1290 FUNDS

1290 DIVERSIFIED BOND FUND

PORTFOLIO OF INVESTMENTS

July 31, 2021 (Unaudited)

	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Asset-Backed Securities (0.5%)
Aames Mortgage Investment Trust,
Series 2006-1 A4
0.651%, 4/25/36(l)	$	436,520	$	434,128
Jamestown CLO IX Ltd.,
Series 2016-9A DR
7.074%, 10/20/28(l)§		905,000		898,376
Park Place Securities, Inc.
Asset-Backed Pass-Through Certificates,
Series 2005-WHQ2 M2
0.781%, 5/25/35(l)		154,342		154,173
Popular ABS Mortgage Pass-Through Trust,
Series 2005-5 MV1
0.532%, 11/25/35(l)		313,237		309,717
TICP CLO XI Ltd.,
Series 2018-11A E
6.134%, 10/20/31(l)§		1,310,000		1,290,442
Towd Point Mortgage Trust,
Series 2018-3 A2
3.875%, 5/25/58(l)§		345,000		372,111
Total Asset-Backed Securities				3,458,947
Collateralized Mortgage Obligations (0.3%)
Connecticut Avenue Securities Trust,
Series 2018-R07 1M2
2.491%, 4/25/31(l)§		274,977		276,464
FNMA,
Series 2018-C06 1M2
2.091%, 3/25/31(l)		475,885		479,769
Residential Mortgage Loan Trust,
Series 2019-3 A1
2.633%, 9/25/59(l)§		664,821		672,830
TDA CAM FTA,
Series 9 B
0.000%, 4/28/50(l)(m)	EUR	800,000		781,831
Total Collateralized Mortgage Obligations				2,210,894
Commercial Mortgage-Backed Securities (4.2%)
Credit Suisse Mortgage Capital Certificates,
Series 2019-ICE4 A
1.073%, 5/15/36(l)§	$	730,000		731,368
FREMF Mortgage Trust,
Series 2015-K48 B
3.641%, 8/25/48(l)§		2,710,000		2,952,738
Series 2017-K61 C
3.810%, 12/25/49(l)§		955,000		1,016,063
JPMDB Commercial Mortgage Securities Trust,
Series 2018-C8 C
4.743%, 6/15/51(l)		12,000,000		13,419,480
Wells Fargo Commercial Mortgage Trust,
Series 2019-C49 D
3.000%, 3/15/52§		11,154,000		10,303,004
Total Commercial Mortgage-Backed Securities				28,422,653
Convertible Bonds (1.4%)
Communication Services (1.0%)
Media (1.0%)
DISH Network Corp.
3.375%, 8/15/26		6,430,000		6,590,750
Total Communication Services				6,590,750
Health Care (0.4%)
Health Care Equipment & Supplies (0.4%)
Haemonetics Corp.
(Zero Coupon), 3/1/26§		3,558,000		3,032,627
Total Health Care				3,032,627
Total Convertible Bonds				9,623,377
Corporate Bonds (22.5%)
Consumer Discretionary (2.5%)
Automobiles (0.8%)
General Motors Co.
6.800%, 10/1/27		1,450,000		1,842,739
6.250%, 10/2/43		2,620,000		3,634,142
				5,476,881
Hotels, Restaurants & Leisure (1.7%)
Marriott International, Inc.
Series GG
3.500%, 10/15/32		11,100,000		11,927,061
Total Consumer Discretionary				17,403,942
Consumer Staples (0.3%)
Food & Staples Retailing (0.3%)
Walgreens Boots Alliance, Inc.
4.100%, 4/15/50		1,880,000		2,142,780
Total Consumer Staples				2,142,780
Energy (7.6%)
Oil, Gas & Consumable Fuels (7.6%)
Apache Corp.
4.750%, 4/15/43		6,620,000		6,835,150
Marathon Oil Corp.
6.600%, 10/1/37		11,090,000		14,679,903
Occidental Petroleum Corp.
4.625%, 6/15/45		8,140,000		8,162,385
4.200%, 3/15/48		3,500,000		3,349,063
Petroleos Mexicanos
6.500%, 6/2/41		665,000		600,495
7.690%, 1/23/50		19,350,000		18,735,637
				52,362,633
Total Energy				52,362,633

See Notes to Portfolio of Investments.

1

1290 FUNDS

1290 DIVERSIFIED BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2021 (Unaudited)

	Principal Amount		Value (Note 1)
Financials (5.2%)
Banks (1.6%)
Bank of Nova Scotia (The)
(SOFR + 0.55%), 0.595%, 9/15/23(k)	$	10,895,000	$	10,967,735
Capital Markets (2.5%)
Ares Capital Corp.
4.250%, 3/1/25		1,070,000		1,160,988
Blue Owl Finance LLC
3.125%, 6/10/31§		3,985,000		4,019,978
FS KKR Capital Corp.
4.625%, 7/15/24		2,040,000		2,197,541
Golub Capital BDC, Inc.
2.500%, 8/24/26		4,475,000		4,545,353
Owl Rock Capital Corp.
4.250%, 1/15/26		2,580,000		2,791,800
2.625%, 1/15/27		2,160,000		2,189,245
				16,904,905
Consumer Finance (1.1%)
General Motors Financial Co., Inc.
(SOFR + 1.20%), 1.232%, 11/17/23(k)		7,635,000		7,756,396
Total Financials				35,629,036
Health Care (0.5%)
Pharmaceuticals (0.5%)
Bausch Health Cos., Inc.
5.000%, 1/30/28§		3,380,000		3,227,900
Total Health Care				3,227,900
Industrials (4.6%)
Aerospace & Defense (3.7%)
Boeing Co. (The)
3.750%, 2/1/50		13,645,000		14,181,194
5.805%, 5/1/50		2,460,000		3,339,071
3.950%, 8/1/59		1,515,000		1,574,171
Embraer Netherlands Finance BV
6.950%, 1/17/28§		5,575,000		6,281,631
				25,376,067
Airlines (0.9%)
Delta Air Lines, Inc.
4.750%, 10/20/28§		5,150,000		5,748,688
Total Industrials				31,124,755
Information Technology (1.8%)
Semiconductors & Semiconductor Equipment (0.3%)
NXP BV
3.400%, 5/1/30§		2,115,000		2,331,523
Technology Hardware, Storage & Peripherals (1.5%)
Dell International LLC
7.125%, 6/15/24§		485,000		496,199
6.020%, 6/15/26		7,970,000		9,591,737
				10,087,936
Total Information Technology				12,419,459
Total Corporate Bonds				154,310,505
Foreign Government Securities (30.4%)
Bonos de la Tesoreria
6.150%, 8/12/32	PEN	55,827,000		13,529,640
5.400%, 8/12/34		70,800,000		14,734,728
Mex Bonos Desarr Fix Rt
8.000%, 11/7/47	MXN	1,384,400,000		72,153,972
Notas do Tesouro Nacional
10.000%, 1/1/31	BRL	284,830,000		56,143,542
Republic of South Africa
8.750%, 2/28/48	ZAR	531,600,000		30,515,707
Republic of Turkey
11.700%, 11/13/30	TRY	230,900,000		21,210,135
Total Foreign Government Securities				208,287,724
U.S. Treasury Obligations (36.8%)
U.S. Treasury Notes
(US Treasury 3 Month Bill Money Market Yield + 0.05%), 0.099%, 1/31/23(k)	$	251,955,000		252,050,995
Total U.S. Treasury Obligation				252,050,995
Total Long-Term Debt Securities (96.1%) (Cost $654,004,860)				658,365,095
	Number of Shares
SHORT-TERM INVESTMENT:
Investment Company (6.6%)
JPMorgan Prime Money Market Fund, IM Shares		45,523,019		45,545,780
Total Short-Term Investment (6.6%) (Cost $45,545,780)				45,545,780
Total Investments in Securities (102.7%) (Cost $699,550,640)				703,910,875
Other Assets Less Liabilities (-2.7%)				(18,790,510	)
Net Assets (100%)			$	685,120,365

See Notes to Portfolio of Investments.

2

1290 FUNDS

1290 DIVERSIFIED BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2021 (Unaudited)

§ Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At July 31, 2021, the market value of these securities amounted to $43,651,942 or 6.4% of net assets. Securities denoted with “§” but without “b” have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

(k) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of July 31, 2021.

(l) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of July 31, 2021.

(m) Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At July 31, 2021, the market value of these securities amounted to $781,831 or 0.1% of net assets.

Glossary:

AUD — Australian Dollar

BRL — Brazilian Real

CAD — Canadian Dollar

CHF — Swiss Franc

CLP — Chilean Peso

CLO — Collateralized Loan Obligation

EUR — European Currency Unit

FNMA — Federal National Mortgage Association

ICE — Intercontinental Exchange

JPY — Japanese Yen

MXN — Mexican Peso

NOK — Norwegian Krone

PEN — Peruvian Sol

PLN — Polish Zloty

RUB — Russian Ruble

SOFR — Secured Overnight Financing Rate

THB — Thailand Baht

TRY — Turkish Lira

USCPI — United States Consumer Price Index

USD — United States Dollar

ZAR — South African Rand

Country Diversification

As a Percentage of Total Net Assets

Brazil	9.1	%
Canada	1.6
Cayman Islands	0.3
China	0.3
Mexico	13.4
Peru	4.1
South Africa	4.5
Spain	0.1
Turkey	3.1
United States	66.2
Cash and Other	(2.7	)
	100.0	%

See Notes to Portfolio of Investments.

3

1290 FUNDS

1290 DIVERSIFIED BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2021 (Unaudited)

Forward Foreign Currency Contracts outstanding as of July 31, 2021 (Note 1):

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation) ($)
USD	32,825,209	PEN	129,300,000	HSBC Bank plc**	8/5/2021		991,695
RUB	3,125,000,000	USD	41,584,617	Citibank NA**	8/12/2021		1,073,880
MXN	436,100,000	USD	21,771,624	Citibank NA	8/13/2021		106,605
MXN	99,000,000	USD	4,926,610	Goldman Sachs Bank USA	8/13/2021		40,015
USD	15,262,043	MXN	303,700,000	JPMorgan Chase Bank	8/13/2021		26,046
USD	17,463,996	CAD	21,100,000	Goldman Sachs Bank USA	8/16/2021		551,766
USD	1,058,947	CAD	1,280,000	JPMorgan Chase Bank	8/16/2021		32,992
USD	1,230,256	CAD	1,500,000	Morgan Stanley	8/16/2021		27,964
USD	1,171,299	ZAR	16,600,000	Citibank NA	8/17/2021		40,271
USD	8,091,304	ZAR	114,000,000	Goldman Sachs Bank USA	8/17/2021		324,001
USD	48,268,313	ZAR	696,700,000	HSBC Bank plc	8/17/2021		799,195
USD	1,272,228	ZAR	17,700,000	Morgan Stanley	8/17/2021		66,252
USD	46,887,148	JPY	5,114,000,000	Citibank NA	8/24/2021		263,905
USD	2,074,152	AUD	2,700,000	Barclays Bank plc	8/25/2021		92,518
USD	19,578,968	AUD	25,610,000	JPMorgan Chase Bank	8/25/2021		782,799
USD	29,547,107	AUD	38,280,000	Morgan Stanley	8/25/2021		1,451,934
TRY	107,700,000	USD	12,023,444	JPMorgan Chase Bank	9/8/2021		519,547
CHF	24,470,000	USD	26,580,202	Morgan Stanley	9/14/2021		463,018
USD	57,758,746	CHF	51,660,000	Goldman Sachs Bank USA	9/14/2021		666,275
USD	3,905,171	CHF	3,500,000	Morgan Stanley	9/14/2021		37,117
PLN	341,910,000	USD	88,067,800	Citibank NA	10/27/2021		705,712
Total unrealized appreciation							9,063,507
PEN	129,300,000	USD	33,740,517	HSBC Bank plc**	8/5/2021		(1,907,004	)
THB	66,400,000	USD	2,125,480	HSBC Bank plc	8/6/2021		(105,287	)
RUB	183,000,000	USD	2,509,255	Citibank NA**	8/12/2021		(11,174	)
USD	17,833,566	RUB	1,335,000,000	Citibank NA**	8/12/2021		(390,144	)
MXN	16,300,000	USD	819,642	Goldman Sachs Bank USA	8/13/2021		(1,905	)
THB	85,400,000	USD	2,734,989	HSBC Bank plc	8/13/2021		(136,843	)
USD	41,098,668	MXN	827,500,000	Citibank NA	8/13/2021		(415,285	)
USD	1,729,497	MXN	35,100,000	Goldman Sachs Bank USA	8/13/2021		(31,396	)
USD	23,098,656	MXN	465,200,000	HSBC Bank plc	8/13/2021		(239,460	)
USD	17,686,141	MXN	358,300,000	JPMorgan Chase Bank	8/13/2021		(289,024	)
CAD	23,880,000	USD	19,283,569	JPMorgan Chase Bank	8/16/2021		(143,092	)
ZAR	259,700,000	USD	18,648,875	Goldman Sachs Bank USA	8/17/2021		(954,415	)
ZAR	116,300,000	USD	8,357,924	HSBC Bank plc	8/17/2021		(433,913	)
ZAR	8,800,000	USD	608,889	Morgan Stanley	8/17/2021		(9,308	)
JPY	1,475,000,000	USD	13,476,596	Citibank NA	8/24/2021		(29,337	)
JPY	5,114,000,000	USD	46,838,794	Morgan Stanley	8/24/2021		(215,550	)
AUD	43,490,000	USD	32,182,165	Goldman Sachs Bank USA	8/25/2021		(263,171	)
AUD	23,100,000	USD	17,911,047	HSBC Bank plc	8/25/2021		(957,063	)
CLP	5,710,000,000	USD	8,142,548	HSBC Bank plc**	9/3/2021		(625,772	)
USD	12,279,699	TRY	107,700,000	Barclays Bank plc	9/8/2021		(263,291	)
USD	33,550,324	CHF	30,380,000	HSBC Bank plc	9/14/2021		(24,382	)
USD	785,351	CHF	720,000	Morgan Stanley	9/14/2021		(10,363	)
CLP	35,360,000,000	USD	48,203,039	HSBC Bank plc**	10/1/2021		(1,687,170	)
THB	51,400,000	USD	1,576,687	HSBC Bank plc	10/7/2021		(13,338	)
BRL	19,750,000	USD	3,769,947	HSBC Bank plc**	10/20/2021		(18,714	)
USD	33,116,565	BRL	175,690,000	HSBC Bank plc**	10/20/2021		(253,267	)
USD	52,287,821	EUR	44,230,000	Citibank NA	10/26/2021		(269,007	)
USD	1,564,920	EUR	1,320,000	JPMorgan Chase Bank	10/26/2021		(3,587	)
PLN	5,240,000	USD	1,361,457	HSBC Bank plc	10/27/2021		(943	)
NOK	237,600,000	USD	27,215,404	HSBC Bank plc	11/2/2021		(323,774	)
Total unrealized depreciation							(10,026,979	)
Net unrealized depreciation							(963,472	)

** Non-deliverable forward.

See Notes to Portfolio of Investments.

4

1290 FUNDS

1290 DIVERSIFIED BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2021 (Unaudited)

Centrally Cleared Credit default swap contracts outstanding - sell protection as of July 31, 2021 (Note 1):

Reference Obligation/Index

Financing Rate (Paid) / Received by the Fund (%)

Frequency of Payments Made/Received

Maturity Date

Implied Credit Spread (%)

Notional Amount

Upfront (Payments) Receipts ($)

Unrealized Appreciation (Depreciation) ($)

Value ($)

Goodyear Tire & Rubber Co. (The)

5.00

Quarterly

6/20/2022

0.49

USD   1,010,000

34,121

12,564

46,685

Total Centrally Cleared Credit default swap contracts outstanding

34,121

12,564

46,685

OTC Inflation-linked swap contracts outstanding as of July 31, 2021 (Note 1):

Reference Entity	Payments Made by Fund	Payments Received by Fund	Frequency of Payments Made/Received	Counterparty	Maturity Date		Notional Amount		Unrealized Appreciation (Depreciation) ($)
1 month USCPI	2.40% and decrease in total return of index	Increase in total return of index	At termination	JPMorgan Chase Bank		5/24/2031	USD	65,250,000		(1,569,928	)
1 month USCPI	2.56% and decrease in total return of index	Increase in total return of index	At termination	JPMorgan Chase Bank		5/24/2031	USD	53,400,000		(713,299	)
										(2,283,227	)

OTC Interest rate swap contracts outstanding as of July 31, 2021 (Note 1):

Reference Entity	Payments Made by Fund	Payments Received by Fund	Frequency of Payments Made/Received	Counterparty	Maturity Date		Notional Amount		Unrealized Appreciation (Depreciation) ($)
1 day SOFR	1.37% and decrease in total return of index	Increase in total return of index	At termination	JPMorgan Chase Bank		5/24/2031	USD	61,250,000		(2,278,113	)
1 day SOFR	1.17% and decrease in total return of index	Increase in total return of index	At termination	JPMorgan Chase Bank		5/24/2031	USD	75,600,000		(1,319,588	)
										(3,597,701	)

See Notes to Portfolio of Investments.

5

1290 FUNDS

1290 DIVERSIFIED BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2021 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of July 31, 2021:

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

Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)			Level 3 Significant  Unobservable Inputs (including the Fund’s own assumptions in determining the fair value of investments)		Total
Assets:
Asset-Backed Securities	$	—	$	3,458,947		$	—	$	3,458,947
Centrally Cleared Credit Default Swaps		—		12,564			—		12,564
Collateralized Mortgage Obligations		—		2,210,894			—		2,210,894
Commercial Mortgage-Backed Securities		—		28,422,653			—		28,422,653
Convertible Bonds
Communication Services		—		6,590,750			—		6,590,750
Health Care		—		3,032,627			—		3,032,627
Corporate Bonds
Consumer Discretionary		—		17,403,942			—		17,403,942
Consumer Staples		—		2,142,780			—		2,142,780
Energy		—		52,362,633			—		52,362,633
Financials		—		35,629,036			—		35,629,036
Health Care		—		3,227,900			—		3,227,900
Industrials		—		31,124,755			—		31,124,755
Information Technology		—		12,419,459			—		12,419,459
Foreign Government Securities		—		208,287,724			—		208,287,724
Forward Currency Contracts		—		9,063,507			—		9,063,507
Short-Term Investment
Investment Company		45,545,780		—			—		45,545,780
U.S. Treasury Obligations		—		252,050,995			—		252,050,995
Total Assets	$	45,545,780	$	667,441,166		$	—	$	712,986,946
Liabilities:
Forward Currency Contracts	$	—	$	(10,026,979	)	$	—	$	(10,026,979	)
OTC Inflation-linked Swaps		—		(2,283,227	)		—		(2,283,227	)
OTC Interest Rate Swaps		—		(3,597,701	)		—		(3,597,701	)
Total Liabilities	$	—	$	(15,907,907	)	$	—	$	(15,907,907	)
Total	$	45,545,780	$	651,533,259		$	—	$	697,079,039

As of July 31, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	20,311,050
Aggregate gross unrealized depreciation		(20,821,616	)
Net unrealized depreciation	$	(510,566	)
Federal income tax cost of investments in securities and derivative instruments, if applicable	$	697,623,726

See Notes to Portfolio of Investments.

