 5300 | 866656 |
|  |  | 29874053 |
|  ***Trading Companies & Distributors (3.9%)*** |  |  |
|  Ashtead Group plc | 2300 | 151418 |
|  GATX Corp. | 12900 | 1476405 |
|  Herc Holdings, Inc. | 21200 | 3292784 |
|  |  | 4920607 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 51756835 |
|  **Information Technology (2.2%)** |  |  |
|  ***Electronic Equipment, Instruments & Components (0.6%)*** |  |  |
|  Landis+Gyr Group AG\* | 8900 | 657099 |
|  Rogers Corp.\* | 500 | 69795 |
|  |  | 726894 |
|  ***IT Services (0.9%)*** |  |  |
|  Kyndryl Holdings, Inc.\* | 74000 | 990860 |
|  MoneyGram International, Inc.\* | 16000 | 172320 |
|  |  | 1163180 |
|  ***Software (0.5%)*** |  |  |
|  A10 Networks, Inc. | 12000 | 185760 |
|  NCR Corp.\* | 18000 | 493560 |
|  |  | 679320 |
|  ***Technology Hardware, Storage & Peripherals (0.2%)*** |  |  |
|  Diebold Nixdorf, Inc.(x)\* | 78000 | 186420 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 2755814 |
|  **Materials (8.4%)** |  |  |
|  ***Chemicals (5.6%)*** |  |  |
|  Axalta Coating Systems Ltd.\* | 24500 | 737450 |
|  Chr Hansen Holding A/S | 2500 | 184347 |
|  Core Molding Technologies, Inc.\* | 80400 | 1254240 |
|  Element Solutions, Inc. | 65900 | 1349632 |
|  HB Fuller Co. | 9700 | 670270 |
|  Huntsman Corp. | 9000 | 285210 |
|  Scotts Miracle-Gro Co. (The)(x) | 19000 | 1371610 |
|  Tredegar Corp. | 51100 | 619843 |
|  Valvoline, Inc. | 15000 | 549900 |
|  |  | 7022502 |
|  ***Containers & Packaging (1.9%)*** |  |  |
|  Greif, Inc., Class A | 19800 | 1414314 |
|  Myers Industries, Inc. | 40900 | 984872 |
|  |  | 2399186 |
|  ***Metals & Mining (0.9%)*** |  |  |
|  Ampco-Pittsburgh Corp.\* | 85000 | 278800 |

---

See Notes to Portfolio of Investments.

------

**1290 FUNDS** 

1290 GAMCO SMALL/MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>Shares** | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Freeport-McMoRan, Inc. |  | 18500 | $825470 |
|  |  |  | 1104270 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 10525958 |
|  **Real Estate (1.0%)** |  |  |  |
|  ***Equity Real Estate Investment Trusts (REITs) (0.2%)*** |  |  |  |
|  Ryman Hospitality Properties, Inc. (REIT) |  | 2500 | 232225 |
|  ***Real Estate Management & Development (0.8%)*** |  |  |  |
|  Seritage Growth Properties (REIT), Class A(x)\* |  | 16000 | 194400 |
|  St Joe Co. (The) |  | 16100 | 758310 |
|  |  |  | 952710 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  |  | 1184935 |
|  **Utilities (2.4%)** |  |  |  |
|  ***Gas Utilities (1.3%)*** |  |  |  |
|  National Fuel Gas Co. |  | 20000 | 1161200 |
|  Southwest Gas Holdings, Inc. |  | 8000 | 535440 |
|  |  |  | 1696640 |
|  ***Independent Power and Renewable Electricity Producers (1.1%)*** |  |  |  |
|  AES Corp. (The) |  | 50000 | 1370500 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  |  | 3067140 |
|  **Total Common Stocks (99.2%)**<br> *(Cost $103,875,846)* |  |  | 124845663 |
|  | **Number of<br>Rights** | **Number of<br>Rights** |  |
|  RIGHTS: |  |  |  |
|  **Industrials (0.0%)†** |  |  |  |
|  ***Electrical Equipment (0.0%)†*** |  |  |  |
|  Pineapple Energy, Inc., CVR(r)\* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *(Cost $—)* |  | 6250 | 18391 |
|  | **Number of<br>Warrants** | **Number of<br>Warrants** |  |
|  WARRANTS: |  |  |  |
|  **Energy (0.0%)†** |  |  |  |
|  ***Energy Equipment & Services (0.0%)†*** |  |  |  |
|  Weatherford International plc, expiring 12/13/23\* |  | 1117 | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  |  | 364 |
|  **Health Care (0.0%)†** |  |  |  |
|  ***Health Care Providers & Services (0.0%)†*** |  |  |  |
|  Option Care Health, Inc.,expiring 6/30/25\* |  | 22 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  |  | 8 |
|  **Materials (0.0%)†** |  |  |  |
|  ***Metals & Mining (0.0%)†*** |  |  |  |
|  Ampco-Pittsburgh Corp., expiring 8/1/25\* |  | 30000 | 8970 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  |  | 8970 |
|  **Total Warrants (0.0%)†**<br> *(Cost $—)* |  |  | 9342 |
|  | **Number of<br>Shares** | **Number of<br>Shares** |  |
|  SHORT-TERM INVESTMENTS: |  |  |  |
|  **Investment Company (0.8%)** |  |  |  |
|  Dreyfus Treasury Obligations Cash Management Fund (xx) |  | 1000000 | 1000000 |
|  | **Principal<br>Amount** | **Principal<br>Amount** |  |
|  **Repurchase Agreement (0.8%)** |  |  |  |
|  Deutsche Bank Securities, Inc., 4.28%, dated 1/31/23, due 2/1/23, repurchase price $1,015,072, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 2/15/26-11/15/50; total market value $1,035,251. (xx) | $| 1014952 | 1014952 |
|  **Total Short-Term Investments (1.6%)**<br> *(Cost $2,014,952)* |  |  | 2014952 |
|  **Total Investments in Securities (100.8%)**<br> *(Cost $105,890,798)* |  |  | 126888348 |
|  **Other Assets Less Liabilities (-0.8%)** | **Other Assets Less Liabilities (-0.8%)** | **Other Assets Less Liabilities (-0.8%)** | (1015921) |
|  **Net Assets (100%)** |  |  | $125872427 |

---

*\** *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 January 31, 2023.* 

*(xx)* *At January 31, 2023, the Fund had loaned securities with a total value of $4,797,716. This was collateralized by $2,942,916 of various U.S. Government Treasury Securities, ranging from 0.000% – 5.250%, maturing 2/9/23 – 8/15/52 and by cash of $2,014,952 which was subsequently invested in an investment company and joint repurchase agreements.* 

*Glossary:* 

*ADR — American Depositary Receipt* 

*CVR — Contingent Value Right* 

See Notes to Portfolio of Investments.

------

**1290 FUNDS** 

1290 GAMCO SMALL/MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 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 January 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**<br>**Quoted Prices in Active**<br>**Markets for Identical**<br>**Securities** | **Level 2**<br>**Significant Other**<br>**Observable Inputs**<br>**(including quoted prices**<br>**for similar securities,**<br>**interest rates,**<br>**prepayment speeds,**<br>**credit risk, etc.)** | **Level 3<br>Significant Unobservable**<br>**Inputs (including the<br>Fund's own**<br>**assumptions in**<br>**determining the fair**<br>**value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $16203769 | $737702 | $— | $16941471 |
|  Consumer Discretionary | 15392140 |  |  | 15392140 |
|  Consumer Staples | 11799326 | 1766857 |  | 13566183 |
|  Energy | 2690020 |  |  | 2690020 |
|  Financials | 2261404 |  |  | 2261404 |
|  Health Care | 4703763 |  |  | 4703763 |
|  Industrials | 49964241 | 1792594 |  | 51756835 |
|  Information Technology | 2098715 | 657099 |  | 2755814 |
|  Materials | 10341611 | 184347 |  | 10525958 |
|  Real Estate | 1184935 |  |  | 1184935 |
|  Utilities | 3067140 |  |  | 3067140 |
|  **Rights** |  |  |  |  |
|  Industrials |  |  | 18391 | 18391 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Company | 1000000 |  |  | 1000000 |
|  Repurchase Agreement |  | 1014952 |  | 1014952 |
|  **Warrants** |  |  |  |  |
|  Energy | 364 |  |  | 364 |
|  Health Care |  | 8 |  | 8 |
|  Materials | 8970 |  |  | 8970 |
|  **Total Assets** | $**120716398** | $**6153559** | $**18391** | $**126888348** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**120716398** | $**6153559** | $**18391** | $**126888348** |

---

As of January 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 | $27464991 |
|  Aggregate gross unrealized depreciation | (9642408) |
|  Net unrealized appreciation | $17822583 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $109065765 |

---

See Notes to Portfolio of Investments.

------

**1290 FUNDS** 

1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS

January 31, 2023 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** | **Value**<br>**(Note 1)** |
|  LONG-TERM DEBT SECURITIES: |  |  |
|  **Corporate Bonds (96.4%)** |  |  |
|  **Communication Services (12.6%)** |  |  |
|  ***Diversified Telecommunication Services (4.6%)*** |  |  |
|  CCO Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 5/1/26§ | $147000 | $144060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 9/1/29§ | 290000 | 278944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 3/1/30§ | 135000 | 118739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 2/1/32§ | 165000 | 139837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 5/1/32 | 346000 | 285450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 6/1/33§ | 352000 | 285120 |
|  Level 3 Financing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 7/1/28§ | 191000 | 151366 |
|  Lumen Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 12/15/26§ | 235000 | 200925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 6/15/29§ | 263000 | 182127 |
|  Sprint Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750%, 3/15/32 | 161000 | 196862 |
|  Windstream Escrow LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 8/15/28§ | 154000 | 124668 |
|  Zayo Group Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 3/1/27§ | 330000 | 261525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 3/1/28(x)§ | 364000 | 250250 |
|  |  | 2619873 |
|  ***Entertainment (1.1%)*** |  |  |
|  Lions Gate Capital Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 4/15/29§ | 459000 | 296629 |
|  Live Nation Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 11/1/24§ | 169000 | 163930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 5/15/27§ | 186000 | 186818 |
|  |  | 647377 |
|  ***Interactive Media & Services (0.1%)*** |  |  |
|  Rackspace Technology Global, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 12/1/28§ | 187000 | 68805 |
|  ***Media (6.3%)*** |  |  |
|  CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 1/15/30§ | 200000 | 126500 |
|  Gray Television, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 10/15/30§ | 282000 | 209822 |
|  McGraw-Hill Education, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 8/1/29§ | 339000 | 289075 |
|  Nexstar Media, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 7/15/27§ | 351000 | 335247 |
|  Outfront Media Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 8/15/27§ | 472000 | 433376 |
|  Sinclair Television Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 3/1/30§ | 161000 | 127995 |
|  Sirius XM Radio, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 9/1/26§ | 304000 | 273220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 9/1/31§ | 259000 | 212380 |
|  Stagwell Global LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 8/15/29§ | 315000 | 276019 |
|  TEGNA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 3/15/26§ | 253000 | 244778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 9/15/29 | 174000 | 163560 |
|  Univision Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 6/30/30§ | 250000 | 245000 |
|  Videotron Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 6/15/29§ | 118000 | 102843 |
|  VZ Secured Financing BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/15/32(x)§ | 270000 | 229487 |
|  Ziggo Bond Co. BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 1/15/27§ | 350000 | 331023 |
|  |  | 3600325 |
|  ***Wireless Telecommunication Services (0.5%)*** |  |  |
|  Sprint LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, 3/1/26 | 114000 | 120531 |
|  Vmed O2 UK Financing I plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 7/15/31§ | 200000 | 170000 |
|  |  | 290531 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 7226911 |
|  **Consumer Discretionary (14.2%)** |  |  |
|  ***Automobiles (0.5%)*** |  |  |
|  Ford Motor Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 10/1/28 | 271000 | 281583 |
|  ***Distributors (0.2%)*** |  |  |
|  Univar Solutions USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 12/1/27§ | 130000 | 125612 |
|  ***Hotels, Restaurants & Leisure (8.1%)*** |  |  |
|  1011778 BC ULC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 4/15/25§ | 164000 | 163484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 1/15/28§ | 96000 | 87742 |
|  Caesars Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 7/1/25§ | 372000 | 369210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 10/15/29(x)§ | 164000 | 139554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 2/15/30§ | 62000 | 63204 |
|  Carnival Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 5/1/29§ | 257000 | 203030 |
|  CDI Escrow Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 4/1/30§ | 291000 | 275086 |
|  CEC Entertainment LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 5/1/26§ | 141000 | 130425 |
|  Churchill Downs, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 4/1/27§ | 175000 | 169293 |
|  Dave & Buster's, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, 11/1/25§ | 276000 | 279795 |
|  Hilton Domestic Operating Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 5/1/28§ | 267000 | 263866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 2/15/32§ | 228000 | 190095 |
|  Life Time, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 1/15/26§ | 346000 | 331696 |
|  MajorDrive Holdings IV LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 6/1/29§ | 304000 | 240160 |
|  NCL Corp. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 2/1/28§ | 82000 | 83128 |
|  Royal Caribbean Cruises Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 7/15/27§ | 368000 | 318504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.625%, 8/15/27§ | 156000 | 165165 |
|  Scientific Games Holdings LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 3/1/30§ | 219000 | 194910 |
|  Station Casinos LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 2/15/28§ | 253000 | 227763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 12/1/31§ | 214000 | 179715 |
|  Vail Resorts, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 5/15/25§ | 58000 | 58127 |

---

See Notes to Portfolio of Investments.

------

**1290 FUNDS** 

1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2023 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** | **Value**<br>**(Note 1)** |
|  Wyndham Hotels & Resorts, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 8/15/28§ | $170000 | $155975 |
|  Yum! Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 4/1/32 | 363000 | 344033 |
|  |  | 4633960 |
|  ***Household Durables (0.9%)*** |  |  |
|  CD&R Smokey Buyer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 7/15/25§ | 431000 | 390163 |
|  Newell Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 9/15/29(x) | 110000 | 111512 |
|  |  | 501675 |
|  ***Internet & Direct Marketing Retail (0.8%)*** |  |  |
|  Getty Images, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.750%, 3/1/27§ | 448000 | 442678 |
|  ***Specialty Retail (3.5%)*** |  |  |
|  Asbury Automotive Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 2/15/32§ | 204000 | 174842 |
|  eG Global Finance plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, 10/30/25§ | 200000 | 188000 |
|  LBM Acquisition LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 1/15/29§ | 256000 | 192640 |
|  LCM Investments Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 5/1/29§ | 218000 | 179905 |
|  Sonic Automotive, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 11/15/31§ | 245000 | 194498 |
|  Specialty Building Products Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 9/30/26§ | 595000 | 534012 |
|  SRS Distribution, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 7/1/28§ | 161000 | 148102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 12/1/29§ | 209000 | 179218 |
|  White Cap Buyer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 10/15/28§ | 271000 | 248293 |
|  |  | 2039510 |
|  ***Textiles, Apparel & Luxury Goods (0.2%)*** |  |  |
|  Crocs, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 8/15/31§ | 174000 | 143550 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 8168568 |
|  **Consumer Staples (4.9%)** |  |  |
|  ***Beverages (0.2%)*** |  |  |
|  Primo Water Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 4/30/29§ | 170000 | 147951 |
|  ***Food & Staples Retailing (1.3%)*** |  |  |
|  Performance Food Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 5/1/25§ | 193000 | 193820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 10/15/27§ | 80000 | 77200 |
|  United Natural Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 10/15/28§ | 240000 | 231600 |
|  US Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 6/1/30§ | 251000 | 224018 |
|  |  | 726638 |
|  ***Food Products (1.8%)*** |  |  |
|  Post Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 3/1/27§ | 118000 | 115935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 4/15/30§ | 100000 | 88000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 9/15/31§ | 389000 | 334054 |
|  Sigma Holdco BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 5/15/26§ | 200000 | 153500 |
|  Simmons Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 3/1/29§ | 436000 | 367875 |
|  |  | 1059364 |
|  ***Household Products (1.0%)*** |  |  |
|  Energizer Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 6/15/28§ | 272000 | 242823 |
|  Kronos Acquisition Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 12/31/27§ | 179000 | 155998 |
|  Spectrum Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 7/15/25 | 70000 | 69300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 7/15/30§ | 21000 | 19066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 3/15/31§ | 88000 | 70948 |
|  |  | 558135 |
|  ***Personal Products (0.6%)*** |  |  |
|  Herbalife Nutrition Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 9/1/25§ | 108000 | 101868 |
|  Prestige Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 4/1/31§ | 279000 | 236899 |
|  |  | 338767 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 2830855 |
|  **Energy (10.1%)** |  |  |
|  ***Energy Equipment & Services (0.5%)*** |  |  |
|  Precision Drilling Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 1/15/26§ | 154000 | 152460 |
|  Transocean, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750%, 2/15/30§ | 128000 | 132160 |
|  |  | 284620 |
|  ***Oil, Gas & Consumable Fuels (9.6%)*** |  |  |
|  Aethon United BR LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, 2/15/26§ | 222000 | 220335 |
|  Antero Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, 2/1/29§ | 42000 | 42925 |
|  Ascent Resources Utica Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 11/1/26§ | 234000 | 223821 |
|  Blue Racer Midstream LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, 12/15/25§ | 168000 | 170625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 7/15/26§ | 198000 | 196268 |
|  Crescent Energy Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 5/1/26§ | 255000 | 244800 |
|  Crestwood Midstream Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 5/1/27§ | 54000 | 51478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 2/1/29§ | 369000 | 349366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 2/1/31§ | 142000 | 142888 |
|  CrownRock LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 10/15/25§ | 393000 | 383261 |
|  Delek Logistics Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 5/15/25 | 295000 | 287625 |
|  Encino Acquisition Partners Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, 5/1/28§ | 169000 | 158226 |
|  Genesis Energy LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 1/15/27 | 160000 | 157600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 2/1/28 | 412000 | 397580 |
|  Holly Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 4/15/27§ | 123000 | 121801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 2/1/28§ | 181000 | 168104 |
|  Kinetik Holdings LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 6/15/30§ | 292000 | 278042 |

---

See Notes to Portfolio of Investments.

------

**1290 FUNDS** 

1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2023 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** | **Value**<br>**(Note 1)** |
|  NuStar Logistics LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 10/1/25 | $125000 | $123689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 6/1/26 | 175000 | 171633 |
|  Occidental Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 9/1/30 | 100000 | 105906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 1/1/31 | 55000 | 57337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.450%, 9/15/36 | 396000 | 416675 |
|  Permian Resources Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 7/1/29§ | 77000 | 72126 |
|  Southwestern Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 10/1/27 | 97000 | 100909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 2/1/32 | 157000 | 138392 |
|  Summit Midstream Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, 10/15/26§ | 390000 | 378788 |
|  Sunoco LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 4/30/30 | 363000 | 323524 |
|  |  | 5483724 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 5768344 |
|  **Financials (6.6%)** |  |  |
|  ***Capital Markets (0.2%)*** |  |  |
|  Aretec Escrow Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 4/1/29§ | 111000 | 97680 |
|  ***Consumer Finance (1.9%)*** |  |  |
|  Bread Financial Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 12/15/24§ | 349000 | 316718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 1/15/26§ | 167000 | 153222 |
|  Curo Group Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 8/1/28§ | 352000 | 160160 |
|  Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.350%, 3/6/30 | 200000 | 210118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/13/30 | 322000 | 280575 |
|  |  | 1120793 |
|  ***Diversified Financial Services (1.5%)*** |  |  |
|  Armor Holdco, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, 11/15/29§ | 145000 | 123613 |
|  Shift4 Payments LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 11/1/26§ | 335000 | 317258 |
|  Verscend Escrow Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.750%, 8/15/26§ | 435000 | 435408 |
|  |  | 876279 |
|  ***Insurance (1.7%)*** |  |  |
|  Alliant Holdings Intermediate LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 10/15/27§ | 296000 | 276390 |
|  AmWINS Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 6/30/29§ | 128000 | 112960 |
|  BroadStreet Partners, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 4/15/29§ | 128000 | 113064 |
|  HUB International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 5/1/26§ | 452000 | 447493 |
|  |  | 949907 |
|  ***Thrifts & Mortgage Finance (1.3%)*** |  |  |
|  Freedom Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, 4/15/25§ | 310000 | 295275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 1/15/27§ | 242000 | 200860 |
|  PHH Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 3/15/26§ | 104000 | 94640 |
|  Rocket Mortgage LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 10/15/26§ | 169000 | 150568 |
|  |  | 741343 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 3786002 |
|  **Health Care (7.6%)** |  |  |
|  ***Biotechnology (0.3%)*** |  |  |
|  Grifols Escrow Issuer SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 10/15/28§ | 200000 | 173480 |
|  ***Health Care Equipment & Supplies (1.4%)*** |  |  |
|  Garden Spinco Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625%, 7/20/30§ | 172000 | 184900 |
|  Medline Borrower LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 4/1/29§ | 269000 | 227641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 10/1/29§ | 200000 | 167362 |
|  Varex Imaging Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 10/15/27§ | 200000 | 198442 |
|  |  | 778345 |
|  ***Health Care Providers & Services (2.4%)*** |  |  |
|  AdaptHealth LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 8/1/28§ | 178000 | 169100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 3/1/30§ | 229000 | 203524 |
|  HealthEquity, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/1/29§ | 368000 | 329470 |
|  Tenet Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 1/1/26 | 304000 | 296087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 6/15/30§ | 184000 | 178526 |
|  US Acute Care Solutions LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 3/1/26§ | 256000 | 232069 |
|  |  | 1408776 |
|  ***Health Care Technology (0.8%)*** |  |  |
|  IQVIA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/15/26§ | 200000 | 195000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 5/15/27§ | 260000 | 251784 |
|  |  | 446784 |
|  ***Pharmaceuticals (2.7%)*** |  |  |
|  1375209 BC Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%, 1/30/28§ | 91000 | 90431 |
|  Bausch Health Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 11/1/25(x)§ | 310000 | 262663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.000%, 9/30/28(x)§ | 151000 | 118143 |
|  Catalent Pharma Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 7/15/27§ | 362000 | 342090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 4/1/30(x)§ | 245000 | 202125 |
|  Cheplapharm Arzneimittel GmbH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 1/15/28§ | 200000 | 178024 |
|  Organon & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 4/30/31§ | 200000 | 180160 |
|  P&L Development LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 11/15/25§ | 196000 | 159495 |
|  |  | 1533131 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 4340516 |
|  **Industrials (12.9%)** |  |  |
|  ***Aerospace & Defense (0.3%)*** |  |  |
|  Rolls-Royce plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 10/15/27§ | 200000 | 192000 |
|  ***Building Products (1.7%)*** |  |  |
|  Advanced Drainage Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 6/15/30§ | 43000 | 42630 |

---

See Notes to Portfolio of Investments.