6

1290 FUNDS

1290 DOUBLELINE DYNAMIC ALLOCATION FUND

PORTFOLIO OF INVESTMENTS

July 31, 2021 (Unaudited)

	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Asset-Backed Securities (2.3%)
GSAA Home Equity Trust,
Series 2007-9 A2A
6.500%, 8/25/47	$	335,660	$	241,932
Long Beach Mortgage Loan Trust,
Series 2006-7 1A
0.244%, 8/25/36(l)		472,554		298,216
Morgan Stanley ABS Capital I, Inc. Trust,
Series 2007-HE2 A1
0.219%, 1/25/37(l)§		977,363		499,958
Pretium Mortgage Credit Partners I LLC,
Series 2020-NPL3 A1
3.105%, 6/27/60(e)§		611,569		615,983
Total Asset-Backed Securities				1,656,089
Collateralized Mortgage Obligations (11.7%)
Alternative Loan Trust,
Series 2005-11CB 2A6
5.500%, 6/25/25		367,899		354,484
Banc of America Alternative Loan Trust,
Series 2006-5 CB14
6.000%, 6/25/46(l)		176,046		174,041
BRAVO Residential Funding Trust,
Series 2020-RPL1 M1
3.250%, 5/26/59(l)§		500,000		532,350
CHL Mortgage Pass-Through Trust,
Series 2006-20 1A33
6.000%, 2/25/37		463,332		331,474
Series 2006-OA5 2A1
0.489%, 4/25/46(l)		621,023		538,652
FHLMC,
Series 3998 AZ
4.000%, 2/15/42		1,445,613		1,583,884
FNMA,
Series 2013-5 EZ
2.000%, 8/25/42		346,250		350,688
Series 2018-21
(Zero Coupon), 4/25/48 PO		135,407		127,004
Series 2018-44 PZ
3.500%, 6/25/48		1,452,137		1,608,060
HarborView Mortgage Loan Trust,
Series 2005-8 1A2A
0.753%, 9/19/35(l)		396,412		332,971
New Residential Mortgage Loan Trust,
Series 2016-1A A1
3.750%, 3/25/56(l)§		249,827		263,970
PMT Credit Risk Transfer Trust,
Series 2019-2R A
2.837%, 5/27/23(l)§		444,962		440,747
Series 2019-3R A
2.787%, 10/27/22(l)§		271,790		272,601
PRPM LLC,
Series 2020-3 A1
2.857%, 9/25/25(e)§		412,538		414,952
RALI Trust,
Series 2006-QO10 A1
0.409%, 1/25/37(l)		512,397		489,307
Series 2006-QS3 1A10
6.000%, 3/25/36		241,817		240,923
Series 2006-QS4 A10
6.000%, 4/25/36		385,103		374,936
Wells Fargo Mortgage Backed Securities Trust,
Series 2007-AR6 A2
2.870%, 10/25/37(l)		209,547		205,192
Total Collateralized Mortgage Obligations				8,636,236
Corporate Bonds (13.5%)
Communication Services (1.6%)
Diversified Telecommunication Services (0.5%)
AT&T, Inc.
3.500%, 9/15/53§		18,000		18,618
3.550%, 9/15/55§		80,000		82,649
CCO Holdings LLC
5.000%, 2/1/28§		30,000		31,463
Frontier Communications Holdings LLC
5.875%, 10/15/27§		10,000		10,672
5.000%, 5/1/28§		20,000		20,641
6.750%, 5/1/29§		15,000		16,047
Lumen Technologies, Inc.
5.125%, 12/15/26§		30,000		31,180
4.000%, 2/15/27§		25,000		25,625
Verizon Communications, Inc.
(ICE LIBOR USD 3 Month + 1.10%), 1.256%, 5/15/25(k)		55,000		56,522
Zayo Group Holdings, Inc.
4.000%, 3/1/27§		30,000		29,737
6.125%, 3/1/28§		15,000		15,169
				338,323
Entertainment (0.1%)
Lions Gate Capital Holdings LLC
5.500%, 4/15/29§		25,000		25,592
Live Nation Entertainment, Inc.
6.500%, 5/15/27§		30,000		33,225
				58,817
Media (0.9%)
Cengage Learning, Inc.
9.500%, 6/15/24§		25,000		25,531
Charter Communications Operating LLC
4.908%, 7/23/25		100,000		113,267
Clear Channel Outdoor Holdings, Inc.
7.500%, 6/1/29§		20,000		20,684
Comcast Corp.
3.400%, 4/1/30		50,000		55,679
1.500%, 2/15/31		60,000		57,768
Diamond Sports Group LLC
5.375%, 8/15/26§		15,000		8,700
DIRECTV Holdings LLC
5.875%, 8/15/27§		20,000		20,630
DISH DBS Corp.
5.875%, 11/15/24		25,000		26,889
5.125%, 6/1/29§		20,000		19,750

See Notes to Portfolio of Investments.

7

1290 FUNDS

1290 DOUBLELINE DYNAMIC ALLOCATION FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2021 (Unaudited)

	Principal Amount		Value (Note 1)
GCI LLC
4.750%, 10/15/28§	$	30,000	$	31,125
iHeartCommunications, Inc.
8.375%, 5/1/27		5,000		5,325
Interpublic Group of Cos., Inc. (The)
4.650%, 10/1/28		50,000		59,210
Nexstar Media, Inc.
5.625%, 7/15/27§		20,000		21,144
Omnicom Group, Inc.
2.600%, 8/1/31		95,000		98,256
Radiate Holdco LLC
4.500%, 9/15/26§		20,000		20,638
Scripps Escrow II, Inc.
3.875%, 1/15/29§		10,000		10,004
Scripps Escrow, Inc.
5.875%, 7/15/27§		30,000		31,050
Sirius XM Radio, Inc.
4.125%, 7/1/30§		35,000		36,045
Univision Communications, Inc.
4.500%, 5/1/29§		20,000		20,000
				681,695
Wireless Telecommunication Services (0.1%)
T-Mobile USA, Inc.
2.250%, 2/15/26		55,000		55,476
3.375%, 4/15/29§		5,000		5,195
3.375%, 4/15/29		10,000		10,400
2.875%, 2/15/31		10,000		10,038
				81,109
Total Communication Services				1,159,944
Consumer Discretionary (1.6%)
Auto Components (0.1%)
Clarios Global LP
6.250%, 5/15/26§		13,000		13,747
Goodyear Tire & Rubber Co. (The)
5.250%, 7/15/31§		35,000		36,925
Icahn Enterprises LP
5.250%, 5/15/27		25,000		26,219
				76,891
Automobiles (0.1%)
Ford Motor Co.
8.500%, 4/21/23		75,000		83,063
Diversified Consumer Services (0.0%)
Metis Merger Sub LLC
6.500%, 5/15/29§		25,000		24,438
Hotels, Restaurants & Leisure (0.9%)
Bally’s Corp.
6.750%, 6/1/27§		40,000		43,100
Boyd Gaming Corp.
4.750%, 6/15/31§		40,000		41,284
Boyne USA, Inc.
4.750%, 5/15/29§		60,000		62,176
Caesars Entertainment, Inc.
6.250%, 7/1/25§		35,000		36,925
Caesars Resort Collection LLC
5.250%, 10/15/25§		35,000		35,154
Carnival Corp.
5.750%, 3/1/27§		30,000		30,487
Cedar Fair LP
5.250%, 7/15/29		25,000		25,382
Expedia Group, Inc.
3.250%, 2/15/30		60,000		62,758
Golden Nugget, Inc.
6.750%, 10/15/24§		45,000		45,113
Marriott International, Inc.
Series R
3.125%, 6/15/26		55,000		58,701
McDonald’s Corp.
3.600%, 7/1/30		55,000		62,487
MGM Resorts International
6.750%, 5/1/25		45,000		47,588
Midwest Gaming Borrower LLC
4.875%, 5/1/29§		50,000		50,363
Scientific Games International, Inc.
7.250%, 11/15/29§		20,000		22,365
Viking Cruises Ltd.
13.000%, 5/15/25§		10,000		11,575
5.875%, 9/15/27§		55,000		52,250
				687,708
Household Durables (0.1%)
Mattamy Group Corp.
4.625%, 3/1/30§		35,000		36,062
Tempur Sealy International, Inc.
4.000%, 4/15/29§		20,000		20,500
WASH Multifamily Acquisition, Inc.
5.750%, 4/15/26§		30,000		31,387
				87,949
Multiline Retail (0.2%)
Dollar Tree, Inc.
4.000%, 5/15/25		100,000		110,498
Specialty Retail (0.2%)
Ambience Merger Sub, Inc.
7.125%, 7/15/29§		10,000		10,125
Asbury Automotive Group, Inc.
4.500%, 3/1/28		5,000		5,181
4.750%, 3/1/30		6,000		6,379
SRS Distribution, Inc.
4.625%, 7/1/28§		30,000		30,600
Staples, Inc.
7.500%, 4/15/26§		15,000		15,239
Victoria’s Secret & Co.
4.625%, 7/15/29§		40,000		40,054
				107,578
Total Consumer Discretionary				1,178,125
Consumer Staples (1.1%)
Beverages (0.3%)
Anheuser-Busch Cos. LLC
4.900%, 2/1/46		50,000		64,104
Constellation Brands, Inc.
3.150%, 8/1/29		95,000		102,994
Primo Water Holdings, Inc.
4.375%, 4/30/29§		20,000		20,048
Triton Water Holdings, Inc.
6.250%, 4/1/29§		20,000		20,025
				207,171
Food & Staples Retailing (0.2%)
Performance Food Group, Inc.
5.500%, 10/15/27§		35,000		36,371

See Notes to Portfolio of Investments.

8

1290 FUNDS

1290 DOUBLELINE DYNAMIC ALLOCATION FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2021 (Unaudited)

	Principal Amount		Value (Note 1)
4.250%, 8/1/29§	$	20,000	$	20,244
Sysco Corp.
5.950%, 4/1/30		44,000		57,003
United Natural Foods, Inc.
6.750%, 10/15/28§		25,000		26,875
US Foods, Inc.
6.250%, 4/15/25§		5,000		5,256
				145,749
Food Products (0.4%)
B&G Foods, Inc.
5.250%, 9/15/27		15,000		15,619
Flowers Foods, Inc.
2.400%, 3/15/31		55,000		55,885
Kraft Heinz Foods Co.
5.000%, 7/15/35		15,000		18,537
5.200%, 7/15/45		35,000		44,352
Post Holdings, Inc.
4.625%, 4/15/30§		30,000		30,562
Smithfield Foods, Inc.
4.250%, 2/1/27§		100,000		110,011
				274,966
Household Products (0.1%)
Energizer Holdings, Inc.
4.750%, 6/15/28§		35,000		35,875
Kronos Acquisition Holdings, Inc.
5.000%, 12/31/26§		30,000		30,356
7.000%, 12/31/27§		20,000		19,400
				85,631
Personal Products (0.0%)
Coty, Inc.
5.000%, 4/15/26§		20,000		20,125
Tobacco (0.1%)
Altria Group, Inc.
4.450%, 5/6/50		50,000		54,136
Total Consumer Staples				787,778
Energy (1.7%)
Energy Equipment & Services (0.2%)
Patterson-UTI Energy, Inc.
3.950%, 2/1/28		60,000		60,170
Transocean Poseidon Ltd.
6.875%, 2/1/27§		35,000		33,950
Transocean, Inc.
11.500%, 1/30/27§		11,000		10,945
USA Compression Partners LP
6.875%, 9/1/27		50,000		52,750
				157,815
Oil, Gas & Consumable Fuels (1.5%)
Antero Midstream Partners LP
5.750%, 3/1/27§		16,000		16,480
Apache Corp.
4.625%, 11/15/25		10,000		10,725
4.375%, 10/15/28		20,000		21,095
BP Capital Markets America, Inc.
2.939%, 6/4/51		60,000		58,897
Chesapeake Energy Corp.
5.875%, 2/1/29§		30,000		32,006
CNX Resources Corp.
6.000%, 1/15/29§		20,000		21,175
Energy Transfer LP
4.750%, 1/15/26		45,000		50,668
4.200%, 4/15/27		5,000		5,569
EQM Midstream Partners LP
4.750%, 1/15/31§		40,000		40,963
EQT Corp.
8.500%, 2/1/30(e)		15,000		19,669
Hess Midstream Operations LP
5.125%, 6/15/28§		35,000		36,543
Hilcorp Energy I LP
6.250%, 11/1/28§		30,000		31,275
5.750%, 2/1/29§		15,000		15,300
Indigo Natural Resources LLC
5.375%, 2/1/29§		20,000		20,850
Kinder Morgan Energy Partners LP
6.950%, 1/15/38		40,000		57,969
Marathon Petroleum Corp.
5.125%, 12/15/26		55,000		64,829
MEG Energy Corp.
7.125%, 2/1/27§		35,000		36,750
5.875%, 2/1/29§		5,000		5,163
NGL Energy Operating LLC
7.500%, 2/1/26§		40,000		41,100
NuStar Logistics LP
6.375%, 10/1/30		25,000		27,813
Occidental Petroleum Corp.
8.000%, 7/15/25		15,000		17,832
6.625%, 9/1/30		20,000		24,400
6.125%, 1/1/31		25,000		29,476
6.450%, 9/15/36		15,000		18,111
Ovintiv, Inc.
7.375%, 11/1/31		15,000		20,199
Parkland Corp.
4.500%, 10/1/29§		25,000		25,656
Peabody Energy Corp.
8.500%, 12/31/24 PIK§		8,083		6,448
Pioneer Natural Resources Co.
1.900%, 8/15/30		65,000		62,996
Sabine Pass Liquefaction LLC
5.000%, 3/15/27		55,000		63,882
Sunoco LP
6.000%, 4/15/27		15,000		15,638
4.500%, 5/15/29		10,000		10,225
Targa Resources Partners LP
5.500%, 3/1/30		30,000		33,000
TotalEnergies Capital International SA
3.386%, 6/29/60		55,000		58,794
Venture Global Calcasieu Pass LLC
4.125%, 8/15/31§		30,000		30,900
Viper Energy Partners LP
5.375%, 11/1/27§		25,000		26,130
Western Midstream Operating LP
4.350%, 2/1/25(e)		20,000		20,950
				1,079,476
Total Energy				1,237,291

See Notes to Portfolio of Investments.

9

1290 FUNDS

1290 DOUBLELINE DYNAMIC ALLOCATION FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2021 (Unaudited)

	Principal Amount		Value (Note 1)
Financials (2.4%)
Banks (0.8%)
Bank of America Corp.
(SOFR + 0.96%), 1.734%, 7/22/27(k)	$	20,000	$	20,349
(ICE LIBOR USD 3 Month + 1.21%), 3.974%, 2/7/30(k)		55,000		62,410
Bank of Montreal
(USD Swap Semi 5 Year + 1.43%), 3.803%, 12/15/32(k)		60,000		66,531
Bank of Nova Scotia (The)
1.625%, 5/1/23		65,000		66,508
3.400%, 2/11/24		35,000		37,490
JPMorgan Chase & Co.
(SOFR + 1.25%), 2.580%, 4/22/32(k)		105,000		109,007
Mitsubishi UFJ Financial Group, Inc.
(ICE LIBOR USD 3 Month + 0.74%), 0.871%, 3/2/23(k)		105,000		105,908
Santander Holdings USA, Inc.
3.400%, 1/18/23		100,000		103,955
				572,158
Capital Markets (0.4%)
Ares Capital Corp.
2.150%, 7/15/26		55,000		55,419
Goldman Sachs Group, Inc. (The)
(SOFR + 0.82%), 0.863%, 9/10/27(k)		115,000		114,991
Macquarie Group Ltd.
(SOFR + 0.91%), 1.629%, 9/23/27(k)§		65,000		65,269
Morgan Stanley
(SOFR + 0.53%), 0.790%, 5/30/25(k)		70,000		69,856
				305,535
Consumer Finance (0.6%)
American Express Co.
3.400%, 2/22/24		85,000		90,836
Avolon Holdings Funding Ltd.
3.250%, 2/15/27§		95,000		98,874
Discover Financial Services
4.100%, 2/9/27		65,000		73,722
General Motors Financial Co., Inc.
(ICE LIBOR USD 3 Month + 0.99%), 1.135%, 1/5/23(k)		105,000		105,912
Navient Corp.
5.000%, 3/15/27		15,000		15,600
OneMain Finance Corp.
6.625%, 1/15/28		30,000		34,566
Synchrony Financial
3.950%, 12/1/27		50,000		55,918
				475,428
Diversified Financial Services (0.1%)
MPH Acquisition Holdings LLC
5.750%, 11/1/28§		21,000		20,297
Verscend Escrow Corp.
9.750%, 8/15/26§		32,000		33,791
				54,088
Insurance (0.4%)
Acrisure LLC
4.250%, 2/15/29§		35,000		34,037
Alliant Holdings Intermediate LLC
6.750%, 10/15/27§		20,000		20,825
AmWINS Group, Inc.
4.875%, 6/30/29§		15,000		15,262
Athene Global Funding
3.000%, 7/1/22§		55,000		56,299
GTCR AP Finance, Inc.
8.000%, 5/15/27§		30,000		31,688
NFP Corp.
6.875%, 8/15/28§		20,000		20,700
Prudential Financial, Inc.
3.905%, 12/7/47		55,000		65,169
Willis North America, Inc.
4.500%, 9/15/28		40,000		46,707
				290,687
Thrifts & Mortgage Finance (0.1%)
Nationstar Mortgage Holdings, Inc.
5.500%, 8/15/28§		25,000		25,344
PennyMac Financial Services, Inc.
4.250%, 2/15/29§		35,000		33,862
				59,206
Total Financials				1,757,102
Health Care (1.4%)
Biotechnology (0.2%)
AbbVie, Inc.
4.700%, 5/14/45		90,000		114,892
Health Care Equipment & Supplies (0.0%)
Ortho-Clinical Diagnostics, Inc.
7.250%, 2/1/28§		25,000		27,188
Health Care Providers & Services (1.0%)
Anthem, Inc.
2.375%, 1/15/25		60,000		62,923
Centene Corp.
3.000%, 10/15/30		20,000		20,751
2.500%, 3/1/31		85,000		85,106
Cigna Corp.
(ICE LIBOR USD 3 Month + 0.89%), 1.016%, 7/15/23(k)		85,000		86,005
4.900%, 12/15/48		85,000		112,814
Community Health Systems, Inc.
6.000%, 1/15/29§		30,000		31,912
6.875%, 4/15/29§		20,000		21,000
CVS Health Corp.
5.050%, 3/25/48		65,000		86,283
HCA, Inc.
4.125%, 6/15/29		55,000		62,551
Legacy LifePoint Health LLC
6.750%, 4/15/25§		10,000		10,567
4.375%, 2/15/27§		25,000		24,937
Radiology Partners, Inc.
9.250%, 2/1/28§		25,000		27,000

See Notes to Portfolio of Investments.