------

**1290 FUNDS** 

1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2023 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** | **Value**<br>**(Note 1)** |
|  Camelot Return Merger Sub, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750%, 8/1/28§ | $116000 | $109069 |
|  CP Atlas Buyer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 12/1/28§ | 190000 | 146775 |
|  JELD-WEN, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 5/15/25§ | 111000 | 106005 |
|  New Enterprise Stone & Lime Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 7/15/28§ | 188000 | 172960 |
|  Standard Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 7/15/30§ | 239000 | 204345 |
|  Summit Materials LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 1/15/29§ | 227000 | 213150 |
|  |  | 994934 |
|  ***Commercial Services & Supplies (5.7%)*** |  |  |
|  ACCO Brands Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 3/15/29§ | 220000 | 188589 |
|  ADT Security Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 7/15/32§ | 218000 | 193475 |
|  Allied Universal Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 7/15/26§ | 354000 | 340813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.750%, 7/15/27§ | 384000 | 365760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 6/1/29§ | 48000 | 38441 |
|  Aramark Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 4/1/25§ | 259000 | 253820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 5/1/25§ | 224000 | 224056 |
|  Cimpress plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 6/15/26§ | 150000 | 105033 |
|  Garda World Security Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500%, 11/1/27(x)§ | 371000 | 368218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 6/1/29§ | 299000 | 249575 |
|  GFL Environmental, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 12/15/26§ | 220000 | 214005 |
|  KAR Auction Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 6/1/25§ | 113000 | 110676 |
|  Madison IAQ LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 6/30/29§ | 94000 | 74427 |
|  Matthews International Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 12/1/25§ | 481000 | 456950 |
|  Neptune Bidco US, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.290%, 4/15/29§ | 94000 | 91052 |
|  |  | 3274890 |
|  ***Construction & Engineering (1.2%)*** |  |  |
|  Dycom Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 4/15/29§ | 298000 | 266784 |
|  Pike Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 9/1/28§ | 350000 | 308000 |
|  Weekley Homes LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 9/15/28§ | 111000 | 96598 |
|  |  | 671382 |
|  ***Machinery (0.5%)*** |  |  |
|  ATS Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 12/15/28§ | 129000 | 115661 |
|  Chart Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 1/1/30§ | 169000 | 172169 |
|  |  | 287830 |
|  ***Professional Services (0.7%)*** |  |  |
|  Dun & Bradstreet Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/15/29§ | 244000 | 215635 |
|  Science Applications International Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 4/1/28§ | 178000 | 166875 |
|  |  | 382510 |
|  ***Road & Rail (2.1%)*** |  |  |
|  NESCO Holdings II, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 4/15/29§ | 376000 | 337460 |
|  Watco Cos. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 6/15/27(x)§ | 606000 | 569640 |
|  Williams Scotsman International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 6/15/25§ | 34000 | 34136 |
|  XPO Escrow Sub LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 11/15/27§ | 222000 | 227721 |
|  |  | 1168957 |
|  ***Trading Companies & Distributors (0.7%)*** |  |  |
|  WESCO Distribution, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 6/15/28§ | 386000 | 396901 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 7369404 |
|  **Information Technology (12.2%)** |  |  |
|  ***Communications Equipment (1.6%)*** |  |  |
|  CommScope, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 3/1/26§ | 394000 | 378398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, 3/1/27§ | 242000 | 205833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 9/1/29§ | 412000 | 341960 |
|  |  | 926191 |
|  ***Electronic Equipment, Instruments & Components (0.8%)*** |  |  |
|  Coherent Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/15/29§ | 156000 | 141570 |
|  Likewize Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.750%, 10/15/25§ | 194000 | 183815 |
|  Sensata Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 2/15/31(x)§ | 130000 | 110210 |
|  |  | 435595 |
|  ***IT Services (1.7%)*** |  |  |
|  Ahead DB Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 5/1/28§ | 202000 | 170690 |
|  Black Knight InfoServ LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 9/1/28§ | 70000 | 62269 |
|  ION Trading Technologies Sarl |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 5/15/28§ | 200000 | 171250 |
|  Northwest Fiber LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 2/15/28§ | 179000 | 147675 |
|  Presidio Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, 2/1/28§ | 148000 | 141895 |
|  Unisys Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 11/1/27§ | 348000 | 262740 |
|  |  | 956519 |
|  ***Software (8.1%)*** |  |  |
|  ACI Worldwide, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 8/15/26§ | 347000 | 343599 |
|  AthenaHealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 2/15/30(x)§ | 333000 | 275141 |
|  Boxer Parent Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 10/2/25§ | 284000 | 281160 |
|  Camelot Finance SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/1/26§ | 296000 | 280830 |
|  Central Parent, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 6/15/29§ | 164000 | 163713 |
|  Clarivate Science Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 7/1/29§ | 499000 | 437259 |

---

See Notes to Portfolio of Investments.

------

**1290 FUNDS** 

1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2023 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** | **Value**<br>**(Note 1)** |
|  Cloud Software Group Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 3/31/29§ | $128000 | $112362 |
|  Gen Digital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 4/15/25§ | 182000 | 178360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 9/30/30§ | 189000 | 191892 |
|  GoTo Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 9/1/27§ | 251000 | 128637 |
|  Helios Software Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 5/1/28(x)§ | 200000 | 160748 |
|  McAfee Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 2/15/30§ | 382000 | 318321 |
|  NCR Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/1/28§ | 245000 | 215810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 4/15/29§ | 317000 | 274851 |
|  Open Text Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 12/1/31§ | 303000 | 246348 |
|  Rocket Software, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 2/15/29§ | 326000 | 272210 |
|  SS&C Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 9/30/27§ | 386000 | 370290 |
|  ZoomInfo Technologies LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 2/1/29§ | 489000 | 420540 |
|  |  | 4672071 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 6990376 |
|  **Materials (11.5%)** |  |  |
|  ***Chemicals (4.7%)*** |  |  |
|  Avient Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 8/1/30§ | 198000 | 199856 |
|  Axalta Coating Systems LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 6/15/27§ | 178000 | 168210 |
|  Diamond BC BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 10/1/29§ | 67000 | 56196 |
|  HB Fuller Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 10/15/28 | 218000 | 192385 |
|  Illuminate Buyer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%, 7/1/28§ | 581000 | 517090 |
|  LSF11 A5 HoldCo LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 10/15/29§ | 233000 | 191643 |
|  Minerals Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 7/1/28§ | 320000 | 292640 |
|  NOVA Chemicals Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 6/1/24§ | 100000 | 98280 |
|  Nufarm Australia Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 1/27/30§ | 210000 | 190236 |
|  Olin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 8/1/29 | 214000 | 207773 |
|  Olympus Water US Holding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 10/1/28§ | 343000 | 285976 |
|  WR Grace Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 8/15/29§ | 366000 | 305061 |
|  |  | 2705346 |
|  ***Containers & Packaging (6.5%)*** |  |  |
|  ARD Finance SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 6/30/27 PIK(x)§ | 400000 | 312960 |
|  Ardagh Metal Packaging Finance USA LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 9/1/29§ | 200000 | 165000 |
|  Ardagh Packaging Finance plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 8/15/26§ | 200000 | 182500 |
|  Ball Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 3/15/28 | 204000 | 210636 |
|  Clydesdale Acquisition Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750%, 4/15/30§ | 269000 | 237339 |
|  Crown Americas LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 4/1/30 | 163000 | 156223 |
|  Intelligent Packaging Ltd. Finco, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 9/15/28§ | 248000 | 220720 |
|  LABL, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 7/15/26§ | 219000 | 211847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.500%, 7/15/27§ | 449000 | 427111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 11/1/28§ | 158000 | 142153 |
|  Mauser Packaging Solutions Holding Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 4/15/25§ | 670000 | 654087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 8/15/26§ | 210000 | 211313 |
|  Owens-Brockway Glass Container, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 5/13/27(x)§ | 159000 | 155820 |
|  Sealed Air Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 2/1/28§ | 62000 | 62543 |
|  Trivium Packaging Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 8/15/26(e)§ | 400000 | 382916 |
|  |  | 3733168 |
|  ***Metals & Mining (0.3%)*** |  |  |
|  Kaiser Aluminum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 6/1/31§ | 204000 | 172504 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 6611018 |
|  **Real Estate (3.2%)** |  |  |
|  ***Equity Real Estate Investment Trusts (REITs) (1.8%)*** |  |  |
|  Iron Mountain, Inc. (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 7/15/28§ | 300000 | 276000 |
|  Park Intermediate Holdings LLC (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 10/1/28§ | 204000 | 188351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 5/15/29§ | 338000 | 294145 |
|  XHR LP (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 8/15/25§ | 181000 | 178285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 6/1/29§ | 86000 | 76325 |
|  |  | 1013106 |
|  ***Real Estate Management & Development (1.4%)*** |  |  |
|  Cushman & Wakefield US Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 5/15/28§ | 224000 | 216234 |
|  Greystar Real Estate Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 12/1/25§ | 511000 | 503335 |
|  Howard Hughes Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 2/1/31§ | 122000 | 101870 |
|  |  | 821439 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 1834545 |

---

See Notes to Portfolio of Investments.

------

**1290 FUNDS** 

1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2023 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** | **Value**<br>**(Note 1)** |
|  **Utilities (0.6%)** |  |  |
|  ***Water Utilities (0.6%)*** |  |  |
|  Solaris Midstream Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, 4/1/26§ | $354000 | $353115 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 353115 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bonds** |  | 55279654 |
|  **Total Long-Term Debt Securities (96.4%)**<br> *(Cost $59,867,465)* |  | 55279654 |
|  | **Number of**<br>**Shares** |  |
|  SHORT-TERM INVESTMENTS: |  |  |
|  **Investment Companies (2.6%)** |  |  |
|  Dreyfus Treasury Obligations Cash Management Fund(xx) | 1000000 | 1000000 |
|  JPMorgan Prime Money Market Fund, IM Shares | 488677 | 488970 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** |  | 1488970 |
|  | **Principal<br>Amount** |  |
|  **Repurchase Agreement (1.5%)** |  |  |
|  Deutsche Bank Securities, Inc., 4.28%, dated 1/31/23, due 2/1/23, repurchase price $851,786, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 2/15/26-11/15/50; total market value $868,719.(xx) | $851685 | 851685 |
|  **Total Short-Term Investments (4.1%)**<br> *(Cost $2,340,655)* |  | 2340655 |
|  **Total Investments in Securities (100.5%)**<br> *(Cost $62,208,120)* |  | 57620309 |
|  **Other Assets Less Liabilities (-0.5%)** |  | (294236) |
|  **Net Assets (100%)** |  | $57326073 |

---

---

| | |
|:---|:---|
| *§* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At January 31, 2023, the market value of these securities amounted to $49,872,156 or 87.0% of net assets.*  |

---

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

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

*(xx)* *At January 31, 2023, the Fund had loaned securities with a total value of $1,813,134. This was collateralized by cash of $1,851,685 which was subsequently invested in an investment company and joint repurchase agreements.* 

*Glossary:* 

*PIK — Payment-in Kind Security* 

See Notes to Portfolio of Investments.

------

**1290 FUNDS** 

1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 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 January 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**<br>**Quoted Prices in Active**<br>**Markets for Identical**<br>**Securities** | **Level 2**<br>**Significant Other**<br>**Observable Inputs**<br>**(including quoted prices**<br>**for similar securities,**<br>**interest rates,**<br>**prepayment speeds,**<br>**credit risk, etc.)** | **Level 3<br>Significant Unobservable**<br>**Inputs (including the<br>Fund's own**<br>**assumptions in**<br>**determining the fair**<br>**value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Corporate Bonds** |  |  |  |  |
|  Communication Services | $— | $7226911 | $— | $7226911 |
|  Consumer Discretionary |  | 8168568 |  | 8168568 |
|  Consumer Staples |  | 2830855 |  | 2830855 |
|  Energy |  | 5768344 |  | 5768344 |
|  Financials |  | 3786002 |  | 3786002 |
|  Health Care |  | 4340516 |  | 4340516 |
|  Industrials |  | 7369404 |  | 7369404 |
|  Information Technology |  | 6990376 |  | 6990376 |
|  Materials |  | 6611018 |  | 6611018 |
|  Real Estate |  | 1834545 |  | 1834545 |
|  Utilities |  | 353115 |  | 353115 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 1488970 |  |  | 1488970 |
|  Repurchase Agreement |  | 851685 |  | 851685 |
|  **Total Assets** | $**1488970** | $**56131339** | $**—** | $**57620309** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**1488970** | $**56131339** | $**—** | $**57620309** |

---

As of January 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 | $436547 |
|  Aggregate gross unrealized depreciation | (5323444) |
|  Net unrealized depreciation | $(4886897) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $62507206 |

---

See Notes to Portfolio of Investments.

------

**1290 FUNDS** 

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS

January 31, 2023 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** | **Value**<br>**(Note 1)** |
|  LONG-TERM DEBT SECURITIES: |  |  |
|  **Asset-Backed Securities (1.7%)** |  |  |
|  Anchorage Capital CLO 17 Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-17A A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.962%, 7/15/34(l)§ | $250000 | $245757 |
|  Magnetite XXVII Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-27A AR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.948%, 10/20/34(l)§ | 335000 | 330776 |
|  Sound Point CLO XXVII Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2A AR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.998%, 10/25/34(l)§ | 340000 | 331073 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Asset- Backed Securities** |  | 907606 |
|  **Collateralized Mortgage Obligations (0.0%)†** |  |  |
|  CHL Mortgage Pass- Through Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-20 1A33 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 2/25/37 | 2 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA5 2A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.906%, 4/25/46(l) | 1 | 1 |
|  RALI Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-QS4 A10 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 4/25/36 | 2 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Collateralized Mortgage Obligations** |  | 3 |
|  **Convertible Bonds (1.1%)** |  |  |
|  **Communication Services (0.1%)** |  |  |
|  ***Interactive Media & Services (0.1%)*** |  |  |
|  Ziff Davis, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 11/1/26§ | 49000 | 51744 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 51744 |
|  **Consumer Discretionary (0.2%)** |  |  |
|  ***Hotels, Restaurants & Leisure (0.1%)*** |  |  |
|  Carnival Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 12/1/27§ | 53000 | 59042 |
|  ***Internet & Direct Marketing Retail (0.1%)*** |  |  |
|  MercadoLibre, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 8/15/28 | 22000 | 60060 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 119102 |
|  **Consumer Staples (0.2%)** |  |  |
|  ***Personal Products (0.2%)*** |  |  |
|  Beauty Health Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 10/1/26§ | 95000 | 77722 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 77722 |
|  **Industrials (0.5%)** |  |  |
|  ***Electrical Equipment (0.5%)*** |  |  |
|  Stem, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 12/1/28§ | 390000 | 262146 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 262146 |
|  **Information Technology (0.1%)** |  |  |
|  ***IT Services (0.1%)*** |  |  |
|  Block, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 3/1/25 | 55000 | 55825 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 55825 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Convertible Bonds** |  | 566539 |
|  **Corporate Bonds (41.2%)** |  |  |
|  **Communication Services (2.5%)** |  |  |
|  ***Diversified Telecommunication Services (0.1%)*** |  |  |
|  Frontier Communications Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 1/15/30§ | 80000 | 65200 |
|  ***Entertainment (0.0%)†*** |  |  |
|  Allen Media LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.500%, 2/15/28§ | 25000 | 10187 |
|  ***Interactive Media & Services (0.4%)*** |  |  |
|  Cars.com, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 11/1/28§ | 55000 | 51081 |
|  TripAdvisor, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 7/15/25§ | 150000 | 150600 |
|  |  | 201681 |
|  ***Media (1.0%)*** |  |  |
|  CMG Media Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%, 12/15/27§ | 30000 | 23400 |
|  Directv Financing LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 8/15/27§ | 125000 | 112863 |
|  DISH DBS Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 11/15/24 | 375000 | 352500 |
|  Urban One, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 2/1/28§ | 55000 | 49533 |
|  |  | 538296 |
|  ***Wireless Telecommunication Services (1.0%)*** |  |  |
|  Kenbourne Invest SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 11/26/24§ | 200000 | 185750 |
|  Millicom International Cellular SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 4/27/31(m) | 245000 | 207393 |
|  Sprint LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, 2/15/25 | 95000 | 98341 |
|  United States Cellular Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.700%, 12/15/33 | 55000 | 51081 |
|  |  | 542565 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 1357929 |
|  **Consumer Discretionary (5.0%)** |  |  |
|  ***Auto Components (0.4%)*** |  |  |
|  Clarios Global LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, 5/15/27§ | 55000 | 54665 |
|  Icahn Enterprises LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 9/15/24 | 155000 | 150931 |
|  |  | 205596 |
|  ***Automobiles (0.8%)*** |  |  |
|  PM General Purchaser LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500%, 10/1/28§ | 55000 | 42075 |
|  Stellantis Finance US, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 1/12/28§ | 250000 | 256185 |
|  Thor Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/15/29(x)§ | 60000 | 49666 |
|  Winnebago Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 7/15/28§ | 95000 | 90131 |
|  |  | 438057 |

---

See Notes to Portfolio of Investments.

------

**1290 FUNDS** 

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2023 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** | **Value**<br>**(Note 1)** |
|  ***Diversified Consumer Services (0.2%)*** |  |  |
|  Grand Canyon University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 10/1/24 | $105000 | $99619 |
|  ***Hotels, Restaurants & Leisure (1.2%)*** |  |  |
|  Affinity Gaming |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 12/15/27§ | 60000 | 53715 |
|  Expedia Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 8/1/27 | 170000 | 166905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 3/15/31 | 265000 | 222531 |
|  Full House Resorts, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, 2/15/28§ | 30000 | 27713 |
|  GPS Hospitality Holding Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 8/15/28§ | 30000 | 18300 |
|  NCL Corp. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 12/15/24(x)§ | 15000 | 14081 |
|  Royal Caribbean Cruises Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.625%, 8/15/27§ | 110000 | 116462 |
|  |  | 619707 |
|  ***Household Durables (0.5%)*** |  |  |
|  Beazer Homes USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 10/15/29 | 60000 | 55425 |
|  M/I Homes, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 2/1/28 | 105000 | 96533 |
|  Meritage Homes Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 6/6/27 | 40000 | 38500 |
|  Tempur Sealy International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 10/15/31§ | 105000 | 86249 |
|  |  | 276707 |
|  ***Internet & Direct Marketing Retail (0.1%)*** |  |  |
|  GrubHub Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 7/1/27§ | 55000 | 44000 |
|  ***Multiline Retail (0.2%)*** |  |  |
|  Nordstrom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950%, 3/15/28 | 105000 | 101955 |
|  ***Specialty Retail (1.6%)*** |  |  |
|  Academy Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 11/15/27§ | 95000 | 91437 |
|  Arko Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 11/15/29§ | 20000 | 15930 |
|  Asbury Automotive Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 11/15/29§ | 70000 | 61863 |
|  Bath & Body Works, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 11/1/35 | 80000 | 73400 |
|  Foot Locker, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/1/29§ | 105000 | 88377 |
|  Gap, Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 10/1/29§ | 90000 | 69075 |
|  Group 1 Automotive, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 8/15/28§ | 105000 | 92094 |
|  Guitar Center, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, 1/15/26§ | 50000 | 43563 |
|  LSF9 Atlantis Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 2/15/26§ | 15000 | 13650 |
|  Murphy Oil USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 2/15/31§ | 110000 | 91300 |
|  Park River Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 2/1/29§ | 30000 | 20925 |
|  Rent-A-Center, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 2/15/29§ | 60000 | 50850 |
|  Sonic Automotive, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 11/15/29§ | 35000 | 28872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 11/15/31§ | 60000 | 47632 |
|  Specialty Building Products Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 9/30/26§ | 60000 | 53850 |
|  White Cap Buyer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 10/15/28§ | 35000 | 32067 |
|  |  | 874885 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 2660526 |
|  **Consumer Staples (0.9%)** |  |  |
|  ***Beverages (0.0%)†*** |  |  |
|  Triton Water Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 4/1/29§ | 35000 | 27694 |
|  ***Food Products (0.5%)*** |  |  |
|  JBS USA LUX SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 2/1/28(x)§ | 260000 | 254616 |
|  TreeHouse Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 9/1/28 | 30000 | 25115 |
|  |  | 279731 |
|  ***Household Products (0.2%)*** |  |  |
|  Central Garden & Pet Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 10/15/30 | 110000 | 93533 |
|  ***Personal Products (0.2%)*** |  |  |
|  Edgewell Personal Care Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 6/1/28§ | 105000 | 99251 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 500209 |
|  **Energy (5.8%)** |  |  |
|  ***Energy Equipment & Services (0.7%)*** |  |  |
|  CSI Compressco LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 4/1/25§ | 50000 | 47125 |
|  Enerflex Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%, 10/15/27§ | 110000 | 112037 |
|  Oceaneering International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 2/1/28 | 55000 | 52937 |
|  Patterson-UTI Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 11/15/29 | 105000 | 97730 |
|  USA Compression Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 9/1/27 | 55000 | 53350 |
|  |  | 363179 |
|  ***Oil, Gas & Consumable Fuels (5.1%)*** |  |  |
|  Aethon United BR LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250%, 2/15/26§ | 45000 | 44663 |
|  Alliance Resource Operating Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 5/1/25§ | 190000 | 187388 |
|  Calumet Specialty Products Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125%, 1/15/27§ | 30000 | 29062 |
|  Crescent Energy Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 5/1/26§ | 50000 | 48000 |
|  CVR Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 2/15/25§ | 160000 | 154400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 2/15/28§ | 55000 | 50325 |
|  Delek Logistics Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 6/1/28§ | 85000 | 78221 |
|  Diamondback Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 3/15/33 | 245000 | 259951 |
|  Encino Acquisition Partners Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, 5/1/28§ | 50000 | 46812 |

---

See Notes to Portfolio of Investments.

------

**1290 FUNDS** 

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2023 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** | **Value**<br>**(Note 1)** |
|  EnLink Midstream LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 1/15/28§ | $105000 | $102637 |
|  EnLink Midstream Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 4/1/45 | 75000 | 59063 |
|  EQM Midstream Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 6/1/30§ | 115000 | 114944 |
|  FTAI Infra Escrow Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.500%, 6/1/27§ | 45000 | 45138 |
|  Global Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 1/15/29 | 60000 | 56622 |
|  Hess Midstream Operations LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 2/15/30§ | 300000 | 262031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 10/15/30§ | 115000 | 106950 |
|  Howard Midstream Energy Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 1/15/27§ | 50000 | 48750 |
|  ITT Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 8/1/29§ | 60000 | 52200 |
|  Moss Creek Resources Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.500%, 5/15/27§ | 50000 | 48448 |
|  New Fortress Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 9/30/26§ | 115000 | 105802 |
|  Northern Oil and Gas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125%, 3/1/28§ | 10000 | 9965 |
|  NuStar Logistics LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 10/1/30 | 90000 | 86625 |
|  PBF Holding Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 6/15/25 | 70000 | 69568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 2/15/28 | 35000 | 32999 |
|  Permian Resources Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 2/15/26§ | 50000 | 50000 |
|  ROCC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250%, 8/15/26§ | 45000 | 45619 |
|  Rockies Express Pipeline LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 5/15/25§ | 15000 | 14250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 5/15/30§ | 105000 | 94500 |
|  Southwestern Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 1/23/25(e) | 150000 | 148312 |
|  Strathcona Resources Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 8/1/26§ | 55000 | 47397 |
|  Sunnova Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 9/1/26§ | 50000 | 44500 |
|  Tallgrass Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 3/1/27(x)§ | 115000 | 109250 |
|  Talos Production, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.000%, 1/15/26 | 40000 | 42250 |
|  Targa Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 3/15/33 | 70000 | 72633 |
|  |  | 2769275 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 3132454 |
|  **Financials (14.5%)** |  |  |
|  ***Banks (7.9%)*** |  |  |
|  Banco Bilbao Vizcaya Argentaria SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (USD Swap Semi 5 Year + 3.87%), 6.125%, 11/16/27(k)(y) | 400000 | 370000 |
|  Banco Santander SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (USD ICE Swap Rate 5 Year + 4.99%), 7.500%, 2/8/24(k)(m)(y) | 200000 | 198000 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.00%), 4.175%, 3/24/28(k) | 200000 | 190123 |
|  Bank of Ireland Group plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.65%), 6.253%, 9/16/26(k)§ | 200000 | 201652 |
|  BNP Paribas SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.20%), 4.625%, 1/12/27(k)(y)§ | 320000 | 275200 |
|  Credit Agricole SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (USD Swap Semi 5 Year + 4.32%), 6.875%, 9/23/24(k)(y)§ | 200000 | 197500 |
|  DNB Bank ASA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR Compounded Index + 1.95%), 5.896%, 10/9/26(k)§ | 250000 | 252397 |
|  HSBC Holdings plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 3/14/24 | 250000 | 247865 |
| &nbsp;&nbsp;&nbsp;&nbsp; (USD ICE Swap Rate 5 Year + 3.75%), 6.000%, 5/22/27(k)(y) | 280000 | 267400 |
| &nbsp;&nbsp;&nbsp;&nbsp; (USD ICE Swap Rate 5 Year + 3.61%), 6.500%, 3/23/28(k)(y) | 230000 | 221087 |
|  JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.58%), 5.717%, 9/14/33(k) | 185000 | 189779 |
|  Lloyds Banking Group plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 5/8/25 | 200000 | 197089 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.75%), 7.953%, 11/15/33(k) | 200000 | 228648 |
|  Santander Holdings USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 6/2/25 | 170000 | 162689 |
|  Societe Generale SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.39%), 9.375%, 11/22/27(k)(y)§ | 250000 | 267188 |
|  Standard Chartered plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.95%), 1.822%, 11/23/25(k)§ | 270000 | 250603 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.05%), 6.170%, 1/9/27(k)§ | 260000 | 265500 |

---

See Notes to Portfolio of Investments.

------

**1290 FUNDS** 

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2023 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** | **Value**<br>**(Note 1)** |
|  UniCredit SpA |  |  |
|  (USD ICE Swap Rate 5 Year + 4.91%), 7.296%, 4/2/34(k)§ | $240000 | $233184 |
|  |  | 4215904 |
|  ***Capital Markets (3.6%)*** |  |  |
|  BGC Partners, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 12/15/25 | 345000 | 327487 |
|  Blackstone Holdings Finance Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 11/3/27§ | 195000 | 202022 |
|  Credit Suisse AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 8/9/24 | 500000 | 484539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.950%, 1/9/25 | 250000 | 255494 |
|  Deutsche Bank AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.87%), 2.129%, 11/24/26(k) | 230000 | 207140 |
|  OWL Rock Core Income Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 3/21/25 | 230000 | 224459 |
|  State Street Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.57%), 4.821%, 1/26/34(k) | 145000 | 144749 |
|  StoneX Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625%, 6/15/25§ | 95000 | 96045 |
|  |  | 1941935 |
|  ***Consumer Finance (1.2%)*** |  |  |
|  General Motors Financial Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 2/26/25 | 345000 | 328952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050%, 10/10/25 | 250000 | 254598 |
|  Navient Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 8/1/33 | 70000 | 54075 |
|  |  | 637625 |
|  ***Diversified Financial Services (0.0%)†*** |  |  |
|  Armor Holdco, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, 11/15/29§ | 30000 | 25575 |
|  ***Insurance (0.7%)*** |  |  |
|  Genworth Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 6/15/34 | 60000 | 53700 |
|  Liberty Mutual Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 2/1/61§ | 330000 | 214912 |
|  Prudential Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.23%), 6.000%, 9/1/52(k) | 85000 | 84362 |
|  USI, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 5/1/25§ | 25000 | 24883 |
|  |  | 377857 |
|  ***Mortgage Real Estate Investment Trusts (REITs) (0.7%)*** |  |  |
|  Blackstone Mortgage Trust, Inc. (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 1/15/27§ | 30000 | 26378 |
|  Starwood Property Trust, Inc. (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 7/15/26§ | 370000 | 331150 |
|  |  | 357528 |
|  ***Thrifts & Mortgage Finance (0.4%)*** |  |  |
|  Enact Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 8/15/25§ | 100000 | 98000 |
|  NMI Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 6/1/25§ | 95000 | 96240 |
|  PHH Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 3/15/26§ | 55000 | 50050 |
|  |  | 244290 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 7800714 |
|  **Health Care (0.6%)** |  |  |
|  ***Health Care Equipment & Supplies (0.1%)*** |  |  |
|  Embecta Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 2/15/30§ | 65000 | 53300 |
|  ***Health Care Providers & Services (0.5%)*** |  |  |
|  AdaptHealth LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 8/1/28§ | 70000 | 66500 |
|  Akumin Escrow, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 8/1/28§ | 15000 | 10163 |
|  Akumin, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 11/1/25§ | 40000 | 31000 |
|  Global Medical Response, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 10/1/25§ | 60000 | 42225 |
|  LifePoint Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 1/15/29§ | 55000 | 36300 |
|  Prime Healthcare Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 11/1/25§ | 55000 | 48606 |
|  US Acute Care Solutions LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 3/1/26§ | 50000 | 45326 |
|  |  | 280120 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 333420 |
|  **Industrials (3.9%)** |  |  |
|  ***Aerospace & Defense (1.1%)*** |  |  |
|  Boeing Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.705%, 5/1/40 | 230000 | 234236 |
|  Embraer Netherlands Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 6/15/25 | 225000 | 221526 |
|  Howmet Aerospace, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 1/15/28 | 110000 | 115255 |
|  |  | 571017 |
|  ***Air Freight & Logistics (0.1%)*** |  |  |
|  Western Global Airlines LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.375%, 8/15/25§ | 50000 | 35000 |
|  ***Airlines (0.7%)*** |  |  |
|  American Airlines Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 3/1/25§ | 180000 | 167948 |
|  Mileage Plus Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 6/20/27§ | 238500 | 240959 |
|  |  | 408907 |
|  ***Building Products (0.5%)*** |  |  |
|  Camelot Return Merger Sub, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750%, 8/1/28§ | 30000 | 28208 |
|  Eco Material Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 1/31/27§ | 50000 | 48000 |
|  MIWD Holdco II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 2/1/30§ | 60000 | 49950 |
|  Oscar AcquisitionCo LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500%, 4/15/30§ | 30000 | 26850 |
|  Standard Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 1/15/31§ | 120000 | 95160 |
|  |  | 248168 |

---

See Notes to Portfolio of Investments.

------

**1290 FUNDS** 

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2023 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** | **Value**<br>**(Note 1)** |
|  ***Commercial Services & Supplies (0.1%)*** |  |  |
|  Arrow Bidco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500%, 3/15/24§ | $45000 | $45041 |
|  ***Construction & Engineering (0.9%)*** |  |  |
|  Artera Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.033%, 12/4/25§ | 55000 | 47025 |
|  Brundage-Bone Concrete Pumping Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 2/1/26§ | 50000 | 47555 |
|  Fluor Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 9/15/28(x) | 100000 | 93011 |
|  Global Infrastructure Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 6/1/29§ | 50000 | 41000 |
|  IHS Netherlands Holdco BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 9/18/27§ | 235000 | 211103 |
|  Pike Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 9/1/28§ | 30000 | 26400 |
|  |  | 466094 |
|  ***Machinery (0.1%)*** |  |  |
|  Granite US Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.000%, 10/1/27§ | 25000 | 26344 |
|  Wabash National Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/15/28§ | 65000 | 57200 |
|  |  | 83544 |
|  ***Marine (0.1%)*** |  |  |
|  Seaspan Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 8/1/29§ | 60000 | 45093 |
|  ***Road & Rail (0.1%)*** |  |  |
|  Carriage Purchaser, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 10/15/29(x)§ | 30000 | 21599 |
|  Hertz Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/1/29§ | 35000 | 28612 |
|  Watco Cos. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 6/15/27§ | 25000 | 23500 |
|  |  | 73711 |
|  ***Trading Companies & Distributors (0.2%)*** |  |  |
|  Alta Equipment Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 4/15/26§ | 50000 | 45750 |
|  BlueLinx Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 11/15/29§ | 55000 | 48538 |
|  |  | 94288 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 2070863 |
|  **Information Technology (3.2%)** |  |  |
|  ***Communications Equipment (0.5%)*** |  |  |
|  CommScope Technologies LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 6/15/25§ | 160000 | 151525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 3/15/27§ | 15000 | 11416 |
|  CommScope, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 7/1/28§ | 65000 | 50944 |
|  Viasat, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 7/15/28§ | 65000 | 52000 |
|  |  | 265885 |
|  ***IT Services (0.4%)*** |  |  |
|  Global Payments, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 8/15/32 | 225000 | 224250 |
|  ***Semiconductors & Semiconductor Equipment (0.8%)*** |  |  |
|  Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 4/15/32§ | 240000 | 218532 |
|  Micron Technology, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 11/1/29 | 190000 | 201741 |
|  |  | 420273 |
|  ***Software (0.1%)*** |  |  |
|  GoTo Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 9/1/27§ | 50000 | 25625 |
|  Veritas US, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 9/1/25§ | 60000 | 39450 |
|  |  | 65075 |
|  ***Technology Hardware, Storage & Peripherals (1.4%)*** |  |  |
|  Dell International LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 2/1/33 | 155000 | 154629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.100%, 7/15/36 | 280000 | 326432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 12/15/51§ | 50000 | 33018 |
|  Xerox Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 12/15/39 | 50000 | 39251 |
|  Xerox Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 8/15/25§ | 160000 | 148645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 8/15/28§ | 75000 | 63609 |
|  |  | 765584 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 1741067 |
|  **Materials (2.7%)** |  |  |
|  ***Chemicals (0.8%)*** |  |  |
|  Braskem Netherlands Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 1/31/30§ | 255000 | 223686 |
|  Chemours Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 11/15/29§ | 65000 | 54309 |
|  Illuminate Buyer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%, 7/1/28§ | 30000 | 26700 |
|  Koppers, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 2/15/25§ | 60000 | 59400 |
|  LSF11 A5 HoldCo LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 10/15/29§ | 30000 | 24675 |
|  Rain CII Carbon LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 4/1/25§ | 60000 | 56400 |
|  |  | 445170 |
|  ***Construction Materials (0.4%)*** |  |  |
|  Cemex SAB de CV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 7/11/31(x)§ | 260000 | 217750 |
|  ***Containers & Packaging (0.1%)*** |  |  |
|  OI European Group BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 2/15/30(x)§ | 55000 | 49308 |
|  ***Metals & Mining (1.1%)*** |  |  |
|  Baffinland Iron Mines Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750%, 7/15/26§ | 50000 | 48750 |
|  Carpenter Technology Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, 3/15/30 | 95000 | 97508 |
|  Commercial Metals Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 2/15/31 | 110000 | 94600 |
|  FMG Resources August 2006 Pty. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 4/15/32§ | 100000 | 97500 |
|  Infrabuild Australia Pty. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.000%, 10/1/24§ | 25000 | 23719 |
|  Mineral Resources Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%, 5/1/30§ | 100000 | 103375 |
|  SunCoke Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 6/30/29§ | 55000 | 48331 |
|  Taseko Mines Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 2/15/26§ | 55000 | 51975 |
|  TMS International Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 4/15/29§ | 30000 | 22426 |
|  |  | 588184 |

---

See Notes to Portfolio of Investments.

------

**1290 FUNDS** 

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2023 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount** | **Value**<br>**(Note 1)** |
|  ***Paper & Forest Products (0.3%)*** |  |  |
|  Domtar Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 10/1/28§ | $85000 | $78336 |
|  Sylvamo Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 9/1/29§ | 50000 | 47717 |
|  |  | 126053 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 1426465 |
|  **Real Estate (0.5%)** |  |  |
|  ***Equity Real Estate Investment Trusts (REITs) (0.3%)*** |  |  |
|  CTR Partnership LP (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 6/30/28§ | 100000 | 89541 |
|  Service Properties Trust (REIT) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 3/15/25 | 85000 | 76713 |
|  |  | 166254 |
|  ***Real Estate Management & Development (0.2%)*** |  |  |
|  Forestar Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 3/1/28§ | 110000 | 95975 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 262229 |
|  **Utilities (1.6%)** |  |  |
|  ***Electric Utilities (1.0%)*** |  |  |
|  DPL, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 7/1/25 | 100000 | 95125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 4/15/29 | 15000 | 13669 |
|  NextEra Energy Operating Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 9/15/27§ | 115000 | 108244 |
|  NRG Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 2/15/29§ | 105000 | 86689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 2/15/32§ | 35000 | 27186 |
|  PG&E Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 7/1/30 | 115000 | 105225 |
|  Vistra Operations Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 5/1/29§ | 135000 | 118462 |
|  |  | 554600 |
|  ***Gas Utilities (0.3%)*** |  |  |
|  AmeriGas Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 5/20/24 | 150000 | 147548 |
|  ***Independent Power and Renewable Electricity Producers (0.3%)*** |  |  |
|  Calpine Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 3/1/31§ | 95000 | 79003 |
|  TransAlta Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 3/15/40 | 60000 | 57518 |
|  |  | 136521 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 838669 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bonds** |  | 22124545 |
|  **Foreign Government Securities (4.8%)** |  |  |
|  Federal Republic of Nigeria |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 3/24/29(m) | 525000 | 437062 |
|  Mex Bonos Desarr Fix Rt |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 6/3/27 | 10550000 | 532598 |
|  Republic of Angola |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 11/26/29(m) | $400000 | 371000 |
|  Republic of Costa Rica |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 4/4/44(m) | 200000 | 193475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.158%, 3/12/45(m) | 240000 | 234870 |
|  Republic of Indonesia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 4/15/32 | 4283000000 | 279381 |
|  Republic of South Africa |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 1/31/30 | 5060000 | 266301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 4/20/32 | $285000 | 263981 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Foreign Government Securities** |  | 2578668 |
|  **Total Long-Term Debt Securities (48.8%)**<br> *(Cost $25,893,298)* |  | 26177361 |
|  | **Number of**<br>**Shares** |  |
|  CONVERTIBLE PREFERRED STOCK: |  |  |
|  **Financials (0.5%)** |  |  |
|  ***Banks (0.5%)*** |  |  |
|  Wells Fargo & Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series L |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | 209 | 262920 |
|  **Total Convertible Preferred Stock (0.5%)**<br> *(Cost $266,266)* |  | 262920 |
|  COMMON STOCKS: |  |  |
|  **Communication Services (3.2%)** |  |  |
|  ***Diversified Telecommunication Services (1.5%)*** |  |  |
|  AT&T, Inc. | 10177 | 207306 |
|  Spark New Zealand Ltd. | 14844 | 50055 |
|  Telstra Group Ltd. | 96963 | 279911 |
|  Verizon Communications, Inc. | 6570 | 273115 |
|  |  | 810387 |
|  ***Entertainment (0.4%)*** |  |  |
|  Netflix, Inc.\* | 165 | 58387 |
|  Nintendo Co. Ltd. | 2300 | 99470 |
|  Walt Disney Co. (The)\* | 680 | 73773 |
|  |  | 231630 |
|  ***Interactive Media & Services (0.9%)*** |  |  |
|  Alphabet, Inc., Class A\* | 1855 | 183348 |
|  Alphabet, Inc., Class C\* | 1572 | 156996 |
|  Meta Platforms, Inc., Class A\* | 716 | 106663 |
|  |  | 447007 |
|  ***Media (0.2%)*** |  |  |
|  Comcast Corp., Class A | 1663 | 65439 |
|  Omnicom Group, Inc. | 669 | 57527 |
|  |  | 122966 |
|  ***Wireless Telecommunication Services (0.2%)*** |  |  |
|  KDDI Corp. | 3000 | 93733 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 1705723 |
|  **Consumer Discretionary (3.9%)** |  |  |
|  ***Automobiles (0.9%)*** |  |  |
|  Honda Motor Co. Ltd. | 3700 | 91774 |
|  Tesla, Inc.\* | 881 | 152607 |
|  Toyota Motor Corp. | 14700 | 213277 |
|  |  | 457658 |
|  ***Distributors (0.1%)*** |  |  |
|  Genuine Parts Co. | 433 | 72666 |
|  ***Hotels, Restaurants & Leisure (1.3%)*** |  |  |
|  Booking Holdings, Inc.\* | 19 | 46248 |
|  Darden Restaurants, Inc. | 339 | 50162 |
|  Hilton Worldwide Holdings, Inc. | 456 | 66161 |
|  McDonald's Corp. | 1046 | 279700 |
|  Starbucks Corp. | 1834 | 200163 |
|  Yum! Brands, Inc. | 314 | 40980 |
|  |  | 683414 |

---

See Notes to Portfolio of Investments.