10

1290 FUNDS

1290 DOUBLELINE DYNAMIC ALLOCATION FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2021 (Unaudited)

	Principal Amount		Value (Note 1)
RP Escrow Issuer LLC
5.250%, 12/15/25§	$	30,000	$	30,938
Select Medical Corp.
6.250%, 8/15/26§		55,000		58,025
Tenet Healthcare Corp.
6.125%, 10/1/28§		40,000		42,450
				763,262
Pharmaceuticals (0.2%)
Bausch Health Cos., Inc.
6.250%, 2/15/29§		35,000		34,738
Endo Luxembourg Finance Co. I SARL
6.125%, 4/1/29§		20,000		19,875
Royalty Pharma plc
3.300%, 9/2/40§		55,000		55,991
				110,604
Total Health Care				1,015,946
Industrials (1.3%)
Aerospace & Defense (0.3%)
Boeing Co. (The)
2.950%, 2/1/30		55,000		56,666
Bombardier, Inc.
6.000%, 10/15/22§		14,000		14,000
TransDigm, Inc.
8.000%, 12/15/25§		5,000		5,369
6.250%, 3/15/26§		55,000		57,758
5.500%, 11/15/27		30,000		30,975
4.875%, 5/1/29§		20,000		20,031
Triumph Group, Inc.
7.750%, 8/15/25		15,000		15,075
				199,874
Airlines (0.1%)
American Airlines, Inc.
5.750%, 4/20/29§		40,000		43,294
United Airlines, Inc.
4.625%, 4/15/29§		20,000		20,550
				63,844
Building Products (0.2%)
Builders FirstSource, Inc.
4.250%, 2/1/32§		30,000		30,638
Griffon Corp.
5.750%, 3/1/28		50,000		52,500
Owens Corning
4.400%, 1/30/48		50,000		59,695
				142,833
Commercial Services & Supplies (0.3%)
Allied Universal Holdco LLC
6.625%, 7/15/26§		20,000		21,200
9.750%, 7/15/27§		40,000		43,900
Garda World Security Corp.
6.000%, 6/1/29§		35,000		34,256
GFL Environmental, Inc.
4.000%, 8/1/28§		45,000		44,358
Madison IAQ LLC
4.125%, 6/30/28§		25,000		25,037
5.875%, 6/30/29§		20,000		20,175
				188,926
Construction & Engineering (0.0%)
Pike Corp.
5.500%, 9/1/28§		25,000		25,500
Industrial Conglomerates (0.1%)
Roper Technologies, Inc.
1.750%, 2/15/31		115,000		112,366
Road & Rail (0.2%)
CSX Corp.
3.800%, 11/1/46		55,000		63,325
First Student Bidco, Inc.
4.000%, 7/31/29§		25,000		24,978
Kenan Advantage Group, Inc. (The)
7.875%, 7/31/23§		5,000		4,988
NESCO Holdings II, Inc.
5.500%, 4/15/29§		5,000		5,153
Penske Truck Leasing Co. LP
4.200%, 4/1/27§		55,000		62,277
Uber Technologies, Inc.
7.500%, 9/15/27§		25,000		27,200
				187,921
Trading Companies & Distributors (0.1%)
Air Lease Corp.
1.875%, 8/15/26		55,000		55,414
Total Industrials				976,678
Information Technology (0.6%)
Communications Equipment (0.0%)
Avaya, Inc.
6.125%, 9/15/28§		20,000		21,350
IT Services (0.2%)
Endure Digital, Inc.
6.000%, 2/15/29§		30,000		29,100
GTT Communications, Inc.
7.875%, 12/31/24§		15,000		1,425
Western Union Co. (The)
2.750%, 3/15/31		110,000		111,740
				142,265
Semiconductors & Semiconductor Equipment (0.2%)
NXP BV
3.875%, 6/18/26§		100,000		111,113
Software (0.1%)
Clarivate Science Holdings Corp.
4.875%, 6/30/29§		25,000		25,188
Oracle Corp.
3.600%, 4/1/50		55,000		57,307
				82,495
Technology Hardware, Storage & Peripherals (0.1%)
NetApp, Inc.
1.875%, 6/22/25		55,000		56,688
Total Information Technology				413,911
Materials (0.4%)
Chemicals (0.1%)
CVR Partners LP
6.125%, 6/15/28§		15,000		15,581
Nutrien Ltd.
4.200%, 4/1/29		50,000		58,223
SCIH Salt Holdings, Inc.
6.625%, 5/1/29§		5,000		4,950
				78,754
Containers & Packaging (0.2%)
Packaging Corp. of America
3.000%, 12/15/29		60,000		64,366
WRKCo, Inc.
3.750%, 3/15/25		55,000		60,166
				124,532

See Notes to Portfolio of Investments.

11

1290 FUNDS

1290 DOUBLELINE DYNAMIC ALLOCATION FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2021 (Unaudited)

	Principal Amount		Value (Note 1)
Metals & Mining (0.1%)
Arconic Corp.
6.125%, 2/15/28§	$	40,000	$	42,600
Glencore Funding LLC
1.625%, 4/27/26§		55,000		55,413
SunCoke Energy, Inc.
4.875%, 6/30/29§		25,000		25,164
				123,177
Total Materials				326,463
Real Estate (0.5%)
Equity Real Estate Investment Trusts (REITs) (0.5%)
Alexandria Real Estate Equities, Inc. (REIT)
3.000%, 5/18/51		60,000		60,544
American Tower Corp. (REIT)
3.950%, 3/15/29		55,000		62,494
Crown Castle International Corp. (REIT)
3.650%, 9/1/27		55,000		61,300
3.300%, 7/1/30		30,000		32,618
Iron Mountain, Inc. (REIT)
4.500%, 2/15/31§		15,000		15,300
Park Intermediate Holdings LLC (REIT)
4.875%, 5/15/29§		25,000		25,625
Uniti Group LP (REIT)
6.500%, 2/15/29§		20,000		20,225
Welltower, Inc. (REIT)
2.050%, 1/15/29		55,000		55,807
				333,913
Real Estate Management & Development (0.0%)
Realogy Group LLC
7.625%, 6/15/25§		15,000		16,162
5.750%, 1/15/29§		20,000		20,950
				37,112
Total Real Estate				371,025
Utilities (0.9%)
Electric Utilities (0.6%)
Eversource Energy
Series R
1.650%, 8/15/30		65,000		63,344
Monongahela Power Co.
5.400%, 12/15/43§		65,000		87,612
NextEra Energy Capital Holdings, Inc.
2.250%, 6/1/30		60,000		61,595
NRG Energy, Inc.
3.625%, 2/15/31§		45,000		45,169
Pacific Gas and Electric Co.
2.500%, 2/1/31		65,000		61,203
PG&E Corp.
5.000%, 7/1/28		45,000		43,819
Southern Co. (The)
Series 21-A
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.92%), 3.750%, 9/15/51(k)		55,000		55,822
				418,564
Gas Utilities (0.2%)
Brooklyn Union Gas Co. (The)
4.487%, 3/4/49§		40,000		48,095
East Ohio Gas Co. (The)
3.000%, 6/15/50§		35,000		35,913
Ferrellgas LP
5.375%, 4/1/26§		15,000		14,812
Suburban Propane Partners LP
5.000%, 6/1/31§		30,000		31,162
Superior Plus LP
4.500%, 3/15/29§		35,000		35,963
				165,945
Independent Power and Renewable Electricity Producers (0.0%)
Calpine Corp.
5.125%, 3/15/28§		25,000		25,344
4.625%, 2/1/29§		15,000		14,887
				40,231
Water Utilities (0.1%)
Essential Utilities, Inc.
2.704%, 4/15/30		60,000		63,178
Total Utilities				687,918
Total Corporate Bonds				9,912,181
Mortgage-Backed Securities (2.5%)
FHLMC
2.000%, 10/1/50		426,554		430,161
FNMA UMBS
2.000%, 11/1/50		683,350		698,525
2.000%, 12/1/50		680,508		695,620
Total Mortgage-Backed Securities				1,824,306
U.S. Treasury Obligations (9.6%)
U.S. Treasury Bonds
4.750%, 2/15/37		150,000		217,624
2.250%, 5/15/41		350,000		375,588
2.750%, 11/15/47		210,000		247,344
1.250%, 5/15/50		610,000		518,953
2.375%, 5/15/51		310,000		343,839
U.S. Treasury Notes
0.125%, 10/31/22		780,000		780,191
0.125%, 12/31/22		470,000		469,998
0.125%, 6/30/23		430,000		429,623
0.125%, 10/15/23		520,000		518,852
0.125%, 1/15/24		340,000		338,865
0.375%, 7/15/24		880,000		880,697
1.500%, 11/30/24		350,000		362,537
0.375%, 11/30/25		320,000		316,869
0.875%, 6/30/26		440,000		443,904
0.500%, 6/30/27		380,000		372,483
1.250%, 6/30/28		380,000		386,419
1.625%, 5/15/31		90,000		93,193
Total U.S. Treasury Obligations				7,096,979
Total Long-Term Debt Securities (39.6%) (Cost $28,630,419)				29,125,791
	Number of Shares
COMMON STOCKS:
Communication Services (3.1%)
Interactive Media & Services (2.4%)
Alphabet, Inc., Class A*		387		1,042,783
Facebook, Inc., Class A*		2,071		737,898
				1,780,681

See Notes to Portfolio of Investments.

12

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PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2021 (Unaudited)

	Number of Shares		Value (Note 1)
Media (0.7%)
Comcast Corp., Class A		8,746	$	514,527
Total Communication Services				2,295,208
Consumer Discretionary (2.5%)
Internet & Direct Marketing Retail (1.3%)
Amazon.com, Inc.*		285		948,363
Multiline Retail (0.5%)
Dollar General Corp.		1,534		356,870
Specialty Retail (0.7%)
Ross Stores, Inc.		2,465		302,431
Ulta Beauty, Inc.*		742		249,163
				551,594
Total Consumer Discretionary				1,856,827
Consumer Staples (1.8%)
Beverages (0.5%)
Constellation Brands, Inc., Class A		1,785		400,447
Food & Staples Retailing (0.2%)
Sysco Corp.		1,587		117,756
Household Products (0.6%)
Procter & Gamble Co. (The)		3,235		460,114
Tobacco (0.5%)
Philip Morris International, Inc.		3,335		333,800
Total Consumer Staples				1,312,117
Energy (0.6%)
Oil, Gas & Consumable Fuels (0.6%)
Exxon Mobil Corp.		4,924		283,475
Pioneer Natural Resources Co.		1,130		164,268
				447,743
Total Energy				447,743
Financials (3.3%)
Banks (1.6%)
Citigroup, Inc.		7,723		522,229
First Republic Bank		1,102		214,912
Truist Financial Corp.		7,524		409,532
				1,146,673
Capital Markets (0.8%)
Charles Schwab Corp. (The)		5,012		340,565
Intercontinental Exchange, Inc.		2,037		244,094
				584,659
Consumer Finance (0.5%)
American Express Co.		2,328		396,994
Insurance (0.4%)
Aflac, Inc.		4,744		260,920
Total Financials				2,389,246
Health Care (3.5%)
Biotechnology (0.3%)
BioMarin Pharmaceutical, Inc.*		1,548		118,778
Vertex Pharmaceuticals, Inc.*		437		88,091
				206,869
Health Care Equipment & Supplies (1.1%)
Alcon, Inc.		3,575		260,260
Boston Scientific Corp.*		11,950		544,920
				805,180
Health Care Providers & Services (1.1%)
Anthem, Inc.		876		336,393
UnitedHealth Group, Inc.		1,193		491,778
				828,171
Pharmaceuticals (1.0%)
AstraZeneca plc (ADR)		7,296		417,623
Roche Holding AG (ADR)		2,047		98,788
Zoetis, Inc.		897		181,822
				698,233
Total Health Care				2,538,453
Industrials (2.3%)
Aerospace & Defense (0.5%)
Boeing Co. (The)*		1,614		365,539
Electrical Equipment (0.4%)
AMETEK, Inc.		1,810		251,680
Industrial Conglomerates (0.5%)
Honeywell International, Inc.		1,629		380,844
Machinery (0.9%)
Fortive Corp.		4,392		319,123
Parker-Hannifin Corp.		1,174		366,323
				685,446
Total Industrials				1,683,509
Information Technology (7.5%)
Communications Equipment (0.5%)
Motorola Solutions, Inc.		1,534		343,493
Electronic Equipment, Instruments & Components (0.5%)
Corning, Inc.		8,217		343,964
IT Services (1.6%)
Fidelity National Information Services, Inc.		1,243		185,269
PayPal Holdings, Inc.*		1,891		521,028
Visa, Inc., Class A		2,080		512,491
				1,218,788
Semiconductors & Semiconductor Equipment (1.1%)
Analog Devices, Inc.		1,587		265,695
KLA Corp.		666		231,875
Lam Research Corp.		506		322,529
				820,099
Software (2.7%)
Adobe, Inc.*		655		407,168
Microsoft Corp.		4,967		1,415,148
Splunk, Inc.*		1,128		160,153
				1,982,469
Technology Hardware, Storage & Peripherals (1.1%)
Apple, Inc.		5,549		809,377
Total Information Technology				5,518,190
Materials (0.7%)
Chemicals (0.7%)
DuPont de Nemours, Inc.		3,119		234,081
International Flavors & Fragrances, Inc.		1,719		258,950
				493,031

See Notes to Portfolio of Investments.

13

1290 FUNDS

1290 DOUBLELINE DYNAMIC ALLOCATION FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2021 (Unaudited)

	Number of Shares		Value (Note 1)
Total Materials			$	493,031
Real Estate (0.4%)
Equity Real Estate Investment Trusts (REITs) (0.4%)
American Tower Corp. (REIT)		1,163		328,896
Total Real Estate				328,896
Total Common Stocks (25.7%) (Cost $11,749,491)				18,863,220
INVESTMENT COMPANIES:
Fixed Income (6.1%)
DoubleLine Floating Rate Fund , Class I‡		203,022		1,932,769
DoubleLine Global Bond Fund , Class I‡		246,165		2,562,578
Total Investment Companies (6.1%) (Cost $4,436,700)				4,495,347
	Principal Amount
SHORT-TERM INVESTMENTS:
U.S. Treasury Obligations (25.1%)
U.S. Treasury Bills
0.04%, 9/9/21(p)	$	2,500,000		2,499,887
0.05%, 12/2/21(p)		1,500,000		1,499,717
0.06%, 12/30/21(p)		5,000,000		4,998,830
0.06%, 2/24/22(p)		4,000,000		3,998,562
0.05%, 4/21/22(p)		2,000,000		1,999,234
0.06%, 6/16/22(p)		3,500,000		3,498,031
Total U.S. Treasury Obligations				18,494,261
Total Short-Term Investments (25.1%) (Cost $18,489,436)				18,494,261
Total Investments in Securities (96.5%) (Cost $63,306,046)				70,978,619
Other Assets Less Liabilities (3.5%)				2,569,481
Net Assets (100%)			$	73,548,100

* Non-income producing.

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

§ Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At July 31, 2021, the market value of these securities amounted to $7,288,960 or 9.9% of net assets. Securities denoted with “§” but without “b” have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

(e) Step Bond - Coupon rate increases or decreases in increments to maturity. Rate disclosed is as of July 31, 2021. Maturity date disclosed is the ultimate maturity date.

(k) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of July 31, 2021.

(l) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of July 31, 2021.

(p) Yield to maturity.

Glossary:

ADR — American Depositary Receipt

CAPE — Cyclically Adjusted Price Earnings

FHLMC — Federal Home Loan Mortgage Corp.

FNMA — Federal National Mortgage Association

ICE — Intercontinental Exchange

LIBOR — London Interbank Offered Rate

OTC — Over-the-counter

PIK — Payment-in Kind Security

PO — Principal Only

SOFR — Secured Overnight Financing Rate

UMBS — Uniform Mortgage-Backed Securities

USD — United States Dollar

See Notes to Portfolio of Investments.

14

1290 FUNDS

1290 DOUBLELINE DYNAMIC ALLOCATION FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2021 (Unaudited)

Investments in companies which were affiliates for the nine months ended July 31, 2021, were as follows:

Security Description	Shares at July 31, 2021		Market Value October 31, 2020 ($)		Purchases at Cost ($)		Proceeds from Sales ($)		Net Realized Gain (Loss) ($)		Change in Unrealized Appreciation/ (Depreciation) ($)			Market Value July 31, 2021 ($)		Dividend/Interest Income ($)		Capital  Gain Distributions ($)
INVESTMENT COMPANIES:
Fixed Income
DoubleLine Floating Rate Fund, Class I		203,022		1,873,892		—		—		—		58,877			1,932,769		47,287		—
DoubleLine Global Bond Fund, Class I		246,165		2,619,197		—		—		—		(56,619	)		2,562,578		2,286		41,983
Total				4,493,089		—		—		—		2,258			4,495,347		49,573		41,983

OTC Total return swap contracts outstanding as of July 31, 2021 (Note 1):

Reference Entity	Payments Made by Fund	Payments Received by Fund	Frequency of Payments Made/Received	Counterparty	Maturity Date		Notional Amount		Value and unrealized Appreciation (Depreciation) ($)
Shiller Barclays CAPE US Sector II ER USD Index	0.40% and decrease in total return of index	Increase in total return of index	At maturity	Barclays Bank plc		8/16/2021		USD 19,400,000		454,716
										454,716

See Notes to Portfolio of Investments.

15

1290 FUNDS

1290 DOUBLELINE DYNAMIC ALLOCATION FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2021 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of July 31, 2021:

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

Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Fund’s own assumptions in determining the fair value of investments)		Total
Assets:
Asset-Backed Securities	$	—	$	1,656,089	$	—	$	1,656,089
Collateralized Mortgage Obligations		—		8,636,236		—		8,636,236
Common Stocks
Communication Services		2,295,208		—		—		2,295,208
Consumer Discretionary		1,856,827		—		—		1,856,827
Consumer Staples		1,312,117		—		—		1,312,117
Energy		447,743		—		—		447,743
Financials		2,389,246		—		—		2,389,246
Health Care		2,538,453		—		—		2,538,453
Industrials		1,683,509		—		—		1,683,509
Information Technology		5,518,190		—		—		5,518,190
Materials		493,031		—		—		493,031
Real Estate		328,896		—		—		328,896
Corporate Bonds
Communication Services		—		1,159,944		—		1,159,944
Consumer Discretionary		—		1,178,125		—		1,178,125
Consumer Staples		—		787,778		—		787,778
Energy		—		1,237,291		—		1,237,291
Financials		—		1,757,102		—		1,757,102
Health Care		—		1,015,946		—		1,015,946
Industrials		—		976,678		—		976,678
Information Technology		—		413,911		—		413,911
Materials		—		326,463		—		326,463
Real Estate		—		371,025		—		371,025
Utilities		—		687,918		—		687,918
Investment Companies		4,495,347		—		—		4,495,347
Mortgage-Backed Securities		—		1,824,306		—		1,824,306
Short-Term Investments
U.S. Treasury Obligations		—		18,494,261		—		18,494,261
Total Return Swaps		—		454,716		—		454,716
U.S. Treasury Obligations		—		7,096,979		—		7,096,979
Total Assets	$	23,358,567	$	48,074,768	$	—	$	71,433,335
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	23,358,567	$	48,074,768	$	—	$	71,433,335

As of July 31, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	7,813,761
Aggregate gross unrealized depreciation		(381,727	)
Net unrealized appreciation	$	7,432,034
Federal income tax cost of investments in securities and derivative instruments, if applicable	$	64,001,301

See Notes to Portfolio of Investments.

16

1290 FUNDS

1290 GAMCO SMALL/MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS

July 31, 2021 (Unaudited)

	Number of Shares		Value (Note 1)
COMMON STOCKS:
Communication Services (15.5%)
Entertainment (2.9%)
Liberty Media Corp.-Liberty Braves, Class A*		24,000	$	636,960
Liberty Media Corp.-Liberty Braves, Class C*		15,000		396,750
Madison Square Garden Entertainment Corp.*		12,756		892,410
Madison Square Garden Sports Corp., Class A*		13,500		2,196,990
				4,123,110
Media (11.6%)
AMC Networks, Inc., Class A*		8,000		400,320
Clear Channel Outdoor Holdings, Inc.*		415,000		1,103,900
Corus Entertainment, Inc., Class B		155,000		719,341
EW Scripps Co. (The), Class A		33,000		629,640
Grupo Televisa SAB (ADR)		257,500		3,489,125
JCDecaux SA*		22,000		600,243
Liberty Media Corp.-Liberty SiriusXM, Class A*		4,000		186,760
Loral Space & Communications, Inc.		29,000		1,026,310
Meredith Corp.*		42,000		1,832,880
Nexstar Media Group, Inc., Class A		10,000		1,470,700
Sinclair Broadcast Group, Inc., Class A		100,000		2,829,000
Sirius XM Holdings, Inc.		34,560		223,603
TEGNA, Inc.		18,000		318,960
ViacomCBS, Inc., Class A		29,000		1,291,370
WideOpenWest, Inc.*		27,000		600,480
				16,722,632
Wireless Telecommunication Services (1.0%)
Gogo, Inc.*		17,500		181,475
Millicom International Cellular SA*		12,000		478,560
Telephone and Data Systems, Inc.		8,000		178,800
United States Cellular Corp.*		18,000		654,480
				1,493,315
Total Communication Services				22,339,057
Consumer Discretionary (10.6%)
Auto Components (2.8%)
Dana, Inc.		90,000		2,174,400
Gentex Corp.		2,500		85,075
Modine Manufacturing Co.*		24,000		401,520
Strattec Security Corp.*		32,000		1,317,760
				3,978,755
Diversified Consumer Services (0.4%)
H&R Block, Inc.		14,000		343,700
Terminix Global Holdings, Inc.*		3,000		157,500
				501,200
Hotels, Restaurants & Leisure (2.7%)
Bally’s Corp.*		3,500		172,375
Caesars Entertainment, Inc.*		4,000		349,440
Churchill Downs, Inc.		3,500		650,300
Dover Motorsports, Inc.		15,000		34,650
GAN Ltd.*		31,000		474,300
Golden Entertainment, Inc.*		30,000		1,365,300
Nathan’s Famous, Inc.		11,100		713,175
Wynn Resorts Ltd.*		1,000		98,330
				3,857,870
Household Durables (1.8%)
Bassett Furniture Industries, Inc.		25,500		580,890
Hunter Douglas NV*		10,000		1,079,487
Lennar Corp., Class B		11,000		949,850
				2,610,227
Internet & Direct Marketing Retail (0.4%)
Lands’ End, Inc.*		3,000		114,990
Stamps.com, Inc.*		1,500		490,140
				605,130
Leisure Products (1.8%)
Brunswick Corp.		21,000		2,192,400
Mattel, Inc.*		20,000		434,400
				2,626,800
Specialty Retail (0.7%)
AutoNation, Inc.*		8,800		1,067,704
Total Consumer Discretionary				15,247,686
Consumer Staples (10.0%)
Beverages (2.2%)
National Beverage Corp.		13,000		589,940
Remy Cointreau SA*		12,000		2,636,322
				3,226,262
Food & Staples Retailing (0.8%)
Casey’s General Stores, Inc.		1,800		355,878
Ingles Markets, Inc., Class A		9,500		567,720
Village Super Market, Inc., Class A		9,000		202,950
				1,126,548
Food Products (4.9%)
Bunge Ltd.		14,000		1,086,820
Calavo Growers, Inc.		22,000		1,239,480
Farmer Bros Co.*		100,000		969,000
Hain Celestial Group, Inc. (The)*		13,000		518,830
J M Smucker Co. (The)		14,000		1,835,540
Maple Leaf Foods, Inc.		60,000		1,188,362
McCormick & Co., Inc. (Non-Voting)		3,600		302,148
				7,140,180
Household Products (1.2%)
Energizer Holdings, Inc.		41,000		1,756,850
Personal Products (0.9%)
Edgewell Personal Care Co.		30,000		1,232,400
Total Consumer Staples				14,482,240
Energy (0.9%)
Energy Equipment & Services (0.9%)
Dril-Quip, Inc.*		22,500		643,050
RPC, Inc.*		150,000		630,000
Total Energy				1,273,050
Financials (1.9%)
Banks (1.8%)
Atlantic Capital Bancshares, Inc.*		20,000		480,000
Cadence Bancorp		11,000		209,000
First Horizon Corp.		5,000		77,250
Flushing Financial Corp.		26,000		573,300
Renasant Corp.		5,000		175,900
Synovus Financial Corp.		25,000		1,022,500
				2,537,950
Capital Markets (0.1%)
Janus Henderson Group plc		5,000		209,200
Total Financials				2,747,150
Health Care (5.2%)
Biotechnology (0.0%)
Clovis Oncology, Inc.*		16,000		77,280
Health Care Equipment & Supplies (1.8%)
Cutera, Inc.*		28,000		1,454,600

See Notes to Portfolio of Investments.

17

1290 FUNDS

1290 GAMCO SMALL/MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2021 (Unaudited)

	Number of Shares		Value (Note 1)
Intersect ENT, Inc.*		12,000	$	280,200
IntriCon Corp.*		8,424		202,176
Quidel Corp.*		4,600		650,762
				2,587,738
Health Care Providers & Services (1.2%)
Option Care Health, Inc.*		22,527		466,759
Patterson Cos., Inc.		40,000		1,245,200
				1,711,959
Health Care Technology (1.6%)
Evolent Health, Inc., Class A*		38,000		871,720
Teladoc Health, Inc.*		10,000		1,484,500
				2,356,220
Life Sciences Tools & Services (0.2%)
Bio-Rad Laboratories, Inc., Class A*		300		221,853
Pharmaceuticals (0.4%)
Teva Pharmaceutical Industries Ltd. (ADR)*		62,000		598,300
Total Health Care				7,553,350
Industrials (36.4%)
Aerospace & Defense (4.8%)
AAR Corp.*		22,000		786,720
Aerojet Rocketdyne Holdings, Inc.		19,000		896,420
Kaman Corp.		36,000		1,596,600
Moog, Inc., Class A		13,000		1,012,310
Moog, Inc., Class B		4,000		311,480
Textron, Inc.		34,000		2,346,340
				6,949,870
Building Products (1.8%)
Armstrong Flooring, Inc.*		100,000		432,000
Griffon Corp.		95,000		2,196,400
				2,628,400
Commercial Services & Supplies (2.4%)
IAA, Inc.*		8,000		483,840
KAR Auction Services, Inc.*		11,000		181,280
Matthews International Corp., Class A		75,000		2,595,000
Team, Inc.*		27,000		166,590
				3,426,710
Construction & Engineering (1.7%)
Arcosa, Inc.		18,000		985,680
Valmont Industries, Inc.		6,500		1,540,175
				2,525,855
Electrical Equipment (1.3%)
AZZ, Inc.		36,500		1,934,135
Industrial Conglomerates (0.2%)
Raven Industries, Inc.*		4,000		233,000
Machinery (19.4%)
Astec Industries, Inc.		44,000		2,697,640
CIRCOR International, Inc.*		45,000		1,387,800
CNH Industrial NV		39,000		656,760
Commercial Vehicle Group, Inc.*		98,500		900,290
Crane Co.		20,000		1,944,600
Donaldson Co., Inc.		1,000		66,190
Eastern Co. (The)		26,000		763,360
EnPro Industries, Inc.		35,500		3,305,760
Flowserve Corp.		48,000		2,020,320
Gorman-Rupp Co. (The)		10,000		356,900
Graco, Inc.		3,800		296,704
Hyster-Yale Materials Handling, Inc.		16,000		1,146,240
Ingersoll Rand, Inc.*		20,000		977,400
ITT, Inc.		3,500		342,685
Kennametal, Inc.		16,000		580,000
Mueller Industries, Inc.		43,000		1,866,200
Mueller Water Products, Inc., Class A		17,000		251,940
Park-Ohio Holdings Corp.		36,000		1,047,240
Shyft Group, Inc. (The)		5,000		197,200
Snap-on, Inc.		3,000		653,940
Toro Co. (The)		6,000		682,440
Trinity Industries, Inc.		88,000		2,385,680
Twin Disc, Inc.*		98,775		1,453,968
Watts Water Technologies, Inc., Class A		8,500		1,281,460
Welbilt, Inc.*		30,000		704,700
				27,967,417
Marine (0.2%)
Kirby Corp.*		4,000		231,640
Trading Companies & Distributors (4.1%)
Ashtead Group plc		3,000		224,596
GATX Corp.		16,000		1,476,000
Herc Holdings, Inc.*		34,500		4,279,380
				5,979,976
Transportation Infrastructure (0.5%)
Macquarie Infrastructure Corp.		20,000		790,000
Total Industrials				52,667,003
Information Technology (2.3%)
Communications Equipment (0.2%)
Communications Systems, Inc.*		35,000		242,200
EchoStar Corp., Class A*		3,000		66,900
EXFO, Inc.*		15,000		85,650
				394,750
Electronic Equipment, Instruments & Components (0.5%)
Landis+Gyr Group AG*		9,000		710,383
IT Services (0.2%)
MoneyGram International, Inc.*		27,000		279,180
Software (0.6%)
A10 Networks, Inc.*		16,500		210,705
Cloudflare, Inc., Class A*		500		59,315
FireEye, Inc.*		16,000		323,200
NortonLifeLock, Inc.		10,000		248,200
				841,420
Technology Hardware, Storage & Peripherals (0.8%)
Diebold Nixdorf, Inc.*		112,000		1,165,920
Total Information Technology				3,391,653
Materials (10.5%)
Chemicals (7.8%)
Axalta Coating Systems Ltd.*		24,000		722,400
Chr Hansen Holding A/S		1,200		107,925
Core Molding Technologies, Inc.*		84,000		1,195,320
Element Solutions, Inc.		90,000		2,105,100
Ferro Corp.*		64,000		1,331,200
GCP Applied Technologies, Inc.*		111,000		2,580,750
HB Fuller Co.		12,000		775,440
Scotts Miracle-Gro Co. (The)		8,500		1,504,160
Tredegar Corp.		30,000		392,100
Valvoline, Inc.		16,000		490,880
				11,205,275
Containers & Packaging (1.9%)
Ardagh Group SA		14,000		326,900
Greif, Inc., Class A		25,000		1,515,500

See Notes to Portfolio of Investments.

18

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1290 GAMCO SMALL/MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2021 (Unaudited)

	Number of Shares		Value (Note 1)
Myers Industries, Inc.		45,000	$	953,100
				2,795,500
Metals & Mining (0.8%)
Ampco-Pittsburgh Corp.*		40,000		249,200
Freeport-McMoRan, Inc.		23,000		876,300
				1,125,500
Total Materials				15,126,275
Real Estate (1.0%)
Equity Real Estate Investment Trusts (REITs) (0.4%)
Ryman Hospitality Properties, Inc. (REIT)*		4,000		306,800
Seritage Growth Properties (REIT), Class A*		16,000		253,920
				560,720
Real Estate Management & Development (0.6%)
St Joe Co. (The)		20,000		905,400
Total Real Estate				1,466,120
Utilities (2.2%)
Electric Utilities (0.3%)
PNM Resources, Inc.		10,000		483,300
Gas Utilities (0.9%)
National Fuel Gas Co.		25,000		1,285,750
Independent Power and Renewable Electricity Producers (1.0%)
AES Corp. (The)		61,000		1,445,700
Total Utilities				3,214,750
Total Common Stocks (96.5%) (Cost $105,662,582)				139,508,334
	Number of Warrants
WARRANTS:
Energy (0.0%)
Energy Equipment & Services (0.0%)
Weatherford International plc, expiring 12/13/23*		1,117		503
Total Energy				503
Health Care (0.0%)
Health Care Providers & Services (0.0%)
Option Care Health, Inc., expiring 6/30/25*		22		7
Total Health Care				7
Materials (0.0%)
Metals & Mining (0.0%)
Ampco-Pittsburgh Corp., expiring 8/1/25*		30,000		30,900
Total Materials				30,900
Total Warrants (0.0%) (Cost $—)				31,410
	Number of Shares
SHORT-TERM INVESTMENT:
Investment Company (3.9%)
JPMorgan Prime Money Market Fund, IM Shares		5,581,261		5,584,052
Total Short-Term Investment (3.9%) (Cost $5,584,052)				5,584,052
Total Investments in Securities (100.4%) (Cost $111,246,634)				145,123,796
Other Assets Less Liabilities (-0.4%)				(638,878	)
Net Assets (100%)			$	144,484,918

* Non-income producing.

Glossary:

ADR — American Depositary Receipt

See Notes to Portfolio of Investments.

19

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PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2021 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of July 31, 2021:

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

Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted  prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Fund’s own assumptions in determining the fair value of investments)		Total
Assets:
Common Stocks
Communication Services	$	21,738,814	$	600,243	$	—	$	22,339,057
Consumer Discretionary		13,455,024		1,792,662		—		15,247,686
Consumer Staples		11,543,770		2,938,470		—		14,482,240
Energy		1,273,050		—		—		1,273,050
Financials		2,747,150		—		—		2,747,150
Health Care		7,553,350		—		—		7,553,350
Industrials		52,130,927		536,076		—		52,667,003
Information Technology		2,681,270		710,383		—		3,391,653
Materials		15,018,350		107,925		—		15,126,275
Real Estate		1,466,120		—		—		1,466,120
Utilities		3,214,750		—		—		3,214,750
Short-Term Investment
Investment Company		5,584,052		—		—		5,584,052
Warrants
Energy		503		—		—		503
Health Care		—		7		—		7
Materials		30,900		—		—		30,900
Total Assets	$	138,438,030	$	6,685,766	$	—	$	145,123,796
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	138,438,030	$	6,685,766	$	—	$	145,123,796

As of July 31, 2021, 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	$	36,312,875
Aggregate gross unrealized depreciation		(5,074,909	)
Net unrealized appreciation	$	31,237,966
Federal income tax cost of investments in securities and derivative instruments, if applicable	$	113,885,830

See Notes to Portfolio of Investments.

20

1290 FUNDS

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PORTFOLIO OF INVESTMENTS

July 31, 2021 (Unaudited)

	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Corporate Bonds (93.8%)
Communication Services (12.1%)
Diversified Telecommunication Services (5.1%)
Altice France SA
7.375%, 5/1/26§	$	200,000	$	207,250
CCO Holdings LLC
5.750%, 2/15/26§		130,000		134,420
5.500%, 5/1/26§		264,000		272,902
4.750%, 3/1/30§		110,000		116,320
4.500%, 5/1/32		159,000		166,354
4.500%, 6/1/33§		168,000		174,888
Cincinnati Bell, Inc.
7.000%, 7/15/24§		485,000		495,912
Lumen Technologies, Inc.
5.125%, 12/15/26§		230,000		239,044
5.375%, 6/15/29§		270,000		276,750
Series G
6.875%, 1/15/28		128,000		144,960
Series W
6.750%, 12/1/23		170,000		187,408
Sprint Capital Corp.
8.750%, 3/15/32		156,000		240,064
Windstream Escrow LLC
7.750%, 8/15/28§		149,000		151,980
Zayo Group Holdings, Inc.
4.000%, 3/1/27§		245,000		242,856
6.125%, 3/1/28§		209,000		211,352
				3,262,460
Entertainment (1.1%)
Lions Gate Capital Holdings LLC
5.500%, 4/15/29§		250,000		255,925
Live Nation Entertainment, Inc.
4.875%, 11/1/24§		164,000		166,255
6.500%, 5/15/27§		286,000		316,745
				738,925
Interactive Media & Services (0.2%)
Rackspace Technology Global, Inc.
5.375%, 12/1/28§		105,000		107,236
Media (4.9%)
Diamond Sports Group LLC
6.625%, 8/15/27§		374,000		148,198
DISH DBS Corp.
5.875%, 7/15/22		112,000		115,640
Gray Television, Inc.
4.750%, 10/15/30§		282,000		279,180
Mav Acquisition Corp.
8.000%, 8/1/29§		319,000		311,822
Meredith Corp.
6.875%, 2/1/26		170,000		176,375
Nexstar Media, Inc.
5.625%, 7/15/27§		446,000		471,511
Outfront Media Capital LLC
5.000%, 8/15/27§		251,000		257,903
Sinclair Television Group, Inc.
5.500%, 3/1/30§		166,000		166,000
Sirius XM Radio, Inc.
4.625%, 7/15/24§		130,000		133,380
TEGNA, Inc.
5.500%, 9/15/24§		33,000		33,380
4.750%, 3/15/26§		248,000		263,500
5.000%, 9/15/29		94,000		97,940
Univision Communications, Inc.
4.500%, 5/1/29§		130,000		130,000
Videotron Ltd.
3.625%, 6/15/29§		118,000		121,097
Ziggo Bond Co. BV
6.000%, 1/15/27§		200,000		207,500
Ziggo BV
5.500%, 1/15/27§		180,000		186,356
				3,099,782
Wireless Telecommunication Services (0.8%)
Sprint Corp.
7.875%, 9/15/23		128,000		144,520
7.625%, 3/1/26		114,000		139,080
Vmed O2 UK Financing I plc
4.750%, 7/15/31§		200,000		203,524
				487,124
Total Communication Services				7,695,527
Consumer Discretionary (12.4%)
Auto Components (0.3%)
Icahn Enterprises LP
6.375%, 12/15/25		120,000		123,450
4.375%, 2/1/29		14,000		14,175
Real Hero Merger Sub 2, Inc.
6.250%, 2/1/29§		42,000		43,260
				180,885
Automobiles (0.7%)
Ford Motor Co.
9.000%, 4/22/25		271,000		333,587
9.625%, 4/22/30		87,000		125,389
				458,976
Distributors (0.4%)
Core & Main LP
6.125%, 8/15/25§		116,000		117,891
Univar Solutions USA, Inc.
5.125%, 12/1/27§		108,000		112,590
				230,481
Diversified Consumer Services (0.3%)
GEMS MENASA Cayman Ltd.
7.125%, 7/31/26§		200,000		206,250
Hotels, Restaurants & Leisure (4.2%)
1011778 BC ULC
5.750%, 4/15/25§		214,000		225,770
Caesars Entertainment, Inc.
6.250%, 7/1/25§		281,000		296,455
Churchill Downs, Inc.
5.500%, 4/1/27§		258,000		268,320
Dave & Buster’s, Inc.
7.625%, 11/1/25§		216,000		228,690
Everi Holdings, Inc.
5.000%, 7/15/29§		79,000		80,777
Golden Entertainment, Inc.
7.625%, 4/15/26§		134,000		141,873
Hilton Domestic Operating Co., Inc.
5.750%, 5/1/28§		226,000		241,538
IRB Holding Corp.
7.000%, 6/15/25§		70,000		74,812

See Notes to Portfolio of Investments.