------

**1290 FUNDS** 

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2023 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value**<br>**(Note 1)** |
|  ***Household Durables (0.1%)*** |  |  |
|  DR Horton, Inc. | 521 | $51417 |
|  ***Internet & Direct Marketing Retail (0.5%)*** |  |  |
|  Amazon.com, Inc.\* | 2744 | 282989 |
|  ***Multiline Retail (0.1%)*** |  |  |
|  Dollar General Corp. | 193 | 45085 |
|  ***Specialty Retail (0.7%)*** |  |  |
|  Home Depot, Inc. (The) | 289 | 93685 |
|  JB Hi-Fi Ltd. | 4166 | 143152 |
|  Lowe's Cos., Inc. | 265 | 55186 |
|  O'Reilly Automotive, Inc.\* | 46 | 36448 |
|  TJX Cos., Inc. (The) | 600 | 49116 |
|  |  | 377587 |
|  ***Textiles, Apparel & Luxury Goods (0.2%)*** |  |  |
|  NIKE, Inc., Class B | 516 | 65703 |
|  VF Corp. | 996 | 30816 |
|  |  | 96519 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 2067335 |
|  **Consumer Staples (5.1%)** |  |  |
|  ***Beverages (1.4%)*** |  |  |
|  Brown-Forman Corp., Class B | 587 | 39083 |
|  Coca-Cola Co. (The) | 5438 | 333458 |
|  Constellation Brands, Inc., Class A | 177 | 40979 |
|  PepsiCo, Inc. | 1921 | 328529 |
|  |  | 742049 |
|  ***Food & Staples Retailing (0.5%)*** |  |  |
|  Costco Wholesale Corp. | 158 | 80760 |
|  Koninklijke Ahold Delhaize NV | 2157 | 64281 |
|  Tesco plc | 16182 | 49156 |
|  Walmart, Inc. | 492 | 70784 |
|  |  | 264981 |
|  ***Food Products (1.4%)*** |  |  |
|  Archer-Daniels-Midland Co. | 468 | 38774 |
|  Danone SA | 1279 | 69994 |
|  General Mills, Inc. | 927 | 72640 |
|  Mondelez International, Inc., Class A | 1715 | 112229 |
|  Nestle SA (Registered) | 3107 | 379152 |
|  Orkla ASA | 5015 | 37456 |
|  Tyson Foods, Inc., Class A | 672 | 44184 |
|  |  | 754429 |
|  ***Household Products (1.3%)*** |  |  |
|  Colgate-Palmolive Co. | 1065 | 79374 |
|  Henkel AG & Co. KGaA (Preference)(q) | 674 | 47922 |
|  Kimberly-Clark Corp. | 498 | 64745 |
|  Procter & Gamble Co. (The) | 3150 | 448497 |
|  Reckitt Benckiser Group plc | 927 | 66013 |
|  |  | 706551 |
|  ***Personal Products (0.4%)*** |  |  |
|  Estee Lauder Cos., Inc. (The), Class A | 173 | 47935 |
|  Unilever plc | 3000 | 153266 |
|  |  | 201201 |
|  ***Tobacco (0.1%)*** |  |  |
|  Philip Morris International, Inc. | 560 | 58374 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 2727585 |
|  **Energy (1.4%)** |  |  |
|  ***Energy Equipment & Services (0.1%)*** |  |  |
|  Schlumberger Ltd. | 799 | 45527 |
|  ***Oil, Gas & Consumable Fuels (1.3%)*** |  |  |
|  Chevron Corp. | 492 | 85618 |
|  ConocoPhillips | 543 | 66176 |
|  EOG Resources, Inc. | 344 | 45494 |
|  Exxon Mobil Corp. | 1225 | 142112 |
|  Hess Corp. | 289 | 43396 |
|  Kinder Morgan, Inc. | 3114 | 56986 |
|  Marathon Petroleum Corp. | 1316 | 169132 |
|  Valero Energy Corp. | 317 | 44390 |
|  Woodside Energy Group Ltd. | 2147 | 55733 |
|  |  | 709037 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 754564 |
|  **Financials (7.9%)** |  |  |
|  ***Banks (4.1%)*** |  |  |
|  Banco Santander SA | 135320 | 472171 |
|  Bank of America Corp. | 9736 | 345433 |
|  Barclays plc | 88276 | 202450 |
|  Citigroup, Inc. | 842 | 43969 |
|  Citizens Financial Group, Inc. | 1050 | 45486 |
|  DBS Group Holdings Ltd. | 3600 | 98551 |
|  Fifth Third Bancorp | 1301 | 47213 |
|  JPMorgan Chase & Co. | 791 | 110708 |
|  KeyCorp | 2907 | 55785 |
|  M&T Bank Corp. | 259 | 40404 |
|  PNC Financial Services Group, Inc. (The) | 506 | 83708 |
|  Societe Generale SA | 9776 | 290599 |
|  Truist Financial Corp. | 2499 | 123426 |
|  United Overseas Bank Ltd. | 3400 | 77440 |
|  US Bancorp | 2457 | 122359 |
|  Wells Fargo & Co. | 1121 | 52541 |
|  |  | 2212243 |
|  ***Capital Markets (1.6%)*** |  |  |
|  Bank of New York Mellon Corp. (The) | 1168 | 59066 |
|  BlackRock, Inc. | 236 | 179173 |
|  Blackstone, Inc., Class A | 788 | 75616 |
|  Charles Schwab Corp. (The) | 521 | 40336 |
|  CME Group, Inc. | 404 | 71371 |
|  Goldman Sachs Group, Inc. (The) | 142 | 51945 |
|  Japan Exchange Group, Inc. | 2800 | 42900 |
|  Moody's Corp. | 161 | 51963 |
|  Morgan Stanley | 512 | 49833 |
|  MSCI, Inc. | 82 | 43588 |
|  Partners Group Holding AG | 52 | 48871 |
|  S&P Global, Inc. | 134 | 50242 |
|  State Street Corp. | 581 | 53063 |
| T. Rowe Price Group, Inc. | 457 | 53227 |
|  |  | 871194 |

---

See Notes to Portfolio of Investments.

------

**1290 FUNDS** 

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2023 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value**<br>**(Note 1)** |
|  ***Diversified Financial Services (0.3%)*** |  |  |
|  Berkshire Hathaway, Inc., Class B\* | 460 | $143299 |
|  ***Insurance (1.9%)*** |  |  |
|  Aflac, Inc. | 831 | 61079 |
|  Allianz SE (Registered) | 612 | 146001 |
|  Allstate Corp. (The) | 377 | 48433 |
|  American International Group, Inc. | 762 | 48174 |
|  Arch Capital Group Ltd.\* | 818 | 52638 |
|  Arthur J Gallagher & Co. | 245 | 47951 |
|  Assicurazioni Generali SpA | 3690 | 71925 |
|  AXA SA | 3116 | 97136 |
|  Everest Re Group Ltd. | 121 | 42313 |
|  Hartford Financial Services Group, Inc. (The) | 620 | 48118 |
|  Marsh & McLennan Cos., Inc. | 229 | 40054 |
|  MetLife, Inc. | 908 | 66302 |
|  Tokio Marine Holdings, Inc. | 3600 | 75353 |
|  Travelers Cos., Inc. (The) | 332 | 63452 |
|  Zurich Insurance Group AG | 227 | 112269 |
|  |  | 1021198 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 4247934 |
|  **Health Care (7.8%)** |  |  |
|  ***Biotechnology (1.2%)*** |  |  |
|  AbbVie, Inc. | 2504 | 369966 |
|  Amgen, Inc. | 836 | 211006 |
|  Gilead Sciences, Inc. | 636 | 53386 |
|  |  | 634358 |
|  ***Health Care Equipment & Supplies (0.8%)*** |  |  |
|  Abbott Laboratories | 508 | 56159 |
|  Becton Dickinson and Co. | 154 | 38842 |
|  Boston Scientific Corp.\* | 906 | 41903 |
|  Edwards Lifesciences Corp.\* | 516 | 39577 |
|  Intuitive Surgical, Inc.\* | 157 | 38573 |
|  Medtronic plc | 2056 | 172067 |
|  Neogen Corp.\* | 900 | 19269 |
|  Stryker Corp. | 174 | 44163 |
|  |  | 450553 |
|  ***Health Care Providers & Services (0.9%)*** |  |  |
|  Centene Corp.\* | 472 | 35985 |
|  Cigna Corp. | 194 | 61434 |
|  CVS Health Corp. | 2072 | 182792 |
|  Elevance Health, Inc. | 114 | 56999 |
|  UnitedHealth Group, Inc. | 229 | 114314 |
|  |  | 451524 |
|  ***Life Sciences Tools & Services (0.3%)*** |  |  |
|  Agilent Technologies, Inc. | 284 | 43191 |
|  Danaher Corp. | 229 | 60543 |
|  Thermo Fisher Scientific, Inc. | 134 | 76424 |
|  |  | 180158 |
|  ***Pharmaceuticals (4.6%)*** |  |  |
|  Astellas Pharma, Inc. | 3700 | 54611 |
|  Bristol-Myers Squibb Co. | 3356 | 243813 |
|  Eli Lilly and Co. | 253 | 87070 |
|  GSK plc | 5808 | 101425 |
|  Johnson & Johnson | 3461 | 565597 |
|  Merck & Co., Inc. | 3532 | 379372 |
|  Novartis AG (Registered) | 2659 | 240482 |
|  Pfizer, Inc. | 7968 | 351867 |
|  Roche Holding AG | 833 | 260340 |
|  Sanofi | 1532 | 150545 |
|  Zoetis, Inc. | 297 | 49150 |
|  |  | 2484272 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 4200865 |
|  **Industrials (4.9%)** |  |  |
|  ***Aerospace & Defense (1.4%)*** |  |  |
|  Airbus SE | 1234 | 154622 |
|  BAE Systems plc | 29951 | 316538 |
|  Boeing Co. (The)\* | 221 | 47073 |
|  General Dynamics Corp. | 465 | 108373 |
|  Northrop Grumman Corp. | 107 | 47940 |
|  Raytheon Technologies Corp. | 521 | 52022 |
|  |  | 726568 |
|  ***Air Freight & Logistics (0.4%)*** |  |  |
|  United Parcel Service, Inc., Class B | 1192 | 220794 |
|  ***Building Products (0.3%)*** |  |  |
|  AGC, Inc. | 1000 | 36825 |
|  Johnson Controls International plc | 988 | 68735 |
|  Trane Technologies plc | 242 | 43347 |
|  |  | 148907 |
|  ***Commercial Services & Supplies (0.1%)*** |  |  |
|  Cintas Corp. | 102 | 45261 |
|  ***Electrical Equipment (0.5%)*** |  |  |
|  ABB Ltd. (Registered) | 2680 | 93323 |
|  Accelleron Industries AG\* | 132 | 3116 |
|  Eaton Corp. plc | 729 | 118251 |
|  Emerson Electric Co. | 727 | 65590 |
|  |  | 280280 |
|  ***Industrial Conglomerates (0.6%)*** |  |  |
|  3M Co. | 877 | 100925 |
|  General Electric Co. | 652 | 52473 |
|  Honeywell International, Inc. | 193 | 40237 |
|  Siemens AG (Registered) | 977 | 151792 |
|  |  | 345427 |
|  ***Machinery (0.9%)*** |  |  |
|  Atlas Copco AB, Class A | 7103 | 84010 |
|  Caterpillar, Inc. | 188 | 47431 |
|  Cummins, Inc. | 395 | 98568 |
|  Deere & Co. | 102 | 43130 |
|  Dover Corp. | 392 | 59517 |
|  PACCAR, Inc. | 525 | 57388 |
|  Parker-Hannifin Corp. | 146 | 47596 |
|  Volvo AB, Class A | 2698 | 56046 |
|  |  | 493686 |
|  ***Marine (0.1%)*** |  |  |
|  AP Moller - Maersk A/S, Class B | 23 | 50023 |
|  ***Professional Services (0.1%)*** |  |  |
|  RELX plc | 2703 | 80337 |
|  ***Road & Rail (0.2%)*** |  |  |
|  Norfolk Southern Corp. | 185 | 45475 |
|  Union Pacific Corp. | 242 | 49414 |
|  |  | 94889 |
|  ***Trading Companies & Distributors (0.3%)*** |  |  |
|  Mitsui & Co. Ltd. | 3200 | 94556 |
|  Toyota Tsusho Corp. | 1100 | 46541 |
|  |  | 141097 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 2627269 |

---

See Notes to Portfolio of Investments.

------

**1290 FUNDS** 

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2023 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value**<br>**(Note 1)** |
|  **Information Technology (7.1%)** |  |  |
|  ***Communications Equipment (0.5%)*** |  |  |
|  Cisco Systems, Inc. | 5769 | $280777 |
|  ***Electronic Equipment, Instruments & Components (0.4%)*** |  |  |
|  Amphenol Corp., Class A | 615 | 49059 |
|  Corning, Inc. | 1302 | 45062 |
|  Keysight Technologies, Inc.\* | 281 | 50397 |
|  TE Connectivity Ltd. | 356 | 45266 |
|  |  | 189784 |
|  ***IT Services (1.1%)*** |  |  |
|  Accenture plc, Class A | 214 | 59716 |
|  Automatic Data Processing, Inc. | 185 | 41775 |
|  Fiserv, Inc.\* | 385 | 41072 |
|  International Business Machines Corp. | 1260 | 169760 |
|  Mastercard, Inc., Class A | 245 | 90797 |
|  Paychex, Inc. | 445 | 51558 |
|  PayPal Holdings, Inc.\* | 508 | 41397 |
|  Visa, Inc., Class A | 472 | 108659 |
|  |  | 604734 |
|  ***Semiconductors & Semiconductor Equipment (2.1%)*** |  |  |
|  Advanced Micro Devices, Inc.\* | 647 | 48622 |
|  Analog Devices, Inc. | 237 | 40638 |
|  Applied Materials, Inc. | 521 | 58086 |
|  Broadcom, Inc. | 576 | 336966 |
|  Intel Corp. | 6071 | 171567 |
|  KLA Corp. | 107 | 41995 |
|  NVIDIA Corp. | 787 | 153756 |
|  QUALCOMM, Inc. | 392 | 52218 |
|  Texas Instruments, Inc. | 1364 | 241715 |
|  |  | 1145563 |
|  ***Software (1.7%)*** |  |  |
|  Adobe, Inc.\* | 165 | 61106 |
|  Intuit, Inc. | 129 | 54524 |
|  Microsoft Corp. | 2345 | 581115 |
|  Oracle Corp. | 500 | 44230 |
|  Roper Technologies, Inc. | 85 | 36274 |
|  Salesforce, Inc.\* | 389 | 65340 |
|  ServiceNow, Inc.\* | 102 | 46423 |
|  |  | 889012 |
|  ***Technology Hardware, Storage & Peripherals (1.3%)*** |  |  |
|  Apple, Inc. | 4360 | 629104 |
|  Hewlett Packard Enterprise Co. | 2857 | 46084 |
|  HP, Inc. | 1414 | 41204 |
|  |  | 716392 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 3826262 |
|  **Materials (2.5%)** |  |  |
|  ***Chemicals (0.9%)*** |  |  |
|  Air Products and Chemicals, Inc. | 278 | 89102 |
|  BASF SE | 1727 | 98420 |
|  Dow, Inc. | 961 | 57035 |
|  International Flavors & Fragrances, Inc. | 379 | 42622 |
|  Linde plc | 158 | 52289 |
|  LyondellBasell Industries NV, Class A | 472 | 45638 |
|  Mitsui Chemicals, Inc. | 2800 | 65899 |
|  Sherwin-Williams Co. (The) | 189 | 44715 |
|  |  | 495720 |
|  ***Containers & Packaging (0.2%)*** |  |  |
|  Amcor plc | 4090 | 49326 |
|  International Paper Co. | 1087 | 45458 |
|  |  | 94784 |
|  ***Metals & Mining (1.4%)*** |  |  |
|  Anglo American plc | 1523 | 65648 |
|  BHP Group Ltd. | 6231 | 218425 |
|  Fortescue Metals Group Ltd. | 2998 | 47557 |
|  Freeport-McMoRan, Inc. | 994 | 44352 |
|  Rio Tinto Ltd. | 915 | 82419 |
|  Rio Tinto plc | 1209 | 94515 |
|  South32 Ltd. | 60400 | 195173 |
|  |  | 748089 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 1338593 |
|  **Real Estate (0.6%)** |  |  |
|  ***Equity Real Estate Investment Trusts (REITs) (0.5%)*** |  |  |
|  American Tower Corp. (REIT) | 173 | 38646 |
|  AvalonBay Communities, Inc. (REIT) | 292 | 51813 |
|  Camden Property Trust (REIT) | 456 | 56184 |
|  Equity Residential (REIT) | 703 | 44746 |
|  Healthpeak Properties, Inc. (REIT) | 1965 | 53998 |
|  Prologis, Inc. (REIT) | 368 | 47575 |
|  |  | 292962 |
|  ***Real Estate Management & Development (0.1%)*** |  |  |
|  Hang Lung Properties Ltd. | 29000 | 54587 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 347549 |
|  **Utilities (2.0%)** |  |  |
|  ***Electric Utilities (1.1%)*** |  |  |
|  Alliant Energy Corp. | 930 | 50248 |
|  American Electric Power Co., Inc. | 733 | 68873 |
|  Duke Energy Corp. | 866 | 88722 |
|  Evergy, Inc. | 667 | 41787 |
|  Eversource Energy | 528 | 43470 |
|  Exelon Corp. | 835 | 35229 |
|  Fortis, Inc. | 1844 | 75767 |
|  Iberdrola SA | 7965 | 93142 |
|  NextEra Energy, Inc. | 448 | 33434 |
|  Xcel Energy, Inc. | 838 | 57629 |
|  |  | 588301 |
|  ***Independent Power and Renewable Electricity Producers (0.1%)*** |  |  |
|  RWE AG | 1109 | 49222 |
|  ***Multi-Utilities (0.8%)*** |  |  |
|  CMS Energy Corp. | 762 | 48151 |
|  Consolidated Edison, Inc. | 616 | 58711 |
|  DTE Energy Co. | 755 | 87859 |
|  National Grid plc | 5559 | 70710 |
|  NiSource, Inc. | 1833 | 50866 |
|  Public Service Enterprise Group, Inc. | 780 | 48305 |
|  Sempra Energy | 410 | 65735 |
|  |  | 430337 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 1067860 |
|  **Total Common Stocks (46.4%)**<br> *(Cost $24,099,716)* |  | 24911539 |

---

See Notes to Portfolio of Investments.

------

**1290 FUNDS** 

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2023 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value**<br>**(Note 1)** |
|  SHORT-TERM INVESTMENTS: |  |  |
|  **Investment Company (0.2%)** |  |  |
|  Dreyfus Treasury Obligations Cash Management Fund(xx) | 100000 | $100000 |
|  | **Principal<br>Amount** |  |
|  **Repurchase Agreement (0.7%)** |  |  |
|  Deutsche Bank Securities, Inc., 4.28%, dated 1/31/23,due 2/1/23, repurchase price $377,535, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 2/15/26-11/15/50; total market value $385,040.(xx) | $377490 | 377490 |
|  **Total Short-Term Investments (0.9%)**<br> *(Cost $477,490)* |  | 477490 |
|  **Total Investments in Securities (96.6%)**<br> *(Cost $50,736,770)* |  | 51829310 |
|  **Other Assets Less Liabilities (3.4%)** |  | 1803375 |
|  **Net Assets (100%)** |  | $53632685 |

---

*\** *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 January 31, 2023, the market value of these securities amounted to $13,626,531 or 25.4% of net assets.*  |

---

*(e)* *Step Bond - Coupon rate increases or decreases in increments to maturity. Rate disclosed is as of January 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 January 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 January 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 January 31, 2023, the market value or fair value, as applicable, of these securities amounted to $1,641,800 or 3.1% 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 January 31, 2023.* 

*(xx)* *At January 31, 2023, the Fund had loaned securities with a total value of $461,373. This was collateralized by cash of $477,490 which was subsequently invested in an investment company 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 January 31, 2023.* 

*Glossary:* 

*CLO — Collateralized Loan Obligation* 

*ICE — Intercontinental Exchange* 

*IDR — Indonesian Rupiah* 

*MXN — Mexican Peso* 

*SOFR — Secured Overnight Financing Rate* 

*USD — United States Dollar* 

*ZAR — South African Rand* 

See Notes to Portfolio of Investments.

------

**1290 FUNDS** 

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2023 (Unaudited)

---

| |
|:---|
| **Country Diversification** |
| As a Percentage of Total Net Assets |

---

---

| | |
|:---|:---|
|  Angola | 0.7% |
|  Australia | 2.5 |
|  Brazil | 0.9 |
|  Canada | 0.7 |
|  Cayman Islands | 1.7 |
|  Chile | 0.3 |
|  Costa Rica | 0.8 |
|  Denmark | 0.1 |
|  France | 2.8 |
|  Germany | 1.3 |
|  Guatemala | 0.4 |
|  Hong Kong | 0.2 |
|  Indonesia | 0.5 |
|  Ireland | 0.4 |
|  Italy | 0.6 |
|  Japan | 1.7 |
|  Mexico | 1.4 |
|  Netherlands | 0.1 |
|  New Zealand | 0.1 |
|  Nigeria | 1.2 |
|  Norway | 0.5 |
|  Singapore | 0.3 |
|  South Africa | 1.1 |
|  Spain | 2.5 |
|  Sweden | 0.3 |
|  Switzerland | 2.3 |
|  United Kingdom | 5.0 |
|  United States | 66.2 |
|  Cash and Other | 3.4 |
|  | 100.0% |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Number of<br>Contracts** | **Notional<br>Amount** | **Notional<br>Amount** | **Exercise Price** | **Expiration<br>Date** | **Value ($)** |
|  S&P 500 Index | Exchange Traded | 18 | USD | (1800) | USD 3,920.00 | 2/17/2023 | (316260) |
|  S&P 500 Index | Exchange Traded | 6 | USD | (600) | USD 3,975.00 | 2/17/2023 | (70662) |
|  Total Written Options Contracts (Premiums Received ($203292)) | Total Written Options Contracts (Premiums Received ($203292)) | Total Written Options Contracts (Premiums Received ($203292)) | Total Written Options Contracts (Premiums Received ($203292)) |  |  |  | (386922) |

---

See Notes to Portfolio of Investments.

------

**1290 FUNDS** 

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 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 January 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**<br>**Quoted Prices in Active**<br>**Markets for Identical**<br>**Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3**<br>**Significant Unobservable**<br>**Inputs (including the**<br>**Fund's own**<br>**assumptions in**<br>**determining the fair**<br>**value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Asset-Backed Securities** | $— | $907606 | $— | $907606 |
|  **Collateralized Mortgage Obligations** |  | 3 |  | 3 |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | 1182554 | 523169 |  | 1705723 |
|  Consumer Discretionary | 1619132 | 448203 |  | 2067335 |
|  Consumer Staples | 1860345 | 867240 |  | 2727585 |
|  Energy | 698831 | 55733 |  | 754564 |
|  Financials | 2512268 | 1735666 |  | 4247934 |
|  Health Care | 3393462 | 807403 |  | 4200865 |
|  Industrials | 1459540 | 1167729 |  | 2627269 |
|  Information Technology | 3826262 |  |  | 3826262 |
|  Materials | 470537 | 868056 |  | 1338593 |
|  Real Estate | 292962 | 54587 |  | 347549 |
|  Utilities | 854786 | 213074 |  | 1067860 |
|  **Convertible Bonds** |  |  |  |  |
|  Communication Services |  | 51744 |  | 51744 |
|  Consumer Discretionary |  | 119102 |  | 119102 |
|  Consumer Staples |  | 77722 |  | 77722 |
|  Industrials |  | 262146 |  | 262146 |
|  Information Technology |  | 55825 |  | 55825 |
|  **Convertible Preferred Stock** |  |  |  |  |
|  Financials | 262920 |  |  | 262920 |
|  **Corporate Bonds** |  |  |  |  |
|  Communication Services |  | 1357929 |  | 1357929 |
|  Consumer Discretionary |  | 2660526 |  | 2660526 |
|  Consumer Staples |  | 500209 |  | 500209 |
|  Energy |  | 3132454 |  | 3132454 |
|  Financials |  | 7800714 |  | 7800714 |
|  Health Care |  | 333420 |  | 333420 |
|  Industrials |  | 2070863 |  | 2070863 |
|  Information Technology |  | 1741067 |  | 1741067 |
|  Materials |  | 1426465 |  | 1426465 |
|  Real Estate |  | 262229 |  | 262229 |
|  Utilities |  | 838669 |  | 838669 |
|  **Foreign Government Securities** |  | 2578668 |  | 2578668 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Company | 100000 |  |  | 100000 |
|  Repurchase Agreement |  | 377490 |  | 377490 |
|  **Total Assets** | $**18533599** | $**33295711** | $**—** | $**51829310** |
|  **Liabilities:** |  |  |  |  |
|  **Options Written** |  |  |  |  |
|  Call Options Written | $(70662) | $(316260) | $— | $(386922) |
|  **Total Liabilities** | $**(70662)** | $**(316260)** | $**—** | $**(386922)** |
|  **Total** | $**18462937** | $**32979451** | $**—** | $**51442388** |

---

As of January 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 | $1803805 |
|  Aggregate gross unrealized depreciation | (966746) |
|  Net unrealized appreciation | $837059 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $50605329 |

---

See Notes to Portfolio of Investments.

------

**1290 FUNDS** 

1290 MULTI-ALTERNATIVE STRATEGIES FUND

PORTFOLIO OF INVESTMENTS

January 31, 2023 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value**<br>**(Note 1)** |
|  EXCHANGE TRADED FUNDS (ETF): |  |  |
|  **Alternatives (36.7%)** |  |  |
|  IQ Merger Arbitrage ETF\* | 66760 | $2108281 |
|  ProShares Long Online/Short Stores ETF\*‡ | 23310 | 851048 |
|  ProShares RAFI Long/Short, Escrow Shares(r)\* | 19010 |  |
|  WisdomTree Managed Futures Strategy Fund | 53880 | 1751100 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Alternatives** |  | 4710429 |
|  **Commodity (15.5%)** |  |  |
|  Invesco DB Agriculture Fund | 24790 | 501502 |
|  Invesco DB Energy Fund | 20730 | 456682 |
|  Invesco DB Gold Fund | 9260 | 497234 |
|  Invesco DB Precious Metals Fund | 10790 | 540449 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Commodity** |  | 1995867 |
|  **Equity (17.9%)** |  |  |
|  iShares Core US REIT ETF(x) | 15520 | 849565 |
|  JPMorgan Equity Premium Income ETF(x) | 11800 | 654546 |
|  Vanguard Global ex-U.S. Real Estate ETF(x) | 17910 | 790816 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 2294927 |
|  **Fixed Income (29.9%)** |  |  |
|  iShares Convertible Bond ETF | 25390 | 1871497 |
|  Vanguard Short-Term Inflation- Protected Securities ETF | 41760 | 1966061 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 3837558 |
|  **Total Exchange Traded Funds (100.0%)**<br> *(Cost $14,053,604)* |  | 12838781 |
|  SHORT-TERM INVESTMENTS: |  |  |
|  **Investment Company (1.5%)** |  |  |
|  Dreyfus Treasury Obligations Cash Management Fund (xx) | 200000 | 200000 |
|  | **Principal<br>Amount** |  |
|  **Repurchase Agreement (5.2%)** |  |  |
|  Deutsche Bank Securities, Inc., 4.28%, dated 1/31/23, due 2/1/23, repurchase price $664,643, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 2/15/26-11/15/50; total market value $677,855. (xx) | $664564 | 664564 |
|  **Total Short-Term Investments (6.7%)**<br> *(Cost $864,564)* |  | 864564 |
|  **Total Investments in Securities (106.7%**)<br>*(Cost $14,918,168)* |  | 13703345 |
|  **Other Assets Less Liabilities (-6.7%)** |  | (858827) |
|  **Net Assets (100%)** |  | $12844518 |

---

See Notes to Portfolio of Investments.

------

**1290 FUNDS** 

1290 MULTI-ALTERNATIVE STRATEGIES FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 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 January 31, 2023.* 

*(xx)* *At January 31, 2023, the Fund had loaned securities with a total value of $935,409. This was collateralized by $81,783 of various U.S. Government Treasury Securities, ranging from 0.125% – 5.250%, maturing 7/15/23 – 11/15/50 and by cash of $864,564 which was subsequently invested in an investment company and joint repurchase agreements.* 

*Glossary:* 

*REIT — Real Estate Investment Trust* 

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Shares at<br>January 31, 2023** | **Market Value<br>October 31,<br>2022 ($)** | **Purchases at<br>Cost ($)** | **Proceeds from<br>Sales ($)** | **Net Realized<br>Gain (Loss)<br>($)** | **Change<br>in Unrealized<br>Appreciation/<br>(Depreciation)<br>($)** | **Market Value<br>January 31, 2023<br>($)** | **Dividend/Interest<br>Income<br>($)** | **Capital Gain<br>Distributions<br>($)** |
|  EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): | EXCHANGE TRADED FUNDS (ETF): |  |  |  |  |  |  |
|  **Alternatives** |  |  |  |  |  |  |  |  |  |
|  ProShares Long Online/Short Stores ETF\* | 23310 | 739937 |  | (63087) | (80924) | 255122 | 851048 |  |  |

---

See Notes to Portfolio of Investments.

------

**1290 FUNDS** 

1290 MULTI-ALTERNATIVE STRATEGIES FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 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 January 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**<br>**Quoted Prices in Active**<br>**Markets for Identical**<br>**Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3**<br>**Significant Unobservable**<br>**Inputs (including the**<br>**Fund's own**<br>**assumptions in**<br>**determining the fair**<br>**value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Exchange Traded Funds** |  |  |  |  |
|  Exchange Traded Funds | $12838781 | $— | $— (a) | $12838781 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Company | 200000 |  |  | 200000 |
|  Repurchase Agreement |  | 664564 |  | 664564 |
|  **Total Assets** | $**13038781** | $**664564** | $**—** | $**13703345** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**13038781** | $**664564** | $**—** | $**13703345** |

---

*(a)* *Value is zero.* 

As of January 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 | $328146 |
|  Aggregate gross unrealized depreciation | (1682904) |
|  Net unrealized depreciation | $(1354758) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $15058103 |

---

See Notes to Portfolio of Investments.

------

**1290 FUNDS** 

1290 RETIREMENT 2020 FUND

PORTFOLIO OF INVESTMENTS

January 31, 2023 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value**<br>**(Note 1)** |
|  EXCHANGE TRADED FUNDS (ETF): |  |  |
|  **Equity (46.7%)** |  |  |
|  Invesco S&P 500 Low Volatility ETF | 6930 | $442273 |
|  Invesco S&P Emerging Markets Low Volatility ETF | 1480 | 35491 |
|  Invesco S&P International Developed Low Volatility ETF | 8670 | 242760 |
|  Invesco S&P MidCap Low Volatility ETF | 4430 | 247327 |
|  Invesco S&P SmallCap Low Volatility ETF | 2100 | 98346 |
|  iShares Core MSCI EAFE ETF | 7260 | 486928 |
|  iShares Core MSCI Emerging Markets ETF | 1500 | 76305 |
|  iShares Core S&P Total US Stock Market ETF | 15190 | 1377277 |
|  iShares MSCI EAFE Min Vol Factor ETF | 3640 | 243225 |
|  iShares MSCI Emerging Markets Min Vol Factor ETF | 720 | 39456 |
|  iShares MSCI USA Min Vol Factor ETF(x) | 5980 | 437736 |
|  SPDR SSGA US Small Cap Low Volatility Index ETF | 870 | 98624 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 3825748 |
|  **Fixed Income (53.2%)** |  |  |
|  iShares Broad USD High Yield Corporate Bond ETF | 9090 | 325331 |
|  iShares Core U.S. Aggregate Bond ETF | 25130 | 2518529 |
|  iShares TIPS Bond ETF | 5990 | 650813 |
|  Vanguard Short-Term Bond ETF | 6830 | 520514 |
|  Vanguard Total International Bond ETF | 6920 | 335966 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 4351153 |
|  **Total Exchange Traded Funds (99.9%)**<br> *(Cost $8,275,487)* |  | 8176901 |
|  | **Principal<br>Amount** |  |
|  SHORT-TERM INVESTMENT: |  |  |
|  **Repurchase Agreement (4.9%)** |  |  |
|  Deutsche Bank Securities, Inc., 4.28%, dated 1/31/23, due 2/1/23, repurchase price $398,315, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 2/15/26-11/15/50; total market value $406,233. (xx) | $398268 | 398268 |
|  **Total Short-Term Investment (4.9%)**<br> *(Cost $398,268)* |  | 398268 |
|  **Total Investments in Securities (104.8%**)<br>*(Cost $8,673,755)* |  | 8575169 |
|  **Other Assets Less Liabilities (-4.8%)** |  | (389397) |
|  **Net Assets (100%)** |  | $8185772 |

---

*Glossary:* 

*TIPS — Treasury Inflation Protected Security* 

See Notes to Portfolio of Investments.

------

**1290 FUNDS** 

1290 RETIREMENT 2020 FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2023 (Unaudited)

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

*(xx)* *At January 31, 2023, the Fund had loaned securities with a total value of $393,962. This was collateralized by cash of $398,268 which was subsequently invested in joint repurchase agreements.* 

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 January 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**<br>**Quoted Prices in Active**<br>**Markets for Identical**<br>**Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3**<br>**Significant Unobservable**<br>**Inputs (including the**<br>**Fund's own**<br>**assumptions in**<br>**determining the fair**<br>**value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Exchange Traded Funds** |  |  |  |  |
|  Exchange Traded Funds | $8176901 | $— | $— | $8176901 |
|  **Short-Term Investment** |  |  |  |  |
|  Repurchase Agreement |  | 398268 |  | 398268 |
|  **Total Assets** | $**8176901** | $**398268** | $**—** | $**8575169** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**8176901** | $**398268** | $**—** | $**8575169** |

---

As of January 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 | $504576 |
|  Aggregate gross unrealized depreciation | (662716) |
|  Net unrealized depreciation | $(158140) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $8733309 |

---

See Notes to Portfolio of Investments.

------

**1290 FUNDS** 

1290 RETIREMENT 2025 FUND

PORTFOLIO OF INVESTMENTS

January 31, 2023 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value**<br>**(Note 1)** |
|  EXCHANGE TRADED FUNDS (ETF): |  |  |
|  **Equity (56.8%)** |  |  |
|  Invesco S&P 500 Low Volatility ETF | 17340 | $1106639 |
|  Invesco S&P Emerging Markets Low Volatility ETF | 6180 | 148196 |
|  Invesco S&P International Developed Low Volatility ETF | 22610 | 633080 |
|  Invesco S&P MidCap Low Volatility ETF | 11750 | 656002 |
|  Invesco S&P SmallCap Low Volatility ETF(x) | 6550 | 306747 |
|  iShares Core MSCI EAFE ETF | 19770 | 1325974 |
|  iShares Core MSCI Emerging Markets ETF | 5810 | 295555 |
|  iShares Core S&P Total US Stock Market ETF | 38190 | 3462687 |
|  iShares MSCI EAFE Min Vol Factor ETF | 9440 | 630781 |
|  iShares MSCI Emerging Markets Min Vol Factor ETF | 2610 | 143028 |
|  iShares MSCI USA Min Vol Factor ETF | 14720 | 1077504 |
|  SPDR SSGA US Small Cap Low Volatility Index ETF | 2660 | 301541 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 10087734 |
|  **Fixed Income (42.5%)** |  |  |
|  iShares Broad USD High Yield Corporate Bond ETF | 11880 | 425185 |
|  iShares Core U.S. Aggregate Bond ETF | 49570 | 4967905 |
|  iShares TIPS Bond ETF | 10160 | 1103884 |
|  Vanguard Short-Term Bond ETF | 7620 | 580720 |
|  Vanguard Total International Bond ETF | 9530 | 462682 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 7540376 |
|  **Total Exchange Traded Funds (99.3%)**<br> *(Cost $17,328,164)* |  | 17628110 |
|  SHORT-TERM INVESTMENTS: |  |  |
|  **Investment Company (0.3%)** |  |  |
|  JPMorgan Prime Money Market Fund, IM Shares | 63496 | 63534 |
|  | **Principal<br>Amount** |  |
|  **Repurchase Agreement (0.3%)** |  |  |
|  Deutsche Bank Securities, Inc., 4.28%, dated 1/31/23, due 2/1/23, repurchase price $48,252, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 2/15/26-11/15/50; total market value $49,211. (xx) | $48246 | 48246 |
|  **Total Short-Term Investments (0.6%)**<br> *(Cost $111,778)* |  | 111780 |
|  **Total Investments in Securities (99.9%**)<br>*(Cost $17,439,942)* |  | 17739890 |
|  **Other Assets Less Liabilities (0.1%)** |  | 19142 |
|  **Net Assets (100%)** |  | $17759032 |

---

See Notes to Portfolio of Investments.

------

**1290 FUNDS** 

1290 RETIREMENT 2025 FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2023 (Unaudited)

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

*(xx)* *At January 31, 2023, the Fund had loaned securities with a total value of $48,331. This was collateralized by cash of $48,246 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 January 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**<br>**Quoted Prices in Active**<br>**Markets for Identical**<br>**Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3**<br>**Significant Unobservable**<br>**Inputs (including the**<br>**Fund's own**<br>**assumptions in**<br>**determining the fair**<br>**value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Exchange Traded Funds** |  |  |  |  |
|  Exchange Traded Funds | $17628110 | $— | $— | $17628110 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Company | 63534 |  |  | 63534 |
|  Repurchase Agreement |  | 48246 |  | 48246 |
|  **Total Assets** | $**17691644** | $**48246** | $**—** | $**17739890** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**17691644** | $**48246** | $**—** | $**17739890** |

---

As of January 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 | $1406833 |
|  Aggregate gross unrealized depreciation | (1248250) |
|  Net unrealized appreciation | $158583 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $17581307 |

---

See Notes to Portfolio of Investments.