21

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1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2021 (Unaudited)

	Principal		Value
	Amount		(Note 1)
6.750%, 2/15/26§	$	140,000	$	144,200
Life Time, Inc.
5.750%, 1/15/26§		196,000		198,940
MajorDrive Holdings IV LLC
6.375%, 6/1/29§		124,000		121,830
Powdr Corp.
6.000%, 8/1/25§		45,000		47,194
Raptor Acquisition Corp.
4.875%, 11/1/26§		34,000		34,510
Station Casinos LLC
4.500%, 2/15/28§		328,000		330,460
Vail Resorts, Inc.
6.250%, 5/15/25§		58,000		61,605
Wyndham Hotels & Resorts, Inc.
4.375%, 8/15/28§		205,000		211,406
				2,708,380
Household Durables (0.6%)
CD&R Smokey Buyer, Inc.
6.750%, 7/15/25§		262,000		278,375
Picasso Finance Sub, Inc.
6.125%, 6/15/25§		34,000		36,040
Williams Scotsman International, Inc.
4.625%, 8/15/28§		48,000		49,440
				363,855
Internet & Direct Marketing Retail (1.6%)
Getty Images, Inc.
9.750%, 3/1/27§		528,000		566,280
Photo Holdings Merger Sub, Inc.
8.500%, 10/1/26§		412,000		450,110
				1,016,390
Leisure Products (0.5%)
Mattel, Inc.
3.750%, 4/1/29§		102,000		106,972
Vista Outdoor, Inc.
4.500%, 3/15/29§		200,000		203,460
				310,432
Specialty Retail (3.0%)
Ambience Merger Sub, Inc.
7.125%, 7/15/29§		79,000		79,987
Asbury Automotive Group, Inc.
4.750%, 3/1/30		163,000		173,284
eG Global Finance plc
8.500%, 10/30/25§		400,000		417,720
Ken Garff Automotive LLC
4.875%, 9/15/28§		96,000		98,880
LBM Acquisition LLC
6.250%, 1/15/29§		251,000		251,487
LCM Investments Holdings II LLC
4.875%, 5/1/29§		157,000		160,878
Specialty Building Products Holdings LLC
6.375%, 9/30/26§		235,000		246,750
SRS Distribution, Inc.
4.625%, 7/1/28§		179,000		182,580
White Cap Buyer LLC
6.875%, 10/15/28§		266,000		283,370
				1,894,936
Textiles, Apparel & Luxury Goods (0.8%)
G-III Apparel Group Ltd.
7.875%, 8/15/25§		342,000		371,498
Wolverine World Wide, Inc.
6.375%, 5/15/25§		160,000		169,600
				541,098
Total Consumer Discretionary				7,911,683
Consumer Staples (5.9%)
Beverages (0.4%)
Primo Water Holdings, Inc.
4.375%, 4/30/29§		155,000		155,370
Triton Water Holdings, Inc.
6.250%, 4/1/29§		146,000		146,183
				301,553
Food & Staples Retailing (0.9%)
Performance Food Group, Inc.
6.875%, 5/1/25§		193,000		205,304
United Natural Foods, Inc.
6.750%, 10/15/28§		87,000		93,525
US Foods, Inc.
6.250%, 4/15/25§		248,000		260,710
				559,539
Food Products (3.5%)
B&G Foods, Inc.
5.250%, 4/1/25		101,000		103,429
Kraft Heinz Foods Co.
6.875%, 1/26/39		116,000		169,940
4.375%, 6/1/46		265,000		304,087
Lamb Weston Holdings, Inc.
4.625%, 11/1/24§		22,000		22,605
4.875%, 11/1/26§		227,000		234,219
Pilgrim’s Pride Corp.
5.875%, 9/30/27§		96,000		102,722
Post Holdings, Inc.
5.750%, 3/1/27§		236,000		245,086
4.625%, 4/15/30§		100,000		101,875
4.500%, 9/15/31§		379,000		382,362
Sigma Holdco BV
7.875%, 5/15/26§		400,000		406,000
Simmons Foods, Inc.
4.625%, 3/1/29§		149,000		150,259
				2,222,584
Household Products (0.9%)
Central Garden & Pet Co.
4.125%, 10/15/30		84,000		86,415
Energizer Holdings, Inc.
4.750%, 6/15/28§		223,000		228,575
Spectrum Brands, Inc.
5.750%, 7/15/25		220,000		225,225
5.500%, 7/15/30§		21,000		22,785
				563,000
Personal Products (0.2%)
Prestige Brands, Inc.
3.750%, 4/1/31§		139,000		138,131
Total Consumer Staples				3,784,807

See Notes to Portfolio of Investments.

22

1290 FUNDS

1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2021 (Unaudited)

	Principal		Value
	Amount		(Note 1)
Energy (7.4%)
Energy Equipment & Services (0.2%)
Precision Drilling Corp.
7.125%, 1/15/26§	$	139,000	$	143,170
Oil, Gas & Consumable Fuels (7.2%)
Aethon United BR LP
8.250%, 2/15/26§		96,000		102,480
Antero Resources Corp.
7.625%, 2/1/29§		52,000		56,989
Ascent Resources Utica Holdings LLC
7.000%, 11/1/26§		170,000		175,100
Blue Racer Midstream LLC
7.625%, 12/15/25§		58,000		62,205
6.625%, 7/15/26§		150,000		155,625
Colgate Energy Partners III LLC
5.875%, 7/1/29§		77,000		79,887
Crestwood Midstream Partners LP
5.625%, 5/1/27§		54,000		54,878
6.000%, 2/1/29§		165,000		170,775
CrownRock LP
5.625%, 10/15/25§		393,000		402,825
Delek Logistics Partners LP
6.750%, 5/15/25		395,000		400,925
7.125%, 6/1/28§		80,000		83,344
Encino Acquisition Partners Holdings LLC
8.500%, 5/1/28§		164,000		163,590
Endeavor Energy Resources LP
6.625%, 7/15/25§		28,000		29,540
Genesis Energy LP
8.000%, 1/15/27		95,000		97,613
7.750%, 2/1/28		362,000		365,692
Hilcorp Energy I LP
6.250%, 11/1/28§		157,000		163,672
5.750%, 2/1/29§		68,000		69,360
Holly Energy Partners LP
5.000%, 2/1/28§		221,000		223,210
Independence Energy Finance LLC
7.250%, 5/1/26§		142,000		148,390
NuStar Logistics LP
5.750%, 10/1/25		85,000		92,650
Occidental Petroleum Corp.
6.625%, 9/1/30		100,000		122,000
6.125%, 1/1/31		55,000		64,848
6.450%, 9/15/36		232,000		280,117
PBF Logistics LP
6.875%, 5/15/23		220,000		212,575
Southwestern Energy Co.
7.750%, 10/1/27		97,000		104,032
Summit Midstream Holdings LLC
5.500%, 8/15/22		202,000		200,990
Targa Resources Partners LP
5.875%, 4/15/26		342,000		357,818
4.875%, 2/1/31§		105,000		113,400
				4,554,530
Total Energy				4,697,700
Financials (5.8%)
Consumer Finance (1.9%)
Curo Group Holdings Corp.
8.250%, 9/1/25§		288,000		299,981
7.500%, 8/1/28§		228,000		231,990
Enova International, Inc.
8.500%, 9/1/24§		252,000		258,300
Ford Motor Credit Co. LLC
4.000%, 11/13/30		322,000		340,515
OneMain Finance Corp.
8.875%, 6/1/25		77,000		84,507
				1,215,293
Diversified Financial Services (1.1%)
Shift4 Payments LLC
4.625%, 11/1/26§		145,000		151,145
Verscend Escrow Corp.
9.750%, 8/15/26§		480,000		506,861
				658,006
Insurance (1.7%)
Alliant Holdings
Intermediate LLC
6.750%, 10/15/27§		252,000		262,395
AmWINS Group, Inc.
4.875%, 6/30/29§		72,000		73,260
AssuredPartners, Inc.
5.625%, 1/15/29§		39,000		38,708
HUB International Ltd.
7.000%, 5/1/26§		556,000		574,253
NFP Corp.
6.875%, 8/15/28§		145,000		150,075
				1,098,691
Thrifts & Mortgage Finance (1.1%)
Freedom Mortgage Corp.
8.250%, 4/15/25§		310,000		322,400
7.625%, 5/1/26§		53,000		54,391
6.625%, 1/15/27§		237,000		230,186
PHH Mortgage Corp.
7.875%, 3/15/26§		104,000		106,829
				713,806
Total Financials				3,685,796
Health Care (6.4%)
Health Care Equipment & Supplies (0.3%)
Varex Imaging Corp.
7.875%, 10/15/27§		187,000		208,505
Health Care Providers & Services (2.3%)
AdaptHealth LLC
6.125%, 8/1/28§		178,000		186,455
4.625%, 8/1/29§		82,000		81,488
Centene Corp.
5.375%, 6/1/26§		337,000		351,053
5.375%, 8/15/26§		268,000		279,068
HCA, Inc.
7.690%, 6/15/25		91,000		111,020
Tenet Healthcare Corp.
4.875%, 1/1/26§		304,000		314,640
US Acute Care Solutions LLC
6.375%, 3/1/26§		24,000		24,900
Vizient, Inc.
6.250%, 5/15/27§		91,000		95,550
				1,444,174
Health Care Technology (0.4%)
IQVIA, Inc.
5.000%, 5/15/27§		260,000		271,050

See Notes to Portfolio of Investments.

23

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1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2021 (Unaudited)

	Principal Amount		Value (Note 1)
Pharmaceuticals (3.4%)
Bausch Health Americas, Inc.
9.250%, 4/1/26§	$	317,000	$	342,360
Bausch Health Cos., Inc.
5.500%, 11/1/25§		310,000		316,200
4.875%, 6/1/28§		146,000		149,832
6.250%, 2/15/29§		144,000		142,920
Catalent Pharma Solutions, Inc.
5.000%, 7/15/27§		287,000		300,633
Cheplapharm Arzneimittel GmbH
5.500%, 1/15/28§		200,000		205,250
Herbalife Nutrition Ltd.
7.875%, 9/1/25§		291,000		315,735
Organon & Co.
5.125%, 4/30/31§		200,000		206,000
P&L Development LLC
7.750%, 11/15/25§		196,000		205,065
				2,183,995
Total Health Care				4,107,724
Industrials (17.5%)
Aerospace & Defense (1.0%)
Howmet Aerospace, Inc.
6.875%, 5/1/25		107,000		124,517
Rolls-Royce plc
5.750%, 10/15/27§		200,000		218,000
Spirit AeroSystems, Inc.
7.500%, 4/15/25§		302,000		320,120
				662,637
Air Freight & Logistics (0.3%)
XPO Logistics, Inc.
6.250%, 5/1/25§		199,000		211,061
Building Products (1.5%)
CP Atlas Buyer, Inc.
7.000%, 12/1/28§		196,000		201,821
Forterra Finance LLC
6.500%, 7/15/25§		59,000		63,204
JELD-WEN, Inc.
6.250%, 5/15/25§		111,000		118,215
Standard Industries, Inc.
4.375%, 7/15/30§		124,000		127,255
Summit Materials LLC
5.250%, 1/15/29§		222,000		234,765
Victors Merger Corp.
6.375%, 5/15/29§		222,000		223,110
				968,370
Commercial Services & Supplies (6.8%)
ACCO Brands Corp.
4.250%, 3/15/29§		54,000		53,798
ADT Security Corp. (The)
4.125%, 6/15/23		110,000		115,500
4.875%, 7/15/32§		156,000		161,460
Allied Universal Holdco LLC
6.625%, 7/15/26§		230,000		243,800
9.750%, 7/15/27§		374,000		410,465
6.000%, 6/1/29§		48,000		48,067
Aramark Services, Inc.
5.000%, 4/1/25§		116,000		118,610
6.375%, 5/1/25§		182,000		191,422
Cimpress plc
7.000%, 6/15/26§		150,000		157,125
Covanta Holding Corp.
5.000%, 9/1/30		55,000		59,056
Garda World Security Corp.
9.500%, 11/1/27§		393,000		430,335
6.000%, 6/1/29§		169,000		165,409
GFL Environmental, Inc.
3.750%, 8/1/25§		80,000		82,100
5.125%, 12/15/26§		220,000		230,345
4.750%, 6/15/29§		160,000		164,984
KAR Auction Services, Inc.
5.125%, 6/1/25§		569,000		580,380
Madison IAQ LLC
5.875%, 6/30/29§		94,000		94,823
Matthews International Corp.
5.250%, 12/1/25§		471,000		485,130
Nielsen Finance LLC
5.875%, 10/1/30§		296,000		323,632
4.750%, 7/15/31§		206,000		207,133
				4,323,574
Construction & Engineering (1.8%)
Dycom Industries, Inc.
4.500%, 4/15/29§		162,000		164,228
MasTec, Inc.
4.500%, 8/15/28§		92,000		96,945
New Enterprise Stone & Lime Co., Inc.
6.250%, 3/15/26§		241,000		248,531
Pike Corp.
5.500%, 9/1/28§		66,000		67,320
PowerTeam Services LLC
9.033%, 12/4/25§		437,333		482,706
Weekley Homes LLC
4.875%, 9/15/28§		111,000		114,746
				1,174,476
Machinery (1.7%)
ATS Automation Tooling Systems, Inc.
4.125%, 12/15/28§		300,000		304,500
Clark Equipment Co.
5.875%, 6/1/25§		285,000		302,243
Hillenbrand, Inc.
5.750%, 6/15/25		19,000		20,211
Welbilt, Inc.
9.500%, 2/15/24		447,000		463,762
				1,090,716
Professional Services (1.2%)
Dun & Bradstreet Corp. (The)
6.875%, 8/15/26§		303,000		321,180
10.250%, 2/15/27§		347,000		378,646
Science Applications International Corp.
4.875%, 4/1/28§		40,000		41,900
				741,726
Road & Rail (2.1%)
DAE Funding LLC
5.250%, 11/15/21§		100,000		100,844
5.000%, 8/1/24§		67,000		68,612
Kenan Advantage Group, Inc. (The)
7.875%, 7/31/23§		532,000		530,670
NESCO Holdings II, Inc.
5.500%, 4/15/29§		212,000		218,493

See Notes to Portfolio of Investments.

24

1290 FUNDS

1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2021 (Unaudited)

	Principal Amount		Value (Note 1)
Watco Cos. LLC
6.500%, 6/15/27§	$	376,000	$	400,440
				1,319,059
Trading Companies & Distributors (1.1%)
Brightstar Escrow Corp.
9.750%, 10/15/25§		327,000		350,708
WESCO Distribution, Inc.
7.250%, 6/15/28§		287,000		318,963
				669,671
Total Industrials				11,161,290
Information Technology (11.8%)
Communications Equipment (1.4%)
CommScope Technologies LLC
6.000%, 6/15/25§		126,000		127,890
CommScope, Inc.
5.500%, 3/1/24§		292,000		300,030
6.000%, 3/1/26§		214,000		223,898
8.250%, 3/1/27§		237,000		250,343
				902,161
IT Services (2.1%)
Ahead DB Holdings LLC
6.625%, 5/1/28§		108,000		111,240
Alliance Data Systems Corp.
4.750%, 12/15/24§		389,000		399,211
7.000%, 1/15/26§		162,000		174,150
Black Knight InfoServ LLC
3.625%, 9/1/28§		140,000		139,951
ION Trading Technologies Sarl
5.750%, 5/15/28§		200,000		207,260
Northwest Fiber LLC
6.000%, 2/15/28§		179,000		175,867
Unisys Corp.
6.875%, 11/1/27§		139,000		151,306
				1,358,985
Software (6.7%)
ACI Worldwide, Inc.
5.750%, 8/15/26§		217,000		227,036
Ascend Learning LLC
6.875%, 8/1/25§		474,000		481,702
Boxer Parent Co., Inc.
7.125%, 10/2/25§		159,000		169,534
BY Crown Parent LLC
4.250%, 1/31/26§		83,000		86,943
Camelot Finance SA
4.500%, 11/1/26§		626,000		650,257
Change Healthcare Holdings LLC
5.750%, 3/1/25§		459,000		465,311
Clarivate Science Holdings Corp.
4.875%, 6/30/29§		221,000		222,657
Granite Merger Sub 2, Inc.
11.000%, 7/15/27§		439,000		497,168
Helios Software Holdings, Inc.
4.625%, 5/1/28§		400,000		394,000
LogMeIn, Inc.
5.500%, 9/1/27§		96,000		99,840
NortonLifeLock, Inc.
5.000%, 4/15/25§		112,000		112,986
Rocket Software, Inc.
6.500%, 2/15/29§		247,000		245,765
SS&C Technologies, Inc.
5.500%, 9/30/27§		331,000		350,314
ZoomInfo Technologies LLC
3.875%, 2/1/29§		229,000		228,739
				4,232,252
Technology Hardware, Storage & Peripherals (1.6%)
Dell International LLC
7.125%, 6/15/24§		219,000		224,057
Diebold Nixdorf, Inc.
9.375%, 7/15/25§		60,000		65,850
NCR Corp.
8.125%, 4/15/25§		51,000		55,462
5.000%, 10/1/28§		315,000		325,238
5.125%, 4/15/29§		317,000		329,268
				999,875
Total Information Technology				7,493,273
Materials (10.1%)
Chemicals (2.8%)
Avient Corp.
5.750%, 5/15/25§		73,000		76,650
Illuminate Buyer LLC
9.000%, 7/1/28§		367,000		407,829
INEOS Group Holdings SA
5.625%, 8/1/24§		200,000		199,500
Minerals Technologies, Inc.
5.000%, 7/1/28§		183,000		190,778
NOVA Chemicals Corp.
4.875%, 6/1/24§		104,000		109,590
Nufarm Australia Ltd.
5.750%, 4/30/26§		409,000		418,203
Olin Corp.
9.500%, 6/1/25§		117,000		145,811
PQ Corp.
5.750%, 12/15/25§254,000				261,302
				1,809,663
Containers & Packaging (6.4%)
ARD Finance SA
6.500%, 6/30/27§		200,000		210,500
Ardagh Metal Packaging Finance USA LLC
4.000%, 9/1/29§		200,000		200,250
Ardagh Packaging Finance plc
6.000%, 2/15/25§		200,000		206,200
4.125%, 8/15/26§		200,000		206,500
Flex Acquisition Co., Inc.
7.875%, 7/15/26§		361,000		376,343
Graham Packaging Co., Inc.
7.125%, 8/15/28§		81,000		86,265
Intelligent Packaging Ltd. Finco, Inc.
6.000%, 9/15/28§		243,000		252,720
LABL, Inc.
6.750%, 7/15/26§		285,000		301,744
10.500%, 7/15/27§		312,000		343,590
Mauser Packaging Solutions Holding Co.
5.500%, 4/15/24§		286,000		288,520
7.250%, 4/15/25§		658,000		640,727

See Notes to Portfolio of Investments.