------

**1290 FUNDS** 

1290 RETIREMENT 2030 FUND

PORTFOLIO OF INVESTMENTS

January 31, 2023 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value**<br>**(Note 1)** |
|  EXCHANGE TRADED FUNDS (ETF): |  |  |
|  **Equity (65.3%)** |  |  |
|  Invesco S&P 500 Low Volatility ETF | 10920 | $696914 |
|  Invesco S&P Emerging Markets Low Volatility ETF | 3790 | 90884 |
|  Invesco S&P International Developed Low Volatility ETF | 14180 | 397040 |
|  Invesco S&P MidCap Low Volatility ETF | 7110 | 396951 |
|  Invesco S&P SmallCap Low Volatility ETF | 3680 | 172340 |
|  iShares Core MSCI EAFE ETF | 12290 | 824291 |
|  iShares Core MSCI Emerging Markets ETF | 3790 | 192797 |
|  iShares Core S&P Total US Stock Market ETF | 24380 | 2210535 |
|  iShares MSCI EAFE Min Vol Factor ETF | 5930 | 396243 |
|  iShares MSCI Emerging Markets Min Vol Factor ETF | 1690 | 92612 |
|  iShares MSCI USA Min Vol Factor ETF | 9520 | 696864 |
|  SPDR SSGA US Small Cap Low Volatility Index ETF | 1560 | 176844 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 6344315 |
|  **Fixed Income (32.4%)** |  |  |
|  iShares Broad USD High Yield Corporate Bond ETF | 2120 | 75875 |
|  iShares Core U.S. Aggregate Bond ETF | 24290 | 2434344 |
|  iShares TIPS Bond ETF | 4390 | 476974 |
|  Vanguard Short-Term Bond ETF | 1200 | 91452 |
|  Vanguard Total International Bond ETF | 1490 | 72339 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 3150984 |
|  **Total Exchange Traded Funds (97.7%)**<br> *(Cost $9,732,307)* |  | 9495299 |
|  SHORT-TERM INVESTMENT: |  |  |
|  **Investment Company (0.1%)** |  |  |
|  JPMorgan Prime Money Market Fund, IM Shares | 13936 | 13944 |
|  **Total Short-Term Investment (0.1%)**<br> *(Cost $13,945)* |  | 13944 |
|  **Total Investments in Securities (97.8%)**<br> *(Cost $9,746,252)* |  | 9509243 |
|  **Other Assets Less Liabilities (2.2%)** |  | 205540 |
|  **Net Assets (100%)** |  | $9714783 |

---

*Glossary:* 

*TIPS — Treasury Inflation Protected Security* 

See Notes to Portfolio of Investments.

------

**1290 FUNDS** 

1290 RETIREMENT 2030 FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 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 January 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**<br>**Quoted Prices in Active**<br>**Markets for Identical**<br>**Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3**<br>**Significant Unobservable**<br>**Inputs (including the**<br>**Fund's own**<br>**assumptions in**<br>**determining the fair**<br>**value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Exchange Traded Funds** |  |  |  |  |
|  Exchange Traded Funds | $9495299 | $— | $— | $9495299 |
|  **Short-Term Investment** |  |  |  |  |
|  Investment Company | 13944 |  |  | 13944 |
|  **Total Assets** | $**9509243** | $**—** | $**—** | $**9509243** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**9509243** | $**—** | $**—** | $**9509243** |

---

As of January 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 | $244317 |
|  Aggregate gross unrealized depreciation | (513222) |
|  Net unrealized depreciation | $(268905) |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $9778148 |

---

See Notes to Portfolio of Investments.

------

**1290 FUNDS** 

1290 RETIREMENT 2035 FUND

PORTFOLIO OF INVESTMENTS

January 31, 2023 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value**<br>**(Note 1)** |
|  EXCHANGE TRADED FUNDS (ETF): |  |  |
|  **Equity (73.4%)** |  |  |
|  Invesco S&P 500 Low Volatility ETF | 13650 | $871143 |
|  Invesco S&P Emerging Markets Low Volatility ETF | 4800 | 115104 |
|  Invesco S&P International Developed Low Volatility ETF | 18760 | 525280 |
|  Invesco S&P MidCap Low Volatility ETF | 9240 | 515869 |
|  Invesco S&P SmallCap Low Volatility ETF(x) | 4960 | 232285 |
|  iShares Core MSCI EAFE ETF | 15680 | 1051658 |
|  iShares Core MSCI Emerging Markets ETF | 4890 | 248754 |
|  iShares Core S&P Total US Stock Market ETF | 31350 | 2842505 |
|  iShares MSCI EAFE Min Vol Factor ETF | 7860 | 525205 |
|  iShares MSCI Emerging Markets Min Vol Factor ETF | 2150 | 117820 |
|  iShares MSCI USA Min Vol Factor ETF | 12210 | 893772 |
|  SPDR SSGA US Small Cap Low Volatility Index ETF | 2140 | 242593 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 8181988 |
|  **Fixed Income (26.4%)** |  |  |
|  iShares Core U.S. Aggregate Bond ETF | 24960 | 2501491 |
|  iShares TIPS Bond ETF | 4000 | 434600 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 2936091 |
|  **Total Exchange Traded Funds (99.8%)**<br> *(Cost $10,469,759)* |  | 11118079 |
|  SHORT-TERM INVESTMENT: |  |  |
|  **Investment Company (0.2%)** |  |  |
|  Dreyfus Treasury Obligations Cash Management Fund (xx) | 21879 | 21879 |
|  **Total Short-Term Investment (0.2%)**<br> *(Cost $21,879)* |  | 21879 |
|  **Total Investments in Securities (100.0%**)<br>*(Cost $10,491,638)* |  | 11139958 |
|  **Other Assets Less Liabilities (0.0%)†** |  | 2110 |
|  **Net Assets (100%)** |  | $11142068 |

---

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

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

*(xx)* *At January 31, 2023, the Fund had loaned securities with a total value of $21,917. This was collateralized by cash of $21,879 which was subsequently invested in an investment company and joint repurchase agreements.* 

*Glossary:* 

*TIPS — Treasury Inflation Protected Security* 

See Notes to Portfolio of Investments.

------

**1290 FUNDS** 

1290 RETIREMENT 2035 FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 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 January 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**<br>**Quoted Prices in Active**<br>**Markets for Identical**<br>**Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3**<br>**Significant Unobservable**<br>**Inputs (including the**<br>**Fund's own**<br>**assumptions in**<br>**determining the fair**<br>**value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Exchange Traded Funds** |  |  |  |  |
|  Exchange Traded Funds | $11118079 | $— | $— | $11118079 |
|  **Short-Term Investment** |  |  |  |  |
|  Investment Company | 21879 |  |  | 21879 |
|  **Total Assets** | $**11139958** | $**—** | $**—** | $**11139958** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**11139958** | $**—** | $**—** | $**11139958** |

---

As of January 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 | $1096043 |
|  Aggregate gross unrealized depreciation | (506364) |
|  Net unrealized appreciation | $589679 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $10550279 |

---

See Notes to Portfolio of Investments.

------

**1290 FUNDS** 

1290 RETIREMENT 2040 FUND

PORTFOLIO OF INVESTMENTS

January 31, 2023 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value**<br>**(Note 1)** |
|  EXCHANGE TRADED FUNDS (ETF): |  |  |
|  **Equity (78.5%)** |  |  |
|  Invesco S&P 500 Low Volatility ETF | 8790 | $560977 |
|  Invesco S&P Emerging Markets Low Volatility ETF | 2940 | 70501 |
|  Invesco S&P International Developed Low Volatility ETF | 11050 | 309400 |
|  Invesco S&P MidCap Low Volatility ETF(x) | 5730 | 319906 |
|  Invesco S&P SmallCap Low Volatility ETF | 2970 | 139090 |
|  iShares Core MSCI EAFE ETF | 9240 | 619727 |
|  iShares Core MSCI Emerging Markets ETF | 2740 | 139384 |
|  iShares Core S&P Total US Stock Market ETF | 19340 | 1753558 |
|  iShares MSCI EAFE Min Vol Factor ETF | 4590 | 306704 |
|  iShares MSCI Emerging Markets Min Vol Factor ETF | 1270 | 69596 |
|  iShares MSCI USA Min Vol Factor ETF(x) | 7590 | 555588 |
|  SPDR SSGA US Small Cap Low Volatility Index ETF(x) | 1260 | 142835 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 4987266 |
|  **Fixed Income (21.3%)** |  |  |
|  iShares Core U.S. Aggregate Bond ETF | 11430 | 1145515 |
|  iShares TIPS Bond ETF | 1890 | 205348 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 1350863 |
|  **Total Exchange Traded Funds (99.8%)**<br> *(Cost $5,805,339)* |  | 6338129 |
|  | **Principal<br>Amount** |  |
|  SHORT-TERM INVESTMENT: |  |  |
|  **Repurchase Agreement (8.2%)** |  |  |
|  Deutsche Bank Securities, Inc., 4.28%, dated 1/31/23, due 2/1/23, repurchase price $522,481, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 2/15/26-11/15/50; total market value $532,867. (xx) | $522419 | 522419 |
|  **Total Short-Term Investment (8.2%)**<br> *(Cost $522,419)* |  | 522419 |
|  **Total Investments in Securities (108.0%)**<br> *(Cost $6,327,758)* |  | 6860548 |
|  **Other Assets Less Liabilities (-8.0%)** |  | (507502) |
|  **Net Assets (100%)** |  | $6353046 |

---

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

*(xx)* *At January 31, 2023, the Fund had loaned securities with a total value of $516,948. This was collateralized by cash of $522,419 which was subsequently invested in joint repurchase agreements.* 

*Glossary:* 

*TIPS — Treasury Inflation Protected Security* 

See Notes to Portfolio of Investments.

------

**1290 FUNDS** 

1290 RETIREMENT 2040 FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 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 January 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**<br>**Quoted Prices in Active**<br>**Markets for Identical**<br>**Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3**<br>**Significant Unobservable**<br>**Inputs (including the**<br>**Fund's own**<br>**assumptions in**<br>**determining the fair**<br>**value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Exchange Traded Funds** |  |  |  |  |
|  Exchange Traded Funds | $6338129 | $— | $— | $6338129 |
|  **Short-Term Investment** |  |  |  |  |
|  Repurchase Agreement |  | 522419 |  | 522419 |
|  **Total Assets** | $**6338129** | $**522419** | $**—** | $**6860548** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**6338129** | $**522419** | $**—** | $**6860548** |

---

As of January 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 | $712201 |
|  Aggregate gross unrealized depreciation | (191968) |
|  Net unrealized appreciation | $520233 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $6340315 |

---

See Notes to Portfolio of Investments.

------

**1290 FUNDS** 

1290 RETIREMENT 2045 FUND

PORTFOLIO OF INVESTMENTS

January 31, 2023 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value**<br>**(Note 1)** |
|  EXCHANGE TRADED FUNDS (ETF): |  |  |
|  **Equity (83.1%)** |  |  |
|  Invesco S&P 500 Low Volatility ETF | 11320 | $722442 |
|  Invesco S&P Emerging Markets Low Volatility ETF | 4020 | 96400 |
|  Invesco S&P International Developed Low Volatility ETF | 14240 | 398720 |
|  Invesco S&P MidCap Low Volatility ETF | 7460 | 416492 |
|  Invesco S&P SmallCap Low Volatility ETF(x) | 3850 | 180302 |
|  iShares Core MSCI EAFE ETF | 11910 | 798804 |
|  iShares Core MSCI Emerging Markets ETF | 3480 | 177027 |
|  iShares Core S&P Total US Stock Market ETF | 25480 | 2310272 |
|  iShares MSCI EAFE Min Vol Factor ETF | 5950 | 397579 |
|  iShares MSCI Emerging Markets Min Vol Factor ETF | 1580 | 86584 |
|  iShares MSCI USA Min Vol Factor ETF(x) | 10000 | 732000 |
|  SPDR SSGA US Small Cap Low Volatility Index ETF | 1640 | 185912 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 6502534 |
|  **Fixed Income (16.6%)** |  |  |
|  iShares Core U.S. Aggregate Bond ETF | 10960 | 1098411 |
|  iShares TIPS Bond ETF | 1830 | 198830 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 1297241 |
|  **Total Exchange Traded Funds (99.7%)**<br> *(Cost $6,918,454)* |  | 7799775 |
|  | **Principal<br>Amount** |  |
|  SHORT-TERM INVESTMENT: |  |  |
|  **Repurchase Agreement (0.3%)** |  |  |
|  Deutsche Bank Securities, Inc., 4.28%, dated 1/31/23, due 2/1/23, repurchase price $25,916, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 2/15/26-11/15/50; total market value $26,431. (xx) | $25913 | 25913 |
|  **Total Short-Term Investment (0.3%)**<br> *(Cost $25,913)* |  | 25913 |
|  **Total Investments in Securities (100.0%)**<br> *(Cost $6,944,367)* |  | 7825688 |
|  **Other Assets Less Liabilities (0.0%)†** |  | (370) |
|  **Net Assets (100%)** |  | $7825318 |

---

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

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

*(xx)* *At January 31, 2023, the Fund had loaned securities with a total value of $44,424. This was collateralized by $20,919 of various U.S. Government Treasury Securities, ranging from 0.000% – 4.375%, maturing 2/9/23 – 8/15/52 and by cash of $25,913 which was subsequently invested in joint repurchase agreements.* 

*Glossary:* 

*TIPS — Treasury Inflation Protected Security* 

See Notes to Portfolio of Investments.

------

**1290 FUNDS** 

1290 RETIREMENT 2045 FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 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 January 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** | **<br>Level 1<br>Quoted Prices in Active<br>Markets for Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Fund's own**<br>**assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Exchange Traded Funds** |  |  |  |  |
|  Exchange Traded Funds | $7799775 | $— | $— | $7799775 |
|  **Short-Term Investment** |  |  |  |  |
|  Repurchase Agreement |  | 25913 |  | 25913 |
|  **Total Assets** | $**7799775** | $**25913** | $**—** | $**7825688** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**7799775** | $**25913** | $**—** | $**7825688** |

---

As of January 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 | $1079674 |
|  Aggregate gross unrealized depreciation | (200836) |
|  Net unrealized appreciation | $878838 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $6946850 |

---

See Notes to Portfolio of Investments.

------

**1290 FUNDS** 

1290 RETIREMENT 2050 FUND

PORTFOLIO OF INVESTMENTS

January 31, 2023 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  EXCHANGE TRADED FUNDS (ETF): |  |  |
|  **Equity (87.5%)** |  |  |
|  Invesco S&P 500 Low Volatility ETF | 11630 | $742227 |
|  Invesco S&P Emerging Markets Low Volatility ETF | 3580 | 85848 |
|  Invesco S&P International Developed Low Volatility ETF | 14630 | 409640 |
|  Invesco S&P MidCap Low Volatility ETF(x) | 7030 | 392485 |
|  Invesco S&P SmallCap Low Volatility ETF(x) | 3620 | 169530 |
|  iShares Core MSCI EAFE ETF | 12270 | 822949 |
|  iShares Core MSCI Emerging Markets ETF | 3820 | 194324 |
|  iShares Core S&P Total US Stock Market ETF | 25250 | 2289418 |
|  iShares MSCI EAFE Min Vol Factor ETF | 6210 | 414952 |
|  iShares MSCI Emerging Markets Min Vol Factor ETF | 1600 | 87680 |
|  iShares MSCI USA Min Vol Factor ETF | 9990 | 731268 |
|  SPDR SSGA US Small Cap Low Volatility Index ETF | 1490 | 168908 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 6509229 |
|  **Fixed Income (11.7%)** |  |  |
|  iShares Core U.S. Aggregate Bond ETF | 7350 | 736617 |
|  iShares TIPS Bond ETF | 1210 | 131466 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 868083 |
|  **Total Exchange Traded Funds (99.2%)**<br> *(Cost $6,479,640)* |  | 7377312 |
|  | **Principal<br>Amount** |  |
|  SHORT-TERM INVESTMENT: |  |  |
|  **Repurchase Agreement (2.4%)** |  |  |
|  Deutsche Bank Securities, Inc., 4.28%, dated 1/31/23, due 2/1/23, repurchase price $180,180, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 2/15/26-11/15/50; total market value $183,762. (xx) | $180159 | 180159 |
|  **Total Short-Term Investment (2.4%)**<br> *(Cost $180,159)* |  | 180159 |
|  **Total Investments in Securities (101.6%)**<br> *(Cost $6,659,799)* |  | 7557471 |
|  **Other Assets Less Liabilities (-1.6%)** |  | (119946) |
|  **Net Assets (100%)** |  | $7437525 |

---

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

*(xx)* *At January 31, 2023, the Fund had loaned securities with a total value of $180,494. This was collateralized by cash of $180,159 which was subsequently invested in joint repurchase agreements.* 

*Glossary:* 

*TIPS — Treasury Inflation Protected Security* 

See Notes to Portfolio of Investments.

------

**1290 FUNDS** 

1290 RETIREMENT 2050 FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 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 January 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**<br>**Quoted Prices in Active<br>Markets for Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Fund's own**<br>**assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Exchange Traded Funds** |  |  |  |  |
|  Exchange Traded Funds | $7377312 | $— | $— | $7377312 |
|  **Short-Term Investment** |  |  |  |  |
|  Repurchase Agreement |  | 180159 |  | 180159 |
|  **Total Assets** | $**7377312** | $**180159** | $**—** | $**7557471** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**7377312** | $**180159** | $**—** | $**7557471** |

---

As of January 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 | $989273 |
|  Aggregate gross unrealized depreciation | (133479) |
|  Net unrealized appreciation | $855794 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $6701677 |

---

See Notes to Portfolio of Investments.

------

**1290 FUNDS** 

1290 RETIREMENT 2055 FUND

PORTFOLIO OF INVESTMENTS

January 31, 2023 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  EXCHANGE TRADED FUNDS (ETF): |  |  |
|  **Equity (92.4%)** |  |  |
|  Invesco S&P 500 Low Volatility ETF | 9390 | $599270 |
|  Invesco S&P Emerging Markets Low Volatility ETF | 2950 | 70741 |
|  Invesco S&P International Developed Low Volatility ETF | 11220 | 314160 |
|  Invesco S&P MidCap Low Volatility ETF | 5610 | 313206 |
|  Invesco S&P SmallCap Low Volatility ETF(x) | 3050 | 142836 |
|  iShares Core MSCI EAFE ETF | 9540 | 639848 |
|  iShares Core MSCI Emerging Markets ETF | 2880 | 146506 |
|  iShares Core S&P Total US Stock Market ETF | 20160 | 1827908 |
|  iShares MSCI EAFE Min Vol Factor ETF | 4690 | 313385 |
|  iShares MSCI Emerging Markets Min Vol Factor ETF | 1240 | 67952 |
|  iShares MSCI USA Min Vol Factor ETF | 8090 | 592188 |
|  SPDR SSGA US Small Cap Low Volatility Index ETF | 1240 | 140568 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 5168568 |
|  **Fixed Income (6.9%)** |  |  |
|  iShares Core U.S. Aggregate Bond ETF | 3270 | 327720 |
|  iShares TIPS Bond ETF | 540 | 58671 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 386391 |
|  **Total Exchange Traded Funds (99.3%)**<br> *(Cost $4,593,037)* |  | 5554959 |
|  | **Principal<br>Amount** |  |
|  SHORT-TERM INVESTMENT: |  |  |
|  **Repurchase Agreement (2.1%)** |  |  |
|  Deutsche Bank Securities, Inc., 4.28%, dated 1/31/23, due 2/1/23, repurchase price $118,726, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 2/15/26-11/15/50; total market value $121,086. (xx) | $118711 | 118711 |
|  **Total Short-Term Investment (2.1%)**<br> *(Cost $118,711)* |  | 118711 |
|  **Total Investments in Securities (101.4%)**<br> *(Cost $4,711,748)* |  | 5673670 |
|  **Other Assets Less Liabilities (-1.4%)** |  | (79136) |
|  **Net Assets (100%)** |  | $5594534 |

---

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

*(xx)* *At January 31, 2023, the Fund had loaned securities with a total value of $119,047. This was collateralized by cash of $118,711 which was subsequently invested in joint repurchase agreements.* 

*Glossary:* 

*TIPS — Treasury Inflation Protected Security* 

See Notes to Portfolio of Investments.

------

**1290 FUNDS** 

1290 RETIREMENT 2055 FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 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 January 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** | **<br>Level 1<br>Quoted Prices in Active<br>Markets for Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Fund's own**<br>**assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Exchange Traded Funds** |  |  |  |  |
|  Exchange Traded Funds | $5554959 | $— | $— | $5554959 |
|  **Short-Term Investment** |  |  |  |  |
|  Repurchase Agreement |  | 118711 |  | 118711 |
|  **Total Assets** | $**5554959** | $**118711** | $**—** | $**5673670** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**5554959** | $**118711** | $**—** | $**5673670** |

---

As of January 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 | $1022347 |
|  Aggregate gross unrealized depreciation | (60711) |
|  Net unrealized appreciation | $961636 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $4712034 |

---

See Notes to Portfolio of Investments.

------

**1290 FUNDS** 

1290 RETIREMENT 2060 FUND

PORTFOLIO OF INVESTMENTS

January 31, 2023 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  EXCHANGE TRADED FUNDS (ETF): |  |  |
|  **Equity (97.3%)** |  |  |
|  Invesco S&P 500 Low Volatility ETF | 9080 | $579486 |
|  Invesco S&P Emerging Markets Low Volatility ETF | 3090 | 74098 |
|  Invesco S&P International Developed Low Volatility ETF | 11400 | 319200 |
|  Invesco S&P MidCap Low Volatility ETF | 5790 | 323256 |
|  Invesco S&P SmallCap Low Volatility ETF | 3120 | 146115 |
|  iShares Core MSCI EAFE ETF | 10060 | 674724 |
|  iShares Core MSCI Emerging Markets ETF | 3040 | 154645 |
|  iShares Core S&P Total US Stock Market ETF | 20830 | 1888656 |
|  iShares MSCI EAFE Min Vol Factor ETF | 4870 | 325413 |
|  iShares MSCI Emerging Markets Min Vol Factor ETF | 1220 | 66856 |
|  iShares MSCI USA Min Vol Factor ETF | 8190 | 599508 |
|  SPDR SSGA US Small Cap Low Volatility Index ETF | 1330 | 150770 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Equity** |  | 5302727 |
|  **Fixed Income (1.9%)** |  |  |
|  iShares Core U.S. Aggregate Bond ETF | 900 | 90198 |
|  iShares TIPS Bond ETF | 110 | 11952 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fixed Income** |  | 102150 |
|  **Total Investments in Securities (99.2%)**<br> *(Cost $4,544,670)* |  | 5404877 |
|  **Other Assets Less Liabilities (0.8%)** |  | 40985 |
|  **Net Assets (100%)** |  | $5445862 |

---

*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 January 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** | **<br>Level 1<br>Quoted Prices in Active<br>Markets for Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Fund's own**<br>**assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Exchange Traded Funds** |  |  |  |  |
|  Exchange Traded Funds | $5404877 | $— | $— | $5404877 |
|  **Total Assets** | $**5404877** | $**—** | $**—** | $**5404877** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**5404877** | $**—** | $**—** | $**5404877** |

---

See Notes to Portfolio of Investments.

------

**1290 FUNDS** 

1290 RETIREMENT 2060 FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2023 (Unaudited)

As of January 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 | $885879 |
|  Aggregate gross unrealized depreciation | (36953) |
|  Net unrealized appreciation | $848926 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $4555951 |

---

See Notes to Portfolio of Investments.

------

**1290 FUNDS** 

1290 SMARTBETA EQUITY FUND

PORTFOLIO OF INVESTMENTS

January 31, 2023 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  COMMON STOCKS: |  |  |
|  **Communication Services (5.3%)** |  |  |
|  ***Diversified Telecommunication Services (2.0%)*** |  |  |
|  AT&T, Inc. | 28500 | $580545 |
|  Deutsche Telekom AG (Registered) | 30359 | 675421 |
|  Nippon Telegraph & Telephone Corp. | 8500 | 254527 |
|  Spark New Zealand Ltd. | 84881 | 286225 |
|  Swisscom AG (Registered) | 922 | 544847 |
|  Telenor ASA | 17872 | 186989 |
|  Verizon Communications, Inc. | 19800 | 823086 |
|  |  | 3351640 |
|  ***Interactive Media & Services (1.6%)*** |  |  |
|  Alphabet, Inc., Class A\* | 27600 | 2727984 |
|  ***Media (1.1%)*** |  |  |
|  Charter Communications, Inc., Class A\* | 2563 | 984987 |
|  Comcast Corp., Class A | 18100 | 712235 |
|  Quebecor, Inc., Class B | 8300 | 196872 |
|  |  | 1894094 |
|  ***Wireless Telecommunication Services (0.6%)*** |  |  |
|  KDDI Corp. | 7000 | 218710 |
|  Rogers Communications, Inc., Class B | 4800 | 233371 |
|  Tele2 AB, Class B | 44504 | 384658 |
|  T-Mobile US, Inc.\* | 1018 | 151998 |
|  |  | 988737 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Communication Services** |  | 8962455 |
|  **Consumer Discretionary (5.8%)** |  |  |
|  ***Auto Components (0.2%)*** |  |  |
|  Bridgestone Corp. | 8900 | 333039 |
|  ***Automobiles (0.9%)*** |  |  |
|  Bayerische Motoren Werke AG | 4953 | 501738 |
|  Tesla, Inc.\* | 3902 | 675905 |
|  Toyota Motor Corp.(x) | 23300 | 338051 |
|  |  | 1515694 |
|  ***Distributors (0.2%)*** |  |  |
|  Genuine Parts Co. | 1000 | 167820 |
|  LKQ Corp. | 2700 | 159192 |
|  |  | 327012 |
|  ***Hotels, Restaurants & Leisure (0.1%)*** |  |  |
|  Aristocrat Leisure Ltd. | 8814 | 212462 |
|  ***Household Durables (0.2%)*** |  |  |
|  Sekisui House Ltd.(x) | 17200 | 324829 |
|  ***Internet & Direct Marketing Retail (0.7%)*** |  |  |
|  Amazon.com, Inc.\* | 11700 | 1206621 |
|  ***Multiline Retail (0.7%)*** |  |  |
|  Dollar General Corp. | 1700 | 397120 |
|  Target Corp. | 2700 | 464778 |
|  Wesfarmers Ltd. | 10269 | 362352 |
|  |  | 1224250 |
|  ***Specialty Retail (2.2%)*** |  |  |
|  AutoZone, Inc.\* | 200 | 487770 |
|  Home Depot, Inc. (The) | 4200 | 1361514 |
|  Lowe's Cos., Inc. | 4100 | 853825 |
|  O'Reilly Automotive, Inc.\* | 523 | 414399 |
|  TJX Cos., Inc. (The) | 4500 | 368370 |
|  Tractor Supply Co. | 1400 | 319186 |
|  |  | 3805064 |
|  ***Textiles, Apparel & Luxury Goods (0.6%)*** |  |  |
|  Kering SA | 311 | 194156 |
|  Lululemon Athletica, Inc.\* | 497 | 152519 |
|  LVMH Moet Hennessy Louis Vuitton SE | 258 | 225385 |
|  Pandora A/S | 5266 | 438476 |
|  |  | 1010536 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Discretionary** |  | 9959507 |
|  **Consumer Staples (10.8%)** |  |  |
|  ***Beverages (3.0%)*** |  |  |
|  Brown-Forman Corp., Class B | 3900 | 259662 |
|  Carlsberg A/S, Class B | 1112 | 157330 |
|  Coca-Cola Co. (The) | 26300 | 1612716 |
|  Diageo plc | 7117 | 309217 |
|  Heineken NV | 4730 | 471372 |
|  Keurig Dr Pepper, Inc. | 10132 | 357457 |
|  Monster Beverage Corp.\* | 1657 | 172460 |
|  PepsiCo, Inc. | 9900 | 1693098 |
|  |  | 5033312 |
|  ***Food & Staples Retailing (1.8%)*** |  |  |
|  Coles Group Ltd. | 17307 | 217611 |
|  Costco Wholesale Corp. | 2168 | 1108152 |
|  Koninklijke Ahold Delhaize NV | 14652 | 436646 |
|  Loblaw Cos. Ltd. | 2300 | 206050 |
|  Walmart, Inc. | 7100 | 1021477 |
|  Woolworths Group Ltd. | 6609 | 169030 |
|  |  | 3158966 |
|  ***Food Products (3.1%)*** |  |  |
|  Archer-Daniels-Midland Co. | 8100 | 671085 |
|  Danone SA | 5704 | 312154 |
|  General Mills, Inc. | 11700 | 916812 |
|  Hershey Co. (The) | 3500 | 786100 |
|  J M Smucker Co. (The) | 1000 | 152800 |
|  Kellogg Co. | 7700 | 528066 |
|  Mondelez International, Inc., Class A | 11400 | 746016 |
|  Nestle SA (Registered) | 9488 | 1157834 |
|  |  | 5270867 |
|  ***Household Products (2.2%)*** |  |  |
|  Clorox Co. (The) | 1600 | 231504 |
|  Colgate-Palmolive Co. | 12800 | 953984 |
|  Henkel AG & Co. KGaA (Preference)(q) | 3969 | 282196 |
|  Kimberly-Clark Corp. | 4800 | 624048 |
|  Procter & Gamble Co. (The) | 11800 | 1680084 |
|  |  | 3771816 |
|  ***Personal Products (0.7%)*** |  |  |
|  Beiersdorf AG | 2994 | 363283 |
|  L'Oreal SA | 776 | 320552 |
|  Unilever plc (Cboe Europe) | 4078 | 206776 |
|  Unilever plc (London Stock Exchange) | 5289 | 270209 |
|  |  | 1160820 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Consumer Staples** |  | 18395781 |
|  **Energy (1.7%)** |  |  |
|  ***Oil, Gas & Consumable Fuels (1.7%)*** |  |  |
|  Chevron Corp. | 1900 | 330638 |
|  Enbridge, Inc. | 25900 | 1060488 |
|  ENEOS Holdings, Inc. | 64400 | 229382 |
|  Equinor ASA | 16118 | 489650 |
|  Exxon Mobil Corp. | 3400 | 394434 |
|  OMV AG | 2887 | 144087 |
|  TC Energy Corp. | 4600 | 198202 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Energy** |  | 2846881 |

---

See Notes to Portfolio of Investments.

------

**1290 FUNDS** 

1290 SMARTBETA EQUITY FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2023 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  **Financials (17.6%)** |  |  |
|  ***Banks (6.5%)*** |  |  |
|  Bank Hapoalim BM | 42421 | $381602 |
|  Bank of America Corp. | 22500 | 798300 |
|  Bank of Montreal(x) | 6400 | 644064 |
|  Bank of Nova Scotia (The)(x) | 17700 | 958198 |
|  Canadian Imperial Bank of Commerce | 9000 | 410853 |
|  Commonwealth Bank of Australia | 2502 | 195386 |
|  DBS Group Holdings Ltd. | 11000 | 301128 |
|  Israel Discount Bank Ltd., Class A | 31153 | 159177 |
|  JPMorgan Chase & Co. | 11100 | 1553556 |
|  Mitsubishi UFJ Financial Group, Inc. | 48200 | 353785 |
|  National Bank of Canada | 6200 | 465740 |
|  Nordea Bank Abp (Aquis Stock Exchange) | 23265 | 271950 |
|  Nordea Bank Abp (Turquoise Stock Exchange) | 13972 | 162937 |
|  Oversea-Chinese Banking Corp. Ltd. | 22500 | 222048 |
|  PNC Financial Services Group, Inc. (The) | 2700 | 446661 |
|  Royal Bank of Canada(x) | 14400 | 1473604 |
|  Sumitomo Mitsui Financial Group, Inc. | 10000 | 435143 |
|  Toronto-Dominion Bank (The) | 18700 | 1293842 |
|  United Overseas Bank Ltd. | 27600 | 628631 |
|  |  | 11156605 |
|  ***Capital Markets (2.8%)*** |  |  |
|  ASX Ltd. | 7512 | 367814 |
|  Bank of New York Mellon Corp. (The) | 4300 | 217451 |
|  BlackRock, Inc. | 400 | 303684 |
|  CME Group, Inc. | 1900 | 335654 |
|  Deutsche Boerse AG | 2051 | 366492 |
|  Goldman Sachs Group, Inc. (The) | 1000 | 365810 |
|  Hong Kong Exchanges & Clearing Ltd. | 4900 | 220236 |
|  Intercontinental Exchange, Inc. | 2600 | 279630 |
|  Moody's Corp. | 1700 | 548675 |
|  MSCI, Inc. | 700 | 372092 |
|  Northern Trust Corp. | 4200 | 407274 |
|  S&P Global, Inc. | 2100 | 787374 |
|  TMX Group Ltd. | 1900 | 187265 |
|  |  | 4759451 |
|  ***Consumer Finance (0.4%)*** |  |  |
|  American Express Co. | 3900 | 682227 |
|  ***Diversified Financial Services (0.7%)*** |  |  |
|  Berkshire Hathaway, Inc., Class B\* | 3900 | 1214928 |
|  ***Insurance (7.2%)*** |  |  |
|  Admiral Group plc | 5511 | 149493 |
|  Aflac, Inc. | 8800 | 646800 |
|  Allianz SE (Registered) | 3356 | 800618 |
|  American Financial Group, Inc. | 1000 | 142590 |
|  American International Group, Inc. | 5400 | 341388 |
|  Arthur J Gallagher & Co. | 3100 | 606732 |
|  Assicurazioni Generali SpA | 20746 | 404380 |
|  Chubb Ltd. | 2400 | 545976 |
|  Dai-ichi Life Holdings, Inc. | 9200 | 215952 |
|  Hannover Rueck SE | 1052 | 213090 |
|  Hartford Financial Services Group, Inc. (The) | 2600 | 201786 |
|  Intact Financial Corp. | 3000 | 435226 |
|  Loews Corp. | 5300 | 325844 |
|  Manulife Financial Corp. | 23400 | 463058 |
|  Marsh & McLennan Cos., Inc. | 7000 | 1224370 |
|  MetLife, Inc. | 3300 | 240966 |
|  MS&AD Insurance Group Holdings, Inc. | 8500 | 273289 |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 1959 | 705554 |
|  NN Group NV | 6875 | 298573 |
|  Sampo OYJ, Class A | 10515 | 551618 |
|  Sompo Holdings, Inc. | 9600 | 414529 |
|  Sun Life Financial, Inc. | 12400 | 623099 |
|  Tokio Marine Holdings, Inc. | 8400 | 175823 |
|  Travelers Cos., Inc. (The) | 4400 | 840928 |
|  W R Berkley Corp. | 3600 | 252504 |
|  Willis Towers Watson plc | 1300 | 330447 |
|  Zurich Insurance Group AG | 1542 | 762635 |
|  |  | 12187268 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financials** |  | 30000479 |
|  **Health Care (13.0%)** |  |  |
|  ***Biotechnology (0.8%)*** |  |  |
|  Amgen, Inc. | 1206 | 304394 |
|  CSL Ltd. | 795 | 167806 |
|  Regeneron Pharmaceuticals, Inc.\* | 551 | 417917 |
|  Vertex Pharmaceuticals, Inc.\* | 1267 | 409368 |
|  |  | 1299485 |
|  ***Health Care Equipment & Supplies (2.2%)*** |  |  |
|  Abbott Laboratories | 13600 | 1503480 |
|  Alcon, Inc. | 2918 | 218934 |
|  Becton Dickinson and Co. | 1300 | 327886 |
|  Boston Scientific Corp.\* | 6000 | 277500 |
|  Coloplast A/S, Class B | 1154 | 139247 |
|  Edwards Lifesciences Corp.\* | 5100 | 391170 |
|  Hologic, Inc.\* | 2500 | 203425 |
|  Hoya Corp. | 1900 | 209220 |
|  IDEXX Laboratories, Inc.\* | 562 | 270041 |
|  ResMed, Inc. | 1200 | 274044 |
|  |  | 3814947 |
|  ***Health Care Providers & Services (2.8%)*** |  |  |
|  AmerisourceBergen Corp. | 1200 | 202752 |
|  Cigna Corp. | 1800 | 570006 |
|  CVS Health Corp. | 6200 | 546964 |
|  Elevance Health, Inc. | 1700 | 849983 |
|  HCA Healthcare, Inc. | 1100 | 280577 |
|  Humana, Inc. | 300 | 153510 |
|  Laboratory Corp. of America Holdings | 700 | 176484 |
|  McKesson Corp. | 1200 | 454416 |
|  UnitedHealth Group, Inc. | 2900 | 1447651 |
|  |  | 4682343 |
|  ***Life Sciences Tools & Services (2.1%)*** |  |  |
|  Agilent Technologies, Inc. | 3500 | 532280 |
|  Danaher Corp. | 3200 | 846016 |
|  Mettler-Toledo International, Inc.\* | 200 | 306584 |
|  Thermo Fisher Scientific, Inc. | 2000 | 1140660 |
|  Waters Corp.\* | 900 | 295722 |
|  West Pharmaceutical Services, Inc. | 2000 | 531200 |
|  |  | 3652462 |
|  ***Pharmaceuticals (5.1%)*** |  |  |
|  Astellas Pharma, Inc. | 20500 | 302573 |
|  Bristol-Myers Squibb Co. | 3400 | 247010 |
|  Eli Lilly and Co. | 2500 | 860375 |
|  GSK plc | 11495 | 200737 |
|  Johnson & Johnson | 9800 | 1601516 |
|  Merck & Co., Inc. | 11100 | 1192251 |
|  Merck KGaA | 2813 | 584866 |

---

See Notes to Portfolio of Investments.

------

**1290 FUNDS** 

1290 SMARTBETA EQUITY FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2023 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Novartis AG (Registered) | 8181 | $739895 |
|  Novo Nordisk A/S, Class B | 4065 | 562936 |
|  Pfizer, Inc. | 13500 | 596160 |
|  Roche Holding AG | 2282 | 713201 |
|  Sanofi | 2958 | 290673 |
|  Zoetis, Inc. | 4600 | 761254 |
|  |  | 8653447 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Health Care** |  | 22102684 |
|  **Industrials (17.8%)** |  |  |
|  ***Aerospace & Defense (1.4%)*** |  |  |
|  Airbus SE | 2956 | 370392 |
|  General Dynamics Corp. | 2900 | 675874 |
|  L3Harris Technologies, Inc. | 700 | 150374 |
|  Lockheed Martin Corp. | 1400 | 648564 |
|  Northrop Grumman Corp. | 1000 | 448040 |
|  Raytheon Technologies Corp. | 1400 | 139790 |
|  |  | 2433034 |
|  ***Air Freight & Logistics (1.0%)*** |  |  |
|  Deutsche Post AG (Registered) | 4680 | 200462 |
|  Expeditors International of Washington, Inc. | 4800 | 519120 |
|  Nippon Express Holdings, Inc. | 4600 | 266569 |
|  United Parcel Service, Inc., Class B | 3500 | 648305 |
|  |  | 1634456 |
|  ***Building Products (1.2%)*** |  |  |
|  Allegion plc | 5500 | 646525 |
|  Assa Abloy AB, Class B | 13662 | 321992 |
|  Daikin Industries Ltd. | 1000 | 174116 |
|  Geberit AG (Registered) | 619 | 353858 |
|  Trane Technologies plc | 2600 | 465712 |
|  |  | 1962203 |
|  ***Commercial Services & Supplies (1.1%)*** |  |  |
|  Brambles Ltd. | 40979 | 348434 |
|  Cintas Corp. | 844 | 374517 |
|  Copart, Inc.\* | 3014 | 200762 |
|  Republic Services, Inc. | 1100 | 137302 |
|  Secom Co. Ltd. | 2500 | 148905 |
|  Waste Management, Inc. | 4300 | 665339 |
|  |  | 1875259 |
|  ***Electrical Equipment (1.4%)*** |  |  |
|  ABB Ltd. (Registered) | 10619 | 369775 |
|  Eaton Corp. plc | 4900 | 794829 |
|  Emerson Electric Co. | 9900 | 893178 |
|  Schneider Electric SE | 2328 | 377502 |
|  |  | 2435284 |
|  ***Industrial Conglomerates (1.6%)*** |  |  |
|  3M Co. | 9200 | 1058736 |
|  Honeywell International, Inc. | 7100 | 1480208 |
|  Siemens AG (Registered) | 1414 | 219687 |
|  |  | 2758631 |
|  ***Machinery (4.7%)*** |  |  |
|  Atlas Copco AB, Class A | 35680 | 422003 |
|  Caterpillar, Inc. | 2900 | 731641 |
|  CNH Industrial NV | 12477 | 219702 |
|  Cummins, Inc. | 1000 | 249540 |
|  Daifuku Co. Ltd. | 4100 | 226330 |
|  Deere & Co. | 1300 | 549692 |
|  Dover Corp. | 2600 | 394758 |
|  Epiroc AB, Class A | 10331 | 200975 |
|  Fortive Corp. | 2400 | 163272 |
|  GEA Group AG | 3889 | 174954 |
|  IDEX Corp. | 1700 | 407456 |
|  Illinois Tool Works, Inc. | 4800 | 1132992 |
|  Knorr-Bremse AG | 3781 | 247505 |
|  Kone OYJ, Class B | 3952 | 215805 |
|  MISUMI Group, Inc. | 8300 | 208642 |
|  PACCAR, Inc. | 7181 | 784955 |
|  Pentair plc | 5900 | 326742 |
|  Snap-on, Inc. | 1600 | 397968 |
|  Stanley Black & Decker, Inc. | 6900 | 616239 |
|  Volvo AB, Class B | 12291 | 243610 |
|  |  | 7914781 |
|  ***Marine (0.1%)*** |  |  |
|  Kuehne + Nagel International AG (Registered) | 850 | 203146 |
|  ***Professional Services (0.9%)*** |  |  |
|  Teleperformance | 1451 | 403631 |
|  Thomson Reuters Corp. | 1700 | 202229 |
|  Verisk Analytics, Inc. | 1600 | 290864 |
|  Wolters Kluwer NV | 6349 | 691957 |
|  |  | 1588681 |
|  ***Road & Rail (2.6%)*** |  |  |
|  Canadian National Railway Co. | 5900 | 702297 |
|  Canadian Pacific Railway Ltd. | 4400 | 347291 |
|  CSX Corp. | 26701 | 825595 |
|  JB Hunt Transport Services, Inc. | 800 | 151240 |
|  Norfolk Southern Corp. | 3800 | 934078 |
|  Old Dominion Freight Line, Inc. | 700 | 233268 |
|  Union Pacific Corp. | 6100 | 1245559 |
|  |  | 4439328 |
|  ***Trading Companies & Distributors (1.8%)*** |  |  |
|  Brenntag SE | 4227 | 314575 |
|  Fastenal Co. | 12442 | 628943 |
|  ITOCHU Corp. | 16000 | 517259 |
|  Mitsubishi Corp. | 8400 | 281224 |
|  Mitsui & Co. Ltd. | 15500 | 458005 |
|  Sumitomo Corp. | 16800 | 301574 |
|  WW Grainger, Inc. | 800 | 471584 |
|  |  | 2973164 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Industrials** |  | 30217967 |
|  **Information Technology (16.9%)** |  |  |
|  ***Communications Equipment (0.8%)*** |  |  |
|  Cisco Systems, Inc. | 21694 | 1055847 |
|  Motorola Solutions, Inc. | 1400 | 359814 |
|  |  | 1415661 |
|  ***Electronic Equipment, Instruments & Components (1.7%)*** |  |  |
|  Amphenol Corp., Class A | 8700 | 693999 |
|  CDW Corp. | 3200 | 627296 |
|  Hexagon AB, Class B | 20718 | 237277 |
|  Keysight Technologies, Inc.\* | 1900 | 340765 |
|  Murata Manufacturing Co. Ltd. | 2800 | 160871 |
|  TE Connectivity Ltd. | 1300 | 165295 |
|  Zebra Technologies Corp., Class A\* | 2300 | 727214 |
|  |  | 2952717 |
|  ***IT Services (3.9%)*** |  |  |
|  Accenture plc, Class A | 3000 | 837150 |
|  Automatic Data Processing, Inc. | 4011 | 905724 |
|  Bechtle AG | 5404 | 226916 |
|  CGI, Inc.\* | 1600 | 137134 |
|  Fiserv, Inc.\* | 2300 | 245364 |
|  Gartner, Inc.\* | 900 | 304326 |
|  International Business Machines Corp. | 2300 | 309879 |
|  Mastercard, Inc., Class A | 2800 | 1037680 |
|  Nomura Research Institute Ltd. | 13700 | 328671 |
|  Paychex, Inc. | 4091 | 473983 |
|  VeriSign, Inc.\* | 1395 | 304180 |
|  Visa, Inc., Class A | 5200 | 1197092 |