25

1290 FUNDS

1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2021 (Unaudited)

	Principal Amount		Value (Note 1)
OI European Group BV
4.000%, 3/15/23§	$	150,000	$	154,687
Owens-Brockway Glass Container, Inc.
5.875%, 8/15/23§		130,000		138,775
6.625%, 5/13/27§		144,000		155,520
Sealed Air Corp.
4.875%, 12/1/22§		102,000		105,693
Trivium Packaging Finance BV
5.500%, 8/15/26(e)§		400,000		419,000
				4,087,034
Metals & Mining (0.9%)
Hudbay Minerals, Inc.
4.500%, 4/1/26§		198,000		201,039
Kaiser Aluminum Corp.
4.500%, 6/1/31§		204,000		212,160
Novelis Corp.
4.750%, 1/30/30§		150,000		159,375
				572,574
Total Materials				6,469,271
Real Estate (4.2%)
Equity Real Estate Investment Trusts (REITs) (2.5%)
Global Net Lease, Inc. (REIT)
3.750%, 12/15/27§		102,000		100,852
Iron Mountain, Inc. (REIT)
5.000%, 7/15/28§		270,000		281,138
MGM Growth Properties Operating Partnership LP (REIT)
4.625%, 6/15/25§		153,000		162,562
Park Intermediate Holdings LLC (REIT)
7.500%, 6/1/25§		79,000		85,295
5.875%, 10/1/28§		153,000		162,945
4.875%, 5/15/29§		129,000		132,225
SBA Communications Corp. (REIT)
4.875%, 9/1/24		88,000		89,100
Service Properties Trust (REIT)
7.500%, 9/15/25		212,000		239,030
5.500%, 12/15/27		102,000		108,375
XHR LP (REIT)
6.375%, 8/15/25§		166,000		176,407
4.875%, 6/1/29§		86,000		88,042
				1,625,971
Real Estate Management & Development (1.7%)
Cushman & Wakefield US Borrower LLC
6.750%, 5/15/28§		149,000		159,803
Greystar Real Estate Partners LLC
5.750%, 12/1/25§		361,000		369,123
Howard Hughes Corp. (The)
4.375%, 2/1/31§		122,000		121,390
Realogy Group LLC
7.625%, 6/15/25§		166,000		178,865
9.375%, 4/1/27§		222,000		246,020
				1,075,201
Total Real Estate				2,701,172
Utilities (0.2%)
Water Utilities (0.2%)
Solaris Midstream Holdings LLC
7.625%, 4/1/26§		113,000		118,085
Total Utilities				118,085
Total Corporate Bonds				59,826,328
Total Long-Term Debt Securities (93.8%) (Cost $58,122,294)				59,826,328
	Number of Shares
SHORT-TERM INVESTMENT:
Investment Company (2.3%)
JPMorgan Prime Money Market Fund, IM Shares		1,488,958		1,489,703
Total Short-Term Investment (2.3%) (Cost $1,489,703)				1,489,703
Total Investments in Securities (96.1%) (Cost $59,611,997)				61,316,031
Other Assets Less Liabilities (3.9%)				2,480,941
Net Assets (100%)			$	63,796,972

§ Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At July 31, 2021, the market value of these securities amounted to $52,700,153 or 82.6% of net assets. Securities denoted with “§” but without “b” have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity.

(e) Step Bond - Coupon rate increases or decreases in increments to maturity. Rate disclosed is as of July 31, 2021. Maturity date disclosed is the ultimate maturity date.

See Notes to Portfolio of Investments.

26

1290 FUNDS

1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2021 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of July 31, 2021:

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

Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted  prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Fund’s own assumptions in determining the fair value of investments)		Total
Assets:
Corporate Bonds
Communication Services	$	—	$	7,695,527	$	—	$	7,695,527
Consumer Discretionary		—		7,911,683		—		7,911,683
Consumer Staples		—		3,784,807		—		3,784,807
Energy		—		4,697,700		—		4,697,700
Financials		—		3,685,796		—		3,685,796
Health Care		—		4,107,724		—		4,107,724
Industrials		—		11,161,290		—		11,161,290
Information Technology		—		7,493,273		—		7,493,273
Materials		—		6,469,271		—		6,469,271
Real Estate		—		2,701,172		—		2,701,172
Utilities		—		118,085		—		118,085
Short-Term Investment
Investment Company		1,489,703		—		—		1,489,703
Total Assets	$	1,489,703	$	59,826,328	$	—	$	61,316,031
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	1,489,703	$	59,826,328	$	—	$	61,316,031

As of July 31, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	1,899,931
Aggregate gross unrealized depreciation		(294,740	)
Net unrealized appreciation	$	1,605,191
Federal income tax cost of investments in securities and derivative instruments, if applicable	$	59,710,840

See Notes to Portfolio of Investments.

27

1290 FUNDS

1290 MULTI-ALTERNATIVE STRATEGIES FUND

PORTFOLIO OF INVESTMENTS

July 31, 2021 (Unaudited)

	Number of Shares		Value (Note 1)
EXCHANGE TRADED FUNDS (ETF):
Alternatives (38.6%)
IQ Merger Arbitrage ETF		57,460	$	1,909,970
ProShares Long Online/Short Stores ETF		17,250		1,293,664
ProShares RAFI Long/Short‡		18,280		571,250
WisdomTree Managed Futures Strategy Fund		57,190		2,359,168
Total Alternatives				6,134,052
Commodity (15.5%)
Invesco DB Agriculture Fund*		33,100		617,315
Invesco DB Energy Fund*		42,090		673,065
Invesco DB Gold Fund*		16,480		860,030
Invesco DB Precious Metals Fund*		6,240		311,002
Total Commodity				2,461,412
Equity (17.1%)
iShares Core US REIT ETF		22,490		1,374,139
Vanguard Global ex-U.S. Real
Estate ETF		22,870		1,335,608
Total Equity				2,709,747
Fixed Income (28.3%)
iShares Convertible Bond ETF		25,380		2,538,000
Vanguard Short-Term Inflation-Protected Securities ETF		37,210		1,957,618
Total Fixed Income				4,495,618
Total Investments in Securities (99.5%) (Cost $15,125,423)				15,800,829
Other Assets Less Liabilities (0.5%)				80,632
Net Assets (100%)			$	15,881,461

See Notes to Portfolio of Investments.

28

1290 FUNDS

1290 MULTI-ALTERNATIVE STRATEGIES FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2021 (Unaudited)

* Non-income producing.

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

Glossary:

REIT — Real Estate Investment Trust

Investments in companies which were affiliates for the nine months ended July 31, 2021, were as follows:

Security Description	Shares at July 31, 2021		Market Value October 31, 2020 ($)		Purchases at Cost ($)		Proceeds from Sales ($)			Net Realized Gain (Loss) ($)			Change in Unrealized Appreciation/ (Depreciation) ($)		Market Value July 31, 2021 ($)		Dividend/Interest Income ($)		Capital Gain Distributions ($)
EXCHANGE TRADED FUNDS (ETF):
Alternatives
ProShares RAFI Long/Short		18,280		653,631		—		(115,062	)		(21,285	)		53,966		571,250		5,935		—
Specialty
Invesco DB G10 Currency Harvest Fund		—		1,380,986		—		(1,496,838	)		67,052			48,800		—		—		—
Total				2,034,617		—		(1,611,900	)		45,767			102,766		571,250		5,935		—

See Notes to Portfolio of Investments.

29

1290 FUNDS

1290 MULTI-ALTERNATIVE STRATEGIES FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2021 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of July 31, 2021:

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

Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted  prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Fund’s own assumptions in determining the fair value of investments)		Total
Assets:
Exchange Traded Funds
Exchange Traded Funds	$	15,800,829	$	—	$	—	$	15,800,829
Total Assets	$	15,800,829	$	—	$	—	$	15,800,829
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	15,800,829	$	—	$	—	$	15,800,829

As of July 31, 2021, 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	$	632,077
Aggregate gross unrealized depreciation		(288,213	)
Net unrealized appreciation	$	343,864
Federal income tax cost of investments in securities and derivative instruments, if applicable	$	15,456,965

See Notes to Portfolio of Investments.

30

1290 FUNDS

1290 RETIREMENT 2020 FUND

PORTFOLIO OF INVESTMENTS

July 31, 2021 (Unaudited)

	Number of Shares		Value (Note 1)
EXCHANGE TRADED FUNDS (ETF):
Equity (49.4%)
Invesco S&P 500 Low Volatility ETF		11,300	$	712,578
Invesco S&P Emerging Markets Low Volatility ETF		3,540		85,233
Invesco S&P International Developed Low Volatility ETF		11,880		376,477
Invesco S&P MidCap Low Volatility ETF		6,910		377,701
Invesco S&P SmallCap Low Volatility ETF		3,710		175,409
iShares Core MSCI EAFE ETF		9,840		743,412
iShares Core MSCI Emerging Markets ETF		2,790		176,356
iShares Core S&P Total US Stock Market ETF		21,620		2,174,107
iShares MSCI EAFE Min Vol Factor ETF		4,860		375,630
iShares MSCI Emerging Markets Min Vol Factor ETF		1,420		87,827
iShares MSCI USA Min Vol Factor ETF		9,520		725,614
SPDR SSGA US Small Cap Low Volatility Index ETF		1,610		181,207
Total Equity				6,191,551
Fixed Income (50.0%)
iShares Core U.S. Aggregate Bond ETF		31,610		3,681,301
iShares TIPS Bond ETF		7,240		945,399
SPDR Bloomberg Barclays High Yield Bond ETF		4,426		485,842
Vanguard Short-Term Bond ETF		8,030		661,592
Vanguard Total International Bond ETF		8,550		495,130
Total Fixed Income				6,269,264
Total Exchange Traded Funds (99.4%) (Cost $10,792,674)				12,460,815
SHORT-TERM INVESTMENT:
Investment Company (0.2%)
JPMorgan Prime Money Market Fund, IM Shares		26,262		26,275
Total Short-Term Investment (0.2%) (Cost $26,276)				26,275
Total Investments in Securities (99.6%) (Cost $10,818,950)				12,487,090
Other Assets Less Liabilities (0.4%)				47,223
Net Assets (100%)			$	12,534,313

See Notes to Portfolio of Investments.

31

1290 FUNDS

1290 RETIREMENT 2020 FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2021 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of July 31, 2021:

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

Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted  prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Fund’s own assumptions in determining the fair value of investments)		Total
Assets:
Exchange Traded Funds
Exchange Traded Funds	$	12,460,815	$	—	$	—	$	12,460,815
Short-Term Investment
Investment Company		26,275		—		—		26,275
Total Assets	$	12,487,090	$	—	$	—	$	12,487,090
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	12,487,090	$	—	$	—	$	12,487,090

As of July 31, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	1,623,123
Aggregate gross unrealized depreciation		(16,511	)
Net unrealized appreciation	$	1,606,612
Federal income tax cost of investments in securities and derivative instruments, if applicable	$	10,880,478

See Notes to Portfolio of Investments.

32

1290 FUNDS

1290 RETIREMENT 2025 FUND

PORTFOLIO OF INVESTMENTS

July 31, 2021 (Unaudited)

	Number of Shares		Value (Note 1)
EXCHANGE TRADED FUNDS (ETF):
Equity (59.1%)
Invesco S&P 500 Low Volatility ETF		23,740	$	1,497,045
Invesco S&P Emerging Markets Low Volatility ETF		8,280		199,359
Invesco S&P International Developed Low Volatility ETF		27,720		878,447
Invesco S&P MidCap Low Volatility ETF		16,310		891,505
Invesco S&P SmallCap Low Volatility ETF		8,140		384,859
iShares Core MSCI EAFE ETF		22,860		1,727,073
iShares Core MSCI Emerging Markets ETF		6,110		386,213
iShares Core S&P Total US Stock Market ETF		47,980		4,824,869
iShares MSCI EAFE Min Vol Factor ETF		11,080		856,373
iShares MSCI Emerging Markets Min Vol Factor ETF		3,390		209,672
iShares MSCI USA Min Vol Factor ETF		19,770		1,506,869
SPDR SSGA US Small Cap Low Volatility Index ETF		3,590		404,057
Total Equity				13,766,341
Fixed Income (40.8%)
iShares Core U.S. Aggregate Bond ETF		55,340		6,444,896
iShares TIPS Bond ETF		11,060		1,444,215
SPDR Bloomberg Barclays High Yield Bond ETF		4,546		499,015
Vanguard Short-Term Bond ETF		7,460		614,629
Vanguard Total International Bond ETF		8,510		492,814
Total Fixed Income				9,495,569
Total Investments in Securities (99.9%) (Cost $19,963,060)				23,261,910
Other Assets Less Liabilities (0.1%)				15,773
Net Assets (100%)			$	23,277,683

See Notes to Portfolio of Investments.

33

1290 FUNDS

1290 RETIREMENT 2025 FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2021 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of July 31, 2021:

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

Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted  prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Fund’s own assumptions in determining the fair value of investments)		Total
Assets:
Exchange Traded Funds
Exchange Traded Funds	$	23,261,910	$	—	$	—	$	23,261,910
Total Assets	$	23,261,910	$	—	$	—	$	23,261,910
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	23,261,910	$	—	$	—	$	23,261,910

As of July 31, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	3,215,498
Aggregate gross unrealized depreciation		(37,993	)
Net unrealized appreciation	$	3,177,505
Federal income tax cost of investments in securities and derivative instruments, if applicable	$	20,084,405

See Notes to Portfolio of Investments.

34

1290 FUNDS

1290 RETIREMENT 2030 FUND

PORTFOLIO OF INVESTMENTS

July 31, 2021 (Unaudited)

	Number of Shares		Value (Note 1)
EXCHANGE TRADED FUNDS (ETF):
Equity (68.9%)
Invesco S&P 500 Low Volatility ETF		11,070	$	698,074
Invesco S&P Emerging Markets Low Volatility ETF		3,860		92,938
Invesco S&P International Developed Low Volatility ETF		14,310		453,484
Invesco S&P MidCap Low Volatility ETF		7,790		425,802
Invesco S&P SmallCap Low Volatility ETF		3,780		178,718
iShares Core MSCI EAFE ETF		11,460		865,803
iShares Core MSCI Emerging Markets ETF		2,930		185,205
iShares Core S&P Total US Stock Market ETF		23,620		2,375,227
iShares MSCI EAFE Min Vol Factor ETF		5,250		405,773
iShares MSCI Emerging Markets Min Vol Factor ETF		1,480		91,538
iShares MSCI USA Min Vol Factor ETF		9,180		699,700
SPDR SSGA US Small Cap Low Volatility Index ETF		1,830		205,968
Total Equity				6,678,230
Fixed Income (30.6%)
iShares Core U.S. Aggregate Bond ETF		21,110		2,458,471
iShares TIPS Bond ETF		3,440		449,195
SPDR Bloomberg Barclays High Yield Bond ETF		170		18,661
Vanguard Short-Term Bond ETF		270		22,245
Vanguard Total International Bond ETF		340		19,689
Total Fixed Income				2,968,261
Total Exchange Traded Funds (99.5%) (Cost $8,376,587)				9,646,491
SHORT-TERM INVESTMENT:
Investment Company (0.0%)
JPMorgan Prime Money Market Fund, IM Shares		3,976		3,978
Total Short-Term Investment (0.0%) (Cost $3,978)				3,978
Total Investments in Securities (99.5%) (Cost $8,380,565)				9,650,469
Other Assets Less Liabilities (0.5%)				42,855
Net Assets (100%)			$	9,693,324

See Notes to Portfolio of Investments.

35

1290 FUNDS

1290 RETIREMENT 2030 FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2021 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of July 31, 2021:

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

Investment Type	Level 1 Quoted Prices  in Active Markets for Identical Securities		Level 2 Significant Other Observable  Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Fund’s own assumptions in determining the fair value of investments)		Total
Assets:
Exchange Traded Funds
Exchange Traded Funds	$	9,646,491	$	—	$	—	$	9,646,491
Short-Term Investment
Investment Company		3,978		—		—		3,978
Total Assets	$	9,650,469	$	—	$	—	$	9,650,469
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	9,650,469	$	—	$	—	$	9,650,469

As of July 31, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	1,253,526
Aggregate gross unrealized depreciation		(10,363	)
Net unrealized appreciation	$	1,243,163
Federal income tax cost of investments in securities and derivative instruments, if applicable	$	8,407,306

See Notes to Portfolio of Investments.

36

1290 FUNDS

1290 RETIREMENT 2035 FUND

PORTFOLIO OF INVESTMENTS

July 31, 2021 (Unaudited)

	Number of Shares		Value (Note 1)
EXCHANGE TRADED FUNDS (ETF):
Equity (74.0%)
Invesco S&P 500 Low Volatility ETF		17,830	$	1,124,360
Invesco S&P Emerging Markets Low Volatility ETF		5,300		127,609
Invesco S&P International Developed Low Volatility ETF .		19,560		619,856
Invesco S&P MidCap Low Volatility ETF		11,390		622,578
Invesco S&P SmallCap Low Volatility ETF		5,750		271,860
iShares Core MSCI EAFE ETF		16,660		1,258,663
iShares Core MSCI Emerging Markets ETF		4,180		264,218
iShares Core S&P Total US Stock Market ETF		35,100		3,529,656
iShares MSCI EAFE Min Vol Factor ETF		8,300		641,507
iShares MSCI Emerging Markets Min Vol Factor ETF		2,180		134,833
iShares MSCI USA Min Vol Factor ETF		14,970		1,141,013
SPDR SSGA US Small Cap Low Volatility Index ETF		2,470		278,001
Total Equity				10,014,154
Fixed Income (25.3%)
iShares Core U.S. Aggregate Bond ETF		24,810		2,889,373
iShares TIPS Bond ETF		4,080		532,766
Total Fixed Income				3,422,139
Total Exchange Traded Funds (99.3%) (Cost $11,030,648)				13,436,293
SHORT-TERM INVESTMENT:
Investment Company (0.4%)
JPMorgan Prime Money Market Fund, IM Shares		48,112		48,136
Total Short-Term Investment (0.4%) (Cost $48,136)				48,136
Total Investments in Securities (99.7%) (Cost $11,078,784)				13,484,429
Other Assets Less Liabilities (0.3%)				45,437
Net Assets (100%)			$	13,529,866

See Notes to Portfolio of Investments.

37

1290 FUNDS

1290 RETIREMENT 2035 FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2021 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of July 31, 2021:

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

Investment Type	Level 1 Quoted Prices  in Active Markets for Identical Securities		Level 2 Significant Other Observable  Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Fund’s own assumptions in determining the fair value of investments)		Total
Assets:
Exchange Traded Funds
Exchange Traded Funds	$	13,436,293	$	—	$	—	$	13,436,293
Short-Term Investment
Investment Company		48,136		—		—		48,136
Total Assets	$	13,484,429	$	—	$	—	$	13,484,429
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	13,484,429	$	—	$	—	$	13,484,429

As of July 31, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	2,365,816
Aggregate gross unrealized depreciation		(16,090	)
Net unrealized appreciation	$	2,349,726
Federal income tax cost of investments in securities and derivative instruments, if applicable	$	11,134,703

See Notes to Portfolio of Investments.

38

1290 FUNDS

1290 RETIREMENT 2040 FUND

PORTFOLIO OF INVESTMENTS

July 31, 2021 (Unaudited)

	Number of Shares		Value (Note 1)
EXCHANGE TRADED FUNDS (ETF):
Equity (79.4%)
Invesco S&P 500 Low Volatility ETF		7,910	$	498,805
Invesco S&P Emerging Markets Low Volatility ETF		2,450		58,989
Invesco S&P International Developed Low Volatility ETF .		8,610		272,851
Invesco S&P MidCap Low Volatility ETF		5,000		273,300
Invesco S&P SmallCap Low Volatility ETF		2,600		122,928
iShares Core MSCI EAFE ETF		7,210		544,715
iShares Core MSCI Emerging Markets ETF		1,880		118,835
iShares Core S&P Total US Stock Market ETF		15,470		1,555,663
iShares MSCI EAFE Min Vol Factor ETF		3,520		272,061
iShares MSCI Emerging Markets Min Vol Factor ETF		890		55,046
iShares MSCI USA Min Vol Factor ETF		6,680		509,150
SPDR SSGA US Small Cap Low Volatility Index ETF		1,010		113,676
Total Equity				4,396,019
Fixed Income (20.2%)
iShares Core U.S. Aggregate Bond ETF		8,150		949,149
iShares TIPS Bond ETF		1,270		165,837
Total Fixed Income				1,114,986
Total Investments in Securities (99.6%) (Cost $4,387,917)				5,511,005
Other Assets Less Liabilities (0.4%)				24,314
Net Assets (100%)			$	5,535,319

See Notes to Portfolio of Investments.

39

1290 FUNDS

1290 RETIREMENT 2040 FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2021 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of July 31, 2021:

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

Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted  prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Fund’s own assumptions in determining the fair value of investments)		Total
Assets:
Exchange Traded Funds
Exchange Traded Funds	$	5,511,005	$	—	$	—	$	5,511,005
Total Assets	$	5,511,005	$	—	$	—	$	5,511,005
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	5,511,005	$	—	$	—	$	5,511,005

As of July 31, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	1,115,518
Aggregate gross unrealized depreciation		(2,522	)
Net unrealized appreciation	$	1,112,996
Federal income tax cost of investments in securities and derivative instruments, if applicable	$	4,398,009

See Notes to Portfolio of Investments.

40

1290 FUNDS

1290 RETIREMENT 2045 FUND

PORTFOLIO OF INVESTMENTS

July 31, 2021 (Unaudited)

	Number of Shares		Value (Note 1)
EXCHANGE TRADED FUNDS (ETF):
Equity (84.6%)
Invesco S&P 500 Low Volatility ETF		12,800	$	807,168
Invesco S&P Emerging Markets Low Volatility ETF		4,020		96,790
Invesco S&P International Developed Low Volatility ETF .		13,820		437,956
Invesco S&P MidCap Low Volatility ETF		7,950		434,547
Invesco S&P SmallCap Low Volatility ETF		4,150		196,212
iShares Core MSCI EAFE ETF		11,670		881,668
iShares Core MSCI Emerging Markets ETF		2,960		187,102
iShares Core S&P Total US Stock Market ETF		24,620		2,475,787
iShares MSCI EAFE Min Vol Factor ETF		5,640		435,916
iShares MSCI Emerging Markets Min Vol Factor ETF		1,580		97,723
iShares MSCI USA Min Vol Factor ETF		10,620		809,456
SPDR SSGA US Small Cap Low Volatility Index ETF		1,750		196,964
Total Equity				7,057,289
Fixed Income (15.2%)
iShares Core U.S. Aggregate Bond ETF		9,180		1,069,103
iShares TIPS Bond ETF		1,540		201,093
Total Fixed Income				1,270,196
Total Investments in Securities (99.8%) (Cost $6,547,865)				8,327,485
Other Assets Less Liabilities (0.2%)				16,513
Net Assets (100%)			$	8,343,998

See Notes to Portfolio of Investments.

41

1290 FUNDS

1290 RETIREMENT 2045 FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2021 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of July 31, 2021:

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

Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Fund’s own assumptions in determining the fair value of investments)		Total
Assets:
Exchange Traded Funds
Exchange Traded Funds	$	8,327,485	$	—	$	—	$	8,327,485
Total Assets	$	8,327,485	$	—	$	—	$	8,327,485
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	8,327,485	$	—	$	—	$	8,327,485

As of July 31, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	1,779,252
Aggregate gross unrealized depreciation		(78	)
Net unrealized appreciation	$	1,779,174
Federal income tax cost of investments in securities and derivative instruments, if applicable	$	6,548,311

See Notes to Portfolio of Investments.

42

1290 FUNDS

1290 RETIREMENT 2050 FUND

PORTFOLIO OF INVESTMENTS

July 31, 2021 (Unaudited)

	Number of Shares		Value (Note 1)
EXCHANGE TRADED FUNDS (ETF):
Equity (89.5%)
Invesco S&P 500 Low Volatility ETF		10,380	$	654,563
Invesco S&P Emerging Markets Low Volatility ETF		2,900		69,824
Invesco S&P International Developed Low Volatility ETF		10,630		336,865
Invesco S&P MidCap Low Volatility ETF		6,250		341,625
Invesco S&P SmallCap Low Volatility ETF		3,210		151,769
iShares Core MSCI EAFE ETF		8,850		668,617
iShares Core MSCI Emerging Markets ETF		2,260		142,854
iShares Core S&P Total US Stock Market ETF		19,280		1,938,797
iShares MSCI EAFE Min Vol Factor ETF		4,340		335,439
iShares MSCI Emerging Markets Min Vol Factor ETF		1,210		74,838
iShares MSCI USA Min Vol Factor ETF		8,600		655,492
SPDR SSGA US Small Cap Low Volatility Index ETF		1,360		153,069
Total Equity				5,523,752
Fixed Income (10.2%)
iShares Core U.S. Aggregate Bond ETF		4,590		534,551
iShares TIPS Bond ETF		710		92,712
Total Fixed Income				627,263
Total Investments in Securities (99.7%) (Cost $4,699,432)				6,151,015
Other Assets Less Liabilities (0.3%)				17,967
Net Assets (100%)			$	6,168,982

See Notes to Portfolio of Investments.

43

1290 FUNDS

1290 RETIREMENT 2050 FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2021 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of July 31, 2021:

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

Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted  prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Fund’s own assumptions in determining the fair value of investments)		Total
Assets:
Exchange Traded Funds
Exchange Traded Funds	$	6,151,015	$	—	$	—	$	6,151,015
Total Assets	$	6,151,015	$	—	$	—	$	6,151,015
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	6,151,015	$	—	$	—	$	6,151,015

As of July 31, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	1,418,212
Aggregate gross unrealized depreciation		(8,507	)
Net unrealized appreciation	$	1,409,705
Federal income tax cost of investments in securities and derivative instruments, if applicable	$	4,741,310

See Notes to Portfolio of Investments.

44

1290 FUNDS

1290 RETIREMENT 2055 FUND

PORTFOLIO OF INVESTMENTS

July 31, 2021 (Unaudited)

	Number of Shares		Value (Note 1)
EXCHANGE TRADED FUNDS (ETF):
Equity (94.0%)
Invesco S&P 500 Low Volatility ETF		9,320	$	587,719
Invesco S&P Emerging Markets Low Volatility ETF		2,730		65,731
Invesco S&P International Developed Low Volatility ETF		9,950		315,316
Invesco S&P MidCap Low Volatility ETF		5,570		304,456
Invesco S&P SmallCap Low Volatility ETF		3,150		148,932
iShares Core MSCI EAFE ETF		8,040		607,422
iShares Core MSCI Emerging Markets ETF		2,100		132,741
iShares Core S&P Total US Stock Market ETF		17,780		1,787,957
iShares MSCI EAFE Min Vol Factor ETF		3,960		306,068
iShares MSCI Emerging Markets Min Vol Factor ETF		1,230		76,076
iShares MSCI USA Min Vol Factor ETF		7,910		602,900
SPDR SSGA US Small Cap Low Volatility Index ETF		1,180		132,810
Total Equity				5,068,128
Fixed Income (5.6%)
iShares Core U.S. Aggregate Bond ETF		2,200		256,212
iShares TIPS Bond ETF		340		44,397
Total Fixed Income				300,609
Total Investments in Securities (99.6%) (Cost $3,895,183)				5,368,737
Other Assets Less Liabilities (0.4%)				21,445
Net Assets (100%)			$	5,390,182

See Notes to Portfolio of Investments.

45

1290 FUNDS

1290 RETIREMENT 2055 FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2021 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of July 31, 2021:

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

Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted  prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Fund’s own assumptions in determining the fair value of investments)		Total
Assets:
Exchange Traded Funds
Exchange Traded Funds	$	5,368,737	$	—	$	—	$	5,368,737
Total Assets	$	5,368,737	$	—	$	—	$	5,368,737
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	5,368,737	$	—	$	—	$	5,368,737

As of July 31, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	1,473,305
Aggregate gross unrealized depreciation		(37	)
Net unrealized appreciation	$	1,473,268
Federal income tax cost of investments in securities and derivative instruments, if applicable	$	3,895,469

See Notes to Portfolio of Investments.

46

1290 FUNDS

1290 RETIREMENT 2060 FUND

PORTFOLIO OF INVESTMENTS

July 31, 2021 (Unaudited)

	Number of Shares		Value (Note 1)
EXCHANGE TRADED FUNDS (ETF):
Equity (99.2%)
Invesco S&P 500 Low Volatility ETF		9,240	$	582,674
Invesco S&P Emerging Markets Low Volatility ETF		2,760		66,453
Invesco S&P International Developed Low Volatility ETF		9,840		311,830
Invesco S&P MidCap Low Volatility ETF		5,650		308,829
Invesco S&P SmallCap Low Volatility ETF		2,970		140,422
iShares Core MSCI EAFE ETF		8,190		618,755
iShares Core MSCI Emerging Markets ETF		2,330		147,279
iShares Core S&P Total US Stock Market ETF		17,680		1,777,901
iShares MSCI EAFE Min Vol Factor ETF		4,010		309,933
iShares MSCI Emerging Markets Min Vol Factor ETF		1,120		69,272
iShares MSCI USA Min Vol Factor ETF		7,860		599,089
SPDR SSGA US Small Cap Low Volatility Index ETF		1,230		138,437
Total Equity				5,070,874
Fixed Income (0.4%)
iShares Core U.S. Aggregate Bond ETF		160		18,634
iShares TIPS Bond ETF		30		3,917
Total Fixed Income				22,551
Total Investments in Securities (99.6%) (Cost $3,672,700)				5,093,425
Other Assets Less Liabilities (0.4%)				17,899
Net Assets (100%)			$	5,111,324

See Notes to Portfolio of Investments.

47

1290 FUNDS

1290 RETIREMENT 2060 FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2021 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of July 31, 2021:

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

Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted  prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Fund’s own assumptions in determining the fair value of investments)		Total
Assets:
Exchange Traded Funds
Exchange Traded Funds	$	5,093,425	$	—	$	—	$	5,093,425
Total Assets	$	5,093,425	$	—	$	—	$	5,093,425
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	5,093,425	$	—	$	—	$	5,093,425

As of July 31, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	1,415,241
Aggregate gross unrealized depreciation		(943	)
Net unrealized appreciation	$	1,414,298
Federal income tax cost of investments in securities and derivative instruments, if applicable	$	3,679,127

See Notes to Portfolio of Investments.

48

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PORTFOLIO OF INVESTMENTS

July 31, 2021 (Unaudited)

	Number of Shares		Value (Note 1)
COMMON STOCKS:
Communication Services (6.3%)
Diversified Telecommunication Services (1.8%)
AT&T, Inc.		15,700	$	440,385
BCE, Inc.		2,000		99,824
Nippon Telegraph & Telephone Corp.		8,500		217,139
Orange SA		6,667		74,303
Singapore Telecommunications Ltd.		67,600		113,253
Swisscom AG (Registered)		331		199,144
Verizon Communications, Inc.		15,100		842,278
				1,986,326
Entertainment (0.4%)
Activision Blizzard, Inc.		1,400		117,068
Nintendo Co. Ltd.		200		102,821
Take-Two Interactive Software, Inc.*		300		52,026
Vivendi SE		2,850		96,353
				368,268
Interactive Media & Services (3.4%)
Alphabet, Inc., Class A*		900		2,425,077
Facebook, Inc., Class A*		3,400		1,211,420
REA Group Ltd.		679		80,553
				3,717,050
Media (0.5%)
Comcast Corp., Class A		7,800		458,874
Omnicom Group, Inc.		800		58,256
Quebecor, Inc., Class B		2,000		52,325
				569,455
Wireless Telecommunication Services (0.2%)
KDDI Corp.		3,300		100,229
Rogers Communications, Inc., Class B		2,300		117,396
				217,625
Total Communication Services				6,858,724
Consumer Discretionary (6.3%)
Auto Components (0.2%)
Bridgestone Corp.		2,400		105,009
Sumitomo Electric Industries Ltd.		7,200		101,563
				206,572
Automobiles (0.4%)
Honda Motor Co. Ltd.		2,800		89,152
Toyota Motor Corp.		3,400		303,878
				393,030
Distributors (0.2%)
Genuine Parts Co.		400		50,768
LKQ Corp.*		2,100		106,575
Pool Corp.		200		95,564
				252,907
Hotels, Restaurants & Leisure (0.2%)
Domino’s Pizza, Inc.		200		105,098
Restaurant Brands International, Inc.		1,200		81,872
				186,970
Household Durables (0.4%)
DR Horton, Inc.		1,200		114,516
Garmin Ltd.		700		110,040
Sekisui House Ltd.		6,000		118,163
Sony Group Corp.		1,300		134,793
				477,512
Internet & Direct Marketing Retail (2.0%)
Amazon.com, Inc.*		600		1,996,554
eBay, Inc.		2,456		167,524
				2,164,078
Multiline Retail (0.7%)
Dollar General Corp.		800		186,112
Target Corp.		1,400		365,470
Wesfarmers Ltd.		5,313		238,382
				789,964
Specialty Retail (1.4%)
AutoZone, Inc.*		100		162,357
Best Buy Co., Inc.		1,100		123,585
Home Depot, Inc. (The)		2,100		689,199
Lowe’s Cos., Inc.		1,900		366,111
O’Reilly Automotive, Inc.*		200		120,768
Ross Stores, Inc.		500		61,345
				1,523,365
Textiles, Apparel & Luxury Goods (0.8%)
Kering SA		130		116,615
LVMH Moet Hennessy Louis Vuitton SE		335		267,804
NIKE, Inc., Class B		2,500		418,775
				803,194
Total Consumer Discretionary				6,797,592
Consumer Staples (9.4%)
Beverages (2.5%)
Brown-Forman Corp., Class B		1,700		120,564
Carlsberg A/S, Class B		1,112		205,607
Coca-Cola Co. (The)		13,600		775,608
Diageo plc		7,117		353,216
Heineken NV		1,512		176,133
Keurig Dr Pepper, Inc.		2,400		84,504
Monster Beverage Corp.*		800		75,456
PepsiCo, Inc.		5,491		861,813
Pernod Ricard SA		493		108,835
				2,761,736
Food & Staples Retailing (2.1%)
Alimentation Couche-Tard, Inc., Class B		2,700		108,835
Costco Wholesale Corp.		1,568		673,801
Koninklijke Ahold Delhaize NV		7,274		226,031
Kroger Co. (The)		2,200		89,540
Loblaw Cos. Ltd.		800		54,120
Metro, Inc.		1,800		93,347
Seven & i Holdings Co. Ltd.		2,400		106,497
Tesco plc		29,714		96,235
Walmart, Inc.		5,000		712,750
Woolworths Group Ltd.		3,914		111,330
				2,272,486
Food Products (1.7%)
Archer-Daniels-Midland Co.		7,600		453,872
General Mills, Inc.		2,900		170,694
Hershey Co. (The)		400		71,552
Kellogg Co.		2,700		171,072
McCormick & Co., Inc. (Non-Voting)		1,200		101,004
Mondelez International, Inc., Class A		7,103		449,336
Nestle SA (Registered)		3,409		432,028
				1,849,558
Household Products (2.2%)
Church & Dwight Co., Inc.		1,500		129,870
Clorox Co. (The)		700		126,623
Colgate-Palmolive Co.		6,400		508,800
Henkel AG & Co. KGaA (Preference)(q)		1,807		183,231
Kimberly-Clark Corp		3,065		415,982
Procter & Gamble Co. (The)		7,000		995,610
				2,360,116
Personal Products (0.9%)
Estee Lauder Cos., Inc. (The), Class A		500		166,915

See Notes to Portfolio of Investments.

49

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PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2021 (Unaudited)

	Number of Shares		Value (Note 1)
Kao Corp.		2,600	$	155,803
L’Oreal SA		776		355,233
Unilever plc (Cboe Europe)		4,042		232,980
Unilever plc (London Stock Exchange)		1,300		75,009
				985,940
Total Consumer Staples				10,229,836
Energy (0.9%)
Oil, Gas & Consumable Fuels (0.9%)
Enbridge, Inc.		11,300		445,442
Equinor ASA		9,830		191,866
Neste OYJ		1,200		73,766
TC Energy Corp.		2,300		112,124
TotalEnergies SE		2,715		118,199
Total Energy				941,397
Financials (16.2%)
Banks (5.9%)
Banco Bilbao Vizcaya Argentaria SA		16,776		107,682
Bank Hapoalim BM*		13,215		105,475
Bank Leumi Le-Israel BM*		10,549		80,867
Bank of Montreal		2,900		287,141
Bank of Nova Scotia (The)		10,100		630,400
Canadian Imperial Bank of Commerce		2,900		337,210
Citigroup, Inc.		1,500		101,430
Citizens Financial Group, Inc.		2,300		96,968
Commonwealth Bank of Australia		1,326		96,968
DBS Group Holdings Ltd.		11,000		246,880
Fifth Third Bancorp		2,700		97,983
First Republic Bank		500		97,510
Hang Seng Bank Ltd.		4,100		78,664
Japan Post Bank Co. Ltd.		9,900		83,925
JPMorgan Chase & Co.		5,700		865,146
Mizrahi Tefahot Bank Ltd.*		1,800		54,649
Mizuho Financial Group, Inc.		18,760		267,707
National Bank of Canada		4,100		313,810
Oversea-Chinese Banking Corp. Ltd.		22,500		204,251
Regions Financial Corp.		5,200		100,100
Royal Bank of Canada		7,100		718,081
Sumitomo Mitsui Financial Group, Inc.		5,400		181,879
Sumitomo Mitsui Trust Holdings, Inc.		2,300		75,391
Svenska Handelsbanken AB, Class A		12,505		141,052
Toronto-Dominion Bank (The)		11,200		744,662
United Overseas Bank Ltd.		9,800		190,076
Westpac Banking Corp.		3,771		67,855
				6,373,762
Capital Markets (3.8%)
Ameriprise Financial, Inc.		300		77,268
ASX Ltd.		2,525		142,475
Bank of New York Mellon Corp. (The)		1,800		92,394
BlackRock, Inc.		1,000		867,170
Daiwa Securities Group, Inc.		18,900		98,889
Deutsche Boerse AG		1,266		211,377
Hong Kong Exchanges & Clearing Ltd.		1,500		95,739
Intercontinental Exchange, Inc.		3,300		395,439
London Stock Exchange Group plc		840		87,453
Moody’s Corp.		900		338,400
MSCI, Inc.		500		297,980
Nasdaq, Inc.		600		112,038
Northern Trust Corp.		800		90,280
S&P Global, Inc.		1,800		771,696
Singapore Exchange Ltd.		13,600		119,243
T. Rowe Price Group, Inc.		1,400		285,824
TMX Group Ltd.		500		54,909
				4,138,574
Consumer Finance (0.3%)
American Express Co.		1,600		272,848
Diversified Financial Services (0.9%)
Berkshire Hathaway, Inc., Class B*		3,400		946,186
Insurance (5.3%)
Admiral Group plc		2,453		115,929
Aflac, Inc.		4,600		253,000
Ageas SA		1,833		96,891
AIA Group Ltd.		6,200		74,277
Allianz SE (Registered)		1,424		354,736
Allstate Corp. (The)		1,900		247,095
Aon plc, Class A		1,400		364,042
Arthur J Gallagher & Co.		2,000		278,620
Assicurazioni Generali SpA		14,610		292,029
Aviva plc		13,479		72,564
Chubb Ltd.		1,300		219,362
Cincinnati Financial Corp.		800		94,304
Fidelity National Financial, Inc.		1,200		53,532
Great-West Lifeco, Inc.		2,700		81,242
Hannover Rueck SE		376		63,292
Hartford Financial Services Group, Inc. (The)		1,300		82,706
Intact Financial Corp.		900		122,635
Japan Post Insurance Co. Ltd.		2,600		45,930
Legal & General Group plc		21,533		78,239
Loews Corp.		1,700		91,171
Manulife Financial Corp.		7,000		135,332
Markel Corp.*		80		96,494
Marsh & McLennan Cos., Inc.		3,900		574,158
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		660		178,429
Power Corp. of Canada		3,400		108,519
Progressive Corp. (The)		2,500		237,900
Sampo OYJ, Class A		1,600		77,097
Sompo Holdings, Inc.		2,000		82,585
Sun Life Financial, Inc.		6,100		317,712
Suncorp Group Ltd.		8,528		72,221
T&D Holdings, Inc.		6,200		79,008
Tokio Marine Holdings, Inc.		3,500		166,219
Travelers Cos., Inc. (The)		2,000		297,840
Zurich Insurance Group AG		718		289,943
				5,795,053
Total Financials				17,526,423
Health Care (12.8%)
Biotechnology (1.0%)
AbbVie, Inc.		2,800		325,640
Amgen, Inc.		1,206		291,297
CSL Ltd.		795		168,553
Regeneron Pharmaceuticals, Inc.*		300		172,383
Vertex Pharmaceuticals, Inc.*		500		100,790
				1,058,663
Health Care Equipment & Supplies (4.2%)
Abbott Laboratories		6,000		725,880
Baxter International, Inc.		2,400		185,640
Becton Dickinson and Co.		800		204,600
Coloplast A/S, Class B		400		73,162
Cooper Cos., Inc. (The)		200		84,354
Danaher Corp.		2,400		713,976

See Notes to Portfolio of Investments.