---

See Notes to Portfolio of Investments.

------

**1290 FUNDS** 

1290 SMARTBETA EQUITY FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2023 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number of<br>Shares** | **Value<br>(Note 1)** |
|  Western Union Co. (The) | 18100 | $256477 |
|  |  | 6564576 |
|  ***Semiconductors & Semiconductor Equipment (1.6%)*** |  |  |
|  ASML Holding NV | 1376 | 911274 |
|  KLA Corp. | 500 | 196240 |
|  NXP Semiconductors NV | 2814 | 518649 |
|  Texas Instruments, Inc. | 6400 | 1134144 |
|  |  | 2760307 |
|  ***Software (4.5%)*** |  |  |
|  Adobe, Inc.\* | 3095 | 1146202 |
|  Autodesk, Inc.\* | 1948 | 419132 |
|  Cadence Design Systems, Inc.\* | 2296 | 419778 |
|  Microsoft Corp. | 18310 | 4537401 |
|  Roper Technologies, Inc. | 1200 | 512100 |
|  Synopsys, Inc.\* | 1445 | 511169 |
|  |  | 7545782 |
|  ***Technology Hardware, Storage & Peripherals (4.4%)*** |  |  |
|  Apple, Inc. | 47200 | 6810488 |
|  Canon, Inc. | 10500 | 233169 |
|  FUJIFILM Holdings Corp. | 3700 | 196435 |
|  HP, Inc. | 7000 | 203980 |
|  |  | 7444072 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Information Technology** |  | 28683115 |
|  **Materials (3.6%)** |  |  |
|  ***Chemicals (2.4%)*** |  |  |
|  Air Products and Chemicals, Inc. | 1700 | 544867 |
|  BASF SE | 6433 | 366612 |
|  Corteva, Inc. | 10800 | 696060 |
|  Givaudan SA (Registered) | 154 | 499841 |
|  Koninklijke DSM NV | 1950 | 250728 |
|  Mitsubishi Chemical Group Corp. | 37400 | 209761 |
|  Nutrien Ltd. | 3600 | 298000 |
|  Sherwin-Williams Co. (The) | 2900 | 686111 |
|  Sika AG (Registered) | 796 | 226622 |
|  Symrise AG | 2778 | 294328 |
|  |  | 4072930 |
|  ***Containers & Packaging (0.2%)*** |  |  |
|  Avery Dennison Corp. | 800 | 151552 |
|  Ball Corp. | 3800 | 221312 |
|  |  | 372864 |
|  ***Metals & Mining (1.0%)*** |  |  |
|  Alcoa Corp. | 7600 | 397024 |
|  BHP Group Ltd. | 7744 | 271463 |
|  Franco-Nevada Corp. | 1200 | 176020 |
|  Rio Tinto Ltd. | 2153 | 193932 |
|  Rio Tinto plc | 3125 | 244301 |
|  Wheaton Precious Metals Corp. | 9200 | 420674 |
|  |  | 1703414 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Materials** |  | 6149208 |
|  **Real Estate (2.6%)** |  |  |
|  ***Equity Real Estate Investment Trusts (REITs) (2.5%)*** |  |  |
|  American Tower Corp. (REIT) | 3200 | 714848 |
|  AvalonBay Communities, Inc. (REIT) | 2200 | 390368 |
|  Crown Castle, Inc. (REIT) | 5300 | 784983 |
|  Dexus (REIT) | 39018 | 226348 |
|  Digital Realty Trust, Inc. (REIT) | 1600 | 183392 |
|  Equity Residential (REIT) | 3400 | 216410 |
|  Goodman Group (REIT) | 23305 | 333252 |
|  Japan Real Estate Investment Corp. (REIT) | 37 | 158713 |
|  Mid-America Apartment Communities, Inc. (REIT) | 900 | 150048 |
|  Nippon Building Fund, Inc. (REIT) | 41 | 179357 |
|  Nomura Real Estate Master Fund, Inc. (REIT) | 138 | 161420 |
|  Prologis, Inc. (REIT) | 4500 | 581760 |
|  Weyerhaeuser Co. (REIT) | 4500 | 154935 |
|  |  | 4235834 |
|  ***Real Estate Management & Development (0.1%)*** |  |  |
|  CBRE Group, Inc., Class A\* | 2300 | 196673 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Real Estate** |  | 4432507 |
|  **Utilities (3.4%)** |  |  |
|  ***Electric Utilities (1.0%)*** |  |  |
|  Eversource Energy | 8600 | 708038 |
|  Hydro One Ltd.(m) | 6600 | 180458 |
|  Iberdrola SA | 32488 | 379912 |
|  Terna - Rete Elettrica Nazionale | 58178 | 461644 |
|  |  | 1730052 |
|  ***Gas Utilities (0.7%)*** |  |  |
|  Atmos Energy Corp. | 4100 | 481914 |
|  Hong Kong & China Gas Co. Ltd. | 308000 | 309918 |
|  Snam SpA | 93581 | 476952 |
|  |  | 1268784 |
|  ***Multi-Utilities (1.4%)*** |  |  |
|  CMS Energy Corp. | 2600 | 164294 |
|  Consolidated Edison, Inc. | 7600 | 724356 |
|  DTE Energy Co. | 1200 | 139644 |
|  National Grid plc | 11977 | 152346 |
|  Public Service Enterprise Group, Inc. | 7300 | 452089 |
|  Sempra Energy | 3600 | 577188 |
|  WEC Energy Group, Inc. | 1700 | 159783 |
|  |  | 2369700 |
|  ***Water Utilities (0.3%)*** |  |  |
|  American Water Works Co., Inc. | 2100 | 328629 |
|  Essential Utilities, Inc. | 3000 | 140190 |
|  |  | 468819 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Utilities** |  | 5837355 |
|  **Total Common Stocks (98.5%)**<br> *(Cost $160,229,251)* |  | 167587939 |
|  SHORT-TERM INVESTMENTS: |  |  |
|  **Investment Companies (1.0%)** |  |  |
|  Dreyfus Treasury Obligations Cash Management Fund(xx) | 100000 | 100000 |
|  JPMorgan Prime Money Market Fund, IM Shares | 1659828 | 1660824 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Companies** |  | 1760824 |

---

See Notes to Portfolio of Investments.

------

**1290 FUNDS** 

1290 SMARTBETA EQUITY FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2023 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount** | **Value<br>(Note 1)** |
|  **Repurchase Agreement (0.5%)** |  |  |
|  Deutsche Bank Securities, Inc., 4.28%, dated 1/31/23, due 2/1/23, repurchase price $788,963, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 2/15/26-11/15/50; total market value $804,647.(xx) | $788869 | $788869 |
|  **Total Short-Term Investments (1.5%)**<br> *(Cost $2,549,693)* |  | 2549693 |
|  **Total Investments in Securities (100.0%)**<br> *(Cost $162,778,944)* |  | 170137632 |
|  **Other Assets Less Liabilities (0.0%)†** |  | (27051) |
|  **Net Assets (100%)** |  | $170110581 |

---

*\** *Non-income producing.* 

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

*(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 January 31, 2023, the market value or fair value, as applicable, of these securities amounted to $180,458 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 January 31, 2023.* 

*(xx)* *At January 31, 2023, the Fund had loaned securities with a total value of $2,178,027. This was collateralized by $1,398,728 of various U.S. Government Treasury Securities, ranging from 0.125% – 5.375%, maturing 7/15/23 – 5/15/51 and by cash of $888,869 which was subsequently invested in an investment company and joint repurchase agreements.* 

**Country Diversification** 

As a Percentage of Total Net Assets

---

| | |
|:---|:---|
|  Australia | 1.8% |
|  Austria | 0.1 |
|  Brazil | 0.2 |
|  Canada | 6.4 |
|  China | 0.3 |
|  Denmark | 0.8 |
|  Finland | 0.7 |
|  France | 1.2 |
|  Germany | 3.8 |
|  Hong Kong | 0.3 |
|  Israel | 0.3 |
|  Italy | 0.8 |
|  Japan | 4.9 |
|  Netherlands | 1.8 |
|  New Zealand | 0.2 |
|  Norway | 0.4 |
|  Singapore | 0.7 |
|  Spain | 0.2 |
|  Sweden | 1.1 |
|  Switzerland | 2.3 |
|  United Kingdom | 0.8 |
|  United States | 70.9 |
|  Cash and Other | 0.0 |
|  | 100.0% |

---

See Notes to Portfolio of Investments.

------

**1290 FUNDS** 

1290 SMARTBETA EQUITY FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 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 January 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**<br>**Quoted Prices in Active<br>Markets for Identical<br>Securities** | **Level 2<br>Significant Other<br>Observable Inputs<br>(including quoted prices<br>for similar securities,<br>interest rates,<br>prepayment speeds,<br>credit risk, etc.)** | **Level 3<br>Significant Unobservable<br>Inputs (including the<br>Fund's own**<br>**assumptions in<br>determining the fair<br>value of investments)** | **Total** |
|  **Assets:** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  Communication Services | $6411078 | $2551377 | $— | $8962455 |
|  Consumer Discretionary | 7029019 | 2930488 |  | 9959507 |
|  Consumer Staples | 13721571 | 4674210 |  | 18395781 |
|  Energy | 1983762 | 863119 |  | 2846881 |
|  Financials | 20968596 | 9031883 |  | 30000479 |
|  Health Care | 17972596 | 4130088 |  | 22102684 |
|  Industrials | 21735378 | 8482589 |  | 30217967 |
|  Information Technology | 26388502 | 2294613 |  | 28683115 |
|  Materials | 3591620 | 2557588 |  | 6149208 |
|  Real Estate | 3373417 | 1059090 |  | 4432507 |
|  Utilities | 4056583 | 1780772 |  | 5837355 |
|  **Short-Term Investments** |  |  |  |  |
|  Investment Companies | 1760824 |  |  | 1760824 |
|  Repurchase Agreement |  | 788869 |  | 788869 |
|  **Total Assets** | $**128992946** | $**41144686** | $**—** | $**170137632** |
|  **Total Liabilities** | $**—** | $**—** | $**—** | $**—** |
|  **Total** | $**128992946** | $**41144686** | $**—** | $**170137632** |

---

As of January 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 | $13123713 |
|  Aggregate gross unrealized depreciation | (5930956) |
|  Net unrealized appreciation | $7192757 |
|  Federal income tax cost of investments in securities and derivative instruments, if applicable | $162944875 |

---

See Notes to Portfolio of Investments.

------

**1290 FUNDS** 

NOTES TO PORTFOLIO OF INVESTMENTS

January 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 the Trust's investment adviser as the Funds' valuation designee. As the Funds' valuation designee, Equitable Investment Management, LLC, the investment adviser of the 1290 Funds (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 process, the 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 - quoted prices in active markets for identical assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 - other significant observable inputs (including quoted prices of similar securities, interest rates,
prepayment speeds, credit risk, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 January 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 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.

------

**1290 FUNDS** 

NOTES TO PORTFOLIO OF INVESTMENTS (Concluded)

January 31, 2023 (Unaudited)

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.

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.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** 1290 Funds

- **b. Investment Company Act file number:** 811-22959

- **c. CIK number of Registrant:** 0001605941

- **d. LEI of Registrant:** 5493000PXD0IQID6H351

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 1290 Avenue of the Americas

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10104

  - **Telephone number:** 212-554-1234

**Item A.2. Information about the Series.**

- **a. Name of Series:** 1290 Retirement 2025 Fund

- **b. EDGAR series identifier (if any):** S000052769

- **c. LEI of Series:** 549300HTODI8G5K85991

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-10-31

- **b. Date as of which information is reported:** 2023-01-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $17845051.19

**Total Liabilities:** $88777.58

**Net Assets:** $17756273.61

**Cash Not Reported:** $75000.00

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000165731 | 5.34%                | -2.56%               | 4.29%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $8781.09                 | $875714.38                                 |
| Month 2  | $18840.24                | $-537504.56                                |
| Month 3  | $7.81                    | $711432.93                                 |

### Schedule of Portfolio Investments

| Name                                                   | Title                                                  | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| DEUTSCHE BANK SECURITIES INC.                          | Treasury Repurchase Agreement                          | CUSIP: N/A<br>LEI: 9J6MBOOO7BECTDTUZW19       | Long             | RA               | CORP              | US        |     48246 | PA      | $48246.00     | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Invesco S&P Emerging Markets Low Volatility ETF        | Invesco S&P Emerging Markets Low Volatility ETF        | CUSIP: 46138E297<br>LEI: 549300GNOVL6PZKC5748 | Long             |  | RF                | US        |      6180 | NS      | $148196.40    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco S&P MidCap Low Volatility ETF                  | Invesco S&P MidCap Low Volatility ETF                  | CUSIP: 46138E198<br>LEI: 5493006N8S5L4ERILR37 | Long             |  | RF                | US        |     11750 | NS      | $656002.50    | 3.69%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI USA Min Vol Factor ETF                    | iShares MSCI USA Min Vol Factor ETF                    | CUSIP: 46429B697<br>LEI: 54930006KUZN6GLGL496 | Long             |  | RF                | US        |     14720 | NS      | $1077504.00   | 6.07%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI EAFE Min Vol Factor ETF                   | iShares MSCI EAFE Min Vol Factor ETF                   | CUSIP: 46429B689<br>LEI: 549300N5K4JSWEZ74544 | Long             |  | RF                | US        |      9440 | NS      | $630780.80    | 3.55%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Core U.S. Aggregate Bond ETF                   | iShares Core U.S. Aggregate Bond ETF                   | CUSIP: 464287226<br>LEI: 549300F7VSXTKBGHJE47 | Long             |  | RF                | US        |     49570 | NS      | $4967905.40   | 27.98%            |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Short-Term Bond ETF                           | Vanguard Short-Term Bond ETF                           | CUSIP: 921937827<br>LEI: N/A                  | Long             |  | RF                | US        |      7620 | NS      | $580720.20    | 3.27%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR SSGA US Small Cap Low Volatility Index ETF        | SPDR SSGA US Small Cap Low Volatility Index ETF        | CUSIP: 78468R887<br>LEI: 5493000HR5YXNE4QNM46 | Long             |  | RF                | US        |      2660 | NS      | $301541.06    | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Prime Money Market Fund, IM Shares            | JPMorgan Prime Money Market Fund, IM Shares            | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        |     63496 | NS      | $63533.60     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI Emerging Markets Min Vol Factor ETF       | iShares MSCI Emerging Markets Min Vol Factor ETF       | CUSIP: 464286533<br>LEI: N/A                  | Long             |  | RF                | US        |      2610 | NS      | $143028.00    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Core MSCI Emerging Markets ETF                 | iShares Core MSCI Emerging Markets ETF                 | CUSIP: 46434G103<br>LEI: 5493007C24Z3ZDJ0VD06 | Long             |  | RF                | US        |      5810 | NS      | $295554.70    | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Core MSCI EAFE ETF                             | iShares Core MSCI EAFE ETF                             | CUSIP: 46432F842<br>LEI: 5493009FT582MI7Y3I36 | Long             |  | RF                | US        |     19770 | NS      | $1325973.90   | 7.47%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Core S&P Total US Stock Market ETF             | iShares Core S&P Total US Stock Market ETF             | CUSIP: 464287150<br>LEI: 549300E44NRXZV2OY345 | Long             |  | RF                | US        |     38190 | NS      | $3462687.30   | 19.50%            |  |  |  | No            |                  1 | On Loan: No      |
| Invesco S&P SmallCap Low Volatility ETF                | Invesco S&P SmallCap Low Volatility ETF                | CUSIP: 46138G102<br>LEI: 5493006HSOM15DF54551 | Long             |  | RF                | US        |      6550 | NS      | $306746.98    | 1.73%             |  |  |  | No            |                  1 | On Loan: —       |
| iShares Broad USD High Yield Corporate Bond ETF        | iShares Broad USD High Yield Corporate Bond ETF        | CUSIP: 46435U853<br>LEI: 549300X7H67ZLUE3IZ46 | Long             |  | RF                | US        |     11880 | NS      | $425185.20    | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco S&P International Developed Low Volatility ETF | Invesco S&P International Developed Low Volatility ETF | CUSIP: 46138E230<br>LEI: 549300P32QINHFXYMK04 | Long             |  | RF                | US        |     22610 | NS      | $633080.00    | 3.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Total International Bond ETF                  | Vanguard Total International Bond ETF                  | CUSIP: 92203J407<br>LEI: N/A                  | Long             |  | RF                | US        |      9530 | NS      | $462681.50    | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares TIPS Bond ETF                                  | iShares TIPS Bond ETF                                  | CUSIP: 464287176<br>LEI: 549300EHD1VQKMRQ0829 | Long             |  | RF                | US        |     10160 | NS      | $1103884.00   | 6.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco S&P 500 Low Volatility ETF                     | Invesco S&P 500 Low Volatility ETF                     | CUSIP: 46138E354<br>LEI: 549300FATA6ZCF8G1744 | Long             |  | RF                | US        |     17340 | NS      | $1106638.80   | 6.23%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-03-02

**Name of Applicant:** 1290 Funds

**Signature:** Brian Walsh

**Name of Signer:** Brian Walsh

**Title:** Chief Financial Officer and Treasurer