50

1290 FUNDS

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PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2021 (Unaudited)

	Number of Shares		Value (Note 1)
Edwards Lifesciences Corp.*		2,400	$	269,448
Fisher & Paykel Healthcare Corp. Ltd.		5,268		115,795
Hoya Corp.		1,000		140,422
IDEXX Laboratories, Inc.*		300		203,559
Intuitive Surgical, Inc.*		200		198,292
Koninklijke Philips NV		2,420		111,643
Medtronic plc		5,500		722,205
ResMed, Inc.		600		163,080
STERIS plc		500		108,975
Stryker Corp.		1,300		352,222
Terumo Corp.		2,100		81,106
West Pharmaceutical Services, Inc.		400		164,692
				4,619,051
Health Care Providers & Services (2.3%)
Anthem, Inc.		700		268,807
Cardinal Health, Inc.		900		53,442
Cigna Corp.		1,100		252,439
HCA Healthcare, Inc.		700		173,740
Humana, Inc.		400		170,344
Laboratory Corp. of America Holdings*		300		88,845
McKesson Corp.		700		142,681
Quest Diagnostics, Inc.		400		56,720
Sonic Healthcare Ltd.		5,021		147,460
UnitedHealth Group, Inc.		2,700		1,112,994
				2,467,472
Health Care Technology (0.3%)
Cerner Corp.		2,300		184,897
Veeva Systems, Inc., Class A*		400		133,084
				317,981
Life Sciences Tools & Services (1.3%)
Agilent Technologies, Inc.		2,700		413,721
Bio-Techne Corp.		200		96,448
Mettler-Toledo International, Inc.* .		100		147,371
Thermo Fisher Scientific, Inc.		1,200		648,012
Waters Corp.*		300		116,943
				1,422,495
Pharmaceuticals (3.7%)
Eli Lilly and Co.		1,400		340,900
GlaxoSmithKline plc		11,219		221,098
Johnson & Johnson		5,500		947,100
Merck & Co., Inc.		8,100		622,647
Merck KGaA		924		189,241
Novo Nordisk A/S, Class B		2,765		255,733
Otsuka Holdings Co. Ltd.		1,200		47,451
Pfizer, Inc.		5,100		218,331
Roche Holding AG		993		384,056
Sanofi		1,405		144,801
Shionogi & Co. Ltd.		1,800		94,377
Zoetis, Inc.		2,600		527,020
				3,992,755
Total Health Care				13,878,417
Industrials (16.8%)
Aerospace & Defense (0.8%)
BAE Systems plc		6,741		53,971
General Dynamics Corp.		500		98,015
Lockheed Martin Corp.		1,100		408,837
Northrop Grumman Corp.		500		181,510
Teledyne Technologies, Inc.*		200		90,554
				832,887
Air Freight & Logistics (1.1%)
Deutsche Post AG (Registered)		3,097		209,812
Expeditors International of Washington, Inc.		4,800		615,600
United Parcel Service, Inc., Class B		1,400		267,904
Yamato Holdings Co. Ltd.		3,000		86,140
				1,179,456
Building Products (1.5%)
Allegion plc		2,900		396,140
Assa Abloy AB, Class B		2,252		72,229
Daikin Industries Ltd.		1,000		206,599
Geberit AG (Registered)		249		204,456
Johnson Controls International plc		3,200		228,544
Lennox International, Inc.		300		98,829
Trane Technologies plc		2,000		407,220
				1,614,017
Commercial Services & Supplies (0.6%)
Brambles Ltd.		14,150		120,662
Cintas Corp.		500		197,090
Copart, Inc.*		800		117,600
Waste Management, Inc.		1,700		252,042
				687,394
Construction & Engineering (0.3%)
Kajima Corp.		8,200		104,868
Taisei Corp.		2,100		70,348
Vinci SA		500		52,913
WSP Global, Inc.		900		106,830
				334,959
Electrical Equipment (2.7%)
AMETEK, Inc.		500		69,525
Eaton Corp. plc		4,300		679,615
Emerson Electric Co.		8,200		827,298
Legrand SA		708		79,720
Mitsubishi Electric Corp.		11,500		154,724
Rockwell Automation, Inc.		2,300		707,066
Schneider Electric SE		2,328		390,213
				2,908,161
Industrial Conglomerates (1.5%)
3M Co.		4,700		930,318
Hitachi Ltd.		2,000		114,088
Honeywell International, Inc.		900		210,411
Roper Technologies, Inc.		400		196,536
Siemens AG (Registered)		1,279		199,635
				1,650,988
Machinery (4.5%)
Alfa Laval AB		1,547		64,587
Atlas Copco AB, Class A		7,501		507,130
Caterpillar, Inc.		700		144,725
Cummins, Inc.		1,000		232,100
Deere & Co.		900		325,431
Dover Corp.		3,800		635,056
FANUC Corp.		400		88,893
IDEX Corp.		500		113,345
Illinois Tool Works, Inc.		3,600		816,012
Kone OYJ, Class B		2,205		182,627
Kubota Corp.		11,200		232,514
PACCAR, Inc.		1,100		91,289
Parker-Hannifin Corp.		300		93,609
Pentair plc		5,900		434,653
Sandvik AB		2,000		52,112
SMC Corp.		100		59,068
Snap-on, Inc.		1,600		348,768
Techtronic Industries Co. Ltd.		6,000		107,243
Volvo AB, Class B		2,258		53,182
Xylem, Inc.		2,000		251,700
				4,834,044
Marine (0.1%)
Kuehne + Nagel International AG (Registered)		180		60,725

See Notes to Portfolio of Investments.

51

1290 FUNDS

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PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2021 (Unaudited)

	Number of Shares		Value (Note 1)
Professional Services (1.0%)
Experian plc		2,134	$	93,971
Jacobs Engineering Group, Inc.		500		67,625
Teleperformance		337		142,157
TransUnion		1,000		120,060
Verisk Analytics, Inc.		1,600		303,904
Wolters Kluwer NV		3,375		384,665
				1,112,382
Road & Rail (1.1%)
Canadian National Railway Co.		1,500		162,985
Canadian Pacific Railway Ltd.		4,100		304,443
Kansas City Southern		400		107,120
Old Dominion Freight Line, Inc.		1,700		457,555
Union Pacific Corp.		1,000		218,760
				1,250,863
Trading Companies & Distributors (1.6%)
Brenntag SE		770		76,909
Fastenal Co.		11,500		629,855
Ferguson plc		473		66,339
ITOCHU Corp.		9,000		265,148
Mitsubishi Corp.		5,100		142,347
Mitsui & Co. Ltd.		9,500		216,446
Toyota Tsusho Corp.		4,400		206,153
WW Grainger, Inc.		400		177,832
				1,781,029
Total Industrials				18,246,905
Information Technology (20.1%)
Communications Equipment (0.8%)
Cisco Systems, Inc.		10,894		603,201
Motorola Solutions, Inc.		700		156,744
Telefonaktiebolaget LM Ericsson, Class B		9,084		104,332
				864,277
Electronic Equipment, Instruments & Components (1.8%)
Amphenol Corp., Class A		8,700		630,663
Azbil Corp.		2,000		77,572
CDW Corp.		3,400		623,390
Corning, Inc.		1,400		58,604
Hexagon AB, Class B		4,522		74,856
Keyence Corp.		200		110,733
Keysight Technologies, Inc.*		600		98,730
Kyocera Corp.		900		55,269
Murata Manufacturing Co. Ltd.		1,400		115,364
Trimble, Inc.*		900		76,950
				1,922,131
IT Services (3.9%)
Accenture plc, Class A		1,900		603,592
Automatic Data Processing, Inc.		4,600		964,298
Broadridge Financial Solutions, Inc.		700		121,443
CGI, Inc.*		1,100		100,063
EPAM Systems, Inc.*		200		111,960
Fiserv, Inc.*		2,300		264,753
Fujitsu Ltd.		400		67,691
Mastercard, Inc., Class A		1,300		501,722
Nomura Research Institute Ltd.		1,700		54,546
Paychex, Inc.		1,900		216,258
PayPal Holdings, Inc.*		707		194,800
VeriSign, Inc.*		500		108,185
Visa, Inc., Class A		3,600		887,004
				4,196,315
Semiconductors & Semiconductor Equipment (2.5%)
Analog Devices, Inc.		500		83,710
Applied Materials, Inc.		2,500		349,825
ASML Holding NV		710		538,190
Broadcom, Inc.		200		97,080
Intel Corp.		7,200		386,784
KLA Corp.		500		174,080
Texas Instruments, Inc.		5,867		1,118,367
				2,748,036
Software (6.9%)
Adobe, Inc.*		1,500		932,445
Autodesk, Inc.*		500		160,565
Cadence Design Systems, Inc.*		1,400		206,710
Constellation Software, Inc.		100		160,182
Fair Isaac Corp.*		100		52,391
Fortinet, Inc.*		400		108,896
Intuit, Inc.		900		476,973
Microsoft Corp.		12,110		3,450,260
Open Text Corp.		2,300		119,461
Oracle Corp.		14,100		1,228,674
SAP SE		1,939		277,949
Synopsys, Inc.*		1,000		287,990
				7,462,496
Technology Hardware, Storage & Peripherals (4.2%)
Apple, Inc.		26,804		3,909,631
Canon, Inc.		10,500		238,943
FUJIFILM Holdings Corp.		3,700		264,115
HP, Inc.		7,000		202,090
				4,614,779
Total Information Technology				21,808,034
Materials (3.3%)
Chemicals (2.1%)
Air Liquide SA		287		49,904
Akzo Nobel NV		2,173		268,341
BASF SE		929		72,976
Corteva, Inc.		2,900		124,062
Ecolab, Inc.		1,900		419,577
Givaudan SA (Registered)		84		419,328
Nitto Denko Corp.		900		66,451
Nutrien Ltd.		1,700		101,079
PPG Industries, Inc.		600		98,112
Sherwin-Williams Co. (The)		1,300		378,339
Shin-Etsu Chemical Co. Ltd.		300		48,539
Sika AG (Registered)		505		177,894
				2,224,602
Construction Materials (0.1%)
Martin Marietta Materials, Inc.		200		72,660
Vulcan Materials Co.		300		53,997
				126,657
Containers & Packaging (0.2%)
Avery Dennison Corp.		500		105,340
Ball Corp.		1,900		153,672
				259,012
Metals & Mining (0.9%)
BHP Group Ltd.		7,744		303,980
BHP Group plc		1,834		59,245
Boliden AB*		1,575		61,383
Fortescue Metals Group Ltd.		9,490		173,479
Newcrest Mining Ltd.		2,719		52,856
Rio Tinto Ltd.		2,153		210,801
Rio Tinto plc		1,139		96,592
				958,336
Total Materials				3,568,607
Real Estate (2.7%)
Equity Real Estate Investment Trusts (REITs) (2.5%)
American Tower Corp. (REIT)		1,800		509,040
Crown Castle International Corp. (REIT)		1,200		231,708

See Notes to Portfolio of Investments.

52

1290 FUNDS

1290 SMARTBETA EQUITY FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2021 (Unaudited)

	Number of Shares		Value (Note 1)
Daiwa House REIT Investment Corp. (REIT)		23	$	68,347
Duke Realty Corp. (REIT)		3,100		157,728
Equity LifeStyle Properties, Inc. (REIT)		1,000		83,800
Equity Residential (REIT)		1,400		117,782
Essex Property Trust, Inc. (REIT)		200		65,620
Goodman Group (REIT)		7,429		123,428
Invitation Homes, Inc. (REIT)		2,900		117,972
Japan Real Estate Investment Corp. (REIT)		17		106,458
Mid-America Apartment Communities, Inc. (REIT)		900		173,790
Nippon Building Fund, Inc. (REIT) .		17		109,712
Nippon Prologis REIT, Inc. (REIT) .		27		90,078
Nomura Real Estate Master Fund, Inc. (REIT)		62		98,393
Prologis, Inc. (REIT)		2,500		320,100
Public Storage (REIT)		700		218,736
Segro plc (REIT)		3,499		59,215
UDR, Inc. (REIT)		1,800		98,982
				2,750,889
Real Estate Management & Development (0.2%)
Daiwa House Industry Co. Ltd.		2,200		67,080
Mitsubishi Estate Co. Ltd.		4,400		68,664
Swiss Prime Site AG (Registered)		583		62,139
				197,883
Total Real Estate				2,948,772
Utilities (3.6%)
Electric Utilities (1.4%)
Enel SpA		46,107		425,523
Iberdrola SA		32,488		391,555
Mercury NZ Ltd.		29,932		137,842
Power Assets Holdings Ltd.		15,500		100,127
Red Electrica Corp. SA		5,446		108,049
SSE plc		6,604		132,690
Terna SpA		28,874		229,624
				1,525,410
Gas Utilities (0.3%)
Atmos Energy Corp.		1,600		157,744
Snam SpA		32,906		199,233
				356,977
Independent Power and Renewable Electricity Producers (0.2%)
Northland Power, Inc.		2,700		94,747
Uniper SE		1,620		63,321
				158,068
Multi-Utilities (1.3%)
CMS Energy Corp.		2,600		160,654
E.ON SE		15,141		186,292
National Grid plc		11,977		153,844
Public Service Enterprise Group, Inc.		5,300		329,819
Sempra Energy		3,000		391,950
WEC Energy Group, Inc.		1,700		160,038
				1,382,597
Water Utilities (0.4%)
American Water Works Co., Inc.		2,100		357,231
Severn Trent plc		2,897		112,751
				469,982
Total Utilities				3,893,034
Total Common Stocks (98.4%) (Cost $91,786,550)				106,697,741
SHORT-TERM INVESTMENT:
Investment Company (1.1%)
JPMorgan Prime Money Market Fund, IM Shares		1,222,940		1,223,551
Total Short-Term Investment (1.1%) (Cost $1,223,551)				1,223,551
Total Investments in Securities (99.5%) (Cost $93,010,101)				107,921,292
Other Assets Less Liabilities (0.5%)				529,560
Net Assets (100%)			$	108,450,852

* Non-income producing.

(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.

Country Diversification

As a Percentage of Total Net Assets

Australia	2.1	%
Belgium	0.1
Canada	5.7
Denmark	0.5
Finland	0.3
France	1.5
Germany	2.1
Hong Kong	0.4
Israel	0.2
Italy	1.1
Japan	6.1
Netherlands	1.6
New Zealand	0.2
Norway	0.2
Singapore	0.8
Spain	0.6
Sweden	1.0
Switzerland	2.0
United Kingdom	1.8
United States	71.2
Cash and Other	0.5
	100.0	%

See Notes to Portfolio of Investments.

53

1290 FUNDS

1290 SMARTBETA EQUITY FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2021 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of July 31, 2021:

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

Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Fund’s own assumptions in determining the fair value of investments)		Total
Assets:
Common Stocks
Communication Services	$	5,874,929	$	983,795	$	—	$	6,858,724
Consumer Discretionary		5,322,233		1,475,359		—		6,797,592
Consumer Staples		7,411,668		2,818,168		—		10,229,836
Energy		557,566		383,831		—		941,397
Financials		12,648,537		4,877,886		—		17,526,423
Health Care		11,703,519		2,174,898		—		13,878,417
Industrials		13,124,311		5,122,594		—		18,246,905
Information Technology		19,828,474		1,979,560		—		21,808,034
Materials		1,506,838		2,061,769		—		3,568,607
Real Estate		2,095,258		853,514		—		2,948,772
Utilities		1,652,183		2,240,851		—		3,893,034
Short-Term Investment
Investment Company		1,223,551		—		—		1,223,551
Total Assets	$	82,949,067	$	24,972,225	$	—	$	107,921,292
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	82,949,067	$	24,972,225	$	—	$	107,921,292

As of July 31, 2021, 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	$	15,344,279
Aggregate gross unrealized depreciation		(554,679	)
Net unrealized appreciation	$	14,789,600
Federal income tax cost of investments in securities and derivative instruments, if applicable	$	93,131,692

See Notes to Portfolio of Investments.

54

1290 FUNDS

NOTES TO PORTFOLIO OF INVESTMENTS

July 31, 2021 (Unaudited)

Note 1 Valuation

If market quotations are not readily available for a security or other financial instrument, such security and instrument shall be referred to the Trust’s Valuation Committee (“Committee”), which will value the asset in good faith pursuant to procedures (“Pricing Procedures”) adopted by the Board of Trustees of the Trust (the “Board”).

The Board is responsible for ensuring that appropriate valuation methods are used to price securities for each series (each, a “Fund” and collectively, the “Funds”) of the 1290 Funds (the “Trust”). 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 Group, LLC (“EIM” or the “Adviser”), a wholly-owned subsidiary of Equitable Financial Life

Insurance Company (“Equitable Financial”) (in its capacity as administrator, the “Administrator”). The Administrator has entered into a sub-administration agreement with JPMorgan Chase Bank, N.A. (the “Sub-Administrator”), which assists in performing certain of the duties described herein. The Committee, established by the Board, determines the value of the Trust’s securities and assets for which market quotations are not readily available or for which valuation cannot otherwise be provided in accordance with procedures adopted by the Board. The Committee is comprised of senior employees from EIM.

Due to the inherent uncertainty of valuations of such securities, the fair value 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 the Trust’s assets or liabilities carried at fair value. These inputs are summarized in three broad levels below:

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

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

• Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

A summary of inputs used to value each Fund’s assets and liabilities carried at fair value as of July 31, 2021, 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 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 Secretary of the Committee can perform an independent verification as well as additional research for fair value notifications received from the pricing agents. Among other factors, particular areas of focus may include: description of security, historical pricing, intra-day price movement, last trade information, corporate actions, related securities, any available company news and announcements, any available trade data or other information. The Committee also notes the materiality of holdings and price changes on a Fund’s NAV.

The Committee reviews and considers changes in value for all fair valued securities that have occurred since the last review.

Pursuant to procedures approved by the Board, 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 Adviser 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

55

1290 FUNDS

NOTES TO PORTFOLIO OF INVESTMENTS (Concluded)

July 31, 2021 (Unaudited)

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.

56